Huazhu Hotels announces share repurchase program
China Lodging Group, announced that it will make a share repurchase program of up to $40 million, effective for one year from April 20, 2015.
SHANGHAI, China, April 20, 2015 (GLOBE NEWSWIRE) -- China Lodging Group, Limited a leading and fast-growing multi-brand hotel group in China, today announced that its Board of Directors has approved a share repurchase program of up to $40 million, effective for one year from April 20, 2015.
Under the program, the Company is authorized to repurchase through open market its own outstanding American Depositary Shares ("ADSs") with an aggregate value of up to $40 million, depending on market conditions and other factors, as well as in accordance with relevant rules under United States securities regulations. The repurchase program does not obligate China Lodging Group to make repurchases at any specific time. The share repurchase program will be funded by the Company's available cash balance.
"We believe the share repurchase program represents our confidence in our cash flow, and in the long-term outlook for the travel and lodging industry in China. Our fast-growing strategy, asset-light business model and solid operation have demonstrated strong capability for cash generating. We believe that the share repurchase program is consistent with the goal of increasing shareholder value," commented Mr. Qi Ji, founder, executive Chairman and Chief Executive Officer.
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