China Rapid Finance Announces Stock Repurchase Program
China Rapid Finance Limited (XRF) announced on August 15 that its Board of Directors authorized a new share repurchase program. Under the program, the company can repurchase up to $20 million of its ordinary shares in the form of American depository shares. China Rapid Finance is one of China’s largest consumer lending marketplaces.
Sonal detected the event and issued an alert at 7:30 am. The next trade took place at 7:46 am for $1.88. Regular market trading opened for the day at $1.92. The stock price increased 14.89% throughout the day before closing at $2.16.
The stock price continued to rise in the next five trading sessions. China Rapid Finance closed at $2.45 on August 22 for a gain of 30% in the days following the announcement.
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