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Why Qudian Stock Skyrocketed Today

Shares of Qudian (NYSE: QD) were soaring Monday after the Chinese tech company provided a favorable update on the meal kit business it launched in March under its new division, QD Food. Just four months after QD Food's launch, Qudian said it now has 15 facilities delivering ready-to-cook meals to more than 200 cities and towns across China. Qudian has historically operated as a consumer finance company, offering small loans to individuals, but the growth of its meal-kit business shows the company's potential in new categories.