QFIN.US (03660.HK) announced that it has basically completed the implementation of its 2023 share repurchase plan and has begun implementing the 2024 stock repurchase plan.
The Zhitong Finance App learned that on April 2, QFIN.US (03660.HK) announced that its 2023 stock repurchase plan has basically been completed. Starting June 20, 2023, the program authorizes companies to repurchase American Depositary Shares (ADSs) or Class A common shares with a total value of up to US$150 million within 12 months.
As of March 28, 2024, Qifu Technology has successfully completed its 2023 share repurchase plan, and all authorized values under the plan have basically been used up. During this period, the company repurchased a total of 9,348,543 ADS shares on the open market for a total amount of US$1499,798 million (including commissions), and the average price of ADS per share was US$16.02. The company plans to cancel all repurchased shares in accordance with regulations.
Additionally, on March 12, 2024, the company's board of directors approved a new share repurchase plan. According to the plan, the company will repurchase ADS or Class A common shares worth no more than US$350 million within 12 months from April 1, 2024. Share repurchases will be carried out on the open market at current market prices, through private negotiations, bulk transactions, or by other means permitted by law, in accordance with market conditions, and will comply with all applicable rules and regulations.
Currently, Qifu Technology has begun implementing the 2024 stock repurchase plan. The move demonstrated the company's confidence in its long-term development prospects and commitment to shareholder value. Through the buyback, Qifu Technology will further optimize the capital structure, enhance shareholder returns, and boost the secondary market's confidence in the company.
Qifu Technology is China's leading credit technology platform, dedicated to providing innovative technical solutions to China's financial services industry. The company helps financial institutions and consumers establish closer and more efficient connections through advanced technology and data analysis capabilities. By the end of 2023, Qifu Technology had helped 157 financial institutions provide credit services to more than 58.86 million users, and the matching loan scale reached 475.8 billion yuan. For the whole of 2023, Qifu Technology had revenue of 16.29 billion yuan, net profit of 4.285 billion yuan, and adjusted net profit of 4.471 billion yuan.