Caixin
FINANCE

Shareholders Cash Out After Online Lender’s Profit Plunges

Qudian Inc. CEO Luo Min (center) poses on Times Square during the company’s initial public offering ont the New York Stock Exchange on Oct. 18. Photo: IC
Qudian Inc. CEO Luo Min (center) poses on Times Square during the company’s initial public offering ont the New York Stock Exchange on Oct. 18. Photo: IC

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.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2018 Caixin Global Limited. All Rights Reserved.