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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/28/22 Pintec Technology Holdings Ltd. 20-F 12/31/21 135:19M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 20-F Annual or Annual-Transition Report by a Foreign HTML 2.86M
Non-Canadian Issuer
2: EX-1.1 Underwriting Agreement or Conflict Minerals Report HTML 206K
3: EX-4.72 Instrument Defining the Rights of Security Holders HTML 173K
4: EX-4.73 Instrument Defining the Rights of Security Holders HTML 137K
5: EX-4.74 Instrument Defining the Rights of Security Holders HTML 70K
6: EX-4.75 Instrument Defining the Rights of Security Holders HTML 57K
7: EX-4.76 Instrument Defining the Rights of Security Holders HTML 41K
8: EX-8.1 Opinion of Counsel re: Tax Matters HTML 36K
11: EX-13.1 Annual or Quarterly Report to Security Holders HTML 36K
12: EX-13.2 Annual or Quarterly Report to Security Holders HTML 36K
9: EX-12.1 Statement re: the Computation of Ratios HTML 41K
10: EX-12.2 Statement re: the Computation of Ratios HTML 41K
13: EX-15.1 Letter re: Unaudited Interim Financial Info HTML 36K
14: EX-15.2 Letter re: Unaudited Interim Financial Info HTML 36K
15: EX-15.3 Letter re: Unaudited Interim Financial Info HTML 35K
21: R1 Cover Page HTML 119K
22: R2 Consolidated Balance Sheets HTML 210K
23: R3 Consolidated Balance Sheets (Parenthetical) HTML 72K
24: R4 Consolidated Statements Of Operations And HTML 194K
Comprehensive Loss
25: R5 Consolidated Statements Of Operations And HTML 37K
Comprehensive Loss (Parenthetical)
26: R6 Consolidated Statements Of Changes In Equity HTML 121K
27: R7 Consolidated Statements Of Changes In Equity HTML 38K
(Parenthetical)
28: R8 Consolidated Statements Of Cash Flows HTML 220K
29: R9 Organization and principal activities HTML 121K
30: R10 Summary of significant accounting policies HTML 168K
31: R11 Concentration and risks HTML 44K
32: R12 Acquisitions HTML 57K
33: R13 Financing receivables, net HTML 82K
34: R14 Accounts receivable, net HTML 63K
35: R15 Prepayments and other current assets, net HTML 59K
36: R16 Property, equipment and software, net HTML 55K
37: R17 Long-term investments HTML 76K
38: R18 Fair value measurement HTML 73K
39: R19 Intangible assets, net HTML 52K
40: R20 Goodwill HTML 38K
41: R21 Funding debts HTML 46K
42: R22 Borrowings HTML 56K
43: R23 Financial guarantee liabilities and financial HTML 77K
guarantee assets
44: R24 Convertible loan HTML 41K
45: R25 Accrued expenses and other liabilities HTML 51K
46: R26 Non-controlling interests HTML 40K
47: R27 Taxation HTML 167K
48: R28 Share based compensation expenses HTML 103K
49: R29 Related party transactions HTML 151K
50: R30 Defined contribution plan HTML 42K
51: R31 Loss per share HTML 61K
52: R32 Commitments and contingencies HTML 49K
53: R33 Subsequent events HTML 39K
54: R34 Parent company only condensed financial HTML 197K
information
55: R35 Summary of significant accounting policies HTML 241K
(Policies)
56: R36 Organization and principal activities (Tables) HTML 101K
57: R37 Summary of significant accounting policies HTML 47K
(Tables)
58: R38 Acquisitions (Tables) HTML 51K
59: R39 Financing receivables, net (Tables) HTML 88K
60: R40 Accounts receivable, net (Tables) HTML 65K
61: R41 Prepayments and other current assets, net (Tables) HTML 57K
62: R42 Property, equipment and software, net (Tables) HTML 52K
63: R43 Long-term investments (Tables) HTML 64K
64: R44 Fair value measurement (Tables) HTML 70K
65: R45 Intangible assets, net (Tables) HTML 50K
66: R46 Funding debts (Tables) HTML 45K
67: R47 Borrowings (Tables) HTML 55K
68: R48 Financial guarantee liabilities and financial HTML 80K
guarantee assets (Tables)
69: R49 Accrued expenses and other liabilities (Tables) HTML 51K
70: R50 Taxation (Tables) HTML 164K
71: R51 Share based compensation expenses (Tables) HTML 99K
72: R52 Related party transactions (Tables) HTML 153K
73: R53 Loss per share (Tables) HTML 60K
74: R54 Commitments and contingencies (Tables) HTML 43K
75: R55 Parent company only condensed financial HTML 199K
information (Tables)
76: R56 Organization and principal activities (Details) HTML 43K
77: R57 Organization and principal activities - HTML 80K
Establishment of Pintec, its subsidiaries and VIEs
(Details)
78: R58 Organization and principal activities - Risks in HTML 93K
relation to the VIE structure (Details)
79: R59 Summary of significant accounting policies - HTML 56K
Convenience translation, Cash and cash equivalents
and Financing receivables, net (Details)
80: R60 Summary of significant accounting policies - HTML 55K
Estimated useful lives of property, equipment and
software, net (Details)
81: R61 Summary of significant accounting policies - HTML 52K
Schedule Of Acquired Finite Lived Intangible
Assets By Major Class (Detail)
82: R62 Summary of significant accounting policies - HTML 97K
Others (Details)
83: R63 Concentration and risks (Details) HTML 51K
84: R64 Acquisitions (Detail) HTML 72K
85: R65 Acquisitions - Schedule of allocation of the HTML 71K
purchase price (Detail)
86: R66 Financing receivables, net (Details) HTML 54K
87: R67 Financing receivables, net - Balances of financing HTML 45K
receivables by due date (Details)
88: R68 Financing receivables, net - Movement of the HTML 46K
allowance for credit losses (Details)
89: R69 Financing receivables, net - Aging analysis of HTML 50K
past due (Details)
90: R70 Accounts receivable, net (Details) HTML 50K
91: R71 Accounts receivable, net - Allowance for doubtful HTML 42K
accounts (Details)
92: R72 Prepayments and other current assets, net HTML 58K
(Details)
93: R73 Prepayments and other current assets (Details) HTML 53K
(Parenthetical)
94: R74 Property, equipment and software, net (Details) HTML 61K
95: R75 Property, equipment and software, net HTML 45K
(Parenthetical) (Details)
96: R76 Long-term investments (Details) HTML 69K
97: R77 Long-term investments - Cost and Equity method HTML 103K
investment (Details)
98: R78 Fair value measurement - Assets and liabilities HTML 45K
(Details)
99: R79 Intangible assets, net (Details) HTML 62K
100: R80 Goodwill (Details) HTML 49K
101: R81 Funding debts - Outstanding funding debts HTML 39K
(Details)
102: R82 Funding debts - Terms of the funding debts HTML 37K
borrowed and asset-backed securities (Details)
103: R83 Borrowings - Summary of Borrowings (Detail) HTML 52K
104: R84 Borrowing - Summary of Borrowings (Parenthetical) HTML 47K
(Detail)
105: R85 Financial guarantee liabilities and financial HTML 44K
guarantee assets (Details)
106: R86 Financial guarantee liabilities and financial HTML 47K
guarantee assets - Schedule of guarantee assets
movement activities (Details)
107: R87 Financial guarantee liabilities and financial HTML 41K
guarantee assets - Schedule of guarantee assets
allowance for credit loss movement activities
(Detail)
108: R88 Convertible loan (Details) HTML 88K
109: R89 Accrued expenses and other liabilities (Details) HTML 57K
110: R90 Non-controlling interests (Detail) HTML 65K
111: R91 Taxation (Details) HTML 89K
112: R92 Taxation - Current and deferred portion of income HTML 46K
tax expense (Details)
113: R93 Taxation - Reconciliation between the statutory HTML 66K
EIT rate and the effective tax rates (Details)
114: R94 Taxation - Deferred tax assets and deferred tax HTML 68K
liabilities (Details)
115: R95 Taxation - Changes in valuation allowance HTML 44K
(Details)
116: R96 Taxation - Summary of Net Operating Loss HTML 47K
Carryforwards (Detail)
117: R97 Share based compensation expenses - Share options HTML 120K
issued by Jimu Parent to employees of the Company
(Details)
118: R98 Share based compensation expenses - Restriction of HTML 88K
ordinary shares held by senior management
(Details)
119: R99 Share based compensation expenses - Share options HTML 99K
issued by Pintec (Details)
120: R100 Related party transactions (Details) HTML 189K
121: R101 Related party transactions - Balances with the HTML 78K
major related parties (Details)
122: R102 Related party transactions - Summary Of Movement HTML 46K
Of Allowance For Credit Losses On Amounts Due From
Related Parties (Details)
123: R103 Defined contribution plan (Details) HTML 37K
124: R104 Loss per share (Details) HTML 48K
125: R105 Loss per share (Parenthetical) (Details) HTML 37K
126: R106 Commitments and contingencies - Operating lease HTML 51K
commitment (Details)
127: R107 Subsequent events (Details) HTML 42K
128: R108 Parent company only condensed financial HTML 171K
information - Balance sheets (Details)
129: R109 Parent company only condensed financial HTML 98K
information - Condensed statements of operations
and comprehensive loss (Details)
130: R110 Parent company only condensed financial HTML 76K
information - Condensed statements of cash flows
(Details)
133: XML IDEA XML File -- Filing Summary XML 243K
131: XML XBRL Instance -- d244669d20f_htm XML 3.78M
132: EXCEL IDEA Workbook of Financial Reports XLSX 177K
17: EX-101.CAL XBRL Calculations -- pt-20211231_cal XML 289K
18: EX-101.DEF XBRL Definitions -- pt-20211231_def XML 1.57M
19: EX-101.LAB XBRL Labels -- pt-20211231_lab XML 2.20M
20: EX-101.PRE XBRL Presentations -- pt-20211231_pre XML 1.84M
16: EX-101.SCH XBRL Schema -- pt-20211231 XSD 374K
134: JSON XBRL Instance as JSON Data -- MetaLinks 661± 962K
135: ZIP XBRL Zipped Folder -- 0001193125-22-125009-xbrl Zip 898K
| Form 20-F |
| i ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| i ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i American depositary shares (one American depositary share representing seven Class A ordinary shares, par value US$0.000125 per share) |
i PT |
i The Nasdaq Stock Market LLC (The Nasdaq Global Market) | ||
i Class A ordinary shares, par value US$0.000125 per share* |
i The Nasdaq Stock Market LLC (The Nasdaq Global Market) |
| * | Not for trading, but only in connection with the listing on The Nasdaq Global Market of American depositary shares. |
| Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer |
☒ | Emerging growth company | i ☒ |
| † | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
| i U.S. GAAP ☒ | International Financial Reporting Standards as issued |
Other ☐ | ||||
| by the International Accounting Standards Board ☐ |
| • | “ADSs” refers to our American depositary shares, each of which represents seven Class A ordinary shares; |
| • | “China” or the “PRC” refers to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan; |
| • | “Class A ordinary shares” refers to our Class A ordinary shares, par value US$0.000125 per share; |
| • | “Class B ordinary shares” refers to our Class B ordinary shares, par value US$0.000125 per share; |
| • | “Jimu Group” refers to our predecessor and its subsidiaries and variable interest entities that operate its peer-to-peer |
| • | “our predecessor” refers to Jimu Holdings Limited, formerly known as Pintec Holdings Limited; |
| • | “registered users” refers to individuals who have registered on our system with their name, government-issued identification number and mobile phone number |
| • | “RMB” or “Renminbi” refers to the legal currency of China; |
| • | “shares” or “ordinary shares” refers to our Class A ordinary shares and Class B ordinary shares; |
| • | “U.S. GAAP” refers to generally accepted accounting principles in the United States; |
| • | “US$,” “U.S. dollars,” “$,” or “dollars” refers to the legal currency of the United States; |
| • | “we,” “us,” “our company,” “our,” or “Pintec” refers to Pintec Technology Holdings Limited, its subsidiaries, and, in the context of describing our operations and consolidated financial information, its variable interest entities in China; and |
| • | “WFOE” or “WFOEs” refers to our wholly foreign-invested enterprises in China, including Sky City (Beijing) Technology Co., Ltd. and Pintec (Beijing) Technology Co., Ltd. |
| • | our goals and strategies; |
| • | our future business development, financial condition and results of operations; |
| • | expected changes in our revenues, costs or expenditures; |
| • | our expectations regarding demand for and market acceptance of our services and solutions; |
| • | our expectations regarding our relationships with funding sources and customers; |
| • | competition in our industries; and |
| • | developments in government policies, laws and regulations relating to our industries. |
Item 1. |
Identity of Directors, Senior Management and Advisers |
Item 2. |
Offer Statistics and Expected Timetable |
Item 3. |
Key Information |
As of December 31, 2020 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE- Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Balance Sheets |
|
|||||||||||||||||||||||||||
| Cash and cash equivalents |
3,467 | 173,167 | 12,780 | 187,746 | — | — | 377,160 | |||||||||||||||||||||
| Restricted time deposits |
— | 1,213 | — | 136,007 | — | — | 137,220 | |||||||||||||||||||||
| restricted cash-non current |
— | 7,964 | — | — | — | — | 7,964 | |||||||||||||||||||||
| Financing receivables, net |
— | 73,618 | — | — | — | — | 73,618 | |||||||||||||||||||||
| Accounts receivables, net |
— | 47,795 | 478 | 2,706 | — | — | 50,979 | |||||||||||||||||||||
| Inter-group balance due from VIEs and subsidiaries |
305,780 | 1,283,151 | 2,348,353 | 1,866,572 | (1,283,151 | ) | (4,520,705 | ) | — | |||||||||||||||||||
| Other assets |
352 | 136,687 | 45,892 | 568,845 | - | (420,213 | ) | 331,563 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Assets |
309,599 |
1,723,595 |
2,407,503 |
2,761,876 |
(1,283,151 |
) |
(4,940,918 |
) |
978,504 |
|||||||||||||||||||
| Inter-group balance due to VIEs and subsidiaries |
415,572 | 2,271,923 | 1,849,527 | 2,128,715 | (2,271,923 | ) | (4,393,814 | ) | — | |||||||||||||||||||
| Amounts due to related parties |
— | 271,419 | — | — | — | — | 271,419 | |||||||||||||||||||||
| Convertible loan |
— | — | — | 400,000 | — | — | 400,000 | |||||||||||||||||||||
| Other liabilities |
12,964 | 204,978 | 8,822 | 35,508 | — | (3,237 | ) | 259,035 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities |
428,536 |
2,748,320 |
1,858,349 |
2,564,223 |
(2,271,923 |
) |
(4,397,051 |
) |
930,454 |
|||||||||||||||||||
| Total Pintec’s (Deficit)/Equity |
(118,937 | ) | (1,043,836 | ) | 549,154 | 49,777 | 988,772 | (543,867 | ) | (118,937 | ) | |||||||||||||||||
| Non-controlling interests |
— | 19,111 | — | 147,876 | — | — | 166,987 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total (Deficit)/Equity |
(118,937 |
) |
(1,024,725 |
) |
549,154 |
197,653 |
988,772 |
(543,867 |
) |
48,050 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
As of December 31, 2021 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE-Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Balance Sheets |
|
|||||||||||||||||||||||||||
| Cash and cash equivalents |
1,255 | 41,638 | 623 | 174,385 | — | — | 217,901 | |||||||||||||||||||||
| Restricted time deposits |
— | 1,468 | — | — | — | — | 1,468 | |||||||||||||||||||||
| restricted cash-non current |
— | 5,417 | — | — | — | — | 5,417 | |||||||||||||||||||||
| Financing receivables, net |
— | 92,772 | — | 4,999 | — | — | 97,771 | |||||||||||||||||||||
| Accounts receivables, net |
— | 36,620 | 180 | 54 | — | — | 36,854 | |||||||||||||||||||||
| Inter-group balance due from VIEs and subsidiaries |
156,985 | 1,304,761 | 2,204,376 | 1,773,980 | (1,304,761 | ) | (4,135,341 | ) | — | |||||||||||||||||||
| Other assets |
181 | 129,334 | 141,229 | 625,032 | — | (493,954 | ) | 401,822 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Assets |
158,421 |
1,612,010 |
2,346,408 |
2,578,450 |
(1,304,761 |
) |
(4,629,295 |
) |
761,233 |
|||||||||||||||||||
| Inter-group balance due to VIEs and subsidiaries |
379,533 | 2,337,454 | 1,792,437 | 1,987,265 | (2,337,454 | ) | (4,159,235 | ) | — | |||||||||||||||||||
| Amounts due to related parties |
— | 289,936 | — | — | — | — | 289,936 | |||||||||||||||||||||
| Convertible loan |
— | — | — | 400,000 | — | — | 400,000 | |||||||||||||||||||||
| Other liabilities |
3,817 | 84,511 | 7,256 | 41,716 | — | (974 | ) | 136,326 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities |
383,350 |
2,711,901 |
1,799,693 |
2,428,981 |
(2,337,454 |
) |
(4,160,209 |
) |
826,262 |
|||||||||||||||||||
| Total Pintec’s (Deficit)/Equity |
(224,929 | ) | (1,117,511 | ) | 546,715 | 7,189 | 1,032,693 | (469,086 | ) | (224,929 | ) | |||||||||||||||||
| Non-controlling interests |
— | 17,620 | — | 142,280 | — | — | 159,900 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total (Deficit)/Equity |
(224,929 |
) |
(1,099,891 |
) |
546,715 |
149,469 |
1,032,693 |
(469,086 |
) |
(65,029 |
) | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the year ended December 31, 2019 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE- Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Results of Operations |
|
|||||||||||||||||||||||||||
| Revenues |
— | 1,280,814 | 403,001 | 4,953 | (7,871 | ) | (395,661 | ) | 1,285,236 | |||||||||||||||||||
| Cost of revenues |
— | (756,506 | ) | (7,721 | ) | (1,387 | ) | 561 | (4,635 | ) | (769,688 | ) | ||||||||||||||||
| Operating expenses |
(210,829 | ) | (1,241,855 | ) | (202,267 | ) | (28,318 | ) | 398,798 | 40,488 | (1,243,983 | ) | ||||||||||||||||
| Loss from operations |
(210,829 | ) | (717,547 | ) | 193,013 | (24,752 | ) | 391,488 | (359,808 | ) | (728,435 | ) | ||||||||||||||||
| Other (expenses)/income |
(258 | ) | (218,511 | ) | 1,893 | 8,015 | 28,774 | 4,000 | (176,087 | ) | ||||||||||||||||||
| Share of loss from subsidiaries |
(694,808 | ) | — | — | — | — | 694,808 | — | ||||||||||||||||||||
| (Loss)/income before income taxes |
(905,895 |
) |
(936,058 |
) |
194,906 |
(16,737 |
) |
420,262 |
339,000 |
(904,522 |
) | |||||||||||||||||
| Income tax (expense) benefit |
— | (4,995 | ) | (61 | ) | 3,088 | — | — | (1,968 | ) | ||||||||||||||||||
| Net (loss)/income |
(905,895 |
) |
(941,053 |
) |
194,845 |
(13,649 |
) |
420,262 |
339,000 |
(906,490 |
) | |||||||||||||||||
| Less: net loss attributable to non-controlling interests |
— | (595 | ) | — | — | — | — | (595 | ) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net (loss)/ income attributable to Pintec’s shareholders |
(905,895 |
) |
(940,458) |
194,845 |
(13,649) |
420,262 |
339,000 |
(905,895 |
) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the year ended December 31, 2019 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE- Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Cash Flows |
|
|||||||||||||||||||||||||||
| Net cash (used in)/provided by operating activities |
(7,261 | ) | (112,642 | ) | 447,673 | (152,691 | ) | 517,493 | (517,493 | ) | 175,079 | |||||||||||||||||
| Net cash used in investing activities |
(56,903 | ) | (165,957 | ) | (511,800 | ) | (63,199 | ) | — | 259,157 | (538,702 | ) | ||||||||||||||||
