Stock Track | Autohome Surges Over 5% After Announcing $200 Million Share Buyback

Stock Track09-04

Shares of Autohome Inc. (NYSE: ATHM, HKEX: 2518), China's leading online platform for automobile consumers, soared over 5% in mid-day trading on Wednesday after the company announced a new share repurchase program worth up to $200 million.

According to a press release, Autohome's board of directors approved the new buyback program, effective September 4, 2024. The company may repurchase up to $200 million worth of its shares, including American Depositary Shares (ADSs), over the next 12 months.

The repurchases will be made through open market transactions, privately negotiated deals, block trades, or other legally permitted means, depending on market conditions and regulatory requirements. Autohome plans to fund the buybacks from its existing cash balance.

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