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Cayman Islands
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6199
|
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Not Applicable
|
|
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Shuang Zhao, Esq.
Cleary, Gottlieb, Steen & Hamilton LLP c/o 37 th Floor, Hysan Place 500 Hennessy Road Causeway Bay, Hong Kong +852 2521-4122 |
| |
Chris K.H. Lin, Esq.
Simpson Thacher & Bartlett LLP 35 th Floor, ICBC Tower 3 Garden Road Central, Hong Kong +852-2514-7600 |
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Title of each class of securities to be registered
|
| |
Proposed maximum aggregate
offering price (2)(3) |
| |
Amount of
registration fee (4) |
| ||||||
Class A ordinary shares, par value US$0.0001 per share
(1)
|
| | | US$ | 100,000,000 | | | | | US$ | 12,450.00 | | |
|
| MORGAN STANLEY | | |
CREDIT SUISSE
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CITIGROUP
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| | | | F-1 | | |
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Year Ended December 31,
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Six Months Ended June 30,
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| | |
2016
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2017
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2017
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2018
|
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RMB
|
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RMB
|
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US$
|
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RMB
|
| |
RMB
|
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US$
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| | |
(in thousands, except for share and per share data)
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Summary Consolidated Statements of Comprehensive Income Data:
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loan facilitation services: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 1,396,102 | | | | | | 2,529,980 | | | | | | 382,340 | | | | | | 1,219,947 | | | | | | 1,335,713 | | | | | | 201,858 | | |
Other secured loans
(1)
|
| | | | 9,791 | | | | | | 107,564 | | | | | | 16,255 | | | | | | 41,235 | | | | | | 69,801 | | | | | | 10,549 | | |
Unsecured loans
(2)
|
| | | | 4,353 | | | | | | 54,409 | | | | | | 8,223 | | | | | | 8,577 | | | | | | 61,005 | | | | | | 9,219 | | |
| | | | | 1,410,246 | | | | | | 2,691,953 | | | | | | 406,818 | | | | | | 1,269,759 | | | | | | 1,466,519 | | | | | | 221,626 | | |
Post facilitation services: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 144,524 | | | | | | 283,182 | | | | | | 42,795 | | | | | | 136,685 | | | | | | 151,405 | | | | | | 22,881 | | |
Other secured loan
(1)
|
| | | | 1,044 | | | | | | 10,958 | | | | | | 1,656 | | | | | | 4,069 | | | | | | 7,464 | | | | | | 1,128 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 6,045 | | | | | | 914 | | | | | | 953 | | | | | | 6,522 | | | | | | 985 | | |
| | | | | 146,051 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 141,707 | | | | | | 165,391 | | | | | | 24,994 | | |
Other revenues
|
| | | | 204,953 | | | | | | 305,037 | | | | | | 46,098 | | | | | | 152,936 | | | | | | 105,048 | | | | | | 15,875 | | |
Financing income
|
| | | | 9,053 | | | | | | 303,292 | | | | | | 45,835 | | | | | | 15,425 | | | | | | 234,607 | | | | | | 35,455 | | |
Less: Funding costs
|
| | | | (2,439 ) | | | | | | (39,056 ) | | | | | | (5,903 ) | | | | | | (4,628 ) | | | | | | (78,202 ) | | | | | | (11,818 ) | | |
Net financing income
|
| | | | 6,614 | | | | | | 264,236 | | | | | | 39,932 | | | | | | 10,797 | | | | | | 156,405 | | | | | | 23,637 | | |
Total net revenues
|
| | | | 1,761,380 | | | | | | 3,545,430 | | | | | | 535,798 | | | | | | 1,568,585 | | | | | | 1,883,270 | | | | | | 284,608 | | |
Provision for loans and advances
|
| | | | (144,617 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | | | | | (159,677 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | | |
Net revenues after provision for loans and advances
|
| | | | 1,616,763 | | | | | | 3,061,367 | | | | | | 462,645 | | | | | | 1,408,908 | | | | | | 1,644,412 | | | | | | 248,511 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Origination and servicing
|
| | | | (993,623 ) | | | | | | (1,784,914 ) | | | | | | (269,743 ) | | | | | | (820,784 ) | | | | | | (916,160 ) | | | | | | (138,453 ) | | |
Sales and marketing
|
| | | | (71,139 ) | | | | | | (273,838 ) | | | | | | (41,383 ) | | | | | | (72,111 ) | | | | | | (104,994 ) | | | | | | (15,867 ) | | |
General and administrative
|
| | | | (117,004 ) | | | | | | (316,772 ) | | | | | | (47,872 ) | | | | | | (133,378 ) | | | | | | (165,148 ) | | | | | | (24,959 ) | | |
Research and development
|
| | | | (56,142 ) | | | | | | (100,966 ) | | | | | | (15,258 ) | | | | | | (34,081 ) | | | | | | (67,214 ) | | | | | | (10,158 ) | | |
Total operation costs and expenses
|
| | | | (1,237,908 ) | | | | | | (2,476,490 ) | | | | | | (374,256 ) | | | | | | (1,060,354 ) | | | | | | (1,253,516 ) | | | | | | (189,437 ) | | |
Income from operations
|
| | | | 378,855 | | | | | | 584,877 | | | | | | 88,389 | | | | | | 348,554 | | | | | | 390,896 | | | | | | 59,074 | | |
Net income before income taxes
|
| | | | 396,159 | | | | | | 668,024 | | | | | | 100,954 | | | | | | 369,926 | | | | | | 409,365 | | | | | | 61,865 | | |
Income tax expenses
|
| | | | (105,130 ) | | | | | | (193,203 ) | | | | | | (29,197 ) | | | | | | (101,691 ) | | | | | | (102,014 ) | | | | | | (15,417 ) | | |
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | | |
Dividends declared to preferred shareholders
|
| | | | — | | | | | | (8,604 ) | | | | | | (1,301 ) | | | | | | (8,604 ) | | | | | | — | | | | | | — | | |
Modification of Series A, A+ and B preferred shares
|
| | | | (861 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion to redemption value of Series C redeemable convertible preferred shares
|
| | | | (120,000 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Reversal of accretion on Series C preferred shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 18,135 | | |
Net income and comprehensive income attributable to Weidai Ltd.’s ordinary shareholders
|
| | | | 170,168 | | | | | | 466,217 | | | | | | 70,456 | | | | | | 259,631 | | | | | | 428,096 | | | | | | 64,696 | | |
|
| | |
As of December 31,
|
| |
As of June 30,
|
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| | |
2016
|
| |
2017
|
| |
2018
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Summary Consolidated Balance Sheets Data: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash and cash equivalents
|
| | | | 1,314,814 | | | | | | 1,765,572 | | | | | | 266,820 | | | | | | 1,823,295 | | | | | | 275,543 | | |
Restricted cash
|
| | | | — | | | | | | 1,092,921 | | | | | | 165,166 | | | | | | 911,796 | | | | | | 137,794 | | |
Loans and advances, net (net of allowance of RMB67.5 million, RMB404.9 million (US$61.2 million) andRMB414.4 million (US$62.6 million)as of December 31, 2016 and 2017 andJune 30, 2018, respectively)
|
| | | | 293,158 | | | | | | 1,938,492 | | | | | | 292,952 | | | | | | 1,725,015 | | | | | | 260,690 | | |
Prepaid expenses and other assets
|
| | | | 328,853 | | | | | | 433,597 | | | | | | 65,527 | | | | | | 628,063 | | | | | | 94,916 | | |
Total current assets
|
| | | | 2,011,025 | | | | | | 5,248,250 | | | | | | 793,135 | | | | | | 5,137,421 | | | | | | 776,386 | | |
Restricted cash
|
| | | | — | | | | | | 4,000 | | | | | | 604 | | | | | | 8,000 | | | | | | 1,209 | | |
Loans and advances, net (net of allowance of nil, RMB1.4 million (US$212 thousand) andRMB1.2 million (US$183 thousand)as of December 31, 2016 and 2017 and
June 30, 2018, respectively) |
| | | | — | | | | | | 390,171 | | | | | | 58,964 | | | | | | 494,450 | | | | | | 74,723 | | |
Total non-current assets
|
| | | | 94,465 | | | | | | 1,019,551 | | | | | | 154,078 | | | | | | 808,115 | | | | | | 122,125 | | |
Total assets
|
| | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | | | | | 5,945,536 | | | | | | 898,511 | | |
Payable to institutional funding partners and online investors
|
| | | | 94,663 | | | | | | 1,770,681 | | | | | | 267,592 | | | | | | 1,341,677 | | | | | | 202,759 | | |
Current account with online investors and borrowers
|
| | | | 890,192 | | | | | | 1,883,446 | | | | | | 284,633 | | | | | | 1,774,143 | | | | | | 268,115 | | |
Deferred revenue
|
| | | | 13,196 | | | | | | 12,330 | | | | | | 1,862 | | | | | | 8,299 | | | | | | 1,254 | | |
Total current liabilities
|
| | | | 1,360,563 | | | | | | 4,633,990 | | | | | | 700,305 | | | | | | 3,829,208 | | | | | | 580,195 | | |
Payable to institutional funding partners and online investors
|
| | | | — | | | | | | 416,118 | | | | | | 62,885 | | | | | | 536,774 | | | | | | 81,119 | | |
Deferred revenue
|
| | | | 1,100 | | | | | | 887 | | | | | | 134 | | | | | | 2,473 | | | | | | 374 | | |
Total non-current liabilities
|
| | | | 9,433 | | | | | | 457,724 | | | | | | 69,173 | | | | | | 599,765 | | | | | | 90,638 | | |
Total liabilities
|
| | | | 1,369,996 | | | | | | 5,091,714 | | | | | | 769,478 | | | | | | 4,438,973 | | | | | | 670,833 | | |
Total mezzanine equity
|
| | | | 388,910 | | | | | | 388,910 | | | | | | 58,773 | | | | | | 250,054 | | | | | | 37,790 | | |
Total shareholders’ equity
|
| | | | 346,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,256,509 | | | | | | 189,888 | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Summary Consolidated Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash provided by operating activities
|
| | | | 924,388 | | | | | | 2,284,077 | | | | | | 345,178 | | | | | | 531,733 | | | | | | 23,596 | | | | | | 3,566 | | |
Net cash (used in) provided by investing activities
|
| | | | (337,051 ) | | | | | | (2,941,921 ) | | | | | | (444,594 ) | | | | | | (707,663 ) | | | | | | 216,060 | | | | | | 32,651 | | |
Net cash provided by (used in) financing activities
|
| | | | 458,614 | | | | | | 2,205,523 | | | | | | 333,307 | | | | | | 163,462 | | | | | | (359,058 ) | | | | | | (54,261 ) | | |
Net increase (decrease) in cash, cash equivalents and
restricted cash |
| | | | 1,045,951 | | | | | | 1,547,679 | | | | | | 233,891 | | | | | | (12,468 ) | | | | | | (119,402 ) | | | | | | (18,044 ) | | |
Cash, cash equivalents and restricted cash at beginning of year/period
|
| | | | 268,863 | | | | | | 1,314,814 | | | | | | 198,699 | | | | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | |
Cash, cash equivalents and restricted cash at end of year/period
|
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | | | | | 1,302,346 | | | | | | 2,743,091 | | | | | | 414,546 | | |
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Reconciliation of Net Income to Adjusted Net
Income: |
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Share-based compensation expenses
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | | | | | 18,836 | | | | | | 55,595 | | | | | | 8,402 | | |
Adjusted net income
|
| | | | 323,355 | | | | | | 515,540 | | | | | | 77,911 | | | | | | 287,071 | | | | | | 362,946 | | | | | | 54,850 | | |
|
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
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| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(except for number of users)
|
| |||||||||||||||||||||||||||||||||
Loan volume by type of loan product: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans (in millions)
|
| | | | 45,429 | | | | | | 80,201 | | | | | | 12,120 | | | | | | 38,089 | | | | | | 35,600 | | | | | | 5,380 | | |
Other secured loans
(1)
(in millions)
|
| | | | 2,124 | | | | | | 10,934 | | | | | | 1,652 | | | | | | 5,035 | | | | | | 5,634 | | | | | | 851 | | |
Unsecured loans
(2)
(in millions)
|
| | | | 441 | | | | | | 5,801 | | | | | | 877 | | | | | | 518 | | | | | | 3,405 | | | | | | 515 | | |
Total loan volume (in millions)
|
| | | | 47,993 | | | | | | 96,937 | | | | | | 14,649 | | | | | | 43,643 | | | | | | 44,639 | | | | | | 6,746 | | |
Number of active auto-backed loan borrowers (in thousands)
|
| | | | 216 | | | | | | 315 | | | | | | | | | | | | 198 | | | | | | 225 | | | | |||||
Number of active online investors
(in thousands) |
| | | | 300 | | | | | | 561 | | | | | | | | | | | | 333 | | | | | | 521 | | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Loan balance by type of loan products: | | | | | | | | ||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 9,582 | | | | | | 15,203 | | | | | | 2,298 | | | | | | 11,966 | | | | | | 17,161 | | | | | | 2,593 | | |
Other secured loans
|
| | | | 1,314 | | | | | | 2,885 | | | | | | 436 | | | | | | 2,698 | | | | | | 2,605 | | | | | | 394 | | |
Unsecured loans
|
| | | | 177 | | | | | | 1,928 | | | | | | 291 | | | | | | 409 | | | | | | 2,357 | | | | | | 356 | | |
Total loan balance
|
| | | | 11,074 | | | | | | 20,017 | | | | | | 3,025 | | | | | | 15,073 | | | | | | 22,123 | | | | | | 3,343 | | |
| | |
As of June 30, 2018
|
| | | |||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As
Adjusted (1) |
| | | |||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| | | ||||||||||||||||
| | |
(in thousands, except for share and per share data)
|
| | | |||||||||||||||||||||||||||||||
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Ordinary shares (par value of US$0.0001
per share; 499,658,026 shares authorized, 967,841 shares issued and outstanding as of June 30, 2018) |
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Series A preferred shares (par value of
US$0.0001 per share; 182,925 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | 18,856 | | | | | | 2,850 | | | | | | — | | | | | | — | | | | | | | ||||||||
Class A ordinary shares (par value of US$0.0001 per share; 608,387 shares issued and outstanding as of June 30, 2018, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Class B ordinary shares (par value of US$0.0001 per share; 701,488 shares issued and outstanding, as of June 30, 2018, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Additional paid-in capital
|
| | | | 485,962 | | | | | | 73,440 | | | | | | 754,873 | | | | | | 114,080 | | | | | | | | | | | ||||
Retained earnings
|
| | | | 746,920 | | | | | | 112,877 | | | | | | 746,920 | | | | | | 112,877 | | | | | | | | | | | ||||
Noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Total shareholders’ equity
(2)
|
| | | | 1,256,509 | | | | | | 189,888 | | | | | | 1,506,563 | | | | | | 227,678 | | | | | | | | | | | ||||
Total mezzanine equity and shareholders’ equity
(2)
|
| | | | 1,506,563 | | | | | | 227,678 | | | | | | 1,506,563 | | | | | | 277,678 | | | | | | | | | | | | | | |
| | |
Per Ordinary Share
|
| |
Per ADS
|
|
Assumed initial public offering price
|
| | US$ | | | US$ | |
Net tangible book value as of June 30, 2018
|
| | US$ | | | US$ | |
Pro forma net tangible book value after giving effect to the conversion of our preferred shares
|
| | | | | | |
Pro forma as adjusted net tangible book value after giving effect to conversion of our preferred shares and this offering
|
| | US$ | | | US$ | |
Amount of dilution in net tangible book per ordinary share value to new investors in this offering
|
| | US$ | | | US$ | |
Amount of dilution in net tangible book value to new investors in this offering
|
| | US$ | | | US$ | |
| | |
Ordinary Shares Purchased
|
| |
Total Consideration
|
| |
Average
Price Per Ordinary Share |
| |
Average
Price Per ADS |
| | |||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| | |||||||||||
Existing shareholders
|
| | | | | | | | US$ | | | | | | US$ | | | | US$ | | | | | | |
New investors
|
| | | | | | | | US$ | | | | | | US$ | | | | US$ | | | | | | |
Total
|
| | | | | | | | US$ | | |
100.0%
|
| | | | | | | | | | | | |
| | |
Certified Exchange Rate
|
| | |||||||||||||||||||||||
Period
|
| |
Period End
|
| |
Average
(1)
|
| |
Low
|
| |
High
|
| | ||||||||||||||
| | |
(RMB per US$1.00)
|
| | |||||||||||||||||||||||
2013
|
| | | | 6.0537 | | | | | | 6.1478 | | | | | | 6.2438 | | | | | | 6.0537 | | | | ||
2014
|
| | | | 6.2046 | | | | | | 6.1620 | | | | | | 6.2591 | | | | | | 6.0402 | | | | ||
2015
|
| | | | 6.4778 | | | | | | 6.2827 | | | | | | 6.4896 | | | | | | 6.1870 | | | | ||
2016
|
| | | | 6.9430 | | | | | | 6.6400 | | | | | | 6.9580 | | | | | | 6.4480 | | | | ||
2017
|
| | | | 6.5063 | | | | | | 6.7350 | | | | | | 6.9575 | | | | | | 6.4773 | | | | ||
2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
March
|
| | | | 6.2726 | | | | | | 6.3174 | | | | | | 6.3565 | | | | | | 6.2685 | | | | ||
April
|
| | | | 6.3325 | | | | | | 6.2966 | | | | | | 6.3340 | | | | | | 6.2655 | | | | ||
May
|
| | | | 6.4096 | | | | | | 6.3701 | | | | | | 6.4175 | | | | | | 6.3325 | | | | ||
June
|
| | | | 6.6171 | | | | | | 6.4651 | | | | | | 6.6235 | | | | | | 6.3850 | | | | ||
July
|
| | | | 6.8038 | | | | | | 6.7164 | | | | | | 6.8102 | | | | | | 6.6123 | | | | ||
August
|
| | | | 6.8300 | | | | | | 6.8453 | | | | | | 6.9330 | | | | | | 6.8018 | | | |
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands, except for share and per share data)
|
| |||||||||||||||||||||||||||||||||
Selected Consolidated Statements of Comprehensive Income Data:
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loan facilitation services: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 1,396,102 | | | | | | 2,529,980 | | | | | | 382,340 | | | | | | 1,219,947 | | | | | | 1,335,713 | | | | | | 201,858 | | |
Other secured loans
(1)
|
| | | | 9,791 | | | | | | 107,564 | | | | | | 16,255 | | | | | | 41,235 | | | | | | 69,801 | | | | | | 10,549 | | |
Unsecured loans
(2)
|
| | | | 4,353 | | | | | | 54,409 | | | | | | 8,223 | | | | | | 8,577 | | | | | | 61,005 | | | | | | 9,219 | | |
| | | | | 1,410,246 | | | | | | 2,691,953 | | | | | | 406,818 | | | | | | 1,269,759 | | | | | | 1,466,519 | | | | | | 221,626 | | |
Post facilitation services: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 144,524 | | | | | | 283,182 | | | | | | 42,795 | | | | | | 136,685 | | | | | | 151,405 | | | | | | 22,881 | | |
Other secured loan
(1)
|
| | | | 1,044 | | | | | | 10,958 | | | | | | 1,656 | | | | | | 4,069 | | | | | | 7,464 | | | | | | 1,128 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 6,045 | | | | | | 914 | | | | | | 953 | | | | | | 6,522 | | | | | | 985 | | |