| Net cash provided by/(used in) financing activities |
26 | 136,910 | (12,711 | ) | 359,304 | (50,004 | ) | (209,153 | ) | 224,372 | ||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents |
2,552 | — | (162 | ) | 7,724 | — | — | 10,114 | ||||||||||||||||||||
| Net (decrease)/increase in cash and cash equivalents, and restricted cash |
(61,586 | ) | (141,689 | ) | (77,000 | ) | 151,138 | 467,489 | (467,489 | ) | (129,137 | ) | ||||||||||||||||
| Cash and cash equivalents, and restricted cash at the beginning of year |
69,194 | 239,946 | 79,614 | 321,287 | — | — | 710,041 | |||||||||||||||||||||
| Cash and cash equivalents, and restricted cash at the end of year |
7,608 | 98,257 | 2,614 | 472,425 | — | — | 580,904 | |||||||||||||||||||||
For the year ended December 31, 2020 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE-Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Results of Operations |
|
|||||||||||||||||||||||||||
| Revenues |
— | 358,605 | 80,857 | 21,700 | (6,001 | ) | (76,897 | ) | 378,264 | |||||||||||||||||||
| Cost of revenues |
— | (284,185 | ) | (2,193 | ) | (2,217 | ) | 19 | 2,802 | (285,774 | ) | |||||||||||||||||
| Operating expenses |
(27,665 | ) | (201,177 | ) | (98,827 | ) | (53,576 | ) | 46,802 | 35,114 | (299,329 | ) | ||||||||||||||||
| Loss from operations |
(27,665 | ) | (126,757 | ) | (20,163 | ) | (34,093 | ) | 40,820 | (38,981 | ) | (206,839 | ) | |||||||||||||||
| Other (expenses)/income |
(10,666 | ) | (6,044 | ) | (17,278 | ) | 9,796 | 30,892 | (46,805 | ) | (40,105 | ) | ||||||||||||||||
| Share of loss from subsidiaries |
(255,604 | ) | — | — | — | — | 255,604 | — | ||||||||||||||||||||
| Loss before income taxes |
(293,935 |
) |
(132,801 |
) |
(37,441 |
) |
(24,297 |
) |
71,712 |
169,818 |
(246,944 |
) | ||||||||||||||||
| Income tax (expense)/benefit |
— | (50,676 | ) | — | 1,480 | — | — | (49,196 | ) | |||||||||||||||||||
| Net loss |
(293,935 |
) |
(183,477 |
) |
(37,441 |
) |
(22,817 |
) |
71,712 |
169,818 |
(296,140 |
) | ||||||||||||||||
| Less: net loss attributable to non-controlling interests |
— | (82 | ) | — | (2,123 | ) | — | — | (2,205 | ) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loss attributable to Pintec’s shareholders |
(293,935 |
) |
(183,395 |
) |
(37,441 |
) |
(20,694 |
) |
71,712 |
169,818 |
(293,935 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the year ended December 31, 2020 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE-Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Cash Flows |
|
|||||||||||||||||||||||||||
| Net cash (used in)/provided by operating activities |
(20,972 | ) | 480,790 | (58,094 | ) | (344,761 | ) | (352,243 | ) | 352,243 | 56,963 | |||||||||||||||||
| Net cash provided by/(used in) investing activities |
69,327 | 289,956 | (710 | ) | (157,510 | ) | — | (8,444 | ) | 192,619 | ||||||||||||||||||
| Net cash provided by/(used in) financing activities |
20 | (686,659 | ) | 65,209 | 326,348 | 20,000 | (11,557 | ) | (286,639 | ) | ||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(52,516 | ) | — | 3,761 | 27,252 | — | — | (21,503 | ) | |||||||||||||||||||
| Net (decrease)/increase in cash and cash equivalents, and restricted cash |
(4,141 | ) | 84,087 | 10,166 | (148,671 | ) | (332,243 | ) | 332,242 | (58,560 | ) | |||||||||||||||||
| Cash and cash equivalents, and restricted cash at the beginning of year |
7,608 | 98,257 | 2,614 | 472,424 | (9,647 | ) | 9,648 | 580,904 | ||||||||||||||||||||
| Cash and cash equivalents, and restricted cash at the end of year |
3,467 | 182,344 | 12,780 | 323,753 | — | — | 522,344 | |||||||||||||||||||||
For the year ended December 31, 2021 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE-Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Results of Operations |
|
|||||||||||||||||||||||||||
| Revenues |
— | 148,957 | 14,840 | 21,243 | (1,074 | ) | (10,726 | ) | 173,240 | |||||||||||||||||||
| Cost of revenues |
— | (82,240 | ) | (1,845 | ) | (8,648 | ) | 3,069 | (56 | ) | (89,720 | ) | ||||||||||||||||
| Operating expenses |
(12,574 | ) | (38,335 | ) | (76,390 | ) | (37,044 | ) | 8,800 | 686 | (154,857 | ) | ||||||||||||||||
| Loss from operations |
(12,574 | ) | 28,382 | (63,395 | ) | (24,449 | ) | 10,795 | (10,096 | ) | (71,337 | ) | ||||||||||||||||
| Other income/(expenses) |
3,292 | 4,996 | (2,976 | ) | (25,234 | ) | — | (10,689 | ) | (30,611 | ) | |||||||||||||||||
| Share of loss from subsidiaries |
(92,322 | ) | — | — | — | — | 92,322 | — | ||||||||||||||||||||
| (Loss)/income before income taxes |
(101,604 |
) |
33,378 |
(66,371 |
) |
(49,683 |
) |
10,795 |
71,537 |
(101,948 |
) | |||||||||||||||||
| Income tax expense |
(125 | ) | (3,456 | ) | — | (3,415 | ) | — | 124 | (6,872 | ) | |||||||||||||||||
| Net (loss)/income |
(101,729 |
) |
29,922 |
(66,371 |
) |
(53,098 |
) |
10,795 |
71,661 |
(108,820 |
) | |||||||||||||||||
| Less: net loss attributable to non-controlling interests |
— | (1,491 | ) | — | (5,600 | ) | — | — | (7,091 | ) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net (loss)/income attributable to Pintec’s shareholders |
(101,729 |
) |
31,413 |
(66,371 |
) |
(47,498 |
) |
10,795 |
71,661 |
(101,729 |
) | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the year ended December 31, 2021 |
||||||||||||||||||||||||||||
Parent |
VIEs |
WFOEs |
Other Subsidiaries |
VIE-Elimination |
Elimination Adjustments |
Consolidated Total |
||||||||||||||||||||||
| Condensed Consolidating Schedule of Cash Flows |
|
|||||||||||||||||||||||||||
| Net cash (used in)/provided by operating activities |
(11,840 | ) | 18,945 | 25,521 | (64,808 | ) | 63,642 | (63,642 | ) | (32,182 | ) | |||||||||||||||||
| Net cash provided by/(used in) investing activities |
14,952 | (19,956 | ) | (101,608 | ) | (76,783 | ) | — | 63,931 | (119,464 | ) | |||||||||||||||||
| Net cash provided by/(used in) financing activities |
1 | (132,810 | ) | 63,930 | 476 | — | (63,931 | ) | (132,334 | ) | ||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(5,325 | ) | — | — | (8,253 | ) | — | — | (13,578 | ) | ||||||||||||||||||
| Net decrease in cash and cash equivalents, and restricted cash |
(2,212 | ) | (133,821 | ) | (12,157 | ) | (149,368 | ) | 63,642 | (63,642 | ) | (297,558 | ) | |||||||||||||||
| Cash and cash equivalents, and restricted cash at the beginning of year |
3,467 | 182,344 | 12,780 | 323,753 | — | — | 522,344 | |||||||||||||||||||||
| Cash and cash equivalents, and restricted cash at the end of year |
1,255 | 48,523 | 623 | 174,385 | — | — | 224,786 | |||||||||||||||||||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
(in thousands) |
||||||||||||
| Cash paid by parent company to equity owned subsidiaries |
203,956 | — | — | |||||||||
| Cash received by parent company from equity owned subsidiaries |
— | 74,238 | 14,952 | |||||||||
| Cash paid by VIEs to equity owned subsidiaries |
292,553 | 306,522 | 642,373 | |||||||||
| Cash received by VIEs from equity owned subsidiaries |
617,552 | 819,348 | 584,159 | |||||||||
| Cash paid by WFOEs to equity owned subsidiaries |
925,250 | 284,890 | 207,161 | |||||||||
| Cash received by WFOEs from equity owned subsidiaries |
737,574 | 111,168 | 293,859 | |||||||||
| Cash paid by VIEs to WFOEs |
1,293,019 | 184,078 | 18,199 | |||||||||
| Cash received by VIEs from WFOEs |
2,272,237 | 91,442 | 18,369 | |||||||||
For the years ended December 31, |
||||||||||||||||
2020 |
2021 |
|||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
| Selected Consolidated Statements of Operations and Comprehensive Loss Data: |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Technical service fees |
1,077,760 | 330,665 | 115,272 | 18,088 | ||||||||||||
| Installment service fees |
187,359 | 42,707 | 16,949 | 2,660 | ||||||||||||
| Wealth management service fees and others |
20,117 | 4,892 | 41,019 | 6,437 | ||||||||||||
| Total revenues |
1,285,236 |
378,264 |
173,240 |
27,185 |
||||||||||||
| Cost of revenues: (1) |
||||||||||||||||
| Funding cost |
(51,759 | ) | (16,525 | ) | (583 | ) | (91 | ) | ||||||||
| (Provision)/Reversal for credit losses |
(33,942 | ) | (45,090 | ) | 1,934 | 303 | ||||||||||
| Origination and servicing cost |
(290,398 | ) | (100,760 | ) | (94,186 | ) | (14,780 | ) | ||||||||
| (Cost on)/Recover of guarantee |
(193,426 | ) | (100,347 | ) | 4,689 | 736 | ||||||||||
| Service cost charged by Jimu Group-related party |
(200,163 | ) | (23,052 | ) | (1,574 | ) | (247 | ) | ||||||||
| Cost of revenues |
(769,688 |
) |
(285,774 |
) |
(89,720 |
) |
(14,079 |
) | ||||||||
| Gross profit |
515,548 |
92,490 |
83,520 |
13,106 |
||||||||||||
| Operating expenses (1) |
||||||||||||||||
| Sales and marketing expenses |
(69,593 | ) | (44,697 | ) | (40,936 | ) | (6,424 | ) | ||||||||
| General and administrative expenses |
(1,095,311 | ) | (147,753 | ) | (88,111 | ) | (13,827 | ) | ||||||||
| Research and development expenses |
(79,079 | ) | (37,521 | ) | (22,714 | ) | (3,564 | ) | ||||||||
| Impairment loss of goodwill and intangible assets |
— | (69,358 | ) | (3,096 | ) | (486 | ) | |||||||||
| Total operating expenses |
(1,243,983 |
) |
(299,329 |
) |
(154,857 |
) |
(24,301 |
) | ||||||||
| Operating loss |
(728,435 |
) |
(206,839 |
) |
(71,337 |
) |
(11,195 |
) | ||||||||
| Loss from disposal of a subsidiary |
— | — | (5,498 | ) | (863 | ) | ||||||||||
| Loss from equity method investments |
(8,149 | ) | (11,523 | ) | — | — | ||||||||||
| Impairment on prepayment for long-term investment |
(200,000 | ) | — | — | — | |||||||||||
| Impairment loss on equity investment |
— | (15,908 | ) | — | — | |||||||||||
| Interest expenses, net |
(19,017 | ) | (34,332 | ) | (32,453 | ) | (5,093 | ) | ||||||||
| Other income, net |
7,923 | 21,658 | 7,340 | 1,152 | ||||||||||||
| Interest income from related parties |
43,156 | — | — | — | ||||||||||||
| Loss before income tax expense |
(904,522 |
) |
(246,944 |
) |
(101,948 |
) |
(15,999 |
) | ||||||||
| Income tax expense |
(1,968 | ) | (49,196 | ) | (6,872 | ) | (1,078 | ) | ||||||||
| Net loss |
(906,490 |
) |
(296,140 |
) |
(108,820 |
) |
(17,077 |
) | ||||||||
| Other comprehensive income/(loss) |
11,876 | (22,977 | ) | (10,793 | ) | (1,692 | ) | |||||||||
| Total comprehensive loss |
(894,614 |
) |
(319,117 |
) |
(119,613 |
) |
(18,769 |
) | ||||||||
| (1) | Share-based compensation expenses are allocated in operating expense items as follows: |
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
|||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
| Share-based compensation expenses included in |
||||||||||||||||
| Cost of revenues |
(250 | ) | (18 | ) | 13 | 2 | ||||||||||
| Sales and marketing expenses |
(1,565 | ) | (3,182 | ) | (354 | ) | (56 | ) | ||||||||
| General and administrative expenses |
(12,785 | ) | (7,054 | ) | (2,370 | ) | (372 | ) | ||||||||
| Research and development expenses |
(3,247 | ) | (1,644 | ) | (1,082 | ) | (170 | ) | ||||||||
As of December 31 |
||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
| Selected Consolidated Balance Sheets Data: |
||||||||||||||||
| Cash and cash equivalent |
102,755 | 377,160 | 217,901 | 34,193 | ||||||||||||
| Restricted cash |
382,695 | 137,220 | 1,468 | 230 | ||||||||||||
| Short-term financing receivables, net |
430,387 | 70,783 | 97,200 | 15,252 | ||||||||||||
| Current and noncurrent amounts due from related parties, net |
10,064 | 30 | 5,455 | 856 | ||||||||||||
| Total assets |
1,560,599 |
978,504 |
761,233 |
119,453 |
||||||||||||
| Short-term borrowings |
320,000 | 130,000 | — | — | ||||||||||||
| Short-term funding debts |
300,212 | 2,841 | 30 | 5 | ||||||||||||
| Current and noncurrent amounts due to related parties |
10,191 | 271,419 | 289,936 | 45,497 | ||||||||||||
| Financial guarantee liabilities |
101,933 | 20,260 | 13,736 | 2,155 | ||||||||||||
| Total liabilities |
1,201,879 |
930,454 |
826,262 |
129,657 |
||||||||||||
| Total equity/(deficit) |
358,720 |
48,050 |
(65,029 |
) |
(10,204 |
) | ||||||||||
A. |
[Reserved] |
B. |
Capitalization and Indebtedness |
C. |
Reasons for the Offer and Use of Proceeds |
D. |
Risk Factors |
| • | We have a limited operating history, which makes it difficult to evaluate our future prospects. |
| • | Regulatory uncertainties relating to consumer finance in China could harm our business, financial condition and results of operations. |
| • | We face credit risks in most funding situations. |
| • | Limitations on credit enhancement may adversely affect our access to funding. |
| • | We may be deemed to operate a financing guarantee business by the PRC regulatory authorities. |
| • | The current arrangements with certain of our financial partners and borrowers may have to be modified to comply with existing or future laws or regulations. |
| • | Limitations on interest and fees that may be charged to borrowers may adversely affect our ability to collect fees. |
| • | Regulatory uncertainties relating to campus online lending may materially and adversely affect our business and results of operations. |
| • | Failure of other technology enablement platforms for the financial service industry or damage to the reputation of other platforms with similar business models may materially and adversely affect our business and results of operations. |
| • | The trading price of our ADSs is likely to be volatile due to publicity regarding the consumer finance industry and the evolving regulatory environment governing this industry in China. |
| • | Our business has been and is likely to continue to be materially adversely affected by the COVID-19 pandemic. |
| • | If the PRC government deems that the contractual arrangements in relation to our variable interest entities and their subsidiaries do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. |
| • | We rely on contractual arrangements with our variable interest entities and their shareholders, for a significant portion of our business operations, which may not be as effective as direct ownership in providing operational control. |
| • | Any failure by our variable interest entities or their respective shareholders to perform their obligations under our contractual arrangements with them would have a material adverse effect on our business. |
| • | Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business, financial conditions and results of operations. |
| • | Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to us. |
| • | Because all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our ADSs. |
| • | We are subject to extensive and evolving legal system in the PRC, non-compliance with which, or changes in which, may materially and adversely affect our business and prospects, and may result in a material change in our operations and/or the value of our ADSs or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our ADSs to significantly decline or be worthless. |
| • | The approval of and the filing with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing. |
| • | If the PCAOB, is unable to inspect our auditors as required under the Holdings Foreign Companies Accountable Act, the SEC will prohibit the trading of our ADSs. A trading prohibition may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors deprives our investors of the benefits of such inspections. |
| • | The trading price of our ADSs is likely to be volatile, which could result in substantial losses to investors. |
| • | The sale or availability for sale of substantial amounts of our ADSs could adversely affect their market price. |
| • | Our dual-class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial. |
| • | expand the network of our business partners and financial partners; |
| • | provide diversified and distinguishable services and solutions to financial service providers; |
| • | enhance our data analysis and risk management capabilities; |
| • | navigate an uncertain and evolving regulatory environment; |
| • | anticipate and adapt to changing market conditions, including technological developments and changes in competitive landscape; |
| • | diversify our funding sources; |
| • | maintain a reliable, secure, high-performance and scalable technology infrastructure; |
| • | attract, retain and motivate talented employees; and |
| • | improve our operational efficiency. |
| • | our credit assessment models may not be accurate; |
| • | we may fail to predict market demand accurately and to provide financial services that meet this demand in a timely fashion; |
| • | business partners and financial partners using our platforms may not like, find useful or agree with any changes; |
| • | there may be defects, errors or failures on our platforms; |
| • | there may be negative publicity about our financial services or our platforms’ performance or effectiveness; and |
| • | there may be competing services or solutions introduced or anticipated to be introduced by our competitors. |
| • | third-party attempts to fraudulently induce employees or customers into disclosing sensitive information such as usernames, passwords or other information to gain access to our user’ data, our data or our IT systems; |
| • | efforts by individuals or groups of hackers and sophisticated organizations; |
| • | cyberattacks on our internally built infrastructure; |
| • | vulnerabilities resulting from enhancements and upgrades to our existing solutions; |
| • | vulnerabilities in third-party infrastructure and systems and applications that our solutions operate in conjunction with or are dependent on; |
| • | vulnerabilities existing within newly acquired or integrated technologies and infrastructure; |
| • | attacks on, or vulnerabilities in, the many different underlying networks and services that power the internet that our solutions depend on, most of which are not under our control; and |
| • | employee or contractor errors or intentional acts that compromise our security systems. |
| • | vulnerabilities in third-party infrastructure and systems and applications that our solutions operate in conjunction with or are dependent on; |
| • | vulnerabilities existing within newly acquired or integrated technologies and infrastructure; |
| • | attacks on, or vulnerabilities in, the many different underlying networks and services that power the internet that our solutions depend on, most of which are not under our control; and |
| • | employee or contractor errors or intentional acts that compromise our security systems. |
| • | challenges associated with relying on local partners in markets that are not as familiar to us, including local joint venture partners to help us establish our business; |
| • | increased demands on our management’s time and attention to deal with potentially unique issues arising from local circumstances; |
