Since our IPO in 2007, the Company has actively returned cash to our shareholders to maximize shareholder return by distributing an accumulated amount of dividend payouts of US$268.3 million to our shareholders and spent US$107.7 million on share buyback, representing over 50% of our accumulated operating cash flow since IPO.
For future dividends, if any, our board of directors has discretion as to whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium account, and provided always that in no circumstances may a dividend be paid unless, immediately following the date on which it is to be paid, our company will be able to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. The timing, amount and form of dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors.
