OneConnect Shares Jump As It Upsizes Its Buyback Program

OneConnect Financial Technology Co., Ltd. OCFT board approved the upsizing of its share repurchase program by 1% of the outstanding shares.
Now OneConnect can purchase its ADSs up to 3% of the outstanding ordinary shares before September 30.
Previously the board approved a share repurchase program of up to 2% of the outstanding shares from February 24 to September 30.
"The upsize of the share repurchase program demonstrates our continued confidence in our long-term business growth and belief that our ADSs are currently undervalued in the marketplace," Chair Wangchun Ye said.
OneConnect held RMB1.7 billion in cash and equivalents as of March 31.
OneConnect reported first-quarter FY22 revenue growth of 24.3% year-on-year to RMB1.1 billion.
Net loss per ADS was RMB-0.86.
Price Action: OCFT shares traded higher by 29.55% at $1.71 on the last check Wednesday.