FinVolution rises 5% on expanding share repurchase program to $140M

Aug. 22, 2022 5:41 PM ETFinVolution Group (FINV)By: Manshi Mamtora, CFA
  • FinVolution (NYSE:FINV) Board of Directors approved the expansion of existing share repurchase program from up to $60M to $140M and the extension for another twelve months from January 1, 2023 through December 31, 2023.
  • The company currently has a market cap of $1.25B.
  • Mr. Feng Zhang, CEO commented, "FinVolution remains firmly committed to shareholder value. Since the initial launch of our first share repurchase program on March 21, 2018, we have cumulatively deployed approximately US$158.0 million to purchase the Company's ADSs as of July 31, 2022. This expansion reflects our share buyback efforts, bringing the total cumulative amount of capital for the Company's historical and existing share repurchase programs up to US$260 million. We believe that the increase in our share repurchase program is an efficient use of our existing capital and demonstrates our commitment to providing greater support for our shareholders amid such a challenging macro environment."
  • Stock rises 4.9% during after hours.

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