Cango (CANG) said Thursday its board authorized a new share repurchase program of up to $30 million worth of its outstanding American depositary shares, each representing two class A ordinary shares, and class A ordinary shares over the next 12 months, starting April 25.

Cango said it plans to fund the repurchases from its existing cash balance.

The company said its existing repurchase program is set to expire on April 25, under which it had bought back 996,640 ADSs from the open market for approximately $1.7 million as of March 10.