|
Form 20-F ☒
|
| | Form 40-F ☐ | |
Exhibit Number
|
| |
Description
|
|
Exhibit 99.1 | | | | |
Exhibit 99.2 | | | Historical Financial Information for the Years Ended December 31, 2019, 2020 and 2021 | |
Exhibit 99.3 | | | |
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| | ||
| | | | | 14 | | | |
| | | | | 48 | | | |
| | | | | 60 | | | |
| | | | | 72 | | | |
| | | | | 81 | | | |
| | | | | 122 | | | |
| | | | | 173 | | | |
| | | | | 191 | | | |
| | | | | 208 | | | |
| | | | | 217 | | | |
| | | | | 219 | | |
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The following section presents updates relating to selected information subsequent to the filing of our 2021 Form 20-F.
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| | |
For the Three Months Ended
March 31, |
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| | |
2021
|
| |
2022
|
| ||||||
| | |
(RMB in thousands)
|
| |||||||||
| | |
(Unaudited)
|
| |||||||||
Revenue
|
| | | | 819,765 | | | | | | 1,018,938 | | |
Cost of revenue(1)
|
| | | | (541,210) | | | | | | (669,907) | | |
Gross profit
|
| | | | 278,555 | | | | | | 349,031 | | |
Research and development expenses(1)
|
| | | | (281,299) | | | | | | (363,013) | | |
Selling and marketing expenses(1)
|
| | | | (167,054) | | | | | | (108,907) | | |
General and administrative expenses(1)
|
| | | | (180,457) | | | | | | (211,301) | | |
Net impairment losses on financial and contract assets
|
| | | | (7,104) | | | | | | (17,214) | | |
Other income, gains or loss – net
|
| | | | 11,229 | | | | | | (3,491) | | |
Operating loss
|
| | | | (346,130) | | | | | | (354,895) | | |
Finance income
|
| | | | 18,157 | | | | | | 2,446 | | |
Finance costs
|
| | | | (26,235) | | | | | | (12,124) | | |
Finance costs – net
|
| | | | (8,078) | | | | | | (9,678) | | |
Share of gain of associate and joint venture
|
| | | | 4,547 | | | | | | 11,537 | | |
Loss before income tax
|
| | | | (349,661) | | | | | | (353,036) | | |
Income tax benefit
|
| | | | 26,871 | | | | | | 20,728 | | |
Loss for the period
|
| | | | (322,790) | | | | | | (332,308) | | |
Loss attributable to: | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | (304,732) | | | | | | (317,585) | | |
– Non-controlling interests
|
| | | | (18,058) | | | | | | (14,723) | | |
| | | | | (322,790) | | | | | | (332,308) | | |
| | |
For the Three Months Ended
March 31, |
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| | |
2021
|
| |
2022
|
| ||||||
| | |
(RMB in thousands)
|
| |||||||||
| | |
(Unaudited)
|
| |||||||||
Cost of revenue
|
| | | | 921 | | | | | | 880 | | |
Research and development expenses
|
| | | | 2,320 | | | | | | 870 | | |
Selling and marketing expenses
|
| | | | 1,177 | | | | | | 1,313 | | |
General and administrative expenses
|
| | | | 2,225 | | | | | | 8,526 | | |
Total
|
| | | | 6,643 | | | | | | 11,589 | | |
| | |
As of
March 31, 2022 |
| |||
| | |
(RMB in
thousands) (Unaudited) |
| |||
Trade receivables
|
| | | | 1,274,817 | | |
Contract assets
|
| | | | 198,986 | | |
Prepayments and other receivables*
|
| | | | 890,640 | | |
Financial assets measured at amortized cost from virtual bank
|
| | | | 9,307 | | |
Financial assets measured at fair value through other comprehensive income
|
| | | | 782,730 | | |
Financial assets at fair value through profit or loss
|
| | | | 917,561 | | |
Restricted cash
|
| | | | 475,314 | | |
Cash and cash equivalents
|
| | | | 1,270,695 | | |
Total current assets
|
| | | | 5,820,050 | | |
Short-term borrowings
|
| | | | 294,829 | | |
Customer deposits
|
| | | | 1,424,078 | | |
Total current liabilities
|
| | | | 4,527,799 | | |
Net current assets
|
| | | | 1,292,251 | | |
Total assets
|
| | | | 8,382,084 | | |
Intangible assets
|
| | | | 653,232 | | |
Deferred tax assets
|
| | | | 707,342 | | |
Financial assets measured at amortized cost from virtual bank
|
| | | | — | | |
Financial assets measured at fair value through other comprehensive income
|
| | | | 735,926 | | |
Contract assets
|
| | | | 145 | | |
Total non-current assets
|
| | | | 2,562,034 | | |
Trade and other payables
|
| | | | 323,322 | | |
Total non-current liabilities
|
| | | | 350,710 | | |
Total liabilities
|
| | | | 4,878,509 | | |
| | |
As of
March 31, 2022 |
| |||
| | |
(RMB in
thousands) (Unaudited) |
| |||
Net assets
|
| | | | 3,503,575 | | |
Share capital
|
| | | | 78 | | |
Non-controlling interests
|
| | | | 26,377 | | |
Total equity and liabilities
|
| | | | 8,382,084 | | |
Total shares outstanding
|
| | | | 1,169,980,653 | | |
| | |
For the Three Months
Ended March 31, |
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| | |
2021
|
| |
2022
|
| |
Changes
|
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(RMB in thousands, except percentage)
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(Unaudited)
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Technology Solution | | | | | | | | | | | | | | | | | | | | | | | | | |
Implementation revenue
|
| | | | 168,567 | | | | | | 171,678 | | | | | | 3,111 | | | | | | 1.8% | | |
Transaction-based and support revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
– Business origination services
|
| | | | 118,499 | | | | | | 114,793 | | | | | | (3,706) | | | | | | (3.1)% | | |
– Risk management services
|
| | | | 99,290 | | | | | | 106,951 | | | | | | 7,661 | | | | | | 7.7% | | |
– Operation support services
|
| | | | 212,237 | | | | | | 255,208 | | | | | | 42,971 | | | | | | 20.2% | | |
– Cloud services platform
|
| | | | 180,512 | | | | | | 295,834 | | | | | | 115,322 | | | | | | 63.9% | | |
– Post-implementation support services
|
| | | | 13,236 | | | | | | 11,427 | | | | | | (1,809) | | | | | | (13.7)% | | |
– Others
|
| | | | 25,059 | | | | | | 41,854 | | | | | | 16,795 | | | | | | 67.0% | | |
– Sub-total for transaction-based and support revenue
|
| | | | 648,833 | | | | | | 826,067 | | | | | | 177,234 | | | | | | 27.3% | | |
Sub-total
|
| | | | 817,400 | | | | | | 997,745 | | | | | | 180,345 | | | | | | 22.1% | | |
Virtual Bank Business | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and commission
|
| | | | 2,365 | | | | | | 21,193 | | | | | | 18,828 | | | | | | 796.1% | | |
Total
|
| | | | 819,765 | | | | | | 1,018,938 | | | | | | 199,173 | | | | | | 24.3% | | |
| | |
For the Three Months
Ended March 31, |
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| | |
2021
|
| |
2022
|
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(RMB in thousands)
|
| | |||||||||||
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(Unaudited)
|
| | | | |||||||||
Employee benefit expenses(1)
|
| | | | 104,416 | | | | | | 108,965 | | | | ||
Technology service fee
|
| | | | 205,252 | | | | | | 315,749 | | | | ||
Technology service fee – business service fees(2)
|
| | | | 166,889 | | | | | | 264,101 | | | | ||
Technology service fee – labor related costs(1)
|
| | | | 38,363 | | | | | | 51,648 | | | | ||
Business origination fee(2)
|
| | | | 63,345 | | | | | | 77,362 | | | | ||
Outsourcing labor costs(2)
|
| | | | 57,040 | | | | | | 67,103 | | | | ||
Other costs(2)(3)
|
| | | | 33,811 | | | | | | 59,516 | | | | ||
Amortization of intangible assets(4)
|
| | | | 76,746 | | | | | | 40,400 | | | | ||
Amortization of application and platform contributed by Ping An Group relating to revenue generation
|
| | | | — | | | | | | — | | | | ||
Amortization of internally developed application and platform relating to revenue generation
|
| | | | 51,034 | | | | | | 21,547 | | | | ||
Amortization of acquired software and other intangible assets
|
| | | | 25,712 | | | | | | 18,853 | | | | ||
Depreciation of property and equipment
|
| | | | 600 | | | | | | 812 | | | | ||
Total
|
| | | | 541,210 | | | | | | 669,907 | | | |
| | |
For the Three Months Ended March 31, 2022
|
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| | |
Virtual Bank
Business |
| |
Technology
Solution |
| |
Intersegment
eliminations & adjustments |
| |
Consolidated
|
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| | |
(RMB in thousands)
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
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Revenue
|
| | | | 21,193 | | | | | | 997,974 | | | | | | (229) | | | | | | 1,018,938 | | |
Cost of revenue
|
| | | | (11,188) | | | | | | (658,948) | | | | | | 229 | | | | | | (669,907) | | |
Gross profit
|
| | | | 10,005 | | | | | | 339,026 | | | | | | — | | | | | | 349,031 | | |
Operating loss
|
| | | | (30,306) | | | | | | (324,589) | | | | | | — | | | | | | (354,895) | | |
| | |
For the Three Months Ended March 31, 2021
|
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| | |
Virtual Bank
Business |
| |
Technology
Solution |
| |
Intersegment
eliminations & adjustments |
| |
Consolidated
|
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| | |
(RMB in thousands)
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| |||||||||||||||||||||
Revenue
|
| | | | 2,365 | | | | | | 817,407 | | | | | | (7) | | | | | | 819,765 | | |
Cost of revenue
|
| | | | (6,581) | | | | | | (534,636) | | | | | | 7 | | | | | | (541,210) | | |
Gross profit
|
| | | | (4,216) | | | | | | 282,771 | | | | | | — | | | | | | 278,555 | | |
Operating loss
|
| | | | (43,657) | | | | | | (302,473) | | | | | | — | | | | | | (346,130) | | |
| | |
For the Three
Months Ended March 31, 2022 |
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| | |
(RMB in
thousands) (Unaudited) |
| |||
Net cash used in operating activities
|
| | | | (1,118,694) | | |
Net cash generated from investing activities
|
| | | | 1,550,267 | | |
Net cash used in financing activities
|
| | | | (557,038) | | |
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The following section sets forth certain risk factors that have been updated and supplemented since the filing of our 2021 Form 20-F as well as additional new risk factors relating to the Listing.
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The following section sets forth new information and statistics relating to the industry in which we operate. Such information and statistics were extracted from different official government publications, available sources from public market research, and other sources from independent suppliers.
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Ranking
|
| |
Name of company
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| |
Total financial
software and services revenue in 2020 |
| |
Percentage of
financial software and services revenue in total business revenue |
| |
Market share in
terms of financial software and services revenue |
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| | | | | |
(RMB in billion)
|
| |
(%)
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(%)
|
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1
|
| |
Company A(1)
|
| | | | 6.8 | | | |
Less than 15%
|
| | | | 6.4% | | |
2
|
| |
Company B(2)
|
| | | | 4.4 | | | |
Less than 20%
|
| | | | 4.1% | | |
3
|
| |
Company C(3)
|
| | | | 4.0 | | | |
More than 90%
|
| | | | 3.8% | | |
4 | | |
The Company
|
| | | | 3.3 | | | |
More than 99%
|
| | | | 3.1% | | |
5
|
| |
Company D(4)
|
| | | | 3.1 | | | |
Less than 40%
|
| | | | 2.9% | | |
| | | Others | | | | | 84.7 | | | | | | | | | 79.7% | | |
| | | Total | | | | | 106.3 | | | | | | | | | 100.0% | | |
Ranking
|
| |
Name of company
|
| |
Total financial
software and services revenue generated by listed companies in 2020 |
| |
Market share in
terms of financial software and services revenue generated by listed companies |
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| | | | | |
(RMB in billion)
|
| |
(%)
|
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1
|
| | Company C | | | | | 4.0 | | | | | | 6.8% | | |
2 | | |
The Company
|
| | | | 3.3 | | | | | | 5.7% | | |
3
|
| | Company D | | | | | 3.1 | | | | | | 5.3% | | |
3
|
| |
Company E(1)
|
| | | | 3.1 | | | | | | 5.3% | | |
5
|
| |
Company F(2)
|
| | | | 3.0 | | | | | | 5.1% | | |
| | | Others | | | | | 42.0 | | | | | | 71.8% | | |
| | | Total | | | | | 58.5 | | | | | | 100.0% | | |
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The following section sets forth updated information concerning certain regulations to which we are subject subsequent to the filing of our 2021 Form 20-F.
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The following section sets forth updated and supplemental information since the filing of our 2021 Form 20-F relating to selected aspects of our history and corporate structure.
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Year
|
| |
Event
|
|
2015 | | | Shanghai OneConnect was founded. | |
2016 | | | We submitted five patent applications and established our retail banking division. | |
2017 | | |
We established our small and medium enterprises division and our insurance division. The “Smart Insurance Cloud” conference was held.
|
|
| | | Our Company was formed as a part of the Reorganization. | |
2018 | | | We launched our Gamma Research Institute. | |
| | | We completed our A-round of financing with a size of US$750 million. | |
| | |
We established our Singapore and Hong Kong subsidiaries to expand our geographical presence and to commence our virtual banking business.
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We were recognized by KPMG as one of the “China Leading FinTech 50” and by the International Data Corporation as one of the “IDC FinTech Ranking Top 100”.
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|
2019 | | | We were granted a Hong Kong virtual bank license. | |
| | |
We completed our initial public offering on the NYSE and listed our ADSs under the symbol “OCFT.”
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|
| | |
We were recognized by KPMG as one of the “China Leading FinTech 50” and by the International Data Corporation as one of the “IDC FinTech Ranking Top 100” for the second consecutive year.
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|
2020 | | |
We were recognized by KPMG as one of the “China Leading FinTech 50” and by the International Data Corporation as one of the “IDC FinTech Ranking Top 100” for the third consecutive year.
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|
Year
|
| |
Event
|
|
| | |
We were recognized by the International Data Corporation as one of the “IDC China FinTech Ranking Top 50” in the same year.
|
|
| | | We completed our follow-on public offering on the NYSE. | |
2021
|
| |
We displayed our financial technology solutions for the third time at the World Artificial Intelligence Conference 2021 held in Shanghai.
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We were recognized by KPMG as one of the “China Leading FinTech 50” and by the International Data Corporation as one of the “IDC FinTech Ranking Top 100” for the fourth consecutive year.
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We were also recognized by the International Data Corporation as one of the “IDC China FinTech Ranking Top 50” for the second consecutive year.
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| | |
We have also won the “Wu Wenjun AI Science and Technology Progress Award (Enterprise Engineering Innovative Project Category)”.
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2022
|
| | We were recognized as one of the “Forbes Blockchain 50” by Forbes. | |
Company Name
|
| |
Place of
incorporation/ establishment |
| |
Date of
incorporation/ establishment |
| |
Registered/Issued/
authorized capital as of the Latest Practicable Date |
| |
Principal business
activities |
| |
Equity
interest attributable to our Group as of the Latest Practicable Date |
| |||
Subsidiaries | | | | | | | | | | | | | | | | | | | |
Jin Tai Yuan Limited | | |
British Virgin
Islands |
| |
October 27,
2017 |
| | 664,086,340 shares | | | Investment holding | | | | | 100.0% | | |
Jin Cheng Long Limited
|
| | Hong Kong | | |
October 30,
2017 |
| | USD664,086,340 | | | Investment holding | | | | | 100.0% | | |
OneConnect Financial
Technology (Hong Kong) Limited |
| | Hong Kong | | | March 15, 2018 | | | USD1 | | | Software and technology service, information transmission | | | | | 100.0% | | |
OneConnect Financial
Technology (Singapore) Co., Pte. Ltd. |
| | Republic of Singapore | | | March 26, 2018 | | | 47,900,000 Singapore dollars | | | Software and technology service, information transmission | | | | | 100.0% | | |
PT OneConnect Financial Technology Indonesia
|
| | Republic of Indonesia | | |
December 4,
2018 |
| | 10,000,000,000 Indonesian rupiah | | | Software and technology service, information transmission | | | | | 100.0% | | |
Ping An OneConnect
Bank (Hong Kong) Limited (“OneConnect Bank”) |
| | Hong Kong | | |
December 7,
2018 |
| |
USD1 and
HKD1,200,000,000 |
| | Banking services | | | | | 100.0% | | |
Shenzhen OneConnect
Technology |
| | PRC | | | January 4, 2018 | | | RMB4,360,000,000 | | |
Technology
promotion and computer application services |
| | | | 100.0% | | |
Company Name
|
| |
Place of
incorporation/ establishment |
| |
Date of
incorporation/ establishment |
| |
Registered/Issued/
authorized capital as of the Latest Practicable Date |
| |
Principal business
activities |
| |
Equity
interest attributable to our Group as of the Latest Practicable Date |
| |||
Vantage Point Technology
|
| | PRC | | |
July 18, 2008
|
| | RMB13,333,529 | | | Software and technology service, information transmission | | | | | 51.7% | | |
Shenzhen OneConnect
Information Technology Service Co., Ltd. |
| | PRC | | | January 31, 2019 | | | RMB100,000,000 | | | Software and technology service, information transmission | | | | | 51.0% | | |
BER Technology | | | PRC | | | March 30, 2006 | | | RMB22,950,000 | | | Software and technology service, information transmission | | | | | 80.0% | | |
Zhang Tong Shun | | | PRC | | |
May 9, 2019
|
| | RMB10,000,000 | | |
Information
technology advisory services |
| | | | 100.0% | | |
VIEs | | | | | | | | | | | | | | | | | | | |
Shenzhen OneConnect
|
| | PRC | | |
September 15,
2017 |
| | RMB1,200,000,000 | | | Software and technology service, information transmission | | | | | 100.0% | | |
Shenzhen CA | | | PRC | | | August 11, 2000 | | | RMB543,500,000 | | | E-commerce security certificate administration | | | | | 98.9% | | |
Subsidiaries of our VIEs
|
| | | | | | | | | | | | | | | | | | |
Shanghai OneConnect
|
| | PRC | | |
December 29,
2015 |
| | RMB1,200,000,000 | | | Software and technology service, asset management and consulting | | | | | 100.0% | | |
Shenzhen Kechuang Insurance Assessment Co., Ltd.
|
| | PRC | | |
August 27, 2001
|
| | RMB4,000,000 | | |
Insurance survey
and loss adjustment |
| | | | 100.0% | | |
| |
The following section sets forth updated and supplemental information since the filing of our 2021 Form 20-F relating to selected aspects of our business and operations as well as a current description of our overview, strengths, and strategies.
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Case Study: Applying our intelligent operation solution to assist a leading city commercial bank in deeply transforming its retail banking business
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| |
Our customer is a city commercial bank in China with bank assets of RMB1.8 trillion as of June 30, 2021 and retail banking accounting for approximately 40% of its total revenue in 2021. Prior to adopting our solutions, the bank had low customer activity and its average AUM per relationship manager was low compared to peer banks. In the first step in this transformation and to assist the bank in improving its customer service and marketing capabilities, we introduced our AI Banker App to the bank. With the help of AI Banker App, the bank brought 100% of its relationship managers online and AUM recorded a 24% increase from June 2020 to June 2021. In the second step of this transformation, the bank adopted our retail banking operation management platform to help build its non-customer-facing capabilities in customer management, product management and marketing management. This platform was used to connect the bank’s eight operation centers (including customer center, product center, marketing center and management center) with database and a number of other applications.
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| |
Case Study 1: Applying our intelligent risk management solution to assist a small regional bank in developing and growing its retail loan business
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| |
| |
Our customer is a small regional bank in northeast China with bank assets of around RMB70 billion as of June 30, 2021 — similar to over a thousand banks in China. Before adopting our solutions, the bank’s business was focused only on its traditional, small-scale credit loan business. As a first step, the bank asked for our help in digitizing its retail loan process. But shortly after starting this work, the bank recognized that we could not only provide them with technology enhancements, but also help them in building up their loan volume. We subsequently designed and tailored a home equity loan product for this bank that optimized and shortened the loan application process from one month to three days by bringing the whole procedure online. Through the application of data analysis and AI technology, including over 400 personal tags and over ten risk control strategies, the bank achieved full loan-cycle risk management, allowing the bank to early identify non-performing loan risks, which lowered the delinquency rate of its loans by 31 basis points. During our two years of cooperation with this bank, its home equity loan business increased by seven times, its market share in the local home equity loan market increased by 25 percentage points and its account managers’ productivity (measured by the number of customers acquired per month) improved by six times. We are continuing to help this bank in transforming other loan products.
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| |
Case Study 2: Applying our intelligent risk management solution to assist a regional bank in retail banking transformation
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| |
| |
Our customer is a regional bank in southwest China with bank assets of around RMB60 billion as of December 31, 2020. In May 2020, we assisted this bank in launching a home equity loan product that quickly and significantly increased the bank’s retail loan business. This product provides local SMEs and individual business owners with a fast funding channel for their agricultural wholesale businesses, which in turn supports local economic development. Through its adoption of our home equity loan product, the bank simplified its loan application process using an online portal, conducted direct and tailored marketing with the help of our AI technology, and shortened its loan approval and fraud detection process to 24 hours by applying our machine learning and data analysis technology. Since the launch of this product and up to June 30, 2021, the bank’s transaction volume for its home equity loan product reached RMB3.3 billion. The bank’s loan balance of individual borrowers rose by 73% as of December 31, 2020 compared to December 31, 2019. As this case study demonstrates, in helping banks with these types of transformations, supported by our more than 1,200 modules and over 5,500 APIs, we can offer financial institutions a customizable intelligent risk management solution, rather than “black box” solutions. Following this approach, by making limited technical adjustments, this whole-process digitalized transformation for home equity loans can be duplicated in other retail banking loan scenarios. This allows banks to realize whole- process intelligent risk management, omni-channel customer acquisition, and multi- scenario product offerings by adopting one platform from us.
|
| |
| |
Case Study: Applying our commercial-banking-as-a-service solution to assist a foreign bank in its commercial banking digitalization — expanding from a single product purchase to the adoption of a comprehensive solution
|
| |
| |
Our customer is a leading foreign bank with bank assets of over RMB500 billion as of December 31, 2021. Foreign banks typically have more specialized service teams compared to Chinese banks. For example, for its commercial banking business, this bank had separate, dedicated teams for each of its SME, large enterprise and overseas enterprise customers. This use of separate teams can lead to resources separation, creating demand for a uniform platform entrance. In 2019, we began cooperation with this bank, which started with our development of a sales and marketing platform portal for the bank’s SME commercial banking team. Then, in an example of how we deepen our customer engagement from a single product to comprehensive solutions, from 2019 to 2021, we deepened our cooperation with the bank by developing a full-stack commercial-banking-as-a-service solution for its SME commercial banking team. Subsequently, we have also successfully cross-sold our products and solutions to other commercial banking teams within the bank, further demonstrating the customer’s recognition of and trust in our solutions.
|
| |
| |
Case Study: Applying our platform technologies to develop a governmental platform that enables digital financial services for SMEs
|
| |
| |
Moving beyond our financial institution customer base, we have extended our target market for technology services to governments and governmental agencies. In 2020, we developed an SME finance platform for a governmental finance agency in Guangdong province. Due to historical information gaps, SME borrowers applying for commercial loans have faced long application cycles, large gaps in funding availability and high loan costs. And from lenders’ perspective, in approving commercial loans to SMEs, they faced difficulties in business data collection, risk control and customer acquisition. Leveraging data resources from both the Guangdong provincial government and reliable third-parties, we developed a platform that applies big data, AI and blockchain to provide intelligent services for SME financing, supply chain financing and regulation. This platform provides a one-stop channel for SME financing for both SME borrowers and financial institutions. It allows an applicant to submit several loan applications with one-click and automatically generates the applicant’s credit report and concurrently provides it to multiple financial institutions. With this platform, SMEs applying for loans no longer need to go from one bank to
|
| |
| |
another and financial institutions can access comprehensive credit data from credible resources for full loan-cycle risk management and loan servicing. When building this platform, we took into account the needs of all platform participants — the government, financial institutions, and SMEs — and designed in future scalability for the platform. New functional modules can be added to the platform on an incremental basis in accordance with evolving needs and developments. We also made bespoke alterations to this platform for use in different cities in Guangdong province to reflect the unique economic, industrial and enterprise pain points of particular cities. For example, in Chaozhou, the platform was customized to offer specialized financial products such as “tea and rural development finance,” “cultural tourism finance,” “ceramic enterprise finance,” and “non-bank finance.” As of the Latest Practicable Date, this platform had connected over 850 financial institutions offering over 1,400 financial products, had served over 1.2 million SMEs, and had facilitated commercial financing transactions of over RMB100 billion.
|
| |
| |
Case Study: Applying our modular approach to help an auto insurer improve its claims processing — moving from initial adoption of individual modules to ultimately achieving end-to-end digitalization of the insurer’s entire claim process procedure
|
| |
| |
Our customer is a top 20 insurer in China’s auto insurance industry (by value of annual premiums). Before adopting our solution, this insurer faced high claim payments, rooted in its lack of effective databases for damage assessment (including databases for auto parts sourcing and vehicle damage and personal injury appraisal) and anti-fraud models and inadequate operational capabilities. These issues affected customer experience and led to low renewal rates. In 2018, the insurer adopted our vehicle damage appraisal and anti-fraud modules, which significantly improved the completeness of its database for damage assessment and helped control fraud in insurance claims. As the customer gained trust in the value of our solutions and services, we made up-sales to it in 2020 and 2021, introducing additional modules as well as our auto service management platform, helping the insurer automate its entire claim-processing procedure. Through its cooperation with us, this insurer doubled its average claim payment reduction amount (the amount by which initially claimed amounts exceed paid amounts). And with the help of our technology, the average claim payment reduction amount for each claim was approximately 10% of the initially reported claim amount. Through this deepened business relationship, in 2021 our revenue contributed by this insurer increased by 2.3 times compared with the revenue we received from our initial cooperation with it in 2018.
|
| |
| |
Case Study: Applying our AI customer service applications to help a leading joint-stock bank implement smart operations and process optimizations
|
| |
| |
Our customer is a top-10 joint-stock Chinese bank. Before adopting our solution, the bank had implemented only a low level of smart operation initiatives, and it had three pain points for us to address: first, it had high costs associated with its telemarketing team of over 10,000 personnel; second, its customers had to go through a long identity-verification process in using phone services (taking on average approximately 40 seconds per call); and third, it had high personnel costs in dealing with over 4 million online inquires each month. To address these issues, we designed a two-step smart operation optimization plan for the bank. We initially developed an AI customer service system that was linked with the bank’s core banking system, supporting over 10,000 tele-marketing personnel and covering over 600 business scenarios with a visualized interface. Secondly, we applied additional AI technology to revamp other
|
| |
| |
aspects of the bank’s operations. For example, the bank applied our smart ID check module to shorten its user identity verification process to 18 seconds; it applied our smart database, which can provide knowledge support to over 1,400 financial scenarios; and it applied our virtual assistant module, which can handle inquiries from over 500,000 customers daily. Through its application of our AI customer service solution, the bank streamlined its telemarketing team by 94%. We expect to continue our collaboration with this bank to further improve its operations through the application of technology and save it significant operating costs.
|
| |
| |
Case Study 1: Applying our Gamma FinCloud to help a financial holding company complete its cloud migration
|
| |
| |
Our customer is a top-10 regional financial holding company in China with total assets over RMB100 billion as of December 31, 2021. Before adopting our Gamma FinCloud platform, this customer faced several challenges: first, it had high operating costs as a result of data isolation among its subsidiaries; second, its legacy core banking system was unable to support its increasingly diversified business; and third, it faced more demanding security requirements for its systems in an evolving and increasingly stringent regulatory environment. Considering these requirements, we introduced our Gamma FinCloud platform to the company, helping them to revamp their infrastructure and product and system security to revitalize their business. We designed a multi-cloud infrastructure for this company that balanced comparability, scalability and reliability to provide a unified IT infrastructure across the whole group. Through its use of application platform-as-a-service (“APaaS”) and integration-platform-as-a-service (“IPaaS”), our Gamma FinCloud platform provides the company with business and data services that it can use to swiftly respond to rapidly changing customer demands, allowing it to increase its flexibility and responsiveness at the platform level. For example, after receiving a new request, the company now can respond in minutes by bundling applications and tools readily available on our platform, allowing the company to improve its research and development efficiency by over 400% and improve its service reliability to over 99.95% (measured by SLA). In addition, Gamma FinCloud is built to support adherence to financial regulatory requirements, with three-dimensional security structure addressing management, technology and operations. After its adoption of our Gamma FinCloud, the company shortened its IT function launch cycle to less than two days, reduced its IT costs by over 40% from February 2021 to November 2021, and shortened its IT requirement fulfillment cycle by 35% from February 2021 to November 2021. In terms of security compliance, our Gamma FinCloud platform allows financial holding companies to meet their regulatory IT system security requirements at the group and subsidiary levels as well as PBOC cloud computing financial regulations for technical architecture, disaster recovery, and security.
|
| |
| |
Case Study 2: Applying our Gamma Open Platform to support fintech innovation at an award-winning international financial center in Abu Dhabi
|
| |
| |
In April 2020, we signed a cooperation agreement with an award-winning international financial center in Abu Dhabi to provide technology support for its digital lab — a “digital market” focusing on financial businesses. This digital lab, supported by our Gamma Open Platform, provides a sandbox testing environment to drive innovative transformation of financial institutions. The platform has portals for financial institutions to post their wishlists for technologies, for developers to display innovative products, and for financial industry participants to exchange insights. Empowered by our FiMAX blockchain technology, the platform provides a secure environment for data sharing and data management, which helps financial regulators to increase their use of digital regulation. The digital lab provides a secure and reliable digital environment for fintech companies and financial institutions to create and test solutions to solve real-world problems. As of March 31, 2022, the digital lab had over 110 authenticated institutions, including financial institutions from Abu Dhabi and other countries, such as UAE Central Bank, First Abu Dhabi Bank and Anglo-Gulf Trade Bank.
|
| |
|
Term:
|
| | Typically one year to three years | |
|
Pricing:
|
| |
We primarily charge transaction-based fees based on the customer’s usage of services, such as business origination service, operation support service, risk management services, and cloud platform services. We also charge one-time fees for implementation services based on actual time and material incurred or according to pre-agreed payment schedules.
|
|
|
Credit Term:
|
| | Typically 10 to 30 days following the invoice date | |
|
Ownership:
|
| |
All intellectual property rights relating to the solutions that we deliver under the agreement, including but not limited to copyrights, patents ownership of the proprietary technologies and trademarks, belong to us. The other party may not conduct any reverse engineering, decompiling, disassembly or use other methods to obtain the source code or underlying algorithms of the software, hardware and related technologies provided by us or to otherwise engage in activities that may harm our proprietary rights. For products that we customized for a particular customer, the intellectual property rights may either belong to that customer or we may share intellectual property rights with that customer, depending on the particular arrangement.
|
|
|
Termination:
|
| |
Either party may terminate the agreement prior to the term ending upon mutual consent.
|
|
Rank
|
| |
Five Largest
Customers for the Year Ended December 31, 2019 |
| |
Background
|
| |
Objects of Transaction
|
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Revenue |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Customer A
|
| | Ping An Group | | |
Implementation;
business origination services; risk management services; operation support services; post- implementation support services; and others |
| | 4 years | | | | | 998,749 | | | | | | 42.9%(1) | | |
2
|
| |
Customer B
|
| | Lufax Group | | |
Implementation;
business origination services; risk management services; operation support services; post- implementation support services; and others |
| | 4 years | | | | | 373,620 | | | | | | 16.1%(1) | | |
3
|
| |
Customer C
|
| | A micro-credit company | | |
Implementation;
post-implementation support services |
| | 1 year | | | | | 46,292 | | | | | | 2.0% | | |
4
|
| |
Customer D
|
| |
A technology company
focusing on technology development, consultation and services |
| | Business origination services | | | 1 year | | | | | 43,119 | | | | | | 1.9% | | |
5
|
| |
Customer E
|
| | A financial consultation company | | | Business origination services | | | 1 year | | | | | 31,092 | | | | | | 1.3% | | |
Rank
|
| |
Five Largest
Customers for the Year Ended December 31, 2020 |
| |
Background
|
| |
Objects of Transaction
|
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Revenue |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Customer A
|
| | Ping An Group | | |
Implementation;
business origination services; risk management services; operation support services; cloud services platform; post- implementation support services; and others |
| | 5 years | | | | | 1,730,038 | | | | | | 52.2%(1) | | |
2
|
| |
Customer B
|
| | Lufax Group | | | Technology Solutions | | | 5 years | | | | | 374,826 | | | | | | 11.3%(1) | | |
3
|
| |
Customer F
|
| | A trusts company | | | Operation support services | | | 2 years | | | | | 73,267 | | | | | | 2.2% | | |
4
|
| |
Customer G
|
| |
A financial company
providing outsourcing services to financial institutions |
| | Business origination services | | | 2 years | | | | | 39,623 | | | | | | 1.2% | | |
5
|
| |
Customer H
|
| |
Ping An International
Smart City Technology Co., Ltd., which is a technology company under Ping An ecosystem that focuses on the smart city construction and an associate of Ping An based on public information |
| | Implementation; Risk management services | | | 1 year | | | | | 29,716 | | | | | | 0.9% | | |
Rank
|
| |
Five Largest
Customers for the Year Ended December 31, 2021 |
| |
Background
|
| |
Objects of Transaction
|
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Revenue |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Customer A
|
| | Ping An Group | | | Implementation; business origination services; risk management services; operation support services; post-implementation support services; and others | | | 6 years | | | | | 2,315,220 | | | | | | 56.0%(1) | | |
2
|
| |
Customer B
|
| | Lufax Group | | | Technology Solutions | | | 6 years | | | | | 460,723 | | | | | | 11.1%(1) | | |
3
|
| |
Customer I
|
| |
A company focused on
auto parts |
| | Other services: sourcing auto-parts and supplies through our service management platform under intelligent auto insurance solution. | | | 2 years | | | | | 114,597 | | | | | | 2.8% | | |
4
|
| |
Customer J
|
| | A government agency providing project bidding and proposal services | | | Operation support services | | | 2 years | | | | | 52,080 | | | | | | 1.3% | | |
5
|
| |
Customer K
|
| | A financial institution | | | Implementation | | | 1 year | | | | | 36,806 | | | | | | 0.9% | | |
Rank
|
| |
Five Largest
Suppliers for the Year Ended December 31, 2019 |
| |
Background
|
| |
Major
Services/Products Purchased |
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Purchases |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Supplier A
|
| | Ping An Group | | | Technology services | | | 4 years | | | | | 758,505 | | | | | | 40.5% | | |
2
|
| |
Supplier B
|
| |
A car service company
providing roadside assistance, emergency power-up services |
| | Roadside assistance, emergency power-up services | | | 1 year | | | | | 27,957 | | | | | | 1.5% | | |
3
|
| |
Supplier C
|
| | An insurance assessment services company | | | Auto insurance adjustment service | | | 1 year | | | | | 26,999 | | | | | | 1.4% | | |
4
|
| |
Supplier D
|
| | An advertisement company | | |
Advertisement services
|
| | 1 year | | | | | 24,598 | | | | | | 1.3% | | |
5
|
| |
Supplier E
|
| |
A company focused on
information technology and operational support |
| | Customer acquisition | | | 2 years | | | | | 22,235 | | | | | | 1.2% | | |
Rank
|
| |
Five Largest
Suppliers for the Year Ended December 31, 2020 |
| |
Background
|
| |
Major
Services/Products Purchased |
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Purchases |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Supplier A
|
| | Ping An Group | | | Technology services | | | 5 years | | | | | 1,285,595 | | | | | | 50.3% | | |
2
|
| |
Supplier B
|
| |
A car service company
providing roadside assistance, emergency power-up services |
| | Roadside assistance, emergency power-up services | | | 2 years | | | | | 96,361 | | | | | | 3.8% | | |
3
|
| |
Supplier F
|
| | A company providing financial guarantees | | | Data services | | | 2 years | | | | | 40,741 | | | | | | 1.6% | | |
4
|
| |
Supplier D
|
| | An advertisement company | | |
Advertisement services
|
| | 2 years | | | | | 23,668 | | | | | | 0.9% | | |
5
|
| |
Supplier G
|
| |
A company focused on
AI technology |
| | Technology services | | | 2 years | | | | | 22,527 | | | | | | 0.9% | | |
Rank
|
| |
Five Largest
Suppliers for the Year Ended December 31, 2021 |
| |
Background
|
| |
Major
Services/Products Purchased |
| |
Lengths of
Relationship with the Company |
| |
Transaction
Amounts |
| |
Percentage
Contribution to the Company’s Total Purchases |
| ||||||
| | | | | | | | | | | | | | |
(RMB’000)
|
| | | | | | | |||
1
|
| |
Supplier A
|
| | Ping An Group | | | Technology services | | | 6 years | | | | | 1,534,302 | | | | | | 46.3% | | |
2
|
| |
Supplier B
|
| |
A car service
company providing roadside assistance, emergency power-up services |
| |
Roadside assistance,
emergency power-up services |
| | 3 years | | | | | 199,192 | | | | | | 6.0% | | |
3
|
| |
Supplier H
|
| | An auto part sourcing company | | | Auto part | | | 1 year | | | | | 105,314 | | | | | | 3.2% | | |
4
|
| |
Supplier I
|
| | An information technology company | | | Outsourcing services | | | 6 years | | | | | 53,789 | | | | | | 1.6% | | |
5
|
| |
Supplier J
|
| | An information technology company | | | Outsourcing services | | | 6 years | | | | | 47,834 | | | | | | 1.4% | | |
|
Term:
|
| | Typically within one year to two years | |
|
Pricing:
|
| |
Technology service provider: prices of technology service providers are typically based on actually usage of services at pre-agreed rates
|
|
| | | |
Outsourcing partner: prices of outsourcing partners are typically based on the number of working staff and the number of days prior to the term ending or according to pre-agreed scheduled
|
|
| | | |
Service provider and channel partner: prices of service providers and channel partners are typically based on actually usage of services at pre-agreed rates
|
|
|
Credit Term:
|
| | Typically from 15 to 45 days following the invoice date. | |
|
Payment:
|
| |
We generally settle payments with our suppliers based on development progress.
|
|
|
Delivery and inspection:
|
| |
The deliverables from suppliers are subject to our inspection, and we may require the supplier to improve the deliverables until the supplier can satisfy our acceptance standard.
|
|
|
Data privacy:
|
| |
Both parties shall comply with applicable laws and regulations on data privacy, by adopting comprehensive data security policies and taking effective measures and establishing data security assessment, monitoring and warning mechanism to ensure data security.
|
|
|
Termination:
|
| | Either party may terminate the agreement upon mutual consent. | |
| Function | | | | | | | |
|
Research and Development
|
| | | | 2,050 | | |
|
Business Operations
|
| | | | 437 | | |
|
Sales and Marketing
|
| | | | 983 | | |
|
General Administration
|
| | | | 382 | | |
|
Total
|
| | | | 3,842 | | |
| |
The following section sets forth supplemental financial information for the years ended December 31, 2019, 2020 and 2021, including certain new disclosures made in connection with the Listing.
