By Don Nico Forbes
Fanhua has expanded its share repurchase program by $20 million, bringing the total authorized amount to $40 million.
The Chinese financial-services provider said Friday that under the program, 726,616 shares had been purchased as of June 30 for roughly $5.4 million, and that several senior executives, including Chief Executive Yinan Hu, plan to purchase up to $5 million over the next 12 months.
The buyback program is intended to enhance shareholder returns and signal confidence in long-term growth, the company said.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
July 05, 2024 06:40 ET (10:40 GMT)
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