Qudian is a Chinese online micro-credit provider, which is backed by Alibaba Group affiliate Ant Financial. The Company was set up in 2014 to facilitate merchandise credit and cash credit to college students on campuses across China. Starting from Nov 2015, Qudian shifted its focus to a broader base of young consumers in China and since Jul 2016, it engaged all borrowers as to its cash and merchandise credit products through online channels. The Company operates through an online platform and all the transaction are facilitated through mobile devices. Borrowers can apply for credit on their mobile phones and receive approval within a few seconds. Approved borrowers are then able to draw down on their cash credit with cash disbursed immediately into their Alipay accounts in digital form. The Company also offers merchandise credit products to finance borrowers’ direct purchase of merchandise offered on its marketplace on installment basis. Its marketplace connects consumers with merchandise suppliers. In 2018, it was offering 14 categories of merchandise from over 1,000 brands covering primarily consumer electronics, home appliances, watches and accessories, sports and outdoor merchandise and luggage. Until the middle of 2019, the Company facilited loans to 76 mil clients with total on- and off-balance sheet loans accounting for RMB 29 bil at the end of June 2019. The Company was listed on the New York Stock Exchange in October 2017 and raised about US$ 900 mil. Phoenix Partners, The Kunlun Group and Ant Financial Services Group were among the largest shareholders in the Company at the end of 2018.