LIZHI Inc, an audio-based social and entertainment platform, said on Wednesday that its board of directors had authorized a share buyback program.

Under the latter, the company will repurchase its Class A ordinary shares with an aggregate value of up to $3 million over the upcoming 12 months, starting from December 13th.

The share repurchases may be conducted from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades or via other legally permissible means, depending on market conditions.

“The share repurchase program reaffirms our confidence in the long-term growth prospects of all of LIZHI’s businesses as well as the market potential in the global audio and social networking industry. We are committed to delivering value to each of our stakeholders while retaining the flexibility to drive future growth. Moving forward, we will work relentlessly to execute our global expansion strategy, explore potential commercialization opportunities, build an increasingly competitive business ecosystem, and ultimately create greater value for our shareholders, users, and society at large,” Jinnan Lai, Founder, Chief Executive Officer and Chairman of the Board of LIZHI Inc, was quoted as saying in a press release.

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