(Yicai Global) Dec. 4 -- Chinese internet finance company Qudian Inc. [NYSE:QD] said on Dec. 1 that it will repurchase up to USD300 million worth of company shares in the next 12 months.

Qudian said the move reflects the confidence of the board of directors and the management team about its future. Repurchases under the program will be funded by Qudian's existing cash and cash equivalents or future cash provided by operating activities, the firm said.

Qudian endorsed the Notice of Regulations issued by the People's Bank of China, which clearly lays out additional rules and regulations in relation to the operation of a cash loan business in China.

The price of Qudian shares, which the group issued for USD24 and changed hands for as much as USD35.45 on Oct. 18, fell after the company outed its third-quarter financials and rumors alleging that the firm practiced usury made the rounds.

Qudian previously published information on its stock repurchasing program on Nov. 21, outlining plans to buy up to USD100 million worth of shares over 12 months. Its stock closed at USD19.31 per share that day. The updated scheme had not boosted the company's share price as of the end of trading Dec. 1, when the stock was USD13.78 per share.