|
| |
| | |
For the year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of customers(5) |
| |
Revenue
RMB |
| |
Average
Revenue Per Customer |
| |
Number
of customers(5) |
| |
Revenue
RMB |
| |
Average
Revenue Per Customer |
| |
Net
Expansion Rate |
| |
Number
of customers(5) |
| |
Revenue
RMB |
| |
Average
Revenue Per Customer |
| |
Net
Expansion Rate |
| |||||||||||||||||||||||||||||||||
| | |
(in millions)
|
| |
(in millions)
|
| |
(in percentage)
|
| |
(in millions)
|
| |
(in percentage)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Ping An Group(1)
|
| | | | N/A | | | | | | 994.7 | | | | | | 994.7 | | | | | | N/A | | | | | | 1,726.8 | | | | | | 1,726.8 | | | | | | N/A | | | | | | N/A | | | | | | 2,316.7 | | | | | | 2,316.7 | | | | | | N/A | | |
Premium
Customers(2)(3) |
| | | | 473 | | | | | | 1,305.8 | | | | | | 2.8 | | | | | | 594 | | | | | | 1,517.3 | | | | | | 2.6 | | | | | | 84 | | | | | | 796 | | | | | | 1,746.5 | | | | | | 2.2 | | | | | | 96 | | |
Premium-Plus Customers(2)(4)
|
| | | | 187 | | | | | | 1,190.5 | | | | | | 6.4 | | | | | | 168 | | | | | | 1,376.0 | | | | | | 8.2 | | | | | | 76 | | | | | | 212 | | | | | | 1,561.5 | | | | | | 7.4 | | | | | | 91 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of customers |
| |
Revenue
|
| |
Average
revenue |
| |
Number
of customers |
| |
Revenue
|
| |
Average
revenue |
| |
Number
of customers |
| |
Revenue
|
| |
Average
revenue |
| |||||||||||||||||||||||||||
| | |
(in millions)
|
| |
(in millions)
|
| |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Ping An Group related parties
|
| | | | 4 | | | | | | 299.8 | | | | | | 75.0 | | | | | | 4 | | | | | | 373.9 | | | | | | 93.5 | | | | | | 5 | | | | | | 451.1 | | | | | | 90.2 | | |
Independent customers
|
| | | | 469 | | | | | | 1,006.0 | | | | | | 2.1 | | | | | | 590 | | | | | | 1,143.4 | | | | | | 1.9 | | | | | | 791 | | | | | | 1,295.4 | | | | | | 1.6 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Technology Solution Segment(1)(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | 570,822 | | | | | | 24.5 | | | | | | 851,856 | | | | | | 25.7 | | | | | | 733,648 | | | | | | 17.8 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 582,968 | | | | | | 25.0 | | | | | | 1,061,445 | | | | | | 32.0 | | | | | | 1,097,719 | | | | | | 26.6 | | |
– Business origination services
|
| | | | 770,893 | | | | | | 33.1 | | | | | | 605,733 | | | | | | 18.3 | | | | | | 450,597 | | | | | | 10.9 | | |
– Risk management services
|
| | | | 327,120 | | | | | | 14.1 | | | | | | 362,530 | | | | | | 10.9 | | | | | | 534,071 | | | | | | 12.9 | | |
– Cloud services platform
|
| | | | — | | | | | | — | | | | | | 314,338 | | | | | | 9.5 | | | | | | 1,050,179 | | | | | | 25.4 | | |
– Post-implementation support services
|
| | | | 36,000 | | | | | | 1.5 | | | | | | 55,678 | | | | | | 1.7 | | | | | | 49,447 | | | | | | 1.2 | | |
– Others
|
| | | | 40,043 | | | | | | 1.7 | | | | | | 57,533 | | | | | | 1.7 | | | | | | 182,376 | | | | | | 4.4 | | |
Subtotal
|
| | | | 2,327,846 | | | | | | 100.0 | | | | | | 3,309,113 | | | | | | 99.9 | | | | | | 4,098,037 | | | | | | 99.2 | | |
Virtual Bank Business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and commission
|
| | | | — | | | | | | — | | | | | | 3,177 | | | | | | 0.1 | | | | | | 34,320 | | | | | | 0.8 | | |
Total
|
| | | | 2,327,846 | | | | | | 100.0 | | | | | | 3,312,290 | | | | | | 100.0 | | | | | | 4,132,357 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Employee benefit expenses(1)
|
| | | | 200,843 | | | | | | 302,377 | | | | | | 370,445 | | |
Technology service fee
|
| | | | 473,304 | | | | | | 868,643 | | | | | | 1,177,529 | | |
Technology service fee – business service fees(2)
|
| | | | 268,345 | | | | | | 552,799 | | | | | | 878,099 | | |
Technology service fee – labor related costs(1)
|
| | | | 204,959 | | | | | | 315,844 | | | | | | 299,430 | | |
Business origination fee(2)
|
| | | | 291,883 | | | | | | 251,988 | | | | | | 276,966 | | |
Outsourcing labor costs(2)
|
| | | | 198,537 | | | | | | 236,207 | | | | | | 331,383 | | |
Other costs(2)(3)
|
| | | | 85,508 | | | | | | 131,162 | | | | | | 238,344 | | |
Amortization of intangible assets(4)
|
| | | | 308,551 | | | | | | 275,479 | | | | | | 297,406 | | |
Amortization of application and platform contributed by Ping An Group relating to revenue generation
|
| | | | 115,028 | | | | | | — | | | | | | — | | |
Amortization of internally developed application and platform relating to revenue generation
|
| | | | 121,474 | | | | | | 163,117 | | | | | | 190,503 | | |
Amortization of acquired software and other intangible assets
|
| | | | 72,049 | | | | | | 112,362 | | | | | | 106,903 | | |
Depreciation of property and equipment
|
| | | | 2,362 | | | | | | 2,978 | | | | | | 3,633 | | |
Total
|
| | | | 1,560,988 | | | | | | 2,068,834 | | | | | | 2,695,706 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Employee benefit expenses
|
| | | | 610,063 | | | | | | 26.2 | | | | | | 610,564 | | | | | | 18.4 | | | | | | 514,456 | | | | | | 12.4 | | |
Technology service fee
|
| | | | 448,902 | | | | | | 19.3 | | | | | | 682,222 | | | | | | 20.6 | | | | | | 859,324 | | | | | | 20.8 | | |
Amortization of intangible assets
|
| | | | 20,311 | | | | | | 0.9 | | | | | | 3,812 | | | | | | 0.1 | | | | | | 3,396 | | | | | | 0.1 | | |
Depreciation of property, plant and equipment
|
| | | | 12,687 | | | | | | 0.5 | | | | | | 9,659 | | | | | | 0.3 | | | | | | 11,182 | | | | | | 0.3 | | |
Impairment loss of intangible assets
|
| | | | — | | | | | | — | | | | | | 5,597 | | | | | | 0.2 | | | | | | 3,747 | | | | | | 0.1 | | |
Others
|
| | | | 55,727 | | | | | | 2.4 | | | | | | 37,438 | | | | | | 1.1 | | | | | | 23,200 | | | | | | 0.6 | | |
Amounts incurred
|
| | | | 1,147,690 | | | | | | 49.3 | | | | | | 1,349,292 | | | | | | 40.7 | | | | | | 1,415,305 | | | | | | 34.2 | | |
Less: capitalized | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Employee benefit expenses
|
| | | | (116,801) | | | | | | (5.0) | | | | | | (125,767) | | | | | | (3.8) | | | | | | (45,016) | | | | | | (1.1) | | |
– Technology service fee
|
| | | | (63,260) | | | | | | (2.7) | | | | | | (50,235) | | | | | | (1.5) | | | | | | (17,271) | | | | | | (0.4) | | |
– Others
|
| | | | (11,534) | | | | | | (0.5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | (191,595) | | | | | | (8.2) | | | | | | (176,002) | | | | | | (5.3) | | | | | | (62,287) | | | | | | (1.5) | | |
Total
|
| | | | 956,095 | | | | | | 41.1 | | | | | | 1,173,290 | | | | | | 35.4 | | | | | | 1,353,018 | | | | | | 32.7 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Employee benefit expenses
|
| | | | 419,562 | | | | | | 18.0 | | | | | | 416,819 | | | | | | 12.6 | | | | | | 369,881 | | | | | | 9.0 | | |
Technology service fee
|
| | | | — | | | | | | — | | | | | | 33 | | | | | | 0.0 | | | | | | — | | | | | | — | | |
Outsourcing labor costs
|
| | | | 58 | | | | | | 0.0 | | | | | | 5,121 | | | | | | 0.2 | | | | | | 11,443 | | | | | | 0.3 | | |
Depreciation of property, plant and equipment
|
| | | | 6,666 | | | | | | 0.3 | | | | | | 3,035 | | | | | | 0.1 | | | | | | 4,525 | | | | | | 0.1 | | |
Telecommunication expenses
|
| | | | 85,599 | | | | | | 3.7 | | | | | | 99,606 | | | | | | 3.0 | | | | | | 36,653 | | | | | | 0.9 | | |
Travelling expense
|
| | | | 46,901 | | | | | | 2.0 | | | | | | 25,723 | | | | | | 0.8 | | | | | | 34,628 | | | | | | 0.8 | | |
Marketing and advertising fee
|
| | | | 47,013 | | | | | | 2.0 | | | | | | 58,671 | | | | | | 1.8 | | | | | | 110,775 | | | | | | 2.7 | | |
Professional service fee
|
| | | | 940 | | | | | | 0.0 | | | | | | 405 | | | | | | 0.0 | | | | | | 228 | | | | | | 0.0 | | |
Others
|
| | | | 28,934 | | | | | | 1.2 | | | | | | 20,075 | | | | | | 0.6 | | | | | | 20,247 | | | | | | 0.5 | | |
Total
|
| | | | 635,673 | | | | | | 27.3 | | | | | | 629,488 | | | | | | 19.0 | | | | | | 588,380 | | | | | | 14.2 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| |
RMB
|
| |
% total
revenue |
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Employee benefit expenses
|
| | | | 367,158 | | | | | | 15.8 | | | | | | 439,411 | | | | | | 13.3 | | | | | | 419,609 | | | | | | 10.2 | | |
Technology service fee
|
| | | | — | | | | | | — | | | | | | 47 | | | | | | 0.0 | | | | | | — | | | | | | — | | |
Amortization of intangible assets
|
| | | | 3,608 | | | | | | 0.2 | | | | | | 3,406 | | | | | | 0.1 | | | | | | 1,972 | | | | | | 0.0 | | |
Outsourcing labor costs
|
| | | | 75,784 | | | | | | 3.3 | | | | | | 41,179 | | | | | | 1.2 | | | | | | 91,364 | | | | | | 2.2 | | |
Depreciation of property, plant and equipment
|
| | | | 105,671 | | | | | | 4.5 | | | | | | 122,859 | | | | | | 3.7 | | | | | | 116,635 | | | | | | 2.8 | | |
Telecommunication expenses
|
| | | | 209 | | | | | | 0.0 | | | | | | 6,150 | | | | | | 0.2 | | | | | | 970 | | | | | | 0.0 | | |
Travelling expense
|
| | | | 15,823 | | | | | | 0.7 | | | | | | 7,181 | | | | | | 0.2 | | | | | | 20,606 | | | | | | 0.5 | | |
Marketing and advertising fee
|
| | | | — | | | | | | — | | | | | | 475 | | | | | | 0.0 | | | | | | — | | | | | | — | | |
Professional service fee
|
| | | | 50,547 | | | | | | 2.2 | | | | | | 85,381 | | | | | | 2.6 | | | | | | 75,836 | | | | | | 1.8 | | |
Others
|
| | | | 137,881 | | | | | | 5.9 | | | | | | 128,828 | | | | | | 3.9 | | | | | | 114,693 | | | | | | 2.8 | | |
Total
|
| | | | 756,681 | | | | | | 32.5 | | | | | | 834,917 | | | | | | 25.2 | | | | | | 841,685 | | | | | | 20.4 | | |
| | |
For the year ended December 31,
|
| ||||||
| | |
2019
|
| |
2020
|
| |
2021
|
|
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
|
Revenue growth rate
|
| |
8% – 55%
|
| |
8% – 55%
|
| |
10% – 24%
|
|
Long term growth rate
|
| |
3%
|
| |
3%
|
| |
2%
|
|
Pre-tax discount rate
|
| |
16.26%
|
| |
16.00%
|
| |
16.30%
|
|
Recoverable amount of the CGU exceeding its carrying amount (RMB’000)
|
| |
54,587,283
|
| |
50,586,840
|
| |
3,191,952
|
|
| | |
Recoverable amount of the CGU exceeding its
carrying amount Year ended December 31, |
| |||||||||||||||
Possible changes of key assumptions
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Revenue growth rate decrease by 5%
|
| | | | 33,513,976 | | | | | | 35,774,340 | | | | | | 1,325,839 | | |
Long term growth rate decrease by 1%
|
| | | | 44,214,438 | | | | | | 47,128,390 | | | | | | 2,741,710 | | |
Pre-tax discount rate increase by 1%
|
| | | | 47,845,232 | | | | | | 44,120,980 | | | | | | 2,594,933 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Development costs in progress
|
| | | | 157,429 | | | | | | 121,122 | | | | | | 45,389 | | |
| | |
For the year ended December 31,
|
| ||||||
| | |
2019
|
| |
2020
|
| |
2021
|
|
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
|
Revenue growth rate
|
| |
13% – 75%
|
| |
3% – 67%
|
| |
17% – 65%
|
|
Pre-tax discount rate
|
| |
20%
|
| |
20%
|
| |
20%
|
|
Recoverable amount of the CGU exceeding its carrying amount (RMB’000)
|
| |
298,501
|
| |
175,894
|
| |
65,326
|
|
| | |
Recoverable amount of the CGU exceeding its
carrying amount Year ended December 31, |
| |||||||||||||||
Possible changes of key assumptions
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Revenue growth rate decrease by 5%
|
| | | | 197,247 | | | | | | 110,476 | | | | | | 41,226 | | |
Pre-tax discount rate increase by 1%
|
| | | | 258,779 | | | | | | 170,870 | | | | | | 51,914 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
% of
Revenue |
| |
RMB
|
| |
% of
Revenue |
| |
RMB
|
| |
% of
Revenue |
| ||||||||||||||||||
Revenue
|
| | | | 2,327,846 | | | | | | 100.0 | | | | | | 3,312,290 | | | | | | 100.0 | | | | | | 4,132,357 | | | | | | 100.0 | | |
Cost of revenue(1)
|
| | | | (1,560,988) | | | | | | (67.1) | | | | | | (2,068,834) | | | | | | (62.5) | | | | | | (2,695,706) | | | | | | (65.2) | | |
Gross profit
|
| | | | 766,858 | | | | | | 32.9 | | | | | | 1,243,456 | | | | | | 37.5 | | | | | | 1,436,651 | | | | | | 34.8 | | |
Research and development costs incurred
|
| | | | (1,147,690) | | | | | | (49.3) | | | | | | (1,349,292) | | | | | | (40.7) | | | | | | (1,415,305) | | | | | | (34.2) | | |
Less: capitalized
|
| | | | 191,595 | | | | | | 8.2 | | | | | | 176,002 | | | | | | 5.3 | | | | | | 62,287 | | | | | | 1.5 | | |
Research and development expenses(1)
|
| | | | (956,095) | | | | | | (41.1) | | | | | | (1,173,290) | | | | | | (35.4) | | | | | | (1,353,018) | | | | | | (32.7) | | |
Selling and marketing expenses(1)
|
| | | | (635,673) | | | | | | (27.3) | | | | | | (629,488) | | | | | | (19.0) | | | | | | (588,380) | | | | | | (14.2) | | |
General and administrative expenses(1)
|
| | | | (756,681) | | | | | | (32.5) | | | | | | (834,917) | | | | | | (25.2) | | | | | | (841,685) | | | | | | (20.4) | | |
Net impairment losses on financial and contract assets
|
| | | | (45,167) | | | | | | (1.9) | | | | | | (134,519) | | | | | | (4.1) | | | | | | (72,229) | | | | | | (1.7) | | |
Other income, gains or loss – net
|
| | | | (74,254) | | | | | | (3.2) | | | | | | 58,432 | | | | | | 1.8 | | | | | | 13,921 | | | | | | 0.3 | | |
Operating loss
|
| | | | (1,701,012) | | | | | | (73.1) | | | | | | (1,470,326) | | | | | | (44.4) | | | | | | (1,404,740) | | | | | | (34.0) | | |
Finance income
|
| | | | 128,261 | | | | | | 5.5 | | | | | | 77,237 | | | | | | 2.3 | | | | | | 28,823 | | | | | | 0.7 | | |
Finance costs
|
| | | | (174,831) | | | | | | (7.5) | | | | | | (150,363) | | | | | | (4.5) | | | | | | (76,637) | | | | | | (1.9) | | |
Finance costs – net
|
| | | | (46,570) | | | | | | (2.0) | | | | | | (73,126) | | | | | | (2.2) | | | | | | (47,814) | | | | | | (1.2) | | |
Share of net (losses)/gain of associate and
joint venture |
| | | | (14,854) | | | | | | (0.6) | | | | | | (7,802) | | | | | | (0.2) | | | | | | 9,946 | | | | | | 0.2 | | |
Loss before income tax
|
| | | | (1,762,436) | | | | | | (75.7) | | | | | | (1,551,254) | | | | | | (46.8) | | | | | | (1,442,608) | | | | | | (34.9) | | |
Income tax benefit
|
| | | | 74,924 | | | | | | 3.2 | | | | | | 137,131 | | | | | | 4.1 | | | | | | 112,095 | | | | | | 2.7 | | |
Loss for the year
|
| | | | (1,687,512) | | | | | | (72.5) | | | | | | (1,414,123) | | | | | | (42.7) | | | | | | (1,330,513) | | | | | | (32.2) | | |
Loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | (1,660,566) | | | | | | (71.3) | | | | | | (1,353,608) | | | | | | (40.9) | | | | | | (1,281,699) | | | | | | (31.0) | | |
– Non-controlling interests
|
| | | | (26,946) | | | | | | (1.2) | | | | | | (60,515) | | | | | | (1.8) | | | | | | (48,814) | | | | | | (1.2) | | |
| | | | | (1,687,512) | | | | | | (72.5) | | | | | | (1,414,123) | | | | | | (42.7) | | | | | | (1,330,513) | | | | | | (32.2) | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
Possible changes of key assumptions
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cost of revenue
|
| | | | 2,294 | | | | | | 6,904 | | | | | | 935 | | |
Research and development expenses
|
| | | | 29,206 | | | | | | 26,635 | | | | | | 5,185 | | |
Selling and marketing expenses
|
| | | | 25,916 | | | | | | 21,049 | | | | | | 2,854 | | |
General and administrative expenses
|
| | | | 18,948 | | | | | | 35,064 | | | | | | 16,435 | | |
Total
|
| | | | 76,364 | | | | | | 89,652 | | | | | | 25,409 | | |
| | |
For the Year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solution |
| |
Intersegment
eliminations & adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||
Revenue
|
| | | | — | | | | | | 2,385,924 | | | | | | (58,078) | | | | | | 2,327,846 | | |
Cost of revenue
|
| | | | — | | | | | | (1,619,066) | | | | | | 58,078 | | | | | | (1,560,988) | | |
Gross profit
|
| | | | — | | | | | | 766,858 | | | | | | — | | | | | | 766,858 | | |
Research and development expenses
|
| | | | (8,530) | | | | | | (947,565) | | | | | | — | | | | | | (956,095) | | |
Selling and marketing expenses
|
| | | | (7,144) | | | | | | (628,529) | | | | | | — | | | | | | (635,673) | | |
General and administrative expenses
|
| | | | (87,340) | | | | | | (669,341) | | | | | | — | | | | | | (756,681) | | |
Net impairment losses on financial and contract assets
|
| | | | — | | | | | | (45,167) | | | | | | — | | | | | | (45,167) | | |
Other income, gains or loss – net
|
| | | | (138) | | | | | | (74,116) | | | | | | — | | | | | | (74,254) | | |
Operating loss
|
| | | | (103,152) | | | | | | (1,597,860) | | | | | | — | | | | | | (1,701,012) | | |
| | |
For the Year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solution |
| |
Intersegment
eliminations & adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||
Revenue
|
| | | | 3,177 | | | | | | 3,353,903 | | | | | | (44,790) | | | | | | 3,312,290 | | |
Cost of revenue
|
| | | | (20,953) | | | | | | (2,092,671) | | | | | | 44,790 | | | | | | (2,068,834) | | |
Gross profit
|
| | | | (17,776) | | | | | | 1,261,232 | | | | | | — | | | | | | 1,243,456 | | |
Research and development expenses
|
| | | | (27,395) | | | | | | (1,145,895) | | | | | | — | | | | | | (1,173,290) | | |
Selling and marketing expenses
|
| | | | (18,622) | | | | | | (610,866) | | | | | | — | | | | | | (629,488) | | |
General and administrative expenses
|
| | | | (106,291) | | | | | | (728,626) | | | | | | — | | | | | | (834,917) | | |
Net impairment losses on financial and contract assets
|
| | | | (712) | | | | | | (133,807) | | | | | | — | | | | | | | | |
Other income, gains or loss – net
|
| | | | 7,440 | | | | | | 50,992 | | | | | | — | | | | | | | | |
Operating loss
|
| | | | (163,356) | | | | | | (1,306,970) | | | | | | — | | | | | | | | |
| | |
For the Year ended December 31, 2021
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solution |
| |
Intersegment
eliminations & adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||
Revenue
|
| | | | 34,320 | | | | | | 4,098,734 | | | | | | (697) | | | | | | 4,132,357 | | |
Cost of revenue
|
| | | | (37,748) | | | | | | (2,658,655) | | | | | | 697 | | | | | | (2,695,706) | | |
Gross profit
|
| | | | (3,428) | | | | | | 1,440,079 | | | | | | — | | | | | | 1,436,651 | | |
Research and development expenses
|
| | | | (33,192) | | | | | | (1,319,826) | | | | | | — | | | | | | (1,353,018) | | |
Selling and marketing expenses
|
| | | | (38,042) | | | | | | (550,338) | | | | | | — | | | | | | (588,380) | | |
General and administrative expenses
|
| | | | (99,796) | | | | | | (741,889) | | | | | | — | | | | | | (841,685) | | |
Net impairment losses on financial and contract assets
|
| | | | (1,250) | | | | | | (70,979) | | | | | | — | | | | | | (72,229) | | |
Other income, gains or loss – net
|
| | | | 91 | | | | | | 13,830 | | | | | | — | | | | | | 13,921 | | |
Operating loss
|
| | | | (175,617) | | | | | | (1,229,123) | | | | | | — | | | | | | (1,404,740) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
Changes
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Technology Solution Segment(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Implementation revenue
|
| | | | 851,856 | | | | | | 25.7 | | | | | | 733,648 | | | | | | 17.8 | | | | | | (118,208) | | | | | | (13.9) | | |
Transaction-based and support revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 1,061,445 | | | | | | 32.0 | | | | | | 1,097,719 | | | | | | 26.6 | | | | | | 36,274 | | | | | | 3.4 | | |
– Business origination services
|
| | | | 605,733 | | | | | | 18.3 | | | | | | 450,597 | | | | | | 10.9 | | | | | | (155,136) | | | | | | (25.6) | | |
– Risk management services
|
| | | | 362,530 | | | | | | 10.9 | | | | | | 534,071 | | | | | | 12.9 | | | | | | 171,541 | | | | | | 47.3 | | |
– Cloud services platform
|
| | | | 314,338 | | | | | | 9.5 | | | | | | 1,050,179 | | | | | | 25.4 | | | | | | 735,841 | | | | | | 234.1 | | |
– Post-implementation support services
|
| | | | 55,678 | | | | | | 1.7 | | | | | | 49,447 | | | | | | 1.2 | | | | | | (6,231) | | | | | | (11.2) | | |
– Others
|
| | | | 57,533 | | | | | | 1.7 | | | | | | 182,376 | | | | | | 4.4 | | | | | | 124,843 | | | | | | 217.0 | | |
– Sub-total for transaction-based and support revenue
|
| | | | 2,457,257 | | | | | | 74.2 | | | | | | 3,364,389 | | | | | | 81.4 | | | | | | 907,132 | | | | | | 36.9 | | |
Sub-total
|
| | | | 3,309,113 | | | | | | 99.9 | | | | | | 4,098,037 | | | | | | 99.2 | | | | | | 788,924 | | | | | | 23.8 | | |
Virtual Bank Business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and commission
|
| | | | 3,177 | | | | | | 0.1 | | | | | | 34,320 | | | | | | 0.8 | | | | | | 31,143 | | | | | | 980.3 | | |
Total
|
| | | | 3,312,290 | | | | | | 100.0 | | | | | | 4,132,357 | | | | | | 100.0 | | | | | | 820,067 | | | | | | 24.8 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
Changes
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except %)
|
| |||||||||||||||||||||||||||||||||
Technology Solution Segment(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Implementation revenue
|
| | | | 570,822 | | | | | | 24.5 | | | | | | 851,856 | | | | | | 25.7 | | | | | | 281,034 | | | | | | 49.2 | | |
Transaction-based and support revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 582,968 | | | | | | 25.0 | | | | | | 1,061,445 | | | | | | 32.0 | | | | | | 478,477 | | | | | | 82.1 | | |
– Business origination services
|
| | | | 770,893 | | | | | | 33.1 | | | | | | 605,733 | | | | | | 18.3 | | | | | | (165,160) | | | | | | (21.4) | | |
– Risk management services
|
| | | | 327,120 | | | | | | 14.1 | | | | | | 362,530 | | | | | | 10.9 | | | | | | 35,410 | | | | | | 10.8 | | |
– Cloud services platform
|
| | | | — | | | | | | — | | | | | | 314,338 | | | | | | 9.5 | | | | | | 314,338 | | | | | | — | | |
– Post-implementation support services
|
| | | | 36,000 | | | | | | 1.5 | | | | | | 55,678 | | | | | | 1.7 | | | | | | 19,678 | | | | | | 54.7 | | |
– Others
|
| | | | 40,043 | | | | | | 1.7 | | | | | | 57,533 | | | | | | 1.7 | | | | | | 17,490 | | | | | | 43.7 | | |
– Sub-total for transaction-based and support revenue
|
| | | | 1,757,024 | | | | | | 75.5 | | | | | | 2,457,257 | | | | | | 74.2 | | | | | | 700,233 | | | | | | 39.9 | | |
Sub-total
|
| | | | 2,327,846 | | | | | | 100.0 | | | | | | 3,309,113 | | | | | | 99.9 | | | | | | 981,267 | | | | | | 42.2 | | |
Virtual Bank Business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and commission
|
| | | | — | | | | | | — | | | | | | 3,177 | | | | | | 0.1 | | | | | | 3,177 | | | | | | — | | |
Total
|
| | | | 2,327,846 | | | | | | 100.0 | | | | | | 3,312,290 | | | | | | 100.0 | | | | | | 984,444 | | | | | | 42.3 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Operating cash flows before movements in working capital
|
| | | | (1,019,610) | | | | | | (823,492) | | | | | | (817,383) | | |
Changes in working capital
|
| | | | (796,115) | | | | | | 129,801 | | | | | | 433,679 | | |
Income tax paid
|
| | | | (1,729) | | | | | | (10,454) | | | | | | (20,630) | | |
Net cash used in operating activities
|
| | | | (1,817,454) | | | | | | (704,145) | | | | | | (404,334) | | |
Net cash generated from investing activities
|
| | | | 570,839 | | | | | | 1,315,725 | | | | | | 388,435 | | |
Net cash generated from/(used in) financing activities
|
| | | | 1,754,557 | | | | | | 1,533,838 | | | | | | (1,611,781) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | 507,942 | | | | | | 2,145,418 | | | | | | (1,627,680) | | |
Cash and cash equivalents at the beginning of the year/period
|
| | | | 565,027 | | | | | | 1,077,875 | | | | | | 3,055,194 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | 4,906 | | | | | | (168,099) | | | | | | (28,144) | | |
Cash and cash equivalents at the end of year/period
|
| | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
| | |
As of December 31,
|
| |
As of
April 30, 2022 |
| ||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |
(unaudited)
|
| ||||||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | 710,123 | | | | | | 838,690 | | | | | | 891,174 | | | | | | 1,287,900 | | |
Contract assets
|
| | | | 211,276 | | | | | | 257,830 | | | | | | 227,895 | | | | | | 187,181 | | |
Prepayments and other receivables
|
| | | | 528,277 | | | | | | 443,328 | | | | | | 752,667 | | | | | | 883,352 | | |
Financial assets measured at amortized cost from banking operations
|
| | | | — | | | | | | 576,305 | | | | | | 12,711 | | | | | | 6,229 | | |
Financial assets at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | 482,497 | | | | | | 829,764 | | |
Financial assets at fair value through profit or loss
|
| | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | | | | | 898,530 | | |
Restricted cash
|
| | | | 3,440,289 | | | | | | 2,280,499 | | | | | | 1,060,427 | | | | | | 503,518 | | |
Cash and cash equivalents
|
| | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | | | | | 1,256,152 | | |
Total current assets
|
| | | | 7,658,807 | | | | | | 8,939,717 | | | | | | 6,898,394 | | | | | | 5,852,626 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 1,075,576 | | | | | | 1,547,781 | | | | | | 2,137,099 | | | | | | 2,231,078 | | |
Payroll and welfare payables
|
| | | | 538,132 | | | | | | 625,330 | | | | | | 515,067 | | | | | | 318,674 | | |
Contract liabilities
|
| | | | 104,960 | | | | | | 138,547 | | | | | | 153,844 | | | | | | 167,793 | | |
Short-term borrowings
|
| | | | 3,218,566 | | | | | | 2,283,307 | | | | | | 815,260 | | | | | | 288,609 | | |
Customer deposits
|
| | | | — | | | | | | 405,853 | | | | | | 1,350,171 | | | | | | 1,563,178 | | |
Derivative financial liabilities
|
| | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | | | | | 106,958 | | |
Total current liabilities
|
| | | | 4,939,916 | | | | | | 5,166,698 | | | | | | 5,162,412 | | | | | | 4,676,290 | | |
Net current assets
|
| | | | 2,718,891 | | | | | | 3,773,019 | | | | | | 1,735,982 | | | | | | 1,176,336 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Property and equipment
|
| | | | 314,505 | | | | | | 224,284 | | | | | | 244,412 | | |
Intangible assets
|
| | | | 976,948 | | | | | | 917,063 | | | | | | 687,194 | | |
Deferred tax assets
|
| | | | 423,786 | | | | | | 564,562 | | | | | | 683,218 | | |
Financial assets measured at amortized cost from banking
operations |
| | | | — | | | | | | 25,283 | | | | | | 674 | | |
Investments accounted for using the equity method
|
| | | | 118,829 | | | | | | 175,733 | | | | | | 185,346 | | |
Financial assets at fair value through other comprehensive income
|
| | | | 393,448 | | | | | | 21,828 | | | | | | 640,501 | | |
Contract assets
|
| | | | 40,998 | | | | | | 16,788 | | | | | | 868 | | |
Total non-current assets
|
| | | | 2,268,514 | | | | | | 1,945,541 | | | | | | 2,442,213 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 420,873 | | | | | | 395,514 | | | | | | 313,834 | | |
Contract liabilities
|
| | | | 12,700 | | | | | | 17,683 | | | | | | 19,418 | | |
Deferred tax liabilities
|
| | | | 33,291 | | | | | | 20,080 | | | | | | 9,861 | | |
Total non-current liabilities
|
| | | | 466,864 | | | | | | 433,277 | | | | | | 343,113 | | |
Net non-current assets
|
| | | | 1,801,650 | | | | | | 1,512,264 | | | | | | 2,099,100 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Within one year
|
| | | | 705,515 | | | | | | 746,846 | | | | | | 897,114 | | |
From one year to two years
|
| | | | 24,736 | | | | | | 112,349 | | | | | | 22,920 | | |
From two years to three years
|
| | | | 3,020 | | | | | | 16,826 | | | | | | 8,026 | | |
Over three years
|
| | | | 4,733 | | | | | | 5,126 | | | | | | 6,092 | | |
Trade receivables
|
| | | | 738,004 | | | | | | 881,147 | | | | | | 934,152 | | |
Less: impairment loss allowance
|
| | | | (27,881) | | | | | | (42,457) | | | | | | (42,978) | | |
Total
|
| | | | 710,123 | | | | | | 838,690 | | | | | | 891,174 | | |
| | |
For the Year Ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Trade receivables turnover days(1)
|
| | | | 79 | | | | | | 89 | | | | | | 80 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year
|
| | | | | | | | | | | | | | | | | | |
Expected to be recognized within one year
|
| | | | 67,979 | | | | | | 240,089 | | | | | | 586,913 | | |
Expected to be recognized in one to two years
|
| | | | 18,920 | | | | | | 67,464 | | | | | | 105,018 | | |
Expected to be recognized in two to three years
|
| | | | 3,290 | | | | | | 48,475 | | | | | | 53,292 | | |
Expected to be recognized beyond three years
|
| | | | 12,339 | | | | | | 27,688 | | | | | | 57,338 | | |
| | | | | 102,528 | | | | | | 383,716 | | | | | | 802,561 | | |
| | |
For the year ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Trade receivables and contract assets turnover days(1)
|
| | | | 117 | | | | | | 122 | | | | | | 108 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Financial guarantee fee receivable, gross
|
| | | | 55,296 | | | | | | 174 | | | | | | — | | |
Less: impairment loss allowance
|
| | | | (7,335) | | | | | | (74) | | | | | | — | | |
Financial guarantee fee receivable, net
|
| | | | 47,961 | | | | | | 100 | | | | | | — | | |
Deposit receivable(1)
|
| | | | 226,180 | | | | | | 282,864 | | | | | | 539,625 | | |
Value-added-tax deductible
|
| | | | 60,765 | | | | | | 40,730 | | | | | | 53,437 | | |
Receivable from disposal of equipment to related parties
|
| | | | 51,695 | | | | | | — | | | | | | — | | |
Advance to suppliers
|
| | | | 38,871 | | | | | | 41,446 | | | | | | 93,230 | | |
Advance to staffs
|
| | | | 25,339 | | | | | | 38,679 | | | | | | 42,343 | | |
Receivables for value-added-tax paid on behalf of wealth management products(2)
|
| | | | 3,154 | | | | | | 5,007 | | | | | | 6,881 | | |
Others
|
| | | | 75,644 | | | | | | 37,851 | | | | | | 20,119 | | |
Less: impairment loss allowance
|
| | | | (1,332) | | | | | | (3,349) | | | | | | (2,968) | | |
| | | | | 528,277 | | | | | | 443,328 | | | | | | 752,667 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Ping An Group
|
| | | | 190,447 | | | | | | 239,281 | | | | | | 531,327 | | |
Others
|
| | | | 337,830 | | | | | | 204,047 | | | | | | 221,340 | | |
Total
|
| | | | 528,277 | | | | | | 443,328 | | | | | | 752,667 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Contingent returnable consideration
|
| | | | 1,438 | | | | | | 676 | | | | | | 676 | | |
Wealth management products
|
| | | | 1,689,529 | | | | | | 1,487,195 | | | | | | 2,070,977 | | |
| | | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Trade payables | | | | | | | | | | | | | | | | | | | |
Due to related parties
|
| | | | 153,677 | | | | | | 632,912 | | | | | | 761,330 | | |
Due to third parties
|
| | | | 193,318 | | | | | | 287,324 | | | | | | 340,398 | | |
| | | | | 346,995 | | | | | | 920,236 | | | | | | 1,101,728 | | |
Redemption liability(1)
|
| | | | 244,793 | | | | | | 259,119 | | | | | | 271,525 | | |
Accrued expenses
|
| | | | 224,010 | | | | | | 159,091 | | | | | | 220,774 | | |
Security deposit
|
| | | | 33,683 | | | | | | 87,402 | | | | | | 56,236 | | |
Lease liabilities
|
| | | | 189,689 | | | | | | 134,219 | | | | | | 154,890 | | |
Amounts payable for purchase of shares held for share incentive scheme
|
| | | | 88,280 | | | | | | 88,280 | | | | | | 88,280 | | |
Unpaid business acquisition consideration of View Foundation
|
| | | | 48,000 | | | | | | 48,000 | | | | | | — | | |
Other tax payables
|
| | | | 35,675 | | | | | | 47,762 | | | | | | 44,716 | | |
Amount due to related parties
|
| | | | 24,517 | | | | | | 100,614 | | | | | | 420,254 | | |
Service fee refundable
|
| | | | 5,412 | | | | | | 8,953 | | | | | | 9,809 | | |
Financial guarantee payables
|
| | | | 116,509 | | | | | | 3,041 | | | | | | — | | |
Others
|
| | | | 138,886 | | | | | | 86,578 | | | | | | 82,721 | | |
| | | | | 1,496,449 | | | | | | 1,943,295 | | | | | | 2,450,933 | | |
Less: non-current portion | | | | | | | | | | | | | | | | | | | |
Redemption liability
|
| | | | (244,793) | | | | | | (259,119) | | | | | | (128,081) | | |
Lease liabilities
|
| | | | (87,800) | | | | | | (48,115) | | | | | | (97,473) | | |
Amounts payable for purchase of shares held for share incentive scheme
|
| | | | (88,280) | | | | | | (88,280) | | | | | | (88,280) | | |
| | | | | (420,873) | | | | | | (395,514) | | | | | | (313,834) | | |
| | | | | 1,075,576 | | | | | | 1,547,781 | | | | | | 2,137,099 | | |
| | |
For the year ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Trade payables turnover days(1)
|
| | | | 78 | | | | | | 112 | | | | | | 137 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Application and platform
|
| | | | 321,532 | | | | | | 317,383 | | | | | | 229,174 | | |
Purchased software
|
| | | | 64,996 | | | | | | 44,758 | | | | | | 27,041 | | |
Development costs in progress
|
| | | | 157,429 | | | | | | 121,122 | | | | | | 45,389 | | |
Goodwill
|
| | | | 289,161 | | | | | | 289,161 | | | | | | 289,161 | | |
Business license and others
|
| | | | 143,830 | | | | | | 144,639 | | | | | | 96,429 | | |
Total
|
| | | | 976,948 | | | | | | 917,063 | | | | | | 687,194 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
Nominal
amount |
| |
Fair value
|
| |
Nominal
amount |
| |
Fair value
|
| |
Nominal
amount |
| |
Fair value
|
| ||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||||||||
Foreign exchange swaps
|
| | | | 2,044,027 | | | | | | 2,682 | | | | | | 1,957,470 | | | | | | 165,880 | | | | | | 2,186,865 | | | | | | 152,005 | | |
Currency forwards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,095,958 | | | | | | 38,966 | | |
| | | | | 2,044,027 | | | | | | 2,682 | | | | | | 1,957,470 | | | | | | 165,880 | | | | | | 3,282,823 | | | | | | 190,971 | | |
| | |
As of December 31,
|
| |
As of
April 30, 2022 |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |
(unaudited)
|
| ||||||||||||||||||
Financial assets at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,655,509 | | | | | | 585,368 | | | | | | 599,540 | | | | | | 605,620 | | |
Prepayment and other receivables | | | | | | | | | | | | | | | | | | | | | | | | | |
Open Portal Guangxi
|
| | | | — | | | | | | — | | | | | | 3,515 | | | | | | 3,585 | | |
Restricted cash | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,494,729 | | | | | | 920,816 | | | | | | 702,058 | | | | | | 430,352 | | |
Short-term borrowings | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,210,920 | | | | | | 705,482 | | | | | | 300,805 | | | | | | — | | |
Derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | | | | | 106,958 | | |
Total
|
| | | | 4,363,840 | | | | | | 2,377,546 | | | | | | 1,796,889 | | | | | | 1,146,515 | | |
| | |
As of December 31,
|
| |
As of
April 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |
(unaudited)
|
| ||||||||||||||||||
Non-Current
|
| | | | 87,800 | | | | | | 48,115 | | | | | | 97,473 | | | | | | 98,734 | | |
Current
|
| | | | 101,889 | | | | | | 86,104 | | | | | | 57,417 | | | | | | 64,440 | | |
Total
|
| | | | 189,689 | | | | | | 134,219 | | | | | | 154,890 | | | | | | 163,174 | | |
| | |
For the Year Ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Gross profit margin(1)
|
| | | | 32.9% | | | | | | 37.5% | | | | | | 34.8% | | |
Gearing ratio(2)
|
| | | | 75.4% | | | | | | 45.7% | | | | | | 25.3% | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||
Trade receivables | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 281,223 | | | | | | 480,994 | | | | | | 442,694 | | |
Puhui Lixin
|
| | | | 1,963 | | | | | | 230 | | | | | | — | | |
SBI Japan
|
| | | | — | | | | | | 5,439 | | | | | | — | | |
Open Portal Guangxi
|
| | | | — | | | | | | 2,000 | | | | | | — | | |
| | | | | 283,186 | | | | | | 488,663 | | | | | | 442,694 | | |
Contract assets | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 71,114 | | | | | | 40,381 | | | | | | 17,746 | | |
Prepayment and other receivables
|
| | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 190,447 | | | | | | 239,281 | | | | | | 531,327 | | |
Cash and cash equivalents | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 897,150 | | | | | | 1,097,257 | | | | | | 429,527 | | |
Trade and other payables | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 178,194 | | | | | | 733,526 | | | | | | 1,178,438 | | |
Open Portal Guangxi
|
| | | | — | | | | | | — | | | | | | 362 | | |
| | | | | 178,194 | | | | | | 733,526 | | | | | | 1,178,800 | | |
Contract liabilities | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 5,775 | | | | | | 29,921 | | | | | | 19,018 | | |
| | |
As of December 31,
|
| |
As of
April 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||
| | |
(RMB in thousands)
|
| |
(unaudited)
|
| ||||||||||||||||||
Financial assets at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,655,509 | | | | | | 585,368 | | | | | | 599,540 | | | | | | 605,620 | | |
Prepayment and other receivables | | | | | | | | | | | | | | | | | | | | | | | | | |
Open Portal Guangxi
|
| | | | — | | | | | | — | | | | | | 3,515 | | | | | | 3,585 | | |
Restricted cash | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,494,729 | | | | | | 920,816 | | | | | | 702,058 | | | | | | 430,352 | | |
Short-term borrowings | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,210,920 | | | | | | 705,482 | | | | | | 300,805 | | | | | | — | | |
Derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | | | | | 106,958 | | |
| |
The following section sets forth supplemental information concerning related party transactions pursuant to the Hong Kong Listing Rules.
