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BEIJING - Chinese online automotive platform Autohome Inc. (NYSE:ATHM; HKEX:2518), currently trading near its 52-week high of $12.11 and showing a strong 21.5% return over the past year, announced Thursday that its board of directors has approved an extension of its share repurchase program through December 31, 2025.
The program, initially authorized in September 2024, allows the company to repurchase up to $200 million of its American depositary shares. As of August 8, Autohome had already repurchased 5,422,647 ADSs for approximately $144 million.
According to the company’s statement, the repurchases may be executed through various means, including open market transactions at prevailing market prices, privately negotiated transactions, and block trades. The board will periodically review the program and may adjust its terms or size, or potentially suspend or discontinue it.
Autohome plans to fund the repurchases from its existing cash balance.
The company describes itself as China’s leading online destination for automobile consumers, offering content, automobile listings, and advertising services for automakers and dealers. Autohome also operates "Autohome Mall," an online transaction platform, and provides additional services including auto financing, insurance, used car transactions, and aftermarket services.
This announcement was made in a press release issued by the company.
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