X Financial (XYF), a Chinese online personal finance company, announced on Thursday that it has inked a deal with a major shareholder to repurchase 6.349 million American Depositary Shares or ADSs, representing 38.095 million class A shares at $7.67 per ADS, for a total repurchase price of around $48.7 million.
In order to complete the repurchase, the Board has approved a new share repurchase plan through which X Financial may repurchase up to $50 million of its class A shares, including the Class A shares represented by ADSs, effective until June 30, 2026.
Post transaction, the company's two previous share repurchase programs will be completed, and around $15.9 million will remain for future potential repurchases under this $50 million share repurchase.
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