Autohome Authorizes $400 Million Share Repurchase Program

MT Newswires Live07-28 18:14

Autohome (ATHM) said Tuesday that its board has approved a new share repurchase programme authorising the company to buy back up to $400 million of its American depositary shares over the next 12 months, starting July 28.

The company said the repurchases may be made through open market transactions, privately negotiated deals, block trades or other legally permissible methods, depending on market conditions. The board will periodically review the programme and may adjust its size or terms, or suspend or discontinue it.

Autohome said it plans to fund the programme using its existing cash balance as part of its ongoing strategy to enhance shareholder returns.

Autohome stock gained 6.32% during Tuesday's premarket.

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