|
| |
Connected Relationship
|
| |
Name
|
|
Controlling Shareholder and its subsidiaries and/or associates | | | Ping An and its subsidiaries and/or associates, including but not limited to Ping An Technology | |
Directors and their associate | | | Mr. Wenwei Dou and Ms. Wenjun Wang, two of our non-executive Directors, and their controlled entity, Guang Feng Qi | |
Continuing connected transactions
|
| |
Proposed annual
cap for the year ending December 31, |
|
| | |
(RMB in millions)
|
|
Exempt Continuing Connected Transactions | | | | |
1. IP Licensing Agreement | | | | |
Royalties to be paid by us to Ping An Technology | | | N/A | |
Non-Exempt and Partially Exempt Continuing Connected Transactions | | | | |
2. Property Leasing Agreement | | | | |
Total value of right-of-use asset relating to leases with subsidiaries of Ping An | | | 2022: 18.80 | |
| | | 2023: 6.57 | |
| | | 2024: 28.58 | |
3. Provision of Services and Products Agreement | | | | |
Transaction amount to be paid by subsidiaries and associates of Ping An | | | 2022: 3,296.09 | |
| | | 2023: 3,600.00 | |
| | | 2024: 3,850.00 | |
4. Services and Products Purchasing Agreement | | | | |
Transaction amount to be paid by us to subsidiaries and associates of Ping An | | | 2022: 2,037.23 | |
| | | 2023: 2,202.11 | |
| | | 2024: 2,380.33 | |
Continuing connected transactions
|
| |
Proposed annual
cap for the year ending December 31, |
|
| | |
(RMB in millions)
|
|
5. Financial Services Agreement | | | | |
Deposit Services | | | | |
Maximum daily balance of deposits placed by us with the subsidiaries of
Ping An |
| | 2022: 3,184.34 | |
| | | 2023: 1,609.44 | |
| | | 2024: 1,140.64 | |
Interest income received by us from the subsidiaries of Ping An for the deposits | | | 2022: 17.65 | |
| | | 2023: 17.65 | |
| | | 2024: 17.65 | |
Loan Financing Service | | | | |
Maximum daily balance of loans by us with the subsidiaries of Ping An | | | 2022: 500.00 | |
| | | 2023: 500.00 | |
| | | 2024: 500.00 | |
| | | | |
Loan interest payable by us on the loans to the subsidiaries of Ping An | | | 2022: 17.50 | |
| | | 2023: 17.50 | |
| | | 2024: 17.50 | |
Wealth Management Service | | | | |
Maximum daily balance of wealth management products purchased by us from the subsidiaries of Ping An
|
| | 2022: 2,304.84 | |
| | | 2023: 1,108.44 | |
| | | 2024: 1,140.64 | |
Investment income received by us from the subsidiaries of Ping An | | | 2022: 30.72 | |
| | | 2023: 18.97 | |
| | | 2024: 19.26 | |
Interbank Services | | | | |
Maximum daily balance of interbank deposits to be placed by us with the subsidiaries of Ping An
|
| | 2022: 120.00 | |
| | | 2023: 120.00 | |
| | | 2024: 120.00 | |
Interest income received by us from the subsidiaries of Ping An for the interbank deposits
|
| | 2022: 1.80 | |
| | | 2023: 1.80 | |
| | | 2024: 1.80 | |
Maximum daily balance of interbank loans by us with the subsidiaries of
Ping An |
| | 2022: 250.00 | |
| | | 2023: 400.00 | |
| | | 2024: 600.00 | |
Loan interest payable by us on the interbank loans to the subsidiaries of
Ping An |
| | 2022: 3.75 | |
| | | 2023: 6.00 | |
| | | 2024: 9.00 | |
Continuing connected transactions
|
| |
Proposed annual
cap for the year ending December 31, |
|
| | |
(RMB in millions)
|
|
Derivative Products Services | | | | |
Maximum outstanding notional amount in respect of foreign exchange and interest rate derivative products to be purchased by us with the subsidiaries of Ping An
|
| | 2022: 4,000.00 | |
| | | 2022: 4,000.00 | |
| | | 2022: 4,000.00 | |
6. 2022 Services Purchasing Agreement | | | | |
Transaction amount to be paid by us to Ping An Insurance (Group) Company of China, Ltd.
|
| | 2022: 4.93 | |
Contractual Arrangements: | | | | |
Continuing connected transactions | | | Proposed annual cap | |
7. Contractual Arrangements
|
| | N/A | |
| | |
Proposed annual caps
for the year ending December 31, |
| |||||||||||||||
| | |
2022
|
| |
2023
|
| |
2024
|
| |||||||||
| | |
(RMB in millions)
|
| |||||||||||||||
Total value of right-of-use asset relating to the leases
|
| | | | 18.80 | | | | | | 6.57 | | | | | | 28.58 | | |
| | |
Proposed annual caps
for the year ending December 31, |
| |||||||||||||||
| | |
2022
|
| |
2023
|
| |
2024
|
| |||||||||
| | |
(RMB in millions)
|
| |||||||||||||||
Transaction amount to be paid by the subsidiaries and associates of Ping An to us
|
| | | | 3,296.09 | | | | | | 3,600.00 | | | | | | 3,850.00 | | |
| | |
Proposed annual caps
for the year ending December 31, |
| |||||||||||||||
| | |
(RMB in millions)
|
| |||||||||||||||
| | |
2022
|
| |
2023
|
| |
2024
|
| |||||||||
Transaction amount to be paid by the subsidiaries and associates of Ping An
|
| | | | 2,037.23 | | | | | | 2,202.11 | | | | | | 2,380.33 | | |
| | |
Proposed annual caps
for the year ending December 31, |
| |||||||||||||||
| | |
2022
|
| |
2023
|
| |
2024
|
| |||||||||
| | |
(RMB in millions)
|
| |||||||||||||||
Deposit Service
|
| | | | | | | | | | | | | | | | | | |
Maximum daily balance of deposits to be placed by us with the subsidiaries of Ping An
|
| | | | 3,184.34 | | | | | | 1,609.44 | | | | | | 1,140.64 | | |
Interest income to be received by us from the subsidiaries of Ping An
|
| | | | 17.65 | | | | | | 17.65 | | | | | | 17.65 | | |
Loan Financing Service
|
| | | | 500.00 | | | | | | 500.00 | | | | | | 500.00 | | |
Loan interest paid by us to the subsidiaries of Ping An
|
| | | | 17.50 | | | | | | 17.50 | | | | | | 17.50 | | |
Wealth Management Services
|
| | | | | | | | | | | | | | | | | | |
Maximum daily balance of wealth management products purchased by us
from the subsidiaries of Ping An |
| | | | 2,304.84 | | | | | | 1,108.44 | | | | | | 1,140.64 | | |
Investment income to be received by us Investment income to be received
by us |
| | | | 30.72 | | | | | | 18.97 | | | | | | 19.26 | | |
Interbank Services
|
| | | | | | | | | | | | | | | | | | |
Maximum daily balance of interbank deposits to be placed by us with the
subsidiaries of Ping An |
| | | | 120.00 | | | | | | 120.00 | | | | | | 120.00 | | |
Interest income to be received by us from the subsidiaries of Ping An
|
| | | | 1.80 | | | | | | 1.80 | | | | | | 1.80 | | |
Maximum daily balance of interbank loans by us with the subsidiaries of
Ping An |
| | | | 250.00 | | | | | | 400.00 | | | | | | 600.00 | | |
Loan interest paid by us to the subsidiaries of Ping An
|
| | | | 3.75 | | | | | | 6.00 | | | | | | 9.00 | | |
Derivative Products Services
|
| | | | | | | | | | | | | | | | | | |
Maximum outstanding notional amount in respect of foreign exchange and interest rate derivative products to be purchased by us with the subsidiaries of Ping An
|
| | | | 4,000.00 | | | | | | 4,000.00 | | | | | | 4,000.00 | | |
| |
The following section sets forth contractual arrangement concerning contractual arrangement pursuant to the Hong Kong Listing Rules.
|
| |
Restricted Businesses
|
| |
Our business/operations and the applicable PRC laws, regulations and regulatory requirements
|
|
Restricted category under 2021
Negative List Value-added telecommunication services |
| |
According to the 2021 Negative List, provision of value-added telecommunication services is a “restricted” business, and the shareholding percentage of a foreign investor in value-added telecommunication service provider in the PRC generally shall not exceed 50% with certain exceptions. Article 10 of the Regulations for the Administration of Foreign-Invested Telecommunications Enterprises (2016 Revision) (the “FITE Regulations”) further provided that a major foreign investor that invests in a value-added telecommunication service provider in the PRC must possess prior experience in, and a proven track record of good performance of, operating value-added telecommunication businesses (the “ICP Qualification Requirements”).
On April 7, 2022, the State Council issued the Decision to Amend and Abolish Certain Administrative Regulations, which madeamendments to the FITE Regulations. Pursuant to the amended FITE Regulations which took effect on May 1, 2022, the ICP Qualification Requirements for main foreign investors that invest in PRC companies conducting value-added telecommunication business set out in the FITE Regulations were removed. However, as of the date of this document, further implementation regulations or administrative guidelines in relation to the amended FITE Regulations have not yet been promulgated by the relevant PRC regulatory authorities.
Shenzhen OneConnect, a Consolidated Affiliated Entity of our Company, provides financial institutions with financial technology solutions based on cloud platform, and provides online financial technology information services and other internet information services for financial institutions and their customers through building an open financial technology platform for our digital banking and digital insurance services and our Gamma Platform.
|
|
Restricted Businesses
|
| |
Our business/operations and the applicable PRC laws, regulations and regulatory requirements
|
|
| | |
Our Company, the Joint Sponsors, our PRC Legal Advisor and Grandall Law Firm (the legal advisors to the Joint Sponsors as to PRC laws) conducted a consultation (the “SAC Consultation”) with a senior officer of Shenzhen Communication Administration (the “SAC”) on November 16, 2021, which is as advised by our PRC Legal Advisor, the competent authority in Shenzhen to administrate the communication industry, during which the senior officer confirmed that: (a) foreign investors are required to demonstrate they have a track record of good performance and operational experience in the value-added telecommunication business outside the PRC; (b) there are no detailed guidance and standards for the ICP Qualification Requirements and the administrative authorities will decide whether an applicant meets the ICP Qualification Requirements on a case-by-case basis; (c) in practice, it is difficult for a foreign-invested enterprise to obtain approval for an application for an ICP License even if the equity interest of the foreign investor in the applicant is not more than 50%; and (d) if a foreign investor directly or indirectly invests in Shenzhen OneConnect and Shenzhen OneConnect ChuangPei and then these two companies apply for ICP Licenses, their applications for ICP Licenses will not be approved. Before the removal of the ICP Qualification Requirements effective on May 1, 2022, we had taken the below steps which, subject to the discretion of the competent authorities, were reasonable and appropriate to meet the ICP Qualification Requirements in our PRC Legal Advisor’s view, including establishing overseas websites and registering trademarks and/or domain names outside the PRC for the promotion of our businesses overseas. However, in the abovementioned consultation, the senior officer of Shenzhen Communication Administration still confirmed that (a) if a foreign investor directly or indirectly invests in Shenzhen OneConnect and Shenzhen OneConnect Chuang Pei and then these two companies apply for ICP Licenses, their applications for ICP Licenses will not be approved; and (b) in practice, it is difficult for a foreign-invested enterprise to obtain approval for an application for an ICP License even if the equity interest of the foreign investor in the applicant is not more than 50%. In spite of the removal of the ICP Qualification Requirements, the provision of value-added telecommunication services is still subject to the restriction of the shareholding percentage of a foreign investor. Furthermore, as of the Latest Practicable Date, the Guideline for the Examination and Approval of the Telecommunication Business License which was issued on the official website of MIIT, has not been updated to reflect the recent regulatory development. Therefore, as of the Latest Practicable Date, the regulatory regime in respect of the ICP License has no material change in practice despite the amendment of the FITE Regulations which took effect on May 1, 2022. On the basis of the above and as advised by our PRC Legal Advisor, it is impossible in current practice for the Company to obtain any ICP License through any Sino-foreign equity joint venture or wholly-owned foreign investment entity. As such, Shenzhen OneConnect and Shenzhen OneConnect Chuang Pei would be unable to maintain the existing ICP Licenses in current practice if our Company holds direct or indirect equity interests in such entities.
|
|
| | |
Furthermore, there is an intermediary holding company between Shenzhen OneConnect Chuang Pei and Shenzhen OneConnect. Shenzhen OneConnect Chuang Pei is wholly-owned by Shenzhen Xinxuan Internet Technology Co., Ltd. (“Shenzhen Xinxuan”), which is in turn wholly-owned by Shenzhen OneConnect. Shenzhen Xinxuan is an intermediary
|
|
Restricted Businesses
|
| |
Our business/operations and the applicable PRC laws, regulations and regulatory requirements
|
|
| | |
holding company which has not been revenue-generating during the Track Record Period and will not be expected to conduct any business operations. During the SAC Consultation, the officer of SAC confirmed that if the shareholder of Shenzhen Xinxuan transfers its interest in Shenzhen Xinxuan to a foreign-invested enterprise, Shenzhen OneConnect Chuang Pei will have to cancel its existing ICP License and re-apply for another foreign-invested ICP License. Consequently, a transfer of Shenzhen Xinxuan to a foreign-owned entity of the Group may result in disruption of business operations, which would be detrimental to our Company and the Shareholders.
|
|
| | |
Our Company may undergo certain reorganization in respect of Shenzhen OneConnect, Shenzhen OneConnect Chuang Pei and Shenzhen Xinxuan in light of the recent amendments to the FITE Regulations. After the issuance of the Decision to Amend and Abolish Certain Administrative Regulations by the State Council on April 7, 2022, we have reached out in mid-May 2022 to the officer of Shenzhen Communication Administration who had been consulted by us on November 16, 2021 for guidance to understand the latest practices relating to ICP Licenses. The officer replied that since the amended FITE Regulations remain subject to further implementation regulations or administrative guidelines to be formulated, they were not able to give guidance on the amended FITE Regulations and before the issuance of the implementation regulations or administrative guidelines, the approval of the application for ICP Licenses remains substantially the same in practice. As advised by our PRC Legal Advisor, as the amended FITE Regulations only became effective on May 1, 2022, it remains subject to further implementation regulations and administrative guidelines to be formulated by the relevant PRC regulatory authorities with respect to the requirements and formalities that the Company needs to meet or complete in order to obtain a new ICP license issued to a company with foreign investment. For example, the Guideline for the Examination and Approval of the Telecommunication Business License which was issued on the official website of MIIT, has not been updated to reflect the recent regulatory development. Therefore, it is currently impracticable for the Company to take reorganization steps, however, the Company will continue to conduct periodic consultation with the relevant governmental authorities regarding the regulatory procedures and specific requirements in this regard. We undertake to conduct such reorganization so that we will directly hold the maximum percentage of ownership interests permissible under the relevant PRC laws and regulations when there are further implementation regulations and administrative guidelines in respect of the ICP license issued to a company with foreign investment from the relevant PRC regulatory authorities.
|
|
Restricted foreign investment
Cloud services |
| |
Shenzhen OneConnect Cloud Technology Co., Ltd. (“OneConnect Cloud”), a Consolidated Affiliated Entity of our Company, provides cloud services and holds a Value-added Telecommunication Business Operation License with Internet Data Center Services (limited to internet resources cooperation services) and Other Services (“IDC License”).
As advised by our PRC Legal Advisor, on the basis of the SAC Consultation, OneConnect Cloud is required to obtain an IDC License in order to operate its business of provision of cloud services and foreign investors are prohibited to invest in an enterprise which holds an IDC License. During the SAC Consultation, the senior officer confirmed that a
|
|
Restricted Businesses
|
| |
Our business/operations and the applicable PRC laws, regulations and regulatory requirements
|
|
| | |
company which is engaged in the business of provision of cloud services is required to obtain an IDC License and enterprises with foreign investment are in practice prohibited from holding an IDC License. Therefore, our PRC Legal Advisor is of the view that regarding the continual compliance of our business operations with applicable PRC laws and the local authorities’ requirements in practice, OneConnect Cloud is not able to maintain the existing IDC License if our Company, as a foreign investor, holds any of its direct or indirect equity interests.
|
|
Restricted foreign investment
Electronic certification and related services and solutions |
| |
According to requirements under the Electronic Certification Service Administration Measures (2015 Revision), any electronic certification service provider shall obtain supporting document certifying consent to the using of encryption by the State Cryptography Administration. Therefore, provision of electronic certification service shall be subject to the obtaining of the License to Use Encryption in Electronic Certification Service (“Encryption License”). Pursuant to the Measures for the Administration of Electronic Certification Services for e-government Electronic Certification Service (Trial) (Guomijufa No. 7 [2009]), any electronic certification service provider serving the private sector, public sector and the public shall obtain an Electronic Certification Service License (“ECS License”) issued by the competent department of information and industry under the State Council. Further, the Measures for the Administration Public Health Electronic Certification Services (Trial) requires that, any electronic certification service providers providing electronic certification services for the healthcare industry should be required to obtain the ECS License issued by the MIIT.
According to the requirements under the Notice of the People’s Government of Guangdong Province on the Issuance of Measures for Mutual Recognition of Electronic Signature Certificates between Guangdong and Hong Kong (Yuefu No. 82 [2012]), it applies to electronic signature certificates or approved electronic certification issued by third party electronic certification service providers licensed under the Electronic Signature Law of the PRC and registered in Guangdong Province or approved certification authorities as established under the Electronic Transactions Ordinance of Hong Kong. It is also applicable to cross-border electronic transactions between Guangdong and Hong Kong.
Shenzhen Digital Certificate Authority Center Co., Ltd. (“Shenzhen CA”), a Consolidated Affiliated Entity of our Company, is principally engaged in the business of provision of electronic certification and related services and solutions for our digital banking and digital insurance services. To operate its business in the PRC, Shenzhen CA holds an Encryption License, an ECS License, an E-government Electronic Certification Service License, a License of Mutual Recognition of Electronic Signature Certificates between Guangdong and Hong Kong and the Public Health Electronic Certification Services Qualification (collectively, the “Electronic Certification Qualifications”).
Our Company, the Joint Sponsors, our PRC Legal Advisor and Grandall Law Firm (the legal advisors to the Joint Sponsors as to PRC laws) conducted a consultation with a senior officer of the Shenzhen Cryptography Administration (“SCA”) which is, as advised by our PRC Legal Advisor, the competent authority in Shenzhen to administrate the encryption industry, during which the senior confirmed that (i) Shenzhen
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|
Restricted Businesses
|
| |
Our business/operations and the applicable PRC laws, regulations and regulatory requirements
|
|
| | |
CA is required to obtain the Encryption License and the E-government Electronic Certification Service License for its business, (ii) all of the Electronic Certification Qualifications are conditional upon it obtaining the Encryption License; (iii) SCA has not in recent years in practice issued any Encryption License or E-government Electronic Certification Service License to an entity with a foreign investor; and (iv) if there is any direct or indirect foreign investment in Shenzhen CA, the Encryption License and the E-government Electronic Certification Service License will be cancelled by SCA during annual review. In other words, the SCA in effect does not allow a foreign investor to invest in entities holding the Encryption License.
On the basis of the above, our PRC Legal Advisor is of the view that to maintain the Shenzhen CA License Qualifications, it is necessary for our Company to retain Shenzhen CA as a Consolidated Affiliated Entity.
|
|
Restricted change in shareholder and beneficial owner
Private investment fund business |
| |
Our Group conducts our private investment fund management business (“Investment Fund Management Business”) as part of our digital commercial banking services through Zhuhai Yirongtong Asset Management Co., Ltd. (“Zhuhai Yirongtong”), which is wholly-owned by Shanghai Finance Shield Information Technology Co., Ltd. (“Shanghai Finance Shield”), and which is in turn wholly-owned by Shanghai OneConnect. Zhuhai Yirongtong is registered as a private investment fund manager in the PRC. Pursuant to the Measures for the Registration and Filing of Private Investment Fund Managers and Funds (Trial) , any change in the controller or controlling shareholder of Zhuhai Yirongtong is required to be reported to the Asset Management Association of China (“AMAC”). Any failure to complete such report will have an adverse impact on the qualification of Zhuhai Yirongtong as a private investment fund manager, and Zhuhai Yirongtong may be subject to the relevant administrative measures imposed by the relevant authorities of AMAC.
As at the Latest Practicable Date, the registration system on the website of AMAC for changes in controlling shareholder and/or de facto controller in respect of Zhuhai Yirongtong is still suspended. Our PRC Legal Advisor and Grandall Law Firm (the legal advisors to the Joint Sponsors as to PRC laws) had also made an enquiry on a named basis with the telephone hotline of AMAC, which as advised by our PRC Legal Advisor is competent to supervise the private fund management industry, who confirmed that the online system of AMAC does not currently process any registration of any change in controlling shareholder and/or de facto controller of a private investment fund manager which is in the same classification as Zhuhai Yirongtong. Given the transfer restrictions arising from the AMAC online registration system, our PRC Legal Advisor is of the view that in order to maintain the qualifications of Zhuhai Yirongtong in compliance with applicable PRC laws and the authorities’ requirements, it is necessary for our Company to keep Zhuhai Yirongtong and its direct and indirect controlling shareholders, namely Shanghai Finance Shield and Shanghai OneConnect, held under our relevant VIE. Our Company will periodically monitor the registration system on the website of AMAC and/or consult its PRC legal advisors with respect to the status of any applicable regulations and assess the feasibility and practicability of transferring Zhuhai Yirongtong and its direct and indirect controlling shareholders out of the relevant VIE.
|
|
Non-restricted business
|
| |
Our business/operations
|
|
Insurance intermediary services | | |
As an integrated part of our digital insurance services, the Group also conducts certain insurance intermediary services through Shenzhen Kechuang Insurance Assessment Co., Ltd. (“Shenzhen Kechuang”), Beijing Mei An Insurance — Sales Agent Co. Ltd. (“Beijing Mei An”) and Beijing Jinyongtai Insurance Broker Co. Ltd. (“Beijing Jinyongtai”), which are all subsidiaries of Shenzhen OneConnect. Both Beijing Mei An and Beijing Jinyongtai are wholly-owned by Beijing Fuguan International Consultant Co. Ltd. (“Beijing Fuguan”). Beijing Fuguan is an intermediary holding company, the sole purpose of which is to hold the insurance intermediary entities and Beijing Fuguan has not and will not be conducting any business operations. Shenzhen Kechuang, Beijing Mei An and Beijing Jinyongtai (together with Beijing Fuguan, the “Insurance Entities”) hold an insurance assessment institution qualification, insurance agent license and insurance broker license, respectively. As advised the PRC Legal Advisor, the insurance intermediary businesses of the such Insurance Entities under the Contractual Arrangements are not subject to foreign investment restrictions or prohibitions under the 2021 Negative List. Considering that the Group provides such insurance intermediary services as part of the digital insurance services through the open financial technology platform of the Group, the Group needs to conduct the insurance intermediary services through Contractual Arrangements by VIEs which have obtained the ICP License, the insurance intermediary business of the Insurance Entities is highly integrated, correlated and inseparable from the online financial technology information services and other internet information service of the Group which require the ICP License and cannot be transferred out of the Contractual Arrangements. It is therefore impracticable to transfer the Insurance Entities out of the Contractual Arrangements.
|
|
| | |
Based on the accounting record in respect of the revenue attributable to the Non-restricted Businesses conducted by the Insurance Entities, the revenue contribution of the Non-restricted Businesses under the Contractual Arrangements to our Group amounted to less than 5% during the Track Record Period. We confirm that we will (and will have measures in place to) ensure the Non-restricted Businesses under the Contractual Arrangements will remain immaterial after the Listing and its annual revenue contribution relative to the Group will not exceed 5% (“Revenue Cap”). Our Directors are of the view that the Revenue Cap will not be exceeded given that the Non-restricted Businesses are not of strategic focus to the Group and the Group does not intend to allocate resources to grow and expand the Non-restricted Businesses to the extent that the relevant revenue contribution would exceed the Revenue Cap. Our Company monitors our businesses on an ongoing basis quarterly and timely adjust our strategic focus and allocate resources accordingly. Our management reports our business operations and revenue breakdown of our businesses (including the Non-restricted Businesses) on a quarterly basis to our Directors and our audit committee, and we will therefore be able to monitor and make adjustment as needed to
|
|
Non-restricted business
|
| |
Our business/operations
|
|
| | |
ensure that the Revenue Cap would not be exceeded. Furthermore, our audit committee will review the proportion of the revenue generated from the Non-restricted Businesses on an annual basis and will make adequate disclosure on an ongoing basis in our Company’s annual report after the Listing.
|
|
| |
The following section sets forth updated information concerning directors and senior management subsequent to the filing of our 2021 Form 20-F.
|
| |
Name
|
| |
Age
|
| |
Position
|
| |
Time of joining
our Group |
| |
Date of
appointment as Director |
| |
Roles and responsibilities
|
|
Dr. Wangchun Ye
|
| |
67
|
| |
Executive Director and Chairman of the Board of Directors
|
| | December 2015 | | | October 30, 2017 | | |
Responsible for our Group’s overall business strategy, talent cultivation and major customer relationships
|
|
Mr. Chongfeng Shen
|
| |
52
|
| |
Executive Director and Chief Executive Officer
|
| | October 2021 | | | October 22, 2021 | | |
Responsible for our Group’s day-to-day management
|
|
Ms. Rong Chen
|
| |
53
|
| |
Executive Director and Co-General Manager
|
| | September 2017 | | | October 30, 2017 | | |
Responsible for overseeing our business in the southern and western regions of the PRC and Hong Kong
|
|
Ms. Sin Yin Tan
|
| |
45
|
| |
Non-executive Director
|
| | December 2015 | | | October 30, 2017 | | |
Responsible for providing professional opinion and judgment to the Board
|
|
Mr. Wenwei Dou
|
| |
57
|
| |
Non-executive Director
|
| | October 2017 | | | October 30, 2017 | | |
Responsible for providing professional opinion and judgment to the Board
|
|
Mr. Min Zhu | | |
43
|
| |
Non-executive Director
|
| | January 2018 | | | January 31, 2018 | | |
Responsible for providing professional opinion and judgment to the Board
|
|
Ms. Wenjun Wang | | |
54
|
| | Non-executive Director | | |
September 2017 and re-joined in November 2021
|
| |
October 30, 2017 and re-appointed on
November 18, 2021 |
| |
Responsible for providing professional opinion and judgment to the Board
|
|
Dr. Yaolin Zhang
|
| |
64
|
| |
Independent non-executive Director
|
| | February 2019 | | | February 25, 2019 | | |
Responsible for providing independent opinion and judgment to the Board
|
|
Mr. Tianruo Pu
|
| |
53
|
| |
Independent non-executive Director
|
| | September 2019 | | | September 27, 2019 | | |
Responsible for providing independent opinion and judgment to the Board
|
|
Mr. Wing Kin Anthony Chow
|
| |
72
|
| |
Independent non-executive Director
|
| | October 2020 | | | October 1, 2020 | | |
Responsible for providing independent opinion and judgment to the Board
|
|
Mr. Koon Wing Ernest Ip | | |
61
|
| |
Independent non-executive Director
|
| | November 2021 | | | November 18, 2021 | | |
Responsible for providing independent opinion and judgment to the Board
|
|
Name
|
| |
Age
|
| |
Position
|
| |
Time of joining our
Group |
| |
Responsibilities within our Group
|
|
Dr. Runzhong Huang
|
| |
49
|
| | Executive Vice President | | | March 2019 | | |
Responsible for overseeing our business in the northern and eastern regions of the PRC
|
|
Mr. Yongtao Luo | | |
47
|
| | Chief Financial officer | | | April 2021 | | |
Responsible for the Company’s finance and planning
|
|
Mr. Yiming Fei | | |
43
|
| |
Board Secretary
|
| | December 2017 | | |
Responsible for corporate governance management and overseeing our digital commercial banking segment
|
|
| |
The following section sets forth updated information concerning substantial shareholders subsequent to the filing of our 2021 Form 20-F.
|
| |
Name of shareholder
|
| |
Nature of interest
|
| |
Shares held or controlled immediately
following the completion of the Listing |
| |||||||||
|
Number
|
| |
Percentage
|
| |||||||||||
Rong Chang(1)(2)
|
| | Beneficial Interest | | | | | 385,077,588 | | | | | | 32.91% | | |
Sen Rong(2)(3)
|
| | Beneficial Interest | | | | | 188,061,642 | | | | | | 16.07% | | |
Ping An(4)
|
| |
Interest in controlled corporations
|
| | | | 375,824,724 | | | | | | 32.12% | | |
SBI StellarS Investment Limited(5)
|
| |
Interest in controlled corporations
|
| | | | 59,333,322 | | | | | | 5.07% | | |
| “ADR(s)” | | | American depositary receipts that evidence our ADSs | |
| “ADS(s)” | | |
American Depositary Shares, each representing three ordinary shares
|
|
| “affiliate” | | |
with respect to any specified person, any other person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified person
|
|
| “A-Round Investors” | | |
investors who subscribed for Shares in our Company prior to our initial public offering on the NYSE, as set out in the subsection headed “History and Corporate Structure — Investment Prior to the NYSE Listing”
|
|
| “Articles” or “Articles of Association” | | |
the fourth amended and restated articles of association of our Company conditionally adopted at the annual general meeting by the shareholders of our Company on April 8, 2022 with effect from the Listing Date, and as amended from time to time
|
|
| “Audit Committee” | | | the audit committee of the Board | |
| “Bo Yu” | | |
Bo Yu Limited, a limited liability company incorporated in the BVI on October 27, 2017 ultimately wholly-owned by Ping An, and a Controlling Shareholder of our Company
|
|
| “Board” or “Board of Directors” | | | the board of Directors | |
| “business day” | | |
any day (other than a Saturday, Sunday or public holiday) on which banks in Hong Kong are generally open for business
|
|
| “BVI” | | | the British Virgin Islands | |
|
“Cayman Companies Act” or “Companies Act”
|
| |
the Companies Act (As Revised) of the Cayman Islands, as amended or supplemented from time to time
|
|
| “CBIRC” | | | the China Banking and Insurance Regulatory Commission | |
| “CCASS” | | |
the Central Clearing and Settlement System established and operated by HKSCC
|
|
| “CCASS Participant” | | |
a CCASS Clearing Participant, a CCASS Custodian Participant or a CCASS Investor Participant
|
|
| “China” or “PRC” | | |
the People’s Republic of China excluding, for the purpose of this document, Hong Kong, Macau Special Administrative Region of the PRC and Taiwan
|
|
| “CIC” | | |
China Insights Industry Consultancy Limited, a global market research and consulting company, which is an Independent Third Party
|
|
|
“Companies (Winding Up and Miscellaneous Provisions) Ordinance”
|
| |
the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time
|
|
| “Company” or “our Company” | | |
OneConnect Financial Technology Co., Ltd., a limited liability company incorporated in the Cayman Islands on October 30, 2017 and listed on the NYSE since December 2019
|
|
|
“Compensation and Nomination Committee”
|
| | the compensation and nomination committee of the Board | |
| “Controlling Shareholder(s)” | | |
has the meaning ascribed thereto in the Listing Rules and, unless the context otherwise requires, refers to each of the members of the RC Group, Bo Yu, An Ke Technology Company Limited, Ping
|
|
| | | | An Financial Technology and Ping An | |
| “Consolidated Affiliated Entity(ies)” | | |
entities we control wholly or partly through the Contractual Arrangements, namely our VIEs and their subsidiaries, details of which are set out in the section headed “History and Corporate Structure” in this document
|
|
| “Contractual Arrangements” | | |
the series of contractual arrangements entered into between the WFOEs, our VIEs and the Shareholders of Shenzhen OneConnect or the Shareholders of Shenzhen CA (as applicable), as detailed in the section headed “Contractual Arrangements” in this document
|
|
| “CSRC” | | | the China Securities Regulatory Commission of the PRC | |
| “Depositary” | | | JPMorgan Chase Bank, N.A., the depositary of our ADSs | |
| “Designated Dealer” | | |
HSBC Securities Brokers (Asia) Limited, being the designated dealer during the Designated Period
|
|
| “Designated Period” | | |
being the period of 3 months from and including the Listing Date
|
|
| “Director(s)” | | | the director(s) of our Company | |
| “EIT Law” | | |
Enterprise Income Tax Law of the People’s Republic of China, as amended, supplemented or otherwise modified from time to time
|
|
| “FRC” | | | Financial Reporting Council | |
|
“Group”, “our Group”, “OneConnect”, “we”, “our” or “us”
|
| |
our Company and its subsidiaries from time to time, and in the context of describing our operations and consolidated financial information, also including the Consolidated Affiliated Entities from time to time, or where the context so requires in respect of the period before our Company became the holding company of our present subsidiaries and Consolidated Affiliated Entities, the entities which carried on the business of the present Group at the relevant time
|
|
| “Historical Financial Information” | | |
the historical financial information of our Group for the years ended December 31, 2019, 2020 and 2021, the text of which is set out in Exhibit 99.2 to the Form 6-K filed with the SEC on June 28, 2022
|
|
| “HK$” or “Hong Kong dollar(s)” | | | Hong Kong dollars, the lawful currency of Hong Kong | |
| “HKSCC” | | |
Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited
|
|
| “HKSCC Nominees” | | |
HKSCC Nominees Limited, a wholly-owned subsidiary of HKSCC
|
|
| “Hong Kong” or “HK” | | | the Hong Kong Special Administrative Region of the PRC | |
|
“Hong Kong Listing Rules” or “Listing Rules”
|
| |
