HK Stock Market Move | QFIN-S(03660) rose more than 5%, with net profit in the third quarter increasing by more than 50% year-on-year. It plans to repurchase $450 million worth of shares next year.

QFIN-S (03660) rose more than 5%, as of press time, up 5.09% to HK$130, with a turnover of HK$1.5636 million. On the news front, Qudian Technology announced its financial results for the third quarter of 2024, with a total net revenue of RMB 4.37 billion, a year-on-year increase of 2.08%; net profit was RMB 1.799 billion, a year-on-year increase of 58.11%; and diluted earnings per American Depositary Share (ADS) was RMB 12.18. On November 19, the board of directors approved a new share repurchase plan, authorizing the company to repurchase its ADS or Class A ordinary shares worth up to US$450 million within the next 12 months starting from January 1, 2025.