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Qiao Huang

Research Analyst at Morgan Stanley

Qiao Huang is an Executive Director and Equity Analyst at Morgan Stanley, specializing in research and analysis of the technology hardware sector with a primary focus on Asian semiconductor and hardware companies. He covers major firms such as Samsung Electronics, SK Hynix, TSMC, and various other leading technology manufacturers, delivering highly ranked research noted for accuracy and insightful projections. Since joining Morgan Stanley in 2020 after several years at UBS where he held senior analyst roles, Huang has built a strong track record, including a top-quartile ranking on industry performance metrics and consistent outperformance in his published recommendations. He is a CFA charterholder and holds multiple securities licenses, including FINRA Series 7 and 63 registrations, reflecting his broad professional credentials and regulatory compliance.

Qiao Huang's questions to Qfin Holdings (QFIN) leadership

Question · Q3 2025

Qiao Huang from Morgan Stanley inquired about the impact of new loan facilitation rules on Qifu Technology's business model and profitability, specifically asking for expectations on take rates for 2026 and long-term normalized loan economics. Huang also asked for management's perspective on the competitive landscape post-regulation.

Answer

Wu Haisheng, CEO of Qfin Holdings, explained that new rules would lead to near-term adjustments in market size, risk, and profitability, but foster a healthier long-term competitive environment. He noted a decline in funding capacity for ICE and referral businesses, leading to lower loan volume and take rates (estimated 3-4% for Q4). Haisheng also discussed market consolidation benefiting Qifu by reducing competition for traffic, lowering acquisition costs, and improving user lifetime value.

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