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China's Qudian to repurchase US$100M of shares

Chinese microlender Qudian Inc. plans to repurchase up to US$100 million of its outstanding American depositary shares in the next twelve months.

The shares represent the company's class A ordinary shares. The shares will be repurchased through various means, including through open market transactions, privately negotiated transactions, tender offers or a combination of these, the company said Nov. 21.

The announcement came about a month after the company raised US$900 million from its U.S. IPO.

Meanwhile, New York-based law firm Faruqi & Faruqi said it is looking into "potential claims against Qudian" after the company's shares dropped significantly on the New York Stock Exchange, the South China Morning Post reported Nov. 21. In a statement, Faruqi & Faruqi encouraged investors who lost money investing in Qudian to contact the law firm.

Qudian shares dropped 5.28% to US$20 each at the close of trading on Nov. 20, down from its IPO price of US$24 per share, according to the report. The company's shares have been experiencing wild swings after Chinese social media reports accused it of offering higher interest rates and alleged that it sold customers' personal details, SCMP added.

Qudian denied the allegations that it sold customer data. Chinese authorities are looking into the issue.