Sunlands Technology Group ,China’s online postsecondary and professional education, today announced that its Board of Directors has approved a share repurchase program under which the Company is authorized to repurchase up to US$15 million of its Class A ordinary shares in the form of American depositary shares over the next 24 months.
Mr. Tongbo Liu, Chief Executive Officer of Sunlands, said, “The share repurchase program reflects the strength of our capital position and confidence in delivering sustained, long-term performance for our shareholders. We are pleased that our strong cash generating ability enables us to return value to shareholders as well as continue to invest in enhancing our content, upgrading our technology, and attracting more students to our platform to sustainably grow our business.”
The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the “SEC”) Rule 10b-18 requirements. It is also expected that such repurchases will be effected pursuant to a plan in conformity with SEC Rule 10b5-1. The Company plans to fund repurchases from its existing cash balance.
