Qudian Inc (NYSE:QD) posted its unaudited financial report for the fourth quarter closed December 31, 2017. Total revenue came at RMB1,491.2 million, representing a jump of 108.4% from Q4 2016. Mr. Min Luo, Founder, the CEO and Chairman, expressed that they are pleased to complete 2017 by recording 108.4% and 80.1% growth YoY in revenue and net income, correspondingly, in Q4 2017.
Qudian CEO expressed that their success in 2017 was led by the cost efficiency and technology they put together that turned small consumption credit affordable and accessible to several creditworthy but underserved customers in China. They even embraced the new guidelines issued in Q4 2017 and consider they will support the longer term strong growth of the market. As the industry leader, they have been practicing considerably all the major requirements and working meticulously with their partners to function in accordance with the regulatory setup.
Mr. Luo added that as part of the initiative to resolve scenario based consumption credit, they are thrilled to introduce ‘Dabai Auto,’ a new business measure in budget auto financing. This initiative was introduced in November 2017 and has progressed rapidly. Of the 62.4 million enrolled users at Qudian, a considerable number of them required a larger credit size as compared to what their merchandise credit products and cash credit were offering.
Qudian CEO added that they consider budget auto financing is an innovative opportunity to serve their credit requirements under a consumption picture, in an asset supported lower risk setting, on the back of an extremely large new car segment. By the close of January 2018, they have set 175 off-line showrooms suitably based in the shopping areas of 175 cities across China. The company has leased out 284 vehicles last year and have cumulatively leased out more than 4,800 vehicles as of March 10, 2018.
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