the Rules Governing the Listing of Securities on the Stock Exchange, as amended, supplemented or otherwise modified from time to time
|
|
|
“Hong Kong Stock Exchange,” “HKSE” or “Stock Exchange”
|
| |
The Stock Exchange of Hong Kong Limited, a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited
|
|
| “IASB” | | | International Accounting Standards Board | |
| “IFRS” | | |
International Financial Reporting Standards, which include standards, amendments and interpretations promulgated by the International Accounting Standards Board and the International Accounting Standards and interpretation issued by the International Accounting Standards Board
|
|
| “Independent Third Party(ies)” | | |
any entity or person who is not a connected person of our Company or an associate of such person within the meaning
|
|
| | | | ascribed to it under the Listing Rules | |
| “Interim Financial Information” | | |
the unaudited condensed consolidated interim financial information of our Group for the three months ended March 31, 2022, the text of which is set out in Exhibit 99.3 to the Form 6-K filed with the SEC on June 28, 2022
|
|
| “Introduction” or “Listing” | | |
the listing of Shares on the Main Board of the Hong Kong Stock Exchange by way of introduction pursuant to the Hong Kong Listing Rules
|
|
| “Joint Sponsors” | | |
Goldman Sachs (Asia) L.L.C. and HSBC Corporate Finance (Hong Kong) Limited
|
|
| “Latest Practicable Date” | | |
June 21, 2022, being the latest practicable date for the purpose of ascertaining certain information contained in this document
|
|
|
“large and joint-stock banks”
|
| |
six large-sized state-owned commercial banks and twelve joint-stock commercial banks in the list of “Legal Persons of Banking Financial Institutions” compiled by CBIRC as of December 31, 2021
|
|
| “Listing” | | |
the listing of the Shares on the Main Board of the Stock Exchange
|
|
| “Listing Committee” | | | the listing committee of the Stock Exchange | |
| “Listing Date” | | |
the date, expected to be on or about July 4, 2022 on which the Shares are listed on the Stock Exchange and from which dealings in the Shares are permitted to commence on the Stock Exchange
|
|
|
“Macau”
|
| | Macau Special Administrative Region of the PRC | |
| “Main Board” | | |
the stock market (excluding the option market) operated by the Stock Exchange which is independent from and operated in parallel with the Growth Enterprise Market of the Stock Exchange
|
|
| “Memorandum” | | |
the fourth amended and restated memorandum of association of our Company adopted at the annual general meeting by the shareholders of our Company on April 8, 2022 with effect from the Listing Date, as amended from time to time
|
|
| “MIIT” | | | Ministry of Industry and Information Technology of the PRC | |
| “MOFCOM” | | | Ministry of Commerce of the PRC | |
| “Nanjing Vantage Point” | | |
Nanjing Fanpeng Tiandi Software Technology Co., Ltd. a limited company established under the laws of PRC on October 18, 2013 and a subsidiary of Vantage Point Technology, which is a non-wholly owned subsidiary of our Company
|
|
| “NASDAQ” | | |
National Association of Securities Dealers Automated Quotations
|
|
| “NDRC” | | |
the National Development and Reform Commission of the PRC
|
|
| “net expansion rate” | | |
a numerical representation of the expansion of our customer relationships on a year-on-year basis, calculated as a fraction, the denominator of which is the revenue contribution from a particular group of customers in one year and the numerator of which is the contribution from the same group of customers in the following year, expressed as a percentage
|
|
| “NPC” | | | National People’s Congress of the PRC | |
| “NYSE” | | | New York Stock Exchange | |
| “OneConnect Blockchain” | | |
Shanghai OneConnect Blockchain Technology Co., Ltd. , formerly known as Shanghai Yi Zhang Tong Blockchain Technology Co., Ltd., a company incorporated under the laws of PRC on October 21, 2016 and is a subsidiary of our Company
|
|
| “PBOC” | | | People’s Bank of China | |
|
“Ping An” or “Ping An Insurance (Group)”
|
| |
Ping An Insurance (Group) Company of China, Ltd., a company established as a joint stock company under the laws of PRC on January 16, 1997 whose shares are dually listed on the Shanghai Stock Exchange (stock code: 601318) and the Stock Exchange (stock code: 2318), and is a Controlling Shareholder of our Company
|
|
| “Ping An Bank” | | |
Ping An Bank Co., Ltd., a company incorporated under the laws of the PRC on December 22, 1987, whose shares are listed on the Shenzhen Stock Exchange (SZSE: 000001), and is a subsidiary of Ping An, one of our Controlling Shareholders
|
|
| “Ping An Financial Technology” | | |
Shenzhen Ping An Financial Technology Consulting Co., Ltd., a company incorporated under the laws of PRC on April 16, 2008, a subsidiary of Ping An and a Controlling Shareholder of our Company
|
|
| “Ping An Good Doctor” | | |
Ping An Healthcare and Technology Company Limited, a company incorporated in the Cayman Islands on November 12, 2014, whose shares are listed on the Hong Kong Stock Exchange (stock code: 1833) and an associate of Ping An, one of our Controlling Shareholders
|
|
| “Ping An Group” | | | Ping An and its subsidiaries | |
| “PRC Government” or “State” | | |
the central government of the PRC, including all political subdivisions (including provincial, municipal and other regional or local government entities) and its organs or, as the context requires, any of them
|
|
| “PRC Legal Advisor” | | | Haiwen & Partners, our legal advisor on PRC laws | |
| “premium customer” | | |
customers that have contributed revenue of at least RMB100,000 since the beginning of the applicable fiscal year, excluding Ping An Group, although this category includes certain customers that we have direct contracts with, and provide direct services to, where payments for these services have been made through contractual arrangements that we have with others, including Ping An Group
|
|
| “premium-plus customer” | | |
premium customers that have contributed revenue of at least RMB1,000,000 since the beginning of the applicable fiscal year
|
|
| “RMB” or “Renminbi” | | | Renminbi, the lawful currency of the PRC | |
| “Rong Chang” | | |
Rong Chang Limited, a limited liability company incorporated in the BVI on October 26, 2017 held as to 50% each as nominee shareholders by two of our non-executive Directors, Mr. Wenwei Dou and Ms. Wenjun Wang, and a Controlling Shareholder of our Company
|
|
| “SAFE” | | | State Administration of Foreign Exchange of the PRC | |
| “SAFE Circular 37” | | |
The Circular on Relevant Issues concerning Foreign Exchange Administration of Overseas Investment and Financing and Return Investments Conducted by Domestic Residents through Overseas Special Purpose Vehicles
|
|
| “SAMR” | | | the State Administration for Market Regulation of the PRC | |
| “SAT” | | | State Administration of Taxation | |
| “SEC” | | | the U.S. Securities and Exchange Commission | |
|
“Securities and Futures (Stock Market Listing) Rules”
|
| |
the Securities & Futures (Stock Market Listing) Rules of the SFO, as amended, supplemented or otherwise modified from time to
|
|
| | | | time | |
| “Sen Rong” | | |
Sen Rong Limited, a limited liability company incorporated in the BVI on October 27, 2017 ultimately held as to 50% each by Mr. Jie Li and Ms. Liang Xu, and a Controlling Shareholder of our Company
|
|
| “SFC” | | | the Securities and Futures Commission of Hong Kong | |
| “SFO” | | |
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time
|
|
| “Shanghai Finance Shield” | | |
Shanghai Finance Shield Information Technology Co., Ltd., formerly known as Shanghai Haojin Information Technology Co., Ltd., a limited liability company established under the laws of PRC on June 1, 2015 and a Consolidated Affiliated Entity of our Company
|
|
| “Shanghai OneConnect” | | |
Shanghai OneConnect Financial Technology Co., Ltd. , formerly known as, a limited liability company established under the laws of the PRC on December 29, 2015 and a Consolidated Affiliated Entity of our Company
|
|
| “Share(s)” | | | ordinary share(s) in the share capital of our Company | |
| “Shareholder(s)” | | | holder(s) of our Share(s) | |
| “Shareholders of Shenzhen CA” | | |
the majority direct shareholder of Shenzhen CA, namely, Shanghai Jinlinlin Enterprise Management Partnership (Limited Partnership) holding approximately 99.91% equity interest, together with certain of the indirect individual shareholders of Shenzhen CA, namely Mr. Jie Li and Ms. Liang Xu
|
|
|
“Shareholders of Shenzhen OneConnect”
|
| |
the direct shareholders of Shenzhen OneConnect, namely, Ping An Financial Technology, Shanghai Jin Ning Sheng Enterprise Management Limited Partnership Shenzhen Lanxin Enterprise Management Co., Ltd. and Urumqi Guang Feng Qi Investments Limited Partnership, together with the indirect individual shareholders of Shenzhen OneConnect, namely, Mr. Jie Li, Ms. Liang Xu, and two of our non-executive Directors, Mr. Wenwei Dou and Ms. Wenjun Wang
|
|
| “Shenzhen CA” | | |
Shenzhen E-commerce Safety Certificates Administration Co., Ltd., a limited liability company established under the laws of the PRC on August 11, 2000 and a Consolidated Affiliated Entity of our Company
|
|
| “Shenzhen OneConnect” | | |
Shenzhen OneConnect Smart Technology Co., Ltd., a limited liability company established under the laws of the PRC on September 15, 2017 and a Consolidated Affiliated Entity of our Company
|
|
|
“Shenzhen OneConnect Consolidated Affiliated Entities”
|
| |
entities we control through a series of contractual arrangements entered into between Shenzhen OneConnect Technology, Shenzhen OneConnect and the Shareholders of Shenzhen OneConnect, as detailed in the section headed “Contractual Arrangements” in this document
|
|
| “Shenzhen OneConnect Technology” | | |
Shenzhen OneConnect Technology Services Co., Ltd., a limited liability company established under the laws of the PRC on January 4, 2018 and a subsidiary of our Company
|
|
| “SME” | | | small and medium enterprises | |
| “SPV” | | | special purpose vehicle | |
| “State Council” | | | State Council of the People’s Republic of China | |
| “Stock Incentive Plan” | | |
the Stock Incentive Plan adopted by our Company in November 2017 and amended from time to time
|
|
| “Track Record Period” | | |
the three financial years ended December 31, 2019, 2020 and 2021
|
|
| “third-party customer” | | |
each customer with revenue contribution of less than 5% of our total revenue in the relevant period
|
|
| “US$”, “USD” or “U.S. dollars” | | | United States dollars, the lawful currency of the United States | |
| “U.S.” or “United States” | | |
the United States of America, its territories, its possessions and all areas subject to its jurisdiction
|
|
| “U.S. Securities Act” | | |
the United States Securities Act of 1933, as amended, supplemented or modified from time to time, and the rules and regulations promulgated thereunder
|
|
| “Vantage Point Technology” | | |
Beijing Fanpeng Tiandi Technology Co., Ltd., a joint stock company established under the laws of PRC on July 18, 2008 and a non-wholly owned subsidiary of our Company
|
|
| “VAT” | | | value added tax | |
| “VIE Shareholders” | | |
the Shareholders of Shenzhen CA and the Shareholders of Shenzhen OneConnect
|
|
| “VIEs”, each a “VIE” | | | Shenzhen OneConnect and Shenzhen CA | |
| “WFOEs”, each a “WFOE” | | | Shenzhen OneConnect Technology and Zhang Tong Shun | |
| “Yi Chuan Jin” | | |
Yi Chuan Jin Limited, a limited liability company incorporated in the BVI on October 26, 2017, and a Controlling Shareholder of our Company
|
|
| “Zhang Tong Shun” | | |
Zhang Tong Shun (Guangzhou) Technology Co., Ltd., a limited liability company established under the laws of the PRC on May 9, 2019 and a subsidiary of our Company
|
|
| “Zhuhai Yirongtong” | | |
Zhuhai Yirongtong Asset Management Co., Ltd, a limited liability company established under the laws of the PRC on June 21, 2016 and a Consolidated Affiliated Entity of our Company
|
|
| | | | | |
Year ended December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Revenue
|
| |
5
|
| | | | 2,327,846 | | | | | | 3,312,290 | | | | | | 4,132,357 | | |
Cost of revenue
|
| |
6
|
| | | | (1,560,988) | | | | | | (2,068,834) | | | | | | (2,695,706) | | |
Gross profit
|
| | | | | | | 766,858 | | | | | | 1,243,456 | | | | | | 1,436,651 | | |
Research and development expenses
|
| |
6
|
| | | | (956,095) | | | | | | (1,173,290) | | | | | | (1,353,018) | | |
Selling and marketing expenses
|
| |
6
|
| | | | (635,673) | | | | | | (629,488) | | | | | | (588,380) | | |
General and administrative expenses
|
| |
6
|
| | | | (756,681) | | | | | | (834,917) | | | | | | (841,685) | | |
Net impairment losses on financial and contract assets
|
| |
4.1(b)
|
| | | | (45,167) | | | | | | (134,519) | | | | | | (72,229) | | |
Other income, gains or loss-net
|
| |
8
|
| | | | (74,254) | | | | | | 58,432 | | | | | | 13,921 | | |
Operating loss
|
| | | | | | | (1,701,012) | | | | | | (1,470,326) | | | | | | (1,404,740) | | |
Finance income
|
| |
9
|
| | | | 128,261 | | | | | | 77,237 | | | | | | 28,823 | | |
Finance costs
|
| |
9
|
| | | | (174,831) | | | | | | (150,363) | | | | | | (76,637) | | |
Finance costs – net
|
| |
9
|
| | | | (46,570) | | | | | | (73,126) | | | | | | (47,814) | | |
Share of (losses)/gain of associate and joint venture
|
| |
14
|
| | | | (14,854) | | | | | | (7,802) | | | | | | 9,946 | | |
Loss before income tax
|
| | | | | | | (1,762,436) | | | | | | (1,551,254) | | | | | | (1,442,608) | | |
Income tax benefit
|
| |
10
|
| | | | 74,924 | | | | | | 137,131 | | | | | | 112,095 | | |
Loss for the year
|
| | | | | | | (1,687,512) | | | | | | (1,414,123) | | | | | | (1,330,513) | | |
Loss attributable to: | | | | | | | | | | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | | | | (1,660,566) | | | | | | (1,353,608) | | | | | | (1,281,699) | | |
– Non-controlling interests
|
| | | | | | | (26,946) | | | | | | (60,515) | | | | | | (48,814) | | |
| | | | | | | | (1,687,512) | | | | | | (1,414,123) | | | | | | (1,330,513) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | | | | |
Items that may be subsequently reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | | | | 78,775 | | | | | | (608,427) | | | | | | (152,542) | | |
– Changes in the fair value of debt instruments measured at fair value through other comprehensive income
|
| | | | | | | 40 | | | | | | (39) | | | | | | (16) | | |
Items that will not be subsequently reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | | |
– Changes in the fair value of equity investments measured at fair value
through other comprehensive income |
| | | | | | | — | | | | | | — | | | | | | (1,796) | | |
| | | | | | | | 78,815 | | | | | | (608,466) | | | | | | (154,354) | | |
Total comprehensive loss for the year
|
| | | | | | | (1,608,697) | | | | | | (2,022,589) | | | | | | (1,484,867) | | |
Total comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | | | | (1,581,751) | | | | | | (1,962,074) | | | | | | (1,436,053) | | |
– Non-controlling interests
|
| | | | | | | (26,946) | | | | | | (60,515) | | | | | | (48,814) | | |
| | | | | | | | (1,608,697) | | | | | | (2,022,589) | | | | | | (1,484,867) | | |
Loss per share attributable to owners of the Company (expressed in RMB per share)
|
| | | | | | | | | | | | | | | | | | | | | |
– Basic and diluted
|
| |
11
|
| | | | (1.77) | | | | | | (1.27) | | | | | | (1.16) | | |
Loss per ADS attributable to owners of the Company (expressed in RMB per share)
|
| | | | | | | | | | | | | | | | | | | | | |
– Basic and diluted
|
| |
11
|
| | | | (5.30) | | | | | | (3.81) | | | | | | (3.47) | | |
| | | | | |
As at December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment
|
| |
12
|
| | | | 314,505 | | | | | | 224,284 | | | | | | 244,412 | | |
Intangible assets
|
| |
13
|
| | | | 976,948 | | | | | | 917,063 | | | | | | 687,194 | | |
Deferred tax assets
|
| |
32
|
| | | | 423,786 | | | | | | 564,562 | | | | | | 683,218 | | |
Financial assets measured at amortized cost from virtual bank
|
| |
20
|
| | | | — | | | | | | 25,283 | | | | | | 674 | | |
Investments accounted for using the equity method
|
| |
14
|
| | | | 118,829 | | | | | | 175,733 | | | | | | 185,346 | | |
Financial assets measured at fair value through other comprehensive income
|
| |
16
|
| | | | 393,448 | | | | | | 21,828 | | | | | | 640,501 | | |
Contract assets
|
| |
5
|
| | | | 40,998 | | | | | | 16,788 | | | | | | 868 | | |
Total non-current assets
|
| | | | | | | 2,268,514 | | | | | | 1,945,541 | | | | | | 2,442,213 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| |
18
|
| | | | 710,123 | | | | | | 838,690 | | | | | | 891,174 | | |
Contract assets
|
| |
5
|
| | | | 211,276 | | | | | | 257,830 | | | | | | 227,895 | | |
Prepayments and other receivables
|
| |
19
|
| | | | 528,277 | | | | | | 443,328 | | | | | | 752,667 | | |
Financial assets measured at amortized cost from virtual bank
|
| |
20
|
| | | | — | | | | | | 576,305 | | | | | | 12,711 | | |
Financial assets measured at fair value through other comprehensive income
|
| |
16
|
| | | | — | | | | | | — | | | | | | 482,497 | | |
Financial assets at fair value through profit or loss
|
| |
21
|
| | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | |
Restricted cash
|
| |
22
|
| | | | 3,440,289 | | | | | | 2,280,499 | | | | | | 1,060,427 | | |
Cash and cash equivalents
|
| |
23
|
| | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
Total current assets
|
| | | | | | | 7,658,807 | | | | | | 8,939,717 | | | | | | 6,898,394 | | |
Total assets
|
| | | | | | | 9,927,321 | | | | | | 10,885,258 | | | | | | 9,340,607 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| |
24
|
| | | | 73 | | | | | | 78 | | | | | | 78 | | |
Shares held for share incentive scheme
|
| |
26
|
| | | | (88,280) | | | | | | (87,714) | | | | | | (80,102) | | |
Other reserves
|
| |
25
|
| | | | 8,461,637 | | | | | | 10,639,931 | | | | | | 10,512,631 | | |
Accumulated losses
|
| | | | | | | (4,003,318) | | | | | | (5,356,926) | | | | | | (6,638,625) | | |
Equity attributable to equity owners of the Company
|
| | | | | | | 4,370,112 | | | | | | 5,195,369 | | | | | | 3,793,982 | | |
Non-controlling interests
|
| | | | | | | 150,429 | | | | | | 89,914 | | | | | | 41,100 | | |
Total equity
|
| | | | | | | 4,520,541 | | | | | | 5,285,283 | | | | | | 3,835,082 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
27
|
| | | | 420,873 | | | | | | 395,514 | | | | | | 313,834 | | |
Contract liabilities
|
| |
5
|
| | | | 12,700 | | | | | | 17,683 | | | | | | 19,418 | | |
Deferred tax liabilities
|
| |
32
|
| | | | 33,291 | | | | | | 20,080 | | | | | | 9,861 | | |
Total non-current liabilities
|
| | | | | | | 466,864 | | | | | | 433,277 | | | | | | 343,113 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
27
|
| | | | 1,075,576 | | | | | | 1,547,781 | | | | | | 2,137,099 | | |
Payroll and welfare payables
|
| | | | | | | 538,132 | | | | | | 625,330 | | | | | | 515,067 | | |
Contract liabilities
|
| |
5
|
| | | | 104,960 | | | | | | 138,547 | | | | | | 153,844 | | |
Short-term borrowings
|
| |
28
|
| | | | 3,218,566 | | | | | | 2,283,307 | | | | | | 815,260 | | |
Customer deposits
|
| |
29
|
| | | | — | | | | | | 405,853 | | | | | | 1,350,171 | | |
Derivative financial liabilities
|
| |
30
|
| | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | |
Total current liabilities
|
| | | | | | | 4,939,916 | | | | | | 5,166,698 | | | | | | 5,162,412 | | |
Total liabilities
|
| | | | | | | 5,406,780 | | | | | | 5,599,975 | | | | | | 5,505,525 | | |
Total equity and liabilities
|
| | | | | | | 9,927,321 | | | | | | 10,885,258 | | | | | | 9,340,607 | | |
| | | | | | | | |
As at December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest in subsidiaries
|
| | | | 40(a) | | | | | | 3,816,927 | | | | | | 4,013,254 | | | | | | 1,280,946 | | |
Total non-current assets
|
| | | | | | | | | | 3,816,927 | | | | | | 4,013,254 | | | | | | 1,280,946 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Amount due from subsidiaries
|
| | | | 40(a) | | | | | | 85,694 | | | | | | 1,350,654 | | | | | | 2,662,705 | | |
Prepayments and other receivables
|
| | | | | | | | | | 2,540 | | | | | | 446 | | | | | | 246 | | |
Cash and cash equivalents
|
| | | | | | | | | | 634,507 | | | | | | 31,857 | | | | | | 6,454 | | |
Total current assets
|
| | | | | | | | | | 722,741 | | | | | | 1,382,957 | | | | | | 2,669,405 | | |
Total assets
|
| | | | | | | | | | 4,539,668 | | | | | | 5,396,211 | | | | | | 3,950,351 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 24 | | | | | | 73 | | | | | | 78 | | | | | | 78 | | |
Shares held for share incentive scheme
|
| | | | 26 | | | | | | (88,280) | | | | | | (87,714) | | | | | | (80,102) | | |
Reserves
|
| | | | 25 | | | | | | 8,461,637 | | | | | | 10,639,931 | | | | | | 10,512,631 | | |
Accumulated losses
|
| | | | | | | | | | (4,003,318) | | | | | | (5,356,926) | | | | | | (6,638,625) | | |
Total equity
|
| | | | | | | | | | 4,370,112 | | | | | | 5,195,369 | | | | | | 3,793,982 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | | | | | | | 88,280 | | | | | | 88,280 | | | | | | 88,280 | | |
Total non-current liabilities
|
| | | | | | | | | | 88,280 | | | | | | 88,280 | | | | | | 88,280 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other paybles
|
| | | | | | | | | | 81,276 | | | | | | 112,562 | | | | | | 68,089 | | |
Total current liabilities
|
| | | | | | | | | | 81,276 | | | | | | 112,562 | | | | | | 68,089 | | |
Total liabilities
|
| | | | | | | | | | 169,556 | | | | | | 200,842 | | | | | | 156,369 | | |
Total equity and liabilities
|
| | | | | | | | | | 4,539,668 | | | | | | 5,396,211 | | | | | | 3,950,351 | | |
| | | | | |
Attributable to owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
Note
|
| |
Share capital
|
| |
Shares held for
share incentive scheme |
| |
Other reserves
|
| |
Accumulated
losses |
| |
Total
|
| |
Non-controlling
interest |
| |
Total equity
|
| |||||||||||||||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||
As at January 1, 2019
|
| | | | | | | 66 | | | | | | (88,280) | | | | | | 6,151,453 | | | | | | (2,342,752) | | | | | | 3,720,487 | | | | | | 110,601 | | | | | | 3,831,088 | | |
Loss for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,660,566) | | | | | | (1,660,566) | | | | | | (26,946) | | | | | | (1,687,512) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| |
25
|
| | | | — | | | | | | — | | | | | | 78,775 | | | | | | — | | | | | | 78,775 | | | | | | — | | | | | | 78,775 | | |
– Fair value changes on financial assets measured at
fair value through other comprehensive income |
| |
25
|
| | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | 40 | | | | | | — | | | | | | 40 | | |
Total comprehensive loss for the year
|
| | | | | | | — | | | | | | — | | | | | | 78,815 | | | | | | (1,660,566) | | | | | | (1,581,751) | | | | | | (26,946) | | | | | | (1,608,697) | | |
Transactions with equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of ordinary shares
|
| |
24, 25
|
| | | | — | | | | | | — | | | | | | 192,082 | | | | | | — | | | | | | 192,082 | | | | | | — | | | | | | 192,082 | | |
Issuance of ordinary shares upon initial public
offering |
| |
24, 25
|
| | | | 7 | | | | | | — | | | | | | 2,007,028 | | | | | | — | | | | | | 2,007,035 | | | | | | — | | | | | | 2,007,035 | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| |
26
|
| | | | — | | | | | | — | | | | | | 76,364 | | | | | | — | | | | | | 76,364 | | | | | | — | | | | | | 76,364 | | |
Acquisition of subsidiary
|
| |
35
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,774 | | | | | | 17,774 | | |
Recognition of redemption liability
|
| |
35
|
| | | | — | | | | | | — | | | | | | (44,105) | | | | | | — | | | | | | (44,105) | | | | | | — | | | | | | (44,105) | | |
Contribution from non-controlling interests
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,000 | | | | | | 49,000 | | |
Total transactions with equity holders at their capacity
as equity holders for the year |
| | | | | | | 7 | | | | | | — | | | | | | 2,231,369 | | | | | | — | | | | | | 2,231,376 | | | | | | 66,774 | | | | | | 2,298,150 | | |
As at December 31, 2019
|
| | | | | | | 73 | | | | | | (88,280) | | | | | | 8,461,637 | | | | | | (4,003,318) | | | | | | 4,370,112 | | | | | | 150,429 | | | | | | 4,520,541 | | |
| | | | | |
Attributable to owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
Note
|
| |
Share capital
|
| |
Shares held for
share incentive scheme |
| |
Other reserves
|
| |
Accumulated
losses |
| |
Total
|
| |
Non-controlling
interest |
| |
Total equity
|
| |||||||||||||||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||
As at January 1, 2020
|
| | | | | | | 73 | | | | | | (88,280) | | | | | | 8,461,637 | | | | | | (4,003,318) | | | | | | 4,370,112 | | | | | | 150,429 | | | | | | 4,520,541 | | |
Loss for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,353,608) | | | | | | (1,353,608) | | | | | | (60,515) | | | | | | (1,414,123) | | |
Other comprehensive income, net of tax
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| |
25
|
| | | | — | | | | | | — | | | | | | (608,427) | | | | | | — | | | | | | (608,427) | | | | | | — | | | | | | (608,427) | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| |
25
|
| | | | — | | | | | | — | | | | | | (39) | | | | | | — | | | | | | (39) | | | | | | — | | | | | | (39) | | |
Total comprehensive loss for the year
|
| | | | | | | — | | | | | | — | | | | | | (608,466) | | | | | | (1,353,608) | | | | | | (1,962,074) | | | | | | (60,515) | | | | | | (2,022,589) | | |
Transactions with equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of ordinary shares
|
| |
24, 25
|
| | | | 5 | | | | | | — | | | | | | 2,697,674 | | | | | | — | | | | | | 2,697,679 | | | | | | — | | | | | | 2,697,679 | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| |
26
|
| | | | — | | | | | | — | | | | | | 89,652 | | | | | | — | | | | | | 89,652 | | | | | | — | | | | | | 89,652 | | |
– Vesting of shares under Restricted Share Unit Scheme
|
| |
26
|
| | | | — | | | | | | 566 | | | | | | (566) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total transactions with equity holders at their capacity as equity holders for the year
|
| | | | | | | 5 | | | | | | 566 | | | | | | 2,786,760 | | | | | | — | | | | | | 2,787,331 | | | | | | — | | | | | | 2,787,331 | | |
As at December 31, 2020
|
| | | | | | | 78 | | | | | | (87,714) | | | | | | 10,639,931 | | | | | | (5,356,926) | | | | | | 5,195,369 | | | | | | 89,914 | | | | | | 5,285,283 | | |
| | | | | |
Attributable to owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
Note
|
| |
Share capital
|
| |
Shares held for
share incentive scheme |
| |
Other reserves
|
| |
Accumulated
losses |
| |
Total
|
| |
Non-controlling
interest |
| |
Total equity
|
| |||||||||||||||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||
As at January 1, 2021
|
| | | | | | | 78 | | | | | | (87,714) | | | | | | 10,639,931 | | | | | | (5,356,926) | | | | | | 5,195,369 | | | | | | 89,914 | | | | | | 5,285,283 | | |
Loss for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,281,699) | | | | | | (1,281,699) | | | | | | (48,814) | | | | | | (1,330,513) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| |
25
|
| | | | — | | | | | | — | | | | | | (152,542) | | | | | | — | | | | | | (152,542) | | | | | | — | | | | | | (152,542) | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| | | | | | | — | | | | | | — | | | | | | (1,812) | | | | | | — | | | | | | (1,812) | | | | | | — | | | | | | (1,812) | | |
Total comprehensive loss for the year
|
| | | | | | | — | | | | | | — | | | | | | (154,354) | | | | | | (1,281,699) | | | | | | (1,436,053) | | | | | | (48,814) | | | | | | (1,484,867) | | |
Transactions with equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| |
26
|
| | | | — | | | | | | — | | | | | | 25,409 | | | | | | — | | | | | | 25,409 | | | | | | — | | | | | | 25,409 | | |
– Vesting of shares under Restricted Share Unit Scheme
|
| | | | | | | — | | | | | | 700 | | | | | | (700) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
– Exercise of shares under Share Option Scheme
|
| | | | | | | — | | | | | | 6,912 | | | | | | 2,345 | | | | | | — | | | | | | 9,257 | | | | | | — | | | | | | 9,257 | | |
Total transactions with equity holders at their capacity as
equity holders for the year |
| | | | | | | — | | | | | | 7,612 | | | | | | 27,054 | | | | | | — | | | | | | 34,666 | | | | | | — | | | | | | 34,666 | | |
As at December 31, 2021
|
| | | | | | | 78 | | | | | | (80,102) | | | | | | 10,512,631 | | | | | | (6,638,625) | | | | | | 3,793,982 | | | | | | 41,100 | | | | | | 3,835,082 | | |
| | | | | |
Year ended December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | |
Cash used in operations
|
| |
33(a)
|
| | | | (1,815,725) | | | | | | (693,691) | | | | | | (383,704) | | |
Income tax paid
|
| | | | | | | (1,729) | | | | | | (10,454) | | | | | | (20,630) | | |
Net cash used in operating activities
|
| | | | | | | (1,817,454) | | | | | | (704,145) | | | | | | (404,334) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | |
Payment for acquisition of subsidiaries, net of cash acquired
|
| |
35
|
| | | | (270,791) | | | | | | — | | | | | | (11,060) | | |
Payments for property and equipment
|
| | | | | | | (97,790) | | | | | | (17,056) | | | | | | (45,553) | | |
Payments for intangible assets
|
| | | | | | | (216,670) | | | | | | (248,124) | | | | | | (82,463) | | |
Capital injection to investments accounted for using the equity method
|
| |
14
|
| | | | (104,321) | | | | | | (62,040) | | | | | | — | | |
Payment for loans to related parties
|
| | | | | | | (5,000) | | | | | | — | | | | | | (3,515) | | |
Payments for financial assets measured at fair value through other comprehensive income
|
| | | | | | | (388,363) | | | | | | (441,622) | | | | | | (16,661) | | |
Payments for financial assets at fair value through profit or
loss |
| | | | | | | (5,808,465) | | | | | | (8,433,113) | | | | | | (7,577,741) | | |
Payments for settlement of derivatives
|
| | | | | | | — | | | | | | (108,716) | | | | | | (138,634) | | |
Release of restricted cash, net
|
| | | | | | | 708,123 | | | | | | 1,064,813 | | | | | | 1,206,607 | | |
Proceeds from sales of property and equipment
|
| | | | | | | 900 | | | | | | 55,534 | | | | | | 1,019 | | |
Receipts of loans to related parties
|
| | | | | | | 20,444 | | | | | | — | | | | | | — | | |
Proceeds from sales of financial assets measured at fair value through other comprehensive income
|
| | | | | | | — | | | | | | 820,393 | | | | | | 16,833 | | |
Proceeds from sales of financial assets at fair value through
profit or loss |
| | | | | | | 6,693,129 | | | | | | 8,647,959 | | | | | | 7,019,968 | | |
Interest received on financial assets at fair value through profit or loss
|
| | | | | | | 39,643 | | | | | | 37,697 | | | | | | 19,635 | | |
Net cash generated from investing activities
|
| | | | | | | 570,839 | | | | | | 1,315,725 | | | | | | 388,435 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | |
Capital injections from non-controlling interests
|
| | | | | | | 49,000 | | | | | | — | | | | | | — | | |
Proceeds from issuance of ordinary shares
|
| |
24, 25
|
| | | | 102,080 | | | | | | 2,722,445 | | | | | | — | | |
Proceeds from issuance of ordinary shares upon initial public offering
|
| |
24, 25
|
| | | | 2,035,177 | | | | | | — | | | | | | — | | |
Proceeds from short-term borrowings
|
| |
33(c)
|
| | | | 4,286,868 | | | | | | 2,257,000 | | | | | | 912,900 | | |
Share issue transaction costs
|
| |
25
|
| | | | (28,142) | | | | | | (24,766) | | | | | | — | | |
Proceeds from exercise of shares under share incentive scheme
|
| | | | | | | — | | | | | | — | | | | | | 9,257 | | |
Payments for lease liabilities
|
| |
33(c)
|
| | | | (76,895) | | | | | | (100,997) | | | | | | (96,139) | | |
Repayments of short-term borrowings
|
| |
33(c)
|
| | | | (4,469,280) | | | | | | (3,177,218) | | | | | | (2,376,945) | | |
Interest paid
|
| |
33(c)
|
| | | | (144,251) | | | | | | (142,626) | | | | | | (60,854) | | |
Net cash generated from/(used in) financing activities
|
| | | | | | | 1,754,557 | | | | | | 1,533,838 | | | | | | (1,611,781) | | |
| | | | | | | | | | | | | | | | | | | | | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | | | | 507,942 | | | | | | 2,145,418 | | | | | | (1,627,680) | | |
Cash and cash equivalents at the beginning of the year
|
| | | | | | | 565,027 | | | | | | 1,077,875 | | | | | | 3,055,194 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | | | | 4,906 | | | | | | (168,099) | | | | | | (28,144) | | |
Cash and cash equivalents at the end of year
|
| | | | | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
Company name
Subsidiaries |
| |
Place and date of
incorporation/ establishment |
| |
Principal activities and
place of operations |
| |
Issued and
paid-in capital/ Registered capital |
| |
Equity interest held by the
Group As at December 31, |
| | | | ||||||
|
2019
|
| |
2020
|
| |
2021
|
| |
Note
|
| |||||||||||
Jin Tai Yuan Limited | | | British Virgin Islands/October 27, 2017 | | | Investment holding, BVI | | | USD355,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(i)
|
|
Jin Cheng Long Limited | | | Hong Kong /October 30, 2017 | | | Investment holding, Hong Kong, the PRC | | | USD402,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(ii)
|
|
OneConnect Financial Technology (Hong Kong) Limited | | | Hong Kong /March 15, 2018 | | |
Software and technology service, information transmission. Hong Kong, the PRC.
|
| | USD1 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(ii)
|
|
OneConnect Financial Technology (Singapore) Co., Pte. Ltd.
|
| | Singapore /March 26, 2018 | | |
Software and technology service, information transmission. Singapore
|
| | SGD47,900,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(iii)
|
|
PT OneConnect Financial Technology Indonesia | | | Indonesia/December 04, 2018 | | | Software and technology service, information transmission. Indonesia | | | IDR10,000,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(iv)
|
|
Ping An OneConnect Bank (Hong Kong) Limited (“Virtual Bank”) | | | Hong Kong/December 07, 2018 | | | Banking service. Hong Kong, the PRC. | | | USD1 and HKD 1,200,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(ii)
|
|
Shenzhen OneConnect Technology Services Co.,Ltd(“Shenzhen OneConnect Technology”)
|
| | the PRC /January 04, 2018 | | |
Technology promotion and computer application services, Shenzhen, the PRC
|
| |
RMB2,607,502,300/
RMB3,360,000,000 |
| |
100%
|
| |
100%
|
| |
100%
|
| |
(i)
|
|
Beijing Vantage Point Technology Co., Ltd. (“Vantage Point Technology”)
|
| | the PRC /July 18, 2008 | | |
Software and technology service, information transmission. Beijing, the PRC.
|
| | RMB13,333,529 | | |
51.67%
|
| |
51.67%
|
| |
51.67%
|
| |
(v)(vi)
|
|
Shenzhen OneConnect Information Technology Service Company Limited (“Shenzhen OneConnect
|
| | the PRC/January 31, 2019 | | |
Software and technology service, information transmission. Shenzhen, the PRC.
|
| | RMB100,000,000 | | |
51%
|
| |
51%
|
| |
51%
|
| |
(v)
|
|
Company name
Subsidiaries |
| |
Place and date of
incorporation/ establishment |
| |
Principal activities and
place of operations |
| |
Issued and
paid-in capital/ Registered capital |
| |
Equity interest held by the
Group As at December 31, |
| | | | ||||||
|
2019
|
| |
2020
|
| |
2021
|
| |
Note
|
| |||||||||||
Information Technology”) | | | | | | | | | | | | | | | | | | | | | | |
Beijing BER Technology Company Ltd. (“BER Technology”) | | | the PRC/March 30 ,2006 | | | Software and technology service, information transmission. Shenzhen, the PRC | | | RMB22,950,000 | | |
80%
|
| |
80%
|
| |
80%
|
| |
(v)(vi)
|
|
Zhang Tong Shun (Guangzhou) Technology Co., Ltd. (“Zhang Tong Shun”)
|
| | the PRC/May 9, 2019 | | |
Information technology advisory services, Guangzhou, the PRC
|
| | RMB10,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(i)(vi)
|
|
VIEs | | | | | | | | | | | | | | | | | | | | | | |
OneConnect Smart Technology Co., Ltd. (Shenzhen) (“Shenzhen OneConnect”)
|
| |
the PRC / September 15, 2017
|
| |
Software and technology service, information transmission. Shenzhen, the PRC.
|
| | RMB1,200,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(v)
|
|
Shenzhen E-Commerce Safety Certificates Administration Co., Ltd. (“Shenzhen CA”)
|
| | the PRC/August 11, 2000 | | | E-commerce security certificate administration, Shenzhen, the PRC | | | RMB543,500,000 | | |
98.9%
|
| |
98.9%
|
| |
98.9%
|
| |
(v)(vi)
|
|
Subsidiaries of the VIEs | | | | | | | | | | | | | | | | | | | | | | |
Shanghai OneConnect Financial Technology Co., Ltd. (“Shanghai OneConnect”)*
|
| |
the PRC / December 29, 2015
|
| |
Software and technology service, asset management and consulting. Shanghai, the PRC.
