OneConnect Shares Jump As It Upsizes Its Buyback Program

  • OneConnect Financial Technology Co., Ltd. OCFT board approved the upsizing of its share repurchase program by 1% of the outstanding shares. 
  • Now OneConnect can purchase its ADSs up to 3% of the outstanding ordinary shares before September 30.
  • Previously the board approved a share repurchase program of up to 2% of the outstanding shares from February 24 to September 30.
  • "The upsize of the share repurchase program demonstrates our continued confidence in our long-term business growth and belief that our ADSs are currently undervalued in the marketplace," Chair Wangchun Ye said.
  • OneConnect held RMB1.7 billion in cash and equivalents as of March 31.
  • OneConnect reported first-quarter FY22 revenue growth of 24.3% year-on-year to RMB1.1 billion.
  • Net loss per ADS was RMB-0.86. 
  • Price Action: OCFT shares traded higher by 29.55% at $1.71 on the last check Wednesday.

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