| | | | | 146,051 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 141,707 | | | | | | 165,391 | | | | | | 24,994 | | |
Other revenues
|
| | | | 204,953 | | | | | | 305,037 | | | | | | 46,098 | | | | | | 152,936 | | | | | | 105,048 | | | | | | 15,875 | | |
Financing income
|
| | | | 9,053 | | | | | | 303,292 | | | | | | 45,835 | | | | | | 15,425 | | | | | | 234,607 | | | | | | 35,455 | | |
Less: Funding costs
|
| | | | (2,439 ) | | | | | | (39,056 ) | | | | | | (5,903 ) | | | | | | (4,628 ) | | | | | | (78,202 ) | | | | | | (11,818 ) | | |
Net financing income
|
| | | | 6,614 | | | | | | 264,236 | | | | | | 39,932 | | | | | | 10,797 | | | | | | 156,405 | | | | | | 23,637 | | |
Total net revenues
|
| | | | 1,761,380 | | | | | | 3,545,430 | | | | | | 535,798 | | | | | | 1,568,585 | | | | | | 1,883,270 | | | | | | 284,608 | | |
Provision for loans and advances
|
| | | | (144,617 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | | | | | (159,677 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | | |
Net revenues after provision for loans and advances
|
| | | | 1,616,763 | | | | | | 3,061,367 | | | | | | 462,645 | | | | | | 1,408,908 | | | | | | 1,644,412 | | | | | | 248,511 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Origination and servicing
|
| | | | (993,623 ) | | | | | | (1,784,914 ) | | | | | | (269,743 ) | | | | | | (820,784 ) | | | | | | (916,160 ) | | | | | | (138,453 ) | | |
Sales and marketing
|
| | | | (71,139 ) | | | | | | (273,838 ) | | | | | | (41,383 ) | | | | | | (72,111 ) | | | | | | (104,994 ) | | | | | | (15,867 ) | | |
General and administrative
|
| | | | (117,004 ) | | | | | | (316,772 ) | | | | | | (47,872 ) | | | | | | (133,378 ) | | | | | | (165,148 ) | | | | | | (24,959 ) | | |
Research and development
|
| | | | (56,142 ) | | | | | | (100,966 ) | | | | | | (15,258 ) | | | | | | (34,081 ) | | | | | | (67,214 ) | | | | | | (10,158 ) | | |
Total operation costs and expenses
|
| | | | (1,237,908 ) | | | | | | (2,476,490 ) | | | | | | (374,256 ) | | | | | | (1,060,354 ) | | | | | | (1,253,516 ) | | | | | | (189,437 ) | | |
Income from operations
|
| | | | 378,855 | | | | | | 584,877 | | | | | | 88,389 | | | | | | 348,554 | | | | | | 390,896 | | | | | | 59,074 | | |
Net income before income taxes
|
| | | | 396,159 | | | | | | 668,024 | | | | | | 100,954 | | | | | | 369,926 | | | | | | 409,365 | | | | | | 61,865 | | |
Income tax expenses
|
| | | | (105,130 ) | | | | | | (193,203 ) | | | | | | (29,197 ) | | | | | | (101,691 ) | | | | | | (102,014 ) | | | | | | (15,417 ) | | |
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | | |
Net loss attributable to noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 745 | | | | | | 113 | | |
Net income and comprehensive income attributable to Weidai Ltd.’s shareholders
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 268,235 | | | | | | 308,096 | | | | | | 46,561 | | |
Dividends declared to preferred shareholders
|
| | | | — | | | | | | (8,604 ) | | | | | | (1,301 ) | | | | | | (8,604 ) | | | | | | — | | | | | | — | | |
Modification of Series A, A+ and B preferred shares
|
| | | | (861 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion to redemption value of Series C redeemable convertible preferred shares
|
| | | | (120,000 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Reversal of accretion on Series C preferred shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 18,135 | | |
Net income and comprehensive income attributable to Weidai Ltd.’s ordinary shareholders
|
| | | | 170,168 | | | | | | 466,217 | | | | | | 70,456 | | | | | | 259,631 | | | | | | 428,096 | | | | | | 64,696 | | |
|
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Selected Consolidated Balance Sheets Data: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash and cash equivalents
|
| | | | 1,314,814 | | | | | | 1,765,572 | | | | | | 266,820 | | | | | | 1,823,295 | | | | | | 275,543 | | |
Restricted cash
|
| | | | — | | | | | | 1,092,921 | | | | | | 165,166 | | | | | | 911,796 | | | | | | 137,794 | | |
Loans and advances, net (net of allowance of RMB67.5 million, RMB404.9 million (US$61.2 million) and RMB414.4 million (US$62.6 million) as of December 31, 2016 and 2017 and June 30, 2018, respectively)
|
| | | | 293,158 | | | | | | 1,938,492 | | | | | | 292,952 | | | | | | 1,725,015 | | | | | | 260,690 | | |
Prepaid expenses and other assets
|
| | | | 328,853 | | | | | | 433,597 | | | | | | 65,527 | | | | | | 628,063 | | | | | | 94,916 | | |
Total current assets
|
| | | | 2,011,025 | | | | | | 5,248,250 | | | | | | 793,135 | | | | | | 5,137,421 | | | | | | 776,386 | | |
Loans and advances, net (net of allowance of nil,
RMB1.4 million (US$212 thousand) RMB1.2 million (US$183 thousand) as of December 31, 2016 and 2017 and June 30, 2018, respectively) |
| | | | — | | | | | | 390,171 | | | | | | 58,964 | | | | | | 494,450 | | | | | | 74,723 | | |
Total non-current assets
|
| | | | 94,465 | | | | | | 1,019,551 | | | | | | 154,078 | | | | | | 808,115 | | | | | | 122,125 | | |
Total assets
|
| | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | | | | | 5,945,536 | | | | | | 898,511 | | |
Short-term borrowings
|
| | | | — | | | | | | 200,000 | | | | | | 30,225 | | | | | | 200,000 | | | | | | 30,225 | | |
Payable to institutional funding partners and online investors
|
| | | | 94,663 | | | | | | 1,770,681 | | | | | | 267,592 | | | | | | 1,341,677 | | | | | | 202,759 | | |
Current account with online investors and borrower
|
| | | | 890,192 | | | | | | 1,883,446 | | | | | | 284,633 | | | | | | 1,774,143 | | | | | | 268,115 | | |
Deferred revenue
|
| | | | 13,196 | | | | | | 12,330 | | | | | | 1,862 | | | | | | 8,299 | | | | | | 1,254 | | |
Total current liabilities
|
| | | | 1,360,563 | | | | | | 4,633,990 | | | | | | 700,305 | | | | | | 3,829,208 | | | | | | 580,195 | | |
Payable to institutional funding partners and online investors
|
| | | | — | | | | | | 416,118 | | | | | | 62,885 | | | | | | 536,774 | | | | | | 81,119 | | |
Deferred revenue
|
| | | | 1,100 | | | | | | 887 | | | | | | 134 | | | | | | 2,473 | | | | | | 374 | | |
Total non-current liabilities
|
| | | | 9,433 | | | | | | 457,724 | | | | | | 69,173 | | | | | | 599,765 | | | | | | 90,638 | | |
Total liabilities
|
| | | | 1,369,996 | | | | | | 5,091,714 | | | | | | 769,478 | | | | | | 4,438,973 | | | | | | 670,833 | | |
Total mezzanine equity
|
| | | | 388,910 | | | | | | 388,910 | | | | | | 58,773 | | | | | | 250,054 | | | | | | 37,790 | | |
Total shareholders’ equity
|
| | | | 346,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,256,509 | | | | | | 189,888 | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Selected Consolidated Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash provided by operating activities
|
| | | | 924,388 | | | | | | 2,284,077 | | | | | | 345,178 | | | | | | 531,733 | | | | | | 23,596 | | | | | | 3,566 | | |
Net cash (used in) provided by investing activities
|
| | | | (337,051 ) | | | | | | (2,941,921 ) | | | | | | (444,594 ) | | | | | | (707,663 ) | | | | | | 216,060 | | | | | | 32,651 | | |
Net cash provided by (used in) financing activities
|
| | | | 458,614 | | | | | | 2,205,523 | | | | | | 333,307 | | | | | | 163,462 | | | | | | (359,058 ) | | | | | | (54,261 ) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 1,045,951 | | | | | | 1,547,679 | | | | | | 233,891 | | | | | | (12,468 ) | | | | | | (119,402 ) | | | | | | (18,044 ) | | |
Cash, cash equivalents and restricted cash at beginning of year/period
|
| | | | 268,863 | | | | | | 1,314,814 | | | | | | 198,699 | | | | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | |
Cash, cash equivalents and restricted cash at end of year/period
|
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | | | | | 1,302,346 | | | | | | 2,743,091 | | | | | | 414,546 | | |
| | |
For the year ended December 31,
|
| |
For the six months ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
( except for number of users)
|
| |||||||||||||||||||||||||||||||||
Loan volume by type of loan product: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Auto-backed loans (in millions)
|
| | | | 45,429 | | | | | | 80,201 | | | | | | 12,120 | | | | | | 38,089 | | | | | | 35,600 | | | | | | 5,380 | | |
Other secured loans
(1)
(in millions)
|
| | | | 2,124 | | | | | | 10,934 | | | | | | 1,652 | | | | | | 5,035 | | | | | | 5,634 | | | | | | 851 | | |
Unsecured loans
(2)
(in millions)
|
| | | | 441 | | | | | | 5,801 | | | | | | 877 | | | | | | 518 | | | | | | 3,405 | | | | | | 515 | | |
Total loan volume (in millions)
|
| | | | 47,993 | | | | | | 96,937 | | | | | | 14,649 | | | | | | 43,643 | | | | | | 44,639 | | | | | | 6,746 | | |
Number of active auto-backed loan borrowers
(in thousands) |
| | | | 216 | | | | | | 315 | | | | | | | | | | | | 198 | | | | | | 225 | | | | | | | | |
Number of active online investors (in thousands)
|
| | | | 300 | | | | | | 561 | | | | | | | | | | | | 333 | | | | | | 521 | | | | | | | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Loan balance by type of loan products: | | | | | | | | ||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 9,582 | | | | | | 15,203 | | | | | | 2,298 | | | | | | 11,966 | | | | | | 17,161 | | | | | | 2,593 | | |
Other secured loans
|
| | | | 1,314 | | | | | | 2,885 | | | | | | 436 | | | | | | 2,698 | | | | | | 2,605 | | | | | | 394 | | |
Unsecured loans
|
| | | | 177 | | | | | | 1,928 | | | | | | 291 | | | | | | 409 | | | | | | 2,357 | | | | | | 356 | | |
Total loan balance
|
| | | | 11,074 | | | | | | 20,017 | | | | | | 3,025 | | | | | | 15,073 | | | | | | 22,123 | | | | | | 3,343 | | |
| | |
Delinquent for
|
| |||||||||||||||||||||||||||
| | |
1 – 30 days
|
| |
31 – 60 days
|
| |
61 – 90 days
|
| |
Over 90 days
|
| |
Total
|
| |||||||||||||||
As of December 31, 2016
|
| | | | 0.71 % | | | | | | 0.53 % | | | | | | 0.42 % | | | | | | 0.96 % | | | | | | 2.62 % | | |
As of December 31, 2017
|
| | | | 0.45 % | | | | | | 0.27 % | | | | | | 0.23 % | | | | | | 1.56 % | | | | | | 2.51 % | | |
As of June 30, 2018
|
| | | | 0.60 % | | | | | | 0.28 % | | | | | | 0.18 % | | | | | | 1.58 % | | | | | | 2.64 % | | |
|
| | |
Delinquent for
|
| |||||||||||||||||||||||||||
| | |
1 – 30 days
|
| |
31 – 60 days
|
| |
61 – 90 days
|
| |
Over 90 days
|
| |
Total
|
| |||||||||||||||
As of December 31, 2016
|
| | | | 0.63 % | | | | | | 0.47 % | | | | | | 0.37 % | | | | | | 0.85 % | | | | | | 2.32 % | | |
As of December 31, 2017
|
| | | | 0.83 % | | | | | | 0.49 % | | | | | | 0.28 % | | | | | | 1.49 % | | | | | | 3.09 % | | |
As of June 30, 2018
|
| | | | 0.80 % | | | | | | 0.36 % | | | | | | 0.25 % | | | | | | 1.91 % | | | | | | 3.32 % | | |
|
| | |
Year Ended December 31,
|
| |
Six Months
Ended June 30, |
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Late payment penalties and loan collection fees
|
| | | | 158,154 | | | | | | 218,675 | | | | | | 33,047 | | | | | | 110,716 | | | | | | 71,150 | | | | | | 10,752 | | |
Others
|
| | | | 46,799 | | | | | | 86,362 | | | | | | 13,051 | | | | | | 42,220 | | | | | | 33,898 | | | | | | 5,123 | | |
Total
|
| | | | 204,953 | | | | | | 305,037 | | | | | | 46,098 | | | | | | 152,936 | | | | | | 105,048 | | | | | | 15,875 | | |
|
| | |
Year ended December 31, 2016
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Loans receivable
|
| |
Acquired non-performing loans
|
| | |||||||||||||||||||||||||||||||||||
| | |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Total
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Beginning balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,705 ) | | | | | | — | | | | | | — | | | | | | (9,705 ) | | |
Current year provision
|
| | | | — | | | | | | — | | | | | | — | | | | | | (142,715 ) | | | | | | (1,530 ) | | | | | | (372 ) | | | | | | (144,617 ) | | |
Recoveries of loans previously written
off |
| | | | — | | | | | | — | | | | | | — | | | | | | (9,268 ) | | | | | | — | | | | | | — | | | | | | (9,268 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 94,532 | | | | | | 1,530 | | | | | | — | | | | | | 96,062 | | |
Ending balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (67,156 ) | | | | | | — | | | | | | (372 ) | | | | | | (67,528 ) | | |
|
| | |
Year ended December 31, 2017
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Loans receivable
|
| |
Acquired non-performing loans
|
| | | ||||||||||||||||||||||||||||||||||||||||
| | |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Total
|
| |
Total
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (67,156 ) | | | | | | — | | | | | | (372 ) | | | | | | (67,528 ) | | | | | | (10,205 ) | | |
Current year provision
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (327,453 ) | | | | | | (4,832 ) | | | | | | (81,201 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | |
Recoveries of loans previously written
off |
| | | | — | | | | | | — | | | | | | — | | | | | | (18,943 ) | | | | | | — | | | | | | — | | | | | | (18,943 ) | | | | | | (2,863 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 161,378 | | | | | | 1,077 | | | | | | 1,789 | | | | | | 164,244 | | | | | | 24,821 | | |
Ending balance
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (252,174 ) | | | | | | (3,755 ) | | | | | | (79,784 ) | | | | | | (406,290 ) | | | | | | (61,400 ) | | |
|
| | |
Six months ended June 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Loans receivable
|
| |
Acquired non-performing loans
|
| | | ||||||||||||||||||||||||||||||||||||||||
| | |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Total
|
| |
Total
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance...
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (252,174 ) | | | | | | (3,755 ) | | | | | | (79,784 ) | | | | | | (406,290 ) | | | | | | (61,400 ) | | |
Current year provision
|
| | | | 2,330 | | | | | | (92 ) | | | | | | 22,375 | | | | | | (123,551 ) | | | | | | (9,934 ) | | | | | | (129,986 ) | | | | | | (238,858 ) | | | | | | (36.097 ) | | |
Recoveries of loans previously written
off |
| | | | — | | | | | | — | | | | | | — | | | | | | (12,338 ) | | | | | | — | | | | | | — | | | | | | (12,338 ) | | | | | | (1,866 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 93,246 | | | | | | 1,413 | | | | | | 147,242 | | | | | | 241,901 | | | | | | 36,558 | | |
Ending balance
|
| | | | (2,819 ) | | | | | | (1,005 ) | | | | | | (42,140 ) | | | | | | (294,817 ) | | | | | | (12,276 ) | | | | | | (62,528 ) | | | | | | (415,585 ) | | | | | | (62,805 ) | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Loan facilitation services:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Auto-backed loans
|
| | | | 1,396,102 | | | | | | 79.3 | | | | | | 2,529,980 | | | | | | 382,340 | | | | | | 71.4 | | | | | | 1,219,947 | | | | | | 77.8 | | | | | | 1,335,713 | | | | | | 201,858 | | | | | | 70.9 | | |
Other secured loans
(1)
|
| | | | 9,791 | | | | | | 0.6 | | | | | | 107,564 | | | | | | 16,255 | | | | | | 3.0 | | | | | | 41,235 | | | | | | 2.6 | | | | | | 69,801 | | | | | | 10,549 | | | | | | 3.7 | | |
Unsecured loans
(2)
|
| | | | 4,353 | | | | | | 0.2 | | | | | | 54,409 | | | | | | 8,223 | | | | | | 1.5 | | | | | | 8,577 | | | | | | 0.5 | | | | | | 61,005 | | | | | | 9,219 | | | | | | 3.3 | | |
| | | | | 1,410,246 | | | | | | 80.1 | | | | | | 2,691,953 | | | | | | 406,818 | | | | | | 75.9 | | | | | | 1,269,759 | | | | | | 80.9 | | | | | | 1,466,519 | | | | | | 221,626 | | | | | | 77.9 | | |
Post facilitation services:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Auto-backed loans
|
| | | | 144,524 | | | | | | 8.2 | | | | | | 283,182 | | | | | | 42,795 | | | | | | 8.0 | | | | | | 136,685 | | | | | | 8.7 | | | | | | 151,405 | | | | | | 22,881 | | | | | | 8.0 | | |
Other secured loan
(1)
|
| | | | 1,044 | | | | | | 0.1 | | | | | | 10,958 | | | | | | 1,656 | | | | | | 0.3 | | | | | | 4,069 | | | | | | 0.2 | | | | | | 7,464 | | | | | | 1,128 | | | | | | 0.4 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 0.0 | | | | | | 6,045 | | | | | | 914 | | | | | | 0.2 | | | | | | 953 | | | | | | 0.1 | | | | | | 6,522 | | | | | | 985 | | | | | | 0.4 | | |
| | | | | 146,051 | | | | | | 8.3 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 8.5 | | | | | | 141,707 | | | | | | 9.0 | | | | | | 165,391 | | | | | | 24,994 | | | | | | 8.8 | | |
Other revenues
|
| | | | 204,953 | | | | | | 11.6 | | | | | | 305,037 | | | | | | 46,098 | | | | | | 8.6 | | | | | | 152,936 | | | | | | 9.7 | | | | | | 105,048 | | | | | | 15,875 | | | | | | 5.6 | | |
Financing income
|
| | | | 9,053 | | | | | | 0.5 | | | | | | 303,292 | | | | | | 45,835 | | | | | | 8.6 | | | | | | 15,425 | | | | | | 1.0 | | | | | | 234,607 | | | | | | 35,455 | | | | | | 12.5 | | |
Less: Funding costs
|
| | | | (2,439 ) | | | | | | (0.1 ) | | | | | | (39,056 ) | | | | | | (5,903 ) | | | | | | (1.1 ) | | | | | | (4,628 ) | | | | | | (0.3 ) | | | | | | (78,202 ) | | | | | | (11,818 ) | | | | | | (4.2 ) | | |
Net financing income
|
| | | | 6,614 | | | | | | 0.4 | | | | | | 264,236 | | | | | | 39,932 | | | | | | 7.5 | | | | | | 10,797 | | | | | | 0.7 | | | | | | 156,405 | | | | | | 23,637 | | | | | | 8.3 | | |
Business related taxes and surcharges
|
| | | | (6,484 ) | | | | | | (0.4 ) | | | | | | (15,981 ) | | | | | | (2,415 ) | | | | | | (0.5 ) | | | | | | (6,614 ) | | | | | | (0.4 ) | | | | | | (10,093 ) | | | | | | (1,524 ) | | | | | | (0.5 ) | | |
Total net revenues
|
| | | | 1,761,380 | | | | | | 100.0 | | | | | | 3,545,430 | | | | | | 535,798 | | | | | | 100.0 | | | | | | 1,568,585 | | | | | | 100.0 | | | | | | 1,883,270 | | | | | | 284,608 | | | | | | 100.0 | | |
Provision for loans and advances
|
| | | | (144,617 ) | | | | | | (8.2 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | | | | | (13.7 ) | | | | | | (159,677 ) | | | | | | (10.2 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | | | | | | (12.7 ) | | |
Net revenues after provision for loans and advances
|
| | | | 1,616,763 | | | | | | 91.8 | | | | | | 3,061,367 | | | | | | 462,645 | | | | | | 86.3 | | | | | | 1,408,908 | | | | | | 89.8 | | | | | | 1,644,412 | | | | | | 248,511 | | | | | | 87.3 | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Origination and servicing
