Sunlands Technology Group approves $50 million share buyback program

Sunlands Technology Group (NYSE: STG) announced that its board of directors approved a share repurchase program authorizing the company to buy back up to $50 million of its Class A ordinary shares in the form of American depositary shares over the next 36 months.

The Beijing-based online education company operates in China's adult online education and personal interest learning markets. Chief Executive Officer Tongbo Liu stated the program "reflects the strength of our capital position and confidence in delivering sustained, long-term performance for our shareholders."

The company plans to conduct repurchases through open market transactions at prevailing market prices, privately negotiated transactions, or other legally permissible methods. The timing and amount of repurchases will depend on market conditions and comply with applicable regulations.

Sunlands indicated the repurchases will follow Securities and Exchange Commission Rule 10b-18 requirements and expects to implement them through a plan conforming to SEC Rule 10b5-1.

The company offers degree-oriented post-secondary courses, professional certification preparation, and skills courses through its live streaming platform accessible via PC and mobile applications.

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