XIAMEN, China, Dec. 13, 2018 /PRNewswire/ -- Qudian Inc.
("Qudian" or the "Company") (NYSE: QD), a leading provider of
online small consumer credit products in China, today announced that based on the
Company's current operational outlook while acknowledging recent
market conditions and macroeconomic performance indicators, as well
as its preliminary expectations of its regulatory environment,
customer demand, market conditions and operations in the near
future, the Company expects that its total non-GAAP net income for
the full year of 2019 will be greater than RMB3.5 billion, after excluding non-recurring
costs and charges.
Furthermore, the Company today reaffirmed its previous guidance
and reiterated its expectation that its total non-GAAP net income
for the full year of 2018 will be greater than RMB2.5 billion, after excluding non-recurring
costs and charges. In light of this outlook, it has adopted a new
share repurchase program to supplement its existing share
repurchase program.
In the fourth quarter of 2017, the Company adopted a share
repurchase program that authorized the Company to repurchase up to
US$300 million worth of its ADSs (the
"Existing Program"). As of today, the Company has already
repurchased approximately US$267
million worth of ADSs under the Existing Program.
Under the new share repurchase program, the Company may
repurchase up to US$300 million worth
of its outstanding American depositary shares ("ADSs") representing
its Class A ordinary shares within the next twelve months (the "New
Program"), in addition to any further repurchases that may be made
under the Existing Program.
Mr. Min Luo, Founder, Chairman and Chief Executive Officer
of Qudian said, "We continued to be well positioned in the
developing online small consumption credit space. Recent operating
data continues to show strong user demand and risk-adjusted returns
on track with our target. Our large and growing user base and fully
institutionalized funding base provide strong visibility as to what
we can achieve into next year. Therefore, we believe it is our duty
to fully inform our shareholders of our view of earnings
visibility. Given the disconnect between our strong business
fundamentals and stock price, we are stepping up our share
repurchase plan. This reflects our confidence in our growth
prospect and our continuous commitment to enhancing shareholder
value."
Under the New Program, Qudian may purchase its ADSs through
various means, including open market transactions, privately
negotiated transactions, tender offers or any combination thereof.
In addition, Qudian will also effect repurchase transactions in
compliance with Rule 10b5-1 under the Securities Exchange Act of
1934, as amended, and its insider trading policy. The number of
ADSs repurchased and the timing of repurchases will depend on a
number of factors, including, but not limited to, price, trading
volume and general market conditions, along with Qudian's working
capital requirements, general business conditions and other
factors. The New Program may be modified, suspended or terminated
at any time by the Company's Board of Directors. Repurchases under
the New Program will be funded from Qudian's existing cash and cash
equivalents or future cash provided by operating activities. As of
September 30, 2018, Qudian had cash
and cash equivalents of approximately RMB2,754.4 million (US$401.1 million).
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate
of RMB6.8680 to US$1.00, the noon buying rate in
effect on September 28, 2018 in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading provider of online small
consumer credit in China. The Company uses big data-enabled
technologies, such as artificial intelligence and machine learning,
to transform the consumer finance experience in China. With
the mission to use technology to make personalized credit
accessible, Qudian targets hundreds of millions of young,
mobile-active consumers in China who need access to small
credit for their discretionary spending or budget auto financing
solutions but are underserved by traditional financial institutions
due to lack of traditional credit data. Qudian's data technology
capabilities combined with its operating efficiencies allow Qudian
to understand prospective borrowers from different behavioral and
transactional perspectives, assess their credit profiles with
regard to both their willingness and ability to repay and offer
them instantaneous and affordable credit products with customized
terms, and distinguish Qudian's business and offerings.
For more information, please visit ir.qudian.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, contain forward-looking statements. Qudian may also
make written or oral forward-looking statements in its periodic
reports to the SEC, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Qudian's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Qudian's
goal and strategies; Qudian's expansion plans; Qudian's future
business development, financial condition and results of
operations; Qudian's expectations regarding demand for, and market
acceptance of, its credit products; Qudian's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Qudian's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Qudian does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Investor Relations
Annie Huang
Director of Capital Markets
Tel: +86-592-591-1580
E-mail: ir@qudian.com
Media
Binbin Yang
VP, Public Relations
E-mail: pr@qudian.com
The Foote Group
Philip Lisio
Tel: +86-135-0116-6560
E-mail: qudian@thefootegroup.com
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SOURCE Qudian Inc.