Stock Track | Autohome Shares Surge on $200 Million Buyback Program

Stock Track09-05

Shares of Autohome Inc. (NYSE: ATHM; HKEX: 2518), a leading online platform for automobile consumers in China, soared over 8% in mid-day trading on Wednesday after the company announced a new share repurchase program worth up to $200 million.

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

The repurchases will be conducted 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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