Yirendai announced that its board of directors has approved a share repurchase program whereby Yirendai is authorized to repurchase its ordinary shares in the form of American depositary shares with an initial aggregate value of up to $20M. The proposed share repurchase may be effected on the open market at prevailing market prices, depending on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with Yirendai's working capital requirements, general business conditions and other factors, as well as subject to applicable rules and regulations, including requirements of Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The company plans to fund the repurchases out of its existing cash balance or future cash provided by operating activities.