|
| | | | 993,623 | | | | | | 56.4 | | | | | | 1,784,914 | | | | | | 269,743 | | | | | | 50.3 | | | | | | 820,784 | | | | | | 52.3 | | | | | | 916,160 | | | | | | 138,453 | | | | | | 48.6 | | |
Sales and marketing
|
| | | | 71,139 | | | | | | 4.0 | | | | | | 273,838 | | | | | | 41,383 | | | | | | 7.7 | | | | | | 72,111 | | | | | | 4.6 | | | | | | 104,994 | | | | | | 15,867 | | | | | | 5.6 | | |
General and administrative
|
| | | | 117,004 | | | | | | 6.6 | | | | | | 316,772 | | | | | | 47,872 | | | | | | 8.9 | | | | | | 133,378 | | | | | | 8.5 | | | | | | 165,148 | | | | | | 24,959 | | | | | | 8.8 | | |
Research and development
|
| | | | 56,142 | | | | | | 3.2 | | | | | | 100,966 | | | | | | 15,258 | | | | | | 2.8 | | | | | | 34,081 | | | | | | 2.2 | | | | | | 67,214 | | | | | | 10,158 | | | | | | 3.6 | | |
Total operating costs and expenses
|
| | | | 1,237,908 | | | | | | 70.3 | | | | | | 2,476,490 | | | | | | 374,256 | | | | | | 69.9 | | | | | | 1,060,354 | | | | | | 67.6 | | | | | | 1,253,516 | | | | | | 189,437 | | | | | | 66.6 | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Loan facilitation services: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Auto-backed loans
|
| | | | 1,396,102 | | | | | | 79.3 | | | | | | 2,529,980 | | | | | | 382,340 | | | | | | 71.4 | | | | | | 1,219,947 | | | | | | 77.8 | | | | | | 1,335,713 | | | | | | 201,858 | | | | | | 70.9 | | |
Other secured loans
(1)
|
| | | | 9,791 | | | | | | 0.6 | | | | | | 107,564 | | | | | | 16,255 | | | | | | 3.0 | | | | | | 41,235 | | | | | | 2.6 | | | | | | 69,801 | | | | | | 10,549 | | | | | | 3.7 | | |
Unsecured loans
(2)
|
| | | | 4,353 | | | | | | 0.2 | | | | | | 54,409 | | | | | | 8,223 | | | | | | 1.5 | | | | | | 8,577 | | | | | | 0.5 | | | | | | 61,005 | | | | | | 9,219 | | | | | | 3.3 | | |
| | | | | 1,410,246 | | | | | | 80.1 | | | | | | 2,691,953 | | | | | | 406,818 | | | | | | 75.9 | | | | | | 1,269,759 | | | | | | 80.9 | | | | | | 1,466,519 | | | | | | 221,626 | | | | | | 77.9 | | |
Post facilitation services: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Auto-backed loans
|
| | | | 144,524 | | | | | | 8.2 | | | | | | 283,182 | | | | | | 42,795 | | | | | | 8.0 | | | | | | 136,685 | | | | | | 8.7 | | | | | | 151,405 | | | | | | 22,881 | | | | | | 8.0 | | |
Other secured loans
(1)
|
| | | | 1,044 | | | | | | 0.1 | | | | | | 10,958 | | | | | | 1,656 | | | | | | 0.3 | | | | | | 4,069 | | | | | | 0.2 | | | | | | 7,464 | | | | | | 1,128 | | | | | | 0.4 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 0.0 | | | | | | 6,045 | | | | | | 914 | | | | | | 0.2 | | | | | | 953 | | | | | | 0.1 | | | | | | 6,522 | | | | | | 985 | | | | | | 0.4 | | |
| | | | | 146,051 | | | | | | 8.3 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 8.5 | | | | | | 141,707 | | | | | | 9.0 | | | | | | 165,391 | | | | | | 24,994 | | | | | | 8.8 | | |
Other revenues
|
| | | | 204,953 | | | | | | 11.6 | | | | | | 305,037 | | | | | | 46,098 | | | | | | 8.6 | | | | | | 152,936 | | | | | | 9.7 | | | | | | 105,048 | | | | | | 15,875 | | | | | | 5.6 | | |
Financing income
|
| | | | 9,053 | | | | | | 0.5 | | | | | | 303,292 | | | | | | 45,835 | | | | | | 8.6 | | | | | | 15,425 | | | | | | 1.0 | | | | | | 234,607 | | | | | | 35,455 | | | | | | 12.5 | | |
Less: Funding costs
|
| | | | (2,439 ) | | | | | | (0.1 ) | | | | | | (39,056 ) | | | | | | (5,903 ) | | | | | | (1.1 ) | | | | | | (4,628 ) | | | | | | (0.3 ) | | | | | | (78,202 ) | | | | | | (11,818 ) | | | | | | (4.2 ) | | |
Net financing income
|
| | | | 6,614 | | | | | | 0.4 | | | | | | 264,236 | | | | | | 39,932 | | | | | | 7.5 | | | | | | 10,797 | | | | | | 0.7 | | | | | | 156,405 | | | | | | 23,637 | | | | | | 8.3 | | |
Business related taxes and surcharges
|
| | | | (6,484 ) | | | | | | (0.4 ) | | | | | | (15,981 ) | | | | | | (2,415 ) | | | | | | (0.5 ) | | | | | | (6,614 ) | | | | | | (0.4 ) | | | | | | (10,093 ) | | | | | | (1,524 ) | | | | | | (0.5 ) | | |
Total net revenues
|
| | | | 1,761,380 | | | | | | 100.0 | | | | | | 3,545,430 | | | | | | 535,798 | | | | | | 100.0 | | | | | | 1,568,585 | | | | | | 100.0 | | | | | | 1,883,270 | | | | | | 284,608 | | | | | | 100.0 | | |
Provision for loans and advances
|
| | | | (144,617 ) | | | | | | (8.2 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | | | | | (13.7 ) | | | | | | (159,677 ) | | | | | | (10.2 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | | | | | | (12.7 ) | | |
Net revenues after provision
for loans and advances |
| | | | 1,616,763 | | | | | | 91.8 | | | | | | 3,061,367 | | | | | | 462,645 | | | | | | 86.3 | | | | | | 1,408,908 | | | | | | 89.8 | | | | | | 1,644,412 | | | | | | 248,511 | | | | | | 87.3 | | |
Operating costs and expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Origination and
servicing |
| | | | (993,623 ) | | | | | | (56.4 ) | | | | | | (1,784,914 ) | | | | | | (269,743 ) | | | | | | (50.3 ) | | | | | | (820,784 ) | | | | | | (52.3 ) | | | | | | (916,160 ) | | | | | | (138,453 ) | | | | | | (48.6 ) | | |
Sales and marketing
|
| | | | (71,139 ) | | | | | | (4.0 ) | | | | | | (273,838 ) | | | | | | (41,383 ) | | | | | | (7.7 ) | | | | | | (72,111 ) | | | | | | (4.6 ) | | | | | | (104,994 ) | | | | | | (15,867 ) | | | | | | (5.6 ) | | |
General and
administrative |
| | | | (117,004 ) | | | | | | (6.6 ) | | | | | | (316,772 ) | | | | | | (47,872 ) | | | | | | (8.9 ) | | | | | | (133,378 ) | | | | | | (8.5 ) | | | | | | (165,148 ) | | | | | | (24,959 ) | | | | | | (8.8 ) | | |
Research and
development |
| | | | (56,142 ) | | | | | | (3.2 ) | | | | | | (100,966 ) | | | | | | (15,258 ) | | | | | | (2.8 ) | | | | | | (34,081 ) | | | | | | (2.2 ) | | | | | | (67,214 ) | | | | | | (10,158 ) | | | | | | (3.6 ) | | |
Total operation costs and expenses
|
| | | | (1,237,908 ) | | | | | | (70.3 ) | | | | | | (2,476,490 ) | | | | | | (374,256 ) | | | | | | (69.9 ) | | | | | | (1,060,354 ) | | | | | | (67.6 ) | | | | | | (1,253,516 ) | | | | | | (189,437 ) | | | | | | (66.6 ) | | |
Income from operations
|
| | | | 378,855 | | | | | | 21.5 | | | | | | 584,877 | | | | | | 88,389 | | | | | | 16.5 | | | | | | 348,554 | | | | | | 22.2 | | | | | | 390,896 | | | | | | 59,074 | | | | | | 20.8 | | |
Interest income, net
|
| | | | 13,648 | | | | | | 0.8 | | | | | | 30,303 | | | | | | 4,579 | | | | | | 0.9 | | | | | | 18,590 | | | | | | 1.2 | | | | | | 26,888 | | | | | | 4,063 | | | | | | 1.4 | | |
Government subsidies
|
| | | | 4,653 | | | | | | 0.3 | | | | | | 53,616 | | | | | | 8,103 | | | | | | 1.5 | | | | | | 2,849 | | | | | | 0.2 | | | | | | 905 | | | | | | 137 | | | | | | 0.0 | | |
Other expense, net
|
| | | | (997 ) | | | | | | (0.1 ) | | | | | | (772 ) | | | | | | (117 ) | | | | | | 0.0 | | | | | | (67 ) | | | | | | 0.0 | | | | | | (9,324 ) | | | | | | (1,409 ) | | | | | | (0.5 ) | | |
Net income before income taxes
|
| | | | 396,159 | | | | | | 22.5 | | | | | | 668,024 | | | | | | 100,954 | | | | | | 18.8 | | | | | | 369,926 | | | | | | 23.6 | | | | | | 409,365 | | | | | | 61,865 | | | | | | 21.7 | | |
Income tax expenses
|
| | | | (105,130 ) | | | | | | (6.0 ) | | | | | | (193,203 ) | | | | | | (29,197 ) | | | | | | (5.4 ) | | | | | | (101,691 ) | | | | | | (6.5 ) | | | | | | (102,014 ) | | | | | | (15,417 ) | | | | | | (5.4 ) | | |
Net income
|
| | | | 291,029 | | | | | | 16.5 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 13.4 | | | | | | 268,235 | | | | | | 17.1 | | | | | | 307,351 | | | | | | 46,448 | | | | | | 16.3 | | |
|
| | |
Three Months Ended,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2017 |
| |
June 30,
2017 |
| |
September 30,
2017 |
| |
December 31,
2017 |
| |
March 31,
2018 |
| |
June 30, 2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net revenues: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Loan facilitation services
|
| | | | 585,231 | | | | | | 684,528 | | | | | | 710,819 | | | | | | 711,375 | | | | | | 714,350 | | | | | | 752,169 | | | | | | 113,670 | | |
Post facilitation services
|
| | | | 65,142 | | | | | | 76,565 | | | | | | 79,634 | | | | | | 78,844 | | | | | | 82,334 | | | | | | 83,057 | | | | | | 12,552 | | |
Other revenues
|
| | | | 77,304 | | | | | | 75,632 | | | | | | 76,517 | | | | | | 75,584 | | | | | | 62,508 | | | | | | 42,540 | | | | | | 6,429 | | |
Financing income
|
| | | | 7,009 | | | | | | 8,416 | | | | | | 46,172 | | | | | | 241,695 | | | | | | 121,979 | | | | | | 112,628 | | | | | | 17,021 | | |
Less: Funding costs
|
| | | | (2,150 ) | | | | | | (2,478 ) | | | | | | (8,925 ) | | | | | | (25,503 ) | | | | | | (41,471 ) | | | | | | (36,731 ) | | | | | | (5,551 ) | | |
Net financing income
|
| | | | 4,859 | | | | | | 5,938 | | | | | | 37,247 | | | | | | 216,192 | | | | | | 80,508 | | | | | | 75,897 | | | | | | 11,470 | | |
Business related taxes and surcharges
|
| | | | (2,911 ) | | | | | | (3,703 ) | | | | | | (3,582 ) | | | | | | (5,785 ) | | | | | | (4,817 ) | | | | | | (5,276 ) | | | | | | (797 ) | | |
Total net revenues
|
| | | | 729,625 | | | | | | 838,960 | | | | | | 900,635 | | | | | | 1,076,210 | | | | | | 934,883 | | | | | | 948,387 | | | | | | 143,324 | | |
Provision for loans and advances
|
| | | | (83,604 ) | | | | | | (76,073 ) | | | | | | (98,066 ) | | | | | | (226,320 ) | | | | | | (145,362 ) | | | | | | (93,496 ) | | | | | | (14,129 ) | | |
Net revenues after provision for loans and advances
|
| | | | 646,021 | | | | | | 762,887 | | | | | | 802,569 | | | | | | 849,890 | | | | | | 789,521 | | | | | | 854,891 | | | | | | 129,195 | | |
Operating costs and expenses:
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Origination and servicing
|
| | | | (383,487 ) | | | | | | (437,297 ) | | | | | | (481,295 ) | | | | | | (482,835 ) | | | | | | (465,269 ) | | | | | | (450,891 ) | | | | | | (68,140 ) | | |
Sales and marketing
|
| | | | (36,034 ) | | | | | | (36,077 ) | | | | | | (60,692 ) | | | | | | (141,035 ) | | | | | | (44,435 ) | | | | | | (60,559 ) | | | | | | (9,152 ) | | |
General and administrative
|
| | | | (69,006 ) | | | | | | (64,372 ) | | | | | | (67,075 ) | | | | | | (116,319 ) | | | | | | (76,273 ) | | | | | | (88,875 ) | | | | | | (13,431 ) | | |
Research and development
|
| | | | (11,487 ) | | | | | | (22,594 ) | | | | | | (25,774 ) | | | | | | (41,111 ) | | | | | | (33,521 ) | | | | | | (33,693 ) | | | | | | (5,092 ) | | |
Total operation costs and expenses
|
| | | | (500,014 ) | | | | | | (560,340 ) | | | | | | (634,836 ) | | | | | | (781,300 ) | | | | | | (619,498 ) | | | | | | (634,018 ) | | | | | | (95,815 ) | | |
Income from operations
|
| | | | 146,007 | | | | | | 202,547 | | | | | | 167,733 | | | | | | 68,590 | | | | | | 170,023 | | | | | | 220,873 | | | | | | 33,380 | | |
Interest income, net
|
| | | | 8,021 | | | | | | 10,569 | | | | | | 7,590 | | | | | | 4,123 | | | | | | 11,048 | | | | | | 15,840 | | | | | | 2,394 | | |
Government subsidies
|
| | | | 429 | | | | | | 2,420 | | | | | | 35,638 | | | | | | 15,129 | | | | | | 534 | | | | | | 371 | | | | | | 56 | | |
Other income (expense), net
|
| | | | 61 | | | | | | (128 ) | | | | | | (74 ) | | | | | | (631 ) | | | | | | (6,389 ) | | | | | | (2,935 ) | | | | | | (444 ) | | |
Net income before income taxes
|
| | | | 154,518 | | | | | | 215,408 | | | | | | 210,887 | | | | | | 87,211 | | | | | | 175,216 | | | | | | 234,149 | | | | | | 35,386 | | |
Income tax expenses
|
| | | | (43,204 ) | | | | | | (58,487 ) | | | | | | (61,822 ) | | | | | | (29,690 ) | | | | | | (50,601 ) | | | | | | (51,413 ) | | | | | | (7,770 ) | | |
Net income
|
| | | | 111,314 | | | | | | 156,921 | | | | | | 149,065 | | | | | | 57,521 | | | | | | 124,615 | | | | | | 182,736 | | | | | | 27,616 | | |
| | |
As of December 31, 2017
|
| |
As of June 30, 2018
|
|
| | |
RMB
|
| |
RMB
|
|
Fair value per ordinary share
|
| |
6,721
|
| |
7,127
|
|
Risk-free interest rate
|
| |
4.35%
|
| |
4.35%
|
|
Dividend yield
|
| |
nil
|
| |
nil
|
|
Expected volatility
|
| |
61.00%
|
| |
61.00%
|
|
Weighted average expected life range (years)
|
| |
2.92 – 3.75
|
| |
2.67 – 3.67
|
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| | ||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| | ||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| | ||||||||||||||||||||
| | |
(in thousands)
|
| | | | |||||||||||||||||||||||||||||||||
General and administrative
|
| | | | — | | | | | | 35,223 | | | | | | 5,323 | | | | | | 17,145 | | | | | | 29,637 | | | | | | 4,479 | | | | ||
Origination and servicing
|
| | | | 18,473 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,592 | | | | | | 3,112 | | | | ||
Research and development
|
| | | | 13,853 | | | | | | 5,496 | | | | | | 831 | | | | | | 1,691 | | | | | | 5,366 | | | | | | 811 | | | | ||
Total share-based compensation
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | | | | | 18,836 | | | | | | 55,595 | | | | | | 8,402 | | | | ||
|
Valuation dates
|
| |
Discount rates
|
| |||
September 30, 2015
|
| | | | 16.46 % | | |
May 31, 2016
|
| | | | 15.42 % | | |
September 30, 2016
|
| | | | 15.45 % | | |
December 31, 2017
|
| | | | 14.97 % | | |
June 30, 2018
|
| | | | 14.00 % | | |
Valuation dates
|
| |
DLOM
|
| |||
September 30, 2015
|
| | | | 25 % | | |
May 31, 2016
|
| | | | 23 % | | |
September 30, 2016
|
| | | | 23 % | | |
December 31, 2017
|
| | | | 22 % | | |
June 30, 2018
|
| | | | 22 % | | |
Valuation dates
|
| | | ||||
September 30, 2015
|
| | | | 2,304 | | |
May 31, 2016
|
| | | | 3,277 | | |
September 30, 2016
|
| | | | 3,622 | | |
December 31, 2017
|
| | | | 6,721 | | |
June 30, 2018
|
| | | | 7,127 | | |
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income:
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | | | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Share-based compensation expenses
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | | | | | 18,836 | | | | | | 55,595 | | | | | | 8,402 | | |
Adjusted net income
|
| | | | 323,355 | | | | | | 515,540 | | | | | | 77,911 | | | | | | 287,071 | | | | | | 362,946 | | | | | | 54,850 | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Summary Consolidated Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash provided by operating activities
|
| | | | 924,388 | | | | | | 2,284,077 | | | | | | 345,178 | | | | | | 531,733 | | | | | | 23,596 | | | | | | 3,566 | | |
Net cash (used in)/provided by investing activities
|
| | | | (337,051 ) | | | | | | (2,941,921 ) | | | | | | (444,594 ) | | | | | | (707,663 ) | | | | | | 216,060 | | | | | | 32,651 | | |
Net cash provided by/(used in) financing activities
|
| | | | 458,614 | | | | | | 2,205,523 | | | | | | 333,307 | | | | | | 163,462 | | | | | | (359,058 ) | | | | | | (54,261 ) | | |
Net increase/(decrease) in cash, cash equivalents and restricted cash
|
| | | | 1,045,951 | | | | | | 1,547,679 | | | | | | 233,891 | | | | | | (12,468 ) | | | | | | (119,402 ) | | | | | | (18,044 ) | | |
Cash, cash equivalents and restricted cash at
beginning of year/period |
| | | | 268,863 | | | | | | 1,314,814 | | | | | | 198,699 | | | | | | 1,314,814 | | | | | | 2,826,493 | | | | | | 432,590 | | |
Cash, cash equivalents and restricted cash at
end of year/period |
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | | | | | 1,302,346 | | | | | | 2,743,091 | | | | | | 414,546 | | |
| | |
Total
|
| |
Less than
one year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
five years |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Obligations
|
| | | | 138,920 | | | | | | 20,995 | | | | | | 35,868 | | | | | | 5,421 | | | | | | 86,390 | | | | | | 13,056 | | | | | | 16,662 | | | | | | 2,518 | | | | | | — | | | | | | — | | |
Financing channel
|
| |
Product
|
| |
Collateral
|
| |
Tenure
|
| |
Average credit
limit (in RMB) |
| |
Average APR
|
| |
Approval
time |
| |
Approval
rate |
|
Banks (1) | | | Secured loan | | | Property | | | Up to 3 years | | | 1 – 5 million | | | Around 10% | | | Around 30 days | | | Low | |
| | | Unsecured loan | | | n/a | | | Up to 2 years | | |
50,000 – 100,000
|
| | Around 20% | | | Around 30 days | | | Low | |
| | | Personal credit card | | | n/a | | | Rolling basis | | |
10,000 – 30,000
(2)
|
| | Around 20% | | | Around 30 days (3) | | | Medium | |
Alternative lending channels | | | Secured loan | | | Property | | | Up to 5 years | | | 1 – 3 million | | | 20 – 25% | | | Around 7 days | | | Medium | |
| | | Unsecured loan | | | n/a | | | Up to 1 year | | | 30,000 – 50,000 | | | 25 – 50% | | | Around 2 days | | | Medium | |
Private lending channels | | | Secured loan | | | Property, Automobile/ Others | | | Up to 6 months | | | 20,000 – 50,000 | | | 45 – 80% | | | Within 24 hours | | | Medium | |
Marketplace lending platforms | | | Secured loan | | | Property | | | Up to 30 years | | | 600,000 – 1 million | | | 20 – 30% | | | Around 10 days | | | Low | |
| | | Secured loan | | | Automobile | | | Up to 3 years | | |
60,000 – 120,000
|
| | 20 – 35% | | | Within 24 hours | | | High | |
| | | Unsecured loan | | | n/a | | | Up to 1 year | | | 15,000 – 25,000 | | | 25 – 50% (4) | | | Within 24 hours | | | High | |
| | |
China
|
| |
United States
|
|
Borrower type | | | Primarily borrowers with relatively high income | | | Primarily borrowers with relatively low income | |
Loan purpose | | | To meet their businesses’ short-term working capital requirements | | | To pay for living expenses (such as electricity bills) | |
LTV ratio (%) | | | 60 – 70% | | | 20 – 35% | |
Average loan size | | | RMB40,000 – 75,000 | | | US$1,000 | |
Average loan tenure | | | 3 – 12 months | | | Around 30 days | |
APR (%) | | | 20 – 30% (1) | | | Around 300% | |
Penetration rate in 2017 (2) | | | 1.1% | | | 3.0% | |
Delinquency rate | | | Low | | | High | |
Ranking
|
| |
2017
|
| |
2016
|
|
1 | | |
Lufax
|
| |
Lufax
|
|
2 | | |
|
| |
|
|
3 | | |
PPDai
|
| |
Tuandaiwang
|
|
4 | | |
Iqianjin
|
| |
Ppmoney
|
|
5 | | |
Tuandaiwang
|
| |
Xinhehui
|
|
6 | | |
X Financial
|
| |
eloan
|
|
7 | | |
9Fbank
|
| |
Iqianjin
|
|
8 | | |
Yirendai
|
| |
Xiaoniuzaixian
|
|
9 | | |
Xiaoniuzaixian
|
| |
Pengjinsuo
|
|
10 | | |
51Renpin
|
| |
Yirendai
|
|
|
Marketplace lending platform
|
| |
Investor yield
|
| |
Delinquency ratio
(1)
|
|
|
Lufax
|
| |
7.5 – 8.5%
|
| |
0.5 – 1%
|
|
|
|
| |
7 – 8%
|
| |
0.3 – 0.5%
|
|
|
Tuandaiwang
|
| |
9 – 10%
|
| |
3 – 4%
|
|
|
Iqianjin
|
| |