| • | potentially adverse tax consequences from operating in multiple jurisdictions; |
| • | complexities and difficulties in obtaining protection and enforcing our intellectual property in multiple jurisdictions; |
| • | the burden of compliance with additional regulations and government authorities in highly regulated industries; and |
| • | general economic and political conditions internationally. |
| • | Delay or impede our development, |
| • | Result in negative publicity or increase our operating costs, |
| • | Require significant management time and attention, and |
| • | Subject us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or even cease our business practices. |
| • | variations in our revenues, earnings and cash flow; |
| • | announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors; |
| • | announcements of new services and expansions by us or our competitors; |
| • | changes in financial estimates by securities analysts; |
| • | detrimental adverse publicity about us, our services and solutions, or the industries in which we operate; |
| • | additions or departures of key personnel; |
| • | release of transfer restrictions on our outstanding equity securities or sales of additional equity securities; and |
| • | potential litigation or regulatory investigations. |
| • | the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; |
| • | the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; |
| • | the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and |
| • | the selective disclosure rules by issuers of material nonpublic information under Regulation FD. |
| • | we wish a proxy to be given to a person of our choice, |
| • | we reasonably do not know of any substantial opposition to the matter, and |
| • | the matter is not materially adverse to the interests of shareholders. |
Item 4. |
Information on the Company |
A. |
History and Development of the Company |
B. |
Business Overview |
As of December 31, |
||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
| Online consumer finance platform |
801,676 | 24.3 | % | 21,141 | 3.6 | % | 409 | 64 | 0.19 | % | ||||||||||||||||||
| Non-structured direct funding |
2,041,729 | 61.8 | % | 488,823 | 82.9 | % | 143,049 | 22,448 | 65.09 | % | ||||||||||||||||||
| Trusts and other structured finance |
359,981 | 10.9 | % | 20,573 | 3.5 | % | 19 | 3 | 0.01 | % | ||||||||||||||||||
| Unsecured general loan and others |
98,511 | 3.0 | % | 59,147 | 10.0 | % | 76,305 | 11,973 | 34.71 | % | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
3,301,897 |
100.0 |
% |
589,684 |
100.0 |
% |
219,782 |
34,488 |
100.0 |
% | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Point-of-sale Installment Loans |
Personal Installment Loans |
Business Installment Loans | ||||
| Loans facilitated | RMB25.6million (US$4.0 million) |
RMB644.6million (US$101.2 million) |
RMB76.7 million (US$12.0 million) | |||
| Outstanding loans as of December 31, 2021 |
RMB28.8 million (US$4.5 million) |
RMB132.9 million (US$20.9 million) |
RMB51.0 million (US$8.0 million) | |||
| Loan size | RMB1,000 to RMB50,000 (US$156.9 to US$7,846.1) |
RMB1,000 to RMB200,000 (US$156.9 to US$31,384.4) |
RMB1,000 to RMB1,000,000 (US$156.9 to US$156,921.8) | |||
| Average loan size (1) |
RMB923.6 (US$144.9) |
RMB7,490.0 (US$1,175.3) |
RMB148,135.1 (US$23,245.6) | |||
| Loan term | 1 to 24 months | 3 to 12 months | 3 to 24 months | |||
| Average loan term (2) |
24 months | 7 months | 11 months | |||
| Weighted average APR (3) |
11.5% | 17.1% | 13.3% | |||
| (1) | Average loan size is calculated as the total amount of loans facilitated in the period divided by the total number of loans facilitated in the period. |
| (2) | Average loan term is weighted by the amount of loans that originated in the relevant period; only the amount of loan at the origination was considered for this purpose. |
| (3) | APR is the annualized percentage rate of all-in interest costs and fees to the borrower over the net proceeds received by the borrower. Weighted average APR is weighted by loan origination amount for each loan originated in the period. We do not charge any interest fees to customers who select a one-month loan term for our point-of-sale point-of-sale |
| • | Module 1: traffic router |
| • | Module 2: data aggregation and processing |
| • | basic personal background and demographic information, including name, ID, mobile number, bank card number, address, age, educational background, occupation and employment history; |
| • | third-party bureau data including credit history, application, overdue payments and blacklist information; credit card and bankcard transactional information, including spending power and behavioral patterns; |
| • | transactional information from e-commerce websites and other data provided by our business partners, including spending power, transaction history and high-risk transactions; |
| • | other information on an end user’s online behavior; |
| • | mobile device and carrier information and mobile data; and |
| • | for repeat end users, historical loan performance accumulated on our platform. |
| • | Module 3: risk management modeling |
| • | Module 4: credit pricing and credit strategy |
| • | Module 5: funding router |
| • | Module 6: independent credit assessment |
| • | Module 7: customer service and maintenance |
| • | Module 8: repayment management |
| • | Module 9: loan servicing |
| • | Module 1: fund aggregation and trade clearing |
| • | Module 2: user assessment and modeling |
| • | Module 3: portfolio construction |
| • | Module 4: transaction optimization |
Delinquency rate by balance |
||||||||||||
16 - 30 days |
31 -60 days |
61 - 90 days |
||||||||||
| 1.72 | % | 2.98 | % | 2.86 | % | |||||||
| 0.77 | % | 0.97 | % | 0.95 | % | |||||||
| 1.00 | % | 1.30 | % | 1.18 | % | |||||||
| • | Online lending services may not be provided to college students under the age of eighteen. |
| • | For college students over eighteen, the person engaging in campus online lending must verify the secondary repayment source of such borrower, which could be the borrower’s parents, guardian, or other custodian, obtain written undertaking documents consenting to the loan and the repayment guarantee from the secondary repayment source of such borrower, and verify the identity of the secondary repayment source of such borrower through the phone or other methods. |
| • | False and fraudulent advertising and promotion through the use of discriminatory and misleading language or other methods, and the distribution of false or incomplete information to mislead college students borrowers, are prohibited. |
| • | Publicizing or promoting lending services at physical locations (excluding electronic means such as the internet) either by persons engaging in campus online lending themselves or by a third party is prohibited. |
| • | Usurious loans in disguised forms such as charging various fees such as procedure fees, overdue fines, service fees and recovery fees, and forcing repayment by illegal collection, are prohibited. |
| • | It must establish borrower qualification examinations and classification systems to ensure that the borrowers have the repayment capacity for the loan pursuant to the relevant agreement. |
| • | It must establish risk monitoring systems to further strengthen information disclosure and to provide risk warnings to borrowers, and ensure that the lending procedures and the key elements of the loan are open and transparent. |
| • | It must establish a customer information protection mechanism by implementing the Order for the Protection of Telecommunication and Internet User Personal Information and other relevant criteria and by conducting information system gradation registration and testing, to strengthen customer information protection and ensure the legality and information security during the collection, settlement and use of lenders’ and borrowers’ information. |
| • | marketing to individuals unable to repay loans; |
| • | providing online lending service to college students under the age of eighteen; |
| • | conducting false and fraudulent advertising and promotion; and |
| • | providing usurious loans in disguised forms. |
| • | Commercial banks and policy banks may research and develop financial products and provide loans that provide general assistance to college students and support them in areas such as learning and training, consumption and entrepreneurship, and provide customized and quality financial services to college students with reasonable credit limits and interest rates. |
| • | Any entity established without approval of the relevant banking regulatory authority shall not provide any credit services to college students so as to eliminate fraud, usurious loans or violent loan collections. |
| • | All campus online lending businesses conducted by online lending information intermediaries shall be suspended and the outstanding balance of online campus lending loans shall be gradually reduced to zero. |
| • | the primary location of the day-to-day |
| • | decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval of organizations or personnel in the PRC; |
| • | the enterprise’s primary assets, accounting books and records, company seals and board and shareholder resolutions are located or maintained in the PRC; and |
| • | 50% or more of voting board members or senior executives habitually reside in the PRC. |
| • | exercise effective control over our variable interest entities and their subsidiaries; |
| • | receive substantially all of the economic benefits from our variable interest entities and their subsidiaries; and |
| • | have an exclusive option to purchase all or part of the equity interests in our variable interest entities and when and to the extent permitted by PRC law. |
D. Property, |
Plant and Equipment |
Item 4A. |
Unresolved Staff Comments |
Item 5. |
Operating and Financial Review and Prospects |
A. |
Operating Results |
For the Year Ended December, 2021 |
||||||||||||
RMB |
US$ |
% |
||||||||||
(in thousands) |
||||||||||||
| Point-of-sale installment loans |
28,845 | 4,526 | 13.13 | % | ||||||||
| Online consumer finance platform |
35 | 5 | 0.02 | % | ||||||||
| Non-structured direct funding |
28,777 | 4,516 | 13.09 | % | ||||||||
| Unsecured general loan and others*(l) |
33 | 5 | 0.02 | % | ||||||||
| Personal installment loans |
132,911 | 20,857 | 60.48 | % | ||||||||
| Online consumer finance platform |
374 | 59 | 0.17 | % | ||||||||
| Trusts and other structured finance* |
19 | 3 | 0.01 | % | ||||||||
| Non-structured direct funding |
114,067 | 17,900 | 51.90 | % | ||||||||
| Unsecured general loan and others*(l) |
18,451 | 2,895 | 8.40 | % | ||||||||
| Business installment loans |
51,014 | 8,005 | 23.21 | % | ||||||||
| Non-structured direct funding |
205 | 32 | 0.09 | % | ||||||||
| Unsecured general loan and others*(l) |
50,809 | 7,973 | 23.12 | % | ||||||||
| International installment loans |
7,012 | 1,100 | 3.18 | % | ||||||||
| Unsecured general loan and others* |
7,012 | 1,100 | 3.18 | % | ||||||||
| |
|
|
|
|
|
|||||||
| Total |
219,782 | 34,488 | 100.0 | % | ||||||||
| |
|
|
|
|
|
|||||||
| (1) | Others include receivables held by Ganzhou Aixin Micro Finance and Minheng before those receivables are funded by our financial partners. |
| * | On balance sheet sources. |
As of and for the Year Ended December 31, |
||||||||||||||||
2020 |
2021 |
|||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands) |
||||||||||||||||
| Total revenues |
1,285,236 | 378,264 | 173,240 | 27,185 | ||||||||||||
| Total amount of loans facilitated during the period |
11,013,920 | 1,846,438 | 819,558 | 128,606 | ||||||||||||
| Point-of-sale installment loans |
2,448,372 | 269,172 | 25,619 | 4,020 | ||||||||||||
| Personal installment loans |
7,783,997 | 1,453,091 | 644,621 | 101,155 | ||||||||||||
| Business installment loans |
781,551 | 124,175 | 76,734 | 12,041 | ||||||||||||
| International installment loans |
— | — | 72,584 | 11,390 | ||||||||||||
| Outstanding balance |
3,301,896 | 589,744 | 219,782 | 34,488 | ||||||||||||
| Point-of-sale installment loans |
850,038 | 263,576 | 28,845 | 4,527 | ||||||||||||
| On-balance sheet |
149,033 | 30,564 | 247 | 39 | ||||||||||||
| Off-balance sheet |
701,005 | 233,012 | 28,598 | 4,488 | ||||||||||||
| Personal installment loans |
2,199,258 | 297,869 | 132,911 | 20,856 | ||||||||||||
| On-balance sheet |
296,909 | 49,078 | 18,470 | 2,898 | ||||||||||||
| Off-balance sheet |
1,902,349 | 248,791 | 114,441 | 17,958 | ||||||||||||
| Business installment loans |
252,600 | 28,299 | 51,014 | 8,005 | ||||||||||||
| On-balance sheet |
12,549 | 23 | 50,809 | 7,973 | ||||||||||||
| Off-balance sheet |
240,051 | 28,276 | 205 | 32 | ||||||||||||
| International installment loans |
— | — | 7,012 | 1,100 | ||||||||||||
| On-balance sheet |
— | — | 7,012 | 1,100 | ||||||||||||
| Net loss |
(906,490 | ) | (296,140 | ) | (108,820 | ) | (17,077 | ) | ||||||||
| Adjusted net loss(1) |
(888,643 | ) | (284,242 | ) | (105,027 | ) | (16,481 | ) | ||||||||
| Total operating expenses |
(1,243,983 | ) | (299,329 | ) | (154,857 | ) | (24,301 | ) | ||||||||
| Adjusted operating expenses(1) |
(1,226,136 | ) | (287,431 | ) | (151,064 | ) | (23,705 | ) | ||||||||
| (1) | Adjusted net (loss)/income and adjusted operating expenses are non-GAAP financial measures. For more information regarding our use of these measures and a reconciliation of these measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures.” |
As of and for the Year Ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
(in thousands) |
||||||||||||
| Cumulative registered users as of the end of the period |
39,086 | 42,758 | 52,124 | |||||||||
| Unique borrowers for the period(1) |
1,673 | 278 | 76 | |||||||||
| Unique borrowers of point-of-sale |
1,227 | 189 | 15 | |||||||||
| Unique borrowers of personal and business installment loans |
471 | 90 | 61 | |||||||||
| Number of loans facilitated during the period |
4,549 | 888 | 114 | |||||||||
| Number of point-of-sale |
3,469 | 56 | 25 | |||||||||
| Number of personal and business installment loans facilitated |
1,080 | 26 | 89 | |||||||||
| (1) | The number of unique borrowers for the period is less than the sum of the following two lines because a person who borrows both point-of-sale |
For the Year Ended December 31, |
||||||||||||||||
2020 |
2021 |
|||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands) |
||||||||||||||||
| Total operating expenses |
(1,243,983 |
) |
(299,329 |
) |
(154,857 |
) |
(24,301 |
) | ||||||||
| Add: share-based compensation expenses |
17,847 | 11,898 | 3,793 | 596 | ||||||||||||
| Adjusted operating expenses |
(1,226,136 |
) |
(287,431 |
) |
(151,064 |
) |
(23,705 |
) | ||||||||
| Net loss |
(906,490 |
) |
(296,140 |
) |
(108,820 |
) |
(17,077 |
) | ||||||||
| Add: share-based compensation expenses |
17,847 | 11,898 | 3,793 | 596 | ||||||||||||
| Adjusted net loss |
(888,643 |
) |
(284,242 |
) |
(105,027 |
) |
(16,481 |
) | ||||||||
For the Year Ended December 31, |
||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||||||
| Revenues: |
||||||||||||||||||||||||||||
| Technical service fees |
1,077,760 | 83.8 | 330,665 | 87.4 | 115,272 | 18,088 | 66.5 | |||||||||||||||||||||
| Installment service fees |
187,359 | 14.6 | 42,707 | 11.3 | 16,949 | 2,660 | 9.8 | |||||||||||||||||||||
| Wealth management service fees and others |
20,117 | 1.6 | 4,892 | 1.3 | 41,019 | 6,437 | 23.7 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total revenues |
1,285,236 |
100.0 |
378,264 |
100.0 |
173,240 |
27,185 |
100.0 |
|||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Year Ended December 31, |
||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||||||
| Cost of revenues: |
||||||||||||||||||||||||||||
| Funding cost |
(51,759 | ) | (4.0 | ) | (16,525 | ) | (4.4 | ) | (583 | ) | (91 | ) | (0.3 | ) | ||||||||||||||
| Provision for credit losses |
(33,942 | ) | (2.6 | ) | (45,090 | ) | (11.9 | ) | 1,934 | 303 | 1.1 | |||||||||||||||||
| Origination and servicing cost |
(290,398 | ) | (22.6 | ) | (100,760 | ) | (26.6 | ) | (94,186 | ) | (14,780 | ) | (54.4 | ) | ||||||||||||||
| Cost on guarantee |
(193,426 | ) | (15.0 | ) | (100,347 | ) | (26.5 | ) | 4,689 | 736 | 2.7 | |||||||||||||||||
| Service cost charged by the related party |
(200,163 | ) | (15.6 | ) | (23,052 | ) | (6.1 | ) | (1,574 | ) | (247 | ) | (0.9 | ) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Cost of revenues |
(769,688 |
) |
(59.8 |
) |
(285,774 |
) |
(75.5 |
) |
(89,720 |
) |
(14,079 |
) |
(51.8 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Year Ended December 31 |
||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||||||
| Total revenues |
1,285,236 | 100.0 | 378,264 | 100.0 | 173,240 | 27,185 | 100.0 | |||||||||||||||||||||
| Cost of revenues |
(769,688 | ) | (59.8 | ) | (285,774 | ) | (75.5 | ) | (89,720 | ) | (14,079 | ) | (51.8 | ) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit |
515,548 | 40.2 | 92,490 | 24.5 | 83,520 | 13,106 | 48.2 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Year Ended December 31, |
||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||||||
| Sales and marketing expenses |
(69,593 | ) | (5.4 | ) | (44,697 | ) | (11.8 | ) | (40,936 | ) | (6,424 | ) | (23.6 | ) | ||||||||||||||
| General and administrative expenses |
(1,095,311 | ) | (85.2 | ) | (147,753 | ) | (39.1 | ) | (88,111 | ) | (13,827 | ) | (50.9 | ) | ||||||||||||||
| Research and development expenses |
(79,079 | ) | (6.2 | ) | (37,521 | ) | (9.9 | ) | (22,714 | ) | (3,564 | ) | (13.1 | ) | ||||||||||||||
| Impairment loss of goodwill and intangible assets |
— | — | (69,358 | ) | (18.3 | ) | (3,096 | ) | (486 | ) | (1.8 | ) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total operating expenses |
(1,243,983 |
) |
(96.8 |
) |
(299,329 |
) |
(79.1 |
) |
(154,857 |
) |
(24,301 |
) |
(89.4 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Year Ended December 31, |
||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||||||
| Summary Consolidated Statements of Comprehensive Loss Data: |
||||||||||||||||||||||||||||
| Revenues: |
||||||||||||||||||||||||||||
| Technical service fees |
1,077,760 | 83.8 | 330,665 | 87.4 | 115,272 | 18,088 | 66.5 | |||||||||||||||||||||
| Installment service fees |
187,359 | 14.6 | 42,707 | 11.3 | 16,949 | 2,660 | 9.8 | |||||||||||||||||||||
| Wealth management service fees and others |
20,117 | 1.6 | 4,892 | 1.3 | 41,019 | 6,437 | 23.7 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total revenues |
1,285,236 |
100.0 |
378,264 |
100.0 |
173,240 |
27,185 |
100.0 |
|||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Cost of revenues: |
||||||||||||||||||||||||||||
| Funding cost |
