| USD Million | Dividend(3) | Shares Repurchase Amount(4) |
Total Value Returned to Shareholders | |||
| Record Date | Payment Date | Per ADS (USD) | Total Amount | |||
| FY2018 | Apr 5, 2019 | Apr 26, 2019 | 0.190 | 58.4 | 67.3 | 125.7 |
| FY2019 | Apr 7, 2020 | Apr 30, 2020 | 0.120 | 36.7 | 6.7 | 43.4 |
| FY2020 | Apr 7, 2021 | Apr 30, 2021 | 0.170 | 47.8 | 55.0 | 102.8 |
| FY2021 | Apr 13, 2022 | May 6, 2022 | 0.205 | 59.0 | 2.5 | 61.5 |
| FY2022 | Apr 13, 2023 | May 5, 2023 | 0.215 | 60.8 | 50.8 | 111.6 |
| FY2023(1) | Apr 16, 2024 | May 7, 2024 | 0.237 | 62.3 | 97.6 | 159.9 |
| Cumulative Amount Since IPO(2) | 1.137 | 325.0 | 279.9 | 604.9 | ||
(1) Figures as of December 31, 2023.
(2) Company completed initial public offering with total net proceeds of approximately USD 252 million in November 2017.
(3) The Company has distributed annual dividends from fiscal year of 2018 to 2023. The Company’s average dividend payout ratio was approximately 16% of the Company’s net income in the same period.
In addition, in March 2022, our board of directors approved an annual cash dividend policy, pursuant to which we will declare and distribute a recurring cash dividend at an amount of no less than 10% of our net income after tax in the previous fiscal year in the future. Our board of directors has discretion on whether to distribute dividends, subject to certain restrictions under Cayman Islands law.
(4) FinVolution Group initiated its first share repurchase program in 2018 and has continuously returned value to its shareholders ever since. As of December 31, 2023, the Company has cumulatively deployed US$279.9 million to repurchase its shares from the secondary market.