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China's Qudian posts full-year 2019 earnings guidance, plans share buyback

Chinese online lender Qudian Inc. released its earnings outlook for its full-year 2019 period and announced a new share buyback program of up to US$300 million.

The company said in a Dec. 13 release that it expects total non-GAAP net income for the full year to exceed 3.5 billion yuan, excluding nonrecurring costs and charges.

It reaffirmed its previous guidance of more than 2.5 billion yuan of total non-GAAP net income for full-year 2018.

In line with the outlook, Qudian said it may repurchase up to US$300 million more of American depositary shares in the next 12 months, using internal funds. It added that it has bought back around US$267 million in ADS under a similar US$300 million share repurchase program that was launched in the last quarter of 2017.

Qudian offers online small consumer credit in China and is listed on the New York stock exchange.

As of Dec. 13, US$1 was equivalent to 6.88 Chinese yuan.