Core Viewpoint - CNFinance Holdings Limited has increased its share repurchase authorization to US$30.0 million, expanding from the previous US$20.0 million program initiated in March 2022, with the new repurchase program commencing on May 27, 2024 [1]. Group 1: Share Repurchase Program - The board of directors initially authorized a share repurchase program for up to US$20.0 million in March 2022, which was set to last for 12 months [1]. - In March 2023, the program was extended for another 12 months, and in March 2024, it was further extended for an additional 24 months [1]. - As of May 27, 2024, CNFinance has repurchased approximately US$18.5 million of its American depositary shares (ADSs) [1]. Group 2: Company Overview - CNFinance is a leading home equity loan service provider in China, connecting borrowers with licensed financial institutions through sales partners and trust companies [2]. - The primary target borrower segment includes micro- and small-enterprise (MSE) owners who own real properties in Tier 1 and Tier 2 cities and other major cities in China [2]. - The company's risk mitigation mechanism is integrated into its loan products, supported by an online and offline process that focuses on borrower and collateral risks, along with effective post-loan management procedures [2].
CNFinance Announces Expansion of Share Repurchase Program