X Financial shareholder repurchases $48.7M shares from the company

X Financial (XYF) announced that it has entered into a repurchase agreement with a major shareholder, pursuant to which the company will repurchase 6,349,206 American depositary shares, or ADSs, representing 38,095,236 Class A ordinary shares of the company, at a price of $7.67 per ADS with a total repurchase price of approximately $48.7M. In order to complete the repurchase, the company’s board of directors approved a new share repurchase plan under which the company may repurchase up to $50M worth of its Class A ordinary shares, including the Class A ordinary shares represented by ADSs, effective until June 30, 2026. Upon completion of the repurchase, the company’s two previous share repurchase programs will complete, and approximately $15.9M will remain for future potential repurchases under the new $50M share repurchase plan.