Yintech Investment Holdings' board approved a share repurchase program under which the investment company will repurchase up to US$30 million of its outstanding American depositary shares over the next 12 months.

The company said June 2 that the proposed repurchases will be made from time to time on the open market in privately negotiated transactions, block trades or through other means depending on market conditions.

The repurchases are subject to relevant rules under U.S. securities regulations.

The share repurchase program will be funded with Yintech Investment's available cash balance.