(51,759 | ) | (4.0 | ) | (16,525 | ) | (4.4 | ) | (583 | ) | (91 | ) | (0.3 | ) | ||||||||||||||
| Provision for credit losses |
(33,942 | ) | (2.6 | ) | (45,090 | ) | (11.9 | ) | 1,934 | 303 | 1.1 | |||||||||||||||||
| Origination and servicing cost |
(290,398 | ) | (22.6 | ) | (100,760 | ) | (26.6 | ) | (94,186 | ) | (14,780 | ) | (54.4 | ) | ||||||||||||||
| Cost on guarantee |
(193,426 | ) | (15.0 | ) | (100,347 | ) | (26.5 | ) | 4,689 | 736 | 2.7 | |||||||||||||||||
| Service cost charged by the related party |
(200,163 | ) | (15.6 | ) | (23,052 | ) | (6.1 | ) | (1,574 | ) | (247 | ) | (0.9 | ) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Cost of revenues |
(769,688 |
) |
(59.8 |
) |
(285,774 |
) |
(75.5 |
) |
(89,720 |
) |
(14,079 |
) |
(51.8 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Gross profit |
515,548 |
40.2 |
92,490 |
24.5 |
83,520 |
13,106 |
48.2 |
|||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating expenses |
||||||||||||||||||||||||||||
| Sales and marketing expenses |
(69,593 | ) | (5.4 | ) | (44,697 | ) | (11.8 | ) | (40,936 | ) | (6,424 | ) | (23.6 | ) | ||||||||||||||
| General and administrative expenses |
(1,095,311 | ) | (85.2 | ) | (147,753 | ) | (39.1 | ) | (88,111 | ) | (13,827 | ) | (50.9 | ) | ||||||||||||||
| Research and development expenses |
(79,079 | ) | (6.2 | ) | (37,521 | ) | (9.9 | ) | (22,714 | ) | (3,564 | ) | (13.1 | ) | ||||||||||||||
| Impairment loss of goodwill and intangible assets |
— | — | (69,358 | ) | (18.3 | ) | (3,096 | ) | (486 | ) | (1.8 | ) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total operating expenses |
(1,243,983 |
) |
(96.8 |
) |
(299,329 |
) |
(79.1 |
) |
(154,857 |
) |
(24,301 |
) |
(89.4 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating loss |
(728,435 |
) |
(56.6 |
) |
(206,839 |
) |
(54.7 |
) |
(71,337 |
) |
(11,195 |
) |
(41.2 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Loss from equity method investments |
(8,149 | ) | (0.6 | ) | (11,523 | ) | (3.0 | ) | — | — | — | |||||||||||||||||
| Loss from disposal of a subsidiary |
— | — | — | — | (5,498 | ) | (863 | ) | (3.2 | ) | ||||||||||||||||||
| Impairment on prepayment for long-term investment |
(200,000 | ) | (15.6 | ) | — | — | — | — | — | |||||||||||||||||||
| Impairment loss on equity investment |
— | — |
(15,908 | ) | (4.2 | ) | — | — | — | |||||||||||||||||||
| Interest expenses, net |
(19,017 | ) | (1.5 | ) | (34,332 | ) | (9.1 | ) | (32,453 | ) | (5,093 | ) | (18.7 | ) | ||||||||||||||
| Other income, net |
7,923 | 0.6 | 21,658 | 5.7 | 7,340 | 1,152 | 4.2 | |||||||||||||||||||||
| Interest income from related parties |
43,156 | 3.4 | — | — | — | — | — | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Loss before income tax expense |
(904,522 |
) |
(70.3 |
) |
(246,944 |
) |
(65.3 |
) |
(101,948 |
) |
(15,999 |
) |
(58.9 |
) | ||||||||||||||
| Income tax expense |
(1,968 | ) | (0.2 | ) | (49,196 | ) | (13.0 | ) | (6,872 | ) | (1,078 | ) | (4.0 | ) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loss |
(906,490 |
) |
(70.5 |
) |
(296,140 |
) |
(78.3 |
) |
(108,820 |
) |
(17,077 |
) |
(62.9 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Other comprehensive income/(loss) |
11,876 |
0.9 |
(22,977 |
) |
(6.1 |
) |
(10,793 |
) |
(1,692 |
) |
(6.2 |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total comprehensive loss |
(894,614 |
) |
(69.6 |
) |
(319,117 |
) |
(84.4 |
) |
(119,613 |
) |
(18,769 |
) |
(69.1 |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 1. |
| 2. | Identification of the performance obligations in the contract; |
| 3. | Determination of the transaction price; |
| 4. | Allocation of the transaction price to the performance obligations in the contract; and |
| 5. | Recognition of the revenue when, or as, a performance obligation is satisfied. |
B. |
Liquidity and Capital Resources |
As of December 31, |
||||||||||||||||
2020 |
2021 |
|||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands) |
||||||||||||||||
| Summary Consolidated Cash Flows Data: |
||||||||||||||||
| Net cash provided by/(used in) operating activities |
175,079 | 56,963 | (32,182 | ) | (5,051 | ) | ||||||||||
| Net cash (used in)/provided by investing activities |
(538,702 | ) | 192,619 | (119,464 | ) | (18,747 | ) | |||||||||
| Net cash provided by/(used in) financing activities |
224,372 | (286,639 | ) | (132,334 | ) | (20,766 | ) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
10,114 | (21,503 | ) | (13,578 | ) | (2,131 | ) | |||||||||
| Net decrease in cash, cash equivalents and restricted cash |
(129,137 | ) | (58,560 | ) | (297,558 | ) | (46,695 | ) | ||||||||
| Cash, cash equivalents and restricted cash at beginning of the period |
710,041 | 580,904 | 522,344 | 81,968 | ||||||||||||
| Including: |
||||||||||||||||
| Cash and cash equivalents at beginning of the year |
457,442 | 102,755 | 377,160 | 59,185 | ||||||||||||
| Restricted cash at beginning of the year |
252,599 | 382,695 | 137,220 | 21,533 | ||||||||||||
| Non-current restricted time deposits at beginning of the year |
— | 95,454 | 7,964 | 1,250 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of the year |
580,904 | 522,344 | 224,786 | 35,273 | ||||||||||||
| Including: |
||||||||||||||||
| Cash and cash equivalents at end of the year |
102,755 | 377,160 | 217,901 | 34,193 | ||||||||||||
| Restricted cash at end of the year |
382,695 | 137,220 | 1,468 | 230 | ||||||||||||
| Non-current restricted time deposits at end of the year |
95,454 | 7,964 | 5,417 | 850 | ||||||||||||
| • | capital contributions to our PRC subsidiaries must be approved by the Ministry of Commerce or its local counterparts; and |
| • | loans by us to our PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered with SAFE or its local branches. |
Payment due by schedule |
||||||||||||||||||||
Less than 1 year |
1 –2 years |
2 –3 years |
More than 3 years |
Total |
||||||||||||||||
| Office rental |
8,220 | 7,581 | 3,791 | — | 19,592 | |||||||||||||||
C. |
Research and Development, Patents and Licenses, etc. |
D. |
Trend Information |
E. |
Critical Accounting Estimates |
Item 6. |
Directors, Senior Management and Employees |
A. |
Directors and Executive Officers |
| Directors and Executive Officers |
Age |
Position/Title | ||
| Victor Huike Li* | 49 | Director, Chief Executive Officer and acting Chief Financial Officer | ||
| Jun Dong | 45 | Chairman of the Board of Directors | ||
| Zehua Shi | 40 | Director | ||
| Tixin Li** | 45 | Director | ||
| Jimin Zhuo | 50 | Independent Director | ||
| Yong Chen | 46 | Independent Director | ||
| Xueping Ning | 46 | Independent Director |
| * | Mr. Steven Yuan Ning Sim ceased to be our chief financial officer on August 13, 2021. On the same day, Dr. Victor Huike Li was appointed as the Company’s acting chief financial officer until a suitable candidate for chief financial officer is identified. |
| ** | Mr. Wei Wei ceased to be our director on January 26, 2022 but continues to be an employee of ours. Mr. Tixin Li was appointed as a new member of the Board of our company to fill in the vacancy created by Mr. Wei’s resignation on January 28, 2022. |
B. |
Compensation |
| Name |
Ordinary Shares Underlying Options Awarded |
Exercise Price ($/Share) |
Date of Grant |
Date of Expiration | ||||
| Jun Dong |
* | 0.000125 | July 1, 2018 | July 1, 2028 | ||||
| |
|
|
| |||||
| All Directors and Executive Officers as a Group |
* | |||||||
| |
| * | Less than 1% of our total outstanding shares. |
C. |
Board Practices |
| • | selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; |
| • | reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; |
| • | reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; |
| • | discussing the annual audited financial statements with management and the independent registered public accounting firm; |
| • | reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; |
| • | annually reviewing and reassessing the adequacy of our audit committee charter; |
| • | meeting separately and periodically with management and the independent registered public accounting firm; and |
| • | reporting regularly to the board. |
| • | reviewing the total compensation package for our executive officers and making recommendations to the board with respect to it; |
| • | reviewing the compensation of our non-employee directors and making recommendations to the board with respect to it; and |
| • | periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans. |
D. |
Employees |
As of December 31, 2021 |
||||||||
Number |
% of Total Employees |
|||||||
| Functions: |
||||||||
| Research and development |
35 | 28.2 | % | |||||
| Risk management |
5 | 4.0 | % | |||||
| Business & Marketing Development |
58 | 46.8 | % | |||||
| General and administrative |
26 | 21 | % | |||||
| |
|
|
|
|||||
| Total number of employees |
124 | 100 |
% | |||||
| |
|
|
|
|||||
E. |
Share Ownership |
| • | each of our current directors and executive officers; and |
| • | each person known to us to own beneficially 5% or more of our shares. |
Class A Ordinary Shares |
Class B Ordinary Shares |
Total Ordinary Shares |
% of Beneficial Ownership |
% of Aggregate Voting Power† |
||||||||||||||||
| Directors and Executive Officers: * |
||||||||||||||||||||
| — | — | — | — | — | ||||||||||||||||
| Jun Dong (1) |
1,560,000 | 35,240,606 | 36,800,606 | 12.1 | 52.1 | |||||||||||||||
| Wei Wei (2) |
— | 15,698,914 | 15,698,914 | 5.2 | 23.2 | |||||||||||||||
| Tixin Li (3) |
— | — | — | — | — | |||||||||||||||
| Zehua Shi (4) |
— | — | — | — | — | |||||||||||||||
| Yong Chen (5) |
— | — | — | — | — | |||||||||||||||
| Xueping Ning (6) |
— | — | — | — | — | |||||||||||||||
| Jimin Zhuo (7) |
— | — | — | — | — | |||||||||||||||
| All directors and executive officers as a group |
1,560,000 | 50,939,520 | 52,499,520 | 17.3 | 75.3 | |||||||||||||||
| Principal Shareholders: |
||||||||||||||||||||
| Otov Alfa Holding Limited (8) |
320,036,576 | — | 320,036,576 | 51.3 | 31.5 | |||||||||||||||
Class A Ordinary Shares |
Class B Ordinary Shares |
Total Ordinary Shares |
% of Beneficial Ownership |
% of Aggregate Voting Power† |
||||||||||||||||
| Beansprouts Ltd. (10) |
43,220,529 | — | 43,220,529 | 14.2 | 4.3 | |||||||||||||||
| Flamel Enterprises Ltd. (1) |
— | 18,448,795 | 18,448,795 | 6.1 | 27.2 | |||||||||||||||
| New Fortune Fund L.P. (11) |
18,201,422 | — | 18,201,422 | 6.0 | 1.8 | |||||||||||||||
| Ventech China II SICAR (12) |
17,679,421 | — | 17,679,421 | 5.8 | 1.7 | |||||||||||||||
| Xiaomi Ventures Limited (13) |
16,956,487 | — | 16,956,487 | 5.6 | 1.7 | |||||||||||||||
| Genius Hub Limited (1) |
16,791,811 | 16,791,811 | 5.5 | 24.5 | ||||||||||||||||
| Wise Plus Limited (2) |
— | 15,698,914 | 15,698,914 | 5.2 | 23.2 | |||||||||||||||
| * | Except for Mr. Jun Dong, Mr. Zehua Shi, Mr. Yong Chen, Mr. Jimin Zhuo and Ms. Xueping Ning, the business address for our directors and executive officers is 9/F Heng An Building, No. 17 East 3rd Ring Road, Chaoyang District, Beijing, the People’s Republic of China. |
| ** | Less than 1% of our total outstanding shares. |
| (1) | Represents (i) 18,448,795 Class B ordinary shares directly held by Flamel Enterprises Ltd, (ii) 16,791,811 Class B ordinary shares directly held by Genius Hub Limited and (iii) 1,560,000 Class A ordinary shares that Mr. Dong has the right to acquire upon exercise of option. Mr. Jun Dong is the sole shareholder and the sole director of Flamel Enterprises Ltd. The registered office address of Flamel Enterprises Ltd. is Tortola Pier Park, Building 1, Second Floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands. Genius Hub Limited is wholly owned and controlled by Coastal Hero Limited, a company incorporated under the laws of the British Virgin Islands. Coastal Hero Limited is controlled by Genesis Trust, a trust established under the laws of the Cayman Islands and managed by TMF (Cayman) Ltd. as the trustee. Mr. Dong is the settlor of Genesis Trust, and Mr. Dong and his family members are the trust’s beneficiaries.
Under the terms of this trust, Mr. Dong has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to, the shares held by Genius Hub Limited in our company, and the options we granted to Mr. Dong to purchase 1,560,000 ordinary shares of our company. |
| (2) | Represents 15,698,914 Class B ordinary shares held by Mr. Wei Wei through Wise Plus Limited, a company incorporated under the laws of British Virgin Islands. The registered office address of Wise Plus Limited is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Wise Plus Limited is wholly owned and controlled by Beyond Mountain Holdings Limited, a company established under the laws of the British Virgin Islands. Beyond Mountain Holdings Limited is controlled by Beyond Mountain Trust, a trust established under the laws of the Cayman Islands and managed by TMF (Cayman) Ltd. as the trustee. Mr. Wei is the settlor of Beyond Mountain Trust, and Mr. Wei and his family members are the trust’s beneficiaries. Under the terms of this trust, Mr. Wei has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached
to, the shares held by Wise Plus Limited in our company. Mr. Wei Wei ceased to be our director on January 26, 2022, but continues to be an employee of ours. |
| (3) | The business address of Mr. Tixin Li is 1215, Fuli Yingfeng building, No. 2, Huaqiang Road, Zhujiang New Town, Guangzhou, Guangdong, China. Mr. Li was appointed on January 28, 2022 as a new member of the Board of our company to fill in the vacancy created by Mr. Wei’s resignation. |
| (4) | The business address of Mr. Zehua Shi is 163 Yinwan Rd., Zhuhai Center 17 th Floor, Zhuhai, Guangdong Province, PRC. |
| (5) | The business address of Mr. Yong Chen is 18/F Dihao Building, Binhai Avenue, Longhua District, Haikou, Hainan Province, PRC. |
| (6) | The business address of Ms. Xueping Ning is No.21 Lane 1118, Kangqiao Road, Pudong New Area, Shanghai, PRC. |
| (7) | The business address of Mr. Jimin Zhuo is Room 1405, Building 5A, Jiulong Garden, Chaoyang, Beijing, PRC. |
| (8) | Represents up to 320,036,570 Class A ordinary shares upon full exercise of a warrant held by Otov Alfa Holdings Limited, pursuant to a warrant entered into between the Issuer and Otov Alfa Holdings Limited. As of the date of this annual report, Otov Alfa Holdings Limited has not exercised any part of the warrant and does not hold our ordinary shares of record. |
| (10) | Beneficial ownership calculation is based solely on a review of a Schedule 13G filed with the SEC on February 11, 2022. Represents (i) 1,084,986 Class A ordinary shares held by Mandra iBase Limited, a company incorporated under the laws of British Virgin Islands, 14,280,147 Class A ordinary shares in the form of 2,270,850 ADSs held by Mandra iBase Limited, and approximately 26,417,753 Class A ordinary shares which may be purchased by Mandra iBase Limited through the exercise of a warrant pursuant to a warrant agreement entered into between Mandra iBase Limited and us, (ii) 1 Class A ordinary share directly held by Woo Foong Hong Limited, and (iii) 2,818,907 Class A ordinary shares in the form of 402,701 ADSs held by Mandra Mirabilite Limited. Mandra iBase Limited is wholly owned and controlled by Beansprouts Ltd., and Woo Foong Hong Limited is 51% held by Beansprouts Ltd.
Beansprouts Ltd. is owned by Bing How Mui and Song Yi Zhang, and each of them holds 50% of the issued and outstanding share capital of Beansprouts Ltd. The registered address of Mandra iBase Limited is 3rd Floor, J&C Building, P.O. Box 933, Road Town, Tortola, British Virgin Islands, VG1110. |
| (11) | Beneficial ownership calculation is based solely on a review of a Schedule 13G filed with the SEC on January 28, 2019. Represents 18,201,422 Class A ordinary shares directly held by New Fortune Fund L.P., a limited partnership established under the laws of the Cayman Islands. New Fortune Fund L.P. has one general partner and two limited partners. The general partner of New Fortune Fund L.P. is Costal Sunshine Limited, and the limited partners of New Fortune Fund L.P. are Startide Capital Holdings Limited and Allplay Legend Corporation. Pursuant to the constitutional documents of New Fortune Fund L.P., Startide Capital Holdings Limited has the power to direct New Fortune Fund L.P. with respect to the retention or disposal of, and the exercise of voting and other rights attached to, the shares held by New Fortune Fund L.P. Both Startide Capital Holdings Limited and Allplay Legend Corporation
are both controlled by Sina Corporation, a Cayman Islands company listed on the Nasdaq Global Select Market. The registered address of New Fortune Fund L.P. is Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands. |
| (12) | Beneficial ownership calculation is based solely on a review of a Schedule 13G filed with the SEC on January 24, 2019. Represents 17,679,421 Class A ordinary shares held by Ventech China II SICAR, a company incorporated in Luxemburg. The registered address of Ventech China II SICAR is 47 Avenue John F. Kennedy L-1855, Luxemburg. |
| (13) | Beneficial ownership calculation is based solely on a review of a Schedule 13G filed with the SEC on February 1, 2019. Represents 16,956,487 Class A ordinary shares directly held by Xiaomi Ventures Limited, a company incorporated under the laws of British Virgin Islands. Xiaomi Ventures Limited is beneficially owned and controlled by Xiaomi Corporation. |
Item 7. |
Major Shareholders and Related Party Transactions |
A. |
Major Shareholders |
B. |
Related Party Transactions |
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
| (i) Transactions recorded through statement of operations and comprehensive income/(loss) |
||||||||||||
| - Cost and expenses allocated from the related party |
24,994 | 3,712 | 221 | |||||||||
| - Service cost charged by the related party |
200,163 | 23,052 | 1,574 | |||||||||
| - Collection service fees charged by Beijing Liangduo and Changsha Liangduo |
63,400 | 32,176 | 12,746 | |||||||||
| - Interest income from loans to the related party |
(43,156 | ) | (31 | ) | (30 | ) | ||||||
| - Interest expense on borrowings from the related party |
213 | — | — | |||||||||
| (ii) Operating transactions |
||||||||||||
| - Technical service fee collected by the related party on behalf of the Group |
(64,078 | ) | — | — | ||||||||
| - Payment for guarantee deposit to the related party |
(100,269 | ) | (24,788 | ) | — | |||||||
| - Loan interests collected from the related party |
3,310 | — | — | |||||||||
| - Borrowing interests paid to the related party |
(2,047 | ) | — | — | ||||||||
| - Share-based compensation awards to employees of the related party |
34,684 | 3,471 | 2,736 | |||||||||
| - Collecting principal and interests from borrowers on behalf of the related party |