|
| | RMB1,200,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(v)
|
|
Shenzhen Kechuang Insurance Assessment Co., Ltd. (“Kechuang”) * | | | the PRC / August 27, 2001 | | | Insurance survey and loss adjustment. Shenzhen, the PRC. | | | RMB4,000,000 | | |
100%
|
| |
100%
|
| |
100%
|
| |
(v)
|
|
| | |
As at December 31,
|
| ||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||
Total current assets
|
| | | | 5,108,805 | | | |
3,848,842
|
| | | | 3,820,222 | | |
Total non-current assets
|
| | | | 942,638 | | | |
1,023,936
|
| | | | 996,872 | | |
Total assets
|
| | | | 6,051,443 | | | |
4,872,778
|
| | | | 4,817,094 | | |
Total current liabilities
|
| | | | 6,844,076 | | | |
6,724,365
|
| | | | 7,427,980 | | |
Total non-current liabilities
|
| | | | 318,775 | | | |
168,556
|
| | | | 97,509 | | |
Total liabilities
|
| | | | 7,162,851 | | | |
6,892,921
|
| | | | 7,525,489 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Total revenue
|
| | | | 2,137,890 | | | | | | 3,042,997 | | | | | | 3,723,306 | | |
Net loss
|
| | | | (1,284,223) | | | | | | (989,704) | | | | | | (708,699) | | |
Net cash used in operating activities
|
| | | | (1,602,568) | | | | | | (443,276) | | | | | | (439,174) | | |
Net cash generated from investing activities
|
| | | | 552,837 | | | | | | 1,660,300 | | | | | | 3,633 | | |
Net cash generated from/(used in) financing activities
|
| | | | 1,173,363 | | | | | | (887,374) | | | | | | 108,564 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | 123,632 | | | | | | 329,650 | | | | | | (326,977) | | |
Cash and cash equivalents, beginning of the year
|
| | | | 111,245 | | | | | | 234,877 | | | | | | 564,527 | | |
Cash and cash equivalents, end of the year
|
| | | | 234,877 | | | | | | 564,527 | | | | | | 237,550 | | |
| | |
Effective for annual
periods beginning on or after |
|
Amendments to IFRS 3 – Reference to the Conceptual Framework | | |
January 1, 2022
|
|
Amendments to IAS 37 – Onerous Contracts: Cost of Fulfilling a Contract | | |
January 1, 2022
|
|
Annual Improvements to IFRS Standards 2018-2020 | | |
January 1, 2022
|
|
Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before intended use | | |
January 1, 2022
|
|
Amendments to IAS 1 – Classification of Liabilities as Current or Non-current | | |
January 1, 2023
|
|
IFRS 17 – Insurance Contracts | | |
January 1, 2023
|
|
Amendments to IAS 1 – Disclosure of accounting policies | | |
January 1, 2023
|
|
Amendments to IAS 8 – Definition of accounting estimates | | |
January 1, 2023
|
|
Amendments to IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction
|
| |
January 1, 2023
|
|
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
| |
To be determined
|
|
Category
|
| |
Expected useful life
|
|
Office and telecommunication equipment | | |
3 – 5 years
|
|
Leasehold improvements | | |
5 years
|
|
Category
|
| |
Expected useful life
|
|
Application and platform | | |
3 – 10 years
|
|
Purchased software | | |
3 – 10 years
|
|
Business licenses | | |
3 – 5 years
|
|
| | |
At December 31,
|
| |
At December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||
| | |
Impact on post tax profit
|
| |
Impact on other components of equity
|
| ||||||||||||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
USD+5%
|
| | | | 21,776 | | | | | | 52,506 | | | | | | (4,028) | | | | | | 326,722 | | | | | | 618,581 | | | | | | 260,467 | | |
USD -5%
|
| | | | (21,776) | | | | | | (52,506) | | | | | | 4,028 | | | | | | (326,722) | | | | | | (618,581) | | | | | | (260,467) | | |
| | |
As at December 31, 2019
|
| |||||||||||||||
| | |
Trade
receivables |
| |
Contract
assets |
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 738,004 | | | | | | 173,292 | | | | | | 911,296 | | |
Applying three-stage approach(*2)
|
| | | | — | | | | | | 98,863 | | | | | | 98,863 | | |
| | | | | 738,004 | | | | | | 272,155 | | | | | | 1,010,159 | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 27,881 | | | | | | 18,063 | | | | | | 45,944 | | |
Applying three-stage approach(*2)
|
| | | | — | | | | | | 1,818 | | | | | | 1,818 | | |
| | | | | 27,881 | | | | | | 19,881 | | | | | | 47,762 | | |
| | |
As at December 31, 2020
|
| |||||||||||||||
| | |
Trade
receivables |
| |
Contract
assets |
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 881,147 | | | | | | 317,113 | | | | | | 1,198,260 | | |
Applying three-stage approach(*2)
|
| | | | — | | | | | | 12,300 | | | | | | 12,300 | | |
| | | | | 881,147 | | | | | | 329,413 | | | | | | 1,210,560 | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 42,457 | | | | | | 54,786 | | | | | | 97,243 | | |
Applying three-stage approach(*2)
|
| | | | — | | | | | | 9 | | | | | | 9 | | |
| | | | | 42,457 | | | | | | 54,795 | | | | | | 97,252 | | |
| | |
As at December 31, 2021
|
| |||||||||||||||
| | |
Trade
receivables |
| |
Contract
assets |
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 934,152 | | | | | | 311,103 | | | | | | 1,245,255 | | |
| | | | | 934,152 | | | | | | 311,103 | | | | | | 1,245,255 | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Applying simplified approach(*1)
|
| | | | 42,978 | | | | | | 82,340 | | | | | | 125,318 | | |
| | | | | 42,978 | | | | | | 82,340 | | | | | | 125,318 | | |
| | |
As at December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Related
parties |
| |
Up to
1 year |
| |
1 to 2
years |
| |
2 to 3
years |
| |
Above
3 years |
| |
Total
|
| ||||||||||||||||||
Expected loss rate
|
| | | | — | | | | | | 4.93% | | | | | | 13.80% | | | | | | 26.37% | | | | | | 96.75% | | | | | | 5.04% | | |
Gross carrying amount of trade receivables
and contract assets applying simplified approach |
| | | | 295,944 | | | | | | 555,018 | | | | | | 43,859 | | | | | | 4,809 | | | | | | 11,666 | | | | | | 911,296 | | |
Loss allowance of trade receivables and contract assets applying simplified approach*
|
| | | | — | | | | | | 27,335 | | | | | | 6,054 | | | | | | 1,268 | | | | | | 11,287 | | | | | | 45,944 | | |
| | |
As at December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Related
parties |
| |
Up to
1 year |
| |
1 to 2
years |
| |
2 to 3
years |
| |
Above
3 years |
| |
Total
|
| ||||||||||||||||||
Expected loss rate
|
| | | | — | | | | | | 6.36% | | | | | | 32.93% | | | | | | 78.49% | | | | | | 98.70% | | | | | | 8.12% | | |
Gross carrying amount of trade receivables and contract assets applying simplified approach
|
| | | | 516,765 | | | | | | 554,889 | | | | | | 88,524 | | | | | | 23,655 | | | | | | 14,427 | | | | | | 1,198,260 | | |
Loss allowance of trade receivables and contract assets applying simplified approach
|
| | | | — | | | | | | 35,286 | | | | | | 29,151 | | | | | | 18,566 | | | | | | 14,240 | | | | | | 97,243 | | |
| | |
As at December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Related
parties |
| |
Up to
1 year |
| |
1 to 2
years |
| |
2 to 3
years |
| |
Above
3 years |
| |
Total
|
| ||||||||||||||||||
Expected loss rate
|
| | | | 1.55% | | | | | | 6.31% | | | | | | 33.30% | | | | | | 89.51% | | | | | | 98.86% | | | | | | 10.06% | | |
Gross carrying amount of trade receivables and contract assets applying simplified approach
|
| | | | 456,470 | | | | | | 653,428 | | | | | | 81,012 | | | | | | 39,758 | | | | | | 14,587 | | | | | | 1,245,255 | | |
Loss allowance of trade receivables and contract assets applying simplified approach
|
| | | | 7,091 | | | | | | 41,240 | | | | | | 26,980 | | | | | | 35,587 | | | | | | 14,420 | | | | | | 125,318 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | (13,128) | | | | | | (45,944) | | | | | | (97,243) | | |
Additions of impairment loss
|
| | | | (34,243) | | | | | | (128,437) | | | | | | (87,731) | | |
Reversal of impairment loss
|
| | | | 531 | | | | | | 9,494 | | | | | | 16,670 | | |
Write-off
|
| | | | 896 | | | | | | 67,644 | | | | | | 42,986 | | |
End of the year
|
| | | | (45,944) | | | | | | (97,243) | | | | | | (125,318) | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Stage 1
|
| | | | 98,364 | | | | | | 12,290 | | | | | | — | | |
Stage 2
|
| | | | 499 | | | | | | 10 | | | | | | — | | |
| | | | | 98,863 | | | | | | 12,300 | | | | | | — | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Stage 1
|
| | | | 1,421 | | | | | | 1 | | | | | | — | | |
Stage 2
|
| | | | 397 | | | | | | 8 | | | | | | — | | |
| | | | | 1,818 | | | | | | 9 | | | | | | — | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | (1,960) | | | | | | (1,818) | | | | | | (9) | | |
Additions of impairment loss
|
| | | | (6,590) | | | | | | (12,296) | | | | | | — | | |
Write-off
|
| | | | 6,732 | | | | | | 14,105 | | | | | | 9 | | |
End of the year
|
| | |
|
(1,818)
|
| | | |
|
(9)
|
| | | |
|
—
|
| |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Financial guarantee fee receivables | | | | | | | | | | | | | | | | | | | |
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Stage 1
|
| | | | 51,073 | | | | | | 91 | | | | | | — | | |
Stage 2
|
| | | | 4,223 | | | | | | 83 | | | | | | — | | |
| | | | | 55,296 | | | | | | 174 | | | | | | — | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Stage 1
|
| | | | 3,976 | | | | | | 7 | | | | | | — | | |
Stage 2
|
| | | | 3,359 | | | | | | 67 | | | | | | — | | |
| | | | | 7,335 | | | | | | 74 | | | | | | — | | |
Loss allowance | | | | | | | | | | | | | | | | | | | |
Stage 1
|
| | | | 7.78% | | | | | | 7.69% | | | | | | — | | |
Stage 2
|
| | | | 79.54% | | | | | | 80.72% | | | | | | — | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | |
Financial assets measured at amortized cost
|
| | | | — | | | | | | 602,299 | | | | | | 13,575 | | |
Financial assets measured at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | 1,103,460 | | |
| | | | | — | | | | | | 602,299 | | | | | | 1,117,035 | | |
Loss allowance
|
| | | | — | | | | | | 711 | | | | | | 190 | | |
Expected loss rate
|
| | | | | | | | | | 0.12% | | | | | | 1.40% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | — | | | | | | — | | | | | | (711) | | |
Additions of impairment loss
|
| | | | — | | | | | | (711) | | | | | | (1,170) | | |
Write-off
|
| | | | — | | | | | | — | | | | | | 1,691 | | |
End of the year
|
| | |
|
—
|
| | | |
|
(711)
|
| | | |
|
(190)
|
| |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Stage 1
|
| | | | 427,346 | | | | | | 5,275 | | | | | | — | | |
Stage 2
|
| | | | 39,895 | | | | | | 1,328 | | | | | | — | | |
| | | | | 467,241 | | | | | | 6,603 | | | | | | — | | |
| | |
As at December 31, 2019
|
| |||||||||||||||
| | |
Within 1 year
|
| |
1 to 5 years
|
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Short-term borrowings
|
| | | | 3,269,337 | | | | | | — | | | | | | 3,269,337 | | |
Trade and other payables
|
| | | | 671,461 | | | | | | 435,618 | | | | | | 1,107,079 | | |
– Including: lease liabilities
|
| | | | 111,012 | | | | | | 102,545 | | | | | | 213,557 | | |
Non-derivative financial liabilities:
|
| | | | 3,940,798 | | | | | | 435,618 | | | | | | 4,376,416 | | |
Gross settled (foreign exchange swaps) | | | | | | | | | | | | | | | | | | | |
– (inflow)
|
| | | | (2,038,696) | | | | | | — | | | | | | (2,038,696) | | |
– outflow
|
| | | | 2,041,378 | | | | | | — | | | | | | 2,041,378 | | |
Derivative financial liabilities
|
| | | | 2,682 | | | | | | — | | | | | | 2,682 | | |
Total | | | | | 3,943,480 | | | | | | 435,618 | | | | | | 4,379,098 | | |
Financial guarantees | | | | | | | | | | | | | | | | | | | |
Maximum guarantee exposure*
|
| | | | 467,241 | | | | | | — | | | | | | 467,241 | | |
| | |
As at December 31, 2020
|
| |||||||||||||||
| | |
Within 1 year
|
| |
1 to 5 years
|
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Short-term borrowings
|
| | | | 2,312,504 | | | | | | — | | | | | | 2,312,504 | | |
Trade and other payables
|
| | | | 834,600 | | | | | | 424,701 | | | | | | 1,259,301 | | |
– Including: lease liabilities
|
| | | | 90,098 | | | | | | 50,596 | | | | | | 140,694 | | |
Customer deposits
|
| | | | 405,853 | | | | | | — | | | | | | 405,853 | | |
Non-derivative financial liabilities:
|
| | | | 3,552,957 | | | | | | 424,701 | | | | | | 3,977,658 | | |
Gross settled (foreign exchange swaps) | | | | | | | | | | | | | | | | | | | |
– (inflow)
|
| | | | (1,939,843) | | | | | | — | | | | | | (1,939,843) | | |
– outflow
|
| | | | 2,105,723 | | | | | | — | | | | | | 2,105,723 | | |
Derivative financial liabilities
|
| | | | 165,880 | | | | | | — | | | | | | 165,880 | | |
Total | | | | | 3,718,837 | | | | | | 424,701 | | | | | | 4,143,538 | | |
Financial guarantees | | | | | | | | | | | | | | | | | | | |
Maximum guarantee exposure*
|
| | | | 6,603 | | | | | | — | | | | | | 6,603 | | |
| | |
As at December 31, 2021
|
| |||||||||||||||
| | |
Within 1 year
|
| |
1 to 5 years
|
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Short-term borrowings
|
| | | | 818,246 | | | | | | — | | | | | | 818,246 | | |
Trade and other payables
|
| | | | 1,158,593 | | | | | | 340,162 | | | | | | 1,498,755 | | |
– Including: lease liabilities
|
| | | | 65,094 | | | | | | 112,102 | | | | | | 177,196 | | |
Customer deposits
|
| | | | 1,350,171 | | | | | | — | | | | | | 1,350,171 | | |
Non-derivative financial liabilities:
|
| | | | 3,327,010 | | | | | | 340,162 | | | | | | 3,667,172 | | |
Gross settled (foreign currency swaps) | | | | | | | | | | | | | | | | | | | |
– (inflow)
|
| | | | (2,147,751) | | | | | | — | | | | | | (2,147,751) | | |
– outflow
|
| | | | 2,338,722 | | | | | | — | | | | | | 2,338,722 | | |
Derivative financial liabilities
|
| | | | 190,971 | | | | | | — | | | | | | 190,971 | | |
Total | | | | | 3,517,981 | | | | | | 340,162 | | | | | | 3,858,143 | | |
Financial guarantees | | | | | | | | | | | | | | | | | | | |
Maximum guarantee exposure*
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
As at December 31, 2019
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss
(Note 21) |
| | | | — | | | | | | 1,689,529 | | | | | | 1,438 | | | | | | 1,690,967 | | |
Financial assets measured at fair value through other comprehensive income (Note 16)
|
| | | | 388,448 | | | | | | — | | | | | | 5,000 | | | | | | 393,448 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative financial liabilities (Note 30)
|
| | | | — | | | | | | 2,682 | | | | | | — | | | | | | 2,682 | | |
| | |
As at December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss
(Note 21) |
| | | | — | | | | | | 1,487,195 | | | | | | 676 | | | | | | 1,487,871 | | |
Financial assets measured at fair value through other comprehensive income (Note 16)
|
| | | | 16,828 | | | | | | — | | | | | | 5,000 | | | | | | 21,828 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative financial liabilities
|
| | | | — | | | | | | 165,880 | | | | | | — | | | | | | 165,880 | | |
| | |
As at December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss
(Note 21) |
| | | | — | | | | | | 2,070,977 | | | | | | 676 | | | | | | 2,071,653 | | |
Financial assets measured at fair value through other comprehensive income (Note 16)
|
| | | | 16,334 | | | | | | — | | | | | | 1,106,664 | | | | | | 1,122,998 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative financial liabilities
|
| | | | — | | | | | | 190,971 | | | | | | — | | | | | | 190,971 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | 5,000 | | | | | | 6,438 | | | | | | 5,676 | | |
Additions
|
| | | | 1,438 | | | | | | — | | | | | | 1,103,460 | | |
Losses recognised in other comprehensive income
|
| | | | — | | | | | | — | | | | | | (1,796) | | |
Losses recognised in other gain
|
| | | | — | | | | | | (762) | | | | | | — | | |
End of the year
|
| | | | 6,438 | | | | | | 5,676 | | | | | | 1,107,340 | | |
| | |
Unobservable
inputs |
| |
Range of inputs
|
| ||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Financial assets measured at fair value through other comprehensive income
|
| | | | | | | | | | | | | | | | | | |
– Loans and advances to customers from virtual
bank |
| |
Discount rate
|
| | | | — | | | | | | — | | | |
5.22% – 10.05%
|
|
| | |
Prepayment ratio
|
| | | | — | | | | | | — | | | |
0.35% – 0.39%
|
|
| | |
Unobservable
inputs |
| |
Impact on the assets and other
comprehensive income |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||
– Loans and advances to customers from virtual bank | | | | | | | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | +5% | | | | | | — | | | | | | — | | | | | | (4,579) | | |
| | | | | –5% | | | | | | — | | | | | | — | | | | | | 4,608 | | |
Prepayment ratio
|
| | | | +5% | | | | | | — | | | | | | — | | | | | | (195) | | |
| | | | | –5% | | | | | | — | | | | | | — | | | | | | 195 | | |
| | |
Year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Revenue
|
| | | | — | | | | | | 2,385,924 | | | | | | (58,078) | | | | | | 2,327,846 | | |
Cost of revenue
|
| | | | — | | | | | | (1,619,066) | | | | | | 58,078 | | | | | | (1,560,988) | | |
Gross profit
|
| | | | — | | | | | | 766,858 | | | | | | — | | | | | | 766,858 | | |
Research and development expenses
|
| | | | (8,530) | | | | | | (947,565) | | | | | | — | | | | | | (956,095) | | |
Selling and marketing expenses
|
| | | | (7,144) | | | | | | (628,529) | | | | | | — | | | | | | (635,673) | | |
General and administrative expenses
|
| | | | (87,340) | | | | | | (669,341) | | | | | | — | | | | | | (756,681) | | |
Net impairment losses on financial and contract assets
|
| | | | — | | | | | | (45,167) | | | | | | — | | | | | | (45,167) | | |
Other income, gains or loss-net
|
| | | | (138) | | | | | | (74,116) | | | | | | — | | | | | | (74,254) | | |
Operating loss
|
| | | | (103,152) | | | | | | (1,597,860) | | | | | | — | | | | | | (1,701,012) | | |
Finance income
|
| | | | 5,742 | | | | | | 122,519 | | | | | | — | | | | | | 128,261 | | |
Finance costs
|
| | | | — | | | | | | (174,831) | | | | | | — | | | | | | (174,831) | | |
Finance costs – net
|
| | | | 5,742 | | | | | | (52,312) | | | | | | — | | | | | | (46,570) | | |
Share of losses of associate and joint venture
|
| | | | — | | | | | | (14,854) | | | | | | — | | | | | | (14,854) | | |
Loss before income tax
|
| | | | (97,410) | | | | | | (1,665,026) | | | | | | — | | | | | | (1,762,436) | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Assets
|
| | | | 554,747 | | | | | | 9,253,339 | | | | | | (593,712) | | | | | | 9,214,374 | | |
Goodwill
|
| | | | — | | | | | | 289,161 | | | | | | — | | | | | | 289,161 | | |
Deferred income tax assets
|
| | | | — | | | | | | 423,786 | | | | | | — | | | | | | 423,786 | | |
Total assets
|
| | | | 554,747 | | | | | | 9,966,286 | | | | | | (593,712) | | | | | | 9,927,321 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Liabilities
|
| | | | 113,830 | | | | | | 5,320,146 | | | | | | (60,487) | | | | | | 5,373,489 | | |
Deferred income tax liabilities
|
| | | | — | | | | | | 33,291 | | | | | | — | | | | | | 33,291 | | |
Total Liabilities
|
| | | | 113,830 | | | | | | 5,353,437 | | | | | | (60,487) | | | | | | 5,406,780 | | |
| | |
Year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property and equipment
|
| | | | 3,374 | | | | | | 124,012 | | | | | | — | | | | | | 127,386 | | |
Amortization of intangible assets
|
| | | | 799 | | | | | | 331,671 | | | | | | — | | | | | | 332,470 | | |
Additions of non-current assets except for goodwill
and deferred income tax assets |
| | | | 84,016 | | | | | | 630,160 | | | | | | — | | | | | | 714,176 | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Virtual
Bank Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Revenue
|
| | | | 3,177 | | | | | | 3,353,903 | | | | | | (44,790) | | | | | | 3,312,290 | | |
Cost of revenue
|
| | | | (20,953) | | | | | | (2,092,671) | | | | | | 44,790 | | | | | | (2,068,834) | | |
Gross profit
|
| | | | (17,776) | | | | | | 1,261,232 | | | | | | — | | | | | | 1,243,456 | | |
Research and development expenses
|
| | | | (27,395) | | | | | | (1,145,895) | | | | | | — | | | | | | (1,173,290) | | |
Selling and marketing expenses
|
| | | | (18,622) | | | | | | (610,866) | | | | | | — | | | | | | (629,488) | | |
General and administrative expenses
|
| | | | (106,291) | | | | | | (728,626) | | | | | | — | | | | | | (834,917) | | |
Net impairment losses on financial and contract assets
|
| | | | (712) | | | | | | (133,807) | | | | | | — | | | | | | (134,519) | | |
Other income, gains or loss-net
|
| | | | 7,440 | | | | | | 50,992 | | | | | | — | | | | | | 58,432 | | |
Operating loss
|
| | | | (163,356) | | | | | | (1,306,970) | | | | | | — | | | | | | (1,470,326) | | |
Finance income
|
| | | | — | | | | | | 77,237 | | | | | | — | | | | | | 77,237 | | |
Finance costs
|
| | | | (546) | | | | | | (149,817) | | | | | | — | | | | | | (150,363) | | |
Finance costs – net
|
| | | | (546) | | | | | | (72,580) | | | | | | — | | | | | | (73,126) | | |
Share of losses of associate and joint venture
|
| | | | — | | | | | | (7,802) | | | | | | — | | | | | | (7,802) | | |
Loss before income tax
|
| | | | (163,902) | | | | | | (1,387,352) | | | | | | — | | | | | | (1,551,254) | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Assets
|
| | | | 1,026,918 | | | | | | 9,822,814 | | | | | | (818,197) | | | | | | 10,031,535 | | |
Goodwill
|
| | | | — | | | | | | 289,161 | | | | | | — | | | | | | 289,161 | | |
Deferred income tax assets
|
| | | | — | | | | | | 564,562 | | | | | | — | | | | | | 564,562 | | |
Total assets
|
| | | | 1,026,918 | | | | | | 10,676,537 | | | | | | (818,197) | | | | | | 10,885,258 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Liabilities
|
| | | | 511,105 | | | | | | 5,129,511 | | | | | | (60,721) | | | | | | 5,579,895 | | |
Deferred income tax liabilities
|
| | | | — | | | | | | 20,080 | | | | | | — | | | | | | 20,080 | | |
Total Liabilities
|
| | | | 511,105 | | | | | | 5,149,591 | | | | | | (60,721) | | | | | | 5,599,975 | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Virtual
Bank Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property and equipment
|
| | | | 8,273 | | | | | | 130,258 | | | | | | — | | | | | | 138,531 | | |
Amortization of intangible assets
|
| | | | 10,720 | | | | | | 271,977 | | | | | | — | | | | | | 282,697 | | |
Additions of non-current assets except for goodwill and deferred income tax assets
|
| | | | 63,997 | | | | | | 239,829 | | | | | | — | | | | | | 303,826 | | |
| | |
Year ended December 31, 2021
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Revenue
|
| | | | 34,320 | | | | | | 4,098,734 | | | | | | (697) | | | | | | 4,132,357 | | |
Cost of revenue
|
| | | | (37,748) | | | | | | (2,658,655) | | | | | | 697 | | | | | | (2,695,706) | | |
Gross profit
|
| | | | (3,428) | | | | | | 1,440,079 | | | | | | — | | | | | | 1,436,651 | | |
Research and development expenses
|
| | | | (33,192) | | | | | | (1,319,826) | | | | | | — | | | | | | (1,353,018) | | |
Selling and marketing expenses
|
| | | | (38,042) | | | | | | (550,338) | | | | | | — | | | | | | (588,380) | | |
General and administrative expenses
|
| | | | (99,796) | | | | | | (741,889) | | | | | | — | | | | | | (841,685) | | |
Net impairment losses on financial and contract assets
|
| | | | (1,250) | | | | | | (70,979) | | | | | | — | | | | | | (72,229) | | |
Other income, gains or loss-net
|
| | | | 91 | | | | | | 13,830 | | | | | | — | | | | | | 13,921 | | |
Operating loss
|
| | | | (175,617) | | | | | | (1,229,123) | | | | | | — | | | | | | (1,404,740) | | |
Finance income
|
| | | | — | | | | | | 28,823 | | | | | | — | | | | | | 28,823 | | |
Finance costs
|
| | | | (310) | | | | | | (76,327) | | | | | | — | | | | | | (76,637) | | |
Finance costs – net
|
| | | | (310) | | | | | | (47,504) | | | | | | — | | | | | | (47,814) | | |
Share of losses of associate and joint venture
|
| | | | — | | | | | | 9,946 | | | | | | — | | | | | | 9,946 | | |
Loss before income tax
|
| | | | (175,927) | | | | | | (1,266,681) | | | | | | — | | | | | | (1,442,608) | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Assets
|
| | | | 2,032,344 | | | | | | 7,377,469 | | | | | | (1,041,585) | | | | | | 8,368,228 | | |
Goodwill
|
| | | | — | | | | | | 289,161 | | | | | | — | | | | | | 289,161 | | |
Deferred income tax assets
|
| | | | — | | | | | | 683,218 | | | | | | — | | | | | | 683,218 | | |
Total assets
|
| | | | 2,032,344 | | | | | | 8,349,848 | | | | | | (1,041,585) | | | | | | 9,340,607 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Liabilities
|
| | | | 1,459,125 | | | | | | 4,097,004 | | | | | | (60,465) | | | | | | 5,495,664 | | |
Deferred income tax liabilities
|
| | | | — | | | | | | 9,861 | | | | | | — | | | | | | 9,861 | | |
Total Liabilities
|
| | | | 1,459,125 | | | | | | 4,106,865 | | | | | | (60,465) | | | | | | 5,505,525 | | |
| | |
Year ended December 31, 2021
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property and equipment
|
| | | | 14,195 | | | | | | 121,780 | | | | | | — | | | | | | 135,975 | | |
Amortization of intangible assets
|
| | | | 20,356 | | | | | | 282,418 | | | | | | — | | | | | | 302,774 | | |
Additions of non-current assets except for goodwill
and deferred income tax assets |
| | | | 44,107 | | | | | | 201,940 | | | | | | — | | | | | | 246,047 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
– Technology Solutions | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | 570,822 | | | | | | 851,856 | | | | | | 733,648 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 582,968 | | | | | | 1,061,445 | | | | | | 1,097,719 | | |
– Business origination services *
|
| | | | 770,893 | | | | | | 605,733 | | | | | | 450,597 | | |
– Risk management services
|
| | | | 327,120 | | | | | | 362,530 | | | | | | 534,071 | | |
– Cloud services platform
|
| | | | — | | | | | | 314,338 | | | | | | 1,050,179 | | |
– Post-implementation support services
|
| | | | 36,000 | | | | | | 55,678 | | | | | | 49,447 | | |
– Others
|
| | | | 40,043 | | | | | | 57,533 | | | | | | 182,376 | | |
– Virtual Bank Business | | | | | | | | | | | | | | | | | | | |
Interest and commission
|
| | | | — | | | | | | 3,177 | | | | | | 34,320 | | |
| | | | | 2,327,846 | | | | | | 3,312,290 | | | | | | 4,132,357 | | |
| | |
At a point
in time |
| |
Over time
|
| |
Total
|
| |||||||||
Year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | — | | | | | | 570,822 | | | | | | 570,822 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 278,768 | | | | | | 304,200 | | | | | | 582,968 | | |
– Business origination services
|
| | | | 770,893 | | | | | | — | | | | | | 770,893 | | |
– Risk management services
|
| | | | 327,120 | | | | | | — | | | | | | 327,120 | | |
– Post-implementation support services
|
| | | | — | | | | | | 36,000 | | | | | | 36,000 | | |
– Others
|
| | | | 37,354 | | | | | | 2,689 | | | | | | 40,043 | | |
| | | | | 1,414,135 | | | | | | 913,711 | | | | | | 2,327,846 | | |
| | |
At a point
in time |
| |
Over time
|
| |
Total
|
| |||||||||
Year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | — | | | | | | 851,856 | | | | | | 851,856 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 453,720 | | | | | | 607,725 | | | | | | 1,061,445 | | |
– Business origination services
|
| | | | 605,733 | | | | | | — | | | | | | 605,733 | | |
– Risk management services
|
| | | | 362,530 | | | | | | — | | | | | | 362,530 | | |
– Cloud services platform
|
| | | | — | | | | | | 314,338 | | | | | | 314,338 | | |
– Post-implementation support services
|
| | | | — | | | | | | 55,678 | | | | | | 55,678 | | |
– Others
|
| | | | 56,505 | | | | | | 4,205 | | | | | | 60,710 | | |
| | | | | 1,478,488 | | | | | | 1,833,802 | | | | | | 3,312,290 | | |
| | |
At a point
in time |
| |
Over time
|
| |
Total
|
| |||||||||
Year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | — | | | | | | 733,648 | | | | | | 733,648 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 399,523 | | | | | | 698,196 | | | | | | 1,097,719 | | |
– Business origination services
|
| | | | 450,597 | | | | | | — | | | | | | 450,597 | | |
– Risk management services
|
| | | | 534,071 | | | | | | — | | | | | | 534,071 | | |
– Cloud services platform
|
| | | | — | | | | | | 1,050,179 | | | | | | 1,050,179 | | |
– Post-implementation support services
|
| | | | — | | | | | | 49,447 | | | | | | 49,447 | | |
– Others
|
| | | | 181,004 | | | | | | 35,692 | | | | | | 216,696 | | |
| | | | | 1,565,195 | | | | | | 2,567,162 | | | | | | 4,132,357 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
% of total
revenue |
| |
% of total
revenue |
| |
% of total
revenue |
| |||||||||
Ping An Group and its subsidiaries
|
| | | | 42.90% | | | | | | 52.23% | | | | | | 56.03% | | |
Lufax Holding Ltd (“Lufax”) and its subsidiaries
|
| | | | 16.05% | | | | | | 11.32% | | | | | | 11.15% | | |
| | | | | 58.95% | | | | | | 63.55% | | | | | | 67.18% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
% of total
revenue |
| |
% of total
revenue |
| |
% of total
revenue |
| |||||||||
Ping An Group and its subsidiaries
|
| | | | 42.73% | | | | | | 52.13% | | | | | | 56.06% | | |
Lufax and its subsidiaries
|
| | | | 12.85% | | | | | | 10.36% | | | | | | 10.36% | | |
| | | | | 55.58% | | | | | | 62.49% | | | | | | 66.42% | | |
| | |
At December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Contract assets | | | | | | | | | | | | | | | | | | | |
– Implementation
|
| | | | 173,292 | | | | | | 233,785 | | | | | | 271,521 | | |
– Transaction based and support
|
| | | | 98,863 | | | | | | 95,628 | | | | | | 39,582 | | |
– Business origination services
|
| | | | 74,834 | | | | | | 31,523 | | | | | | 9,976 | | |
– Operation support services
|
| | | | 20,537 | | | | | | 58,211 | | | | | | 17,449 | | |
– Post implementation support services
|
| | | | 3,492 | | | | | | 5,894 | | | | | | 12,157 | | |
| | | | | 272,155 | | | | | | 329,413 | | | | | | 311,103 | | |
Less: Impairment loss allowance | | | | | | | | | | | | | | | | | | | |
– Implementation
|
| | | | (18,063) | | | | | | (48,970) | | | | | | (72,266) | | |
– Transaction based and support
|
| | | | (1,818) | | | | | | (5,825) | | | | | | (10,074) | | |
– Business origination services
|
| | | | (854) | | | | | | (9) | | | | | | — | | |
– Operation support services
|
| | | | (665) | | | | | | (3,078) | | | | | | (4,771) | | |
– Post implementation support services
|
| | | | (299) | | | | | | (2,738) | | | | | | (5,303) | | |
| | | | | (19,881) | | | | | | (54,795) | | | | | | (82,340) | | |
| | | | | 252,274 | | | | | | 274,618 | | | | | | 228,763 | | |
Less: Non-current contract assets
|
| | | | (40,998) | | | | | | (16,788) | | | | | | (868) | | |
| | | | | 211,276 | | | | | | 257,830 | | | | | | 227,895 | | |
| | |
At December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Contract liabilities | | | | | | | | | | | | | | | | | | | |
– Implementation
|
| | | | 875 | | | | | | 34,354 | | | | | | 24,107 | | |
– Transaction based and support
|
| | | | 116,785 | | | | | | 121,876 | | | | | | 149,155 | | |
– Post implementation support services
|
| | | | 17,451 | | | | | | 20,320 | | | | | | 22,748 | | |
– Risk management services
|
| | | | 19,146 | | | | | | 8,301 | | | | | | 21,629 | | |
– Operation support services
|
| | | | 69,974 | | | | | | 78,504 | | | | | | 90,409 | | |
– Others
|
| | | | 10,214 | | | | | | 14,751 | | | | | | 14,369 | | |
| | | | | 117,660 | | | | | | 156,230 | | | | | | 173,262 | | |
Less: Non-current contract liabilities
|
| | | | (12,700) | | | | | | (17,683) | | | | | | (19,418) | | |
| | | | | 104,960 | | | | | | 138,547 | | | | | | 153,844 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Revenue recognized that was included in the contract liability balance at the beginning of the year
|
| | | | 58,383 | | | | | | 104,960 | | | | | | 138,547 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year
|
| | | | | | | | | | | | | | | | | | |
Expected to be recognized within one year
|
| | | | 67,979 | | | | | | 240,089 | | | | | | 455,294 | | |
Expected to be recognized in one to two years
|
| | | | 18,920 | | | | | | 67,464 | | | | | | 89,762 | | |
Expected to be recognized in two to three years
|
| | | | 3,290 | | | | | | 48,475 | | | | | | 33,937 | | |
Expected to be recognized beyond three years
|
| | | | 12,339 | | | | | | 27,688 | | | | | | 31,523 | | |
| | | | | 102,528 | | | | | | 383,716 | | | | | | 610,516 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Employee benefit expenses (Note 7)
|
| | | | 1,480,826 | | | | | | 1,643,404 | | | | | | 1,629,375 | | |
Technology service fees
|
| | | | 858,946 | | | | | | 1,500,711 | | | | | | 2,021,238 | | |
Outsourcing labor costs
|
| | | | 276,301 | | | | | | 300,323 | | | | | | 437,081 | | |
Amortization of intangible assets (Note 13)
|
| | | | 332,470 | | | | | | 282,697 | | | | | | 302,774 | | |
Business origination fees to channel partners
|
| | | | 291,883 | | | | | | 251,988 | | | | | | 276,966 | | |
Purchase costs of products
|
| | | | 46,070 | | | | | | 74,248 | | | | | | 176,224 | | |
Depreciation of property and equipment (Note 12)
|
| | | | 127,386 | | | | | | 138,531 | | | | | | 135,975 | | |
Marketing and advertising fees
|
| | | | 47,014 | | | | | | 59,801 | | | | | | 110,775 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Professional service fees
|
| | | | 52,489 | | | | | | 67,137 | | | | | | 48,001 | | |
Auditor’s remuneration | | | | | | | | | | | | | | | | | | | |
– Audit related
|
| | | | 15,422 | | | | | | 15,900 | | | | | | 14,657 | | |
– Non-audit
|
| | | | 4,224 | | | | | | 3,149 | | | | | | 1,957 | | |
Listing expenses
|
| | | | — | | | | | | — | | | | | | 12,467 | | |
Travelling expenses
|
| | | | 89,195 | | | | | | 54,587 | | | | | | 76,987 | | |
Telecommunication expenses
|
| | | | 85,918 | | | | | | 107,077 | | | | | | 37,854 | | |
Impairment loss of intangible assets (Note 13)
|
| | | | — | | | | | | 23,259 | | | | | | 5,646 | | |
Others
|
| | | | 201,293 | | | | | | 183,717 | | | | | | 190,812 | | |
Total cost of revenue, research and development expenses, selling and marketing expenses, general and administrative expenses
|
| | | | 3,909,437 | | | | | | 4,706,529 | | | | | | 5,478,789 | | |
|
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Research and development costs | | | | | | | | | | | | | | | | | | | |
– Employee benefit expenses
|
| | | | 610,063 | | | | | | 610,564 | | | | | | 514,456 | | |
– Technology service fees
|
| | | | 448,902 | | | | | | 682,222 | | | | | | 859,324 | | |
– Amortization of intangible assets
|
| | | | 20,311 | | | | | | 3,812 | | | | | | 3,396 | | |
– Depreciation of property and equipment
|
| | | | 12,687 | | | | | | 9,659 | | | | | | 11,182 | | |
– Impairment loss of intangible assets
|
| | | | — | | | | | | 5,597 | | | | | | 3,747 | | |
– Others
|
| | | | 55,727 | | | | | | 37,438 | | | | | | 23,200 | | |
Amounts incurred
|
| | | | 1,147,690 | | | | | | 1,349,292 | | | | | | 1,415,305 | | |
Less: capitalized | | | | | | | | | | | | | | | | | | | |
– Employee benefit expenses
|
| | | | (116,801) | | | | | | (125,767) | | | | | | (45,016) | | |
– Technology service fees
|
| | | | (63,260) | | | | | | (50,235) | | | | | | (17,271) | | |
– Others
|
| | | | (11,534) | | | | | | — | | | | | | — | | |
| | | | | (191,595) | | | | | | (176,002) | | | | | | (62,287) | | |
| | | | | 956,095 | | | | | | 1,173,290 | | | | | | 1,353,018 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Wages and salaries
|
| | | | 1,165,604 | | | | | | 1,319,554 | | | | | | 1,276,205 | | |
Welfare and other benefits
|
| | | | 252,907 | | | | | | 248,870 | | | | | | 330,552 | | |
Share-based payments (Note 26)
|
| | | | 62,315 | | | | | | 74,980 | | | | | | 22,618 | | |
| | | | | 1,480,826 | | | | | | 1,643,404 | | | | | | 1,629,375 | | |
| | |
For the year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Wages and salaries
|
| | | | 20,255 | | | | | | 27,373 | | | | | | 24,795 | | |
Welfare and other benefits
|
| | | | 401 | | | | | | 531 | | | | | | 762 | | |
Share-based payments
|
| | | | 3,150 | | | | | | 7,009 | | | | | | 7,801 | | |
| | | | | 23,806 | | | | | | 34,913 | | | | | | 33,358 | | |
| | |
For the year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Emolument bands (in HKD) | | | | | | | | | | | | | | | | | | | |
Nil – HKD 4,500,000
|
| | | | — | | | | | | — | | | | | | — | | |
HKD 4,500,001 – HKD 5,000,000
|
| | | | — | | | | | | — | | | | | | — | | |
HKD 5,000,001 – HKD 5,500,000
|
| | | | 1 | | | | | | — | | | | | | — | | |
HKD 6,000,001 – HKD 6,500,000
|
| | | | 1 | | | | | | — | | | | | | — | | |
HKD 6,500,001 – HKD 7,000,000
|
| | | | — | | | | | | 2 | | | | | | — | | |
HKD 7,000,001 – HKD 7,500,000
|
| | | | 1 | | | | | | 1 | | | | | | — | | |
HKD 7,500,001 – HKD 8,000,000
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | |
HKD 8,000,001 – HKD 8,500,000
|
| | | | — | | | | | | — | | | | | | — | | |
HKD 9,000,001 – HKD 9,500,000
|
| | | | — | | | | | | — | | | | | | 2 | | |
HKD 10,500,001 – HKD 11,000,000
|
| | | | — | | | | | | 1 | | | | | | — | | |
HKD 14,000,001 – HKD 14,500,000
|
| | | | — | | | | | | — | | | | | | 1 | | |
| | | | | 4 | | | | | | 5 | | | | | | 4 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Net foreign exchange (loss)/gain
|
| | | | (8,569) | | | | | | 285,722 | | | | | | 77,143 | | |
Government grants and tax rebates (Note a)
|
| | | | 17,795 | | | | | | 63,627 | | | | | | 51,080 | | |
Net gain on financial assets at fair value through profit or loss
|
| | | | 38,891 | | | | | | 49,447 | | | | | | 45,644 | | |
Gain on dilution of interest in associate (Note 14)
|
| | | | — | | | | | | 2,511 | | | | | | — | | |
Net gain on financial assets measured at fair value through other comprehensive income
|
| | | | 44 | | | | | | 2,092 | | | | | | 7 | | |
Gain/(loss) on disposal of property and equipment and intangible
asset |
| | | | 13,267 | | | | | | 1,302 | | | | | | (266) | | |
Guarantee (loss)/gain, net (Note b)
|
| | | | (137,191) | | | | | | (69,185) | | | | | | 10,757 | | |
Net loss on derivatives
|
| | | | (244) | | | | | | (281,691) | | | | | | (169,545) | | |
Others
|
| | | | 1,753 | | | | | | 4,607 | | | | | | (899) | | |
| | | | | (74,254) | | | | | | 58,432 | | | | | | 13,921 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Government grants
|
| | | | 7,397 | | | | | | 44,202 | | | | | | 28,871 | | |
– Technology development incentives
|
| | | | — | | | | | | 25,425 | | | | | | 14,391 | | |
– Epidemic subsidies
|
| | | | — | | | | | | 4,000 | | | | | | — | | |
– Operation subsidies
|
| | | | 7,397 | | | | | | 14,777 | | | | | | 14,480 | | |
Tax rebates
|
| | | | 10,398 | | | | | | 19,425 | | | | | | 22,209 | | |
| | | | | 17,795 | | | | | | 63,627 | | | | | | 51,080 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Interest income on financial guarantee fee receivables
|
| | | | 24,802 | | | | | | 5,257 | | | | | | 466 | | |
Impairment (loss)/reversal of financial guarantee fee receivables (Note 19(a))
|
| | | | (29,712) | | | | | | (7,988) | | | | | | 7,250 | | |
Guarantee (charge)/gain arising from changes in estimates under financial
guarantee contract |
| | | | (132,281) | | | | | | (66,454) | | | | | | 3,041 | | |
| | | | | (137,191) | | | | | | (69,185) | | | | | | 10,757 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Finance income | | | | | | | | | | | | | | | | | | | |
Interest income on bank deposits
|
| | | | 128,261 | | | | | | 77,237 | | | | | | 28,823 | | |
Finance costs | | | | | | | | | | | | | | | | | | | |
Interest expense on borrowings
|
| | | | (149,279) | | | | | | (127,585) | | | | | | (56,534) | | |
Interest expense on lease liabilities
|
| | | | (10,785) | | | | | | (7,736) | | | | | | (5,803) | | |
Interest expense on redemption liability
|
| | | | (12,608) | | | | | | (14,326) | | | | | | (12,406) | | |
Bank charges
|
| | | | (2,159) | | | | | | (716) | | | | | | (1,894) | | |
| | | | | (174,831) | | | | | | (150,363) | | | | | | (76,637) | | |
| | | | | (46,570) | | | | | | (73,126) | | | | | | (47,814) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Current income tax
|
| | | | (5,157) | | | | | | (16,856) | | | | | | (16,780) | | |
Deferred income tax
|
| | | | 80,081 | | | | | | 153,987 | | | | | | 128,875 | | |
Income tax benefit
|
| | |
|
74,924
|
| | | |
|
137,131
|
| | | |
|
112,095
|
| |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Loss before income tax
|
| | | | 1,762,436 | | | | | | 1,551,254 | | | | | | 1,442,608 | | |
Tax calculated at PRC statutory income tax rate of 25%
|
| | | | 440,559 | | | | | | 387,814 | | | | | | 360,652 | | |
Differential of income tax rates applicable to subsidiaries
|
| | | | (120,179) | | | | | | (145,000) | | | | | | (161,199) | | |
Expense not deductible for tax purposes
|
| | | | (53,578) | | | | | | (35,455) | | | | | | (10,169) | | |
Incomes not subject to tax
|
| | | | 9,022 | | | | | | 6,899 | | | | | | 1,732 | | |
