CNFinance Expands Share Repurchase Program

(RTTNews) - CNFinance Holdings Limited (CNF) said its board has increased its share repurchase authorization to US$30.0 million, expanding the USD$20.0 million share repurchase authorization granted in March 2022, commencing on May 27, 2024.

In March 2022, the company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$20.0 million of its ordinary shares in the form of American depositary shares or "ADSs" during a period of up to 12 months.

In March 2023, the Company's board of directors has authorized to extend such plan for another 12 months commencing on March 16, 2023, and in March 2024, the company's board of directors has authorized to extend such plan for another 24 months commencing on March 16, 2024.

As of May 27, 2024, CNFinance has repurchased approximately US$18.5 million of its ADSs.