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Tuniu Announces US$100 Million Share Repurchase Program and Appointment of Chief Technology Officer
NANJING, China, Jan. 12, 2018 /PRNewswire/ -- Tuniu Corporation (Nasdaq: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to US$100 million worth of its ordinary shares or American depositary shares representing ordinary shares over the next 12 months.
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund repurchases from its available cash balance.
In addition, Tuniu today announced the promotion of Mr. Shihong Chen from Vice President to Chief Technology Officer, effective immediately. Mr. Chen is currently in charge of the Company's research and development, website and mobile, and accommodation reservation. Mr. Chen joined Tuniu in 2011 and was previously the head of the transportation business unit. Prior to joining Tuniu, Mr. Chen was an engineering manager at Trend Micro, a leading provider in enterprise data and cyber security. Mr. Chen received a bachelor's degree in mechanical engineering from Southeast University in China in 2005.
Mr. Donald Dunde Yu, Tuniu's co-founder, chairman and chief executive officer, said, "Since joining Tuniu, Mr. Chen has played an important role in the development of many core areas. As the Chief Technology Officer, we expect Mr. Chen to continue driving the development and utilization of technology so that Tuniu can more efficiently and innovatively provide high-quality travel products and services to our customers."
Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 2,000,000 stock keeping units (SKUs) of packaged tours, covering over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu´s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu´s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu´s products and services; its relationships with customers and travel suppliers; the Company´s ability to offer competitive travel products and services; Tuniu´s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company´s structure, business and industry; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company´s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.
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