Tax losses and temporary differences for which no deferred income tax
asset was recognized |
| | | | (170,868) | | | | | | (81,698) | | | | | | (87,237) | | |
Derecognization of deferred tax assets on tax losses
|
| | | | (40,668) | | | | | | (3,137) | | | | | | (23) | | |
Additional deductible allowance for research and development expenses
|
| | | | 2,936 | | | | | | 6,873 | | | | | | 8,255 | | |
Utilization of previously unrecognized tax losses
|
| | | | 7,700 | | | | | | 835 | | | | | | 84 | | |
Income tax benefit
|
| | | | 74,924 | | | | | | 137,131 | | | | | | 112,095 | | |
| | |
At December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Unused tax losses for which no deferred tax asset has been
recognized |
| | | | 1,133,461 | | | | | | 1,608,337 | | | | | | 1,982,709 | | |
| | |
At December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Year 2022
|
| | | | 277,048 | | | | | | 277,048 | | | | | | 277,048 | | |
Year 2023
|
| | | | 121,521 | | | | | | 117,030 | | | | | | 118,502 | | |
Year 2024
|
| | | | 448,605 | | | | | | 420,353 | | | | | | 419,866 | | |
Year 2025
|
| | | | — | | | | | | 242,645 | | | | | | 82,441 | | |
Year 2026
|
| | | | — | | | | | | — | | | | | | 104,316 | | |
Year 2028
|
| | | | — | | | | | | — | | | | | | 1,826 | | |
Year 2029
|
| | | | 7,149 | | | | | | 7,149 | | | | | | 7,149 | | |
Year 2030
|
| | | | — | | | | | | 9,689 | | | | | | 8,051 | | |
Year 2031
|
| | | | — | | | | | | — | | | | | | 60,059 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Net loss for the year attributable to owners of the Company
|
| | | | (1,660,566) | | | | | | (1,353,608) | | | | | | (1,281,699) | | |
Weighted average number of ordinary shares in issue
(in’000 shares) |
| | | | 939,286 | | | | | | 1,064,710 | | | | | | 1,108,291 | | |
Basic loss per share (RMB yuan)
|
| | | | (1.77) | | | | | | (1.27) | | | | | | (1.16) | | |
Diluted loss per share (RMB yuan)
|
| | | | (1.77) | | | | | | (1.27) | | | | | | (1.16) | | |
Basic loss per ADS (RMB yuan) (Note)
|
| | | | (5.30) | | | | | | (3.81) | | | | | | (3.47) | | |
Diluted loss per ADS (RMB yuan) (Note)
|
| | | | (5.30) | | | | | | (3.81) | | | | | | (3.47) | | |
| | |
Office and
telecommunication equipment |
| |
Right-of-use
properties |
| |
Leasehold
improvements |
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
As at January 1, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 85,861 | | | | | | 268,992 | | | | | | 55,956 | | | | | | 410,809 | | |
Accumulated depreciation
|
| | | | (23,654) | | | | | | (60,583) | | | | | | (6,904) | | | | | | (91,141) | | |
Net book amount
|
| | | | 62,207 | | | | | | 208,409 | | | | | | 49,052 | | | | | | 319,668 | | |
Year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 62,207 | | | | | | 208,409 | | | | | | 49,052 | | | | | | 319,668 | | |
Acquisition of subsidiary (Note 35)
|
| | | | 2,707 | | | | | | 13,938 | | | | | | 1,479 | | | | | | 18,124 | | |
Additions
|
| | | | 65,310 | | | | | | 46,479 | | | | | | 32,480 | | | | | | 144,269 | | |
Disposals, net
|
| | | | (39,328) | | | | | | — | | | | | | — | | | | | | (39,328) | | |
Depreciation charge
|
| | | | (26,187) | | | | | | (86,688) | | | | | | (14,511) | | | | | | (127,386) | | |
Exchange difference
|
| | | | (329) | | | | | | (141) | | | | | | (372) | | | | | | (842) | | |
Closing net book amount
|
| | | | 64,380 | | | | | | 181,997 | | | | | | 68,128 | | | | | | 314,505 | | |
As at December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 108,561 | | | | | | 329,409 | | | | | | 89,915 | | | | | | 527,885 | | |
Accumulated depreciation
|
| | | | (43,852) | | | | | | (147,271) | | | | | | (21,415) | | | | | | (212,538) | | |
Exchange difference
|
| | | | (329) | | | | | | (141) | | | | | | (372) | | | | | | (842) | | |
Net book amount
|
| | | | 64,380 | | | | | | 181,997 | | | | | | 68,128 | | | | | | 314,505 | | |
As at January 1, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 108,561 | | | | | | 329,409 | | | | | | 89,915 | | | | | | 527,885 | | |
Accumulated depreciation
|
| | | | (43,852) | | | | | | (147,271) | | | | | | (21,415) | | | | | | (212,538) | | |
Exchange difference
|
| | | | (329) | | | | | | (141) | | | | | | (372) | | | | | | (842) | | |
Net book amount
|
| | | | 64,380 | | | | | | 181,997 | | | | | | 68,128 | | | | | | 314,505 | | |
Year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 64,380 | | | | | | 181,997 | | | | | | 68,128 | | | | | | 314,505 | | |
Additions
|
| | | | 13,235 | | | | | | 38,646 | | | | | | 3,821 | | | | | | 55,702 | | |
Disposals, net
|
| | | | (2,220) | | | | | | (855) | | | | | | — | | | | | | (3,075) | | |
Depreciation charge
|
| | | | (21,716) | | | | | | (97,924) | | | | | | (18,891) | | | | | | (138,531) | | |
Exchange difference
|
| | | | (2,640) | | | | | | (923) | | | | | | (754) | | | | | | (4,317) | | |
Closing net book amount
|
| | | | 51,039 | | | | | | 120,941 | | | | | | 52,304 | | | | | | 224,284 | | |
As at December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 103,462 | | | | | | 362,322 | | | | | | 93,736 | | | | | | 559,520 | | |
Accumulated depreciation
|
| | | | (49,454) | | | | | | (240,317) | | | | | | (40,306) | | | | | | (330,077) | | |
Exchange difference
|
| | | | (2,969) | | | | | | (1,064) | | | | | | (1,126) | | | | | | (5,159) | | |
Net book amount
|
| | | | 51,039 | | | | | | 120,941 | | | | | | 52,304 | | | | | | 224,284 | | |
| | |
Office and
telecommunication equipment |
| |
Right-of-use
properties |
| |
Leasehold
improvements |
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 51,039 | | | | | | 120,941 | | | | | | 52,304 | | | | | | 224,284 | | |
Additions
|
| | | | 30,484 | | | | | | 118,030 | | | | | | 15,069 | | | | | | 163,583 | | |
Disposals, net
|
| | | | (1,285) | | | | | | (5,723) | | | | | | — | | | | | | (7,008) | | |
Depreciation charge
|
| | | | (21,682) | | | | | | (88,974) | | | | | | (25,319) | | | | | | (135,975) | | |
Exchange difference
|
| | | | (108) | | | | | | (273) | | | | | | (91) | | | | | | (472) | | |
Closing net book amount
|
| | | | 58,448 | | | | | | 144,001 | | | | | | 41,963 | | | | | | 244,412 | | |
As at December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 126,626 | | | | | | 461,605 | | | | | | 108,805 | | | | | | 697,036 | | |
Accumulated depreciation
|
| | | | (65,102) | | | | | | (316,267) | | | | | | (65,625) | | | | | | (446,994) | | |
Exchange difference
|
| | | | (3,076) | | | | | | (1,337) | | | | | | (1,217) | | | | | | (5,630) | | |
Net book amount
|
| | | | 58,448 | | | | | | 144,001 | | | | | | 41,963 | | | | | | 244,412 | | |
|
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cost of revenue
|
| | | | 2,362 | | | | | | 2,978 | | | | | | 3,633 | | |
Research and development expenses
|
| | | | 12,687 | | | | | | 9,659 | | | | | | 11,182 | | |
Selling and marketing expenses
|
| | | | 6,666 | | | | | | 3,035 | | | | | | 4,525 | | |
General and administrative expenses
|
| | | | 105,671 | | | | | | 122,859 | | | | | | 116,635 | | |
| | | | | 127,386 | | | | | | 138,531 | | | | | | 135,975 | | |
| | |
Application and platform
|
| |
Purchased
Software |
| |
Development
costs in progress |
| |
Goodwill
|
| |
Business
license |
| |
Others
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
Contributed
by Ping An Group |
| |
Developed
internally |
| |
Acquired
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||||||||
As at January 1, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 44,033 | | | | | | — | | | | | | 89,561 | | | | | | 325,081 | | | | | | 126,015 | | | | | | 960 | | | | | | 68,610 | | | | | | 1,345,170 | | |
Accumulated amortization
|
| | | | (556,584) | | | | | | (7,212) | | | | | | — | | | | | | (13,529) | | | | | | — | | | | | | — | | | | | | (24) | | | | | | (9,746) | | | | | | (587,095) | | |
Net book amount
|
| | | | 134,326 | | | | | | 36,821 | | | | | | — | | | | | | 76,032 | | | | | | 325,081 | | | | | | 126,015 | | | | | | 936 | | | | | | 58,864 | | | | | | 758,075 | | |
| | |
Application and platform
|
| |
Purchased
Software |
| |
Development
costs in progress |
| |
Goodwill
|
| |
Business
license |
| |
Others
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
Contributed
by Ping An Group |
| |
Developed
internally |
| |
Acquired
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||||||||
Year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 134,326 | | | | | | 36,821 | | | | | | — | | | | | | 76,032 | | | | | | 325,081 | | | | | | 126,015 | | | | | | 936 | | | | | | 58,864 | | | | | | 758,075 | | |
Acquisition of subsidiary (Note 35)
|
| | | | — | | | | | | — | | | | | | 57,355 | | | | | | 190 | | | | | | 1,293 | | | | | | 163,146 | | | | | | 103,928 | | | | | | 9,201 | | | | | | 335,113 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 22,623 | | | | | | 191,595 | | | | | | — | | | | | | — | | | | | | 2,452 | | | | | | 216,670 | | |
Disposal, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (423) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (423) | | |
Transfer
|
| | | | — | | | | | | 360,540 | | | | | | — | | | | | | — | | | | | | (360,540) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amortization
|
| | | | (134,326) | | | | | | (120,451) | | | | | | (12,719) | | | | | | (33,423) | | | | | | — | | | | | | — | | | | | | (7,465) | | | | | | (24,086) | | | | | | (332,470) | | |
Exchange differences
|
| | | | — | | | | | | (14) | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17) | | |
Closing net book amount
|
| | | | — | | | | | | 276,896 | | | | | | 44,636 | | | | | | 64,996 | | | | | | 157,429 | | | | | | 289,161 | | | | | | 97,399 | | | | | | 46,431 | | | | | | 976,948 | | |
As at December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 404,573 | | | | | | 57,355 | | | | | | 111,939 | | | | | | 157,429 | | | | | | 289,161 | | | | | | 104,888 | | | | | | 80,263 | | | | | | 1,896,518 | | |
Accumulated amortization
|
| | | | (690,910) | | | | | | (127,663) | | | | | | (12,719) | | | | | | (46,940) | | | | | | — | | | | | | — | | | | | | (7,489) | | | | | | (33,832) | | | | | | (919,553) | | |
Exchange differences
|
| | | | — | | | | | | (14) | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17) | | |
Net book amount
|
| | | | — | | | | | | 276,896 | | | | | | 44,636 | | | | | | 64,996 | | | | | | 157,429 | | | | | | 289,161 | | | | | | 97,399 | | | | | | 46,431 | | | | | | 976,948 | | |
Year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | — | | | | | | 276,896 | | | | | | 44,636 | | | | | | 64,996 | | | | | | 157,429 | | | | | | 289,161 | | | | | | 97,399 | | | | | | 46,431 | | | | | | 976,948 | | |
Additions
|
| | | | — | | | | | | — | | | | | | 3,153 | | | | | | 18,365 | | | | | | 176,002 | | | | | | — | | | | | | 50,604 | | | | | | — | | | | | | 248,124 | | |
Disposal, net
|
| | | | — | | | | | | (576) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (576) | | |
Write-off
|
| | | | — | | | | | | (17,662) | | | | | | — | | | | | | — | | | | | | (5,597) | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,259) | | |
Transfer
|
| | | | — | | | | | | 206,712 | | | | | | — | | | | | | — | | | | | | (206,712) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (176,619) | | | | | | (18,080) | | | | | | (38,203) | | | | | | — | | | | | | — | | | | | | (23,858) | | | | | | (25,937) | | | | | | (282,697) | | |
Exchange differences
|
| | | | — | | | | | | (1,077) | | | | | | — | | | | | | (400) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,477) | | |
Closing net book amount
|
| | | | — | | | | | | 287,674 | | | | | | 29,709 | | | | | | 44,758 | | | | | | 121,122 | | | | | | 289,161 | | | | | | 124,145 | | | | | | 20,494 | | | | | | 917,063 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 589,526 | | | | | | 60,508 | | | | | | 130,304 | | | | | | 121,122 | | | | | | 289,161 | | | | | | 155,492 | | | | | | 80,263 | | | | | | 2,117,286 | | |
Accumulated amortization
|
| | | | (690,910) | | | | | | (300,761) | | | | | | (30,799) | | | | | | (85,143) | | | | | | — | | | | | | — | | | | | | (31,347) | | | | | | (59,769) | | | | | | (1,198,729) | | |
Exchange differences
|
| | | | — | | | | | | (1,091) | | | | | | — | | | | | | (403) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,494) | | |
Net book amount
|
| | | | — | | | | | | 287,674 | | | | | | 29,709 | | | | | | 44,758 | | | | | | 121,122 | | | | | | 289,161 | | | | | | 124,145 | | | | | | 20,494 | | | | | | 917,063 | | |
Year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | — | | | | | | 287,674 | | | | | | 29,709 | | | | | | 44,758 | | | | | | 121,122 | | | | | | 289,161 | | | | | | 124,145 | | | | | | 20,494 | | | | | | 917,063 | | |
Additions
|
| | | | — | | | | | | — | | | | | | 570 | | | | | | 19,606 | | | | | | 62,287 | | | | | | — | | | | | | — | | | | | | — | | | | | | 82,463 | | |
Disposal, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,103) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,103) | | |
Write-off
|
| | | | — | | | | | | (1,899) | | | | | | — | | | | | | — | | | | | | (3,747) | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,646) | | |
Transfer
|
| | | | — | | | | | | 133,548 | | | | | | — | | | | | | — | | | | | | (133,548) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (190,503) | | | | | | (28,048) | | | | | | (36,013) | | | | | | — | | | | | | — | | | | | | (31,804) | | | | | | (16,406) | | | | | | (302,774) | | |
Exchange differences
|
| | | | — | | | | | | (1,877) | | | | | | — | | | | | | (207) | | | | | | (725) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,809) | | |
Closing net book amount
|
| | | | — | | | | | | 226,943 | | | | | | 2,231 | | | | | | 27,041 | | | | | | 45,389 | | | | | | 289,161 | | | | | | 92,341 | | | | | | 4,088 | | | | | | 687,194 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Application and platform
|
| |
Purchased
Software |
| |
Development
costs in progress |
| |
Goodwill
|
| |
Business
license |
| |
Others
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
Contributed
by Ping An Group |
| |
Developed
internally |
| |
Acquired
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||||||||
As at December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 721,175 | | | | | | 61,078 | | | | | | 148,807 | | | | | | 46,114 | | | | | | 289,161 | | | | | | 155,492 | | | | | | 80,263 | | | | | | 2,193,000 | | |
Accumulated amortization
|
| | | | (690,910) | | | | | | (491,264) | | | | | | (58,847) | | | | | | (121,156) | | | | | | — | | | | | | — | | | | | | (63,151) | | | | | | (76,175) | | | | | | (1,501,503) | | |
Exchange differences
|
| | | | — | | | | | | (2,968) | | | | | | — | | | | | | (610) | | | | | | (725) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,303) | | |
Net book amount
|
| | | | — | | | | | | 226,943 | | | | | | 2,231 | | | | | | 27,041 | | | | | | 45,389 | | | | | | 289,161 | | | | | | 92,341 | | | | | | 4,088 | | | | | | 687,194 | | |
|
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Amortization of intangible assets | | | | | |||||||||||||||
Cost of revenue
|
| | | | 308,551 | | | | | | 275,479 | | | | | | 297,406 | | |
Research and development expenses
|
| | | | 20,311 | | | | | | 3,812 | | | | | | 3,396 | | |
General and administrative expenses
|
| | | | 3,608 | | | | | | 3,406 | | | | | | 1,972 | | |
| | | | | 332,470 | | | | | | 282,697 | | | | | | 302,774 | | |
| | |
For the year ended December 31,
|
| ||||||
| | |
2019
|
| |
2020
|
| |
2021
|
|
Revenue growth rate
|
| |
8% – 55%
|
| |
8% – 55%
|
| |
10% – 24%
|
|
Long term growth rate
|
| |
3%
|
| |
3%
|
| |
2%
|
|
Pre-tax discount rate
|
| |
16.26%
|
| |
16.00%
|
| |
16.30%
|
|
Recoverable amount of the CGU exceeding its carrying amount (RMB’000)
|
| |
54,587,283
|
| |
50,586,840
|
| |
3,191,952
|
|
| | |
Recoverable amount of the CGU
exceeding its carrying amount |
| |||||||||||||||
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Possible changes of key assumptions | | | | | |||||||||||||||
Revenue growth rate decrease by 5%
|
| | | | 33,513,976 | | | | | | 35,774,370 | | | | | | 1,325,839 | | |
Long term growth rate decrease by 1%
|
| | | | 44,214,438 | | | | | | 47,128,390 | | | | | | 2,741,710 | | |
Pre-tax discount rate increase by 1%
|
| | | | 47,845,232 | | | | | | 44,120,980 | | | | | | 2,594,933 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Development costs in progress
|
| | | | 157,429 | | | | | | 121,122 | | | | | | 45,389 | | |
| | |
Year ended December 31,
|
| ||||||
| | |
2019
|
| |
2020
|
| |
2021
|
|
Revenue growth rate
|
| |
13% – 75%
|
| |
3% – 67%
|
| |
17% – 65%
|
|
Pre-tax discount rate*
|
| |
20%
|
| |
20%
|
| |
20%
|
|
Recoverable amount of the CGU exceeding its carrying amount (RMB’000)
|
| |
298,501
|
| |
175,894
|
| |
65,326
|
|
| | |
Recoverable amount of the CGU
exceeding its carrying amount |
| |||||||||||||||
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Possible changes of key assumptions | | | | | |||||||||||||||
Revenue growth rate decrease by 5%
|
| | | | 197,247 | | | | | | 110,476 | | | | | | 41,226 | | |
Pre-tax discount rate increase by 1%
|
| | | | 258,779 | | | | | | 170,870 | | | | | | 51,914 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Investment in associate | | | | | |||||||||||||||
At beginning of year
|
| | | | 29,452 | | | | | | 115,124 | | | | | | 172,757 | | |
Additions
|
| | | | 100,000 | | | | | | 60,000 | | | | | | — | | |
Share of (losses)/gain of associate
|
| | | | (14,328) | | | | | | (4,878) | | | | | | 12,150 | | |
Gain on dilution of interest in associate (Note 8)
|
| | | | — | | | | | | 2,511 | | | | | | — | | |
At end of year
|
| | | | 115,124 | | | | | | 172,757 | | | | | | 184,907 | | |
| | |
As at December 31
|
| |||||||||||||||
Summarised balance sheet
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Total assets
|
| | | | 331,407 | | | | | | 423,148 | | | | | | 1,075,852 | | |
Total liabilities
|
| | | | (55,436) | | | | | | (60,650) | | | | | | (682,979) | | |
Net assets
|
| | | | 275,971 | | | | | | 362,498 | | | | | | 392,873 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Summarised income statement
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Operating income
|
| | | | 78,945 | | | | | | 51,690 | | | | | | 96,372 | | |
Profit or loss from continuing operations
|
| | | | (40,937) | | | | | | (13,473) | | | | | | 30,375 | | |
Group’s share %
|
| | | | 35% | | | | | | 40% | | | | | | 40% | | |
Group’s share in net assets
|
| | | | 96,590 | | | | | | 144,999 | | | | | | 157,149 | | |
Goodwill
|
| | | | 18,534 | | | | | | 27,758 | | | | | | 27,758 | | |
Carrying amount
|
| | | | 115,124 | | | | | | 172,757 | | | | | | 184,907 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
At beginning of year
|
| | | | — | | | | | | 3,705 | | | | | | 2,976 | | |
Additions
|
| | | | 4,321 | | | | | | 2,040 | | | | | | — | | |
Share of losses of joint venture
|
| | | | (526) | | | | | | (2,924) | | | | | | (2,204) | | |
Exchange difference
|
| | | | (90) | | | | | | 155 | | | | | | (333) | | |
At end of year
|
| | | | 3,705 | | | | | | 2,976 | | | | | | 439 | | |
| | | | | | | | |
As at December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at amortized cost | | | | | | | | | | | | | | | | | | | | | | | | | |
– Trade receivables
|
| | | | 18 | | | | | | 710,123 | | | | | | 838,690 | | | | | | 891,174 | | |
– Prepayments and other receivables (excluding non-financial asset items)
|
| | | | 19 | | | | | | 368,224 | | | | | | 304,340 | | | | | | 543,538 | | |
– Financial assets measured at amortized cost from virtual bank
|
| | | | 20 | | | | | | — | | | | | | 601,588 | | | | | | 13,385 | | |
– Restricted cash
|
| | | | 22 | | | | | | 3,440,289 | | | | | | 2,280,499 | | | | | | 1,060,427 | | |
– Cash and cash equivalents
|
| | | | 23 | | | | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
Financial assets measured at fair value through other comprehensive income (FVOCI)
|
| | | | 16 | | | | | | 393,448 | | | | | | 21,828 | | | | | | 1,122,998 | | |
Financial assets at fair value through profit or loss
(FVPL) |
| | | | 21 | | | | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | |
Total | | | | | | | | | | | 7,680,926 | | | | | | 8,590,010 | | | | | | 7,102,545 | | |
| | | | | | | | |
As at December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities at amortized cost | | | | | | | | | | | | | | | | | | | | | | | | | |
– Trade and other payables (excluding non-financial liability
items) |
| | | | 27 | | | | | | 1,231,352 | | | | | | 1,226,120 | | | | | | 1,464,750 | | |
– Short-term borrowings
|
| | | | 28 | | | | | | 3,218,566 | | | | | | 2,283,307 | | | | | | 815,260 | | |
– Customer deposits
|
| | | | 29 | | | | | | — | | | | | | 405,853 | | | | | | 1,350,171 | | |
Derivative financial liability | | | | | | | | | | | | | | | | | | | | | | | | | |
– Held at FVPL
|
| | | | 30 | | | | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | |
Total | | | | | | | | | | | 4,452,600 | | | | | | 4,081,160 | | | | | | 3,821,152 | | |
|
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Loans and advances to customers from virtual bank
|
| | | | — | | | | | | — | | | | | | 1,103,460 | | |
Equity securities (Note a)
|
| | | | 5,000 | | | | | | 5,000 | | | | | | 3,204 | | |
Debt securities (Note b)
|
| | | | 388,448 | | | | | | 16,828 | | | | | | 16,334 | | |
| | | | | 393,448 | | | | | | 21,828 | | | | | | 1,122,998 | | |
Less: Non-current financial asset measured at fair value through other comprehensive income
|
| | | | (393,448) | | | | | | (21,828) | | | | | | (640,501) | | |
| | | | | — | | | | | | — | | | | | | 482,497 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Right-of-use assets (Note 12) | | | | | | | | | | | | | | | | | | | |
– Properties
|
| | | | 181,997 | | | | | | 120,941 | | | | | | 144,001 | | |
| | | | | | | | | | | | | | | | | | | |
Lease liabilities (Note 27) | | | | | | | | | | | | | | | | | | | |
– Non current
|
| | | | 87,800 | | | | | | 48,115 | | | | | | 97,473 | | |
– Current
|
| | | | 101,889 | | | | | | 86,104 | | | | | | 57,417 | | |
| | | | | 189,689 | | | | | | 134,219 | | | | | | 154,890 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Depreciation charge of right-of-use assets
|
| | | | 86,688 | | | | | | 97,924 | | | | | | 88,974 | | |
Interest expenses (included in finance cost)
|
| | | | 10,785 | | | | | | 7,736 | | | | | | 5,803 | | |
| | | | | 97,473 | | | | | | 105,660 | | | | | | 94,777 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Trade receivables
|
| | | | 738,004 | | | | | | 881,147 | | | | | | 934,152 | | |
Less: impairment loss allowance (Note 4.1(b))
|
| | | | (27,881) | | | | | | (42,457) | | | | | | (42,978) | | |
| | | | | 710,123 | | | | | | 838,690 | | | | | | 891,174 | | |
| | |
As at December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Up to 1 year
|
| | | | 705,515 | | | | | | 746,846 | | | | | | 897,114 | | |
1 to 2 years
|
| | | | 24,736 | | | | | | 112,349 | | | | | | 22,920 | | |
2 to 3 years
|
| | | | 3,020 | | | | | | 16,826 | | | | | | 8,026 | | |
Above 3 years
|
| | | | 4,733 | | | | | | 5,126 | | | | | | 6,092 | | |
| | | | | 738,004 | | | | | | 881,147 | | | | | | 934,152 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Financial guarantee fee receivable, gross
|
| | | | 55,296 | | | | | | 174 | | | | | | — | | |
Less: impairment loss allowance
|
| | | | (7,335) | | | | | | (74) | | | | | | — | | |
Financial guarantee fee receivable, net (Note a)
|
| | | | 47,961 | | | | | | 100 | | | | | | — | | |
Deposit receivable*
|
| | | | 226,180 | | | | | | 282,864 | | | | | | 539,625 | | |
Value-added-tax deductible
|
| | | | 60,765 | | | | | | 40,730 | | | | | | 53,437 | | |
Receivable from disposal of equipment to related parties
|
| | | | 51,695 | | | | | | — | | | | | | — | | |
Advance to suppliers
|
| | | | 38,871 | | | | | | 41,446 | | | | | | 93,230 | | |
Advance to staffs
|
| | | | 25,339 | | | | | | 38,679 | | | | | | 42,343 | | |
Receivables for value-added-tax paid on behalf of wealth management products
|
| | | | 3,154 | | | | | | 5,007 | | | | | | 6,881 | | |
Others
|
| | | | 75,644 | | | | | | 37,851 | | | | | | 20,119 | | |
Less: impairment loss allowance
|
| | | | (1,332) | | | | | | (3,349) | | | | | | (2,968) | | |
| | | | | 528,277 | | | | | | 443,328 | | | | | | 752,667 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Opening balance
|
| | | | 136,184 | | | | | | 47,961 | | | | | | 100 | | |
Cash received
|
| | | | (81,884) | | | | | | (45,033) | | | | | | (7,816) | | |
Unwinding of interest income including value-added-tax
|
| | | | 23,373 | | | | | | 5,160 | | | | | | 466 | | |
Impairment (loss)/ reversals (Note 8(b))
|
| | | | (29,712) | | | | | | (7,988) | | | | | | 7,250 | | |
Ending balance
|
| | | | 47,961 | | | | | | 100 | | | | | | — | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | (20,782) | | | | | | (7,335) | | | | | | (74) | | |
(Additions)/ Reversals
|
| | | | (29,712) | | | | | | (7,988) | | | | | | 7,250 | | |
Write off/(Collection)
|
| | | | 43,159 | | | | | | 15,249 | | | | | | (7,176) | | |
End of the year
|
| | | | (7,335) | | | | | | (74) | | | | | | — | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Beginning of the year
|
| | | | (1,068) | | | | | | (1,332) | | | | | | (3,349) | | |
(Additions)/ Reversals
|
| | | | (4,865) | | | | | | (2,569) | | | | | | 2 | | |
Write-off
|
| | | | 4,601 | | | | | | 536 | | | | | | 365 | | |
Exchange differences
|
| | | | — | | | | | | 16 | | | | | | 14 | | |
End of the year
|
| | | | (1,332) | | | | | | (3,349) | | | | | | (2,968) | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Loans and advances to customers
|
| | | | — | | | | | | 59,563 | | | | | | 13,575 | | |
Placements due from banks and other financial institutions
|
| | | | — | | | | | | 542,736 | | | | | | — | | |
| | | | | — | | | | | | 602,299 | | | | | | 13,575 | | |
Less: impairment loss allowance
|
| | | | — | | | | | | (711) | | | | | | (190) | | |
| | | | | — | | | | |
|
601,588
|
| | | |
|
13,385
|
| |
Less: non-current portion
|
| | | | | | | | | | | | | | | | | | |
Loans and advances to customers
|
| | | | — | | | | | | (25,283) | | | | | | (674) | | |
| | | | | — | | | | | | 576,305 | | | | | | 12,711 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Contingent refundable consideration (Note 35)
|
| | | | 1,438 | | | | | | 676 | | | | | | 676 | | |
Wealth management products
|
| | | | 1,689,529 | | | | | | 1,487,195 | | | | | | 2,070,977 | | |
| | | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Pledged bank deposits
|
| | | | 3,367,396 | | | | | | 2,248,938 | | | | | | 1,043,718 | | |
Accrued interests
|
| | | | 71,727 | | | | | | 29,561 | | | | | | 6,444 | | |
Time deposits with initial terms over three months
|
| | | | 1,166 | | | | | | 2,000 | | | | | | 10,265 | | |
| | | | | 3,440,289 | | | | | | 2,280,499 | | | | | | 1,060,427 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cash on hand
|
| | | | 12 | | | | | | 12 | | | | | | 12 | | |
Cash at central bank
|
| | | | 103 | | | | | | 198,374 | | | | | | 575,044 | | |
Cash at banks
|
| | | | 1,077,760 | | | | | | 2,856,808 | | | | | | 824,314 | | |
| | | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
| | |
At December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
USD | | | | | 718,156 | | | | | | 1,459,069 | | | | | | 72,093 | | |
RMB
|
| | | | 271,568 | | | | | | 1,369,401 | | | | | | 554,781 | | |
HKD | | | | | 77,489 | | | | | | 212,444 | | | | | | 763,126 | | |
SGD | | | | | 8,318 | | | | | | 6,889 | | | | | | 7,335 | | |
IDR
|
| | | | 2,344 | | | | | | 4,129 | | | | | | 473 | | |
MYR | | | | | — | | | | | | 3,262 | | | | | | 164 | | |
PHP
|
| | | | — | | | | | | | | | | | | 1,398 | | |
| | | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
| | |
Number of shares
|
| |
USD
|
| ||||||
Authorized | | | | | | | | | | | | | |
Ordinary shares of USD0.00001 at December 31, 2019, 2020 and 2021
|
| | | | 5,000,000,000 | | | | | | 50,000 | | |
| | |
Number of
shares |
| |
USD
|
| |
Equivalent
to RMB |
| |||||||||
Issued | | | | | | | | | | | | | | | | | | | |
Ordinary shares of USD0.00001 at December 31, 2017
|
| | | | 900,000,000 | | | | | | 9,000 | | | | | | 59,838 | | |
Newly issued ordinary shares (Note a)
|
| | | | 99,999,999 | | | | | | 1,000 | | | | | | 6,331 | | |
Ordinary shares of USD0.00001 at December 31, 2018
|
| | | | 999,999,999 | | | | | | 10,000 | | | | | | 66,169 | | |
Newly issued ordinary shares (Note b)
|
| | | | 3,720,665 | | | | | | 37 | | | | | | 257 | | |
Newly issued ordinary shares upon initial public offering (Note c)
|
| | | | 93,600,000 | | | | | | 936 | | | | | | 6,549 | | |
Ordinary shares of USD0.00001 at December 31, 2019
|
| | | | 1,097,320,664 | | | | | | 10,973 | | | | | | 72,975 | | |
Newly issued ordinary shares (Note d)
|
| | | | 72,660,000 | | | | | | 727 | | | | | | 5,033 | | |
Surrendered ordinary shares (Note e)
|
| | | | (3) | | | | | | — | | | | | | — | | |
Ordinary shares of USD0.00001 at December 31, 2020
|
| | | | 1,169,980,661 | | | | | | 11,700 | | | | | | 78,008 | | |
Surrendered ordinary shares (Note f)
|
| | | | (8) | | | | | | — | | | | | | — | | |
Ordinary shares of USD0.00001 at December 31, 2021
|
| | | | 1,169,980,653 | | | | | | 11,700 | | | | | | 78,008 | | |
| | |
Recapitalization
reserve |
| |
Share
premium |
| |
Share-based
compensation reserve |
| |
Foreign
currency translation differences |
| |
Others
|
| |
Total
|
| ||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
As at January 1, 2019
|
| | | | 1,200,000 | | | | | | 4,730,375 | | | | | | 8,127 | | | | | | 396,520 | | | | | | (183,569) | | | | | | 6,151,453 | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | 78,775 | | | | | | — | | | | | | 78,775 | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | 40 | | |
Share premium from issuance of ordinary shares(a)
|
| | | | — | | | | | | 192,082 | | | | | | — | | | | | | — | | | | | | — | | | | | | 192,082 | | |
Share premium from issuance of ordinary shares upon initial public offering(b)
|
| | | | — | | | | | | 2,007,028 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,007,028 | | |
Share-based payments
– Value of employee services (Note 26) |
| | | | — | | | | | | — | | | | | | 76,364 | | | | | | — | | | | | | — | | | | | | 76,364 | | |
Recognition of redemption liability to acquire non-controlling interests (Note 35)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (44,105) | | | | | | (44,105) | | |
As at December 31, 2019
|
| | | | 1,200,000 | | | | | | 6,929,485 | | | | | | 84,491 | | | | | | 475,295 | | | | | | (227,634) | | | | | | 8,461,637 | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | (608,427) | | | | | | — | | | | | | (608,427) | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39) | | | | | | (39) | | |
Share premium from issuance of ordinary shares(c)
|
| | | | — | | | | | | 2,697,674 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,697,674 | | |
Share-based payments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| | | | — | | | | | | — | | | | | | 89,652 | | | | | | — | | | | | | — | | | | | | 89,652 | | |
– Vesting of shares under Restricted Share Unit Scheme
|
| | | | — | | | | | | — | | | | | | (566) | | | | | | — | | | | | | — | | | | | | (566) | | |
As at December 31, 2020
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 173,577 | | | | | | (133,132) | | | | | | (227,673) | | | | | | 10,639,931 | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | (152,542) | | | | | | — | | | | | | (152,542) | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,812) | | | | | | (1,812) | | |
Share-based payments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services(Note 26)
|
| | | | — | | | | | | — | | | | | | 25,409 | | | | | | — | | | | | | — | | | | | | 25,409 | | |
– Exercise of shares under share option Scheme
|
| | | | — | | | | | | — | | | | | | 2,345 | | | | | | — | | | | | | — | | | | | | 2,345 | | |
– Vesting of shares under Restricted Share Unit Scheme
|
| | | | — | | | | | | — | | | | | | (700) | | | | | | — | | | | | | — | | | | | | (700) | | |
As at December 31, 2021
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 200,631 | | | | | | (285,674) | | | | | | (229,485) | | | | | | 10,512,631 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
– Cost of revenue
|
| | | | 2,294 | | | | | | 6,904 | | | | | | 935 | | |
– Research and development expenses
|
| | | | 29,206 | | | | | | 26,635 | | | | | | 5,185 | | |
– Selling and marketing expenses
|
| | | | 25,916 | | | | | | 21,049 | | | | | | 2,854 | | |
– General and administrative expenses
|
| | | | 18,948 | | | | | | 35,064 | | | | | | 16,435 | | |
Total | | | | | 76,364 | | | | | | 89,652 | | | | | | 25,409 | | |
Value of employee’s services (Note 7)
|
| | | | 62,315 | | | | | | 74,980 | | | | | | 22,618 | | |
Value of non-employee’s services
|
| | | | 14,049 | | | | | | 14,672 | | | | | | 2,791 | | |
Total | | | | | 76,364 | | | | | | 89,652 | | | | | | 25,409 | | |
| | |
Number of share options
|
| |||||||||||||||
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
At the beginning of the year
|
| | | | 24,541,500 | | | | | | 24,470,325 | | | | | | 19,459,994 | | |
Granted
|
| | | | 2,431,000 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | (5,181,306) | | |
Forfeited
|
| | | | (2,502,175) | | | | | | (5,010,331) | | | | | | (1,552,693) | | |
At the end of the year
|
| | | | 24,470,325 | | | | | | 19,459,994 | | | | | | 12,725,995 | | |
Grant Year
|
| |
Expiry
Year |
| |
Exercise
price |
| |
Fair value
of options |
| |
Number of share options
At December 31, |
| ||||||||||||||||||||||||
|
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
|
| | | | | | | | | | | | | | | | | | | ||||||
2017
|
| | | | 2027 | | | | | | 1.33 | | | | | | 0.62 | | | | | | 2,900,900 | | | | | | 2,457,563 | | | | | | 1,109,682 | | |
2017
|
| | | | 2027 | | | | | | 2.00 | | | | | | 0.52 | | | | | | 12,169,225 | | | | | | 9,917,653 | | | | | | 5,785,221 | | |
2018
|
| | | | 2028 | | | | | | 52.00 | | | | | | 26.00 | | | | | | 7,219,200 | | | | | | 5,681,108 | | | | | | 4,704,219 | | |
2019
|
| | | | 2029 | | | | | | 52.00 | | | | | | 23.42 | | | | | | 2,181,000 | | | | | | 1,403,670 | | | | | | 1,126,873 | | |
| | | | | | | | | | | | | | | | | | | | | | | 24,470,325 | | | | | | 19,459,994 | | | | | | 12,725,995 | | |
Date of grant
|
| |
November 7,
2017 |
| |
November 8,
2018 |
| |
June 1,
2019 |
| |||||||||
Discount rate
|
| | | | 24.0% | | | | | | 17.0% | | | | | | 17.0% | | |
Risk-free interest rate
|
| | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | |
Volatility
|
| | | | 52.0% | | | | | | 51.0% | | | | | | 46.0% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
Number of restricted share units
|
| |||||||||||||||
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
At the beginning of the year
|
| | | | — | | | | | | 2,306,000 | | | | | | 1,751,702 | | |
Granted
|
| | | | 2,377,000 | | | | | | 470,000 | | | | | | 17,033,120 | | |
Vested
|
| | | | — | | | | | | (424,256) | | | | | | (524,358) | | |
Forfeited
|
| | | | (71,000) | | | | | | (600,042) | | | | | | (1,707,635) | | |
At the end of the year
|
| | | | 2,306,000 | | | | | | 1,751,702 | | | | | | 16,552,829 | | |
Grant Year
|
| |
Expiry Year
|
| |
Fair value of
restricted share units |
| |
Number of restricted share units
|
| ||||||||||||||||||
|
As at December 31
|
| ||||||||||||||||||||||||||
|
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||
| | | | | |
RMB
|
| | | | | | | | | | | | | | | | | | | |||
September 2019
|
| | September 2029 | | | | | 35.22 | | | | | | 2,306,000 | | | | | | 1,354,702 | | | | | | 545,383 | | |
January 2020
|
| | January 2030 | | | | | 16.18 | | | | | | — | | | | | | 164,000 | | | | | | 18,000 | | |
April 2020
|
| | April 2030 | | | | | 16.98 | | | | | | — | | | | | | 165,000 | | | | | | 82,500 | | |
July 2020
|
| | July 2030 | | | | | 38.67 | | | | | | — | | | | | | 68,000 | | | | | | 17,250 | | |
June 2021
|
| | June 2031 | | | | | 13.69 | | | | | | — | | | | | | — | | | | | | 503,076 | | |
Grant Year
|
| |
Expiry Year
|
| |
Fair value of
restricted share units |
| |
Number of restricted share units
|
| ||||||||||||||||||
|
As at December 31
|
| ||||||||||||||||||||||||||
|
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||
| | | | | |
RMB
|
| | | | | | | | | | | | | | | | | | | |||
June 2021
|
| | June 2031 | | | | | 14.31 | | | | | | — | | | | | | — | | | | | | 226,000 | | |
June 2021
|
| | June 2031 | | | | | 14.93 | | | | | | — | | | | | | — | | | | | | 1,279,800 | | |
July 2021
|
| | July 2031 | | | | | 15.16 | | | | | | — | | | | | | — | | | | | | 252,000 | | |
September 2021
|
| |
September 2031
|
| | | | 5.53 | | | | | | — | | | | | | — | | | | | | 7,346,000 | | |
October 2021
|
| | October 2031 | | | | | 5.25 | | | | | | — | | | | | | — | | | | | | 448,000 | | |
October 2021
|
| | October 2031 | | | | | 3.91 | | | | | | — | | | | | | — | | | | | | 2,820 | | |
October 2021
|
| | October 2031 | | | | | 4.68 | | | | | | — | | | | | | — | | | | | | 5,832,000 | | |
| | | | | | | | | | | | | | 2,306,000 | | | | |
|
1,751,702
|
| | | |
|
16,552,829
|
| |
|
Date of grant
|
| |
September
2019 |
| |
January
2020 |
| |
April 2020
|
| |
July 2020
|
| ||||||||||||
Discount rate
|
| | | | 15.0% | | | | | |
Not applicable |
| | | | |
Not applicable |
| | | | |
Not applicable |
| |
Risk-free interest rate
|
| | | | 3.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 3.0% | | |
Volatility
|
| | | | 44.0% | | | | | | 43.0% | | | | | | 46.0% | | | | | | 49.0% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Date of grant
|
| |
June 2021
|
| |
June 2021
|
| |
June 2021
|
| |
July 2021
|
| ||||||||||||
Discount rate
|
| | | |
Not applicable |
| | | | |
Not applicable |
| | | | |
Not applicable |
| | | | |
Not applicable |
| |
Risk-free interest rate
|
| | | | 3.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 3.0% | | |
Volatility
|
| | | | 46.0% | | | | | | 45.0% | | | | | | 44.0% | | | | | | 43.0% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Date of grant
|
| |
September
2021 |
| |
October
2021 |
| |
October
2021 |
| |
October
2021 |
| ||||||||||||
| | | | | | | | |
PartA
|
| |
PartB
|
| | | | | | | ||||||
Discount rate
|
| | | |
Not applicable |
| | | | |
Not applicable |
| | | | |
Not applicable |
| | | | |
Not applicable |
| |
Risk-free interest rate
|
| | | | 3.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 3.0% | | |
Volatility
|
| | | | 43.0% | | | | | | 43.0% | | | | | | 46.0% | | | | | | 43.0% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Trade payables | | | | | | | | | | | | | | | | | | | |
Due to related parties
|
| | | | 153,677 | | | | | | 632,912 | | | | | | 747,449 | | |
Due to third parties
|
| | | | 193,318 | | | | | | 287,324 | | | | | | 354,279 | | |
| | | | | 346,995 | | | | | | 920,236 | | | | | | 1,101,728 | | |
Redemption liability (Note 35)
|
| | | | 244,793 | | | | | | 259,119 | | | | | | 271,525 | | |
Accrued expenses
|
| | | | 224,010 | | | | | | 159,091 | | | | | | 209,676 | | |
Security deposits
|
| | | | 33,683 | | | | | | 87,402 | | | | | | 56,236 | | |
Lease liabilities (Note 17(a))
|
| | | | 189,689 | | | | | | 134,219 | | | | | | 154,890 | | |
Amounts payable for purchase of shares held for share incentive scheme (Note 26)
|
| | | | 88,280 | | | | | | 88,280 | | | | | | 88,280 | | |
Unpaid business acquisition consideration of View Foundation (Note 35(b))
|
| | | | 48,000 | | | | | | 48,000 | | | | | | — | | |
Other tax payables
|
| | | | 35,675 | | | | | | 47,762 | | | | | | 44,716 | | |
Amounts due to related parties
|
| | | | 24,517 | | | | | | 100,614 | | | | | | 431,351 | | |
Service fees refundable
|
| | | | 5,412 | | | | | | 8,953 | | | | | | 9,809 | | |
Financial guarantee payables (Note a)
|
| | | | 116,509 | | | | | | 3,041 | | | | | | — | | |
Others
|
| | | | 138,886 | | | | | | 86,578 | | | | | | 82,722 | | |
| | | | | 1,496,449 | | | | | | 1,943,295 | | | | | | 2,450,933 | | |
Less: non-current portion | | | | | | | | | | | | | | | | | | | |
Redemption liability (Note 35)
|
| | | | (244,793) | | | | | | (259,119) | | | | | | (128,081) | | |
Lease liabilities
|
| | | | (87,800) | | | | | | (48,115) | | | | | | (97,473) | | |
Amounts payable for purchase of shares held for share incentive scheme (Note 26)
|
| | | | (88,280) | | | | | | (88,280) | | | | | | (88,280) | | |
| | | | | (420,873) | | | | | | (395,514) | | | | | | (313,834) | | |
| | | | | 1,075,576 | | | | | | 1,547,781 | | | | | | 2,137,099 | | |
| | |
RMB’000
|
| |||
