Qudian Inc. (NYSE: QD), a consumer-oriented technology company, saw its stock price plummet 5.05% in the intraday session on Friday. The decline came after the company announced the appointment of Marcum Asia CPAs LLP as its new independent registered public accounting firm.

While auditor changes are not uncommon for companies, Qudian's announcement highlighted some potential concerns regarding its financial reporting and auditing processes. The company had initially appointed BDO China Shu Lun Pan Certified Public Accountants LLP as its new auditor, but BDO later informed Qudian that it might not be able to complete the audit work according to the proposed timetable due to constraints on its internal resources.

The lack of positive news about Qudian's business operations, financial performance, or future prospects in the announcement may have further contributed to the stock price decline. Investors may have interpreted the auditor change and the preceding issues with BDO as potential red flags, raising concerns about the company's financial reporting and overall transparency.