Shareholders Cash Out After Online Lender’s Profit Plunges
Several of Qudian Inc.’s shareholders have cashed out since the Chinese cash-loan company posted worse-than-expected financial results for the first quarter, as regulators rein in China’s nascent online lending industry.
Kunlun Tech Co. Ltd., the second-largest shareholder of the Chinese peer-to-peer (P2P) lending platform, has locked in 123 million yuan ($19.21 million) in profit after selling 2.55 million shares of the New York-listed Qudian for $8.85 per share, according to statement that Kunlun issued earlier this month.
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