Qudian's Price Continues to Drop As Several Major Shareholders Dump Shares
According the announcement, the average transaction price was $8.855 per share, which is equivalent to $22.6 million, or 144 million yuan.
Qudian's stock price continued to slide after its second-largest shareholder, Kunlun Tech Co. Ltd., announced last week that it had sold more than 2.55 milllion shares of the New York-listed Qudian through stock auctions
According to the announcement, the average transaction price was $8.855 per share, which is equivalent to $22.6 million, or 144 million yuan. After the transaction, Kunlun still holds 53.35 million shares in Qudian. At today's closing price of $9.22 per share, this amounted to nearly $500 million.
Kunlun was not the only shareholder that chose to cut its stake in Qudian. 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, according to Caixin.
For the three months ended March 31, Qudian said its earnings fell 32 percent compared with a year earlier to $50.3 million, or 15 cents per fully diluted share. The company earned $74.1 million, or 24 cents in the same year-ago quarter.
Qudian (NYSE: QD), which went public in October at $24 per share, has had a rocky time since. With the Chinese government cracking down on internet-based micro-lenders, the company has seen its stock price take significant hits.
After reaching $35.45 per share in mid-October, shares of Qudian has dropped more than 70 percent over the past eight months. By the close, Qudian was off nearly 3 percent today, or 28 cents per share, to $9.22 per share.