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China's Qudian names new director

Du Li stepped down from the board of Chinese digital lender Qudian Inc. to comply with NYSE corporate governance standards.

Meanwhile, the company named Rong Shengwen an independent director.

The changes are effective Aug. 24, according to an Aug. 27 filing.

Further, Qudian said an agreement with Alibaba Group Holding Ltd. affiliate Ant Financial Services Group relating to user engagement, via Ant Financial service Alipay's dedicated channel for third-party service providers, ends in August, and will not be renewed.

Qudiant noted that it has engaged with users mainly through its own mobile apps since the first quarter, and does not expect the ending of the agreement to significantly impact its business.