Chinese Fintech Qudian Regains Compliance with NYSE Minimum Price Requirement

Qudian Inc. (NYSE: QD), a consumer-oriented technology company in China, today announced that the company has “regained compliance with the New York Stock Exchange’s (NYSE) continued listing standard for share prices as confirmed by a notification letter from the NYSE on February 1, 2023.”

On September 22, 2022, the NYSE “notified the Company of its non-compliance with the exchange’s continued listing standards because the average closing price of its American depositary shares (ADSs) had fallen below $1.00 over a period of 30 consecutive trading days.”

On February 1, 2023, the NYSE confirmed to Qudian “that a calculation of the average closing price of the Company’s ADSs over the 30-trading day period ended January 31, 2023 indicated that such price exceeded the NYSE’s minimum requirement of $1.00.”

Accordingly, the Company is “no longer considered below the $1.00 continued listing criterion.”

As covered, Qudian Inc. is a consumer-oriented technology company in China.

The company historically “focused on providing credit solutions to consumers.”

Qudian is “exploring innovative consumer products and services to satisfy Chinese consumers’ fundamental and daily needs by leveraging its technology capabilities.”

Qudian Inc. announced in November 2022 its unaudited financial results “for the quarter ended September 30, 2022.”

Third Quarter 2022 Financial Highlights:

  • Total revenues were RMB110.2 million (US$15.5 million), compared to RMB347.4 million for the same period of last year
  • Net loss attributable to Qudian’s shareholders was RMB648.0 million (US$91.1 million), compared to RMB94.2 million for the same period of last year, or net loss of RMB2.64 (US$0.37) per diluted ADS
  • Non-GAAP net loss attributable to Qudian’s shareholders was RMB643.9 million (US$90.5 million), compared to RMB99.1 million for the same period of last year, or Non-GAAP net loss of RMB2.63 (US$0.37) per diluted ADS

Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian, said:

“In the third quarter of 2022, as the Company continued to undergo a business transition, we dedicated our efforts to smoothly winding down the loan book business and streamlining QD Food in an orderly manner while preserving the health of our balance sheet by pursuing efficient cash management. Moving forward, we will remain focused on exploring new business propositions and investment opportunities, including those overseas, in order to create new growth engines and drive sustainable value for all our stakeholders in the long run.”

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