Exhibit 99.1
Qudian and Secoo Announce Investment and Strategic Partnership
Qudian to make strategic investment in Secoo of up to $100 million
Qudian, Inc. (NYSE: QD) (together with its affiliates, “Qudian”), a leading technology platform empowering the enhancement of online consumer finance experience in China, and Secoo Holding Limited (NASDAQ: SECO) (together with its affiliates, “Secoo”), Asia’s largest online integrated upscale products and services platform, announced today that Qudian and Secoo have entered into a definitive agreement, pursuant to which Qudian has agreed to purchase a total of up to 10,204,082 newly issued Class A ordinary shares of Secoo for an aggregate purchase price of up to US$100,000,003.60, reflecting a per share purchase price of US$9.80.
Following the completion of all transactions contemplated under the definitive agreement, Qudian will hold approximately 28.9% of Secoo’s issued and outstanding shares, becoming its largest shareholder.
In addition, Qudian and Secoo will also enter into a business cooperation agreement, which will set forth the key areas for the two companies’ strategic cooperation in the online luxurye-commerce business space.
“This strategic partnership leverages both companies’ resources, capabilities, industry expertise and market presence, while fostering collaboration in supply chain management, user acquisition and retention, quality appraisals, post-sales services, and financing solutions,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “We believe 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. We believe this strategic investment in Secoo will fuel opportunities for expansion and success on both platforms.”
Mr. Rixue Li, Founder, Chairman and Chief Executive Officer of Secoo, said, “We believe this strategic partnership will enable us to accelerate growth by building upon both companies’ assets, core expertise and competitive advantages. We will utilize the investment proceeds to further strengthen the supply chain and enhance user satisfaction.”
The transaction is subject to customary closing conditions and is expected to be consummated in two separate closings in the near future. Qudian has agreed not to sell, transfer or dispose of any shares acquired in the transaction for twelve months after the first closing, subject to certain limited exceptions.
The share issuance is exempt from registration under the Securities Act of 1933, as amended, (the “Securities Act”) pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or is made in reliance on, and in compliance with, Regulation S under the Securities Act.