10 – 11%
|
| |
2 – 2.5%
|
|
|
PPDai
|
| |
7 – 9%
|
| |
2.5 – 3%
|
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 45,428,526 | | | | | | 94.7 | | | | | | 80,201,041 | | | | | | 12,120,270 | | | | | | 82.7 | | | | | | 38,089,354 | | | | | | 87.3 | | | | | | 35,600,375 | | | | | | 5,380,057 | | | | | | 79.8 | | |
Other secured loans
(1)
|
| | | | 2,124,032 | | | | | | 4.4 | | | | | | 10,934,115 | | | | | | 1,652,403 | | | | | | 11.3 | | | | | | 5,034,962 | | | | | | 11.5 | | | | | | 5,634,017 | | | | | | 851,433 | | | | | | 12.6 | | |
Unsecured loans
(2)
|
| | | | 440,554 | | | | | | 0.9 | | | | | | 5,801,381 | | | | | | 876,726 | | | | | | 6.0 | | | | | | 518,346 | | | | | | 1.2 | | | | | | 3,404,658 | | | | | | 514,524 | | | | | | 7.6 | | |
Total loan volume
|
| | | | 47,993,112 | | | | | | 100.0 | | | | | | 96,936,537 | | | | | | 14,649,399 | | | | | | 100.0 | | | | | | 43,642,662 | | | | | | 100.0 | | | | | | 44,639,050 | | | | | | 6,746,014 | | | | | | 100.0 | | |
|
|
Loan applicant related information
|
| |
Automobile related information
|
|
|
•
track records on our platform
•
track records on other online lending platforms
•
whether the applicant is blacklisted in any third-party databases
•
behavioral data of applicants (such as behavioral data as they apply for loans through our platform)
•
background information (such as address and lawsuit records)
•
contact information, such as key contacts and telephone records
•
personal credit scoring information
•
online and offline transaction records and payment information
•
phone call records from telecom operators
|
| |
•
automobile identification number
•
owner information
•
make, model, year and color
•
manual/automatic transmission
•
historical transaction information
•
retail prices and second-hand market prices
•
popularity
•
date of first vehicle registration
•
date of last vehicle registration
•
date of last annual inspection
•
collateral/pledge record
•
traffic violation records
•
maintenance records
•
insurance records
•
engine number and capacity
|
|
| | |
As of June 30, 2018
|
| |||||||||
| | |
Number
|
| |
% of Total
Employees |
| ||||||
Functions: | | | | | | | | | | | | | |
Operations
|
| | | | 7,114 | | | | | | 65.9 | | |
Risk Management
|
| | | | 2,999 | | | | | | 27.8 | | |
Online Investor Operations
|
| | | | 142 | | | | | | 1.3 | | |
Technology
|
| | | | 351 | | | | | | 3.3 | | |
General and Administration
|
| | | | 188 | | | | | | 1.7 | | |
Total number of employees
|
| | | | 10,794 | | | | | | 100.0 | | |
|
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Hong Yao | | |
37
|
| |
Founder, chairman of the board of directors and chief executive officer
|
|
Feng Chen | | |
42
|
| | Director and vice president of sales operations | |
Yuqun Sun | | |
37
|
| | Director and vice president of human resources | |
Desheng Ding | | |
36
|
| | Director and vice president of finance and risk management | |
Wei Ye | | |
33
|
| | Director and vice president of online operations | |
Menma Huang | | |
50
|
| | Director | |
Ziyang Li | | |
33
|
| | Director | |
Tony Cai* | | |
51
|
| | Independent director appointee | |
Pengfei Wang | | |
36
|
| | Vice president of brand development, strategy and compliance | |
Jianzhong Zhu | | |
39
|
| | Vice president of technology, research and development | |
Leo Li | | |
33
|
| | Chief financial officer | |
Quanlin Gu | | |
36
|
| | Chief risk officer | |
| | |
Ordinary Shares
Beneficially Owned Prior to This Offering |
| |
[Ordinary Shares
Being Sold in This Offering] |
| |
Ordinary Shares Beneficially
Owned Immediately After This Offering |
| |||||||||||||||||||||
| | |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Class A
ordinary shares |
| |
Class B
ordinary shares |
| |
Total
ordinary shares on an as- converted basis |
| |
% of
aggregate voting power† |
| ||||||
Directors and Executive Officers**:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hong Yao
(1)
|
| | | | 701,428 | | | | | | 53.6 % | | | | | | | | | | | | | | | | | | | | |
Feng Chen
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Yuqun Sun
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Desheng Ding
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Wei Ye
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Menma Huang
(2)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Ziyang Li
(3)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Tony Cai***
|
| | | | — | | | | | | — | | | | | | | | | ||||||||||||
Pengfei Wang
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Jianzhong Zhu
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Leo Li
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Quanlin Gu
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
All Directors and Executive
Officers as a Group |
| | | | 734,172 | | | | | | 56.1 % | | | | | | | | | | | | | | | | | | | | |
Principal [and Selling] Shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
YAOH WDAI LTD
(1)
|
| | | | 701,428 | | | | | | 53.6 % | | | | | | | | | | | | | | | | | | | | |
Hakim Unique Technology
Limited (4) |
| | | | 199,066 | | | | | | 15.2 % | | | | | | | | | | | | | | | | | | | | |
Service
|
| |
Fees
|
|
•
Issuance of ADSs (e.g., an issuance of ADS upon a deposit of Class A ordinary shares, upon a change in the ADS(s)-to-Class A ordinary share(s) ratio, or for any other reason), excluding ADS issuances as a result of distributions of Class A ordinary shares
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) issued | |
•
Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-Class A ordinary share(s) ratio, or for any other reason)
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) canceled | |
•
Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) held | |
•
Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional ADSs
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) held | |
•
Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off)
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) held | |
•
ADS Services
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) held on the applicable record date(s) established by the depositary | |
Name
|
| |
Number of ADSs
|
| |||
Morgan Stanley & Co. LLC
|
| | | | | | |
Credit Suisse Securities (USA) LLC
|
| | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | |
Total:
|
| | | | | | |
|
| | | | | | | | |
Total
|
| |||||||||
| | |
Per ADS
|
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | US$ | | | | | US$ | | | | | US$ | | | |||
Underwriting discounts and commissions to be paid by us:
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | |
Proceeds, before expenses, to us
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | |
Underwriting discounts and commissions to be paid by the selling shareholders:
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | |
Proceeds, before expenses, to the selling shareholders
|
| | | US$ | | | | | | US$ | | | | | | US$ | | | |
|
SEC Registration Fee
|
| | US$ | ||
|
FINRA Filing Fee
|
| | | | |
|
NYSE Market Entry and Listing Fee
|
| | | | |
|
Printing and Engraving Expenses
|
| | | | |
|
Legal Fees and Expenses
|
| | | | |
|
Accounting Fees and Expenses
|
| |
|
||
|
Miscellaneous
|
| | | | |
| Total | | | US$ | ||
|
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
| | | | F-9 | | |
| | |
Page
|
| |||
| | | | F-54 | | | |
| | | | F-58 | | | |
| | | | F-60 | | | |
| | | | F-61 | | | |
| | | | F-63 | | |
| | |
Note
|
| |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| |||||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
ASSETS | | | | | | |||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | 1,314,814 | | | | | | 1,765,572 | | | | | | 266,820 | | |
Restricted cash
|
| | | | | | | — | | | | | | 1,092,921 | | | | | | 165,166 | | |
Loans and advances, net (net of allowance of RMB67,528 and RMB404,930 (US$61,194) as of December 31, 2016 and 2017, respectively)
|
| |
4
|
| | | | 293,158 | | | | | | 1,938,492 | | | | | | 292,952 | | |
Short-term investments
|
| |
5
|
| | | | — | | | | | | 8,500 | | | | | | 1,285 | | |
Prepaid expenses and other assets
|
| |
6
|
| | | | 328,853 | | | | | | 433,597 | | | | | | 65,527 | | |
Amounts due from related parties
|
| |
17
|
| | | | 74,200 | | | | | | 9,168 | | | | | | 1,385 | | |
Total current assets
|
| | | | | | | 2,011,025 | | | | | | 5,248,250 | | | | | | 793,135 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | |
Restricted cash
|
| | | | | | | — | | | | | | 4,000 | | | | | | 604 | | |
Long-term investments
|
| |
7
|
| | | | 13,333 | | | | | | 359,333 | | | | | | 54,304 | | |
Loans and advances, net (net of allowance of nil and RMB1,360 (US$206) as of December 31, 2016 and 2017, respectively)
|
| |
4
|
| | | | — | | | | | | 390,171 | | | | | | 58,964 | | |
Prepaid expenses and other assets
|
| |
6
|
| | | | 2,043 | | | | | | 8,048 | | | | | | 1,216 | | |
Property, equipment and software, net
|
| |
8
|
| | | | 45,410 | | | | | | 99,433 | | | | | | 15,027 | | |
Deferred tax assets
|
| |
14
|
| | | | 33,679 | | | | | | 158,566 | | | | | | 23,963 | | |
Total non-current assets
|
| | | | | | | 94,465 | | | | | | 1,019,551 | | | | | | 154,078 | | |
TOTAL ASSETS
|
| | | | | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | |
Current liabilities
(including current liabilities of the consolidated VIE
and subsidiaries without recourse to the primary beneficiary of RMB1,360,563 and RMB4,633,990 (US$700,305) as of December 31, 2016 and 2017, respectively): |
| | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings
|
| |
9
|
| | | | — | | | | | | 200,000 | | | | | | 30,225 | | |
Payable to institutional funding partners and online investors
|
| |
10
|
| | | | 94,663 | | | | | | 1,770,681 | | | | | | 267,592 | | |
Current account with online investors and borrowers
|
| |
11
|
| | | | 890,192 | | | | | | 1,883,446 | | | | | | 284,633 | | |
Income tax payable
|
| | | | | | | 111,450 | | | | | | 243,338 | | | | | | 36,774 | | |
Accrued expenses and other liabilities
|
| |
12
|
| | | | 189,514 | | | | | | 461,295 | | | | | | 69,713 | | |
Amounts due to related parties
|
| |
17
|
| | | | 61,548 | | | | | | 62,900 | | | | | | 9,506 | | |
Deferred revenue
|
| | | | | | | 13,196 | | | | | | 12,330 | | | | | | 1,862 | | |
Total current liabilities
|
| | | | | | | 1,360,563 | | | | | | 4,633,990 | | | | | | 700,305 | | |
Non-current liabilities
(including non-current liabilities of the consolidated VIE and subsidiaries without recourse to the primary beneficiary of RMB9,433 and RMB457,724 (US$69,173) as of December 31, 2016 and 2017, respectively):
|
| | | | | | | | | | | | | | | | | | | | | |
Payable to institutional funding partners
|
| |
10
|
| | | | — | | | | | | 416,118 | | | | | | 62,885 | | |
Deferred revenue
|
| | | | | | | 1,100 | | | | | | 887 | | | | | | 134 | | |
Other non-current liabilities
|
| | | | | | | 8,333 | | | | | | 40,719 | | | | | | 6,154 | | |
Total non-current liabilities
|
| | | | | | | 9,433 | | | | | | 457,724 | | | | | | 69,173 | | |
Total liabilities
|
| | | | | | | 1,369,996 | | | | | | 5,091,714 | | | | | | 769,478 | | |
Commitments and contingencies
|
| |
19
|
| | | | | | | | | | | | | | | | | | |
| | |
Note
|
| |
As of December 31,
|
| |
Pro forma
shareholders’ equity as of December 31, |
| ||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||
Mezzanine equity:
|
| |
20
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A preferred shares (par value of
US$0.0001 per share; 182,925 shares authorized, issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 18,856 | | | | | | 18,856 | | | | | | 2,850 | | | | | | — | | | | | | — | | |
Series A+ preferred shares (par value of
US$0.0001 per share; 36,585 shares authorized, issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 3,771 | | | | | | 3,771 | | | | | | 570 | | | | | | — | | | | | | — | | |
Series B preferred shares (par value of
US$0.0001 per share; 60,976 shares authorized, issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 6,283 | | | | | | 6,283 | | | | | | 950 | | | | | | — | | | | | | — | | |
Series C redeemable convertible preferred
shares (par value of US$0.0001 per share; 61,488 shares authorized, issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 360,000 | | | | | | 360,000 | | | | | | 54,403 | | | | | | — | | | | | | — | | |
Total mezzanine equity
|
| | | | | | | 388,910 | | | | | | 388,910 | | | | | | 58,773 | | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares (par value of US$0.0001
per share; 499,658,026 shares authorized, 967,841 shares issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares (par value of US$0.0001 per share; 608,387 shares issued and outstanding as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of US$0.0001 per share; 701,428 shares issued and outstanding, as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | 468,352 | | | | | | 468,352 | | | | | | 70,779 | | | | | | 857,263 | | | | | | 129,553 | | |
(Accumulated deficit)/retained
earnings |
| | | | | | | (123,769 ) | | | | | | 318,824 | | | | | | 48,183 | | | | | | 318,824 | | | | | | 48,182 | | |
Total Weidai Ltd. shareholder’s equity
|
| | | | | | | 344,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,176,087 | | | | | | 177,735 | | |
Noncontrolling interests
|
| | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total shareholders’ equity
|
| | | | | | | 346,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,176,087 | | | | | | 177,735 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | | | | | | | | | | | | | |
|
| | |
Note
|
| |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| |||||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | |
Loan facilitation services (including related party amounts of RMB833 and RMB851 (US$129) for the years ended December 31, 2016 and 2017, respectively)
|
| | | | | | | 1,410,246 | | | | | | 2,691,953 | | | | | | 406,818 | | |
Post facilitation services
|
| | | | | | | 146,051 | | | | | | 300,185 | | | | | | 45,365 | | |
Other revenues (including related party amounts of RMB2,179 and
RMB3,740 (US$565) for the years ended December 31, 2016 and 2017, respectively) |
| | | | | | | 204,953 | | | | | | 305,037 | | | | | | 46,098 | | |
Financing income
|
| | | | | | | 9,053 | | | | | | 303,292 | | | | | | 45,835 | | |
Less: Funding costs
|
| | | | | | | (2,439 ) | | | | | | (39,056 ) | | | | | | (5,903 ) | | |
Net financing income
|
| | | | | | | 6,614 | | | | | | 264,236 | | | | | | 39,932 | | |
Business related taxes and surcharges
|
| | | | | | | (6,484 ) | | | | | | (15,981 ) | | | | | | (2,415 ) | | |
Total net revenues
|
| | | | | | | 1,761,380 | | | | | | 3,545,430 | | | | | | 535,798 | | |
Provision for loans and advances
|
| | | | | | | (144,617 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | |
Net revenues after provision for loans and advances
|
| | | | | | | 1,616,763 | | | | | | 3,061,367 | | | | | | 462,645 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | |
Origination and servicing (including related party amounts of
RMB177,210 and RMB260,026 (US$39,296) for the years ended December 31, 2016 and 2017, respectively) |
| | | | | | | (993,623 ) | | | | | | (1,784,914 ) | | | | | | (269,743 ) | | |
Sales and marketing (including related party amounts of RMB3,264
and RMB7,978 (US$1,206) for the years ended December 31, 2016 and 2017, respectively) |
| | | | | | | (71,139 ) | | | | | | (273,838 ) | | | | | | (41,383 ) | | |
General and administrative (including related party amounts of RMB179 and RMB21,387 (US$3,232) for the years ended December 31, 2016 and 2017, respectively)
|
| | | | | | | (117,004 ) | | | | | | (316,772 ) | | | | | | (47,872 ) | | |
Research and development
|
| | | | | | | (56,142 ) | | | | | | (100,966 ) | | | | | | (15,258 ) | | |
Total operating costs and expenses
|
| | | | | | | (1,237,908 ) | | | | | | (2,476,490 ) | | | | | | (374,256 ) | | |
Income from operations
|
| | | | | | | 378,855 | | | | | | 584,877 | | | | | | 88,389 | | |
Interest income, net
|
| |
13
|
| | | | 13,648 | | | | | | 30,303 | | | | | | 4,579 | | |
Government subsidies
|
| | | | | | | 4,653 | | | | | | 53,616 | | | | | | 8,103 | | |
Other expense, net
|
| | | | | | | (997 ) | | | | | | (772 ) | | | | | | (117 ) | | |
Net income before income taxes
|
| | | | | | | 396,159 | | | | | | 668,024 | | | | | | 100,954 | | |
Income tax expenses
|
| |
14
|
| | | | (105,130 ) | | | | | | (193,203 ) | | | | | | (29,197 ) | | |
Net income
|
| | | | | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Net income attributable to noncontrolling interests
|
| | | | | | | — | | | | | | — | | | | | | — | | |
Net income and comprehensive income attributable to Weidai Ltd.’s shareholders
|
| | | | | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Dividends declared to preferred shareholders
|
| | | | | | | — | | | | | | (8,604 ) | | | | | | (1,301 ) | | |
Modification of Series A, A+ and B preferred shares
|
| | | | | | | (861 ) | | | | | | — | | | | | | — | | |
Accretion to redemption value of Series C redeemable convertible preferred shares
|
| | | | | | | (120,000 ) | | | | | | — | | | | | | — | | |
Net income and comprehensive income attributable to ordinary shareholders
|
| | | | | | | 170,168 | | | | | | 466,217 | | | | | | 70,456 | | |
|
| | |
Note
|
| |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| |||||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| |
15
|
| | | | 129.92 | | | | | | 355.94 | | | | | | 53.79 | | |
Diluted
|
| |
15
|
| | | | 129.92 | | | | | | 355.94 | | | | | | 53.79 | | |
Shares used in earnings per share computation: | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Diluted
|
| | | | | | | 967,841 | | | | | | 1,029,329 | | | | | | 1,029,329 | | |
Pro forma earnings per share for Class A and Class B ordinary shareholders:
|
| | | | | | | | | | | | | | | | | | | | | |
Basic (unaudited)
|
| | | | | | | | | | | | | 362.51 | | | | | | 54.78 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | 362.51 | | | | | | 54.78 | | |
Class A and Class B ordinary shares used in pro forma earnings per share computation:
|
| | | | | | | | | | | | | | | | | | | | | |
Basic (unaudited)
|
| | | | | | | | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
| | |
Notes
|
| |
Attributable to Weidai Ltd.