— | 363,342 | 23,586 | |||||||||
| - Repayment of collecting principle and interests from borrowers on behalf of the related party |
— | (100,000 | ) | — | ||||||||
| (iii) Financing/Investing transactions |
||||||||||||
| - Net cash advances (to)/from the related party |
(697,754 | ) | 293 | 232 | ||||||||
| - Principal of loans provided to the related party |
(137,000 | ) | (40,000 | ) | — | |||||||
| - Principal of loans collected from the related party |
122,000 | 40,000 | — | |||||||||
| - Principal of borrowings repaid to the related party |
(23,831 | ) | — | — | ||||||||
| - Equity transfer consideration paid to the related party |
(23,000 | ) | — | — | ||||||||
| - Acquisition of Ganzhou Micro Finance from the related party |
(230,000 | ) | — | — | ||||||||
| * | The amount due from Jimu Group resulting from the share-based compensation awards to employees of Jimu Group was written off as of December 31, 2019 as we waived this balance. |
Item 8. |
Financial Information |
A. |
Consolidated Statements and Other Financial Information |
B. |
Significant Changes |
Item 9. |
The Offer and Listing |
A. |
Offering and Listing Details |
B. |
Plan of Distribution |
C. |
Markets |
D. |
Selling Shareholders |
E. |
Dilution |
F. |
Expenses of the Issue |
Item 10. |
Additional Information |
A. |
Share Capital |
B. |
Memorandum and Articles of Association |
| • | the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member; |
| • | the date on which the name of any person was entered on the register as a member; |
| • | the date on which any person ceased to be a member; and |
| • | whether each category of shares held by a member carries voting rights under the articles of association of the company and, if so, whether such voting rights are conditional. |
| • | the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; |
| • | the instrument of transfer is in respect of only one class of shares; |
| • | the instrument of transfer is properly stamped, if required; |
| • | the ordinary shares transferred are free of any lien in favor of us; |
| • | any fee related to the transfer has been paid to us; and |
| • | in the case of a transfer to joint holders, the transfer is not to more than four joint holders. |
| • | increase our share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe; |
| • | consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares; |
| • | sub-divide our existing shares, or any of them into shares of a smaller amount, provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; or |
| • | cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled. |
| • | an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; |
| • | an exempted company’s register of members is not required to be open to inspection; |
| • | an exempted company does not have to hold an annual general meeting; |
| • | an exempted company may issue no par value, negotiable shares; |
| • | an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance); |
| • | an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |
| • | an exempted company may register as a limited duration company; and |
| • | an exempted company may register as a segregated portfolio company. |
| • | the statutory provisions as to the required majority vote have been met; |
| • | the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class; |
| • | the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |
| • | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act. |
| • | an act which is illegal or ultra vires; |
| • | an act which, although not ultra vires, could only be effected duly if authorized by a special or qualified majority vote that has not been obtained; and |
| • | an act which constitutes a fraud on the minority where the wrongdoers are themselves in control of the company. |
C. |
D. |
Exchange Controls |
E. |
Taxation |
| • | banks, insurance companies and other financial institutions; |
| • | tax-exempt entities; |
| • | real estate investment trusts; |
| • | regulated investment companies; |
| • | dealers or traders in securities; |
| • | certain former citizens or residents of the United States; |
| • | persons that elect to mark their securities to market; |
| • | persons holding our ADSs or ordinary shares as part of a “straddle,” conversion or other integrated transaction; |
| • | persons that have a functional currency other than the U.S. dollar; and |
| • | persons that actually or constructively own 10% or more of our equity (by vote or value). |
| • | an individual who is a citizen or resident of the United States; |
| • | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in or organized under the laws of the United States, any state thereof or the District of Columbia; |
| • | an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |
| • | a trust that (i) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons or (ii) has a valid election in effect under applicable Regulations to be treated as a “United States Person” within the meaning of the Code. |
| • | the excess distribution or gain will be allocated ratably over a U.S. Holder’s holding period for the ADSs or ordinary shares; |
| • | amounts allocated to the current taxable year and any taxable years in each U.S. Holder’s holding period prior to the first taxable year in which we are classified as a PFIC will be taxable as ordinary income; and |
| • | amounts allocated to each of the other taxable years will be subject to tax at the highest tax rate in effect applicable to such U.S. Holder for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years. |
F. |
Dividends and Paying Agents |
G. |
Statement by Experts |
H. |
Documents on Display |
Item 11. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 12. |
Description of Securities Other Than Equity Securities |
A. |
Debt Securities |
B. |
Warrants and Rights |
C. |
Other Securities |
D. |
American Depositary Shares |
| Persons depositing or withdrawing shares or ADS holders must pay: |
For: | |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) |
Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
| Cancellation of ADSs for the purpose of withdrawal, including if the Deposit Agreement terminates | ||
| $0.05 (or less) per ADS |
Any cash distribution to ADS holders | |
| A fee equivalent to the fee that would be payable if securities distributed to you had been Shares and the Shares had been deposited for issuance of ADSs |
Distribution of securities distributed to holders of Deposited Securities (including rights) that are distributed by the Depositary to ADS holders | |
| $0.05 (or less) per ADS per calendar year |
Depositary services | |
| Registration or transfer fees |
Transfer and registration of shares on our Share register to or from the name of the Depositary or its agent when you deposit or withdraw Shares | |
| Expenses of the Depositary |
Cable and facsimile transmissions (when expressly provided in the Deposit Agreement) | |
| Converting foreign currency to U.S. dollars | ||
| Taxes and other governmental charges the Depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes |
As necessary | |
| Any charges incurred by the Depositary or its agents for servicing the Deposited Securities |
As necessary | |
Item 13. |
Defaults, Dividend Arrearages and Delinquencies |
Item 14. |
Material Modifications to the Rights of Security Holders and Use of Proceeds |
Item 15. |
Controls and Procedures |
| • | we hired a consulting firm with U.S. GAAP experience to strengthen our financial reporting function; |
| • | we are in the process of establishing clear roles and responsibilities for accounting and financial reporting staff to address accounting and financial reporting issues, and we added additional professionals for our financial reporting team in 2019; and |
| • | we are continuing to further expedite and streamline our reporting process and develop our U.S. GAAP and SEC reporting process to allow early detection, prevention and resolution of potential financial reporting and U.S. GAAP issues, and have established an ongoing program to provide sufficient and appropriate training for financial reporting and accounting personnel, especially training related to U.S. GAAP and SEC reporting requirements. |
Item 16A. |
Audit Committee Financial Expert |
Item 16B. |
Code of Ethics |
Item 16C. |
Principal Accountant Fees and Services |
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
(in US$ thousands) |
||||||||||||
| Audit fees (1) |
1,975 | 650 | 450 | |||||||||
| Audit-related fees (2) |
— | — | — | |||||||||
| Tax fees (3) |
— | — | — | |||||||||
| All other fees (4) |
— | 105 | — | |||||||||
| (1) | “Audit fees” means the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditor for the audit or review of our annual financial statements or quarterly financial information and review of documents filed with the SEC. |
| (2) | “Audit-related fees” means the aggregate fees incurred in each of the fiscal years listed for permissible services to review and comment on the design of internal control over financial reporting rendered by our principal auditors. |
| (3) | “Tax fees” means the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditors for tax compliance, tax advice, and tax planning. |
| (4) | “All other fees” means the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in footnotes (1) through (3). |
Item 16D. |
Exemptions from the Listing Standards for Audit Committees |
Item 16E. |
Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Item 16F. |
Change in Registrant’s Certifying Accountant |
Item 16G. |
Corporate Governance |
Item 16H. |
Mine Safety Disclosure |
Item 16I. |
Disclosure Regarding Foreign Jurisdictions that Prevent Inspection |
Item 17. |
Financial Statements |
Item 18. |
Financial Statements |
Item 19. |
Exhibits |
| * |
| ** | Furnished herewith |
Pintec Technology Holdings Limited | ||
| By: | /s/ Victor Huike Li | |
| Name: | Victor Huike Li | |
| Title: | Chief Executive Officer | |
Page(s) |
||||
F-2 |
||||
F-3 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-8 ~ F-61 |
||||
| i Marcum Bernstein & Pinchuk LLP |
As of December 31, |
||||||||||||
2021 |
2021 |
|||||||||||
RMB |
RMB |
US$ Note 2 (f) |
||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
i 377,160 | i 217,901 | i 34,193 | |||||||||
| Restricted cash |
i 137,220 | i 1,468 | i 230 | |||||||||
| Short-term financing receivables, net |
i 70,783 | i 97,200 | i 15,252 | |||||||||
| Short-term financial guarantee assets, net |
i 18,569 | i 12,947 | i 2,032 | |||||||||
| Accounts receivable, net |
i 50,979 | i 36,854 | i 5,783 | |||||||||
| Prepayments and other current assets, net |
i 66,160 | i 155,087 | i 24,336 | |||||||||
| Amounts due from related parties, net |
i 30 | i 5,455 | i 856 | |||||||||
| |
|
|
|
|
|
|||||||
| Total current assets |
i 720,901 |
i 526,912 |
i 82,682 |
|||||||||
| |
|
|
|
|
|
|||||||
| Non-current assets: |
||||||||||||
| Non-current restricted cash |
i 7,964 | i 5,417 | i 850 | |||||||||
| Long-term financing receivables, net |
i 2,835 | i 571 | i 90 | |||||||||
| Long-term financial guarantee assets, net |
i 698 | i 184 | i 29 | |||||||||
| Long-term investments |
i 121,179 | i 122,572 | i 19,234 | |||||||||
| Deferred tax assets |
i 1,053 | — | — | |||||||||
| Property, equipment and software, net |
i 107,208 | i 95,695 | i 15,017 | |||||||||
| Intangible assets, net |
i 16,666 | i 9,882 | i 1,551 | |||||||||
| |
|
|
|
|
|
|||||||
| Total non-current assets |
i 257,603 |
i 234,321 |
i 36,771 |
|||||||||
| |
|
|
|
|
|
|||||||
| TOTAL ASSETS |
i 978,504 |
i 761,233 |
i 119,453 |
|||||||||
| |
|
|
|
|
|
|||||||
| LIABILITIES |
||||||||||||
| Current liabilities: |
||||||||||||
| Short-term borrowings (including amounts of the consolidated VIEs of RMB i 130,000 and i nil,
respectively) |
i 130,000 | — | — | |||||||||
| Short-term funding debts (including amounts of the consolidated VIEs of RMB i 2,841 and RMB i 30,
respectively) |
i 2,841 | i 30 | i 5 | |||||||||
| Accounts payable (including amounts of the consolidated VIEs of RMB i 8,976 and RMB i 20,443,
respectively) |
i 10,360 | i 21,400 | i 3,358 | |||||||||
| Amounts due to related parties, current (including amounts of the consolidated VIEs of RMB i 271,419 and RMB i 289,936,
respectively) |
i 271,419 | i 289,936 | i 45,497 | |||||||||
| Tax payable (including amounts of consolidated VIEs of RMB i 23,334 and RMB i 26,402,
respectively) |
i 26,971 | i 30,901 | i 4,849 | |||||||||
| Financial guarantee liabilities (including amounts of consolidated VIEs of RMB i 20,260 and RMB i 13,736,
respectively) |
i 20,260 | i 13,736 | i 2,155 | |||||||||
| Accrued expenses and other liabilities (including amounts of consolidated VIEs of RMB i 19,567 and RMB i 23,690,
respectively) |
i 59,754 | i 48,963 | i 7,682 | |||||||||
| |
|
|
|
|
|
|||||||
| Total current liabilities |
i 521,605 |
i 404,966 |
i 63,546 |
|||||||||
| |
|
|
|
|
|
|||||||
| Non-current liabilities: |
||||||||||||
| Convertible loan (including amounts of consolidated VIEs of i nil and i nil,
respectively) |
i 400,000 | i 400,000 | i 62,769 | |||||||||
| Deferred tax liabilities (including amounts of consolidated VIEs of i nil and i nil,
respectively) |
i 701 | i 1,493 | i 234 | |||||||||
| Other non-current liabilities (including amounts of consolidated VIEs of i nil and RMB i 210,
respectively) |
i 8,148 | i 19,331 | i 3,034 | |||||||||
| Amounts due to related parties, non-current (including amounts of consolidated VIEs of i nil and i nil,
respectively) |
— | i 472 | i 74 | |||||||||
| Total non-current liabilities |
i 408,849 |
i 421,296 |
i 66,111 |
|||||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES |
i 930,454 |
i 826,262 |
i 129,657 |
|||||||||
| |
|
|
|
|
|
|||||||
| Commitments and contingencies (Note 24) |
i | i | i | |||||||||
| EQUITY |
||||||||||||
| Class A Ordinary Shares (US$ i i 0.000125 /
par value per share; i i 348,217,505 /
shares authorized as of December 31, 2020 and 2021; i 247,852,996 and i 249,085,237
shares outstanding as of December 31, 2020 and 2021 , respectively) |
i 232 | i 233 | i 37 | |||||||||
| Class B Ordinary Shares (US$ i i 0.000125 /
par value per share; i i 51,782,495 /
shares authorized as of December 31, 2020 and 2021; i 50,939,520 shares outstanding as of December 31, 2020 and 2021) |
i 42 | i 42 | i 7 | |||||||||
| Additional paid-in capital |
i 1,985,792 | i 1,992,321 | i 312,639 | |||||||||
| Statutory reserves |
i 30,763 | i 31,279 | i 4,908 | |||||||||
| Accumulated other comprehensive income |
i 19,913 | i 9,120 | i 1,431 | |||||||||
| Accumulated deficit |
( i 2,155,679 | ) | ( i 2,257,924 | ) | ( i 354,318 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Total shareholders’ deficit |
( i 118,937 |
) |
( i 224,929 |
) |
( i 35,296 |
) | ||||||
| |
|
|
|
|
|
|||||||
| Non-controlling interests |
i 166,987 | i 159,900 | i 25,092 | |||||||||
| |
|
|
|
|
|
|||||||
| TOTAL EQUITY/(DEFICIT) |
i 48,050 |
( i 65,029 |
) |
( i 10,204 |
) | |||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES AND EQUITY |
i 978,504 |
i 761,233 |
i 119,453 |
|||||||||
| |
|
|
|
|
|
|||||||
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ Note 2 (f) |
|||||||||||||
Revenues: |
||||||||||||||||
Technical service fees |
i 1,077,760 | i 330,665 | i 115,272 | i 18,088 | ||||||||||||
Installment service fees |
i 187,359 | i 42,707 | i 16,949 | i 2,660 | ||||||||||||
Wealth management service fees and others |
i 20,117 | i 4,892 | i 41,019 | i 6,437 | ||||||||||||
Total revenues |
i 1,285,236 |
i 378,264 |
i 173,240 |
i 27,185 |
||||||||||||
Cost of revenues: |
||||||||||||||||
Funding cost |
( i 51,759 | ) | ( i 16,525 | ) | ( i 583 | ) | ( i 91 | ) | ||||||||
( Provision)/Reversal for credit losses |
( i 33,942 | ) | ( i 45,090 | ) | i 1,934 | i 303 | ||||||||||
Origination and servicing cost |
( i 290,398 | ) | ( i 100,760 | ) | ( i 94,186 | ) | ( i 14,780 | ) | ||||||||
( Cost on)/Recover of guarantee |
( i 193,426 | ) | ( i 100,347 | ) | i 4,689 | i 736 | ||||||||||
Service cost charged by Jimu Group-related party |
( i 200,163 | ) | ( i 23,052 | ) | ( i 1,574 | ) | ( i 247 | ) | ||||||||
Cost of revenues |
( i 769,688 |
) |
( i 285,774 |
) |
( i 89,720 |
) |
( i 14,079 |
) | ||||||||
Gross profit |
i 515,548 |
i 92,490 |
i 83,520 |
i 13,106 |
||||||||||||
Operating expenses: |
||||||||||||||||
Sales and marketing expenses |
( i 69,593 | ) | ( i 44,697 | ) | ( i 40,936 | ) | ( i 6,424 | ) | ||||||||
General and administrative expenses |
( i 1,095,311 | ) | ( i 147,753 | ) | ( i 88,111 | ) | ( i 13,827 | ) | ||||||||
Research and development expenses |
( i 79,079 | ) | ( i 37,521 | ) | ( i 22,714 | ) | ( i 3,564 | ) | ||||||||
Impairment loss of goodwill and intangible assets |
— | ( i 69,358 | ) | ( i 3,096 | ) | ( i 486 | ) | |||||||||
Total operating expenses |
( i 1,243,983 |
) |
( i 299,329 |
) |
( i 154,857 |
) |
( i 24,301 |
) | ||||||||
Operating loss |
( i 728,435 |
) |
( i 206,839 |
) |
( i 71,337 |
) | ( i 11,195 |
) | ||||||||
Loss from equity method investments |
( i 8,149 | ) | ( i 11,523 | ) | — | — | ||||||||||
Loss from disposal of a subsidiary |
— | — | ( i 5,498 | ) | ( i 863 |
) | ||||||||||
Impairment on prepayment for long-term investment |
( i 200,000 | ) | — | — | — | |||||||||||
Impairment loss on equity investment |
— | ( i 15,908 | ) | — | — | |||||||||||
Interest expenses, net |
( i 19,017 | ) | ( i 34,332 | ) | ( i 32,453 | ) | ( i 5,093 | ) | ||||||||
Other income, net |
i 7,923 |
i 21,658 |
i 7,340 |
i 1,152 |
||||||||||||
Interest income from related parties |
i 43,156 | — | — | — | ||||||||||||
Loss before income tax expense |
( i 904,522 |
) |
( i 246,944 |
) |
( i 101,948 |
) |
( i 15,999 |
) | ||||||||
Income tax expense |
( i 1,968 | ) | ( i 49,196 | ) | ( i 6,872 | ) | ( i 1,078 | ) | ||||||||
Net loss |
( i 906,490 |
) |
( i 296,140 |
) |
( i 108,820 |
) |
( i 17,077 |
) | ||||||||
Net loss attributable to non-controlling interest |
( i 595 |
) |
( i 2,205 |
) |
( i 7,091 |
) |
( i 1,113 |
) | ||||||||
Net loss attributable to Pintec Technology Holdings Limited shareholders |
( i 905,895 |
) |
( i 293,935 |
) |
( i 101,729 |
) |
( i 15,964 |
) | ||||||||
Other comprehensive income/(loss): |
||||||||||||||||
Fair value change in available for sale investment |
— | ( i 421 | ) | ( i 91 | ) | ( i 14 | ) | |||||||||
Foreign currency translation adjustments, net of i i i nil / /
tax |
i 11,876 | ( i 22,556 | ) | ( i 10,702 | ) | ( i 1,678 | ) | |||||||||
Total other comprehensive income/(loss) |
i 11,876 |
( i 22,977 |
) |
( i 10,793 |
) |
( i 1,692 |
) | |||||||||
Total comprehensive loss |
( i 894,614 |
) |
( i 319,117 |
) |
( i 119,613 |
) |
( i 18,769 |
) | ||||||||
Total comprehensive loss attributable to non-controlling interest |
