LexinFintech announces $50M share repurchase program

LexinFintech (LX) announced that its board of directors has authorized a share repurchase program under which the company may purchase up to $50M of its shares over the next twelve months. In addition, Jay Wenjie Xiao, Chairman and CEO of Lexin, has informed the company that he planned to use his personal funds to purchase the company’s American depository shares. Xiao intends to purchase up to $10M worth of the ADSs within the next twelve months, pursuant and subject to applicable laws and the company’s securities trading policy.