Qudian, Inc. (NYSE: QD) is engaged as a consumer-focused technology company, which operates and is based out of China. The company was previously in the business of credit and loans but has since shifted its focus to the food industry. Shares of the Chinese consumer company are surging 53% through early trading on Monday, July 18, 2022. Over the past three months, Qudian has seen an average daily volume of 1.41 million shares. However, volume of 69.23 million shares, or dollar volume of around $128.77 million, has already exchanged hands through early trading.
Shares of Qudian are soaring after the company provided a progress update for QD Food, the company’s ready-to-cook meal business. Unveiled in March 2022, QD Food represents the company’s latest consumer-focused strategic initiative.
Qudian says it has 15 warehouses, assembly and packaging facilities, which can deliver its QD Food products to over 200 cities across China. Customers currently can place their orders through three different portals: Douyin’s live streaming platform, QD Food’s WeChat mini-program, and the QD Food App.
QD Food currently offers over ten dishes for consumers to choose from, such as boiled fish with pickled cabbage, steamed pork with rice flour, and beer-braised duck, which have all been receiving positive feedback from customers.
On July 17, 2022, Qudian’s QD Food hosted the “717 Foodies Festival” on the Douyin live streaming platform, in which CEO Min Luo introduced the brand’s products to millions of viewers in the region. As a result, the company says the event’s promotion led to orders for 9.56 million dishes.
The event was well-watched with a number one ranking on the Douyin platform for over ten hours during the live streaming event. The event saw a peak concurrent viewership of over 900,000 people, with Qudian’s CEO Min Luo seeing 4 million new account followers.
“We are excited to see QD Food going from strength to strength, especially the outstanding commercial performance of our live streaming event,” said Mr. Min Luo, Founder, Chairman, and CEO of Qudian. “To capitalize on the burgeoning popularity of live streaming e-commerce and the vast market demand for ready-to-cook foods, we will continue developing high-quality products and delivering outstanding consumer experiences. The successful establishment of QD Food is enabling us to seize market opportunities to create a new, accelerated engine for our sustainable growth.”
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