(Yicai Global) Oct.24 -- Fintech company Qudian Inc. [NYSE:QD], the largest Chinese company to list in the US this year, saw its share price fall 19.42 percent to USD26.59 on Oct. 23 after the release of interview with the company's chief executive, which led to increased doubts among the public regarding the firm's prospects and ethics.

The company saw its stock price peak at USD35.45 per share last week following an initial listing of USD24 per share.

The listing led to Qudian's market value exceeding USD10 billion and its founder's wealth reaching more than CNY10 billion (USD1.5 billion). However, questions arose regarding Qudian's two main businesses, cash loans and personal installment loans.

A widely-disseminated article arising online, entitled Lifting the Mask of Qudian's Listing: A Game of Harvesting Through the Selling of One's Soul, said that "Qudian's profiteering sucks the blood of borrowers through high interest, and makes profit from users' unabated desires," directly questioning the morality of Qudian's cash loan products.

Company founder Luo Min accepted an opportunity to respond directly in an interview which reached a wide audience on social media platform WeChat. However, it did not produce the desired effect for Qudian, and instead fanned the flames among the already doubting public, who collectively accused him of openly lying.

"For all the overdue debts, we take them as bad debt. We will not urge borrowers to pay back bad debt and will not even make a phone call to them. If the borrower does not repay the money, we will give it to them as a form of welfare," Luo said in the interview.

"Anyone who finds that our nominal and real interest rates exceed 36 percent can please contact me directly, and I will offer them CNY1 million (USD151,000)," he added.

Luo insisted that Qudian's bad debt rate was only 0.5 percent, though a member of staff from a retail-based banking firm is doubtful. "To achieve such a low rate of bad debt without collection is impossible. Traditional banks can't do this even with strict risk control and collection, not to mention that Qudian's users are mostly customers with low credit scores who are unable to procure loans through banks."

The company agreed for Luo to conduct another media interview yesterday morning. However, Qudian then cancelled the interview due to its founder's temporary engagements.

Luo will not speak with media again for the time being, Chinese news outlet The Paper reported.