On October 18, 2017, Qudian Group was listed on the New York Stock Exchange. The final closing price on the day was US $ 29.18 per share, corresponding to a market capitalization of US $ 9.6 billion. It is the largest IPO for China to the United States in 2017. As of December 13, 2017, the final closing price was US $ 13.98 per share, corresponding to a market capitalization of US $ 4.6 billion. In less than two months, the share price was not only far below the IPO price of $ 24, but it shrank by more than 70% from the highest price. Investors suffered heavy losses.

Qudian get such a high valuation, there is no doubt that cash lending credit. According to the data disclosed in the prospectus, Qudian offered only two products: cash loan and consumer loans. In the first half of 2017, 83.3% of the revenue came from the financial services fees charged to customers.

 

Qudian business source ---- Ant Financial Services Group。Qudian source of funds, as of June 30, 2017, own funds accounted for 34%, 21% trust plan, transfer of credit assets 21%, P2P agencies accounted for 4%, off-balance-sheet transactions (banking and consumer finance Company) accounting for 11%. More than 21 such financing partners. Qudian mainly revenue from service fees, spreads, liquidated damages and loan income and others. Qudian accesses to funds in four ways: banks, trusts, consumer finance companies, network loan platform.

 

Observing the above four models, there are only two MFIs that have the direct loan qualification in Qudian system. In fact, most companies engaged in cash loan business now lack the qualification to directly issue credit. Instead, they work with agencies that have direct loan qualifications, including banks, trusts, consumer finance companies and small loan companies.