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Repurchase of shares

12 Months Ended

Dec. 31, 2021

Repurchase of shares

Repurchase of shares

18. Repurchase of shares

In June 2020, the board of directors of the Company authorized a share buyback program (the “Share Buyback Program”), whereby the Company may repurchase up to USD20 million of common shares or ADSs from June 29, 2020 for twelve months on the open market at the prevailing market prices, in privately negotiated transactions, in block trades and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

The following table is a summary of the shares repurchased by the Company under the Share Buyback Program. All shares were purchased from the open market pursuant to the Share Buyback Program:


		Total number of ADSs purchased as		Average price
Period		part of the publicly announced plan		paid per ADS
July 8 - July 31		857,147		3.72
August 3 - August 18		334,245		3.86
Total for the year ended December 31, 2020		1,191,392

During the year ended December 31, 2020, 1,191,392 ADSs were purchased at an aggregate consideration of USD4,475,000 under the Share Buyback Program. No shares were repurchased during the years ended December 31, 2019 and 2021.