张化桥论趣店。

Why I am (still) a big fan of QD?

Since QD’s IPO in late 2017, I have written extensively about it. I still love it.

It is not a P2P platform, and thus is not subject to the regulatory uncertainty.

Secondly, it raised over US$900m at IPO and has made more money in recent years than anyone else in the industry. Therefore its capital base is the most enviable.

Thirdly, its leverage ratio is the lowest in the industry and earnings capability the strongest. Its customer base is large and of high quality thanks to its long association with Ant Financial.

Yes. Its ventures into car sales and family services have not worked. But that only serves to confirm its readiness to try new things and capacity to manage risks.