|
| |
Noncontrolling
interests |
| |
Total
shareholders’ equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Ordinary Shares
|
| |
Preferred Shares
|
| |
Additional
paid-in capital |
| |
Subscription
receivables |
| |
(Accumulated
Deficit)/ Retained Earnings |
| |
Total
Weidai Ltd. shareholders’ equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1, 2016
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | 280,486 * | | | | | | — | | | | | | 464,075 | | | | | | (121,951 ) | | | | | | (293,937 ) | | | | | | 48,188 | | | | | | — | | | | | | 48,188 | | |
Capital injection by shareholders
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 121,951 | | | | | | — | | | | | | 121,951 | | | | | | 2,000 | | | | | | 123,951 | | |
Modification of Series A, A+ and B preferred shares
|
| | | | 20 | | | | | | — | | | | | | — | | | | | | (280,486 ) | | | | | | — | | | | | | (28,049 ) | | | | | | — | | | | | | (861 ) | | | | | | (28,910 ) | | | | | | — | | | | | | (28,910 ) | | |
Accretion of Series C
redeemable convertible preferred shares |
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (120,000 ) | | | | | | (120,000 ) | | | | | | — | | | | | | (120,000 ) | | |
Share-based compensation
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 32,326 | | | | | | — | | | | | | — | | | | | | 32,326 | | | | | | — | | | | | | 32,326 | | |
Net income
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 291,029 | | | | | | 291,029 | | | | | | — | | | | | | 291,029 | | |
Balance as of December 31, 2016
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | — | | | | | | (123,769 ) | | | | | | 344,584 | | | | | | 2,000 | | | | | | 346,584 | | |
Dividends declared
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (32,228 ) | | | | | | (32,228 ) | | | | | | — | | | | | | (32,228 ) | | |
Acquisition of noncontrolling interests
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,000 ) | | | | | | (2,000 ) | | |
Net income
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 474,821 | | | | | | 474,821 | | | | | | — | | | | | | 474,821 | | |
Balance as of December 31, 2017
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | — | | | | | | 318,824 | | | | | | 781,177 | | | | | | — | | | | | | 787,177 | | |
Balances as of December 31, 2017, in US$
|
| | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | 70,779 | | | | | | — | | | | | | 48,183 | | | | | | 118,962 | | | | | | — | | | | | | 118,962 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Provision for loans and advances
|
| | | | 144,617 | | | | | | 484,063 | | | | | | 73,153 | | |
Depreciation and amortization
|
| | | | 3,294 | | | | | | 12,747 | | | | | | 1,926 | | |
Share-based compensation expenses
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | (311,126 ) | | | | | | (24,895 ) | | | | | | (3,762 ) | | |
Amounts due from related parties
|
| | | | (73,687 ) | | | | | | 65,032 | | | | | | 9,828 | | |
Deferred tax assets
|
| | | | (31,271 ) | | | | | | (124,887 ) | | | | | | (18,873 ) | | |
Current account with online investors and borrowers
|
| | | | 635,863 | | | | | | 993,254 | | | | | | 150,104 | | |
Income tax payable
|
| | | | 94,461 | | | | | | 131,888 | | | | | | 19,931 | | |
Accrued expenses and other liabilities
|
| | | | 148,169 | | | | | | 231,062 | | | | | | 34,919 | | |
Amounts due to related parties
|
| | | | (19,930 ) | | | | | | 1,352 | | | | | | 204 | | |
Deferred revenue
|
| | | | 10,643 | | | | | | (1,079 ) | | | | | | (163 ) | | |
Net cash provided by operating activities
|
| | | | 924,388 | | | | | | 2,284,077 | | | | | | 345,178 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Purchase of short-term investments
|
| | | | (5,658,220 ) | | | | | | (11,423,820 ) | | | | | | (1,726,409 ) | | |
Redemption of short-term investments
|
| | | | 5,742,220 | | | | | | 11,415,320 | | | | | | 1,725,124 | | |
Payments to originate loans and advances
|
| | | | (1,268,593 ) | | | | | | (6,885,314 ) | | | | | | (1,040,533 ) | | |
Proceeds from collection of loans and advances
|
| | | | 913,204 | | | | | | 4,360,261 | | | | | | 658,938 | | |
Addition of long-term investments
|
| | | | (74,733 ) | | | | | | (346,000 ) | | | | | | (52,289 ) | | |
Redemption of long-term investments
|
| | | | 61,400 | | | | | | — | | | | | | — | | |
Purchase of property, equipment and software
|
| | | | (52,329 ) | | | | | | (62,368 ) | | | | | | (9,425 ) | | |
Net cash used in investing activities
|
| | | | (337,051 ) | | | | | | (2,941,921 ) | | | | | | (444,594 ) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from short-term borrowings
|
| | | | — | | | | | | 200,000 | | | | | | 30,225 | | |
Proceeds from institutional funding partners and online investors
|
| | | | 165,212 | | | | | | 4,627,087 | | | | | | 699,262 | | |
Payments to institutional funding partners and online investors
|
| | | | (70,549 ) | | | | | | (2,587,336 ) | | | | | | (391,008 ) | | |
Proceeds from issuance of ordinary shares and preferred shares
|
| | | | 361,951 | | | | | | — | | | | | | — | | |
Contribution from noncontrolling interest holder
|
| | | | 2,000 | | | | | | — | | | | | | — | | |
Acquisition of noncontrolling interests
|
| | | | — | | | | | | (2,000 ) | | | | | | (302 ) | | |
Payments of dividends to shareholders
|
| | | | — | | | | | | (32,228 ) | | | | | | (4,870 ) | | |
Net cash provided by financing activities
|
| | | | 458,614 | | | | | | 2,205,523 | | | | | | 333,307 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted
cash |
| | | | — | | | | | | — | | | | | | — | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 1,045,951 | | | | | | 1,547,679 | | | | | | 233,891 | | |
Cash, cash equivalents and restricted cash at beginning of year
|
| | | | 268,863 | | | | | | 1,314,814 | | | | | | 198,699 | | |
Cash, cash equivalents and restricted cash at end of year
|
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | | 2,438 | | | | | | 43,524 | | | | | | 6,578 | | |
Income taxes paid
|
| | | | 41,935 | | | | | | 219,988 | | | | | | 33,245 | | |
Non-cash activities: | | | | | | | | | | | | | | | | | | | |
Modification of Series A, A+ and B preferred shares
|
| | | | (861 ) | | | | | | — | | | | | | — | | |
Accretion on Series C convertible redeemable preferred shares to redemption
value |
| | | | (120,000 ) | | | | | | — | | | | | | — | | |
Reconciliation of cash, cash equivalents and restricted cash | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,314,814 | | | | | | 1,765,572 | | | | | | 266,820 | | |
Restricted cash – current
|
| | | | — | | | | | | 1,092,921 | | | | | | 165,166 | | |
Restricted cash – non-current
|
| | | | — | | | | | | 4,000 | | | | | | 604 | | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | | |
|
Entity
|
| |
Date of
incorporation |
| |
Place of
incorporation |
| |
Percentage
of legal ownership by the Company |
| |
Principal
activities |
|
Subsidiaries | | | | | | ||||||||
Weidai HK | | | February 5, 2018 | | |
Hong Kong
|
| | 100% | | |
Investment holding
|
|
Weidai Co. | | | March 15, 2018 | | | PRC | | | 100% | | |
Investment holding
|
|
VIE | | | | | | ||||||||
Weidai (Hangzhou) | | |
December 25, 2014
|
| | PRC | | | Nil | | |
Online finance
marketplace business |
|
Entity
|
| |
Date of
incorporation |
| |
Place of
incorporation |
| |
Percentage
of legal ownership by the Company |
| |
Principal
activities |
|
Subsidiaries of the VIE | | | | | | ||||||||
Qianwei (Hangzhou) Technology Co., Ltd. | | | September 29, 2015 | | | PRC | | | Nil | | |
Asset management
|
|
Ruituo (Hangzhou) Internet Financial Information Services Co., Ltd. | | | July 30, 2015 | | | PRC | | | Nil | | |
Asset management
|
|
Yiwu Weirui Internet Technology Co., Ltd. | | | September 29, 2015 | | | PRC | | | Nil | | |
Asset management
|
|
Hangzhou Yiqitou Investment Advisory Co., Ltd | | | October 28, 2016 | | | PRC | | | Nil | | | Consulting | |
Liangche (Hangzhou) Internet Technology Co., Ltd. | | |
February 21, 2017
|
| | PRC | | | Nil | | | Internet technology | |
Hangzhou Jingwei Assets Management Co., Ltd. | | | August 9, 2016 | | | PRC | | | Nil | | | Assets management | |
Fuzhou Weidai Online Microcredit Co., Ltd. | | | June 23, 2017 | | | PRC | | | Nil | | | Micro-loan business | |
Khorgos Micro-car Auction Information Technology Co., Ltd. | | | May 18, 2017 | | | PRC | | | Nil | | |
Second-hand car
operation |
|
Khorgos Micron Internet Technology Co., Ltd. | | | August 23, 2017 | | | PRC | | | Nil | | |
Technology development
and service |
|
Khorgos Weiyi Internet Technology Co., Ltd. | | | August 23, 2017 | | | PRC | | | Nil | | |
Technology development
and service |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,314,814 | | | | | | 1,765,572 | | | | | | 266,820 | | |
Restricted cash
|
| | | | — | | | | | | 1,096,921 | | | | | | 165,166 | | |
Loans and advances, net
|
| | | | 293,158 | | | | | | 1,938,492 | | | | | | 292,952 | | |
Short-term investments
|
| | | | — | | | | | | 8,500 | | | | | | 1,285 | | |
Prepaid expenses and other assets
|
| | | | 328,853 | | | | | | 433,597 | | | | | | 65,527 | | |
Amounts due from related parties
|
| | | | 74,200 | | | | | | 9,168 | | | | | | 1,385 | | |
Total current assets
|
| | | | 2,011,025 | | | | | | 5,248,250 | | | | | | 793,135 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | |
Restricted cash
|
| | | | — | | | | | | 4,000 | | | | | | 604 | | |
Long-term investments
|
| | | | 13,333 | | | | | | 359,333 | | | | | | 54,304 | | |
Loans and advances, net
|
| | | | — | | | | | | 390,171 | | | | | | 58,964 | | |
Prepaid expenses and other assets
|
| | | | 2,043 | | | | | | 8,048 | | | | | | 1,216 | | |
Property, equipment and software, net
|
| | | | 45,410 | | | | | | 99,433 | | | | | | 15,027 | | |
Deferred tax assets
|
| | | | 33,679 | | | | | | 158,566 | | | | | | 23,963 | | |
Total non-current assets
|
| | | | 94,465 | | | | | | 1,019,551 | | | | | | 154,078 | | |
Total assets
|
| | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Short-term borrowings
|
| | | | — | | | | | | 200,000 | | | | | | 30,225 | | |
Payable to institutional funding partners and online investors
|
| | | | 94,663 | | | | | | 1,770,681 | | | | | | 267,592 | | |
Current account with online investors and borrowers
|
| | | | 890,192 | | | | | | 1,883,446 | | | | | | 284,633 | | |
Income tax payable
|
| | | | 111,450 | | | | | | 243,338 | | | | | | 36,774 | | |
Accrued expenses and other liabilities
|
| | | | 189,514 | | | | | | 461,295 | | | | | | 69,713 | | |
Amounts due to related parties
|
| | | | 61,548 | | | | | | 62,900 | | | | | | 9,506 | | |
Deferred revenue
|
| | | | 13,196 | | | | | | 12,330 | | | | | | 1,862 | | |
Total current liabilities
|
| | | | 1,360,563 | | | | | | 4,633,990 | | | | | | 700,305 | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | |
Payable to institutional funding partners
|
| | | | — | | | | | | 416,118 | | | | | | 62,885 | | |
Deferred revenue
|
| | | | 1,100 | | | | | | 887 | | | | | | 134 | | |
Other non-current liabilities
|
| | | | 8,333 | | | | | | 40,719 | | | | | | 6,154 | | |
Total non-current liabilities
|
| | | | 9,433 | | | | | | 457,724 | | | | | | 69,173 | | |
Total liabilities
|
| | | | 1,369,996 | | | | | | 5,091,714 | | | | | | 769,478 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Net revenues
|
| | | | 1,761,380 | | | | | | 3,545,430 | | | | | | 535,798 | | |
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Net cash provided by operating activities
|
| | | | 924,388 | | | | | | 2,284,077 | | | | | | 345,178 | | |
Net cash used in investing activities
|
| | | | (337,051 ) | | | | | | (2,941,921 ) | | | | | | (444,594 ) | | |
Net cash provided by financing activities
|
| | | | 458,614 | | | | | | 2,205,523 | | | | | | 333,307 | | |
| | | | | | | | | | | | | | |
Fair value measurement or disclosure at
December 31, 2017 using |
| |||||||||||||||
| | |
Total fair value at
December 31, 2017 |
| |
Quoted prices
in active markets for identical assets (Level 1) |
| |
Significant
other observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||
Fair value disclosure | | | | | | | |||||||||||||||||||||||||
Long-term time deposits
|
| | | | 44,322 | | | | | | 6,698 | | | | | | — | | | | | | 44,322 | | | | | | — | | |
Loans and advances, net – non-current
|
| | | | 390,171 | | | | | | 58,964 | | | | | | — | | | | | | 390,171 | | | | | | — | | |
Long-term payable to institutional funding partners
|
| | | | 383,043 | | | | | | 57,887 | | | | | | — | | | | | | 383,043 | | | | | | — | | |
Fair value measurements | | | | | | | |||||||||||||||||||||||||
Recurring | | | | | | | |||||||||||||||||||||||||
Short-term investments | | | | | | | |||||||||||||||||||||||||
Available-for-sale debt securities
|
| | | | 8,500 | | | | | | 1,285 | | | | | | — | | | | | | 8,500 | | | | | | — | | |
Category:
|
| |
Estimated Useful Life
|
| |
Estimated
Residual Value |
| |||
Computer and electronic equipment
|
| |
3~5 years
|
| | | | 5 % | | |
Office furniture and equipment
|
| |
3~5 years
|
| | | | 5 % | | |
Vehicles
|
| |
4 years
|
| | | | 5 % | | |
Software
|
| |
3~10 years
|
| | | | 0 % | | |
Leasehold improvement
|
| |
Lesser of useful life or lease term
|
| | | | 0 % | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Late payment penalties and loan collection fees
|
| | | | 158,154 | | | | | | 218,675 | | | | | | 33,047 | | |
Others
|
| | | | 46,799 | | | | | | 86,362 | | | | | | 13,051 | | |
Total
|
| | | | 204,953 | | | | | | 305,037 | | | | | | 46,098 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current portion: | | | | | |||||||||||||||
Loans receivable (i) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 76,457 | | | | | | 1,105,169 | | | | | | 167,017 | | |
Other secured loans
|
| | | | 18,206 | | | | | | 104,292 | | | | | | 15,761 | | |
Unsecured loans
|
| | | | — | | | | | | 512,616 | | | | | | 77,468 | | |
Sub-total
|
| | | | 94,663 | | | | | | 1,722,077 | | | | | | 260,246 | | |
Acquired non-performing loans (ii) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 256,556 | | | | | | 438,942 | | | | | | 66,334 | | |
Other secured loans
|
| | | | — | | | | | | 58,961 | | | | | | 8,910 | | |
Unsecured loans
|
| | | | 762 | | | | | | 120,955 | | | | | | 18,280 | | |
Sub-total
|
| | | | 257,318 | | | | | | 618,858 | | | | | | 93,524 | | |
Advances to borrowers
(iii)
|
| | | | 8,705 | | | | | | 2,487 | | | | | | 376 | | |
Total current loans and advances
|
| | | | 360,686 | | | | | | 2,343,422 | | | | | | 354,146 | | |
Allowance for loans and advances
|
| | | | (67,528 ) | | | | | | (404,930 ) | | | | | | (61,194 ) | | |
Loans and advances, net
|
| | | | 293,158 | | | | | | 1,938,492 | | | | | | 292,952 | | |
Non-current portion: | | | | | |||||||||||||||
Loans receivable (i) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | — | | | | | | 230,634 | | | | | | 34,854 | | |
Other secured loans
|
| | | | — | | | | | | 160,733 | | | | | | 24,291 | | |
Unsecured loans
|
| | | | — | | | | | | 164 | | | | | | 25 | | |
Total non-current loans and advances
|
| | | | — | | | | | | 391,531 | | | | | | 59,170 | | |
Allowance for loans and advances
|
| | | | — | | | | | | (1,360 ) | | | | | | (206 ) | | |
Loans and advances, net
|
| | | | — | | | | | | 390,171 | | | | | | 58,964 | | |
|
2016
|
| |
Loans receivable
|
| |
Acquired non-performing loans
|
| | | | | | | ||||||||||||||||||||||||||||||
| | |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Total
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
Beginning balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,705 ) | | | | | | — | | | | | | — | | | | | | (9,705 ) | | |
Current year provision
|
| | | | — | | | | | | — | | | | | | — | | | | | | (142,715 ) | | | | | | (1,530 ) | | | | | | (372 ) | | | | | | (144,617 ) | | |
Recoveries of loans previously written off
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,268 ) | | | | | | — | | | | | | — | | | | | | (9,268 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 94,532 | | | | | | 1,530 | | | | | | — | | | | | | 96,062 | | |
Ending balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (67,156 ) | | | | | | — | | | | | | (372 ) | | | | | | (67,528 ) | | |
|
2017
|
| |
Loans receivable
|
| |
Acquired non-performing loans
|
| | | ||||||||||||||||||||||||||||||||||||||||
| | |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Total
|
| |
Total
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
Beginning balance
|
| | | | — | | | | | | — | | | | | | — | | | | | | (67,156 ) | | | | | | — | | | | | | (372 ) | | | | | | (67,528 ) | | | | | | (10,205 ) | | |
Current year provision
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (327,453 ) | | | | | | (4,832 ) | | | | | | (81,201 ) | | | | | | (484,063 ) | | | | | | (73,153 ) | | |
Recoveries of loans previously written off
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,943 ) | | | | | | — | | | | | | — | | | | | | (18,943 ) | | | | | | (2,863 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 161,378 | | | | | | 1,077 | | | | | | 1,789 | | | | | | 164,244 | | | | | | 24,821 | | |
Ending balance
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (252,174 ) | | | | | | (3,755 ) | | | | | | (79,784 ) | | | | | | (406,290 ) | | | | | | (61,400 ) | | |
|
As of December 31, 2016
|
| |
Current
|
| |
1 – 30
days past due |
| |
31 – 60
days past due |
| |
61 – 90
days past due |
| |
91 – 120
days past due |
| |
121 – 150
days past due |
| |
151 – 180
days past due |
| |
181 – 360
days past due |
| |
Over 360
days past due |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||||||||
Loans receivable | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 76,457 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,457 | | |
Other secured loans
|
| | | | 18,206 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,206 | | |
Acquired non-performing loans | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | — | | | | | | 69,405 | | | | | | 51,785 | | | | | | 41,342 | | | | | | 31,430 | | | | | | 21,915 | | | | | | 11,715 | | | | | | 23,400 | | | | | | 5,564 | | | | | | 256,556 | | |
Unsecured loans
|
| | | | — | | | | | | 593 | | | | | | 91 | | | | | | 54 | | | | | | 17 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 762 | | |
Total
|
| | | | 94,663 | | | | | | 69,998 | | | | | | 51,876 | | | | | | 41,396 | | | | | | 31,447 | | | | | | 21,922 | | | | | | 11,715 | | | | | | 23,400 | | | | | | 5,564 | | | | | | 351,981 | | |
|
As of December 31, 2017
|
| |
Current
|
| |
1 – 30
days past due |
| |
31 – 60
days past due |
| |
61 – 90
days past due |
| |
91 – 120
days past due |
| |
121 – 150
days past due |
| |
151 – 180
days past due |
| |
181 – 360
days past due |
| |
Over 360
days past due |
| |
Total
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
USD$
|
| |||||||||||||||||||||||||||||||||
Loans receivable | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 1,331,760 | | | | | | 3,015 | | | | | | 813 | | | | | | 50 | | | | | | 165 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,335,803 | | | | | | 201,871 | | |
Other secured loans
|
| | | | 265,025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 265,025 | | | | | | 40,052 | | |
Unsecured loans
|
| | | | 496,726 | | | | | | 14,050 | | | | | | 1,614 | | | | | | 226 | | | | | | 118 | | | | | | 46 | | | | | | — | | | | | | — | | | | | | — | | | | | | 512,780 | | | | | | 77,493 | | |
Acquired non-performing
loans |
| | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | — | | | | | | 73,463 | | | | | | 46,542 | | | | | | 39,968 | | | | | | 38,558 | | | | | | 26,354 | | | | | | 26,887 | | | | | | 134,994 | | | | | | 52,176 | | | | | | 438,942 | | | | | | 66,334 | | |
Other secured loans
|
| | | | — | | | | | | 8,599 | | | | | | 21,419 | | | | | | 12,117 | | | | | | 9,205 | | | | | | 257 | | | | | | 177 | | | | | | 7,145 | | | | | | 42 | | | | | | 58,961 | | | | | | 8,910 | | |
Unsecured loans
|
| | | | — | | | | | | 84,612 | | | | | | 30,507 | | | | | | 3,638 | | | | | | 1,558 | | | | | | 356 | | | | | | 232 | | | | | | 2 | | | | | | 50 | | | | | | 120,955 | | | | | | 18,280 | | |
Total
|
| | | | 2,093,511 | | | | | | 183,739 | | | | | | 100,895 | | | | | | 55,999 | | | | | | 49,604 | | | | | | 27,013 | | | | | | 27,296 | | | | | | 142,141 | | | | | | 52,268 | | | | | | 2,732,466 | | | | | | 412,940 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
Amounts due from third-party payment platforms
(i)
|
| | | | 231,721 | | | | | | 204,231 | | | | | | 30,864 | | |
Prepaid rental and deposits
|
| | | | 40,495 | | | | | | 72,186 | | | | | | 10,909 | | |
Others
|
| | | | 56,637 | | | | | | 157,180 | | | | | | 23,754 | | |
Total
|
| | | | 328,853 | | | | | | 433,597 | | | | | | 65,527 | | |
Non-current: | | | | | | | | | | | | | | | | | | | |
Prepaid rental and deposits
|
| | | | 2,043 | | | | | | 8,048 | | | | | | 1,216 | | |
Total
|
| | | | 2,043 | | | | | | 8,048 | | | | | | 1,216 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Cost method investments
|
| | | | 13,333 | | | | | | 309,333 | | | | | | 46,748 | | |
Time deposits
|
| | | | — | | | | | | 50,000 | | | | | | 7,556 | | |
| | | | | 13,333 | | | | | | 359,333 | | | | | | 54,304 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Computer and electronic equipment
|
| | | | 14,198 | | | | | | 38,298 | | | | | | 5,788 | | |
Leasehold improvement
|
| | | | 13,483 | | | | | | 38,900 | | | | | | 5,879 | | |
Vehicles
|
| | | | 11,359 | | | | | | 20,985 | | | | | | 3,171 | | |
Office furniture and equipment
|
| | | | 2,124 | | | | | | 6,094 | | | | | | 921 | | |
Software
|
| | | | 7,585 | | | | | | 11,053 | | | | | | 1,670 | | |
Total
|
| | | | 48,749 | | | | | | 115,330 | | | | | | 17,429 | | |
Less: Accumulated depreciation and amortization
|
| | | | (3,339 ) | | | | | | (15,897 ) | | | | | | (2,402 ) | | |
Property, equipment and software, net
|
| | | | 45,410 | | | | | | 99,433 | | | | | | 15,027 | | |
|
| | |
Fixed annual Rate
(%) |
| | | | |
As of December 31,
|
| |||||||||||||||
| | |
Term
|
| |
2016
|
| |
2017
|
| |||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current: | | | | | | | |||||||||||||||||||
Institutional funding partners
|
| |
3% to 9%
|
| |
1 to 12 months
|
| | | | — | | | | | | 523,328 | | | | | | 79,087 | | |
Online investors
|
| |
5% to 11%
|
| |
3 days to 12 months
|
| | | | 94,663 | | | | | | 1,247,353 | | | | | | 188,505 | | |
| | | | | | | | | | | 94,663 | | | | | | 1,770,681 | | | | | | 267,592 | | |
Non-current: | | | | | | | |||||||||||||||||||
Institutional funding partners
|
| |
3% to 9%
|
| |
13 to 36 months
|
| | | | — | | | | | | 416,118 | | | | | | 62,885 | | |
|
| | |
Payment due by period
|
| |||||||||||||||||||||
Long-term borrowings and interest payable:
|
| |
Less than
1 year |
| |
1 – 2 years
|
| |
Greater than
2 years |
| |
Total
|
| ||||||||||||
As of December 31, 2016 (RMB)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
As of December 31, 2017 (RMB)
|
| | | | 259,356 | | | | | | 256,945 | | | | | | 189,971 | | | | | | 706,272 | | |
As of December 31, 2017 (US$)
|
| | | | 39,195 | | | | | | 38,830 | | | | | | 28,709 | | | | | | 106,734 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Investor deposits
|
| | | | 298,444 | | | | | | 1,097,259 | | | | | | 165,822 | | |
Undrawn borrower funds and deposits
|
| | | | 591,748 | | | | | | 786,187 | | | | | | 118,811 | | |
Total
|
| | | | 890,192 | | | | | | 1,883,446 | | | | | | 284,633 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Payroll and welfare payable
|
| | | | 87,074 | | | | | | 254,509 | | | | | | 38,462 | | |
Accrued marketing expenses
|
| | | | 6,442 | | | | | | 50,163 | | | | | | 7,581 | | |
Other taxes payable
|
| | | | 23,895 | | | | | | 25,862 | | | | | | 3,908 | | |
Others
|
| | | | 72,103 | | | | | | 130,761 | | | | | | 19,762 | | |
Total
|
| | | | 189,514 | | | | | | 461,295 | | | | | | 69,713 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Interest income
|
| | | | 13,793 | | | | | | 35,742 | | | | | | 5,401 | | |
Interest expenses
|
| | | | — | | | | | | (4,949 ) | | | | | | (748 ) | | |
Bank charges
|
| | | | (145 ) | | | | | | (490 ) | | | | | | (74 ) | | |
Total
|
| | | | 13,648 | | | | | | 30,303 | | | | | | 4,579 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current income tax
|
| | | | 136,400 | | | | | | 318,090 | | | | | | 48,071 | | |
Deferred income tax
|
| | | | (31,270 ) | | | | | | (124,887 ) | | | | | | (18,874 ) | | |
| | | | | 105,130 | | | | | | 193,203 | | | | | | 29,197 | | |
|
| | |
As at December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Deferred tax assets | | | | | | | | | | | | | | | | | | | |
Allowance for loans and advances
|
| | | | 32,325 | | | | | | 128,885 | | | | | | 19,478 | | |
Net operating loss carry forwards
|
| | | | 9,062 | | | | | | 41,875 | | | | | | 6,328 | | |
Accruals for share-based compensation
|
| | | | — | | | | | | 10,180 | | | | | | 1,538 | | |
Accruals for payroll and other costs
|
| | | | 2,511 | | | | | | 24,455 | | | | | | 3,696 | | |
Less: valuation allowance
|
| | | | (10,219 ) | | | | | | (46,829 ) | | | | | | (7,077 ) | | |
Balance at end of the year
|
| | | | 33,679 | | | | | | 158,566 | | | | | | 23,963 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Income before provision of income tax
|
| | | | 396,159 | | | | | | 668,024 | | | | | | 100,954 | | |
PRC statutory income tax rate
|
| | | | 25 % | | | | | | 25 % | | | | | | 25 % | | |
Income tax computed at statutory tax rate
|
| | | | 99,039 | | | | | | 167,006 | | | | | | 25,239 | | |
Research and development super-deduction
|
| | | | (5,034 ) | | | | | | (11,912 ) | | | | | | (1,800 ) | | |
Non-deductible expenses
|
| | | | 942 | | | | | | 1,499 | | | | | | 227 | | |
Changes in valuation allowance
|
| | | | 10,183 | | | | | | 36,610 | | | | | | 5,531 | | |
Income tax expenses
|
| | | | 105,130 | | | | | | 193,203 | | | | | | 29,197 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net income attributable to ordinary shareholders
|
| | | | 170,168 | | | | | | 466,217 | | | | | | 70,456 | | |
Allocation of net income attributable to preferred shareholders
|
| | | | (44,428 ) | | | | | | (121,723 ) | | | | | | (18,395 ) | | |
Numerator for computing basic earnings per share
|
| | | | 125,740 | | | | | | 344,494 | | | | | | 52,061 | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Earnings per share – basic
|
| | | | 129.92 | | | | | | 355.94 | | | | | | 53.79 | | |
|
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Numerator for computing basic earnings per share
|
| | | | 125,740 | | | | | | 344,494 | | | | | | 52,061 | | |
Allocation of net income attributable to Series C redeemable
convertible preferred shares |
| | | | — | | | | | | 21,886 | | | | | | 3,308 | | |
Numerator for computing diluted earnings per share
|
| | | | 125,740 | | | | | | 366,380 | | | | | | 55,369 | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Conversion of Series C redeemable convertible preferred shares to ordinary shares
|
| | | | — | | | | | | 61,488 | | | | | | 61,488 | | |
Weighted average number of ordinary shares outstanding – diluted
|
| | | | 967,841 | | | | | | 1,029,329 | | | | | | 1,029,329 | | |
Earnings per share – diluted
|
| | | | 129.92 | | | | | | 355.94 | | | | | | 53.79 | | |
|
| | |
For the year ended December 31, 2017
|
| |||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Weidai Ltd.
