Ant Financial Tells Qudian To Cap Interest Rates At 24% For Alipay Customers

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Qudian’s New York IPO Raises US$900 Million.

Chinese online micro lender Qudian Inc. (NYSE:QD) has been told by by Ant Financial, the financial affiliate of Alibaba Group (NYSE:BABA), to drastically reduce the amount of interest it charges its customers. From November 30, all Qudian transactions on Ant Financial’s Alipay consumer interface will be limited to an effective annualized rate of 24%, including interest, fees and charges. Alipay is Qudian’s largest source of business.

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