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Shares of Qudian, a New York-listed Chinese online microlender, closed up nearly 5% on Wednesday hours after announcing an agreement allowing it to buy shares in Nasdaq-listed Chinese online luxury retailer Secoo for $100 million.
Qudian will purchase Secoo’s 10.2 million newly issued class A ordinary shares at $9.80 each to become the latter company’s biggest shareholder with a 29% stake, according to twin statements from both companies.
The firms will also reach a deal which will enable them to explore opportunities in the luxury e-commerce sector, the statements added.
The share acquisition marks Qudian’s continued push into China’s booming luxury e-commerce market after the company’s lossmaking first quarter. According to its latest earnings report, Qudian recorded net losses of 486.5 million yuan ($68.7 million), compared with net profits of 949.6 million yuan a year earlier.
In March, Qudian rolled out a cross-border luxury e-commerce platform called Wanlimu. Chairman and CEO Luo Min said in the statement that the investment in Secoo will “bring value” to the Wanlimu platform and will help “establish a good foundation for a better user experience for our customers.”
Chinese consumers’ outlay on luxury goods is expected to reach 1.2 trillion yuan by 2025, when China will account for 40% of the world’s spending on luxury items, according to a 2019 report by McKinsey & Company.
Shares of Secoo also closed up 52.6% on Wednesday.
Read also > Louis Vuitton, Valentino, Marc Jacobs, Gucci…when luxury meets gaming
Featured photo : © Secoo[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Shares of Qudian, a New York-listed Chinese online microlender, closed up nearly 5% on Wednesday hours after announcing an agreement allowing it to buy shares in Nasdaq-listed Chinese online luxury retailer Secoo for $100 million.
Qudian will purchase Secoo’s 10.2 million newly issued class A ordinary shares at $9.80 each to become the latter company’s biggest shareholder with a 29% stake, according to twin statements from both companies.
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Shares of Qudian, a New York-listed Chinese online microlender, closed up nearly 5% on Wednesday hours after announcing an agreement allowing it to buy shares in Nasdaq-listed Chinese online luxury retailer Secoo for $100 million.
Qudian will purchase Secoo’s 10.2 million newly issued class A ordinary shares at $9.80 each to become the latter company’s biggest shareholder with a 29% stake, according to twin statements from both companies.
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