BEIJING, June 21, 2021 /PRNewswire/ -- Bairong Inc ("Bairong" or "the Company"; 6608.HK), a leading independent AI-powered technology platform in China, has initiated a share repurchase plan and adopted a stock award scheme in a move that will pave the way for healthy and robust long-term growth.
Bairong announced a share repurchase plan on May 31, and by June 16, had bought back 1.55 million Class B Shares of the company for roughly HK$33 million.
Bairong said in an exchange filing that the company will further buy shares on the open market from time to time, with plans to use up to HK$355 million in funds for the repurchase.
"The Board believes that a share repurchase in the present conditions demonstrates the company's confidence in its own business outlook and prospects and will, ultimately, benefit the company and create value for its shareholders," said Mr. Zhao Hongqiang, Executive Director and CFO of Bairong. "It is in the best interests of the company and its shareholders as a whole."
Meanwhile, Bairong, China's largest independent financial big data analytics solutions provider by revenue, is launching a share award scheme to attract, motivate and retain talents.
Under the scheme, which is valid for a period of 10 years, Bairong will grant up to 24.76 million shares, or 5% of the total issued shares, to eligible participants in recognition of their contributions.
The purpose of the scheme is to align the interests of talents with those of the company through share ownership, and to encourage them to contribute to the long-term growth and profits of the company, Bairong said in a separate statement.
Bairong, which has served over 4,800 financial institutions over the past seven years, this month appointed a banking veteran to become its independent non-executive director, further cementing its leading position in the financial industry. The newly-appointed director, Dr. Li Yao, has over 25 years of experience in the financial industry.
Since 2016, Dr.Li has been Regional Chief Investment Officer for East Asia and Pacific with International Finance Corp (IFC), a unit of the World Bank Group. Previously, he was IFC's Principal Investment Officer from 1999 to 2011.
Bairong's expertise serving financial institutions is also broadening the company's role in upgrading the sector's infrastructure.
Bairong has recently been granted membership by the Payment & Clearing Association of China (PCAC), along with nine other companies, becoming one of the first batch of Chinese AI-powered technology platforms to join the club. Previously, members of the association were predominantly banks and payment companies.
Bairong, whose mission is to empower every financial institution in China with smart data analytics, is committed to playing a bigger role in China's payment and clearing infrastructure, and helping reduce the country's financial risks with its powerful risk-management tools.
About Bairong Inc.
Founded in March 2014, Bairong is a leading independent AI-powered technology platform in China serving more than 4,800 financial services provider clients. Bairong is the largest independent financial big data analytics solutions provider in China by revenue in 2019. Adhering to the mission of empowering every financial services provider in China with smart and comprehensive data analytics, Bairong has built a cloud-native technology platform that supports the full business cycle of FSP clients, including pre-lending risk management, post-lending monitoring, NPL management and insurance risk management, enabling them to reduce exposure to fraud and improve their risk management effectiveness. Bairong also provides big data marketing and distribution services that enable FSP clients to reach and serve their target customers more effectively.
For more information, please visit Bairong Inc.
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