Full Truck Alliance extends share repurchase program

Full Truck Alliance announced an extension of its share repurchase program. As previously reported by the company, its board of directors authorized a share repurchase program with an original expiration date of March 12. The board resolved to extend the term of the share repurchase program such that the company may repurchase up to approximately $300M of its American depositary shares, each representing 20 Class A ordinary shares and/or ordinary shares, through March 12, 2025. Upon review of the company’s results of operations, business development plan, capital requirements, and cash position, the board is confident in the company’s business performance and outlook. Accordingly, on March 13, the board declared an annual cash dividend for the year ended December 31, 2023, of 7.2c per ordinary share, or 14.44c per ADS, payable on or around April 19 to holders of record of the company’s ordinary shares at the close of business on April 5. The aggregate amount of the dividend is expected to be approximately $150M. Cash dividends are expected to be paid to holders of the company’s ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around April 19, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.