Forget About Growth. Qifu Shows It's All About Giving Back To Shareholders [Seeking Alpha]
FinVolution Group American Depositary Shares (FINV)
Company Research
Source: Seeking Alpha
The company announced plans to repurchase up to $350 million worth of its shares, far more than the $132 million in repurchased from last June to March this year. Investors cheered Qifu's growing focus on returning money to them, bidding up the company's shares by more than 10% following the release of its latest results. In reporting its earnings for the fourth quarter of 2023, the online loan facilitator unveiled a plan to sharply ramp up its share buyback program. Qifu Technology Inc. NASDAQ: QFIN ; 3660.HK) is checking all the right boxes to entice investors. For starters, the online loan facilitator delivered solid profit growth in the final quarter of last year, which is impressive in China's tough economic environment these days. But perhaps more importantly, Qifu unveiled plans to spend more of its large cash reserves on its shareholders. That's often music to investor's ears, especially in tough economic times when plowing profits back into the business may not produ
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