|
| | | | 220,546 | | | | | | 33,330 | | | | | | 254,275 | | | | | | 38,427 | | |
Numerator for pro forma basic and diluted earnings per share
|
| | | | 220,546 | | | | | | 33,330 | | | | | | 254,275 | | | | | | 38,427 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares outstanding
|
| | | | 266,413 | | | | | | 266,413 | | | | | | 701,428 | | | | | | 701,428 | | |
Add: adjustment to reflect assumed effect of
automatic conversion of preference shares |
| | | | 341,974 | | | | | | 341,974 | | | | | | — | | | | | | — | | |
Weighted average number of shares used in
calculating pro forma basic and diluted earnings per share |
| | | | 608,387 | | | | | | 608,387 | | | | | | 701,428 | | | | | | 701,428 | | |
Pro forma earnings per share – basic and diluted (unaudited)
|
| | | | 362.51 | | | | | | 54.78 | | | | | | 362.51 | | | | | | 54.78 | | |
|
Name of related parties
|
| |
Relationship with the Company
|
|
Mr. Hong Yao | | | Founder, chief executive officer and principal shareholder of the Company | |
Hangzhou Ruituo Technology Co., Ltd. | | | Entity controlled by Founder | |
Zhejiang Ruituo Information Technology Co., Ltd.
|
| | Entity controlled by Founder | |
Shanghai Zaohui Finance Lease Co., Ltd. | | | Entity controlled by Director | |
Zhejiang Qunshuo Electronics Co., Ltd | | | Entity significantly influenced by Founder | |
Beijing Lezhihui Technology Co., Ltd. | | | Entity significantly influenced by Founder | |
Hangzhou Qiandaohuyaodage Trading Company | | | Entity controlled by immediate family members of Founder | |
Zhejiang Hongrui Investment Management Co., Ltd.
|
| | Entity controlled by immediate family members of Founder | |
Weiyi (Hangzhou) Internet Financial Information Service Co., Ltd.
|
| | Entity controlled by immediate family members of Founder | |
Chunan Wencai Information Advisory Services Company
|
| | Entity controlled by immediate family members of Founder | |
Chunan Yuntong Information Advisory Services Company
|
| | Entity controlled by immediate family members of Director | |
Chunan Wangcai Information Advisory Services Company
|
| | Entity controlled by immediate family members of Director | |
Suzhou Weixin Zhonghua Venture Capital Partnership
|
| | Company shareholder | |
Key management and their immediate family members
|
| | The Company’s key management and their immediate family members | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Financing income: | | | | | | | | | | | | | | | | | | | |
Key management and their immediate family members
|
| | | | 833 | | | | | | 851 | | | | | | 129 | | |
Other revenues: | | | | | |||||||||||||||
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 2,179 | | | | | | 3,740 | | | | | | 565 | | |
Origination and servicing expenses: | | | | | |||||||||||||||
Customer acquisition costs to: | | | | | | | | | | | | | | | | | | | |
Chunan Wencai Information Advisory Services Company
|
| | | | 87,356 | | | | | | 99,601 | | | | | | 15,052 | | |
Chunan Wangcai Information Advisory Services Company
|
| | | | 57,833 | | | | | | 62,496 | | | | | | 9,445 | | |
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 5,578 | | | | | | 49,377 | | | | | | 7,462 | | |
Chunan Yuntong Information Advisory Services Company
|
| | | | 3,155 | | | | | | 2,793 | | | | | | 422 | | |
GPS costs to: | | | | | | | | | | | | | | | | | | | |
Zhejiang Qunshuo Electronics Co., Ltd
|
| | | | 10,067 | | | | | | 25,290 | | | | | | 3,822 | | |
Collecting costs to: | | | | | |||||||||||||||
Zhejiang Hongrui Investment Management Co., Ltd.
|
| | | | 13,221 | | | | | | 20,469 | | | | | | 3,093 | | |
Total
|
| | | | 177,210 | | | | | | 260,026 | | | | | | 39,296 | | |
General and administrative expenses: | | | | | | | | | | | | | | | | | | | |
Consulting expenses to: | | | | | | | | | | | | | | | |||||
Suzhou Weixin Zhonghua Venture Capital Partnership (LLP)
|
| | | | — | | | | | | 20,000 | | | | | | 3,022 | | |
Welfare expenses to: | | | | | |||||||||||||||
Hangzhou Qiandaohuyaodage trading company
|
| | | | 179 | | | | | | 1,387 | | | | | | 210 | | |
Total
|
| | | | 179 | | | | | | 21,387 | | | | | | 3,232 | | |
Sales and marketing expenses: | | | | | | | | | | | | | | | | | | | |
Promotion expenses to: | | | | | | | | | | | | | | | | | | | |
Weiyi (Hangzhou) Internet Financial Information Service
Co., Ltd. |
| | | | 3,264 | | | | | | 7,916 | | | | | | 1,196 | | |
Trademark expenses to: | | | | | |||||||||||||||
Zhejiang Ruituo Information Technology Co., Ltd.
|
| | | | — | | | | | | 62 | | | | | | 10 | | |
Total
|
| | | | 3,264 | | | | | | 7,978 | | | | | | 1,206 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Hangzhou Ruituo Technology Co., Ltd.
|
| | | | 3,051 | | | | | | 4,497 | | | | | | 680 | | |
Shanghai Zaohui Finance Lease Co., Ltd.
(i)
|
| | | | 270 | | | | | | 3,993 | | | | | | 603 | | |
Mr. Hong Yao
|
| | | | 64,687 | | | | | | 161 | | | | | | 24 | | |
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 5,311 | | | | | | — | | | | | | — | | |
Others
|
| | | | 881 | | | | | | 517 | | | | | | 78 | | |
Total
|
| | | | 74,200 | | | | | | 9,168 | | | | | | 1,385 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Key management and their immediate family members
(i)
|
| | | | 15,010 | | | | | | 30,701 | | | | | | 4,640 | | |
Hangzhou Ruituo Technology Co., Ltd.
(ii)
|
| | | | 853 | | | | | | 10,139 | | | | | | 1,532 | | |
Chunan Wangcai Information Advisory Services Company
|
| | | | 9,489 | | | | | | 6,233 | | | | | | 942 | | |
Chunan Wencai Information Advisory Services Company
|
| | | | 8,448 | | | | | | 5,718 | | | | | | 864 | | |
Mr. Hong Yao
(i)
|
| | | | 21,307 | | | | | | 4,335 | | | | | | 655 | | |
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 5,577 | | | | | | 2,921 | | | | | | 441 | | |
Others
|
| | | | 864 | | | | | | 2,853 | | | | | | 432 | | |
Total
|
| | | | 61,548 | | | | | | 62,900 | | | | | | 9,506 | | |
|
| | |
December 31, 2017
|
|
Fair value per ordinary share
|
| |
6,721
|
|
Risk-free interest rate
|
| |
4.35%
|
|
Dividend yield
|
| |
nil
|
|
Expected volatility
|
| |
61.00%
|
|
Weighted average expected life range (years)
|
| |
2.92 – 3.75
|
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Origination and servicing
|
| | | | 18,473 | | | | | | — | | | | | | — | | |
General and administrative
|
| | | | — | | | | | | 35,223 | | | | | | 5,323 | | |
Research and development
|
| | | | 13,853 | | | | | | 5,496 | | | | | | 831 | | |
Total
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | |
|
| | |
RMB
|
| |
US$
|
| ||||||
2018
|
| | | | 91,347 | | | | | | 13,805 | | |
2019
|
| | | | 72,363 | | | | | | 10,936 | | |
2020
|
| | | | 26,634 | | | | | | 4,025 | | |
2021
|
| | | | 9,577 | | | | | | 1,447 | | |
2022 and thereafter
|
| | | | 124 | | | | | | 19 | | |
Total
|
| | | | 200,045 | | | | | | 30,232 | | |
|
| | |
RMB
|
| |
US$
|
| ||||||
2018
|
| | | | 3,692 | | | | | | 558 | | |
2019
|
| | | | 1,015 | | | | | | 153 | | |
2020 and thereafter
|
| | | | — | | | | | | — | | |
Total
|
| | | | 4,707 | | | | | | 711 | | |
|
| | |
Series A
|
| |
Series A+
|
| |
Series B
|
| |
Series C
|
| |
Total
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||
Balance as of January 1, 2016
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Capital injection for Series A, A+ and B preferred
shares |
| | | | 18,293 | | | | | | 3,658 | | | | | | 6,098 | | | | | | — | | | | | | 28,049 | | |
Issuance of Series C redeemable convertible preferred shares (net of nil issuance costs)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 240,000 | | | | | | 240,000 | | |
Modification of Series A, A+ and B preferred shares
|
| | | | 563 | | | | | | 113 | | | | | | 185 | | | | | | — | | | | | | 861 | | |
Accretion of Series C redeemable convertible preferred shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | |
Balance as of December 31, 2016
|
| | | | 18,856 | | | | | | 3,771 | | | | | | 6,283 | | | | | | 360,000 | | | | | | 388,910 | | |
Dividends declared
|
| | | | 4,602 | | | | | | 920 | | | | | | 1,534 | | | | | | 1,548 | | | | | | 8,604 | | |
Dividends paid
|
| | | | (4,602 ) | | | | | | (920 ) | | | | | | (1,534 ) | | | | | | (1,548 ) | | | | | | (8,604 ) | | |
Balance as of December 31, 2017
|
| | | | 18,856 | | | | | | 3,771 | | | | | | 6,283 | | | | | | 360,000 | | | | | | 388,910 | | |
Balance as of December 31, 2017 (US$)
|
| | | | 2,850 | | | | | | 570 | | | | | | 950 | | | | | | 54,403 | | | | | | 58,773 | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Investment in subsidiaries, VIE and VIE’s subsidiaries
|
| | | | 733,494 | | | | | | 1,216,806 | | | | | | 183,889 | | |
Total non-current assets
|
| | | | 733,494 | | | | | | 1,216,806 | | | | | | 183,889 | | |
Total assets
|
| | | | 733,494 | | | | | | 1,216,806 | | | | | | 183,889 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Share-based liability awards
|
| | | | — | | | | | | 40,719 | | | | | | 6,154 | | |
Total non-current liabilities
|
| | | | — | | | | | | 40,719 | | | | | | 6,154 | | |
Total liabilities
|
| | | | — | | | | | | 40,719 | | | | | | 6,154 | | |
Mezzanine equity: | | | | | | | | | | | | | | | | | | | |
Series A preferred shares (par value of US$0.0001 per share; 182,925 shares authorized, issued and outstanding as of December 31, 2016 and 2017)
|
| | | | 18,856 | | | | | | 18,856 | | | | | | 2,850 | | |
Series A+ preferred shares (par value of US$0.0001 per share; 36,585 shares authorized, issued and outstanding as of December 31, 2016 and 2017)
|
| | | | 3,771 | | | | | | 3,771 | | | | | | 570 | | |
Series B preferred shares (par value of US$0.0001 per share; 60,976 shares authorized, issued and outstanding as of December 31, 2016 and 2017)
|
| | | | 6,283 | | | | | | 6,283 | | | | | | 950 | | |
Series C redeemable convertible preferred shares (par value of US$0.0001 per share; 61,488 shares authorized, issued and outstanding as of December 31, 2016 and 2017)
|
| | | | 360,000 | | | | | | 360,000 | | | | | | 54,403 | | |
Total mezzanine equity
|
| | | | 388,910 | | | | | | 388,910 | | | | | | 58,773 | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | |
Ordinary shares (par value of US$0.0001 per share; 499,658,026 shares
authorized, 967,841 shares issued and outstanding as of December 31, 2016 and 2017) |
| | | | 1 | | | | | | 1 | | | | | | — | | |
Class A ordinary shares (par value of US$0.0001 per share; 608,387 shares issued and outstanding as of December 31, 2016 and 2017, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of US$0.0001 per share; 701,428 shares issued and outstanding, as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 468,352 | | | | | | 468,352 | | | | | | 70,779 | | |
(Accumulated deficit)/Retained earnings
|
| | | | (123,769 ) | | | | | | 318,824 | | | | | | 48,183 | | |
Total shareholders’ equity
|
| | | | 344,584 | | | | | | 787,177 | | | | | | 118,962 | | |
Total liabilities and shareholders’ equity
|
| | | | 344,584 | | | | | | 787,177 | | | | | | 125,116 | | |
Total liabilities, mezzanine equity and shareholders’ equity
|
| | | | 733,494 | | | | | | 1,216,806 | | | | | | 183,889 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Income from equity method investments
|
| | | | 323,355 | | | | | | 515,540 | | | | | | 77,911 | | |
Share-based compensation expenses
|
| | | | (32,326 ) | | | | | | (40,719 ) | | | | | | (6,154 ) | | |
Net income before income taxes
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Income tax expenses
|
| | | | — | | | | | | — | | | | | | — | | |
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | |
Total comprehensive income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Net income
|
| | | | 291,029 | | | | | | 474,821 | | | | | | 71,757 | | |
Share of profit in subsidiaries, VIE and VIE’s
subsidiaries |
| | | | (323,355 ) | | | | | | (515,540 ) | | | | | | (77,911 ) | | |
Share-based compensation expenses
|
| | | | 32,326 | | | | | | 40,719 | | | | | | 6,154 | | |
Net cash provided by (used in) operating activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net cash provided by (used in) investing activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | — | | | | | | — | | | | | | — | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | — | | | | | | — | | | | | | — | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | — | | | | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at beginning of the year
|
| | | | — | | | | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at end of the
year |
| | | | — | | | | | | — | | | | | | — | | |
|
| | | | | | | | |
As of
|
| |||||||||||||||
| | |
Note
|
| |
December 31,
2017 |
| |
June 30, 2018
|
| |||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||
ASSETS | | | | | | ||||||||||||||||||||
Current assets: | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | | | | | | | | 1,765,572 | | | | | | 1,823,295 | | | | | | 275,543 | | |
Restricted cash
|
| | | | | | | | | | 1,092,921 | | | | | | 911,796 | | | | | | 137,794 | | |
Loans and advances, net (net of allowance of RMB404,930
and RMB414,374 (US$62,622) as of December 31, 2017 and June 30, 2018, respectively) |
| | | | 3 | | | | | | 1,938,492 | | | | | | 1,725,015 | | | | | | 260,690 | | |
Short-term investments
|
| | | | | | | | | | 8,500 | | | | | | 3,560 | | | | | | 538 | | |
Prepaid expenses and other assets
|
| | | | 4 | | | | | | 433,597 | | | | | | 628,063 | | | | | | 94,916 | | |
Amounts due from related parties
|
| | | | 14 | | | | | | 9,168 | | | | | | 45,692 | | | | | | 6,905 | | |
Total current assets | | | | | | | | | | | 5,248,250 | | | | | | 5,137,421 | | | | | | 776,386 | | |
Non-current assets: | | | | | | ||||||||||||||||||||
Restricted cash
|
| | | | | | | | | | 4,000 | | | | | | 8,000 | | | | | | 1,209 | | |
Long-term investments
|
| | | | 5 | | | | | | 359,333 | | | | | | 13,333 | | | | | | 2,015 | | |
Loans and advances, net (net of allowance of RMB1,360 and
RMB1,211 (US$183) as of December 31, 2017 and June 30, 2018, respectively) |
| | | | 3 | | | | | | 390,171 | | | | | | 494,450 | | | | | | 74,723 | | |
Prepaid expenses and other assets
|
| | | | 4 | | | | | | 8,048 | | | | | | 4,602 | | | | | | 696 | | |
Property, equipment and software, net
|
| | | | 6 | | | | | | 99,433 | | | | | | 103,744 | | | | | | 15,678 | | |
Goodwill
|
| | | | 18 | | | | | | — | | | | | | 5,812 | | | | | | 878 | | |
Deferred tax assets
|
| | | | 12 | | | | | | 158,566 | | | | | | 178,174 | | | | | | 26,926 | | |
Total non-current assets | | | | | | | | | | | 1,019,551 | | | | | | 808,115 | | | | | | 122,125 | | |
TOTAL ASSETS | | | | | | | | | | | 6,267,801 | | | | | | 5,945,536 | | | | | | 898,511 | | |
|
| | | | | | | | |
As of
|
| |||||||||||||||
| | |
Note
|
| |
December 31,
2017 |
| |
June 30, 2018
|
| |||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | ||||||||||||||||||||
Current liabilities
(including current liabilities of the consolidated VIE and subsidiaries without recourse to the primary beneficiary of RMB4,633,990 and RMB3,768,943 (US$569,576) as of December 31, 2017 and June 30, 2018, respectively):
|
| | | | | ||||||||||||||||||||
Short-term borrowings
|
| | | | 7 | | | | | | 200,000 | | | | | | 200,000 | | | | | | 30,225 | | |
Payable to institutional funding partners and online investors
|
| | | | 8 | | | | | | 1,770,681 | | | | | | 1,341,677 | | | | | | 202,759 | | |
Current account with online investors and borrowers
|
| | | | 9 | | | | | | 1,883,446 | | | | | | 1,774,143 | | | | | | 268,115 | | |
Income tax payable
|
| | | | | | | | | | 243,338 | | | | | | 61,329 | | | | | | 9,269 | | |
Accrued expenses and other liabilities
|
| | | | 10 | | | | | | 461,295 | | | | | | 418,005 | | | | | | 63,170 | | |
Amounts due to related parties
|
| | | | 14 | | | | | | 62,900 | | | | | | 35,755 | | | | | | 5,403 | | |
Deferred revenue
|
| | | | | | | | | | 12,330 | | | | | | 8,299 | | | | | | 1,254 | | |
Total current liabilities
|
| | | | | | | | | | 4,633,990 | | | | | | 3,839,208 | | | | | | 580,195 | | |
Non-current liabilities
(including non-current liabilities of the consolidated VIE and subsidiaries without recourse to the primary beneficiary of RMB457,724 and RMB599,765 (US$90,638) as of December 31, 2017 and June 30, 2018, respectively):
|
| | | | | ||||||||||||||||||||
Payable to institutional funding partners and online investors
|
| | | | 8 | | | | | | 416,118 | | | | | | 536,774 | | | | | | 81,119 | | |
Deferred revenue
|
| | | | | | | | | | 887 | | | | | | 2,473 | | | | | | 374 | | |
Other non-current liabilities
|
| | | | | | | | | | 40,719 | | | | | | 60,518 | | | | | | 9,145 | | |
Total non-current liabilities
|
| | | | | | | | | | 457,724 | | | | | | 599,765 | | | | | | 90,638 | | |
Total liabilities
|
| | | | | | | | | | 5,091,714 | | | | | | 4,438,973 | | | | | | 670,833 | | |
Commitments and contingencies
|
| | | | 16 | | | | | |
| | | | | | | | |
As of
|
| |
Pro forma shareholders’
equity as of |
| ||||||||||||||||||||||||
| | |
Note
|
| |
December 31,
2017 |
| |
June 30, 2018
|
| |
June 30, 2018
|
| ||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||||||||
Mezzanine equity: | | | |
|
17
|
| | | | | | | |||||||||||||||||||||||||
Series A preferred shares (par value of
US$0.0001 per share; 182,925 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 18,856 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series A+ preferred shares (par value of
US$0.0001 per share; 36,585 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 3,771 | | | | | | 3,771 | | | | | | 570 | | | | | | — | | | | | | — | | |
Series B preferred shares (par value of
US$0.0001 per share; 60,976 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 6,283 | | | | | | 6,283 | | | | | | 950 | | | | | | — | | | | | | — | | |
Series C preferred shares (par value of
US$0.0001 per share; 61,488 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 360,000 | | | | | | 240,000 | | | | | | 36,270 | | | | | | — | | | | | | — | | |
Total mezzanine equity | | | | | | | | | | | 388,910 | | | | | | 250,054 | | | | | | 37,790 | | | | | | — | | | | | | — | | |
|
| | | | | | | | |
As of
|
| |
Pro forma shareholders’
equity as of |
| ||||||||||||||||||||||||
| | |
Note
|
| |
December 31,
2017 |
| |
June 30, 2018
|
| |
June 30, 2018
|
| ||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||||||||
Shareholders’ equity | | | | | | | | ||||||||||||||||||||||||||||||
Ordinary shares (par value of US$0.0001 per share; 499,658,026 shares authorized, 967,841 shares issued and outstanding as of December 31, 2017 and June 30, 2018)
|
| | | | | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Series A preferred shares (par value of
US$0.0001 per share; 182,925 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | 17 | | | | | | — | | | | | | 18,856 | | | | | | 2,850 | | | | | | — | | | | | | — | | |
Class A ordinary shares ( par value of
US$0.0001 per share; 608,387 shares issued and outstanding as of December 31, 2017 and June 30, 2018, pro forma) |
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of
US$0.0001 per share; 701,488 shares issued and outstanding, as of December 31, 2017 and June 30, 2018, pro forma) |
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | | | | 468,352 | | | | | | 485,962 | | | | | | 73,440 | | | | | | 754,873 | | | | | | 114,080 | | |
Retained earnings
|
| | | | | | | | | | 318,824 | | | | | | 746,920 | | | | | | 112,877 | | | | | | 746,920 | | | | | | 112,877 | | |
Total Weidai Ltd.
