X Financial Plans New Program To Repurchase Up To $20M Of Its Class A Shares And Its Class A Ordinary Shares In The Form Of ADSs
Portfolio Pulse from Benzinga Newsdesk
X Financial has announced a new program to repurchase up to $20 million of its Class A shares and its Class A ordinary shares in the form of ADSs.
May 30, 2024 | 9:00 pm
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X Financial has announced a new program to repurchase up to $20 million of its Class A shares and its Class A ordinary shares in the form of ADSs. This move is likely to positively impact the stock price in the short term as share repurchase programs typically reduce the number of shares outstanding, potentially increasing the value of remaining shares.
Share repurchase programs generally signal confidence from the company's management in its own stock and can lead to a reduction in the number of shares outstanding, which often results in an increase in the stock price. Given the size of the repurchase program ($20 million), this is a significant move for X Financial.
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