Why Former Alibaba-Backed Fintech Company Qudian Shares Are Skyrocketing Today

Qudian Inc - ADR QD shares are trading higher by 58.3% to $1.14 after the company announced a share repurchase program of up to $200 million.

Qudian says, under the share repurchase program, the company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof.

See Also: Why Oracle Stock Is Rising

Qudian is a provider of online credit products using data-enabled technologies, such as artificial intelligence and machine learning in China.

According to data from Benzinga Pro, Qudian has a 52-week high of $2.85 and a 52-week low of $0.63.