Microvast Holdings announces departure of chief financial officer
SHENZHEN, China - LexinFintech Holdings Ltd. (NASDAQ:LX), a personal financial service enabler in China with a market capitalization of $1.06 billion, announced Monday that its board has authorized a share repurchase program of up to $50 million over the next twelve months. The announcement comes as the stock has experienced a 7.6% decline over the past week, though it maintains an impressive 286% return over the last year, according to InvestingPro data.
The company may conduct repurchases through open market transactions, privately negotiated deals, block trades or other legal means, subject to market conditions and in accordance with applicable regulations.
In a separate development, Chairman and CEO Jay Wenjie Xiao plans to purchase up to $10 million worth of the company’s American depository shares using personal funds within the next year. His purchases will be made independently and subject to applicable laws and the company’s securities trading policy.
"The Share Repurchase Program demonstrates our confidence in Lexin’s business fundamentals and growth opportunities," said Xiao in the press release statement. The company’s confidence appears well-founded, as InvestingPro analysis shows LexinFintech maintains a GOOD financial health score and trades at an attractive P/E ratio of 6.94, suggesting the stock may be undervalued relative to its peers.
The timing and amount of repurchase transactions will comply with Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The board will review the program periodically and may adjust its terms and size or suspend it.
LexinFintech describes itself as a company that connects consumers with financial institutions through a model that includes online and offline channels, installment consumption platforms, and AI-driven credit risk management capabilities.
The announcement was made in a company press release issued Monday.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.