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QuantaSing Group Limited QSG shares are trading higher in <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">the premarket session on Tuesday.</a>



The Chinese online learning service provider authorized a share repurchase program under which it may repurchase up to $20.0 million of its Class A ordinary shares <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39265254/quantasing-group-limited-announces-up-to-us-20-0-million-share-repurchase-program" rel="noreferrer noopener">in the form of American depositary shares</a>.



The repurchase is for twelve months, commencing on June 11, 2024.



&#8220;The Share Repurchase Program is well-aligned with our commitment to maximizing value for our shareholders and reflects the Board&#8217;s confidence in the Company&#8217;s continued growth and long-term prospects,&#8221; said Peng Li, QuantaSing&#8217;s Chairman and Chief Executive Officer.



On June 9 last year, the company announced that its board of directors had approved a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39199902/quantasing-announces-unaudited-financial-results-for-the-third-quarter-of-fiscal-year-2024" rel="noreferrer noopener">share repurchase program of up to $20.0 million.</a>



As of March 31, the company had cumulatively repurchased an aggregate of approximately 2.6 million ADSs for approximately $11.5 million under the program.



The company had cash and cash equivalents and <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">short-term investments of $159.3 million as of March-end.</a>



For the fourth quarter, the company expects its revenues to be in the range of RMB900.0 million to RMB930.0 million, representing a year-over-year increase of 8.7% to 12.3%.



Price Action: QSG shares are trading higher by 21.5% to $1.98 premarket at last check Tuesday.



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QuantaSing sees shares surge premarket as it launches a $20M share repurchase program, signaling confidence in its growth trajectory.

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