trending Market Intelligence /marketintelligence/en/news-insights/trending/kTQU_h8kv3oBUm5LiOjz0w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Qudian withdraws fiscal 2019 guidance, launches US$500M share repurchase

Digital Banking Battles Will Play Out In Southeast Asias Shopping Cart

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible

Fed Officials Signal Optimism In US Economy Reiterate Rates Likely On Hold

After Curbing Year-End Volatility, Fed Weighs Future Of Repo Operations

Qudian withdraws fiscal 2019 guidance, launches US$500M share repurchase

China's Qudian Inc. withdrew guidance for the fiscal year 2019 due to market uncertainty, and launched an up to US$500 million share repurchase program.

The financial technology company said it would not issue guidance in the near term due to uncertainty stemming from several regulatory developments in China during the fourth quarter of 2019.

The withdrawal comes after the digital lender raised its net income guidance for the full year to more than 4.5 billion yuan in June 2019 from a previous guidance of more than 3.5 billion yuan.

Qudian tightened loan approval standards and suspended its credit trial program in the fourth quarter of 2019 to protect its assets and funding partners from market uncertainties. The decline in transaction volumes during the quarter is also expected to impact the company's revenue for the three months, according to a filing.

The company also expects the rise in delinquency rates to increase loss of guarantee liability and provision for the quarter, and adversely affect net income for the three-month period.

Qudian also said its board approved a plan to repurchase a total of up to US$500 million American depositary shares, effective Jan. 16. The shares will be repurchased during the next 30 months.

As of Jan. 21, US$1 was equivalent to 6.91 Chinese yuan.