On March 13th, according to the news, Man Bang (YMM, stock price $6.96, market value $7.45 billion) announced its repurchase extension and dividend plan before the US stock market today. According to the announcement, Manbang has announced a cash dividend plan of approximately $150 million, with a dividend of $0.1444 per ADS. It is reported that this dividend is the first time that Manbang has distributed a dividend. The board of directors of Manbang stated that "after reviewing the company's operations, business planning, funding needs, and cash reserves, the board of directors is full of confidence in the company's operating performance and prospects. It is hoped that through the distribution of dividends, shareholders can repay their long-term trust and support in the company.".
In addition, Manbang has extended the repurchase plan originally scheduled to expire on March 12, 2024, to March 12, 2025, with a maximum repurchase of $300 million ADSs, each representing 20 shares of Class A common stock. According to the financial report previously released by Manbang, the company achieved a total operating revenue of 8.44 billion yuan in 2023, a year-on-year increase of 25.3%, and a net profit of approximately 2.8 billion yuan under non US accounting standards, a year-on-year increase of 100.4%, doubling from last year and significantly improving profitability.