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PPDAI Group extends share repurchase program

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PPDAI Group extends share repurchase program

PPDAI Group Inc. is extending its share repurchase program for another 12 months and has appointed a new chief technology officer.

The company will repurchase up to US$51 million of its own class A shares in the form of American depositary shares in the twelve-month period starting from Aug. 20.

The group had already repurchased approximately US$69 million of its own shares as of Aug. 19. It had planned to repurchase up to US$120 million of shares in the twelve-month period from Aug. 21, 2018.

Meanwhile, Jinqi Si resigned as chief technology officer due to personal reasons. Si will remain in his role until Sept. 30 to ensure a smooth transition. Yuxiang Wang, the company's chief product officer, will concurrently assume the role of chief technology officer.