Yiren Digital Announces Up to US$20 Million Share Repurchase Program

Rhea-AI Summary

Yiren Digital Ltd. (NYSE: YRD) has announced a new share repurchase program authorizing up to US$20 million in American depositary shares (ADSs). This initiative replaces the previous program established in 2018 and is aimed at enhancing shareholder value. The timing and number of shares repurchased will depend on various factors including share price and market conditions. Yiren Digital operates in China's digital financial management sector, providing asset allocation and retail credit services to affluent individuals and small businesses.

Positive

• Authorization of a US$20 million share repurchase program to boost shareholder value.
• Replacement of an older repurchase program, showing commitment to enhancing investor confidence.

Negative

• None.

BEIJING, Sept. 6, 2022 /PRNewswire/ -- Yiren Digital Ltd. ("Yiren Digital" or the "Company") (NYSE: YRD), a leading digital personal financial management platform in China, today announced that its board of directors has adopted a share repurchase program, which approves and authorizes the Company to repurchase through one or more transactions up to US$20 million worth of its own American depositary shares ("ADSs") representing its ordinary shares. The share repurchase program previously adopted by the Company in 2018 has been simultaneously terminated.

The Company may effect the proposed share repurchase in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. Yiren Digital's board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time.

About Yiren Digital

Yiren Digital Ltd. is a leading digital personal financial management platform in China. The Company provides customized asset allocation based wealth management solutions to China's mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

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SOURCE Yiren Digital

FAQ

What is the purpose of Yiren Digital's share repurchase program?

The purpose is to enhance shareholder value by repurchasing up to US$20 million of its American depositary shares.

When was Yiren Digital's share repurchase program announced?

The share repurchase program was announced on September 6, 2022.

How much is Yiren Digital planning to repurchase in its share buyback program?

Yiren Digital plans to repurchase up to US$20 million worth of its ADSs.

What happens to the previous share repurchase program by Yiren Digital?

The previous share repurchase program adopted in 2018 has been terminated with the announcement of the new program.

What factors will influence the timing of Yiren Digital's share repurchases?

Factors include share price, trading volume, market conditions, and the company's working capital requirements.