High Templar Tech (ticker: HTT) is a Chinese company formerly known as Qudian that has wound down its original businesses and is effectively a shell in transition with no scaled core operations. The company originally operated a consumer lending business in China, offering small loans and buy-now-pay-later products to young consumers, but shut that business down in September 2022 amid regulatory tightening. It then launched a last-mile delivery business in Australia under the "Fast Horse" brand in December 2022, which reached modest scale before being discontinued and wound down in 2025. The company's only remaining active business is a small aircraft leasing operation started in September 2023, consisting of two owned aircraft — one leased to a third party and one used for internal travel — which generates negligible revenue. Total revenues declined from RMB216M in 2024 to RMB41M in 2025 as the delivery business wound down. Despite minimal revenues, the company reported net income of RMB709M in 2025, suggesting earnings were driven by asset disposals or other non-operating items. High Templar Tech holds significant balance sheet assets, including a headquarters campus in Xiamen completed in 2024, and management has framed the company's strategy as exploring new opportunities. The company is listed on the NYSE and operates through a VIE structure, as is common for U.S.-listed Chinese companies.