SHENZHEN, China--(BUSINESS WIRE)-- OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT), a leading technology-as-a-service provider for financial institutions in China, today announced its board of directors has approved a share repurchase program in which the company may purchase its own American depositary shares (“ADSs”) with an aggregate amount of up to 2% of the total outstanding ordinary shares from February 24, 2022 to September 30, 2022, pursuant and subject to applicable laws and the Company’s securities trading policy. OneConnect expects to fund the repurchase from its existing cash balance (the “Repurchase Program”).
“The decision to buy back OneConnect’s ADSs reflects the Board’s firm belief that our ADSs are presently undervalued in the marketplace and our confidence in the Company’s fundamentals, business outlook and long-term strategies,” said Mr. Wangchun Ye, OneConnect’s chairman of the Board.
The Company expects to effect the proposed share repurchase through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means from time to time as market conditions warrant and in compliance with applicable requirements of Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, at times and in such amounts as the Company deems appropriate. The Board will review the Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program.
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