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PPDAI Group to repurchase up to US$60M of shares

Chinese fintech company PPDAI Group Inc. will repurchase up to US$60 million of its own shares in the form of American depositary shares.

The company said March 21 that it will repurchase the shares in the next 12 months.

PPDAI may repurchase the shares at prevailing market prices, depending on several factors, including share price, trading volume and general market conditions.

The company listed its shares on the New York Stock Exchange in November 2017, raising US$221 million.

Separately, the company said it forecasts total loan volume for 2018 to come to between 70 billion and 80 billion yuan.

As of March 21, US$1 was equivalent to 6.33 Chinese yuan.