Yirendai Ltd. plans to buy back up to US$20 million of its ordinary shares in the form of American depositary shares, funded by its existing cash balance or future cash provided by operating activities.
The Chinese financial technology company said in a June 11 release that the share repurchase program was approved by its board of directors. It may buy the shares on the open market at prevailing market prices, subject to factors such as price of the units, trading volume and general market conditions.
New York-listed Yirendai, which connects investors with individual borrowers, added its board will periodically review the program and authorize adjustments of its terms and size.