shareholders’ equity |
| | | | | | | | | | 787,177 | | | | | | 1,251,739 | | | | | | 189,167 | | | | | | 1,501,793 | | | | | | 226,957 | | |
Noncontrolling interests
|
| | | | | | | | | | — | | | | | | 4,770 | | | | | | 721 | | | | | | 4,770 | | | | | | 721 | | |
Total shareholders’ equity
|
| | | | | | | | | | 787,177 | | | | | | 1,256,509 | | | | | | 189,888 | | | | | | 1,506,563 | | | | | | 227,678 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | 6,267,801 | | | | | | 5,945,536 | | | | | | 898,511 | | | | | ||||||||||
|
| | | | | | | | |
Six months ended June 30,
|
|||||||||||||||
| | |
Note
|
| |
2017
|
| |
2018
|
|||||||||||||||
| | | | | | | | |
RMB
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
|||||||||
Net revenues: | | | | | | |||||||||||||||||||
Loan facilitation services (including related party amounts of RMB498 and RMB470 (US$71) for the six months ended June 30, 2017 and 2018, respectively)
|
| | | | | | | | | | 1,269,759 | | | | | | 1,466,519 | | | | | | 221,626 | |
Post facilitation services
|
| | | | | | | | | | 141,707 | | | | | | 165,391 | | | | | | 24,994 | |
Other revenues (including related party amounts of RMB2,377
and nil for the six months ended June 30, 2017 and 2018, respectively) |
| | | | | | | | | | 152,936 | | | | | | 105,048 | | | | | | 15,875 | |
Financing income
|
| | | | | | | | | | 15,425 | | | | | | 234,607 | | | | | | 35,455 | |
Less: Funding costs
|
| | | | | | | | | | (4,628 ) | | | | | | (78,202 ) | | | | | | (11,818 ) | |
Net financing income
|
| | | | | | | | | | 10,797 | | | | | | 156,405 | | | | | | 23,637 | |
Business related taxes and surcharges
|
| | | | | | | | | | (6,614 ) | | | | | | (10,093 ) | | | | | | (1,524 ) | |
Total net revenues
|
| | | | | | | | | | 1,568,585 | | | | | | 1,883,270 | | | | | | 284,608 | |
Provision for loans and advances
|
| | | | | | | | | | (159,677 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | |
Net revenues after provision for loans and advances
|
| | | | | | | | | | 1,408,908 | | | | | | 1,644,412 | | | | | | 248,511 | |
Operating costs and expenses: | | | | | | |||||||||||||||||||
Origination and servicing (including related party amounts of RMB121,814 and RMB78,421 (US$11,851) for the six months ended June 30, 2017 and 2018, respectively)
|
| | | | | | | | | | (820,784 ) | | | | | | (916,160 ) | | | | | | (138,453 ) | |
Sales and marketing (including related party amounts of RMB
3,425 and RMB 6,945 (US$1,050) for the six months ended June 30, 2017 and 2018, respectively) |
| | | | | | | | | | (72,111 ) | | | | | | (104,994 ) | | | | | | (15,867 ) | |
General and administrative (including related party amounts of RMB21,140 and RMB276 (US$42) for the six months ended June 30, 2017 and 2018, respectively)
|
| | | | | | | | | | (133,378 ) | | | | | | (165,148 ) | | | | | | (24,959 ) | |
Research and development
|
| | | | | | | | | | (34,081 ) | | | | | | (67,214 ) | | | | | | (10,158 ) | |
Total operating costs and expenses
|
| | | | | | | | | | (1,060,354 ) | | | | | | (1,253,516 ) | | | | | | (189,437 ) | |
Income from operations
|
| | | | | | | | | | 348,554 | | | | | | 390,896 | | | | | | 59,074 | |
Interest income, net
|
| | | | 11 | | | | | | 18,590 | | | | | | 26,888 | | | | | | 4,063 | |
Government subsidies
|
| | | | | | | | | | 2,849 | | | | | | 905 | | | | | | 137 | |
Other expenses, net
|
| | | | | | | | | | (67 ) | | | | | | (9,324 ) | | | | | | (1,409 ) | |
Net income before income taxes
|
| | | | | | | | | | 369,926 | | | | | | 409,365 | | | | | | 61,865 | |
Income tax expenses
|
| | | | 12 | | | | | | (101,691 ) | | | | | | (102,014 ) | | | | | | (15,417 ) | |
Net income
|
| | | | | | | | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | |
Net loss attributable to noncontrolling interests
|
| | | | | | | | | | — | | | | | | 745 | | | | | | 113 | |
Net income and comprehensive income attributable to Weidai Ltd.’s shareholders
|
| | | | | | | | | | 268,235 | | | | | | 308,096 | | | | | | 46,561 | |
|
| | | | | | | | |
Six months ended June 30,
|
| |||||||||||||||
| | |
Note
|
| |
2017
|
| |
2018
|
| |||||||||||||||
| | | | | | | | |
RMB
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||
| | | | | | ||||||||||||||||||||
Dividends declared to preferred shareholders
|
| | | | | | | | | | (8,604 ) | | | | | | – | | | | | | – | | |
Reversal of accretion on Series C preferred shares
|
| | | | | | | | | | — | | | | | | 120,000 | | | | | | 18,135 | | |
Net income and comprehensive income attributable to Weidai Ltd.’s ordinary shareholders
|
| | | | | | | | | | 259,631 | | | | | | 428,096 | | | | | | 64,696 | | |
Earnings per share: | | | | | | ||||||||||||||||||||
Basic
|
| | | | 13 | | | | | | 204.79 | | | | | | 326.84 | | | | | | 49.39 | | |
Diluted
|
| | | | 13 | | | | | | 204.79 | | | | | | 235.22 | | | | | | 35.55 | | |
Shares used in earnings per share computation: | | | | | | ||||||||||||||||||||
Basic
|
| | | | | | | | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Diluted
|
| | | | | | | | | | 1,029,329 | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
Pro forma earnings per share for Class A and Class B ordinary shareholders:
|
| | | | | ||||||||||||||||||||
Basic (unaudited)
|
| | | | | | | | | | | | | | | | 235.22 | | | | | | 35.55 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | | | | 235.22 | | | | | | 35.55 | | |
Class A and Class B ordinary shares used in pro forma earnings per share computation:
|
| | | | | ||||||||||||||||||||
Basic (unaudited)
|
| | | | | | | | | | | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
| | |
Attributable to Weidai Ltd.
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Ordinary Shares
|
| |
Preferred Shares
|
| | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Notes
|
| |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Additional
paid-in capital |
| |
(Accumulated
Deficit)/ Retained Earnings |
| |
Total
Weidai Ltd. shareholders’ equity |
| |
Noncontrolling
shareholders’ interests |
| |
Total
shareholders’ equity |
| ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
Balance as of January 1, 2017
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | (123,769 ) | | | | | | 344,584 | | | | | | 2,000 | | | | | | 346,584 | | |
Dividend declared
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (32,228 ) | | | | | | (32,228 ) | | | | | | — | | | | | | (32,228 ) | | |
Acquisition of noncontrolling interests
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,000 ) | | | | | | (2,000 ) | | |
Net income
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 268,235 | | | | | | 268,235 | | | | | | — | | | | | | 268,235 | | |
Balance as of June 30, 2017
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | 112,238 | | | | | | 580,591 | | | | | | — | | | | | | 580,591 | | |
Balance as of January 1, 2018
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | 318,824 | | | | | | 787,177 | | | | | | — | | | | | | 787,177 | | |
Modification of Series A preferred shares
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | 182,925 | | | | | | 18,856 | | | | | | — | | | | | | — | | | | | | 18,856 | | | | | | — | | | | | | 18,856 | | |
Shared-based compensation
|
| | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,610 | | | | | | — | | | | | | 17,610 | | | | | | — | | | | | | 17,610 | | |
Establishment of a subsidiary
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,900 | | | | | | 4,900 | | |
Acquisition of a subsidiary
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 615 | | | | | | 615 | | |
Net income (Net loss attributable
to noncontrolling interests) |
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 308,096 | | | | | | 308,096 | | | | | | (745 ) | | | | | | 307,351 | | |
Reversal of accretion on Series C preferred shares
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | | | | | — | | | | | | 120,000 | | |
Balance as of June 30, 2018
|
| | | | | | | | | | 967,841 | | | | | | 1 | | | | | | 182,925 | | | | | | 18,856 | | | | | | 485,962 | | | | | | 746,920 | | | | | | 1,251,739 | | | | | | 4,770 | | | | | | 1,256,509 | | |
Balances as of June 30, 2018
in US$ |
| | | | | | | | | | | | | | | | — | | | | | | | | | | | | 2,850 | | | | | | 73,440 | | | | | | 112,877 | | | | | | 189,167 | | | | | | 721 | | | | | | 189,888 | | |
|
| | |
Six months ended June 30,
|
|||||||||||||||
| | |
2017
|
| |
2018
|
||||||||||||
| | |
RMB
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
|||||||||
Cash flows from operating activities: | | | | | ||||||||||||||
Net income
|
| | | | 268,235 | | | | | | 307,351 | | | | | | 46,448 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | ||||||||||||||
Provision for loans and advances
|
| | | | 159,677 | | | | | | 238,858 | | | | | | 36,097 | |
Depreciation and amortization
|
| | | | 5,278 | | | | | | 12,509 | | | | | | 1,890 | |
Share-based compensation expenses
|
| | | | 18,836 | | | | | | 55,595 | | | | | | 8,402 | |
Loss on disposals of cost method investments
|
| | | | — | | | | | | 963 | | | | | | 146 | |
Changes in operating assets and liabilities: | | | | | ||||||||||||||
Prepaid expenses and other assets
|
| | | | (211,698 ) | | | | | | (137,835 ) | | | | | | (20,830 ) | |
Amounts due from related parties
|
| | | | 57,473 | | | | | | (36,524 ) | | | | | | (5,520 ) | |
Deferred tax assets
|
| | | | (31,476 ) | | | | | | (19,608 ) | | | | | | (2,963 ) | |
Current account with online investors and borrowers
|
| | | | 209,987 | | | | | | (109,303 ) | | | | | | (16,518 ) | |
Income tax payable
|
| | | | 11,333 | | | | | | (182,009 ) | | | | | | (27,506 ) | |
Accrued expenses and other liabilities
|
| | | | 72,733 | | | | | | (68,950 ) | | | | | | (10,420 ) | |
Amounts due to related parties
|
| | | | (30,068 ) | | | | | | (31,645 ) | | | | | | (4,782 ) | |
Deferred revenue
|
| | | | 1,423 | | | | | | (5,806 ) | | | | | | (878 ) | |
Net cash provided by operating activities
|
| | | | 531,733 | | | | | | 23,596 | | | | | | 3,566 | |
Cash flows from investing activities: | | | | | ||||||||||||||
Purchase of short-term investments
|
| | | | (5,101,270 ) | | | | | | (2,674,670 ) | | | | | | (404,206 ) | |
Redemption of short-term investments
|
| | | | 5,101,270 | | | | | | 2,679,610 | | | | | | 404,952 | |
Payments to originate loans and advances
|
| | | | (1,744,034 ) | | | | | | (4,152,188 ) | | | | | | (627,494 ) | |
Proceeds from collection of loans and advances
|
| | | | 1,358,277 | | | | | | 4,022,528 | | | | | | 607,899 | |
Addition of long-term investments
|
| | | | (296,000 ) | | | | | | (1,093,040 ) | | | | | | (165,184 ) | |
Redemption of long-term investments
|
| | | | — | | | | | | 1,143,040 | | | | | | 172,740 | |
Disposals of cost method investments
|
| | | | — | | | | | | 295,037 | | | | | | 44,587 | |
Cash and cash equivalents acquired from business combinations
|
| | | | — | | | | | | 8,045 | | | | | | 1,216 | |
Purchase of property, equipment and software
|
| | | | (25,906 ) | | | | | | (12,302 ) | | | | | | (1,859 ) | |
Net cash (used in) provided by investing activities
|
| | | | (707,663 ) | | | | | | 216,060 | | | | | | 32,651 | |
Cash flows from financing activities: | | | | | ||||||||||||||
Proceeds from institutional funding partners and online investors
|
| | | | 273,413 | | | | | | 2,017,605 | | | | | | 304,908 | |
Payments to institutional funding partners and online investors
|
| | | | (92,453 ) | | | | | | (2,381,563 ) | | | | | | (359,910 ) | |
Contribution from noncontrolling interest holder
|
| | | | — | | | | | | 4,900 | | | | | | 741 | |
Distribution to noncontrolling interest holder
|
| | | | (2,000 ) | | | | | | — | | | | | | — | |
Payments of dividends to shareholders
|
| | | | (15,498 ) | | | | | | — | | | | | | — | |
Net cash provided by (used in) financing activities
|
| | | | 163,462 | | | | | | (359,058 ) | | | | | | (54,261 ) | |
|
| | |
Six months ended June 30,
|
|||||||||||||||
| | |
2017
|
| |
2018
|
||||||||||||
| | |
RMB
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
|||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | — | | | | | | — | | | | | | — | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (12,468 ) | | | | | | (119,402 ) | | | | | | (18,044 ) | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 1,314,814 | | | | | | 2,862,493 | | | | | | 432,590 | |
Cash, cash equivalents and restricted cash at end of period
|
| | | | 1,302,346 | | | | | | 2,743,091 | | | | | | 414,546 | |
Supplemental disclosure of cash flow information: | | | | | ||||||||||||||
Interest paid
|
| | | | 4,628 | | | | | | 83,068 | | | | | | 12,554 | |
Income taxes paid
|
| | | | 130,622 | | | | | | 437,036 | | | | | | 66,046 | |
Non-cash activities: | | | | | ||||||||||||||
Reversal of accretion on Series C preferred shares
|
| | | | — | | | | | | 120,000 | | | | | | 18,135 | |
Purchase consideration for business combination included in amounts due to related parties
|
| | | | — | | | | | | 4,500 | | | | | | 680 | |
Reconciliation of cash, cash equivalents and restricted cash: | | | | | ||||||||||||||
Cash and cash equivalents
|
| | | | 1,107,492 | | | | | | 1,823,295 | | | | | | 275,543 | |
Restricted cash – current
|
| | | | 192,854 | | | | | | 911,796 | | | | | | 137,794 | |
Restricted cash – non-current
|
| | | | 2,000 | | | | | | 8,000 | | | | | | 1,209 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
| | | | 1,302,346 | | | | | | 2,743,091 | | | | | | 414,546 | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Current assets: | | | | | |||||||||||||||
Cash and cash equivalents
|
| | | | 1,765,572 | | | | | | 1,819,585 | | | | | | 274,982 | | |
Restricted cash
|
| | | | 1,092,921 | | | | | | 911,796 | | | | | | 137,794 | | |
Loans and advances, net
|
| | | | 1,938,492 | | | | | | 1,725,015 | | | | | | 260,690 | | |
Short-term investments
|
| | | | 8,500 | | | | | | 3,560 | | | | | | 538 | | |
Prepaid expenses and other assets
|
| | | | 433,597 | | | | | | 642,218 | | | | | | 97,054 | | |
Amounts due from related parties
|
| | | | 9,168 | | | | | | 45,692 | | | | | | 6,905 | | |
Total current assets
|
| | | | 5,248,250 | | | | | | 5,147,866 | | | | | | 777,963 | | |
Non-current assets: | | | | | |||||||||||||||
Restricted cash
|
| | | | 4,000 | | | | | | 8,000 | | | | | | 1,209 | | |
Long-term investments
|
| | | | 359,333 | | | | | | 13,333 | | | | | | 2,015 | | |
Loans and advances, net
|
| | | | 390,171 | | | | | | 494,450 | | | | | | 74,723 | | |
Prepaid expenses and other assets
|
| | | | 8,048 | | | | | | 4,602 | | | | | | 696 | | |
Property, equipment and software, net
|
| | | | 99,433 | | | | | | 103,744 | | | | | | 15,678 | | |
Goodwill
|
| | | | — | | | | | | 3,067 | | | | | | 463 | | |
Deferred tax assets
|
| | | | 158,566 | | | | | | 178,174 | | | | | | 26,926 | | |
Total non-current assets
|
| | | | 1,019,551 | | | | | | 805,370 | | | | | | 121,710 | | |
Total assets
|
| | | | 6,267,801 | | | | | | 5,953,236 | | | | | | 899,673 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Current liabilities: | | | | | |||||||||||||||
Short-term borrowings
|
| | | | 200,000 | | | | | | 200,000 | | | | | | 30,225 | | |
Payable to institutional funding partners and online investors
|
| | | | 1,770,681 | | | | | | 1,341,677 | | | | | | 202,759 | | |
Current account with online investors and borrowers
|
| | | | 1,883,446 | | | | | | 1,774,143 | | | | | | 268,115 | | |
Income tax payable
|
| | | | 243,338 | | | | | | 6,100 | | | | | | 922 | | |
Accrued expenses and other liabilities
|
| | | | 461,295 | | | | | | 645,590 | | | | | | 97,564 | | |
Amounts due to related parties
|
| | | | 62,900 | | | | | | 35,755 | | | | | | 5,403 | | |
Deferred revenue
|
| | | | 12,330 | | | | | | 8,299 | | | | | | 1,254 | | |
Total current liabilities
|
| | | | 4,633,990 | | | | | | 4,011,564 | | | | | | 606,242 | | |
Non-current liabilities: | | | | | |||||||||||||||
Payable to institutional funding partners and online investors
|
| | | | 416,118 | | | | | | 536,774 | | | | | | 81,119 | | |
Deferred revenue
|
| | | | 887 | | | | | | 2,473 | | | | | | 374 | | |
Other non-current liabilities
|
| | | | 40,719 | | | | | | 60,518 | | | | | | 9,145 | | |
Total non-current liabilities
|
| | | | 457,724 | | | | | | 599,765 | | | | | | 90,638 | | |
Total liabilities
|
| | | | 5,091,714 | | | | | | 4,611,329 | | | | | | 696,880 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||||||||
Net revenues
|
| | | | 1,568,585 | | | | | | 1,884,913 | | | | | | 284,855 | | |
Net income
|
| | | | 268,235 | | | | | | 142,693 | | | | | | 21,564 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||||||||
Net cash provided by operating activities
|
| | | | 531,733 | | | | | | 23,334 | | | | | | 3,526 | | |
Net cash (used in) provided by investing activities
|
| | | | (707,663 ) | | | | | | 212,612 | | | | | | 32,131 | | |
Net cash provided by (used in) financing activities
|
| | | | 163,462 | | | | | | (359,058 ) | | | | | | (54,262 ) | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Late payment penalties and loan collection fees
|
| | | | 110,716 | | | | | | 71,150 | | | | | | 10,752 | | |
Others
|
| | | | 42,220 | | | | | | 33,898 | | | | | | 5,123 | | |
Total
|
| | | | 152,936 | | | | | | 105,048 | | | | | | 15,875 | | |
| | | | | | | | | | | | | | |
Fair value measurement or disclosure at
June 30, 2018 using |
| |||||||||||||||
| | |
Total fair value at
June 30, 2018 |
| |
Quoted Prices
in Active Market for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||||||||
Fair value disclosure | | | | | | | |||||||||||||||||||||||||
Loans and advances, net – non-current
|
| | | | 494,450 | | | | | | 74,723 | | | | | | — | | | | | | 494,450 | | | | | | — | | |
Long-term payable to institutional funding partners and online investors
|
| | | | 494,038 | | | | | | 74,661 | | | | | | — | | | | | | 494,038 | | | | | | — | | |
Fair value measurements | | | | | | | |||||||||||||||||||||||||
Recurring Short-term investments
Available-for-sale debt securities |
| | | | 3,560 | | | | | | 538 | | | | | | — | | | | | | 3,560 | | | | | | — | | |
| | |
As of
December 31, 2017 |
| |
As of June 30,
|
| ||||||||||||
|
2018
|
| |||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Current portion: | | | | | |||||||||||||||
Loans receivable (i) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 1,105,169 | | | | | | 611,488 | | | | | | 92,410 | | |
Other secured loans
|
| | | | 104,292 | | | | | | 173,747 | | | | | | 26,257 | | |
Unsecured loans
|
| | | | 512,616 | | | | | | 613,388 | | | | | | 92,697 | | |
Sub-total
|
| | | | 1,722,077 | | | | | | 1,398,623 | | | | | | 211,364 | | |
Acquired non-performing loans (ii) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 438,942 | | | | | | 477,672 | | | | | | 72,188 | | |
Other secured loans
|
| | | | 58,961 | | | | | | 173,618 | | | | | | 26,238 | | |
Unsecured loans
|
| | | | 120,955 | | | | | | 83,827 | | | | | | 12,668 | | |
Sub-total
|
| | | | 618,858 | | | | | | 735,117 | | | | | | 111,094 | | |
Advances to borrowers
(iii)
|
| | | | 2,487 | | | | | | 5,649 | | | | | | 854 | | |
Total current loans and advances
|
| | | | 2,343,422 | | | | | | 2,139,389 | | | | | | 323,312 | | |
Allowance for loans and advances
|
| | | | (404,930 ) | | | | | | (414,374 ) | | | | | | (62,622 ) | | |
Loans and advances, net
|
| | | | 1,938,492 | | | | | | 1,725,015 | | | | | | 260,690 | | |
Non-current portion: | | | | | |||||||||||||||
