Homeinns Hotel Group announces share repurchase program

SHANGHAI - Homeinns Hotel Group (NASDAQ: HMIN) ("Homeinns" or the "Company"), a leading economy hotel chain in China, announced that its Board of Directors has approved a share repurchase program of up to $35 million, effective for one year from March 11, 2015.

Under the program, the Company is authorized to repurchase up to $35 million worth of outstanding American depositary shares ("ADSs") and ordinary shares of the Company from time to time depending on market conditions and other factors and in accordance with relevant rules under United States securities regulations. The repurchase program does not obligate Homeinns to make repurchases at any specific time. Homeinns' Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size accordingly. The share repurchase program will be funded by the Company's available cash balance.

Mr. David Sun, the Company's chief executive officer, commented: "This share repurchase program reflects our confidence in the value of our company, and in the long-term prospects for both our business and the travel and lodging industry in China. We also view this as the beginning of our effort to return cash to shareholders, as we transition to a brand franchising and hotel management company with strong free cash flow generating capability. We believe that the share repurchase program is in the best interest of our shareholders."SHANGHAI - Homeinns Hotel Group (NASDAQ: HMIN) ("Homeinns" or the "Company"), a leading economy hotel chain in China, announced that its Board of Directors has approved a share repurchase program of up to $35 million, effective for one year from March 11, 2015.

Under the program, the Company is authorized to repurchase up to $35 million worth of outstanding American depositary shares ("ADSs") and ordinary shares of the Company from time to time depending on market conditions and other factors and in accordance with relevant rules under United States securities regulations. The repurchase program does not obligate Homeinns to make repurchases at any specific time. Homeinns' Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size accordingly. The share repurchase program will be funded by the Company's available cash balance.

Mr. David Sun, the Company's chief executive officer, commented: "This share repurchase program reflects our confidence in the value of our company, and in the long-term prospects for both our business and the travel and lodging industry in China. We also view this as the beginning of our effort to return cash to shareholders, as we transition to a brand franchising and hotel management company with strong free cash flow generating capability. We believe that the share repurchase program is in the best interest of our shareholders."

sourced:traveldailynews.asia