GUANGZHOU, China, May 27, 2024
/PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF) ("CNFinance"
or the "Company"), a leading home equity loan service provider in
China, today announced its board
of directors has increased its share repurchase authorization to
US$30.0 million, expanding the
USD$20.0 million share repurchase
authorization granted in March 2022,
commencing on May 27, 2024. In
March 2022, the Company's board of
directors authorized a share repurchase program under which the
Company may repurchase up to US$20.0 million of its
ordinary shares in the form of American depositary shares ("ADSs")
during a period of up to 12 months. In March
2023, the Company's board of directors has authorized to
extend such plan for another 12 months commencing on March 16, 2023, and in March 2024, the Company's board of directors has
authorized to extend such plan for another 24 months commencing on
March 16, 2024. As of May 27, 2024, CNFinance has repurchased
approximately US$18.5 million of its
ADSs.
About CNFinance Holdings Limited
CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the
"Company") is a leading home equity loan service provider in
China. CNFinance, through its
operating subsidiaries in China,
conducts business by connecting demands and supplies through
collaborating with sales partners and trust companies as well as
commercial banks. Sales partners are responsible for recommending
micro- and small-enterprise ("MSE") owners with financing needs to
the Company and the Company introduces eligible borrowers to
licensed financial institutions with sufficient funding sources
including trust companies and commercial banks who will then
conduct their own risk assessments and make credit decisions. The
Company's primary target borrower segment is MSE owners who own
real properties in Tier 1 and Tier 2 cities and other major cities
in China. The Company's risk
mitigation mechanism is embedded in the design of its loan
products, supported by an integrated online and offline process
focusing on risks of both borrowers and collateral and further
enhanced by effective post-loan management procedures.
For more information, please contact:
CNFinance
E-mail: ir@cashchina.cn
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SOURCE CNFinance Holdings Limited