( i 595 | ) | ( i 2,205 | ) | ( i 7,091 | ) | ( i 1,113 | ) | ||||||||
Total comprehensive loss attributable to Pintec Technology Holdings Limited shareholders |
( i 894,019 |
) |
( i 316,912 |
) |
( i 112,522 |
) |
( i 17,656 |
) | ||||||||
Loss per ordinary share |
||||||||||||||||
Basic and Diluted |
( i 3.21 | ) | ( i 0.99 | ) | ( i 0.34 | ) | ( i 0.05 | ) | ||||||||
Weighted average number of ordinary shares outstanding |
||||||||||||||||
Basic and Diluted |
i 282,129,663 | i 297,334,389 | i 299,714,670 | i 299,714,670 | ||||||||||||
Share-based compensation expenses included in |
||||||||||||||||
Cost of revenues |
i 250 | i 18 | ( i 13 | ) | ( i 2 | ) | ||||||||||
Sales and marketing expenses |
i 1,565 | i 3,182 | i 354 | i 56 | ||||||||||||
General and administrative expenses |
i 12,785 | i 7,054 | i 2,370 | i 372 | ||||||||||||
Research and development expenses |
i 3,247 | i 1,644 | i 1,082 | i 170 | ||||||||||||
Pre-IPO Class A Ordinary Shares |
Class A Ordinary Shares |
Class B Ordinary Shares |
Statutory Reserve |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Noncontrolling interests |
Total Equity/ (Deficit) |
||||||||||||||||||||||||||||||||||||||||
Share |
Amount |
Share |
Amount |
Share |
Amount |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
||||||||||||||||||||||||||||||||||||||||
| As of December 31, 2018 |
— |
— |
i 213,811,958 |
i 185 |
i 51,782,495 |
i 43 |
i 1,739 |
i 1,896,993 |
i 31,014 |
( i 872,698 |
) |
— |
i 1,057,276 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
| Impact on adoption of ASC 606 |
— | — | — | — | — | — | — | — | — | ( i 54,127 | ) | — | ( i 54,127 | ) | ||||||||||||||||||||||||||||||||||
| Exercise of Share-based options |
— | — | i 29,737,638 | i 26 | — | — | — | — | — | — | — | i 26 | ||||||||||||||||||||||||||||||||||||
| Shares issued to acquire a subsidiary |
— | — | i 106,636 | — | — | — | — | i 1,187 | — | — | — | i 1,187 | ||||||||||||||||||||||||||||||||||||
| Warrant issued |
— | — | — | — | — | — | — | i 26,290 | — | — | — | i 26,290 | ||||||||||||||||||||||||||||||||||||
| Reassignment of Class B Ordinary Shares to Class A Ordinary Shares |
— | — | i 842,975 | i 1 | ( i 842,975 | ) | ( i 1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Addition of noncontrolling interests resulting from selling of interests in a subsidiary |
— | — | — | — | — | — | — | i 364 | — | — | i 19,787 | i 20,151 | ||||||||||||||||||||||||||||||||||||
| Contribution from non-controlling interests in a subsidiary |
— | — | — | — | — | — | — | — | — | — | i 150,000 | i 150,000 | ||||||||||||||||||||||||||||||||||||
| Share-based awards to employee of the Group |
— | — | — | — | — | — | — | i 17,847 | — | — | — | i 17,847 | ||||||||||||||||||||||||||||||||||||
| Net loss |
— | — | — | — | — | — | — | — | — | ( i 905,895 | ) | ( i 595 | ) | ( i 906,490 | ) | |||||||||||||||||||||||||||||||||
| Appropriation to statutory reserve |
— | — | — | — | — | — | i 27,920 | — | — | ( i 27,920 | ) | — | — | |||||||||||||||||||||||||||||||||||
| Share-based awards to employee of Jimu Group |
— | — | — | — | — | — | — | i 34,684 | — | — | — | i 34,684 | ||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of i nil tax |
— | — | — | — | — | — | — | — | i 11,876 | — | — | i 11,876 | ||||||||||||||||||||||||||||||||||||
| As of December 31, 2019 |
— |
— |
i 244,499,207 |
i 212 |
i 50,939,520 |
i 42 |
i 29,659 |
i 1,977,365 |
i 42,890 |
( i 1,860,640 |
) |
i 169,192 |
i 358,720 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
| Exercise of options |
— | — | i 3,353,789 | i 20 | — | — | — | — | — | — | — | i 20 | ||||||||||||||||||||||||||||||||||||
| Share-based awards to employee of the Group |
— | — | — | — | — | — | — | i 11,898 | — | — | — | i 11,898 | ||||||||||||||||||||||||||||||||||||
| Share-based awards to employee of Jimu Group |
— | — | — | — | — | — | — | ( i 3,471 | ) | — | — | — | ( i 3,471 | ) | ||||||||||||||||||||||||||||||||||
| Net loss |
— | — | — | — | — | — | — | — | — | ( i 293,935 | ) | ( i 2,205 | ) | ( i 296,140 | ) | |||||||||||||||||||||||||||||||||
| Appropriation to statutory reserve |
— | — | — | — | — | — | i 1,104 | — | — | ( i 1,104 | ) | — | — | |||||||||||||||||||||||||||||||||||
| Fair value change in available for sale investment |
— | — | — | — | — | — | — | — | ( i 421 | ) | — | — | ( i 421 | ) | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of i nil tax |
— | — | — | — | — | — | — | — | ( i 22,556 | ) | — | — | ( i 22,556 | ) | ||||||||||||||||||||||||||||||||||
| As of December 31, 2020 |
— |
— |
i 247,852,996 |
i 232 |
i 50,939,520 |
i 42 |
i 30,763 |
i 1,985,792 |
i 19,913 |
( i 2,155,679 |
) |
i 166,987 |
i 48,050 |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
| Exercise of options |
— | — | i 1,232,241 | i 1 | — | — | — | — | — | — | — | i 1 | ||||||||||||||||||||||||||||||||||||
| Non-controlling interests contribution |
— | — | — | — | — | — | — | — | — | — | i 4 | i 4 | ||||||||||||||||||||||||||||||||||||
| Share-based awards to employee of the Group |
— | — | — | — | — | — | — | i 3,793 | — | — | — | i 3,793 | ||||||||||||||||||||||||||||||||||||
| Share-based awards to employee of Jimu Group |
— | — | — | — | — | — | — | i 2,736 | — | — | — | i 2,736 | ||||||||||||||||||||||||||||||||||||
| Net loss |
— | — | — | — | — | — | — | — | — | ( i 101,729 | ) | ( i 7,091 | ) | ( i 108,820 | ) | |||||||||||||||||||||||||||||||||
| Appropriation to statutory reserve |
— | — | — | — | — | — | i 516 | — | — | ( i 516 | ) | — | — | |||||||||||||||||||||||||||||||||||
| Fair value change in available for sale investment |
— | — | — | — | — | — | — | — | ( i 91 | ) | — | — | ( i 91 | ) | ||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of i nil tax |
— | — | — | — | — | — | — | — | ( i 10,702 | ) | — | — | ( i 10,702 | ) | ||||||||||||||||||||||||||||||||||
| As of December 31, 2021 |
— |
— |
i 249,085,237 |
i 233 |
i 50,939,520 |
i 42 |
i 31,279 |
i 1,992,321 |
i 9,120 |
( i 2,257,924 |
) |
i 159,900 |
( i 65,029 |
) | ||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ Note 2 (f) |
|||||||||||||
| Cash flows from operating activities: |
||||||||||||||||
| Net loss |
( i 906,490 | ) | ( i 296,140 | ) | ( i 108,820 | ) | ( i 17,077 | ) | ||||||||
| Adjustments to reconcile net loss to net cash provided by /(used in) operating activities: |
||||||||||||||||
| Depreciation and amortization |
i 12,289 | i 15,225 | i 12,356 | i 1,939 | ||||||||||||
| Share-based compensation expenses |
i 17,847 | i 11,898 | i 3,793 | i 596 | ||||||||||||
| Provision/(reversal) for doubtful accounts and credit losses |
i 961,851 | i 50,965 | ( i 7,276 | ) | ( i 1,142 | ) | ||||||||||
| Impairment on prepayment for long-term investment |
i 200,000 | — | — | — | ||||||||||||
| Impairment loss of goodwill and intangible assets |
— | i 69,358 | i 3,096 | i 486 | ||||||||||||
| Impairment loss on equity investment |
— | i 15,908 | — | — | ||||||||||||
| Loss from equity-method investments |
i 8,149 | i 11,523 | — | — | ||||||||||||
| Loss from disposal of a subsidiary |
— | — | i 5,498 | i 863 | ||||||||||||
| Accretion of debt instrument |
i 7,343 | i 18,947 | — | — | ||||||||||||
| Deferred income tax |
( i 17,263 | ) | i 46,915 | i 1,845 | i 290 | |||||||||||
| Change in the fair value of contingent consideration payable from acquisition of Infrarisk |
i 1,496 | i 985 | i — | i — | ||||||||||||
| Changes in operating assets and liabilities: |
||||||||||||||||
| Short-term and long-term financing receivables |
i 112,540 | i 108 | ( i 2,415 | ) | ( i 379 | ) | ||||||||||
| Short-term and long-term financial guarantee assets |
( i 86,939 | ) | i 83,806 | i 6,523 | i 1,024 | |||||||||||
| Accounts receivable |
( i 49,780 | ) | i 17,162 | i 10,473 | i 1,643 | |||||||||||
| Amounts due from related parties, net |
i 83,020 | ( i 8,076 | ) | i 3,486 | i 547 | |||||||||||
| Prepayments and other current assets |
i 2,112 | i 12,299 | i 4,636 | i 727 | ||||||||||||
| Short-term and long-term funding debts |
( i 172,792 | ) | ( i 22,210 | ) | — | — | ||||||||||
| Accounts payable |
i 15,070 | ( i 47,362 | ) | i 11,281 | i 1,770 | |||||||||||
| Amounts due to related parties |
( i 30,495 | ) | i 261,229 | i 18,989 | i 2,980 | |||||||||||
| Tax payable |
( i 5,539 | ) | ( i 12,755 | ) | i 3,859 | i 606 | ||||||||||
| Financial guarantee liabilities |
i 86,397 | ( i 81,673 | ) | ( i 6,523 | ) | ( i 1,024 | ) | |||||||||
| Accrued expenses and other liabilities |
( i 63,737 | ) | ( i 91,149 | ) | i 7,017 | i 1,100 | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net cash provided by/(used in) operating activities |
i 175,079 |
i 56,963 |
( i 32,182 |
) |
( i 5,051 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Cash flows from investing activities: |
||||||||||||||||
| Purchase of property, equipment and software |
( i 10,015 | ) | ( i 97,801 | ) | ( i 177 | ) | ( i 28 | ) | ||||||||
| Proceeds from disposal of property, equipment and software |
— |
i 924 | i 1,964 | i 308 | ||||||||||||
| Prepayment for financing receivable |
( i 200,000 | ) | — | — | — | |||||||||||
| Financing receivables facilitated |
( i 1,988,899 | ) | ( i 360,984 | ) | ( i 326,637 | ) | ( i 51,256 | ) | ||||||||
| Collection of principal on financing receivables |
i 2,313,229 | i 691,655 | i 306,835 | i 48,149 | ||||||||||||
| Collection of loan from a third party |
i 135,296 | — | — | — | ||||||||||||
| Net cash advances to Jimu Group |
( i 697,754 | ) | i 293 | i 232 | i 36 | |||||||||||
| Loans provided to Jimu Group |
( i 137,000 | ) | ( i 40,000 | ) | — | — | ||||||||||
| Collection of loan from Jimu Group |
i 122,000 | i 40,000 | — | — | ||||||||||||
| Cash acquired due to acquisition of Qilehui (Note 4) |
i 26 | — | — | |||||||||||||
| Cash acquired due to acquisition of Ganzhou Micro Finance (Note 4) |
i 42,591 | — | — | — | ||||||||||||
| Purchase of Infrarisk, net of cash acquired (Note 4) |
( i 3,650 | ) | — | — | — | |||||||||||
| Purchase of long-term investments |
( i 91,500 | ) | ( i 41,494 | ) | — | — | ||||||||||
| Equity transfer consideration paid to Jimu Group |
( i 23,000 | ) | — | — | — | |||||||||||
| Prepayment of intent acquisition (Note 7) |
— | — | ( i 100,000 | ) | ( i 15,692 | ) | ||||||||||
| Net cash outflow from disposal of subsidiary |
— | — | ( i 1,681 | ) | ( i 264 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net cash (used in)/provided by investing activities |
( i 538,702 |
) |
i 192,619 |
( i 119,464 |
) |
( i 18,747 |
) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Cash flows from financing activities: |
||||||||||||||||
| Proceeds from short-term and long-term borrowings |
i 495,000 | i 50,000 | — | — | ||||||||||||
| Repayment of short-term and long-term borrowings |
( i 315,000 | ) | ( i 320,000 | ) | ( i 130,000 | ) | ( i 20,400 | ) | ||||||||
| Loan received from third parties |
i 17,000 | — | — | — | ||||||||||||
| Loan repayment to third parties |
( i 17,000 | ) | — | — | — | |||||||||||
| Repayment of loans to Jimu Group |
( i 23,831 | ) | — | — | — | |||||||||||
| Proceeds from funding debts |
i 682,100 | — | — | — | ||||||||||||
| Proceeds from related parties as funding debts |
|
|
— |
|
|
|
— |
|
|
|
i 472 |
|
|
|
i 74 |
|
| Principal repayments on funding debts |
( i 904,074 | ) | ( i 296,659 | ) | ( i 2,811 | ) | ( i 441 | ) | ||||||||
| Proceeds from issuance of convertible loans |
— | i 400,000 | — | — | ||||||||||||
| Proceeds from issuance of debt instrument |
i 100,000 | — | — | — | ||||||||||||
| Repayment of debt instrument |
— | ( i 100,000 | ) | — | — | |||||||||||
| Proceeds from exercise of options |
i 26 | i 20 | i 1 | — | ||||||||||||
| Proceeds from capital injection by non-controlling shareholders |
i 170,151 | — | i 4 | i 1 | ||||||||||||
| Proceeds from notes payable |
i 20,000 | — |
— |
— |
||||||||||||
| Repayment of notes payable |
— |
( i 20,000 | ) |
— |
— |
|||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net cash provided by/(used in) financing activities |
i 224,372 |
( i 286,639 |
) |
( i 132,334 |
) |
( i 20,766 |
) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
i 10,114 |
( i 21,503 |
) |
( i 13,578 |
) |
( i 2,131 |
) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net decrease in cash, cash equivalents and restricted cash |
( i 129,137 | ) | ( i 58,560 | ) | ( i 297,558 | ) | ( i 46,695 | ) | ||||||||
| Cash, cash equivalents and restricted cash at beginning of the year |
i 710,041 | i 580,904 | i 522,344 | i 81,968 | ||||||||||||
| Including: |
||||||||||||||||
| Cash and cash equivalents at beginning of the year |
i 457,442 | i 102,755 | i 377,160 | i 59,185 | ||||||||||||
| Restricted cash at beginning of the year |
i 252,599 | i 382,695 | i 137,220 | i 21,533 | ||||||||||||
| Non-current restricted time deposits at beginning of the year |
— | i 95,454 | i 7,964 | i 1,250 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of the year |
i 580,904 |
i 522,344 |
i 224,786 |
i 35,273 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Including: |
||||||||||||||||
| Cash and cash equivalents at end of the year |
i 102,755 | i 377,160 | i 217,901 | i 34,193 | ||||||||||||
| Restricted cash at end of the year |
i 382,695 | i 137,220 | i 1,468 | i 230 | ||||||||||||
| Non-current restricted time deposits at end of the year |
i 95,454 | i 7,964 | i 5,417 | i 850 | ||||||||||||
| Supplemental disclosure of cash flow information: |
||||||||||||||||
| Cash paid for interest and funding cost |
i 64,121 | i 49,473 | i 36,654 | i 5,752 | ||||||||||||
| Cash paid for income tax expense |
i 33,419 | i 6,455 | i 1,097 | i 172 | ||||||||||||
| Non-cash investing activities: |
||||||||||||||||
| Net off amount due to Jimu Group arising from acquisition of Ganzhou Micro Finance with due from Jimu Group |
i 230,000 | — | — | — | ||||||||||||
| Contingent payables related to acquisition of Infrarisk |
( i 11,215 | ) | — | — | — |
1. |
Organization and principal activities |
(a) |
Nature of operations |
(b) |
Major subsidiaries and VIEs |
| Date of incorporation/ acquisition |
Place of incorporation |
Percentage of direct or indirect economic interest |
Principal activities | |||||
| Pintec Technology Holdings Limited (“Pintec”) | March 2, 2017 | The Cayman Islands | Investment holding | |||||
| Wholly owned subsidiaries: |
||||||||
| Sky City (Beijing) Technology Co., Ltd. (“Sky City WFOE”) |
December 22, 2016 | The PRC | i 100% | Investment holding | ||||
| Anxunying (Tianjin) Commercial Factoring Co., Ltd. (“Anxunying Tianjin”) |
December 3, 2018 | The PRC | i 100% | Lending solution business | ||||
| Pintec (Beijing) Technology Co., Ltd (“Pintec Beijing WFOE”) |
December 21, 2016 | The PRC | i 100% | Investment holding | ||||
| Qilehui Credit Information Co., Ltd (“Qilehui”) |
2020 |
The PRC | i 100% | Corporate credit investigation | ||||
| VIEs and VIEs subsidiaries (referred to as “Pintec Operating Entities”): |
||||||||
| Beijing Hongdian Fund Distributor Co., Ltd. (“Beijing Hongdian”) |
April 13, 2015 | The PRC | i 100% | Wealth management solution business | ||||
| Shanghai Anquying Technology Co., Ltd. (“Shanghai Anquying”) |
November 16, 2015 | The PRC | i 100% | Lending solution business | ||||
| Myfin Insurance Broker Co., Ltd (“Myfin Insurance”) |
December 17, 2015 | The PRC | i 60% | Insurance solution business | ||||
| Anquying (Tianjin) Technology Co., Ltd. (“Tianjin Anquying”) |
January 29, 2016 | The PRC | i 100% | Lending solution business | ||||
| Xuanji Intelligence (Beijing) Technology Co., Ltd. (“Beijing Xuanji”) |
May 31, 2016 | The PRC | i 100% | Wealth management solution business | ||||
| Shenzhen Qianhai Minheng Commercial Factoring Co., Ltd. (“Shenzhen Minheng”) |
June 30, 2016 | The PRC | i 100% | Lending solution business | ||||
| Pintec Jinke (Beijing) Technology Information Co., Ltd., (formerly known as Hezi (Beijing) Consultants Co., Ltd) (“Beijing Jinke”) |
January 3, 2017 | The PRC | i 100% | Wealth management solution business | ||||
Date of incorporation/ acquisition |
Place of incorporation |
Percentage of direct or indirect economic interest |
Principal activities | |||||
Ganzhou Dumiao Intelligence Technology Co., Ltd (formerly known as Anquying (Ganzhou) Technology Co., Ltd.) (“Ganzhou Anquying”) |
May 27, 2017 | The PRC | i 100% | Lending solution business | ||||
Anquyun (Tianjin) Technology Co., Ltd. (“Tianjin Anquyun”) |
January 2, 2018 | The PRC | i 100% | Lending solution business | ||||
Beijing Xinshun Dingye Technology Co., Ltd. (“Xinshundingye”) |
January 30, 2019 | The PRC | i 100% | Wealth management solution business | ||||
Ganzhou Aixin Network Micro Finance Co., Ltd, (formerly known as Ganzhou Jimu Micro Finance Co., Ltd.) (“Ganzhou Micro Finance”) |
March 21, 2019 | The PRC | i 100% | Micro-loan Lending | ||||
Pintec Yunke (Ganzhou) Technology Information Co., Ltd. (“Pintec Yunke”) |
May 9, 2019 | The PRC | i 100% | Lending solution business | ||||
Janko Loans Pty Ltd |
Australia |
i 50% |
Lending solution business | |||||
Wagepay Pty Ltd |
Australia |
i 50% |
Lending solution business | |||||
(c) |
Variable interest entities (excluding the consolidated trust as discussed in Note 2(j)) |
1. |
Organization and principal activities (Continued) |
1. |
Organization and principal activities (Continued) |
(d) |
Risks in relation to the VIE structure |
| • | revoke the Group’s business and operating licenses; |
| • | require the Group to discontinue or restrict its operations; |
| • | restrict the Group’s right to collect revenues; |
| • | block the Group’s websites; |
| • | require the Group to restructure the operations, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets; |
| • | impose additional conditions or requirements with which the Group may not be able to comply; or |
| • | take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. |
1. |
Organization and principal activities (Continued) |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
Total assets |
i 440,444 | i 307,249 | ||||||
Total liabilities |
i 476,397 | i 374,447 | ||||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
Total net revenues |
i 1,272,943 | i 352,604 | i 147,883 | |||||||||
Net (loss)/income |
( i 520,791 | ) | ( i 111,765 | ) | i 40,717 | |||||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
Net cash provided by operating activities |
i 404,851 | i 128,547 | i 82,587 | |||||||||
Net cash (used in)/provided by investing activities |
( i 165,957 | ) | i 289,956 | ( i 19,956 | ) | |||||||
Net cash provided by/(used in) financing activities |
i 86,906 | ( i 666,659 | ) | ( i 132,810 | ) | |||||||
2. |
Summary of significant accounting policies |
(a) |
Basis of presentation |
(b) |
Principles of consolidation |
(c) |
Use of estimates |
