- Qudian (NYSE:QD) agrees to purchase 10.2M of newly issued class A ordinary shares of Secoo Holding (NASDAQ:SECO), Asia's largest online integrated upscale products and services platform, for an aggregate purchase price of up to $100M, or a per share price of $9.80.
- QD rises 2.7% in premarket trading.
- The transaction will Make Qudian Seeco's largest shareholder with a ~28.9% stake.
- The two companies will also enter a business cooperation agreement in the online luxury e-commerce business.
- "Our partnership will bring value to both Secoo and our Wanlimu platform, launched earlier this year, and also establish a good foundation for a better user experience for our customers," said Qudian Chairman and CEO Min Luo.