Qudian endorses Notice of Regulations issued by People's Bank of China
Qudian announced its endorsement of the Notice of Regulations issued by People's Bank of China on December 1, 2017, which clearly lays out certain additional rules and regulations in relation to the operation of a cash loan business in China. The Company believes the Notice of Regulations is very timely and highly effective, and it will promote a healthy environment for credit services offered in China. Qudian has always and will continue to fully embrace these regulatory changes and is committed to be in full compliance with these additional rules and regulations. As a socially responsible Fintech company, Qudian has been and will continue to proactively embrace regulatory changes. Under regulators' guidance and supervision, Qudian endeavors to further optimize its product and service offerings, enhance education and protection of its credit users, and promote the healthy and sustainable development of the industry, together with the efforts of other players in the industry. Min Luo, Founder, Chairman and CEO of Qudian, commented, "With clearly stated regulatory guidance, we are confident in adopting these requirements and it allows us the opportunity to operate our business in a healthier industry environment." The company also announced it will increase its share repurchase program to up to $300M worth of its outstanding American Depositary Shares representing its Class A ordinary shares within the next twelve months. The increase of the repurchase program demonstrates the Board and management team's confidence in the company's future.