Benzinga | Mar 30, 2021 07:41AM EDT

GSX Announces The Co.'s Chairman And CEO, Mr. Larry Xiangdong Chen's Buyback Plan Of Up To $50M Worth Of Shares

GSX Techedu Inc. (NYSE:GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today announced that Mr. Larry Xiangdong Chen, the Company's founder, Chairman and CEO, intends to use his personal funds to purchase up to US$50 million of the Company's shares over the next 12 months. Mr. Larry Xiangdong Chen currently has not pledged any of his equity interest in the Company as security or collateral to any third party.

In May 2020, the Company's board of directors had authorized a share repurchase program, under which the Company may repurchase up to US$150 million of its shares, effective until May 6, 2022. As of March 30, 2021, the Company had repurchased US$39.8 million of its shares under the share repurchase program. The Company is still authorized to use the remaining quota for repurchase within the term of the plan.