(d) |
Business combination |
2. |
Summary of significant accounting policies (Continued) |
(e) |
Foreign currency translation |
(f) |
Convenience translation |
(g) |
Cash and cash equivalents |
2. |
Summary of significant accounting policies (Continued) |
(h) |
Restricted cash |
(i) |
Fair value measurement |
| • | Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities. |
| • | Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. |
| • | Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
(j) |
Financing receivables, net |
2. |
Summary of significant accounting policies (Continued) |
2. |
Summary of significant accounting policies (Continued) |
(k) |
Accounts receivable, net |
(l) |
Long-term investments |
2. |
Summary of significant accounting policies (Continued) |
(m) |
Property, equipment and software, net |
Category |
Estimated useful life | |
| Building | i 24 years | |
| Office furniture and equipment | i 3 - i 5 years | |
| Computer and electronic equipment | i 3 - i 5 years | |
| Software | i 5 years | |
| Vehicle | i 10 years | |
| Leasehold improvements | i Over the shorter of lease term or the estimated useful lives of the assets |
(n) |
Intangible assets, net |
Category |
Estimated useful life |
|||
Microcredit license |
i 17 years | |||
Software copyright |
i 2 years | |||
Customer database |
i 5.5 years | |||
Customer relationship |
i 10 years | |||
Trademark |
i 5.5 years | |||
Credit investigation license |
i indefinite | |||
2. |
Summary of significant accounting policies (Continued) |
(o) |
Goodwill |
(p) |
Impairment of long-lived assets |
(q) |
Funding Debts |
2. |
Summary of significant accounting policies (Continued) |
(r) |
Financial Guarantee |
(1) |
Financial guarantee liabilities |
(2) |
Financial guarantee assets |
2. |
Summary of significant accounting policies (Continued) |
(s) |
Revenue recognition |
| 1. |
| 2. | Identification of the performance obligations in the contract; |
| 3. | Determination of the transaction price; |
| 4. | Allocation of the transaction price to the performance obligations in the contract; and |
| 5. | Recognition of the revenue when, or as, a performance obligation is satisfied. |
2. |
Summary of significant accounting policies (Continued) |
2. |
Summary of significant accounting policies (Continued) |
(t) |
Funding cost |
(u) |
Provision for credit losses |
(v) |
Origination and servicing cost |
(w) |
Research and development expenses |
2. |
Summary of significant accounting policies (Continued) |
(x) |
Share-based compensation expenses |
2. |
Summary of significant accounting policies (Continued) |
(y) |
Leases |
(z) |
Taxation |
2. |
Summary of significant accounting policies (Continued) |
2. |
Summary of significant accounting policies (Continued) |
2. |
Summary of significant accounting policies (Continued) |
3. |
Concentration and risks |
3. |
Concentration and risks (Continued) |
4. |
Acquisitions |
Amount |
||||
RMB |
||||
Cash and cash equivalents |
i 42,591 | |||
Accounts and other receivable |
i 12,915 | |||
Prepayment |
i 563 | |||
Short-term financing receivables, net |
i 148,249 | |||
Deferred assets |
i 4,368 | |||
Fixed assets |
i 534 | |||
Intangible asset - license |
i 35,410 | |||
Goodwill* |
i 5,212 | |||
Total assets |
i 249,842 | |||
Advance from customers |
( i 344 | ) | ||
Tax payable |
( i 993 | ) | ||
Other payables |
( i 9,652 | ) | ||
Deferred tax liabilities |
( i 8,853 | ) | ||
Total |
i 230,000 | |||
Total Consideration |
i 230,000 | |||
| * | The goodwill is not deductible for tax purposes. |
4. |
Acquisitions (Continued) |
5. |
Financing receivables, net |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Short-term: |
||||||||
| Short-term financing receivables |
i 71,271 | i 99,857 | ||||||
| Allowance for credit losses |
( i 488 | ) | ( i 2,657 | ) | ||||
| |
|
|
|
|||||
| Short-term financing receivables, net |
i 70,783 | i 97,200 | ||||||
| |
|
|
|
|||||
| Long-term: |
||||||||
| Long-term financing receivables |
i 2,930 | i 571 | ||||||
| Allowance for credit losses |
( i 95 | ) | — | |||||
| |
|
|
|
|||||
| Long-term financing receivables, net |
i 2,835 | i 571 | ||||||
| |
|
|
|
|||||
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Due in months: |
||||||||
| 0 - 12 |
i 71,271 | i 99,857 | ||||||
| 13 - 24 |
i 2,930 | i 571 | ||||||
| |
|
|
|
|||||
| Total financing receivables |
i 74,201 |
i 100,428 |
||||||
| |
|
|
|
|||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
| Balance at beginning of the year |
i 23,183 | i 20,544 | i 583 | |||||||||
| Addition due to acquisition of Ganzhou Micro Finance |
i 17,470 | — | — | |||||||||
| Additions/(Reversal) |
i 33,942 | i 45,090 | ( i 1,934 | ) | ||||||||
| (Charge-offs)/Charge-offs reversal |
( i 54,051 | ) | ( i 65,051 | ) | i 4,008 | |||||||
| |
|
|
|
|
|
|||||||
| Balance at end of the year |
i 20,544 |
i 583 |
i 2,657 |
|||||||||
| |
|
|
|
|
|
|||||||
Financing receivables |
1 - 30 Days Past Due |
31 - 60 Days Past Due |
61 - 90 Days Past Due |
91 Days or Greater Past Due |
Total Past Due |
Current |
Total |
|||||||||||||||||||||
| As of December 31, 2020 |
i 164 | i 154 | i 106 | — | i 424 | i 73,777 | i 74,201 | |||||||||||||||||||||
| As of December 31, 2021 |
i 1,354 | i 700 | i 232 | — | i 2,286 | i 98,142 | i 100,428 | |||||||||||||||||||||
6 . |
Accounts receivable, net |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Receivables for technical service fees from borrowers and financial partners |
i 42,082 | i 26,494 | ||||||
| Receivables for marketplace service fees from asset management companies |
i 981 | i 1,062 | ||||||
| Receivables for marketplace service fees from insurance companies and others |
i 8,285 | i 13,694 | ||||||
| |
|
|
|
|||||
| Total accounts receivable |
i 51,348 | i 41,250 | ||||||
| |
|
|
|
|||||
| Allowance for doubtful accounts |
( i 369 | ) | ( i 4,396 | ) | ||||
| |
|
|
|
|||||
| Accounts receivable, net |
i 50,979 | i 36,854 | ||||||
| |
|
|
|
|||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
| Balance at beginning of the year |
i 13,845 | i 4,780 | i 369 | |||||||||
| Additions |
i 23,182 | i 6,110 | i 1,152 | |||||||||
| (Charge-off)/Reversal Charge-off |
( i 32,247 | ) | ( i 10,521 | ) | i 2,875 | |||||||
| |
|
|
|
|
|
|||||||
| Balance at end of the year |
i 4,780 | i 369 | i 4,396 | |||||||||
| |
|
|
|
|
|
|||||||
7 . |
Prepayments and other current assets, net |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Prepayment of intent acquisition * |
— | i 100,000 | ||||||
| Deposits to financial partners and other vendors |
i 33,969 | i 24,809 | ||||||
| Prepaid expenses |
i 19,555 | i 16,186 | ||||||
| Prepaid input VAT |
i 6,607 | i 8,618 | ||||||
| Short-term loan to third parties |
i 5,392 | i 1,500 | ||||||
| Receivables from third-party online payment platforms and business partners |
i 959 | i 1,477 | ||||||
| Advance to staff |
i 238 | i 289 | ||||||
| Others |
i 940 | i 4,344 | ||||||
| |
|
|
|
|||||
| Total prepayments and other current assets |
i 67,660 |
i 157,223 |
||||||
| |
|
|
|
|||||
| Bad debt provision |
( i 1,500 | ) | ( i 2,136 | ) | ||||
| |
|
|
|
|||||
| Total prepayments and other current assets, net |
i 66,160 |
i 155,087 |
||||||
| |
|
|
|
|||||
* |
On August 16, 2021, the Group entered into an investment agreement pursuant to which it agreed to invest a cash consideration of RMB i 100 million for a minority interest in Beijing Xiao Benniao Information Technology Co., Ltd. (the “XBN”). Since the business performance of XBN is not satisfying, the Group terminated its investment in XBN on December
28, 2021. Pursuant to the termination of investment agreement, XBN transferred i 100% interest equity of its subsidiary High Vision (Beijing) Network Technology Co., Ltd. (“High Vision”) with RMB i 100
million cash in bank and no other assets or liabilities to the Group. On January 10, 2022, the Group acquired i 100% equity interest of High Vision. |
8 . |
Property, equipment and software, net |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Building |
i 92,747 | i 92,747 | ||||||
| Computer and electronic equipment |
i 14,442 | i 12,166 | ||||||
| Software |
i 11,782 | i 7,990 | ||||||
| Office furniture and equipment |
i 1,161 | i 601 | ||||||
| Leasehold improvement |
i 1,473 | i 1,458 | ||||||
| Vehicle |
i 664 | — | ||||||
| |
|
|
|
|||||
| Total |
i 122,269 | i 114,962 | ||||||
| |
|
|
|
|||||
| Less: Accumulated depreciation and amortization |
( i 15,061 | ) | ( i 19,267 | ) | ||||
| |
|
|
|
|||||
| Property, equipment and software, net |
i 107,208 | i 95,695 | ||||||
| |
|
|
|
|||||
9 . |
Long-term investments |
Investments without readily determinable fair values |
Investments accounted for using the equity method |
Available for sale investment |
Total |
|||||||||||||
RMB |
RMB |
RMB |
||||||||||||||
Balance as of December 31, 2019 |
i 85,000 |
i 23,603 |
— |
i 108,603 |
||||||||||||
Investments made |
— | i 4,894 | — | i 4,894 | ||||||||||||
Loss from equity method investments |
— | ( i 11,523 | ) | — | ( i 11,523 | ) | ||||||||||
Less: Impairment |
— | ( i 15,908 | ) | — | ( i 15,908 | ) | ||||||||||
Less: Foreign currency translation adjustments |
— | ( i 1,066 | ) | — | ( i 1,066 | ) | ||||||||||
Subscription of private fund |
— | — | i 36,600 | i 36,600 | ||||||||||||
Loss from private fund |
— | — | ( i 421 | ) | ( i 421 | ) | ||||||||||
Balance as of December 31, 2020 |
i 85,000 |
— |
i 36,179 |
i 121,179 |
||||||||||||
Investments made |
i 1,484 |
i — |
i — | i 1,484 |
||||||||||||
Loss from private fund |
— | — | ( i 91 | ) | ( i 91 | ) | ||||||||||
Balance as of December 31, 2021 |
i 86,484 |
— |
i 36,088 |
i 122,572 |
||||||||||||
9. |
Long-term investments (Continued) |
10. |
Fair value measurement |
Level 1 Inputs |
Level 2 Inputs |
Level 3 Inputs |
Balance at Fair Value |
|||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||
Liabilities |
||||||||||||||||
Consideration payable for acquisition-current |
— | — | ( i 7,995 | ) | ( i 7,995 | ) | ||||||||||
Consideration payable for acquisition-noncurrent |
— | — | ( i 954 | ) | ( i 954 | ) | ||||||||||
Total |
— |
— |
( i 8,949 |
) |
( i 8,949 |
) | ||||||||||
Level 1 Inputs |
Level 2 Inputs |
Level 3 Inputs |
Balance at Fair Value |
|||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||
Liabilities |
||||||||||||||||
Consideration payable for acquisition-current |
— | — | ( i 2,574 | ) | ( i 2,574 | ) | ||||||||||
Consideration payable for acquisition-noncurrent |
— | — | — | — | ||||||||||||
Total |
— |
— |
( i 2,574 |
) |
( i 2,574 |
) | ||||||||||
11. |
Intangible assets, net |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
License with indefinite life |
i 9,882 | i 9,882 | ||||||
Software copyright |
i 14,898 | i — | ||||||
Customer database |
i 9,697 | i 8,815 | ||||||
Customer relationship |
i 2,909 | i — | ||||||
Trademark |
i 162 | i 65 | ||||||
Less: Accumulated amortization |
( i 20,882 | ) | ( i 8,880 | ) | ||||
Intangible assets, net |
i 16,666 |
i 9,882 |
||||||
12. |
Goodwill |
13. |
Funding debts |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Short-term: |
||||||||
| Loan payables to individual investors via financial partners |
i 2,841 | i 30 | ||||||
| |
|
|
|
|||||
| Total short-term funding debts |
i 2,841 |
i 30 |
||||||
| |
|
|
|
|||||
14. |
Borrowings |
Annual Interest Rate |
Maturity (Months) |
Principal |
||||||||||||||||||
RMB |
RMB |
RMB |
||||||||||||||||||
| Short-term borrowings: |
||||||||||||||||||||
| Bank of Jiangsu Co., Ltd (Beijing Branch)* |
i 4.05 | % | i April 2021 | i 50,000 | i 50,000 | — | ||||||||||||||
| SPD Silicon Valley Bank** |
i 3.55 | % | i April 2021 | i 80,000 | i 80,000 | — | ||||||||||||||
| |
|
|
|
|||||||||||||||||
| Total short-term borrowings |
i 130,000 |
i — |
||||||||||||||||||
| |
|
|
|
|||||||||||||||||
| * | Loans from Bank of Jiangsu Co., Ltd (Beijing Branch) were pledged with restricted cash with balance of US$ i 8,280 (RMB i 54,026)
and i nil as of December 31, 2020 and December 31, 2021, respectively. In April, 2021, the Company repaid the short-term borrowing from Bank of Jiangsu of RMB i 50,000.
|
| ** | Loan from SPD Silicon Valley Bank were pledged with restricted cash with balance of US$ i 12,564 (RMB i 81,981)
and i nil as of December 31, 2020 and December 31, 2021, respectively. In April, 2021, the Company repaid the short-term borrowing from SPD Silicon Valley Bank of RMB i 80,000.
|
15. |
Financial guarantee liabilities and financial guarantee assets |
For the years ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
| Balance at beginning of the year |
i 15,537 | i 101,933 | i 20,260 | |||||||||
| Fair value of financial guarantee liabilities upon the inception of new loans |
i 493,799 | i 56,810 | i 20,511 | |||||||||
| Release of financial guarantee liabilities upon repayment |
( i 407,403 | ) | ( i 138,483 | ) | ( i 27,035 | ) | ||||||
| Contingent liabilities |
i — | i — | i — | |||||||||
| |
|
|
|
|
|
|||||||
| Balance at the end of the year |
i 101,933 | i 20,260 | i 13,736 | |||||||||
| |
|
|
|
|
|
|||||||
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Short-term: |
||||||||
| Short-term financial assets receivable |
i 19,561 | i 13,552 | ||||||
| Allowance for credit losses |
( i 992 | ) | ( i 605 | ) | ||||
| |
|
|
|
|||||
| Short-term financial assets receivable, net |
i 18,569 | i 12,947 | ||||||
| |
|
|
|
|||||
| Long-term: |
||||||||
| Long-term financial assets receivable |
i 698 | i 184 | ||||||
| Allowance for credit losses |
i — | i — | ||||||
| |
|
|
|
|||||
| Long-term financial assets receivable, net |
i 698 | i 184 | ||||||
| |
|
|
|
|||||
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
| Balance at beginning of the year |
i — | i 9,045 | i 992 | |||||||||
| Additions/(Reversal) |
i 12,527 | ( i 8,053 | ) | ( i 387 | ) | |||||||
| Charge-offs |
( i 3,482 | ) | i — | i — | ||||||||
| |
|
|
|
|
|
|||||||
| Balance at end of the year |
i 9,045 | i 992 | i 605 | |||||||||
| |
|
|
|
|
|
|||||||
16. |
Convertible loan |
17. |
Accrued expenses and other liabilities |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
Payables to individual investors and financial partners for collecting principal and interests on behalf of borrowers |
i 6,677 | i 10,561 | ||||||
Interest payable |
i 5,549 | i 8,750 | ||||||
Professional service fees payable |
i 9,791 | i 8,358 | ||||||
Payroll Payable |
i 4,213 | i 3,668 | ||||||
Deferred government grants |
i 14,000 | i 3,000 | ||||||
Investment consideration payable |
i 7,995 | i 2,574 | ||||||
Deferred service fee |
i 6,890 | i 1,885 | ||||||
Collection on behalf of vendors |
— | i 4,593 | ||||||
Others |
i 4,639 | i 5,574 | ||||||
Total |
i 59,754 | i 48,963 | ||||||
18. |
Non-controlling interests |
19. |
Taxation |
19. |
Taxation (Continued) |
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
| Current income tax expense |
i 19,231 | i 2,281 | i 5,027 | |||||||||
| Deferred income tax (benefit)/expense |
( i 17,263 | ) | i 46,915 | i 1,845 | ||||||||
| |
|
|
|
|
|
|||||||
| Income tax expense |
i 1,968 | i 49,196 | i 6,872 | |||||||||
| |
|
|
|
|
|
|||||||
19. |
Taxation (Continued) |
For the year ended |
||||||||||||
2020 |
2021 |
|||||||||||
Statutory income tax rate in PRC |
i 25.00 | % | i 25.00 | % | i 25.00 | % | ||||||
Tax effect of different tax rates in other jurisdictions |
( i 0.04 | )% | ( i 0.01 | )% | ( i 0.39 | )% | ||||||
Tax effect of unrecognized los s |
( i 0.09 | )% | — | % | i — | % | ||||||
Tax effect of tax-exempt entities* |
( i 5.84 | )% | ( i 4.69 | )% | ( i 1.89 | )% | ||||||
Tax effect of expired tax attribute carryforwards |
( i 0.01 | )% | ( i 0.86 | )% | ( i 4.57 | )% | ||||||
Tax effect of preferred tax rate |
i 5.40 | % | ( i 1.55 | )% | ( i 7.85 | )% | ||||||
Tax effect of R&D expense additional deduction |
i 0.67 | % | i 0.98 | % | i 1.59 | % | ||||||
Tax effect of non-deductible interest expenses |
— | % | ( i 1.92 | )% | — | % | ||||||
Tax effect of goodwill impairment |
— | % | ( i 3.37 | )% | — | % | ||||||
Tax effect of non-deductible expenses |
( i 0.29 | )% | i 1.82 | % | ( i 0.29 | )% | ||||||
Tax effect of deferred tax effect of tax rate change |
i 0.40 | % | i 0.13 | % | i 6.88 | % | ||||||
Changes in valuation allowance |
( i 25.42 | )% | ( i 35.45 | )% | ( i 25.22 | )% | ||||||
Effective tax rate |
( i 0.22 | )% | ( i 19.92 | )% | ( i 6.74 | )% | ||||||
| * | Tax-exempt entities represent entities entity incorporated in the Cayman Islands for which the statutory tax rate is zero. |
19. |
Taxation (Continued) |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
Deferred tax assets: |
||||||||
Allowance for doubtful accounts and credit losses |
i 241,248 |
i 234,075 |
||||||
Impairment of long-term investment |
i 1,445 |
i 706 |
||||||
Deductible advertising fees |
i 225 |
i 225 |
||||||
Net operating loss carry forwards |
i 44,371 |
i 62,347 |
||||||
Guarantee liabilities |
i 58,555 |
i 57,383 |
||||||
Deferred revenue from Upfront assessment fee under 606 |
i 227 |
— |
||||||
Accrued expense |
i 3,379 |
i 12,129 |
||||||
Subtotal |
i 349,450 |
i 366,865 |
||||||
Less: valuation allowance |
( i 347,240 |
) |
( i 365,888 |
) | ||||
Total deferred tax assets, net |
i 2,210 |
i 977 |
||||||
Deferred tax liabilities: |
||||||||
Intangible assets acquired in a business combination |
( i 2,911 |
) |
( i 2,470 |
) | ||||
Total deferred tax liabilities |
( i 2,911 |
) |
( i 2,470 |
) | ||||
Net deferred tax liabilities |
( i 701 |
) |
( i 1,493 |
) | ||||
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
Deferred tax assets: |
||||||||
Net operating loss carry forwards |
i 2,525 |
i 8 |
||||||
Allowance for doubtful accounts and credit losses |
— |
i 1,175 |
||||||
Subtotal |
2.525 |
1,183 |
||||||
Less: valuation allowance |
— |
( i 1,183 |
) | |||||
Total deferred tax assets, net |
i 2,525 |
— |
||||||
Deferred tax liabilities: |
||||||||
Intangible assets acquired in a business combination |
( i 1,472 |
) |
— |
|||||
Total deferred tax liabilities |
( i 1,472 |
) |
— |
|||||
Net deferred tax assets |
i 1,053 |
— |
||||||
19. |
Taxation (Continued) |
As of December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
Balance at beginning of the year |
i 30,098 | i 260,002 | i 347,240 | |||||||||
Additions |
i 245,886 | i 102,398 | i 35,095 | |||||||||
Reversals |
( i 15,982 | ) | ( i 15,160 | ) | ( i 9,388 | ) | ||||||
Decrease in disposal of a subsidiary |
— | — | ( i 5,876 | ) | ||||||||
Balance at end of the year |
i 260,002 | i 347,240 | i 367,071 | |||||||||
Net operating loss carryforwards due by schedule |
||||||||||||||||||||||||
2022 |
2023 |
2024 |
2025 |
2026 |
Total |
|||||||||||||||||||
Net operating loss carryforwards |
i 33,489 | i 53,305 | i 49,208 | i 60,311 | i 90,863 | i 287,176 | ||||||||||||||||||
20. |
