Jiayin Group Inc. Announces Share Repurchase Plan by the Company

Rhea-AI Summary

Jiayin Group Inc. (NASDAQ: JFIN) has authorized a share repurchase plan allowing it to buy back up to US$10 million worth of ordinary shares over the next 12 months. The repurchases will be executed through open market transactions and other legal means, funded by the company's existing cash balance. This initiative aims to enhance shareholder value and reflects the company's confidence in its financial position. Jiayin operates a leading fintech platform in China, focusing on connecting underserved borrowers with financial institutions.

Positive

• Authorization of a US$10 million share repurchase plan enhancing shareholder value.
• Repurchases will be funded from existing cash reserves, indicating financial stability.

Negative

• None.

SHANGHAI, China, June 16, 2022 (GLOBE NEWSWIRE) -- Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced that its board of directors has authorized a share repurchase plan under which the Company may repurchase its ordinary shares with an aggregate value of US$10 million during the 12-month period beginning on June 13, 2022.

The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The Company plans to fund repurchases from its existing cash balance.

About Jiayin Group Inc.

Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers. For more information, please visit https://ir.jiayin-fintech.com/.

Safe Harbor / Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

For more information, please contact:

In China:

Jiayin Group

Mr. Shawn Zhang

Email: ir@jiayinfintech.cn

or

The Blueshirt Group

Ms. Ally Wang

Email: ally@blueshirtgroup.com

In the U.S.:

Ms. Julia Qian

Email: julia@blueshirtgroup.com

FAQ

What is the purpose of Jiayin Group's share repurchase plan?

The purpose is to enhance shareholder value by buying back up to US$10 million worth of ordinary shares.

When does Jiayin's share repurchase plan start?

The share repurchase plan starts on June 13, 2022, and will last for 12 months.

How will Jiayin Group fund its share repurchase?

Jiayin Group will fund the share repurchase using its existing cash balance.

What stock symbol represents Jiayin Group?

Jiayin Group is represented by the stock symbol JFIN.

What are the expected effects of the share buyback on JFIN's stock price?

The buyback program is expected to reduce the number of outstanding shares, potentially increasing the stock price and enhancing shareholder value.