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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of assets, liabilities, results of operations and cash flows of the VIEs and their subsidiaries
   As of December 31,   As of December 31, 
   2021   2022 
   RMB   RMB 
Assets:        
Cash and cash equivalents   1,436,350    1,763,619 
Term deposits   85,000    5,000 
Investment in marketable securities   78,725    58,384 
Accounts receivable, net   79,605    69,549 
Other receivables, net   34,439    99,494 
Loan receivables, net   234,750    111,306 
Amounts due from related parties   41,750    1,425 
Prepaid expenses and other assets   705,528    210,450 
Contracts assets, net   
    
 
Long-term investments, net   490,314    457,757 
Operating lease right-of-use assets, net   10,602    5,423 
Property, equipment and software, net   32,593    60,254 
Goodwill   72,304    21,932 
Intangible assets, net   37,386    16,933 
Total assets   3,339,346    2,881,526 
Liabilities:          
Deferred revenue   46,175    8,802 
Payroll and welfare payable   12,054    15,685 
Income taxes payable   255,618    298,785 
Accrued expenses and other liabilities   138,144    76,138 
Operating lease liabilities   9,700    4,918 
Amounts due to related parties   23,967    991,498 
Deferred tax liabilities   5,041    4,233 
Total liabilities   490,699    1,400,059 

 

   For the years ended 
   December 31, 
   2020   2021   2022 
   RMB   RMB   RMB 
Net revenues   1,145,210    701,329    535,149 
Net (loss)   (1,479,883)   (154,732)   (357,418)

 

   For the years ended 
   December 31, 
   2020   2021   2022 
   RMB   RMB   RMB 
Net cash provided by (used in) operating activities   (753,416)   1,014,571    251,106 
Net cash used in investing activities   (511,832)   (51,410)   76,163 
Net cash provided by (used in) financing activities   
    3,305    
 

 

Schedule of disaggregation by types of revenues and revenue by product offerings
   Loan   Post                 
   facilitation   origination   Sales   Technical   Other     
2020  services   services   income   services   revenues   Total 
   RMB   RMB   RMB   RMB   RMB   RMB 
Online lending platform revenue                        
Revolving loan products   26,376    203,748    
    
    
    230,124 
Non-revolving loan products   84,485    202,097    
    
    
    286,582 
Direct lending program revenue   66,286    453,257    
    
    
    519,543 
Other revenue   
    
    5,667    38,313    175,776    219,756 
Total   177,147    859,102    5,667    38,313    175,776    1,256,005 

 

   Loan   Post                 
   facilitation   origination   Sales   Technical   Other     
2021  services   services   income   services   revenues   Total 
   RMB   RMB   RMB   RMB   RMB   RMB 
Online lending platform revenue                        
Revolving loan products   
    30,604    
    
    
    30,604 
Non-revolving loan products   
    
    
    
    
    
 
Direct lending program revenue   
    9,178    
    
    
    9,178 
Other revenue   
    
    202,960    417,566    101,143    721,669 
Total   
    39,782    202,960    417,566    101,143    761,451 

 

   Loan   Post                 
   facilitation   origination   Sales   Technical   Other     
2022  services   services   income   services   revenues   Total 
   RMB   RMB    RMB   RMB   RMB   RMB 
Online lending platform revenue                        
Revolving loan products   
    35,820    
    
    
    35,820 
Other revenue   
    
    154,906    327,245    43,696    525,847 
Total   
    35,820    154,906    327,245    43,696    561,667 

 

Schedule of disaggregation of revenues by product offering
   December 31,   December 31,   December 31, 
   2020   2021   2022 
Loan product revenue   847,576    
    
 
Facilitation/post   188,673    39,782    35,820 
Sales income   5,667    202,960    154,906 
Technical services   38,313    417,566    327,245 
Others   175,776    101,143    43,696 
    1,256,005    761,451    561,667 

 

Schedule of movement of allowance for credit losses
   Accounts   Other   Loans     
   receivable   receivables   receivable   Total 
   RMB   RMB   RMB   RMB 
Balance at December 31, 2020   1,446,994    82,952    329,364    1,859,310 
Provision for doubtful accounts   
    
    23,979    23,979 
Reversal   (2,994)   (3,026)   (2,918)   (8,938)
Write-offs   
    (14,279)        (14,279)
Balance at December 31, 2021   1,444,000    65,647    350,425    1,860,072 
Provision for doubtful accounts   612    26,854    113,100    140,566 
Reversal   (30)   (65,640)   (7,561)   (73,231)
Write-offs             (14,605)   (14,605)
Balance at December 31, 2022   1,444,582    26,861    441,359    1,912,802 

 

Schedule of estimated useful lives of property and equipment
Computer and electronic equipment  3 years
Furniture and office equipment  5 years
Office Building  20 years
License  20 years
Software  5 years
Leasehold improvements  Over the shorter of the remaining lease term or estimated useful life