Share based compensation expenses |
Options Outstanding |
Weighted Average Exercise Price US$ |
Weighted Average Remaining Contractual Life (In years) |
Average Intrinsic Value |
|||||||||||||
Outstanding as of December 31, 2020 |
i 89,053 | i 1.00 | i 4.92 | i — | ||||||||||||
Granted |
— | — | — | — | ||||||||||||
Exercised |
( i 3,759 | ) | i 1.00 | — | i — | |||||||||||
Forfeited |
( i 10,940 | ) | i 1.00 | — | — | |||||||||||
Outstanding as of December 31, 2021 |
i 74,354 | i 1.00 | i 3.82 | i — | ||||||||||||
Vested and exercisable as of December 31, 2021 |
i 74,354 | i 1.00 | i 3.82 | i — | ||||||||||||
20. |
Share based compensation expenses (Continued) |
Number of shares |
Weighted-Average Grant Date Fair Value (in US$) |
|||||||
| Unvested at December 31, 2020 |
i 368,618 | i 0.42 | ||||||
| Vested |
( i 37,393 | ) | i 0.42 | |||||
| Forfeited |
( i 263,536 | ) | i 0.42 | |||||
| |
|
|||||||
| Unvested at December 31, 2021 |
i 67,689 | i 0.42 | ||||||
| |
|
|||||||
20. |
Share based compensation expenses (Continued) |
Options Outstanding |
Weighted-Average Exercise Price |
Weighted Average Remaining Contractual Life |
Aggregate Intrinsic Value |
|||||||||||||
US$ |
(In years) |
(RMB) |
||||||||||||||
| Outstanding as of December 31, 2020 |
i 4,862,069 | i 0.2566 | i 8.49 | i 1,138 | ||||||||||||
| Exercised |
( i 141,764 | ) | i 0.0001 | — | i 394 | |||||||||||
| Forfeited |
( i 1,875,536 | ) | i 0.2126 | — | — | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Outstanding as of December 31, 2021 |
i 2,844,769 | i 0.3398 | i 2.71 | i 223 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Unvested as of December 31, 2021 |
i 352,783 | i 0.5930 | i 7.39 | i 18 | ||||||||||||
| Exercisable as of December 31, 2021 |
i 2,491,986 | i 0.3039 | i 2.04 | i 205 | ||||||||||||
20. |
Share based compensation expenses (Continued) |
For the year ended December 31, | ||||
2020 | ||||
Expected volatility |
i 38.78%~ i 39.90% | i 40.61%~ i 40.83% | ||
Risk-free interest rate (per annum) |
i 1.78%~ i 2.13% | i 0.73%~ i 0.87% | ||
Exercise multiples |
i 2.2 | i 2.2 | ||
Expected dividend yield |
i 0% | i 0% | ||
Expected term (in years) |
i 10 | i 5.5~ i 6.25 | ||
Fair value of the underlying shares on the date of option grants (in US$) |
i 0.07~ i 0.55 | i 0.11~ i 0.18 | ||
21. |
Related party transactions |
Name of related parties |
Relationship with the Group | |
| Jimu Group | An entity and its certain subsidiaries that have a high degree of overlap in shareholding with the Group and share i two common board members as of December 31, 2020 and i three common board members as of December 31, 2021. | |
| Shenzhen Xiaogang Technology Co., Ltd (“Shenzhen Xiaogang”) | An entity which the Group holds i i 15 / % equity interests | |
| LeaseGo Pty Ltd (“LeaseGo”) | An entity which the Group holds i i 15.56 / % equity interests | |
| Beijing Liangduo Science and Technology Co. Ltd.(“Beijing Liangduo”) | An entity which the Group holds i i 18 / % equity interests | |
| Changsha Liangduo Business Consulting Co., Ltd (“Changsha Liangduo”) | An entity which Beijing Liangduo Science and Technology Co., Ltd holds i i 100 / % equity interests |
| (a). | The Group entered into the following transactions with related parties: |
For the year ended December 31, |
||||||||||||
2020 |
2021 |
|||||||||||
RMB |
RMB |
RMB |
||||||||||
(i) Transactions recorded through statement of operations and comprehensive income/(loss) |
||||||||||||
- Cost and expenses allocated from the related party |
i 24,994 | i 3,712 | i 221 | |||||||||
- Service cost charged by the related party (1) |
i 200,163 | i 23,052 | i 1,574 | |||||||||
- Collection service fees charged by Beijing Liangduo and Changsha Liangduo |
i 63,400 | i 32,176 | i 12,746 | |||||||||
- Interest income from loans to the related party (4) |
( i 43,156 | ) | ( i 31 | ) | ( i 30 | ) | ||||||
- Interest expense on borrowings from the related party (5) |
i 213 | i — | — | |||||||||
- Technical service fees charged to Shenzhen Xiaogang |
— |
— |
i 4,451 |
|||||||||
(ii) Operating transactions |
||||||||||||
- Technical service fee collected by the related party on behalf of the Group (2) |
( i 64,078 | ) | i — | — | ||||||||
- Payment for guarantee deposit to the related party (1) |
( i 100,269 | ) | ( i 24,788 | ) | i — | |||||||
- Loan interests collected from the related party (4) |
i 3,310 | i — | — | |||||||||
- Borrowing interests paid to the related party (5) |
( i 2,047 | ) | i — | — | ||||||||
- Share-based compensation awards to employees of the related party |
i 34,684 | i 3,471 | i 2,736 | |||||||||
- Collecting principal and interests from borrowers on behalf of the related party (7) |
— | i 363,342 | i 23,586 | |||||||||
- Repayment of collecting principle and interests from borrowers on behalf of the related party (8) |
— | ( i 100,000 | ) | i — | ||||||||
(iii) Financing/Investing transactions |
||||||||||||
- Net cash advances (to)/from the related party (3) |
( i 697,754 | ) | i 293 | i 232 | ||||||||
- Principal of loans provided to the related party (4) |
( i 137,000 | ) | ( i 40,000 | ) | i — | |||||||
- Principal of loans collected from the related party (4) |
i 122,000 | i 40,000 | i — | |||||||||
- Principal of borrowings repaid to the related party (5) |
( i 23,831 | ) | — | — | ||||||||
- Equity transfer consideration paid to the related party (6) |
( i 23,000 | ) | i — | — | ||||||||
- Acquisition of Ganzhou Micro Finance from the related party (see - Note 4.(i)) |
( i 230,000 | ) | i — | — | ||||||||
- Proceeds from related parties as funding debt |
— | — | i 472 | |||||||||
21. |
Related party transactions (Continued) |
(b). |
Balances with related parties: |
As of December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Amounts due from related parties – current: |
||||||||
| Amounts due from Jimu Group |
i 851,249 |
i 846,266 |
||||||
| Amounts due from other related parties |
i 30 |
i 5,455 |
||||||
| |
|
|
|
|||||
| Total current amounts due from related parties |
i 851,279 |
i 851,721 |
||||||
| |
|
|
|
|||||
| Allowance for credit losses |
( i 851,249 |
) |
( i 846,266 |
) | ||||
| |
|
|
|
|||||
| Total current amounts due from related parties, net |
i 30 |
i 5,455 |
||||||
| |
|
|
|
|||||
| Amounts due from Jimu Group – noncurrent |
i 7,369 |
— |
||||||
| Allowance for credit losses |
( i 7,369 |
) |
— |
|||||
| |
|
|
|
|||||
Total noncurrent amounts due from related parties, net |
— |
i — |
||||||
| |
|
|
|
|||||
| Amounts due to related parties – current: |
||||||||
| Amounts due to Jimu Group |
i 265,974 |
i 289,792 |
||||||
| Amounts due to other related parties |
i 5,445 |
i 144 |
||||||
Total current amounts due to related parties |
i 271,419 |
i 289,936 |
||||||
| Amounts due to related parties – noncurrent: |
||||||||
| Amounts due to other related parties |
— |
i 472 |
||||||
| |
|
|
|
|||||
| Total noncurrent amounts due to related parties |
— |
i 472 |
||||||
| |
|
|
|
|||||
For the year ended December 31, |
||||||||
2021 |
||||||||
RMB |
RMB |
|||||||
| Balance at beginning of the year |
i 856,016 |
i 858,618 |
||||||
| Additions |
i 7,818 |
i — |
||||||
| Charge-offs* |
i 3,471 |
( i 2,736 |
) | |||||
| Reversal |
— |
( i 6,743 |
) | |||||
| Foreign currency exchange differences |
( i 8,687 |
) |
( i 2,873 |
) | ||||
| |
|
|
|
|||||
| Balance at end of the year |
i 858,618 |
i 846,266 |
||||||
| |
|
|
|
|||||
21. |
Related party transactions (Continued) |
| (b). | Balances with related parties (Continued): |
* |
The amount due from Jimu Group resulting from the share-based compensation awards to employees of Jimu Group was written off as of December 31, 2020 as the Group waived this balance. As of December 31, 2021, portion of the balance was reversed as several employee’s resignation led to the forfeit of share-based compensation. |
22. |
Defined contribution plan |
23. |
Loss per share |
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ Note 2 (f) |
|||||||||||||
| Basic and diluted loss per ordinary share calculation: |
||||||||||||||||
| Numerator: |
||||||||||||||||
| Net loss attributable to ordinary shareholders |
( i 905,895 | ) | ( i 293,935 | ) | ( i 101,729 | ) | ( i 15,964 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Denominator: |
||||||||||||||||
| Weighted average ordinary shares outstanding-basic and diluted* |
i 282,129,663 | i 297,334,389 | i 299,714,670 | i 299,714,670 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Loss per ordinary share basic and diluted |
( i 3.21 | ) | ( i 0.99 | ) | ( i 0.34 | ) | |
( i 0.05 |
) | |||||||
| * | For the years ended December 31, 2019, 2020 and 2021, restricted shares, share options and warrants were anti-dilutive and thus excluded from the calculation of diluted loss per share. The potential dilutive securities that were not included in the calculation of dilutive loss per share in those periods are i 23,228,585,
i 64,198,232 and i 321,768,101
|
24. |
Commitments and contingencies |
Payment due by schedule |
||||||||||||||||||||
Less than 1 year |
1 – 2 years |
2 – 3 years |
More than 3 years |
Total |
||||||||||||||||
| Office rental |
i 8,220 | i 7,581 | i 3,791 | i — | i 19,592 | |||||||||||||||
25. |
Subsequent events |
26. |
Parent company only condensed financial information |
As of December 31, |
||||||||||||
2021 |
2021 |
|||||||||||
RMB |
RMB |
US$ Note 2 (f) |
||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
i 3,467 | i 1,255 | i 197 | |||||||||
| Prepayments and other current assets |
i 352 | i 181 | i 28 | |||||||||
| Amounts due from subsidiaries of the Company |
i 305,780 | i 156,985 | i 24,636 | |||||||||
| |
|
|
|
|
|
|||||||
| Total current assets |
i 309,599 | i 158,421 | i 24,861 | |||||||||
| |
|
|
|
|
|
|||||||
| Non-current assets: |
||||||||||||
| Long-term investments |
i — | — | — | |||||||||
| Total non-current assets |
i — | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| TOTAL ASSETS |
i 309,599 | i 158,421 | i 24,861 | |||||||||
| |
|
|
|
|
|
|||||||
| LIABILITIES |
||||||||||||
| Current liabilities: |
||||||||||||
| Amounts due to subsidiaries of the Company |
i 415,572 | i 379,533 | i 59,558 | |||||||||
| Accrued expenses and other liabilities |
i 12,010 | i 3,817 | i 599 | |||||||||
| |
|
|
|
|
|
|||||||
| Total current liabilities |
i 427,582 | i 383,350 | i 60,157 | |||||||||
| |
|
|
|
|
|
|||||||
| Non-current liabilities: |
||||||||||||
| Consideration payable for acquisition |
i 954 | — | — | |||||||||
| Total non-current liabilities |
i 954 | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES |
i 428,536 | i 383,350 | i 60,157 | |||||||||
| |
|
|
|
|
|
|||||||
| Commitments and contingencies (Note 24) |
i | i | i | |||||||||
| SHAREHOLDERS’ EQUITY |
||||||||||||
| Class A Ordinary Shares (US$ i i 0.000125 /
par value per share; i i 348,217,505 /
shares authorized as of December 31, 2020 and 2021; i 247,852,996 and i 249,085,237
shares outstanding as of December 31, 2020 and 2021 , respectively) |
i 232 | i 233 | i 37 | |||||||||
| Class B Ordinary Shares (US$ i i 0.000125 /
par value per share; i i 51,782,495 /
shares authorized as of December 31, 2020 and 2021; i i 50,939,520 /
shares outstanding as of December 31, 2020 and 2021) |
i 42 | i 42 | i 7 | |||||||||
| Additional paid-in capital |
i 1,985,792 | i 1,992,321 | i 312,639 | |||||||||
| Accumulated other comprehensive income |
i 19,913 | i 9,120 | i 1,431 | |||||||||
| Accumulated deficit |
( i 2,124,916 | ) | ( i 2,226,645 | ) | ( i 349,410 | ) | ||||||
| |
|
|
|
|
|
|||||||
| TOTAL SHAREHOLDERS’ DEFICIT |
( i 118,937 | ) | ( i 224,929 | ) | ( i 35,296 | ) | ||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
i 309,599 | i 158,421 | i 24,861 | |||||||||
| |
|
|
|
|
|
|||||||
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ Note 2 (f) |
|||||||||||||
| Operating expenses: |
||||||||||||||||
| Sales and marketing expenses |
( i 2,772 | ) | ( i 3,182 | ) | ( i 354 | ) | ( i 56 | ) | ||||||||
| General and administrative expenses |
( i 204,810 | ) | ( i 22,839 | ) | ( i 11,138 | ) | ( i 1,748 | ) | ||||||||
| Research and development expenses |
( i 3,247 | ) | ( i 1,644 | ) | ( i 1,082 | ) | ( i 170 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
( i 210,829 | ) | ( i 27,665 | ) | ( i 12,574 | ) | ( i 1,974 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Equity in loss of subsidiaries |
( i 694,808 | ) | ( i 255,604 | ) | ( i 92,322 | ) | ( i 14,487 | ) | ||||||||
| Share of loss from equity method investments |
( i 5,972 | ) | ( i 9,697 | ) | i 3,331 | i 523 | ||||||||||
| Other expense, net |
( i 1,318 | ) | ( i 969 | ) | ( i 39 | ) | ( i 6 | ) | ||||||||
| Interest income from related parties |
i 7,032 | — | — | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| l oss before income tax expense |
( i 905,895 | ) | ( i 293,935 | ) | ( i 101,604 | ) | ( i 15,944 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income tax expense |
— | — | ( i 125 | ) | ( i 20 | ) | ||||||||||
| Net loss |
( i 905,895 | ) | ( i 293,935 | ) | ( i 101,729 | ) | ( i 15,964 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive income/(loss): |
||||||||||||||||
| Foreign currency translation adjustments net of nil tax |
i 11,876 | ( i 22,977 | ) | ( i 10,793 | ) | ( i 1,692 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total other comprehensive income/(loss) |
i 11,876 | ( i 22,977 | ) | ( i 10,793 | ) | ( i 1,692 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total comprehensive loss |
( i 894,019 | ) | ( i 316,912 | ) | ( i 112,522 | ) | ( i 17,656 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
26. |
Parent company only condensed financial information (Continued) |
For the year ended December 31, |
||||||||||||||||
2020 |
2021 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ Note 2 (f) |
|||||||||||||
| Net cash used in operating activities |
( i 7,261 | ) | ( i 20,972 | ) | ( i 11,840 | ) | ( i 1,860 | ) | ||||||||
| Cash flows from investing activities: |
||||||||||||||||
| Net cash advances (to)/from subsidiaries |
( i 203,956 | ) | i 74,238 | i 14,952 | i 2,346 | |||||||||||
| Collection of cash advance from Jimu Group |
i 20,603 | — | — | — | ||||||||||||
| Collection of loan from a third party |
i 135,296 | — | — | — | ||||||||||||
| Purchase of Infrarisk, net of cash acquired (Note 4) |
( i 3,650 | ) | ( i 4,911 | ) | — | — | ||||||||||
| Investment in a subsidiary |
( i 5,196 | ) | — | — | — | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net cash (used in)/provided by investing activities |
( i 56,903 |
) |
i 69,327 |
i 14,952 |
i 2,346 |
|||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Cash flows from financing activities: |
||||||||||||||||
| Proceeds from exercise of options |
i 26 | i 20 | i 1 | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net cash provided by financing activities |
i 26 |
i 20 |
i 1 |
— |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Effect of exchange rate changes on cash, cash equivalents |
i 2,552 | ( i 52,516 | ) | ( i 5,325 | ) | ( i 833 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net decrease in cash, cash equivalents |
( i 61,586 |
) |
( i 4,141 |
) |
( i 2,212 |
) |
( i 347 |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents at beginning of the year |
i 69,194 | i 7,608 | i 3,467 | i 544 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents at end of the year |
i 7,608 |
i 3,467 |
i 1,255 |
i 197 |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| This ‘20-F’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 7/1/28 | ||||
| 1/1/25 | ||||
| 1/1/23 | ||||
| 12/31/22 | ||||
| 12/15/22 | ||||
| Filed on: | 4/28/22 | |||
| 4/25/22 | ||||
| 4/15/22 | ||||
| 3/31/22 | ||||
| 3/1/22 | ||||
| 2/15/22 | ||||
| 2/11/22 | SC 13G/A | |||
| 1/31/22 | ||||
| 1/28/22 | 6-K | |||
| 1/26/22 | ||||
| 1/10/22 | ||||
| 1/1/22 | ||||
| For Period end: | 12/31/21 | |||
| 12/30/21 | ||||
| 12/28/21 | ||||
| 12/27/21 | ||||
| 12/24/21 | ||||
| 12/16/21 | ||||
| 12/15/21 | ||||
| 12/13/21 | ||||
| 12/9/21 | ||||
| 12/3/21 | ||||
| 12/2/21 | ||||
| 11/14/21 | ||||
| 11/1/21 | ||||
| 10/29/21 | ||||
| 10/23/21 | ||||
| 9/30/21 | ||||
| 9/27/21 | ||||
| 9/17/21 | ||||
| 9/1/21 | ||||
| 8/20/21 | 6-K | |||
| 8/16/21 | ||||
| 8/13/21 | 6-K | |||
| 8/1/21 | ||||
| 7/15/21 | ||||
| 7/6/21 | ||||
| 6/22/21 | ||||
| 6/15/21 | ||||
| 6/1/21 | ||||
| 5/7/21 | 6-K | |||
| 4/16/21 | ||||
| 4/12/21 | 6-K | |||
| 4/9/21 | 6-K | |||
| 2/15/21 | ||||
| 2/7/21 | ||||
| 1/31/21 | ||||
| 1/21/21 | ||||
| 1/18/21 | ||||
| 12/31/20 | 20-F | |||
| 12/18/20 | ||||
| 12/2/20 | ||||
| 10/22/20 | ||||
| 9/29/20 | ||||
| 9/25/20 | 6-K | |||
| 8/31/20 | ||||
| 8/20/20 | ||||
| 6/1/20 | ||||
| 5/20/20 | ||||
| 5/18/20 | ||||
| 4/30/20 | ||||
| 4/21/20 | ||||
| 2/15/20 | ||||
| 1/31/20 | ||||
| 1/1/20 | ||||
| 12/31/19 | 20-F, 6-K, NT 20-F | |||
| 10/30/19 | ||||
| 10/23/19 | ||||
| 10/9/19 | ||||
| 9/1/19 | ||||
| 8/20/19 | ||||
| 7/19/19 | ||||
| 7/1/19 | ||||
| 6/28/19 | ||||
| 5/31/19 | 6-K | |||
| 5/15/19 | ||||
| 5/9/19 | ||||
| 5/1/19 | ||||
| 4/30/19 | NT 20-F | |||
| 4/23/19 | ||||
| 4/18/19 | ||||
| 4/1/19 | ||||
| 3/21/19 | 6-K | |||
| 2/1/19 | SC 13G | |||
| 1/30/19 | ||||
| 1/28/19 | SC 13G | |||
| 1/24/19 | SC 13G | |||
| 1/1/19 | ||||
| 12/31/18 | 20-F, 20-F/A, NT 20-F | |||
| 12/3/18 | ||||
| 10/29/18 | ||||
| 10/26/18 | ||||
| 10/24/18 | CERT, CT ORDER, EFFECT | |||
| 10/10/18 | CORRESP, F-1/A | |||
| 7/31/18 | ||||
| 7/1/18 | ||||
| 5/31/18 | UPLOAD | |||
| 5/18/18 | ||||
| 5/8/18 | ||||
| 4/20/18 | ||||
| 3/31/18 | ||||
| 3/28/18 | ||||
| 3/27/18 | ||||
| 3/1/18 | ||||
| 1/2/18 | ||||
| 1/1/18 | ||||
| 12/31/17 | ||||
| 12/8/17 | ||||
| 10/1/17 | ||||
| 7/1/17 | ||||
| 5/27/17 | ||||
| 3/2/17 | ||||
| 1/3/17 | ||||
| 12/22/16 | ||||
| 12/21/16 | ||||
| 11/7/16 | ||||
| 6/30/16 | ||||
| 5/31/16 | ||||
| 1/29/16 | ||||
| 12/17/15 | ||||
| 11/16/15 | ||||
| 4/13/15 | ||||
| 3/5/14 | ||||
| 4/5/12 | ||||
| 8/1/08 | ||||
| 1/1/08 | ||||
| 3/12/02 | ||||
| 7/1/94 | ||||
| 12/29/93 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/15/23 Pintec Technology Holdings Ltd. 20-F 12/31/22 119:17M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/30/21 Pintec Technology Holdings Ltd. 20-F 12/31/20 157:16M Donnelley … Solutions/FA 4/07/21 Otov Alfa Holdings Ltd. SC 13D 3:123K Pintec Technology Holdings Ltd. Donnelley … Solutions/FA 6/29/20 Pintec Technology Holdings Ltd. 20-F 12/31/19 157:22M Donnelley … Solutions/FA 7/30/19 Pintec Technology Holdings Ltd. 20-F 12/31/18 149:19M Toppan Merrill/FA 10/19/18 Pintec Technology Holdings Ltd. F-1/A 4:7M Toppan Merrill-FA 10/10/18 Pintec Technology Holdings Ltd. F-1/A 14:7.6M Toppan Merrill-FA 7/16/18 Pintec Technology Holdings Ltd. F-1 39:10M Toppan Merrill-FA |