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Qudian Inc. (NYSE: QD) is a consumer-oriented technology company headquartered in Xiamen, China. The company operates online platforms that primarily offer small consumer credit products within the People's Republic of China. Leveraging its technological capabilities, Qudian aims to empower financial institutions by enhancing their marketing and operational efficiency. This enables the efficient connection of diversified financial products with scene traffic across the entire network.
In recent years, Qudian has undergone a significant transformation. The company has strategically pivoted into the last-mile logistics sector, launching the 'Fast Horse' delivery business. Initially trialed in Australia in December 2022, this new venture has gained momentum, achieving initial shape and scale by mid-2023. Qudian plans to extend this service to Australia, North America, and New Zealand, aiming to meet the growing global demand for swift and reliable e-commerce delivery solutions.
Despite winding down its loan book and QD Food businesses, Qudian reported RMB29.6 million (US$4.1 million) in total revenues for the third quarter of 2023, predominantly generated from its last-mile delivery business. The company maintains a healthy balance sheet with cash and cash equivalents amounting to RMB7,226.4 million (US$990.5 million) as of September 30, 2023.
Qudian is also actively repurchasing its shares. As of December 2023, the company had purchased 44.9 million ADSs for approximately US$68.2 million under its share repurchase program. In March 2024, Qudian's Board of Directors authorized a new share repurchase program of up to US$300 million, reflecting the company's confidence in its intrinsic value and future potential.
Looking ahead, Qudian is poised to explore new business opportunities in online and offline retail, integrating Chinese supply chain advancements with global consumer demand. This includes launching a 'Buy Now, Pay Later' solution to provide flexible payment options for consumers. The company remains committed to its strategic vision while maintaining prudent cash management practices to safeguard its financial stability.
Qudian Inc. (NYSE: QD) reported its unaudited financial results for Q4 and FY 2022. Total revenues for Q4 were RMB160.1 million (US$23.2 million), a 57.8% decrease from last year, while FY 2022 revenues dropped 65.1% to RMB577.5 million (US$83.7 million). Qudian's net income for Q4 was RMB490.1 million (US$71.1 million), rebounding from a loss of RMB65.1 million in Q4 2021. However, the company faced substantial losses of RMB362.0 million (US$52.5 million) for FY 2022. Despite a strong cash position of RMB3,502.0 million (US$507.7 million), the winding down of the loan book business significantly impacted income. The company's share repurchase program totaled US$602.1 million as of the report date.
Qudian Inc. (NYSE: QD) announced its compliance with NYSE listing standards as of February 1, 2023, after receiving confirmation from the exchange. This follows a notification on September 22, 2022, regarding its non-compliance due to an average closing price of its American depositary shares falling below $1.00 for 30 consecutive trading days. The recent assessment indicated that the average closing price exceeded the minimum requirement of $1.00, demonstrating a recovery in Qudian's stock performance.
On September 22, 2022, Qudian Inc. (NYSE: QD) received a notification from the NYSE indicating it is below the continued listing standards due to its American depositary shares trading below $1.00 for 30 consecutive days. The company has a six-month period, the "Cure Period," to achieve compliance by maintaining a closing share price of at least $1.00. Failure to meet this requirement by the end of the Cure Period could lead to suspension and delisting. Qudian intends to monitor market conditions and explore options to rectify the situation, while its operations remain unaffected.
Qudian reported its Q2 2022 financial results, showcasing significant challenges. Total revenues plummeted 74.4% to RMB105.4 million, with a net loss attributable to shareholders of RMB61.3 million, a stark contrast to an income of RMB269.9 million in Q2 2021. The company ceased new credit offerings and plans to streamline its QD Food business, anticipating further revenue declines. Operating costs rose to RMB135.9 million, largely due to increased sales and marketing expenses. As of June 30, 2022, cash and cash equivalents stood at RMB3.1 billion.
Qudian Inc. (NYSE: QD), a consumer-oriented technology company based in China, announced it has regained compliance with NYSE listing standards as confirmed on August 1, 2022. This follows earlier notification on May 25, 2022, regarding non-compliance due to average closing prices of its American depositary shares falling below $1.00 for 30 consecutive trading days. With the recent confirmation, Qudian's average closing price exceeded the minimum requirement, allowing it to remain listed on the NYSE.
Qudian Inc. (NYSE: QD) provided an update on its QD Food ready-to-cook meal business, launched in March 2022. The initiative has established 15 facilities and serves over 200 cities in China. As of July 17, 2022, a livestreaming event led by CEO Min Luo drove sales of 9.56 million dishes, marking a significant milestone. The QD Food brand focuses on convenient, high-quality meals at competitive prices, appealing to working families. The company's growth strategy aims to enhance its market presence in the rapidly expanding livestreaming e-commerce sector.
Qudian Inc. (NYSE: QD) announced the completion of its optional repurchase of 1.00% Convertible Senior Notes due 2026, amounting to US$47.5 million. The repurchase was finalized before the June 30, 2022, deadline, with all outstanding Notes surrendered and paid in cash. As a result, Qudian has no remaining outstanding Notes. This strategic move may enhance shareholder value and reduce future interest obligations.
Qudian Inc. (NYSE: QD) has authorized a share repurchase program with a budget of US$200 million over the next 24 months, starting June 13, 2022. The program allows repurchase of American depositary shares and Class A ordinary shares through various market transactions. Funding will come from existing cash, and the company expects no negative impact on its business strategies. This initiative reflects confidence in the company’s financial health and aims to enhance shareholder value.
Qudian Inc. (NYSE: QD) reported its Q1 2022 financial results, revealing total revenues of RMB201.8 million (US$31.8 million), a 60.9% decrease from Q1 2021. The company posted a net loss of RMB142.8 million (US$22.5 million) compared to a profit of RMB478.4 million the previous year. Outstanding borrowers dropped by 3.5% to 2.6 million, and total loan balance decreased by 41.3% to RMB1.5 billion. Despite challenges in the cash credit business, Qudian launched its new ready-to-cook meals segment and maintained a stable D1 delinquency rate of around 5% as of May 2022.
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