Investors lap up Chinese consumer finance IPO

|By:, SA News Editor

Backed by Alibaba (NYSE:BABA), Qudian (Pending:QD) is a provider of short-term micro loans to Chinese consumers through its mobile app or online.

It priced its 37.5M ADS IPO at $24 each vs. the expected range of $19-$22, giving the company a valuation of nearly $8B.

In early action, shares are now trading hands at $34, up 41.7%.

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