GUANGZHOU, China, March 16, 2022 /PRNewswire/ -- CNFinance Holdings
Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home
equity loan service provider in China, today announced that its Board of
Directors has authorized a share repurchase program under which the
Company may repurchase up to US$20
million of its American depositary shares ("ADSs") for the
next 12 months.
The Company's proposed repurchases may be made from time to time
in the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with the applicable rules and regulations. The number of
ADSs repurchased and the timing or conditions of repurchases may
depend on a number of factors, including, but not limited to,
price, trading volume and market conditions and will be in
accordance with applicable rules and regulations. CNFinance's Board
of Directors will review the share repurchase program periodically,
and may authorize adjustment of its terms and size, or suspend or
terminate the share repurchase program at any time. The Company
plans to fund repurchases from its existing cash balance.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will", "expects",
"anticipates", "future", "intends", "plans", "believes",
"estimates", "confident" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements
that involve factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: its goals and strategies, its ability to
achieve and maintain profitability, its ability to retain existing
borrowers and attract new borrowers, its ability to maintain and
enhance the relationship and business collaboration with its trust
company partners and to secure sufficient funding from them, the
effectiveness of its risk assessment process and risk management
system, its ability to maintain low delinquency ratios for loans it
originated, fluctuations in general economic and business
conditions in China, the impact
and future development of COVID-19 pandemic in China and across the globe, and relevant
government laws, rules, policies or regulations relating to the
Company's corporate structure, business and industry. Further
information regarding these and other risks is included in the
Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is current as of the
date of the press release, and the Company does not undertake any
obligation to update such information, except as required under
applicable law.
About CNFinance Holdings Limited
CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the
"Company") is a leading home equity loan service provider in
China. CNFinance conducts business
by collaborating with sales partners and trust company partners.
Sales partners are responsible for recommending micro- and
small-enterprise ("MSE") owners with financing needs to the Company
and the Company introduces eligible borrowers to its trust company
partners who will then conduct their own risk assessments and make
credit decisions. The Company's primary target borrower segment is
MSE owners who own real properties in Tier 1 and Tier 2 cities in
China. The loans CNFinance
facilitated are primarily funded through a trust lending model with
its trust company partners who are well-established with sufficient
funding sources and have licenses to engage in lending business
nationwide. The Company's risk mitigation mechanism is embedded in
the design of its loan products, supported by an integrated online
and offline process focusing on risks of both borrowers and
collateral and further enhanced by effective post-loan management
procedures.
For more information, please contact:
CNFinance
E-mail: ir@cashchina.cn
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SOURCE CNFinance Holdings Limited