Year ended December 31, 2019 | | | | | | | |
Opening balance
|
| | | | 250,338 | | |
Charge to profit or loss, net
|
| | | | 127,312 | | |
Payouts during the year, net
|
| | | | (261,141) | | |
Ending balance
|
| | | | 116,509 | | |
| | |
RMB’000
|
| |||
Year ended December 31, 2020 | | | | | | | |
Opening balance
|
| | | | 116,509 | | |
Charge to profit or loss, net
|
| | | | 62,389 | | |
Payouts during the year, net
|
| | | | (175,857) | | |
Ending balance
|
| | | | 3,041 | | |
| | |
RMB’000
|
| |||
Year ended December 31, 2021 | | | | | | | |
Opening balance
|
| | | | 3,041 | | |
Reversal of financial guarantee payables
|
| | | | (3,041) | | |
Ending balance
|
| | | | — | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Secured
|
| | | | 2,958,342 | | | | | | 2,042,596 | | | | | | 663,136 | | |
Unsecured
|
| | | | 260,224 | | | | | | 240,711 | | | | | | 152,124 | | |
| | | | | 3,218,566 | | | | | | 2,283,307 | | | | | | 815,260 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Current and savings accounts
|
| | |
|
—
|
| | | | | 405,853 | | | | | | 1,350,171 | | |
| | |
As at December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
Nominal
amount |
| |
Fair
value |
| |
Nominal
amount |
| |
Fair
value |
| |
Nominal
amount |
| |
Fair
value |
| ||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||||||||
Foreign exchange swaps
|
| | | | 2,044,027 | | | | | | 2,682 | | | | | | 1,957,470 | | | | | | 165,880 | | | | | | 2,186,865 | | | | | | 152,005 | | |
Currency forwards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,095,958 | | | | | | 38,966 | | |
| | | | | 2,044,027 | | | | | | 2,682 | | | | | | 1,957,470 | | | | | | 165,880 | | | | | | 3,282,823 | | | | | | 190,971 | | |
| | |
Tax losses
|
| |
Accelerated
amortization of intangible assets |
| |
Others
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
At January 1, 2019
|
| | | | 123,327 | | | | | | 208,708 | | | | | | 23,268 | | | | | | 355,303 | | |
Acquisition of subsidiaries (Note 35)
|
| | | | 4,625 | | | | | | — | | | | | | — | | | | | | 4,625 | | |
Recognized in the profit or loss
|
| | | | 52,190 | | | | | | 9,348 | | | | | | 2,320 | | | | | | 63,858 | | |
At December 31, 2019
|
| | | | 180,142 | | | | | | 218,056 | | | | | | 25,588 | | | | | | 423,786 | | |
Recognized in the profit or loss
|
| | | | 132,766 | | | | | | (6,021) | | | | | | 14,031 | | | | | | 140,776 | | |
At December 31, 2020
|
| | | | 312,908 | | | | | | 212,035 | | | | | | 39,619 | | | | | | 564,562 | | |
Recognized in the profit or loss
|
| | | | 116,993 | | | | | | (5,513) | | | | | | 7,176 | | | | | | 118,656 | | |
At December 31, 2021
|
| | | | 429,901 | | | | | | 206,522 | | | | | | 46,795 | | | | | | 683,218 | | |
| | |
Intangible
assets acquired through business combination |
| |
Financial
assets at fair value through profit or loss |
| |
Total
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
At January 1, 2019
|
| | | | 18,480 | | | | | | 6,631 | | | | | | 25,111 | | |
Acquisition of subsidiaries (Note 35)
|
| | | | 24,403 | | | | | | — | | | | | | 24,403 | | |
Recognized in the profit or loss
|
| | | | (9,592) | | | | | | (6,631) | | | | | | (16,223) | | |
At December 31, 2019
|
| | | | 33,291 | | | | | | — | | | | | | 33,291 | | |
Recognized in the profit or loss
|
| | | | (13,211) | | | | | | — | | | | | | (13,211) | | |
At December 31, 2020
|
| | | | 20,080 | | | | | | — | | | | | | 20,080 | | |
Recognized in the profit or loss
|
| | | | (10,219) | | | | | | — | | | | | | (10,219) | | |
At December 31, 2021
|
| | | | 9,861 | | | | | | — | | | | | | 9,861 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Loss before income tax
|
| | | | (1,762,436) | | | | | | (1,551,254) | | | | | | (1,442,608) | | |
Depreciation and amortization
|
| | | | 459,856 | | | | | | 421,228 | | | | | | 438,749 | | |
Net impairment losses on financial and contract assets
|
| | | | 45,167 | | | | | | 134,519 | | | | | | 72,229 | | |
(Gain)/losses on disposal of property and equipment (Note 8)
|
| | | | (13,267) | | | | | | (1,302) | | | | | | 266 | | |
Expected credit loss on financial guarantee contracts
|
| | | | 127,312 | | | | | | 62,389 | | | | | | — | | |
Share-based payments expenses (Note 26)
|
| | | | 76,364 | | | | | | 89,652 | | | | | | 25,409 | | |
Net loss on derivatives (Note 8)
|
| | | | 244 | | | | | | 281,691 | | | | | | 169,545 | | |
Net gain on financial assets at fair value through profits or loss (Note 8)
|
| | | | (38,891) | | | | | | (49,447) | | | | | | (45,644) | | |
Share of losses/(gain) of associates and joint ventures (Note 14)
|
| | | | 14,854 | | | | | | 7,802 | | | | | | (9,946) | | |
Gain on dilution of investment in associates (Note 14)
|
| | | | — | | | | | | (2,511) | | | | | | — | | |
Finance costs
|
| | | | 172,672 | | | | | | 135,321 | | | | | | 74,743 | | |
Interest from investing activities
|
| | | | (110,054) | | | | | | (65,858) | | | | | | (22,983) | | |
Exchange loss/(gain) (Note 8)
|
| | | | 8,569 | | | | | | (285,722) | | | | | | (77,143) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Changes in working capital: | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | (445,568) | | | | | | (206,372) | | | | | | (123,371) | | |
Contract assets
|
| | | | (29,187) | | | | | | (75,778) | | | | | | 45,855 | | |
Prepayments and other receivables
|
| | | | (95,163) | | | | | | 30,933 | | | | | | (353,480) | | |
Trade and other payable
|
| | | | (358,837) | | | | | | 451,688 | | | | | | 530,095 | | |
Contract liabilities
|
| | | | (4,184) | | | | | | 38,570 | | | | | | 17,032 | | |
Customer deposits
|
| | | | — | | | | | | 405,853 | | | | | | 944,318 | | |
Financial assets measured at amortized cost from virtual bank
|
| | | | — | | | | | | (602,291) | | | | | | 586,953 | | |
Financial assets measured at fair value through other comprehensive
income from virtual bank |
| | | | — | | | | | | — | | | | | | (1,103,460) | | |
Payroll and welfare payables
|
| | | | 136,824 | | | | | | 87,198 | | | | | | (110,263) | | |
| | | | | (1,815,725) | | | | | | (693,691) | | | | | | (383,704) | | |
|
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Acquisition of right-of-use properties by leasing (Note 12)
|
| | | | 46,479 | | | | | | 38,646 | | | | | | 118,030 | | |
Recognition of redemption liability to acquire non-controlling interests (Note 35)
|
| | | | 44,105 | | | | | | — | | | | | | — | | |
| | | | | 90,584 | | | | | | 38,646 | | | | | | 118,030 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Restricted cash
|
| | | | 3,440,289 | | | | | | 2,280,499 | | | | | | 1,060,427 | | |
Cash and cash equivalents
|
| | | | 1,077,875 | | | | | | 3,055,194 | | | | | | 1,399,370 | | |
Financial assets at fair value through profit or loss
|
| | | | 1,690,967 | | | | | | 1,487,871 | | | | | | 2,071,653 | | |
Lease liabilities (Note 17)
|
| | | | (189,689) | | | | | | (134,219) | | | | | | (154,890) | | |
– due within one year
|
| | | | (101,889) | | | | | | (86,104) | | | | | | (57,417) | | |
– due after one year
|
| | | | (87,800) | | | | | | (48,115) | | | | | | (97,473) | | |
Borrowings – repayable within one year
|
| | | | (3,218,566) | | | | | | (2,283,307) | | | | | | (815,260) | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
| | | | | 2,800,876 | | | | | | 4,406,038 | | | | | | 3,561,300 | | |
Cash and liquid investments
|
| | | | 6,209,131 | | | | | | 6,823,564 | | | | | | 4,531,450 | | |
Gross debt – fixed interest rates
|
| | | | (3,408,255) | | | | | | (2,417,526) | | | | | | (970,150) | | |
| | | | | 2,800,876 | | | | | | 4,406,038 | | | | | | 3,561,300 | | |
|
| | |
Restricted
cash |
| |
Cash and
cash equivalents |
| |
Financial
assets at fair value through profit or loss |
| |
Liabilities from
financing activities |
| | | | | | | ||||||||||||||||||
| | |
Lease
liabilities |
| |
Borrowings
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
As at January 1, 2019
|
| | | | 3,996,238 | | | | | | 565,027 | | | | | | 2,540,925 | | | | | | (209,320) | | | | | | (3,386,100) | | | | | | 3,506,770 | | |
Cash flows
|
| | | | (708,123) | | | | | | 507,942 | | | | | | (924,307) | | | | | | 76,895 | | | | | | 326,663 | | | | | | (720,930) | | |
Acquisition of subsidiaries (Note 35)
|
| | | | — | | | | | | — | | | | | | 35,458 | | | | | | — | | | | | | (9,850) | | | | | | 25,608 | | |
Acquisition of right-of-use
assets |
| | | | — | | | | | | — | | | | | | — | | | | | | (46,479) | | | | | | — | | | | | | (46,479) | | |
Other Changes(i)
|
| | | | 152,174 | | | | | | 4,906 | | | | | | 38,891 | | | | | | (10,785) | | | | | | (149,279) | | | | | | 35,907 | | |
As at December 31, 2019
|
| | | | 3,440,289 | | | | | | 1,077,875 | | | | | | 1,690,967 | | | | | | (189,689) | | | | | | (3,218,566) | | | | | | 2,800,876 | | |
Cash flows
|
| | | | (1,064,813) | | | | | | 2,145,418 | | | | | | (252,543) | | | | | | 100,997 | | | | | | 1,062,844 | | | | | | 1,991,903 | | |
Acquisition of right-of-use
assets |
| | | | — | | | | | | — | | | | | | — | | | | | | (38,646) | | | | | | — | | | | | | (38,646) | | |
Other Changes(i)
|
| | | | (94,977) | | | | | | (168,099) | | | | | | 49,447 | | | | | | (6,881) | | | | | | (127,585) | | | | | | (348,095) | | |
As at December 31, 2020
|
| | | | 2,280,499 | | | | | | 3,055,194 | | | | | | 1,487,871 | | | | | | (134,219) | | | | | | (2,283,307) | | | | | | 4,406,038 | | |
Cash flows
|
| | | | (1,206,607) | | | | | | (1,627,680) | | | | | | 538,138 | | | | | | 96,139 | | | | | | 1,524,899 | | | | | | (675,111) | | |
Acquisition of right-of-use
assets |
| | | | — | | | | | | — | | | | | | — | | | | | | (118,030) | | | | | | — | | | | | | (118,030) | | |
Other Changes(i)
|
| | | | (13,465) | | | | | | (28,144) | | | | | | 45,644 | | | | | | 1,220 | | | | | | (56,852) | | | | | | (51,597) | | |
As at December 31, 2021
|
| | | | 1,060,427 | | | | | | 1,399,370 | | | | | | 2,071,653 | | | | | | (154,890) | | | | | | (815,260) | | | | | | 3,561,300 | | |
Name of related parties
|
| |
Relationship with the Group
|
|
Sen Rong Limited(i) | | |
A shareholder that has significant influence over the Group
|
|
Rong Chang Limited(i) | | |
A shareholder that has significant influence over the Group
|
|
Bo Yu | | |
A shareholder that has significant influence over the Group
|
|
Ping An Group | | |
Ultimate parent company of Bo Yu
|
|
Subsidiaries of Ping An Group | | |
Controlled by Ping An Group
|
|
Puhui Lixin | | |
Significant influenced by the Group
|
|
SBI Japan(ii) | | |
Significant influenced by the Group
|
|
Open Portal Guangxi | | |
Significant influenced by the Group
|
|
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Wages and salaries
|
| | | | 21,661 | | | | | | 29,115 | | | | | | 28,163 | | |
Welfare and other benefits
|
| | | | 2,108 | | | | | | 1,385 | | | | | | 772 | | |
Share-based payments
|
| | | | 1,166 | | | | | | 3,627 | | | | | | 4,187 | | |
| | | | | 24,935 | | | | | | 34,127 | | | | | | 33,122 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Revenue | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries*
|
| | | | 998,749 | | | | | | 1,730,038 | | | | | | 2,315,220 | | |
Puhui Lixin
|
| | | | 8,406 | | | | | | 4,189 | | | | | | — | | |
| | | | | 1,007,155 | | | | | | 1,734,227 | | | | | | 2,315,220 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Purchase of services | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 758,505 | | | | | | 1,285,595 | | | | | | 1,534,302 | | |
| | | | | | | | | | | | | | | | | | | |
Net gain on disposal of property and equipment and intangible asset | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 13,321 | | | | | | — | | | | | | — | | |
Net gain from wealth management products consolidated by related parties
|
| | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 36,732 | | | | | | 8,704 | | | | | | 26,249 | | |
| | | | | | | | | | | | | | | | | | | |
Net loss on derivatives | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | (244) | | | | | | (281,691) | | | | | | (169,545) | | |
| | | | | | | | | | | | | | | | | | | |
Investment income from loan to related party | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 417 | | | | | | — | | | | | | — | | |
Interest income on bank deposits | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 77,824 | | | | | | 28,129 | | | | | | 12,037 | | |
Leasing payment | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 19,623 | | | | | | 19,991 | | | | | | 19,849 | | |
Interest expenses | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 82,475 | | | | | | 32,575 | | | | | | 15,914 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Trade related | | | | | |||||||||||||||
Trade receivables | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 281,223 | | | | | | 480,994 | | | | | | 442,694 | | |
Puhui Lixin(i)
|
| | | | 1,963 | | | | | | 230 | | | | | | — | | |
SBI Japan(i)
|
| | | | — | | | | | | 5,439 | | | | | | — | | |
Open Portal Guangxi(i)
|
| | | | — | | | | | | 2,000 | | | | | | — | | |
| | | | | 283,186 | | | | | | 488,663 | | | | | | 442,694 | | |
Contract assets | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 71,114 | | | | | | 40,381 | | | | | | 17,746 | | |
Prepayment and other receivables | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 190,447 | | | | | | 239,281 | | | | | | 531,327 | | |
Cash and cash equivalents | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 897,150 | | | | | | 1,097,257 | | | | | | 429,527 | | |
Trade and other payables | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 178,194 | | | | | | 733,526 | | | | | | 1,178,438 | | |
Open Portal Guangxi(i)
|
| | | | — | | | | | | — | | | | | | 362 | | |
| | | | | 178,194 | | | | | | 733,526 | | | | | | 1,178,800 | | |
Contract liabilities | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 5,775 | | | | | | 29,921 | | | | | | 19,018 | | |
Non-trade related | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss (Note 21) | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,655,509 | | | | | | 585,368 | | | | | | 599,540 | | |
Prepayment and other receivables | | | | | | | | | | | | | | | | | | | |
Open Portal Guangxi(i)
|
| | | | — | | | | | | — | | | | | | 3,515 | | |
Restricted cash | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 1,494,729 | | | | | | 920,816 | | | | | | 702,058 | | |
Short-term borrowings | | | | | | | | | | | | | | | |||||
Ping An Group and its subsidiaries
|
| | | | 1,210,920 | | | | | | 705,482 | | | | | | 300,805 | | |
Derivative financial liabilities | | | | | | | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 2,682 | | | | | | 165,880 | | | | | | 190,971 | | |
| | |
As at June 30,
2019 |
| |||
| | |
RMB’000
|
| |||
Total purchase consideration (Note)
|
| | | | 94,562 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | | | | | | | |
Property and equipment
|
| | | | 7,560 | | |
Intangible assets
|
| | | | 51,778 | | |
Deferred tax assets
|
| | | | 4,625 | | |
Prepayments and other receivables
|
| | | | 4,561 | | |
Trade receivables
|
| | | | 9,724 | | |
Contract assets
|
| | | | 40,488 | | |
Cash and cash equivalents
|
| | | | 1,993 | | |
Trade and other payables
|
| | | | (18,287) | | |
Short-term borrowings
|
| | | | (9,850) | | |
Payroll and welfare payables
|
| | | | (4,178) | | |
Deferred tax liability
|
| | | | (7,442) | | |
Total identifiable net assets
|
| | | | 80,972 | | |
Non-controlling interest
|
| | | | (16,194) | | |
Goodwill
|
| | | | 29,784 | | |
| | | | | 94,562 | | |
| | |
As at June 30,
2019 |
| |||
| | |
RMB’000
|
| |||
Total consideration: | | | | | | | |
Cash paid
|
| | | | 58,728 | | |
Ordinary shares issued(i)
|
| | | | 37,272 | | |
Contingent returnable consideration(ii)
|
| | | | (1,438) | | |
Total purchase consideration
|
| | | | 94,562 | | |
| | |
As at June 30,
2019 |
| |||
| | |
RMB’000
|
| |||
Outflow of cash to acquire subsidiary, net of cash acquired | | | | | | | |
Cash consideration
|
| | | | 58,728 | | |
Less: Cash and cash equivalent acquired
|
| | | | (1,993) | | |
Net cash outflow for acquisition of subsidiary
|
| | | | 56,735 | | |
|
| | |
As at August 30,
2019 |
| |||
| | |
RMB’000
|
| |||
Total purchase consideration
|
| | | | 276,700 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | | | | | | | |
Property and equipment
|
| | | | 10,564 | | |
Intangible assets
|
| | | | 120,189 | | |
Inventories
|
| | | | 895 | | |
Prepayments and other receivables
|
| | | | 43,614 | | |
Trade receivables
|
| | | | 10,421 | | |
Financial assets at fair value through profit or loss
|
| | | | 34,020 | | |
Cash and cash equivalents
|
| | | | 14,644 | | |
Deferred tax liabilities
|
| | | | (16,961) | | |
Trade and other payables
|
| | | | (14,128) | | |
Contract liabilities
|
| | | | (56,038) | | |
Payroll and welfare payables
|
| | | | (2,302) | | |
Total identifiable net assets
|
| | | | 144,918 | | |
Non-controlling interest
|
| | | | (1,580) | | |
Goodwill
|
| | | | 133,362 | | |
| | | | | 276,700 | | |
Outflow of cash to acquire subsidiary, net of cash acquired | | | | | | | |
Total Cash consideration
|
| | | | 276,700 | | |
Less: Unpaid cash consideration
|
| | | | (48,000) | | |
Cash and cash equivalent acquired
|
| | | | (14,644) | | |
Net cash outflow for acquisition of subsidiary:
|
| | | | 214,056 | | |
| | |
Unconsolidated structured entities
|
| |||||||||||||||
As at December 31, 2019
|
| |
Size
|
| |
Carrying
amount |
| |
The Group’s
maximum exposure |
| |
Interest
held by the Group |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | ||||||
Asset management products managed by the Group
|
| |
2,315,000
|
| | | | — | | | | | | — | | | |
Service fee
|
|
Wealth management products managed by related parties
|
| |
Note a
|
| | | | 1,655,509 | | | | | | 1,655,509 | | | |
Investment income
|
|
Wealth management products managed by third
party |
| |
Note b
|
| | | | 34,020 | | | | | | 34,020 | | | |
Investment income
|
|
| | |
Unconsolidated structured entities
|
| |||||||||||||||
31 December 2020
|
| |
Size
|
| |
Carrying
amount |
| |
The Group’s
maximum exposure |
| |
Interest
held by the Group |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | ||||||
Asset management products managed by the Group
|
| |
1,989,856
|
| | | | — | | | | | | — | | | |
Service fee
|
|
Wealth management products managed by related parties
|
| |
Note a
|
| | | | 1,487,195 | | | | | | 1,487,195 | | | |
Investment income
|
|
| | |
Unconsolidated structured entities
|
| |||||||||||||||
31 December 2021
|
| |
Size
|
| |
Carrying
amount |
| |
The Group’s
maximum exposure |
| |
Interest
held by the Group |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | ||||||
Asset management products managed by the Group
|
| |
1,329,453
|
| | | | — | | | | | | — | | | |
Service fee
|
|
Wealth management products managed by related parties
|
| |
Note a
|
| | | | 2,070,977 | | | | | | 2,070,977 | | | |
Investment income
|
|
Name
|
| |
Director’s
fee |
| |
Salaries and
bonuses |
| |
Share-based
payments |
| |
Social
security and housing fund |
| |
Total
|
| |||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||
Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wangchun Ye(a)
|
| | | | — | | | | | | 4,803 | | | | | | 154 | | | | | | 61 | | | | | | 5,018 | | |
Rong Chen(b)
|
| | | | — | | | | | | 4,109 | | | | | | 89 | | | | | | 155 | | | | | | 4,353 | | |
Non-Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Yaolin Zhang(c)
|
| | | | 318 | | | | | | — | | | | | | — | | | | | | — | | | | | | 318 | | |
Qi Liang(d)
|
| | | | 318 | | | | | | — | | | | | | — | | | | | | — | | | | | | 318 | | |
Name
|
| |
Director’s
fee |
| |
Salaries and
bonuses |
| |
Share-based
payments |
| |
Social
security and housing fund |
| |
Total
|
| |||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||
Tianruo Pu(e)
|
| | | | 131 | | | | | | — | | | | | | — | | | | | | — | | | | | | 131 | | |
Sin Yin Tan(f)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenwei Dou(g)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Min Zhu(h)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rui Li(i)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 767 | | | | | | 8,912 | | | | | | 243 | | | | | | 216 | | | | | | 10,138 | | |
|
Name
|
| |
Director’s
fee |
| |
Salaries and
bonuses |
| |
Share-based
payments |
| |
Social
security and housing fund |
| |
Total
|
| |||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||
Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wangchun Ye(a)
|
| | | | — | | | | | | 5,195 | | | | | | 221 | | | | | | 62 | | | | | | 5,478 | | |
Rong Chen(b)
|
| | | | — | | | | | | 5,123 | | | | | | 125 | | | | | | — | | | | | | 5,248 | | |
Non-Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Yaolin Zhang(c)
|
| | | | 517 | | | | | | — | | | | | | — | | | | | | — | | | | | | 517 | | |
Qi Liang(d)
|
| | | | 417 | | | | | | — | | | | | | — | | | | | | — | | | | | | 417 | | |
Tianruo Pu(e)
|
| | | | 448 | | | | | | — | | | | | | — | | | | | | — | | | | | | 448 | | |
Wing Kin Anthony Chow(j)
|
| | | | 129 | | | | | | — | | | | | | — | | | | | | — | | | | | | 129 | | |
Sin Yin Tan(f)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenwei Dou(g)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Min Zhu(h)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rui Li(i)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 1,511 | | | | | | 10,318 | | | | | | 346 | | | | | | 62 | | | | | | 12,237 | | |
Name
|
| |
Director’s
fee |
| |
Salaries and
bonuses |
| |
Share-based
payments |
| |
Social
security and housing fund |
| |
Total
|
| |||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||
Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wangchun Ye(a)
|
| | | | — | | | | | | 5,196 | | | | | | 669 | | | | | | 62 | | | | | | 5,927 | | |
Rong Chen(b)
|
| | | | — | | | | | | 4,479 | | | | | | 124 | | | | | | 146 | | | | | | 4,749 | | |
Chongfeng Shen(m)
|
| | | | — | | | | | | 3,055 | | | | | | — | | | | | | 37 | | | | | | 3,092 | | |
Name
|
| |
Director’s
fee |
| |
Salaries and
bonuses |
| |
Share-based
payments |
| |
Social
security and housing fund |
| |
Total
|
| |||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||
Non-Executive Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Yaolin Zhang(c)
|
| | | | 790 | | | | | | — | | | | | | — | | | | | | — | | | | | | 790 | | |
Qi Liang(d)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tianruo Pu(e)
|
| | | | 537 | | | | | | — | | | | | | — | | | | | | — | | | | | | 537 | | |
Wing Kin Anthony Chow(j)
|
| | | | 690 | | | | | | — | | | | | | — | | | | | | — | | | | | | 690 | | |
Sin Yin Tan(f)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenwei Dou(g)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Min Zhu(h)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rui Li(i)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenjun Wang(k)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ernest Ip(l)
|
| | | | 76 | | | | | | — | | | | | | — | | | | | | — | | | | | | 76 | | |
| | | | | 2,093 | | | | | | 12,730 | | | | | | 793 | | | | | | 245 | | | | | | 15,861 | | |
|
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Interest in subsidiaries | | | | | | | | | | | | | | | | | | | |
Equity investment in subsidiaries
|
| | | | 492,278 | | | | | | 1,236,075 | | | | | | 1,280,946 | | |
Loan receivables
|
| | | | 3,324,649 | | | | | | 2,777,179 | | | | | | — | | |
| | | | | 3,816,927 | | | | | | 4,013,254 | | | | | | 1,280,946 | | |
| | |
As at December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Amount due from subsidiaries | | | | | | | | | | | | | | | | | | | |
Loan receivables
|
| | | | 85,694 | | | | | | 1,350,654 | | | | | | 2,662,705 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Selling and marketing expenses
|
| | | | (1,825) | | | | | | (2,374) | | | | | | (439) | | |
General and administrative expenses
|
| | | | (52,860) | | | | | | (45,655) | | | | | | (53,621) | | |
Other income, gains or loss-net
|
| | | | 4,784 | | | | | | 7,780 | | | | | | 834 | | |
Operating loss
|
| | | | (49,901) | | | | | | (40,249) | | | | | | (53,226) | | |
Finance income/(costs)
|
| | | | 6,427 | | | | | | 4,564 | | | | | | (32) | | |
Share of losses of joint venture
|
| | | | (526) | | | | | | (2,283) | | | | | | (2,896) | | |
Share of losses of subsidiaries and VIEs
|
| | | | (1,616,566) | | | | | | (1,314,998) | | | | | | (1,225,545) | | |
Loss before income tax
|
| | | | (1,660,566) | | | | | | (1,352,966) | | | | | | (1,281,699) | | |
Income tax benefit
|
| | | | — | | | | | | (642) | | | | | | — | | |
Loss for the year
|
| | | | (1,660,566) | | | | | | (1,353,608) | | | | | | (1,281,699) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | |
Items that may be subsequently reclassified to profit or loss | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | 78,775 | | | | | | (608,427) | | | | | | (152,542) | | |
– Changes in the fair value of debt instruments measured at fair value through other comprehensive income
|
| | | | 40 | | | | | | (39) | | | | | | (16) | | |
Items that will not be subsequently reclassified to profit or loss | | | | | | | | | | | | | | | | | | | |
– Changes in the fair value of equity investments measured at fair value through other comprehensive income
|
| | | | — | | | | | | — | | | | | | (1,796) | | |
Total comprehensive loss
|
| | | | (1,581,751) | | | | | | (1,962,074) | | | | | | (1,436,053) | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Cash used in operations
|
| | | | (2,275) | | | | | | (5,230) | | | | | | (51,132) | | |
Net cash used in operating activities
|
| | | | (2,275) | | | | | | (5,230) | | | | | | (51,132) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Payment for investment in subsidiaries, net of cash acquired
|
| | | | (1,580,599) | | | | | | (3,381,568) | | | | | | (1,825,206) | | |
(Payment for)/Proceeds from loan to subsidiaries
|
| | | | (54,397) | | | | | | 85,694 | | | | | | 1,842,056 | | |
Net cash (used in)/generated from investing activities
|
| | | | (1,634,996) | | | | | | (3,295,874) | | | | | | 16,850 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of shares under share incentive scheme
|
| | | | — | | | | | | — | | | | | | 9,257 | | |
Proceeds from issuance of ordinary shares
|
| | | | 102,080 | | | | | | 2,722,445 | | | | | | — | | |
Proceeds from issuance of ordinary shares upon initial public offering
|
| | | | 2,035,177 | | | | | | — | | | | | | — | | |
Share issue transaction costs
|
| | | | (28,142) | | | | | | (24,766) | | | | | | — | | |
Net cash generated from financing activities
|
| | | | 2,109,115 | | | | | | 2,697,679 | | | | | | 9,257 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | |
|
471,844
|
| | | |
|
(603,425)
|
| | | | | (25,025) | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 159,644 | | | | | | 634,507 | | | | | | 31,857 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | 3,019 | | | | | | 775 | | | | | | (378) | | |
Cash and cash equivalents at the end of year
|
| | | | 634,507 | | | | | | 31,857 | | | | | | 6,454 | | |
|
| | |
Note
|
| |
Three months ended March 31,
|
| |||||||||
| | | | | |
2021
|
| |
2022
|
| ||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Revenue
|
| |
5
|
| | | | 819,765 | | | | | | 1,018,938 | | |
Cost of revenue
|
| |
6
|
| | | | (541,210) | | | | | | (669,907) | | |
Gross profit
|
| | | | | | | 278,555 | | | | | | 349,031 | | |
Research and development expenses
|
| |
6
|
| | | | (281,299) | | | | | | (363,013) | | |
Selling and marketing expenses
|
| |
6
|
| | | | (167,054) | | | | | | (108,907) | | |
General and administrative expenses
|
| |
6
|
| | | | (180,457) | | | | | | (211,301) | | |
Net impairment losses on financial and contract assets
|
| | | | | | | (7,104) | | | | | | (17,214) | | |
Other income, gains or loss-net
|
| |
7
|
| | | | 11,229 | | | | | | (3,491) | | |
Operating loss
|
| | | | | | | (346,130) | | | | | | (354,895) | | |
Finance income
|
| |
8
|
| | | | 18,157 | | | | | | 2,446 | | |
Finance costs
|
| |
8
|
| | | | (26,235) | | | | | | (12,124) | | |
Finance costs – net
|
| |
8
|
| | | | (8,078) | | | | | | (9,678) | | |
Share of gain of associate and joint venture
|
| |
13
|
| | | | 4,547 | | | | | | 11,537 | | |
Loss before income tax
|
| | | | | | | (349,661) | | | | | | (353,036) | | |
Income tax benefit
|
| |
9
|
| | | | 26,871 | | | | | | 20,728 | | |
Loss for the period
|
| | | | | | | (322,790) | | | | | | (332,308) | | |
Loss attributable to: | | | | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | | | | (304,732) | | | | | | (317,585) | | |
– Non-controlling interests
|
| | | | | | | (18,058) | | | | | | (14,723) | | |
| | | | | | | | (322,790) | | | | | | (332,308) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | |
Items that may be subsequently reclassified to profit or loss | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| | | | | | | 50,099 | | | | | | (23,193) | | |
– Changes in the fair value of debt instruments measured at fair value through other comprehensive income
|
| | | | | | | 1 | | | | | | 12,523 | | |
| | | | | | | | 50,100 | | | | | | (10,670) | | |
Total comprehensive loss for the period
|
| | | | | | | (272,690) | | | | | | (342,978) | | |
Total comprehensive loss attributable to: | | | | | | | | | | | | | | | | |
– Owners of the Company
|
| | | | | | | (254,632) | | | | | | (328,255) | | |
– Non-controlling interests
|
| | | | | | | (18,058) | | | | | | (14,723) | | |
| | | | | | | | (272,690) | | | | | | (342,978) | | |
Loss per share attributable to owners of the Company (expressed in RMB per share)
|
| | | | | | | | | | | | | | | |
– Basic and diluted
|
| |
10
|
| | | | (0.28) | | | | | | (0.29) | | |
Loss per ADS attributable to owners of the Company (expressed in RMB per share)
|
| | | | | | | | | | | | | | | |
– Basic and diluted
|
| |
10
|
| | | | (0.83) | | | | | | (0.86) | | |
| | |
Note
|
| |
As at December 31,
2021 |
| |
As at March 31,
2022 |
| ||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | | | | |
(Unaudited)
|
| |||
ASSETS | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment
|
| |
11
|
| | | | 244,412 | | | | | | 259,506 | | |
Intangible assets
|
| |
12
|
| | | | 687,194 | | | | | | 653,232 | | |
Deferred tax assets
|
| | | | | | | 683,218 | | | | | | 707,342 | | |
Financial assets measured at amortized cost from virtual bank
|
| |
19
|
| | | | 674 | | | | | | — | | |
Investments accounted for using the equity method
|
| |
13
|
| | | | 185,346 | | | | | | 196,883 | | |
Financial assets measured at fair value through other comprehensive income
|
| |
15
|
| | | | 640,501 | | | | | | 735,926 | | |
Contract assets
|
| |
5
|
| | | | 868 | | | | | | 145 | | |
Restricted cash
|
| |
21
|
| | | | — | | | | | | 9,000 | | |
Total non-current assets
|
| | | | | | | 2,442,213 | | | | | | 2,562,034 | | |
Current assets | | | | | | | | | | | | | | | | |
Trade receivables
|
| |
17
|
| | | | 891,174 | | | | | | 1,274,817 | | |
Contract assets
|
| |
5
|
| | | | 227,895 | | | | | | 198,986 | | |
Prepayments and other receivables
|
| |
18
|
| | | | 752,667 | | | | | | 890,640 | | |
Financial assets measured at amortized cost from virtual bank
|
| |
19
|
| | | | 12,711 | | | | | | 9,307 | | |
Financial assets measured at fair value through other comprehensive income
|
| |
15
|
| | | | 482,497 | | | | | | 782,730 | | |
Financial assets at fair value through profit or loss
|
| |
20
|
| | | | 2,071,653 | | | | | | 917,561 | | |
Restricted cash
|
| |
21
|
| | | | 1,060,427 | | | | | | 475,314 | | |
Cash and cash equivalents
|
| |
22
|
| | | | 1,399,370 | | | | | | 1,270,695 | | |
Total current assets
|
| | | | | | | 6,898,394 | | | | | | 5,820,050 | | |
Total assets
|
| | | | | | | 9,340,607 | | | | | | 8,382,084 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | |
Share capital
|
| |
23
|
| | | | 78 | | | | | | 78 | | |
Shares held for share incentive scheme
|
| |
25
|
| | | | (80,102) | | | | | | (79,752) | | |
Other reserves
|
| |
24
|
| | | | 10,512,631 | | | | | | 10,513,082 | | |
Accumulated losses
|
| | | | | | | (6,638,625) | | | | | | (6,956,210) | | |
Equity attributable to equity owners of the Company
|
| | | | | | | 3,793,982 | | | | | | 3,477,198 | | |
Non-controlling interests
|
| | | | | | | 41,100 | | | | | | 26,377 | | |
Total equity
|
| | | | | | | 3,835,082 | | | | | | 3,503,575 | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
26
|
| | | | 313,834 | | | | | | 323,322 | | |
Contract liabilities
|
| | | | | | | 19,418 | | | | | | 19,041 | | |
Deferred tax liabilities
|
| | | | | | | 9,861 | | | | | | 8,347 | | |
Total non-current liabilities
|
| | | | | | | 343,113 | | | | | | 350,710 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
26
|
| | | | 2,137,099 | | | | | | 2,107,183 | | |
Payroll and welfare payables
|
| | | | | | | 515,067 | | | | | | 314,429 | | |
Contract liabilities
|
| | | | | | | 153,844 | | | | | | 164,269 | | |
Short-term borrowings
|
| |
27
|
| | | | 815,260 | | | | | | 294,829 | | |
Customer deposits
|
| |
28
|
| | | | 1,350,171 | | | | | | 1,424,078 | | |
Derivative financial liabilities
|
| |
29
|
| | | | 190,971 | | | | | | 223,011 | | |
Total current liabilities
|
| | | | | | | 5,162,412 | | | | | | 4,527,799 | | |
Total liabilities
|
| | | | | | | 5,505,525 | | | | | | 4,878,509 | | |
Total equity and liabilities
|
| | | | | | | 9,340,607 | | | | | | 8,382,084 | | |
| | | | | |
Attributable to owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
Note
|
| |
Share
capital |
| |
Shares
held for share incentive scheme |
| |
Other
reserves |
| |
Accumulated
losses |
| |
Total
|
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |||||||||||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at January 1, 2021
|
| | | | | | | 78 | | | | | | (87,714) | | | | | | 10,639,931 | | | | | | (5,356,926) | | | | | | 5,195,369 | | | | | | 89,914 | | | | | | 5,285,283 | | |
Loss for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (304,732) | | | | | | (304,732) | | | | | | (18,058) | | | | | | (322,790) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| |
24
|
| | | | — | | | | | | — | | | | | | 50,099 | | | | | | — | | | | | | 50,099 | | | | | | — | | | | | | 50,099 | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| |
24
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Total comprehensive loss for the period
|
| | | | | | | — | | | | | | — | | | | | | 50,100 | | | | | | (304,732) | | | | | | (254,632) | | | | | | (18,058) | | | | | | (272,690) | | |
Transactions with equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| |
25
|
| | | | — | | | | | | — | | | | | | 6,643 | | | | | | — | | | | | | 6,643 | | | | | | — | | | | | | 6,643 | | |
– Exercise of shares under Share Option Scheme
|
| |
25
|
| | | | — | | | | | | 3,236 | | | | | | 1,113 | | | | | | — | | | | | | 4,349 | | | | | | — | | | | | | 4,349 | | |
Total transactions with equity holders at their capacity as equity holders for the period
|
| | | | | | | — | | | | | | 3,236 | | | | | | 7,756 | | | | | | — | | | | | | 10,992 | | | | | | — | | | | | | 10,992 | | |
As at March 31, 2021
|
| | | | | | | 78 | | | | | | (84,478) | | | | | | 10,697,787 | | | | | | (5,661,658) | | | | | | 4,951,729 | | | | | | 71,856 | | | | | | 5,023,585 | | |
| | | | | |
Attributable to owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
Note
|
| |
Share
capital RMB’000 |
| |
Shares
held for share incentive scheme RMB’000 |
| |
Other
reserves RMB’000 |
| |
Accumulated
losses RMB’000 |
| |
Total
RMB’000 |
| |
Non-
controlling interest RMB’000 |
| |
Total
equity RMB’000 |
| |||||||||||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at January 1, 2022
|
| | | | | | | 78 | | | | | | (80,102) | | | | | | 10,512,631 | | | | | | (6,638,625) | | | | | | 3,793,982 | | | | | | 41,100 | | | | | | 3,835,082 | | |
Loss for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (317,585) | | | | | | (317,585) | | | | | | (14,723) | | | | | | (332,308) | | |
Other comprehensive income, net of tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Foreign currency translation differences
|
| |
24
|
| | | | — | | | | | | — | | | | | | (23,193) | | | | | | — | | | | | | (23,193) | | | | | | — | | | | | | (23,193) | | |
– Fair value changes on financial assets measured at fair value through other comprehensive income
|
| |
24
|
| | | | — | | | | | | — | | | | | | 12,523 | | | | | | — | | | | | | 12,523 | | | | | | — | | | | | | 12,523 | | |
Total comprehensive loss for the period
|
| | | | | | | — | | | | | | — | | | | | | (10,670) | | | | | | (317,585) | | | | | | (328,255) | | | | | | (14,723) | | | | | | (342,978) | | |
Transactions with equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services
|
| |
25
|
| | | | — | | | | | | — | | | | | | 11,589 | | | | | | — | | | | | | 11,589 | | | | | | — | | | | | | 11,589 | | |
– Vesting of shares under Restricted Share Unit Scheme
|
| |
25
|
| | | | — | | | | | | 142 | | | | | | (142) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
– Exercise of shares under Share Option Scheme
|
| |
25
|
| | | | — | | | | | | 208 | | | | | | 71 | | | | | | — | | | | | | 279 | | | | | | — | | | | | | 279 | | |
Others
|
| | | | | | | — | | | | | | — | | | | | | (397) | | | | | | — | | | | | | (397) | | | | | | — | | | | | | (397) | | |
Total transactions with equity holders at their capacity as equity holders for the period
|
| | | | | | | — | | | | | | 350 | | | | | | 11,121 | | | | | | — | | | | | | 11,471 | | | | | | — | | | | | | 11,471 | | |
As at March 31, 2022
|
| | | | | | | 78 | | | | | | (79,752) | | | | | | 10,513,082 | | | | | | (6,956,210) | | | | | | 3,477,198 | | | | | | 26,377 | | | | | | 3,503,575 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Cash used in operations
|
| | | | (457,528) | | | | | | (1,115,120) | | |
Income tax paid
|
| | | | (3,255) | | | | | | (3,574) | | |
Net cash used in operating activities
|
| | | | (460,783) | | | | | | (1,118,694) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Payments for property and equipment
|
| | | | (7,007) | | | | | | (5,066) | | |
Payments for intangible assets
|
| | | | (33,640) | | | | | | (13,847) | | |
Payments for financial assets measured at fair value through other comprehensive income
|
| | | | — | | | | | | (216,713) | | |
Payments for financial assets at fair value through profit or loss
|
| | | | (1,364,115) | | | | | | (488,280) | | |
Payments for settlement of derivatives
|
| | | | — | | | | | | (9,417) | | |
Release of restricted cash, net
|
| | | | 1,189,446 | | | | | | 629,674 | | |
Proceeds from sales of property and equipment
|
| | | | 13 | | | | | | 11 | | |
Proceeds from sales of financial assets at fair value through profit or loss
|
| | | | 1,229,007 | | | | | | 1,651,391 | | |
Interest received on financial assets at fair value through profit or loss
|
| | | | 14,743 | | | | | | 2,514 | | |
Net cash generated from investing activities
|
| | | | 1,028,447 | | | | | | 1,550,267 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from short-term borrowings
|
| | | | 697,400 | | | | | | 138,000 | | |
Proceeds from exercise of shares under share incentive scheme
|
| | | | 4,349 | | | | | | 279 | | |
Payments for lease liabilities
|
| | | | (22,941) | | | | | | (17,267) | | |
Repayments of short-term borrowings
|
| | | | (1,908,900) | | | | | | (656,129) | | |
Interest paid
|
| | | | (34,567) | | | | | | (9,225) | | |
Prepayments for shares repurchase
|
| | | | — | | | | | | (12,696) | | |
Net cash used in financing activities
|
| | | | (1,264,659) | | | | | | (557,038) | | |
Net decrease in cash and cash equivalents
|
| | | | (696,995) | | | | | | (125,465) | | |
Cash and cash equivalents at beginning of period
|
| | | | 3,055,194 | | | | | | 1,399,370 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | 2,681 | | | | | | (3,210) | | |
Cash and cash equivalents at the end of period
|
| | | | 2,360,880 | | | | | | 1,270,695 | | |
| | |
Effective for annual
periods beginning on or after |
|
IFRS 17 – Insurance Contracts | | |
January 1, 2023
|
|
Amendments to IAS 1 – Classification of Liabilities as Current or Non-current | | |
January 1, 2023
|
|
Amendments to IAS 1 – Disclosure of accounting policies | | |
January 1, 2023
|
|
Amendments to IAS 8 – Definition of accounting estimates | | |
January 1, 2023
|
|
Amendments to IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction | | |
January 1, 2023
|
|
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | | |
To be determined
|
|
| | |
As at December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss (Note 20)
|
| | | | — | | | | | | 2,070,977 | | | | | | 676 | | | | | | 2,071,653 | | |
