Secoo Holding Limited (NASDAQ: SECO) (together with its
affiliates, “Secoo”), Asia’s largest online integrated upscale
products and services platform, and Qudian, Inc. (NYSE: QD)
(together with its affiliates, “Qudian”), a leading technology
platform empowering the enhancement of online consumer finance
experience in China, announced today that Secoo and Qudian have
entered into a definitive agreement, pursuant to which Qudian has
agreed to purchase a total of up to 10,204,082 newly issued Class A
ordinary shares of Secoo for an aggregate purchase price of up to
US$100,000,003.60, reflecting a per share purchase price of
US$9.80.
Following the completion of all transactions
contemplated under the definitive agreement, Qudian will hold
approximately 28.9% of Secoo’s issued and outstanding shares.
In addition, Secoo and Qudian will also enter
into a business cooperation agreement, which will set forth the key
areas for the two companies’ strategic cooperation in the online
luxury e-commerce business space.
Mr. Rixue Li, Founder, Chairman and Chief
Executive Officer of Secoo, said, “We believe this strategic
partnership will enable us to accelerate growth by building upon
both companies’ assets, core expertise and competitive advantages.
We will utilize the investment proceeds to further strengthen the
supply chain and enhance user satisfaction.”
“This strategic partnership leverages both
companies’ resources, capabilities, industry expertise and market
presence, while fostering collaboration in supply chain management,
user acquisition and retention, quality appraisals, post-sales
services, and financing solutions,” said Mr. Min Luo, Founder,
Chairman and Chief Executive Officer of Qudian. “Our partnership
will bring value to both Secoo and our Wanlimu platform, launched
earlier this year, and also establish a good foundation for a
better user experience for our customers. We believe this strategic
investment in Secoo will fuel opportunities for expansion and
success on both platforms.”
The transaction is subject to customary closing
conditions and is expected to be consummated in two separate
closings in the near future. Qudian has agreed not to sell,
transfer or dispose of any shares acquired in the transaction for
twelve months after the first closing, subject to certain limited
exceptions.The share issuance is exempt from registration under the
Securities Act of 1933, as amended, (the “Securities Act”) pursuant
to Section 4(2) of the Securities Act regarding transactions not
involving a public offering or is made in reliance on, and in
compliance with, Regulation S under the Securities Act.
About Secoo
Secoo Holding Limited (“Secoo”) is Asia’s
largest online integrated upscale products and services platform as
measured by GMV in 2016. Secoo provides customers a wide selection
of authentic upscale products and lifestyle services on the
Company’s integrated online and offline shopping platform which
consists of the Secoo.com website, mobile applications and offline
experience centers, offering over 400,000 SKUs, covering over 3,800
global and domestic brands. Supported by the Company’s proprietary
database of upscale products, authentication procedures and brand
cooperation, Secoo is able to ensure the authenticity and quality
of every product offered on its platform. For more
information, please visit http://ir.secoo.com.
About Qudian Inc.
Qudian Inc. (“Qudian”) is a leading technology
platform empowering the enhancement of online consumer finance
experience in China. The Company’s mission is to use technology to
make personalized credit accessible to hundreds of millions of
young, mobile-active consumers in China who need access to small
credit for their discretionary spending but are underserved by
traditional financial institutions due to lack of traditional
credit data or high cost of servicing. Qudian’s credit solutions
enable licensed, regulated financial institutions and ecosystem
partners to offer affordable and customized loans to this young
generation of consumers.
For more information, please
visit http://ir.qudian.com.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include but are not limited to Secoo management quotes and the
Company’s financial outlook. These forward-looking statements can
be identified by terminology such as “will,” “estimate,” “project,”
“predict,” “believe,” “expect,” “anticipate,” “intend,”
“potential,” “plan,” “goal” and similar statements. Secoo Holding
Limited may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, 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. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Company’s
goals and strategies; its future business development, financial
condition and results of operations; its ability to attract and
retain new customers and to increase revenues generated from repeat
customers; its expectations regarding demand for and market
acceptance of its products and services; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of the Chinese e-commerce
market; Chinese governmental policies relating to the Company’s
industry and general economic conditions in China. For additional
information on these and other important factors that could
adversely affect the Company's business, financial condition,
results of operations and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
Secoo Holding Limited does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments is as of the date of this
press release, and Secoo Holding Limited undertakes no duty to
update such information, except as required under applicable
law.
For investor and media inquiries
regarding Secoo, please contact:
In China: Secoo Holding Limited Jingbo Ma Tel:
+86 10 6588-0135 E-mail: ir@secoo.com
The Piacente Group, Inc. Jenny Cai Tel: +86 (10)
6508-0677 E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group,
Inc. Brandi Piacente Tel: +1-212-481-2050 E-mail:
Secoo@tpg-ir.com
For investor and media inquiries regarding Qudian,
please contact:
Qudian
Inc.Tel: +86-592-591-1711E-mail: ir@qudian.com
The Piacente Group, Inc.Xi ZhangTel: +86 (10)
6508-0677E-mail: qudian@tpg-ir.com
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050E-mail: qudian@tpg-ir.com
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