Qudian Inc. Provides Business Updates on WLM KIDS

Qudian Inc. (“Qudian” or the “Company”) (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced that it plans to significantly downsize its WLM KIDS business.

The Company launched WLM KIDS to provide one-stop, extra-curricular enrichment services for children in China. The first WLM KIDS center opened in Xiamen in January 2021 and as of the end of February 2022, the Company operated six centers nationwide.

“Amid the challenging backdrop of recurrent pandemic outbreaks and the evolving regulations concerning the education industry, the Company re-evaluated the situation, taking a prudent view, and decided to significantly downsize its WLM KIDS business,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “We believe this decision is in the best interest of our Company and aligned with our commitment to achieve sustainable growth and create shareholder value. We may keep only one center in operation to continue services for our loyal customers as an interim measure, and will update on progress in due course.”

Source: Qudian Inc.