Core Viewpoint - SunCar Technology Group Inc. has announced a share repurchase program to buy back up to $30 million of its Class A ordinary shares, reflecting the company's confidence in its long-term growth prospects [1][2][3] Group 1: Share Repurchase Program - The share repurchase program is expected to take place over the next 12 months and will be funded through a combination of cash on hand and cash generated from operations [2] - The management believes that this stock repurchase program demonstrates confidence in the business outlook and aims to deliver the best value to shareholders [3] - The company may repurchase shares on the open market or through privately negotiated transactions, depending on various factors including regulatory restrictions and market conditions [3] Group 2: Company Overview - SunCar, founded in 2007, is a leader in cloud-based B2B auto services and auto e-insurance in China, the largest passenger vehicle market in the world [4] - The company operates cloud-based platforms that connect drivers with a wide range of auto services and insurance options through a nationwide network of sales partners [4] - SunCar's intelligent cloud platform allows enterprise clients to manage their customer database and offerings effectively, providing drivers access to numerous services from independent providers [4]
SunCar Technology Group Announces Share Repurchase Program