Financial assets measured at fair value through other comprehensive income (Note 15)
|
| | | | 16,334 | | | | | | — | | | | | | 1,106,664 | | | | | | 1,122,998 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative financial liabilities (Note 29)
|
| | | | — | | | | | | 190,971 | | | | | | — | | | | | | 190,971 | | |
| | |
As at March 31, 2022
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Assets measured at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss
(Note 20) |
| | | | — | | | | | | 916,885 | | | | | | 676 | | | | | | 917,561 | | |
Financial assets measured at fair value through other comprehensive income (Note 15)
|
| | | | 201,435 | | | | | | 30,181 | | | | | | 1,287,040 | | | | | | 1,518,656 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative financial liabilities (Note 29)
|
| | | | — | | | | | | 223,011 | | | | | | — | | | | | | 223,011 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | 5,676 | | | | | | 1,107,340 | | |
Additions
|
| | | | — | | | | | | 180,376 | | |
At end of the period
|
| | | | 5,676 | | | | | | 1,287,716 | | |
| | |
Three months ended March 31, 2021
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
(Unaudited)
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Revenue
|
| | | | 2,365 | | | | | | 817,407 | | | | | | (7) | | | | | | 819,765 | | |
Cost of revenue
|
| | | | (6,581) | | | | | | (534,636) | | | | | | 7 | | | | | | (541,210) | | |
Gross profit
|
| | | | (4,216) | | | | | | 282,771 | | | | | | — | | | | | | 278,555 | | |
Operating loss
|
| | | | (43,657) | | | | | | (302,473) | | | | | | — | | | | | | (346,130) | | |
Loss before income tax
|
| | | | (43,757) | | | | | | (305,904) | | | | | | — | | | | | | (349,661) | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Assets
|
| | | | 1,006,405 | | | | | | 8,088,988 | | | | | | (820,728) | | | | | | 8,274,665 | | |
Goodwill
|
| | | | — | | | | | | 289,161 | | | | | | — | | | | | | 289,161 | | |
Deferred income tax assets
|
| | | | — | | | | | | 591,384 | | | | | | — | | | | | | 591,384 | | |
Total assets
|
| | | | 1,006,405 | | | | | | 8,969,533 | | | | | | (820,728) | | | | | | 9,155,210 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Liabilities
|
| | | | 533,470 | | | | | | 3,641,446 | | | | | | (60,067) | | | | | | 4,114,849 | | |
Deferred income tax liabilities
|
| | | | — | | | | | | 16,776 | | | | | | — | | | | | | 16,776 | | |
Total Liabilities
|
| | | | 533,470 | | | | | | 3,658,222 | | | | | | (60,067) | | | | | | 4,131,625 | | |
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property and equipment
|
| | | | 2,239 | | | | | | 33,735 | | | | | | — | | | | | | 35,974 | | |
Amortization of intangible assets
|
| | | | 4,271 | | | | | | 74,508 | | | | | | — | | | | | | 78,779 | | |
Additions of non-current assets except for goodwill and deferred income tax assets
|
| | | | 9,217 | | | | | | 31,430 | | | | | | — | | | | | | 40,647 | | |
| | |
Three months ended March 31, 2022
|
| |||||||||||||||||||||
| | |
Virtual Bank
Business |
| |
Technology
Solutions |
| |
Intersegment
eliminations and adjustments |
| |
Consolidated
|
| ||||||||||||
(Unaudited)
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
Revenue
|
| | | | 21,193 | | | | | | 997,974 | | | | | | (229) | | | | | | 1,018,938 | | |
Cost of revenue
|
| | | | (11,188) | | | | | | (658,948) | | | | | | 229 | | | | | | (669,907) | | |
Gross profit
|
| | | | 10,005 | | | | | | 339,026 | | | | | | — | | | | | | 349,031 | | |
Operating loss
|
| | | | (30,306) | | | | | | (324,589) | | | | | | — | | | | | | (354,895) | | |
Loss before income tax
|
| | | | (30,348) | | | | | | (322,688) | | | | | | — | | | | | | (353,036) | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Assets
|
| | | | 2,062,787 | | | | | | 6,355,861 | | | | | | (1,033,067) | | | | | | 7,385,581 | | |
Goodwill
|
| | | | — | | | | | | 289,161 | | | | | | — | | | | | | 289,161 | | |
Deferred income tax assets
|
| | | | — | | | | | | 707,342 | | | | | | — | | | | | | 707,342 | | |
Total assets
|
| | | | 2,062,787 | | | | | | 7,352,364 | | | | | | (1,033,067) | | | | | | 8,382,084 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Liabilities
|
| | | | 1,530,839 | | | | | | 3,399,089 | | | | | | (59,766) | | | | | | 4,870,162 | | |
Deferred income tax liabilities
|
| | | | — | | | | | | 8,347 | | | | | | — | | | | | | 8,347 | | |
Total Liabilities
|
| | | | 1,530,839 | | | | | | 3,407,436 | | | | | | (59,766) | | | | | | 4,878,509 | | |
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property and equipment
|
| | | | 3,424 | | | | | | 28,210 | | | | | | — | | | | | | 31,634 | | |
Amortization of intangible assets
|
| | | | 6,126 | | | | | | 36,717 | | | | | | — | | | | | | 42,843 | | |
Additions of non-current assets except for goodwill and deferred income tax assets
|
| | | | 8,826 | | | | | | 61,107 | | | | | | — | | | | | | 69,933 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
– Technology Solutions | | | | | | | | | | | | | |
Implementation
|
| | | | 168,567 | | | | | | 171,678 | | |
Transaction based and support revenue | | | | | | | | | | | | | |
– Operation support services
|
| | | | 212,237 | | | | | | 255,208 | | |
– Business origination services
|
| | | | 118,499 | | | | | | 114,793 | | |
– Risk management services
|
| | | | 99,290 | | | | | | 106,951 | | |
– Cloud services platform
|
| | | | 180,512 | | | | | | 295,834 | | |
– Post-implementation support services
|
| | | | 13,236 | | | | | | 11,427 | | |
– Others
|
| | | | 25,059 | | | | | | 41,854 | | |
– Virtual Bank Business | | | | | | | | | | | | | |
Interest and commission
|
| | | | 2,365 | | | | | | 21,193 | | |
| | | | | 819,765 | | | | | | 1,018,938 | | |
| | |
At a point in
time |
| |
Over time
|
| |
Total
|
| |||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2021 | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | — | | | | | | 168,567 | | | | | | 168,567 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 97,861 | | | | | | 114,376 | | | | | | 212,237 | | |
– Business origination services
|
| | | | 118,499 | | | | | | — | | | | | | 118,499 | | |
– Risk management services
|
| | | | 99,290 | | | | | | — | | | | | | 99,290 | | |
– Cloud services platform
|
| | | | — | | | | | | 180,512 | | | | | | 180,512 | | |
– Post-implementation support services
|
| | | | — | | | | | | 13,236 | | | | | | 13,236 | | |
– Others
|
| | | | 24,742 | | | | | | 2,682 | | | | | | 27,424 | | |
| | | | | 340,392 | | | | | | 479,373 | | | | | | 819,765 | | |
| | |
At a point in
time |
| |
Over time
|
| |
Total
|
| |||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2022 | | | | | | | | | | | | | | | | | | | |
Implementation
|
| | | | — | | | | | | 171,678 | | | | | | 171,678 | | |
Transaction based and support revenue | | | | | | | | | | | | | | | | | | | |
– Operation support services
|
| | | | 89,879 | | | | | | 165,329 | | | | | | 255,208 | | |
– Business origination services
|
| | | | 114,793 | | | | | | — | | | | | | 114,793 | | |
– Risk management services
|
| | | | 106,951 | | | | | | — | | | | | | 106,951 | | |
– Cloud services platform
|
| | | | — | | | | | | 295,834 | | | | | | 295,834 | | |
– Post-implementation support services
|
| | | | — | | | | | | 11,427 | | | | | | 11,427 | | |
– Others
|
| | | | 41,778 | | | | | | 21,269 | | | | | | 63,047 | | |
| | | | | 353,401 | | | | | | 665,537 | | | | | | 1,018,938 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Contract assets | | | | | | | | | | | | | |
– Implementation
|
| | | | 271,521 | | | | | | 252,709 | | |
– Transaction based and support
|
| | | | 39,582 | | | | | | 33,880 | | |
– Business origination services
|
| | | | 9,976 | | | | | | 11,318 | | |
– Operation support services
|
| | | | 17,449 | | | | | | 13,028 | | |
– Post implementation support services
|
| | | | 12,157 | | | | | | 9,534 | | |
| | | | | 311,103 | | | | | | 286,589 | | |
Less: Impairment loss allowance | | | | | | | | | | | | | |
– Implementation
|
| | | | (72,266) | | | | | | (80,923) | | |
– Transaction based and support
|
| | | | (10,074) | | | | | | (6,535) | | |
– Operation support services
|
| | | | (4,771) | | | | | | (3,038) | | |
– Post implementation support services
|
| | | | (5,303) | | | | | | (3,497) | | |
| | | | | (82,340) | | | | | | (87,458) | | |
| | | | | 228,763 | | | | | | 199,131 | | |
Less: Non-current contract assets
|
| | | | (868) | | | | | | (145) | | |
| | | | | 227,895 | | | | | | 198,986 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Revenue recognized that was included in the contract liability balance at beginning of period
|
| | | | 74,737 | | | | | | 112,362 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Employee benefit expenses (a)
|
| | | | 422,137 | | | | | | 450,888 | | |
Technology service fees
|
| | | | 372,447 | | | | | | 531,654 | | |
Outsourcing labor costs
|
| | | | 71,019 | | | | | | 86,586 | | |
Amortization of intangible assets (Note 12)
|
| | | | 78,779 | | | | | | 42,843 | | |
Business origination fees to channel partners
|
| | | | 63,345 | | | | | | 77,362 | | |
Purchase costs of products
|
| | | | 24,722 | | | | | | 41,741 | | |
Depreciation of property and equipment (Note 11)
|
| | | | 35,974 | | | | | | 31,634 | | |
Marketing and advertising fees
|
| | | | 27,542 | | | | | | 14,054 | | |
Professional service fees
|
| | | | 5,196 | | | | | | 2,083 | | |
Listing expenses
|
| | | | — | | | | | | 36,486 | | |
Travelling expenses
|
| | | | 12,193 | | | | | | 10,349 | | |
Impairment loss of intangible assets (Note 12)
|
| | | | — | | | | | | 4,036 | | |
Others
|
| | | | 56,666 | | | | | | 23,412 | | |
Total cost of revenue, research and development expenses, selling and marketing expenses, general and administrative expenses
|
| | | | 1,170,020 | | | | | | 1,353,128 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Research and development costs | | | | | | | | | | | | | |
– Employee benefit expenses
|
| | | | 131,593 | | | | | | 150,374 | | |
– Technology service fees
|
| | | | 171,739 | | | | | | 216,025 | | |
– Amortization of intangible assets
|
| | | | 1,333 | | | | | | 1,267 | | |
– Depreciation of property and equipment
|
| | | | 2,443 | | | | | | 4,674 | | |
– Others
|
| | | | 4,738 | | | | | | 4,352 | | |
Amounts incurred
|
| | | | 311,846 | | | | | | 376,692 | | |
Less: capitalized | | | | | | | | | | | | | |
– Employee benefit expenses
|
| | | | (25,895) | | | | | | (13,559) | | |
– Technology service fees
|
| | | | (4,652) | | | | | | (120) | | |
| | | | | (30,547) | | | | | | (13,679) | | |
| | | | | 281,299 | | | | | | 363,013 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Wages and salaries
|
| | | | 339,551 | | | | | | 348,285 | | |
Welfare and other benefits
|
| | | | 77,636 | | | | | | 91,014 | | |
Share-based payments (Note 25)
|
| | | | 4,950 | | | | | | 11,589 | | |
| | | | | 422,137 | | | | | | 450,888 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Net foreign exchange (loss)/gain
|
| | | | (25,851) | | | | | | 14,238 | | |
Government grants and tax rebates
|
| | | | 20,066 | | | | | | 12,600 | | |
Net gain on financial assets at fair value through profit or loss
|
| | | | 11,201 | | | | | | 11,534 | | |
Guarantee loss, net
|
| | | | 5,519 | | | | | | 93 | | |
Net loss on derivatives
|
| | | | (235) | | | | | | (43,174) | | |
Others
|
| | | | 529 | | | | | | 1,218 | | |
| | | | | 11,229 | | | | | | (3,491) | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Finance income | | | | | | | | | | | | | |
Interest income on bank deposits
|
| | | | 18,157 | | | | | | 2,446 | | |
Finance costs | | | | | | | | | | | | | |
Interest expense on borrowings
|
| | | | (21,073) | | | | | | (6,922) | | |
Interest expense on lease liabilities (Note 16(b))
|
| | | | (1,171) | | | | | | (1,894) | | |
Interest expense on redemption liability
|
| | | | (3,701) | | | | | | (2,511) | | |
Bank charges
|
| | | | (290) | | | | | | (797) | | |
| | | | | (26,235) | | | | | | (12,124) | | |
| | | | | (8,078) | | | | | | (9,678) | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Current income tax
|
| | | | (3,256) | | | | | | (4,910) | | |
Deferred income tax
|
| | | | 30,127 | | | | | | 25,638 | | |
Income tax benefit
|
| | |
|
26,871
|
| | | |
|
20,728
|
| |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Net loss for the period attributable to owners of the Company
|
| | | | (304,732) | | | | | | (317,585) | | |
Weighted average number of ordinary shares in issue (in’000 shares)
|
| | | | 1,104,667 | | | | | | 1,110,039 | | |
Basic loss per share (RMB yuan)
|
| | | | (0.28) | | | | | | (0.29) | | |
Diluted loss per share (RMB yuan)
|
| | | | (0.28) | | | | | | (0.29) | | |
Basic loss per ADS (RMB yuan) (Note)
|
| | | | (0.83) | | | | | | (0.86) | | |
Diluted loss per ADS (RMB yuan) (Note)
|
| | | | (0.83) | | | | | | (0.86) | | |
| | |
Office and
telecommunication equipment |
| |
Right-of-use
properties |
| |
Leasehold
improvements |
| |
Total
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 51,039 | | | | | | 120,941 | | | | | | 52,304 | | | | | | 224,284 | | |
Additions
|
| | | | 1,825 | | | | | | — | | | | | | 5,182 | | | | | | 7,007 | | |
Disposals, net
|
| | | | (13) | | | | | | (4,676) | | | | | | — | | | | | | (4,689) | | |
Depreciation charge
|
| | | | (5,092) | | | | | | (25,773) | | | | | | (5,109) | | | | | | (35,974) | | |
Exchange difference
|
| | | | 25 | | | | | | (63) | | | | | | 37 | | | | | | (1) | | |
Closing net book amount
|
| | | | 47,784 | | | | | | 90,429 | | | | | | 52,414 | | | | | | 190,627 | | |
As at March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 105,193 | | | | | | 301,446 | | | | | | 98,918 | | | | | | 505,557 | | |
Accumulated depreciation
|
| | | | (54,465) | | | | | | (209,890) | | | | | | (45,415) | | | | | | (309,770) | | |
Exchange difference
|
| | | | (2,944) | | | | | | (1,127) | | | | | | (1,089) | | | | | | (5,160) | | |
Net book amount
|
| | | | 47,784 | | | | | | 90,429 | | | | | | 52,414 | | | | | | 190,627 | | |
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | 58,448 | | | | | | 144,001 | | | | | | 41,963 | | | | | | 244,412 | | |
Additions
|
| | | | 3,182 | | | | | | 51,019 | | | | | | 1,884 | | | | | | 56,085 | | |
Disposals, net
|
| | | | (11) | | | | | | (9,136) | | | | | | — | | | | | | (9,147) | | |
Depreciation charge
|
| | | | (6,276) | | | | | | (18,808) | | | | | | (6,550) | | | | | | (31,634) | | |
Exchange difference
|
| | | | (33) | | | | | | (128) | | | | | | (49) | | | | | | (210) | | |
Closing net book amount
|
| | | | 55,310 | | | | | | 166,948 | | | | | | 37,248 | | | | | | 259,506 | | |
As at March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 129,715 | | | | | | 449,879 | | | | | | 110,689 | | | | | | 690,283 | | |
Accumulated depreciation
|
| | | | (71,296) | | | | | | (281,466) | | | | | | (72,175) | | | | | | (424,937) | | |
Exchange difference
|
| | | | (3,109) | | | | | | (1,465) | | | | | | (1,266) | | | | | | (5,840) | | |
Net book amount
|
| | | | 55,310 | | | | | | 166,948 | | | | | | 37,248 | | | | | | 259,506 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Cost of revenue
|
| | | | 600 | | | | | | 812 | | |
Research and development expenses
|
| | | | 2,443 | | | | | | 4,674 | | |
Selling and marketing expenses
|
| | | | 1,101 | | | | | | 1,345 | | |
General and administrative expenses
|
| | | | 31,830 | | | | | | 24,803 | | |
| | | | | 35,974 | | | | | | 31,634 | | |
| | |
Application and platform
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | |
Contributed
by Ping An Group |
| |
Developed
internally |
| |
Acquired
|
| |
Purchased
Software |
| |
Development
costs in progress |
| |
Goodwill
|
| | | | |
Business
license |
| | | | |
Others
|
| | | | |
Total
|
| |||||||||||||||||||||||||||
(Unaudited)
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | |
RMB’000
|
| | | | |
RMB’000
|
| | | | |
RMB’000
|
| |||||||||||||||||||||||||||
Three months ended March 31, 2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | — | | | | | | 287,674 | | | | | | 29,709 | | | | | | 44,758 | | | | | | 121,122 | | | | | | 289,161 | | | | | | | | | 124,145 | | | | | | | | | 20,494 | | | | | | | | | 917,063 | | |
Additions
|
| | | | — | | | | | | — | | | | | | 570 | | | | | | 2,522 | | | | | | 30,548 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 33,640 | | |
Transfer
|
| | | | — | | | | | | 60,972 | | | | | | — | | | | | | — | | | | | | (60,972) | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (46,405) | | | | | | (6,458) | | | | | | (11,420) | | | | | | — | | | | | | — | | | | | | | | | (8,011) | | | | | | | | | (6,485) | | | | | | | | | (78,779) | | |
Exchange differences
|
| | | | — | | | | | | 295 | | | | | | — | | | | | | 26 | | | | | | 107 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 428 | | |
Closing net book amount
|
| | | | — | | | | | | 302,536 | | | | | | 23,821 | | | | | | 35,886 | | | | | | 90,805 | | | | | | 289,161 | | | | | | | | | 116,134 | | | | | | | | | 14,009 | | | | | | | | | 872,352 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 650,498 | | | | | | 61,078 | | | | | | 132,826 | | | | | | 90,698 | | | | | | 289,161 | | | | | | | | | 155,492 | | | | | | | | | 80,263 | | | | | | | | | 2,150,926 | | |
Accumulated amortization
|
| | | | (690,910) | | | | | | (347,166) | | | | | | (37,257) | | | | | | (96,563) | | | | | | — | | | | | | — | | | | | | | | | (39,358) | | | | | | | | | (66,254) | | | | | | | | | (1,277,508) | | |
Exchange differences
|
| | | | — | | | | | | (796) | | | | | | — | | | | | | (377) | | | | | | 107 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | (1,066) | | |
Net book amount
|
| | | | — | | | | | | 302,536 | | | | | | 23,821 | | | | | | 35,886 | | | | | | 90,805 | | | | | | 289,161 | | | | | | | | | 116,134 | | | | | | | | | 14,009 | | | | | | | | | 872,352 | | |
Three months ended March 31, 2022
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening net book amount
|
| | | | — | | | | | | 226,943 | | | | | | 2,231 | | | | | | 27,041 | | | | | | 45,389 | | | | | | 289,161 | | | | | | | | | 92,341 | | | | | | | | | 4,088 | | | | | | | | | 687,194 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 169 | | | | | | 13,678 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 13,847 | | |
Write-off
|
| | | | — | | | | | | (4,036) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | (4,036) | | |
Transfer
|
| | | | — | | | | | | 51 | | | | | | — | | | | | | — | | | | | | (51) | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (27,773) | | | | | | (2,231) | | | | | | (4,141) | | | | | | — | | | | | | — | | | | | | | | | (7,931) | | | | | | | | | (767) | | | | | | | | | (42,843) | | |
Exchange differences
|
| | | | — | | | | | | (743) | | | | | | — | | | | | | (82) | | | | | | (105) | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | (930) | | |
Closing net book amount
|
| | | | — | | | | | | 194,442 | | | | | | — | | | | | | 22,987 | | | | | | 58,911 | | | | | | 289,161 | | | | | | | | | 84,410 | | | | | | | | | 3,321 | | | | | | | | | 653,232 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 690,910 | | | | | | 717,190 | | | | | | 61,078 | | | | | | 148,977 | | | | | | 59,741 | | | | | | 289,161 | | | | | | | | | 155,492 | | | | | | | | | 80,263 | | | | | | | | | 2,202,812 | | |
Accumulated amortization
|
| | | | (690,910) | | | | | | (519,037) | | | | | | (61,078) | | | | | | (125,298) | | | | | | — | | | | | | — | | | | | | | | | (71,082) | | | | | | | | | (76,942) | | | | | | | | | (1,544,347) | | |
Exchange differences
|
| | | | — | | | | | | (3,711) | | | | | | — | | | | | | (692) | | | | | | (830) | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | (5,233) | | |
Net book amount
|
| | | | — | | | | | | 194,442 | | | | | | — | | | | | | 22,987 | | | | | | 58,911 | | | | | | 289,161 | | | | | | | | | 84,410 | | | | | | | | | 3,321 | | | | | | | | | 653,232 | | |
| | |
Three months ended March 31,
|
| |||||||||
Amortization of intangible assets
|
| |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Cost of revenue
|
| | | | 76,746 | | | | | | 40,400 | | |
Research and development expenses
|
| | | | 1,333 | | | | | | 1,267 | | |
General and administrative expenses
|
| | | | 700 | | | | | | 1,176 | | |
| | | | | 78,779 | | | | | | 42,843 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | 172,757 | | | | | | 184,907 | | |
Share of gains of associate
|
| | | | 6,461 | | | | | | 11,976 | | |
At end of period
|
| | | | 179,218 | | | | | | 196,883 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | 2,976 | | | | | | 439 | | |
Share of losses of joint venture
|
| | | | (1,914) | | | | | | (439) | | |
At end of period
|
| | | | 1,062 | | | | | | — | | |
| | | | | |
As at
December 31, |
| |
As at
March 31, |
| ||||||
| | | | | |
2021
|
| |
2022
|
| ||||||
| | | | | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
Note
|
| | | | | | | |
(Unaudited)
|
| |||
Financial assets | | | | | | | | | | | | | | | | |
Financial assets at amortized cost | | | | | | | | | | | | | | | | |
– Trade receivables
|
| |
17
|
| | | | 891,174 | | | | | | 1,274,817 | | |
– Prepayments and other receivables (excluding non-financial asset items)
|
| |
18
|
| | | | 543,538 | | | | | | 640,157 | | |
– Financial assets measured at amortized cost from virtual bank
|
| |
19
|
| | | | 13,385 | | | | | | 9,307 | | |
– Restricted cash
|
| |
21
|
| | | | 1,060,427 | | | | | | 484,314 | | |
– Cash and cash equivalents
|
| |
22
|
| | | | 1,399,370 | | | | | | 1,270,695 | | |
Financial assets measured at fair value through other comprehensive income (FVOCI)
|
| |
15
|
| | | | 1,122,998 | | | | | | 1,518,656 | | |
Financial assets at fair value through profit or loss (FVPL)
|
| |
20
|
| | | | 2,071,653 | | | | | | 917,561 | | |
Total | | | | | | | | 7,102,545 | | | | | | 6,115,507 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Liabilities at amortized cost
|
| | | | | | | | | | | | | | | |
– Trade and other payables (excluding non-financial liability items)
|
| |
26
|
| | | | 1,464,750 | | | | | | 1,471,096 | | |
– Short-term borrowings
|
| |
27
|
| | | | 815,260 | | | | | | 294,829 | | |
– Customer deposits
|
| |
28
|
| | | | 1,350,171 | | | | | | 1,424,078 | | |
Derivative financial liability | | | | | | | | | | | | | | | | |
– Held at FVPL
|
| |
29
|
| | | | 190,971 | | | | | | 223,011 | | |
Total | | | | | | | | 3,821,152 | | | | | | 3,413,014 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Loans and advances to customers from virtual bank
|
| | | | 1,103,460 | | | | | | 1,283,836 | | |
Equity securities (Note a)
|
| | | | 3,204 | | | | | | 3,204 | | |
Debt securities
|
| | | | 16,334 | | | | | | 231,616 | | |
| | | | | 1,122,998 | | | | | | 1,518,656 | | |
Less: Non-current financial asset measured at fair value through other comprehensive income
|
| | | | (640,501) | | | | | | (735,926) | | |
| | | | | 482,497 | | | | | | 782,730 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Right-of-use assets (Note 11) | | | | | | | | | | | | | |
– Properties
|
| | | | 144,001 | | | | | | 166,948 | | |
Lease liabilities (Note 26) | | | | | | | | | | | | | |
– Non current
|
| | | | 97,473 | | | | | | 105,081 | | |
– Current
|
| | | | 57,417 | | | | | | 65,948 | | |
| | | | | 154,890 | | | | | | 171,029 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Depreciation charge of right-of-use assets
|
| | | | 25,773 | | | | | | 18,808 | | |
Interest expenses (included in finance cost)
|
| | | | 1,171 | | | | | | 1,894 | | |
| | | | | 26,944 | | | | | | 20,702 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Trade receivables
|
| | | | 934,152 | | | | | | 1,323,816 | | |
Less: impairment loss allowance
|
| | | | (42,978) | | | | | | (48,999) | | |
| | | | | 891,174 | | | | | | 1,274,817 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Up to 1 year
|
| | | | 897,114 | | | | | | 1,263,140 | | |
1 to 2 years
|
| | | | 22,920 | | | | | | 44,904 | | |
2 to 3 years
|
| | | | 8,026 | | | | | | 8,417 | | |
Above 3 years
|
| | | | 6,092 | | | | | | 7,355 | | |
| | | | | 934,152 | | | | | | 1,323,816 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Deposit receivable*
|
| | | | 539,625 | | | | | | 636,138 | | |
Value-added-tax deductible
|
| | | | 53,437 | | | | | | 86,412 | | |
Advance to suppliers
|
| | | | 93,230 | | | | | | 93,354 | | |
Advance to staffs
|
| | | | 42,343 | | | | | | 45,745 | | |
Receivables for value-added-tax paid on behalf of wealth management products
|
| | | | 6,881 | | | | | | 6,987 | | |
Others
|
| | | | 20,119 | | | | | | 24,972 | | |
Less: impairment loss allowance
|
| | | | (2,968) | | | | | | (2,968) | | |
| | | | | 752,667 | | | | | | 890,640 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | (3,349) | | | | | | (2,968) | | |
Reversals
|
| | | | 2 | | | | | | — | | |
Exchange differences
|
| | | | 9 | | | | | | — | | |
At end of period
|
| | | | (3,338) | | | | | | (2,968) | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Loans and advances to customers
|
| | | | 13,575 | | | | | | 9,359 | | |
Less: impairment loss allowance
|
| | | | (190) | | | | | | (52) | | |
| | | | | 13,385 | | | | | | 9,307 | | |
Less: non-current portion
|
| | | | (674) | | | | | | — | | |
| | | | | 12,711 | | | | | | 9,307 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Contingent refundable consideration
|
| | | | 676 | | | | | | 676 | | |
Wealth management products
|
| | | | 2,070,977 | | | | | | 916,885 | | |
| | | | | 2,071,653 | | | | | | 917,561 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Pledged bank deposits
|
| | | | 1,043,718 | | | | | | 416,461 | | |
Accrued interests
|
| | | | 6,444 | | | | | | 817 | | |
Time deposits with initial terms over three months
|
| | | | 10,265 | | | | | | 67,036 | | |
| | | | | 1,060,427 | | | | | | 484,314 | | |
Less: non-current portion
|
| | | | — | | | | | | (9,000) | | |
| | | | | 1,060,427 | | | | | | 475,314 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Cash on hand
|
| | | | 12 | | | | | | 12 | | |
Cash at central bank
|
| | | | 575,044 | | | | | | 121,313 | | |
Cash at banks
|
| | | | 824,314 | | | | | | 1,149,370 | | |
| | | | | 1,399,370 | | | | | | 1,270,695 | | |
| | |
Number of shares
|
| |
USD
|
| ||||||
Authorized Ordinary shares of USD0.00001 at December 31, 2021 and March 31, 2022
|
| | | | 5,000,000,000 | | | | | | 50,000 | | |
Issued
|
| |
Number of
shares |
| |
USD
|
| |
Equivalent to
RMB |
| |||||||||
Ordinary shares of USD0.00001 on December 31, 2020 and March 31, 2021
|
| | | | 1,169,980,661 | | | | | | 11,700 | | | | | | 78,008 | | |
Surrendered ordinary shares (Note)
|
| | | | (8) | | | | | | — | | | | | | — | | |
Ordinary shares of USD0.00001 on December 31, 2021 and March 31, 2022
|
| | | | 1,169,980,653 | | | | | | 11,700 | | | | | | 78,008 | | |
| | |
Recapitalization
reserve |
| |
Share
premium |
| |
Share-based
compensation reserve |
| |
Foreign
currency translation differences |
| |
Others
|
| |
Total
|
| ||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at January 1, 2021
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 173,577 | | | | | | (133,132) | | | | | | (227,673) | | | | | | 10,639,931 | | |
– Foreign currency translation differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | 50,099 | | | | | | — | | | | | | 50,099 | | |
– Fair value changes on financial
assets at fair value through other comprehensive income |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services (Note 25)
|
| | | | — | | | | | | — | | | | | | 6,643 | | | | | | — | | | | | | — | | | | | | 6,643 | | |
– Exercise of shares under share option Scheme
|
| | | | — | | | | | | — | | | | | | 1,113 | | | | | | — | | | | | | — | | | | | | 1,113 | | |
– Vesting of shares under Restricted
Share Unit Scheme |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
As at March 31, 2021
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 181,333 | | | | | | (83,033) | | | | | | (227,672) | | | | | | 10,697,787 | | |
| | |
Recapitalization
reserve |
| |
Share
premium |
| |
Share-based
compensation reserve |
| |
Foreign
currency translation differences |
| |
Others
|
| |
Total
|
| ||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at January 1, 2022
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 200,631 | | | | | | (285,674) | | | | | | (229,485) | | | | | | 10,512,631 | | |
– Foreign currency translation differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | (23,193) | | | | | | — | | | | | | (23,193) | | |
– Fair value changes on financial
assets at fair value through other comprehensive income |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,523 | | | | | | 12,523 | | |
Share-based payments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Value of employee services (Note 25)
|
| | | | — | | | | | | — | | | | | | 11,589 | | | | | | — | | | | | | — | | | | | | 11,589 | | |
– Exercise of shares under share option Scheme
|
| | | | — | | | | | | — | | | | | | 71 | | | | | | — | | | | | | — | | | | | | 71 | | |
– Vesting of shares under Restricted
Share Unit Scheme |
| | | | — | | | | | | — | | | | | | (142) | | | | | | — | | | | | | — | | | | | | (142) | | |
Repurchase of shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (397) | | | | | | (397) | | |
As at March 31, 2022
|
| | | | 1,200,000 | | | | | | 9,627,159 | | | | | | 212,149 | | | | | | (308,867) | | | | | | (217,359) | | | | | | 10,513,082 | | |
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
– Cost of revenue
|
| | | | 921 | | | | | | 880 | | |
– Research and development expenses
|
| | | | 2,320 | | | | | | 870 | | |
– Selling and marketing expenses
|
| | | | 1,177 | | | | | | 1,313 | | |
– General and administrative expenses
|
| | | | 2,225 | | | | | | 8,526 | | |
Total | | | | | 6,643 | | | | | | 11,589 | | |
Value of employee’s services (Note 6)
|
| | | | 4,950 | | | | | | 11,589 | | |
Value of non-employee’s services
|
| | | | 1,693 | | | | | | — | | |
Total | | | | | 6,643 | | | | | | 11,589 | | |
| | |
Number of share options
|
| |||||||||
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | 19,459,994 | | | | | | 12,725,995 | | |
Exercised
|
| | | | (3,889,578) | | | | | | (156,048) | | |
Forfeited
|
| | | | (205,275) | | | | | | (1,216,559) | | |
At end of period
|
| | | | 15,365,141 | | | | | | 11,353,388 | | |
| | | | | | | | | | | | | | | | | | | | |
Number of share options
|
| |||||||||
Grant Year
|
| |
Expiry
Year |
| |
Exercise
price RMB |
| |
Fair value of
options RMB |
| |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||
2017
|
| | | | 2027 | | | | | | 1.33 | | | | | | 0.62 | | | | | | 1,109,682 | | | | | | 1,077,905 | | |
2017
|
| | | | 2027 | | | | | | 2.00 | | | | | | 0.52 | | | | | | 5,785,221 | | | | | | 5,660,949 | | |
2018
|
| | | | 2028 | | | | | | 52.00 | | | | | | 26.00 | | | | | | 4,704,219 | | | | | | 3,747,124 | | |
2019
|
| | | | 2029 | | | | | | 52.00 | | | | | | 23.42 | | | | | | 1,126,873 | | | | | | 867,410 | | |
| | | | | | | | | | | | | | | | | | | | | | | 12,725,995 | | | | | | 11,353,388 | | |
Date of grant
|
| |
November 7,
2017 |
| |
November 8,
2018 |
| |
June 1,
2019 |
| |||||||||
Discount rate
|
| | | | 24.0% | | | | | | 17.0% | | | | | | 17.0% | | |
Risk-free interest rate
|
| | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | |
Volatility
|
| | | | 52.0% | | | | | | 51.0% | | | | | | 46.0% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
Number of restricted share units
|
| |||||||||
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
At beginning of period
|
| | | | 1,751,702 | | | | | | 16,552,829 | | |
Granted
|
| | | | — | | | | | | 3,895,900 | | |
Vested
|
| | | | — | | | | | | (106,167) | | |
Forfeited
|
| | | | (82,702) | | | | | | (532,463) | | |
At end of period
|
| | | | 1,669,000 | | | | | | 19,810,099 | | |
| | | | | | | | |
Number of restricted share units
|
| |||||||||
Grant Year
|
| |
Fair value of
restricted share units |
| |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| |||||||||
| | |
RMB
|
| | | | | | | |
(Unaudited)
|
| ||||||
September 2019
|
| | | | 35.22 | | | | | | 545,383 | | | | | | 521,612 | | |
January 2020
|
| | | | 16.18 | | | | | | 18,000 | | | | | | 17,500 | | |
April 2020
|
| | | | 16.98 | | | | | | 82,500 | | | | | | 82,500 | | |
July 2020
|
| | | | 38.67 | | | | | | 17,250 | | | | | | 17,250 | | |
June 2021
|
| | | | 13.69 | | | | | | 503,076 | | | | | | 377,672 | | |
June 2021
|
| | | | 14.31 | | | | | | 226,000 | | | | | | 226,000 | | |
June 2021
|
| | | | 14.93 | | | | | | 1,279,800 | | | | | | 1,279,800 | | |
July 2021
|
| | | | 15.16 | | | | | | 252,000 | | | | | | 197,000 | | |
September 2021
|
| | | | 5.53 | | | | | | 7,346,000 | | | | | | 7,017,000 | | |
October 2021
|
| | | | 5.25 | | | | | | 448,000 | | | | | | 353,000 | | |
October 2021
|
| | | | 3.91 | | | | | | 2,820 | | | | | | 2,820 | | |
October 2021
|
| | | | 4.68 | | | | | | 5,832,000 | | | | | | 5,832,000 | | |
Jaunary 2022
|
| | | | 2.40 | | | | | | — | | | | | | 218,845 | | |
Jaunary 2022
|
| | | | 2.41 | | | | | | — | | | | | | 2,320,000 | | |
Jaunary 2022
|
| | | | 3.29 | | | | | | — | | | | | | 947,100 | | |
Jaunary 2022
|
| | | | 2.64 | | | | | | — | | | | | | 400,000 | | |
| | | | | | | | | | | 16,552,829 | | | | | | 19,810,099 | | |
| | |
Three months ended March 31,
|
| |||
| | |
2021
|
| |
2022
|
|
| | |
(Unaudited)
|
| |
(Unaudited)
|
|
Discount rate*
|
| |
15.0%
|
| |
15.0%
|
|
Risk-free interest rate
|
| |
2.0% ~ 3.0%
|
| |
2.0% ~ 3.0%
|
|
Volatility
|
| |
43.0% ~ 49.0%
|
| |
43.0% ~ 49.0%
|
|
Dividend yield
|
| |
0.0%
|
| |
0.0%
|
|
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Trade payables | | | | | | | | | | | | | |
Due to related parties
|
| | | | 747,449 | | | | | | 524,262 | | |
Due to third parties
|
| | | | 354,279 | | | | | | 305,425 | | |
| | | | | 1,101,728 | | | | | | 829,687 | | |
Redemption liability
|
| | | | 271,525 | | | | | | 274,035 | | |
Accrued expenses
|
| | | | 209,676 | | | | | | 283,271 | | |
Security deposits
|
| | | | 56,236 | | | | | | 56,491 | | |
Lease liabilities (Note 16(a))
|
| | | | 154,890 | | | | | | 171,029 | | |
Amounts payable for purchase of shares held for share incentive scheme (Note 25)
|
| | | | 88,280 | | | | | | 88,280 | | |
Other tax payables
|
| | | | 44,716 | | | | | | 35,615 | | |
Amounts due to related parties
|
| | | | 431,351 | | | | | | 612,975 | | |
Service fees refundable
|
| | | | 9,809 | | | | | | 6,632 | | |
Others
|
| | | | 82,722 | | | | | | 72,490 | | |
| | | | | 2,450,933 | | | | | | 2,430,505 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Less: non-current portion | | | | | | | | | | | | | |
Redemption liability
|
| | | | (128,081) | | | | | | (129,961) | | |
Lease liabilities
|
| | | | (97,473) | | | | | | (105,081) | | |
Amounts payable for purchase of shares held for share incentive scheme (Note 25)
|
| | | | (88,280) | | | | | | (88,280) | | |
| | | | | (313,834) | | | | | | (323,322) | | |
| | | | | 2,137,099 | | | | | | 2,107,183 | | |
|
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
Secured
|
| | | | 663,136 | | | | | | 55,206 | | |
Unsecured
|
| | | | 152,124 | | | | | | 239,623 | | |
| | | | | 815,260 | | | | | | 294,829 | | |
| | |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Current and savings accounts
|
| | | | 1,350,171 | | | | | | 1,424,078 | | |
| | |
As at December 31,
|
| |
As at March 31,
|
| ||||||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||||||||
| | |
Nominal
amount |
| |
Fair value
|
| |
Nominal
amount |
| |
Fair value
|
| ||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
Foreign exchange swaps
|
| | | | 2,186,865 | | | | | | 152,005 | | | | | | 2,177,432 | | | | | | 179,039 | | |
Currency forwards
|
| | | | 1,095,958 | | | | | | 38,966 | | | | | | 1,097,032 | | | | | | 43,972 | | |
| | | | | 3,282,823 | | | | | | 190,971 | | | | | | 3,274,464 | | | | | | 223,011 | | |
Name of related parties
|
| |
Relationship with the Group
|
|
Sen Rong Limited(i) | | |
A shareholder that has significant influence over the Group
|
|
Rong Chang Limited(i) | | |
A shareholder that has significant influence over the Group
|
|
Bo Yu | | |
A shareholder that has significant influence over the Group
|
|
Ping An Group | | |
Ultimate parent company of Bo Yu
|
|
Subsidiaries of Ping An Group | | |
Controlled by Ping An Group
|
|
Puhui Lixin | | |
Significant influenced by the Group
|
|
SBI Japan(ii) | | |
Significant influenced by the Group
|
|
Open Portal Guangxi | | |
Significant influenced by the Group
|
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Wages and salaries
|
| | | | 5,725 | | | | | | 7,727 | | |
Welfare and other benefits
|
| | | | 181 | | | | | | 156 | | |
Share-based payments
|
| | | | 762 | | | | | | 3,280 | | |
| | | | | 6,668 | | | | | | 11,163 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Revenue | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 438,238 | | | | | | 548,682 | | |
| Purchase of services | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | 330,932 | | | | | | 402,303 | | |
| | | | | | | | | | | | | | |
| Net gain from wealth management products consolidated by related parties | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | 5,280 | | | | | | 5,011 | | |
| | | | | | | | | | | | | | |
| Net loss on derivatives | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | (235) | | | | | | (43,174) | | |
| | | | | | | | | | | | | | |
| Interest income on bank deposits | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | 4,258 | | | | | | 2,294 | | |
| Leasing payment | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | 3,715 | | | | | | 3,688 | | |
| Interest expenses | | | | | | | | | | | | | |
|
Ping An Group and its subsidiaries
|
| | | | 6,728 | | | | | | 2,672 | | |
Trade related
|
| |
As at
December 31, 2021 |
| |
As at
March 31, 2022 |
| ||||||
| | |
RMB’000
|
| |
RMB’000
|
| ||||||
| | | | | | | | |
(Unaudited)
|
| |||
Trade receivables | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 442,694 | | | | | | 738,727 | | |
Contract assets | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 17,746 | | | | | | 20,345 | | |
Prepayment and other receivables | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 531,327 | | | | | | 629,416 | | |
Cash and cash equivalents | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 429,527 | | | | | | 565,339 | | |
Trade and other payables | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 1,178,438 | | | | | | 1,137,237 | | |
Open Portal Guangxi(i)
|
| | | | 362 | | | | | | — | | |
| | | | | 1,178,800 | | | | | | 1,137,237 | | |
Contract liabilities | | | | | | | | | | | | | |
Ping An Group and its subsidiaries(i)
|
| | | | 19,018 | | | | | | 22,686 | | |
Open Portal Guangxi(i)
|
| | | | — | | | | | | 1,608 | | |
| | | | | 19,018 | | | | | | 24,294 | | |
Non-trade related(ii) | | | | | | | | | | | | | |
Financial assets at fair value through profit or loss (Note 20) | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 599,540 | | | | | | 558,816 | | |
Prepayment and other receivables | | | | | | | | | | | | | |
Open Portal Guangxi(i)
|
| | | | 3,515 | | | | | | 3,567 | | |
Restricted cash | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 702,058 | | | | | | 413,413 | | |
Short-term borrowings | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 300,805 | | | | | | — | | |
Derivative financial liabilities | | | | | | | | | | | | | |
Ping An Group and its subsidiaries
|
| | | | 190,971 | | | | | | 223,011 | | |
| | |
Unconsolidated structured entities
|
| ||||||||||||||||||
December 31,2021
|
| |
Size
|
| |
Carrying
amount |
| |
The Group’s
maximum exposure |
| |
Interest
held by the Group |
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | |||||||||
Asset management products managed by the Group
|
| | | | 1,329,453 | | | | | | — | | | | | | — | | | |
Service fee
|
|
Wealth management products managed by related parties
|
| | | | Note a | | | | | | 2,070,977 | | | | | | 2,070,977 | | | |
Investment income
|
|
| | |
Unconsolidated structured entities
|
| ||||||||||||||||||
March 31, 2022
|
| |
Size
|
| |
Carrying
amount |
| |
The Group’s
maximum exposure |
| |
Interest
held by the Group |
| |||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| | | | |||||||||
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
Asset management products managed by the Group
|
| | | | 831,462 | | | | | | — | | | | | | — | | | |
Service fee
|
|
Wealth management products managed by related
parties |
| | | | Note a | | | | | | 916,885 | | | | | | 916,885 | | | |
Investment income
|
|