Qifu Technology (QFIN), a leading Credit-Tech platform in China, witnessed a significant surge in its stock price during Wednesday's trading session. The company's shares soared 5.67%, outperforming the broader market, following its impressive third-quarter 2024 financial results and the announcement of a new $450 million share repurchase plan for 2025.

The strong third-quarter performance was driven by robust demand for Qifu's credit facilitation services and effective cost control measures. The company reported revenue of $622.7 million, a 6.1% year-over-year increase, surpassing analyst estimates. Additionally, Qifu reported an adjusted net income per ADS of $1.76, a substantial improvement from $1.40 a year ago, and higher than expected.

Qifu's board of directors also approved a new share repurchase plan of up to $450 million for 2025, reflecting the company's confidence in its long-term prospects and commitment to enhancing shareholder value. The buyback plan is set to commence on January 1, 2025, and will continue for 12 months, further boosting investor sentiment and contributing to the stock's rally.