Yiren Digital Ltd. (NYSE: YRD) announced that its board of directors has authorized a new share repurchase program of up to $20 million, covering as much as 10% of total issued and outstanding ordinary shares and American depositary shares (ADSs) over the next 12 months.

The Beijing-based fintech company said repurchases may be conducted through open market transactions at prevailing market prices, privately negotiated transactions, block trades, or other legally permissible methods, including Rule 10b5-1 trading plans. The timing and volume of any repurchases will depend on market conditions, trading price, and trading volume.

The company said it expects to fund the repurchases using its existing cash balance. The board will review the program periodically and may adjust its terms and size.

This information is based on a press release issued by Yiren Digital.