Loans receivable (i) | | | | | |||||||||||||||
Auto-backed loans
|
| | | | 230,634 | | | | | | 253,658 | | | | | | 38,334 | | |
Other secured loans
|
| | | | 160,733 | | | | | | 240,654 | | | | | | 36,368 | | |
Unsecured loans
|
| | | | 164 | | | | | | 1,349 | | | | | | 204 | | |
Total non-current loans and advances
|
| | | | 391,531 | | | | | | 495,661 | | | | | | 74,906 | | |
Allowance for loans and advances
|
| | | | (1,360 ) | | | | | | (1,211 ) | | | | | | (183 ) | | |
Loans and advances, net
|
| | | | 390,171 | | | | | | 494,450 | | | | | | 74,723 | | |
|
As of June 30, 2018
|
| |
Loans receivable
|
| |
Acquired non-performing loans
|
| | | ||||||||||||||||||||||||||||||||||||||||
|
Auto-
backed loans |
| |
Other
secured loans |
| |
Unsecured
loans |
| |
Auto-
backed loans |
| |
Other secured
loans |
| |
Unsecured
loans |
| |
Total
|
| |
Total
|
| ||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
Beginning balance
|
| | | | (5,149 ) | | | | | | (913 ) | | | | | | (64,515 ) | | | | | | (252,174 ) | | | | | | (3,755 ) | | | | | | (79,784 ) | | | | | | (406,290 ) | | | | | | (61,400 ) | | |
Current period provision
|
| | | | 2,330 | | | | | | (92 ) | | | | | | 22,375 | | | | | | (123,551 ) | | | | | | (9,934 ) | | | | | | (129,986 ) | | | | | | (238,858 ) | | | | | | (36,097 ) | | |
Recoveries of loans previously written off
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12,338 ) | | | | | | — | | | | | | — | | | | | | (12,338 ) | | | | | | (1,866 ) | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 93,246 | | | | | | 1,413 | | | | | | 147,242 | | | | | | 241,901 | | | | | | 36,558 | | |
Ending balance
|
| | | | (2,819 ) | | | | | | (1,005 ) | | | | | | (42,140 ) | | | | | | (294,817 ) | | | | | | (12,276 ) | | | | | | (62,528 ) | | | | | | (415,585 ) | | | | | | (62,805 ) | | |
|
As of December 31, 2017
|
| |
Current
|
| |
1 – 30
days past due |
| |
31 – 60
days past due |
| |
61 – 90
days past due |
| |
91 – 120
days past due |
| |
121 – 150
days past due |
| |
151 – 180
days past due |
| |
181 – 360
days past due |
| |
Over 360
days past due |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||||||||
Loans receivable
|
| | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 1,331,760 | | | | | | 3,015 | | | | | | 813 | | | | | | 50 | | | | | | 165 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,335,803 | | |
Other secured loans
|
| | | | 265,025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 265,025 | | |
Unsecured loans
|
| | | | 496,726 | | | | | | 14,050 | | | | | | 1,614 | | | | | | 226 | | | | | | 118 | | | | | | 46 | | | | | | — | | | | | | — | | | | | | — | | | | | | 512,780 | | |
Acquired non-performing loans | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | — | | | | | | 73,463 | | | | | | 46,542 | | | | | | 39,968 | | | | | | 38,558 | | | | | | 26,354 | | | | | | 26,887 | | | | | | 134,994 | | | | | | 52,176 | | | | | | 438,942 | | |
Other secured loans
|
| | | | — | | | | | | 8,599 | | | | | | 21,419 | | | | | | 12,117 | | | | | | 9,205 | | | | | | 257 | | | | | | 177 | | | | | | 7,145 | | | | | | 42 | | | | | | 58,961 | | |
Unsecured loans
|
| | | | — | | | | | | 84,612 | | | | | | 30,507 | | | | | | 3,638 | | | | | | 1,558 | | | | | | 356 | | | | | | 232 | | | | | | 2 | | | | | | 50 | | | | | | 120,955 | | |
Total
|
| | | | 2,093,511 | | | | | | 183,739 | | | | | | 100,895 | | | | | | 55,999 | | | | | | 49,604 | | | | | | 27,013 | | | | | | 27,296 | | | | | | 142,141 | | | | | | 52,268 | | | | | | 2,732,466 | | |
|
As of June 30, 2018
|
| |
Current
|
| |
1 – 30
days past due |
| |
31 – 60
days past due |
| |
61 – 90
days past due |
| |
91 – 120
days past due |
| |
121 – 150
days past due |
| |
151 – 180
days past due |
| |
181 – 360
days past due |
| |
Over 360
days past due |
| |
Total
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||||||||||||||
Loans receivable
|
| | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | 862,971 | | | | | | 1,659 | | | | | | 296 | | | | | | 20 | | | | | | — | | | | | | 200 | | | | | | — | | | | | | — | | | | | | — | | | | | | 865,146 | | | | | | 130,744 | | |
Other secured loans
|
| | | | 414,396 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 414,401 | | | | | | 62,625 | | |
Unsecured loans
|
| | | | 559,121 | | | | | | 25,958 | | | | | | 9,026 | | | | | | 6,826 | | | | | | 3,888 | | | | | | 4,026 | | | | | | 2,715 | | | | | | 3,177 | | | | | | — | | | | | | 614,737 | | | | | | 92,901 | | |
Acquired non-performing loans
|
| | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto-backed loans
|
| | | | — | | | | | | 106,405 | | | | | | 44,578 | | | | | | 26,805 | | | | | | 28,949 | | | | | | 40,413 | | | | | | 25,836 | | | | | | 98,813 | | | | | | 105,873 | | | | | | 477,672 | | | | | | 72,188 | | |
Other secured loans
|
| | | | — | | | | | | 53,468 | | | | | | 21,884 | | | | | | 18,084 | | | | | | 12,856 | | | | | | 16,396 | | | | | | 11,612 | | | | | | 34,996 | | | | | | 4,322 | | | | | | 173,618 | | | | | | 26,238 | | |
Unsecured loans
|
| | | | — | | | | | | 17,220 | | | | | | 13,162 | | | | | | 10,606 | | | | | | 10,383 | | | | | | 8,168 | | | | | | 20,075 | | | | | | 4,161 | | | | | | 52 | | | | | | 83,827 | | | | | | 12,668 | | |
Total
|
| | | | 1,836,488 | | | | | | 204,710 | | | | | | 88,951 | | | | | | 62,341 | | | | | | 56,076 | | | | | | 69,203 | | | | | | 60,238 | | | | | | 141,147 | | | | | | 110,247 | | | | | | 2,629,401 | | | | | | 397,364 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Current: | | | | | |||||||||||||||
Amounts due from third-party payment platforms
(i)
|
| | | | 204,231 | | | | | | 305,349 | | | | | | 46,145 | | |
Guarantee deposits
|
| | | | 52,385 | | | | | | 107,995 | | | | | | 16,321 | | |
Prepaid rental and deposits
|
| | | | 72,186 | | | | | | 64,828 | | | | | | 9,797 | | |
Others
|
| | | | 104,795 | | | | | | 149,891 | | | | | | 22,653 | | |
Total
|
| | | | 433,597 | | | | | | 628,063 | | | | | | 94,916 | | |
Non-current: | | | | | |||||||||||||||
Prepaid rental and deposits
|
| | | | 8,048 | | | | | | 4,602 | | | | | | 696 | | |
Total
|
| | | | 8,048 | | | | | | 4,602 | | | | | | 696 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Cost method investments
|
| | | | 309,333 | | | | | | 13,333 | | | | | | 2,015 | | |
Time deposits
|
| | | | 50,000 | | | | | | — | | | | | | — | | |
| | | | | 359,333 | | | | | | 13,333 | | | | | | 2,015 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Computer and electronic equipment
|
| | | | 38,298 | | | | | | 52,483 | | | | | | 7,931 | | |
Leasehold improvement
|
| | | | 38,900 | | | | | | 35,939 | | | | | | 5,431 | | |
Vehicles
|
| | | | 20,985 | | | | | | 22,075 | | | | | | 3,336 | | |
Office furniture and equipment
|
| | | | 6,094 | | | | | | 7,637 | | | | | | 1,154 | | |
Software
|
| | | | 11,053 | | | | | | 11,267 | | | | | | 1,703 | | |
Total
|
| | | | 115,330 | | | | | | 129,401 | | | | | | 19,555 | | |
Less: Accumulated depreciation and amortization
|
| | | | (15,897 ) | | | | | | (25,657 ) | | | | | | (3,877 ) | | |
Property, equipment and software, net
|
| | | | 99,433 | | | | | | 103,744 | | | | | | 15,678 | | |
|
| | |
Fixed annual rate
|
| |
Term
|
| |
As of
|
| |||||||||||||||
| | |
(%)
|
| | | | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Current portion: | | | | | | | |||||||||||||||||||
Institutional funding partners
|
| |
3% to 9%
|
| |
1 to 12 months
|
| | | | 523,328 | | | | | | 481,182 | | | | | | 72,718 | | |
Online investors
|
| |
4% to 11%
|
| |
3 days to 12 months
|
| | | | 1,247,353 | | | | | | 860,495 | | | | | | 130,041 | | |
| | | | | | | | | | | 1,770,681 | | | | | | 1,341,677 | | | | | | 202,759 | | |
Non-current portion: | | | | | | | |||||||||||||||||||
Institutional funding partners
|
| |
3% to 9%
|
| |
13 to 36 months
|
| | | | 416,118 | | | | | | 535,425 | | | | | | 80,915 | | |
Online investors
|
| |
6% to 10%
|
| |
13 to 24 months
|
| | | | — | | | | | | 1,349 | | | | | | 204 | | |
| | | | | | | | | | | 416,118 | | | | | | 536,774 | | | | | | 81,119 | | |
|
| | |
Payment due by period
|
| |||||||||||||||||||||
Long-term borrowings and interest payable:
|
| |
Less than
1 year |
| |
1 – 2 years
|
| |
Greater than
2 years |
| |
Total
|
| ||||||||||||
As of December 31, 2017 (RMB)
|
| | | | 259,356 | | | | | | 256,945 | | | | | | 189,971 | | | | | | 706,272 | | |
As of June 30, 2018 (RMB) (unaudited)
|
| | | | 365,013 | | | | | | 363,518 | | | | | | 182,401 | | | | | | 910,932 | | |
As of June 30, 2018 (US$) (unaudited)
|
| | | | 55,163 | | | | | | 54,936 | | | | | | 27,564 | | | | | | 137,663 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Investor deposits
|
| | | | 1,097,259 | | | | | | 1,044,676 | | | | | | 157,875 | | |
Undrawn borrower funds and deposits
|
| | | | 786,187 | | | | | | 729,467 | | | | | | 110,240 | | |
Total
|
| | | | 1,883,446 | | | | | | 1,774,143 | | | | | | 268,115 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Payroll and welfare payable
|
| | | | 254,509 | | | | | | 233,165 | | | | | | 35,237 | | |
Accrued marketing expense
|
| | | | 50,163 | | | | | | 21,308 | | | | | | 3,220 | | |
Other taxes payable
|
| | | | 25,862 | | | | | | 27,574 | | | | | | 4,167 | | |
Others
|
| | | | 130,761 | | | | | | 135,958 | | | | | | 20,546 | | |
Total
|
| | | | 461,295 | | | | | | 418,005 | | | | | | 63,170 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
Interest income
|
| | | | 18,882 | | | | | | 32,353 | | | | | | 4,888 | | |
Interest expenses
|
| | | | — | | | | | | (5,278 ) | | | | | | (798 ) | | |
Bank charges
|
| | | | (292 ) | | | | | | (187 ) | | | | | | (27 ) | | |
Total
|
| | | | 18,590 | | | | | | 26,888 | | | | | | 4,063 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current income tax expense
|
| | | | 133,167 | | | | | | 121,622 | | | | | | 18,380 | | |
Deferred income tax benefit
|
| | | | (31,476 ) | | | | | | (19,608 ) | | | | | | (2,963 ) | | |
Total income tax expense
|
| | | | 101,691 | | | | | | 102,014 | | | | | | 15,417 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | ||||||
Numerator: | | | | | |||||||||||||||
Net income attributable to ordinary shareholders
|
| | | | 268,235 | | | | | | 428,096 | | | | | | 64,696 | | |
Allocation of net income attributable to preferred shareholders
|
| | | | (70,032 ) | | | | | | (111,769 ) | | | | | | (16,891 ) | | |
Numerator for computing basic earnings per share
|
| | | | 198,203 | | | | | | 316,327 | | | | | | 47,805 | | |
Denominator: | | | | | |||||||||||||||
Weighted average number of ordinary shares
outstanding |
| | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Earnings per share – basic
|
| | | | 204.79 | | | | | | 326.84 | | | | | | 49.39 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | ||||||
Numerator: | | | | | |||||||||||||||
Numerator for computing basic earnings per share
|
| | | | 198,203 | | | | | | 316,327 | | | | | | 47,805 | | |
Allocation of net income attributable to Series C preferred
shares for six months ended June 30, 2017 and allocation of net income attributable to Series A, A+, B and C preferred shares for six months ended June 30, 2018 |
| | | | 12,592 | | | | | | (8,230 ) | | | | | | (1,244 ) | | |
Numerator for computing diluted earnings per share
|
| | | | 210,795 | | | | | | 308,097 | | | | | | 46,561 | | |
Denominator: | | | | | |||||||||||||||
Weighted average number of ordinary shares
outstanding |
| | | | 967,841 | | | | | | 967,841 | | | | | | 967,841 | | |
Conversion of Series C preferred shares to ordinary shares for six months ended June 30, 2017 and conversion of Series A, A+, B and C preferred shares to ordinary shares for six months ended June 30, 2018
|
| | | | 61,488 | | | | | | 341,974 | | | | | | 341,974 | | |
Weighted average number of ordinary shares outstanding –
diluted |
| | | | 1,029,329 | | | | | | 1,309,815 | | | | | | 1,309,815 | | |
Earnings per share – diluted
|
| | | | 204.79 | | | | | | 235.22 | | | | | | 35.55 | | |
|
| | |
For the six months ended June 30, 2018
|
| |||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||||||||
Numerator: | | | | | | ||||||||||||||||||||
Net income attributable to Weidai Ltd.
|
| | | | 143,106 | | | | | | 21,627 | | | | | | 164,990 | | | | | | 24,934 | | |
Numerator for pro forma basic and diluted
earnings per share |
| | | | 143,106 | | | | | | 21,627 | | | | | | 164,990 | | | | | | 24,934 | | |
Denominator: | | | | | | ||||||||||||||||||||
Weighted average number of shares outstanding
|
| | | | 266,413 | | | | | | 266,413 | | | | | | 701,428 | | | | | | 701,428 | | |
Add: adjustment to reflect assumed effect of
automatic conversion of preferred shares |
| | | | 341,974 | | | | | | 341,974 | | | | | | — | | | | | | — | | |
Weighted average number of shares used in
calculating pro forma basic and diluted earnings per share |
| | | | 608,387 | | | | | | 608,387 | | | | | | 701,428 | | | | | | 701,428 | | |
Pro forma earnings per share – basic and diluted (unaudited)
|
| | | | 235.22 | | | | | | 35.55 | | | | | | 235.22 | | | | | | 35.55 | | |
|
Name of related parties
|
| |
Relationship with the Company
|
|
Mr. Hong Yao | | | Founder, chief executive officer and principal shareholder of the Company | |
Hangzhou Ruituo Information Technology Co., Ltd. | | | Entity controlled by Founder | |
Zhejiang Ruituo Information Technology Co., Ltd. | | | Entity controlled by Founder | |
Shanghai Zaohui Finance Lease Co., Ltd. | | | Entity controlled by Director prior to June 6, 2018 | |
Zhejiang Qunshuo Electronics Co., Ltd | | | Entity significantly influenced by Founder prior to October 10, 2017 | |
Beijing Lezhihui Technology Co., Ltd. | | | Entity significantly influenced by Founder | |
Name of related parties
|
| |
Relationship with the Company
|
|
Hangzhou Qiandaohuyaodage Trading Company | | |
Entity controlled by immediate family members of Founder
|
|
Zhejiang Hongrui Investment Mangement Co., Ltd. | | |
Entity controlled by immediate family members of Founder
|
|
Weiyi (Hangzhou) Internet Financial Information Service Co., Ltd. | | |
Entity controlled by immediate family members of Founder
|
|
Chunan Wencai Information Advisory Services Company | | |
Entity controlled by immediate family members of Founder
|
|
Chunan Yuntong Information Advisory Services Company | | |
Entity controlled by immediate family members of Director
|
|
Chunan Wangcai Information Advisory Services Company | | |
Entity controlled by immediate family members of Director
|
|
Suzhou Weixin Zhonghua Venture Capital Partnership | | | Company’s shareholder | |
Key management and their immediate family members | | | The Company’s key management and their immediate family members | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
Financing income from: | | | | | |||||||||||||||
Key management and their immediate family members
|
| | | | 498 | | | | | | 470 | | | | | | 71 | | |
Other revenues: | | | | | |||||||||||||||
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 2,377 | | | | | | — | | | | | | — | | |
Origination and servicing expenses: | | | | | |||||||||||||||
Chunan Wencai Information Advisory Services
Company |
| | | | 50,250 | | | | | | 44,423 | | | | | | 6,713 | | |
Chunan Wangcai Information Advisory Services Company
|
| | | | 32,613 | | | | | | 13,686 | | | | | | 2,068 | | |
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 23,080 | | | | | | 8,621 | | | | | | 1,303 | | |
Chunan Yuntong Information Advisory Services Company
|
| | | | 1,436 | | | | | | 998 | | | | | | 151 | | |
Collecting costs to: | | | | | |||||||||||||||
Zhejiang Hongrui Investment Management Co., Ltd.
|
| | | | 8,969 | | | | | | 6,193 | | | | | | 936 | | |
Zhejiang Ruituo Information Technology Co., Ltd.
|
| | | | — | | | | | | 4,500 | | | | | | 680 | | |
GPS costs to:
Zhejiang Qunshuo Electronics Co., Ltd |
| | |
|
5,466
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total
|
| | | | 121,814 | | | | | | 78,421 | | | | | | 11,851 | | |
General and administrative expenses: | | | | | |||||||||||||||
Welfare expenses to:
Hangzhou Qiandaohuyaodage trading company |
| | | | 1,140 | | | | | | 276 | | | | | | 42 | | |
Consulting expenses to: | | | | | |||||||||||||||
Suzhou Weixin Zhonghua Venture Capital Partnership (LLP)
|
| | | | 20,000 | | | | | | — | | | | | | — | | |
Total
|
| | | | 21,140 | | | | | | 276 | | | | | | 42 | | |
Sales and marketing expenses: | | | | | |||||||||||||||
Promotion expenses to:
Weiyi (Hangzhou) Internet Financial Information Service Co., Ltd. |
| | | | 3,425 | | | | | | 6,945 | | | | | | 1,050 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Directors of VIE
(i)
|
| | | | — | | | | | | 38,500 | | | | | | 5,818 | | |
Hangzhou Ruituo Technology Co., Ltd.
(ii)
|
| | | | 4,497 | | | | | | 5,555 | | | | | | 840 | | |
Shanghai Zaohui Finance Lease Co., Ltd.
|
| | | | 3,993 | | | | | | — | | | | | | — | | |
Mr. Hong Yao
|
| | | | 161 | | | | | | — | | | | | | — | | |
Others
|
| | | | 517 | | | | | | 1,637 | | | | | | 247 | | |
Total
|
| | | | 9,168 | | | | | | 45,692 | | | | | | 6,905 | | |
|
| | |
As of
|
| |||||||||||||||
| | |
December 31,
2017 |
| |
June 30, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Key management and their immediate family members
(i)
|
| | | | 30,700 | | | | | | 21,497 | | | | | | 3,249 | | |
Mr. Hong Yao
(i)
|
| | | | 4,335 | | | | | | 5,991 | | | | | | 905 | | |
Chunan Wencai Information Advisory Services
Company |
| | | | 5,718 | | | | | | 4,224 | | | | | | 638 | | |
Chunan Wangcai Information Advisory Services
Company |
| | | | 6,233 | | | | | | 1,583 | | | | | | 239 | | |
Beijing Lezhihui Technology Co., Ltd.
|
| | | | 2,920 | | | | | | 1,261 | | | | | | 191 | | |
Hangzhou Ruituo Technology Co., Ltd.
|
| | | | 10,139 | | | | | | 1,083 | | | | | | 164 | | |
Chunan Yuntong Information Advisory Services
Company |
| | | | — | | | | | | 18 | | | | | | 3 | | |
Others
|
| | | | 2,855 | | | | | | 98 | | | | | | 14 | | |
Total
|
| | | | 62,900 | | | | | | 35,755 | | | | | | 5,403 | | |
|
| | |
As of June 30, 2018
|
|
| | |
(Unaudited)
|
|
Fair value per ordinary share
|
| |
7,127
|
|
Risk-free interest rate
|
| |
4.35%
|
|
Dividend yield
|
| |
nil
|
|
Expected volatility
|
| |
61.00%
|
|
Weighted average expected life range (years)
|
| |
2.67 – 3.67
|
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| |
2018
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
General and administrative
|
| | | | 17,145 | | | | | | 29,637 | | | | | | 4,479 | | |
Origination and servicing
|
| | | | — | | | | | | 20,592 | | | | | | 3,112 | | |
Research and development
|
| | | | 1,691 | | | | | | 5,366 | | | | | | 811 | | |
Total
|
| | | | 18,836 | | | | | | 55,595 | | | | | | 8,402 | | |
|
| | |
RMB
|
| |
US$
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Six months ended December 31, 2018
|
| | | | 35,868 | | | | | | 5,421 | | |
2019
|
| | | | 58,209 | | | | | | 8,797 | | |
2020
|
| | | | 28,181 | | | | | | 4,259 | | |
2021
|
| | | | 11,086 | | | | | | 1,675 | | |
2022 and thereafter
|
| | | | 5,576 | | | | | | 843 | | |
Total
|
| | | | 138,920 | | | | | | 20,995 | | |
|
| | |
RMB
|
| |
US$
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Six months ended December 31, 2018
|
| | | | 2,509 | | | | | | 379 | | |
2019
|
| | | | 173 | | | | | | 26 | | |
2020 and thereafter .
|
| | | | — | | | | | | — | | |
Total
|
| | | | 2,682 | | | | | | 405 | | |
|
| | |
Series A
|
| |
Series A+
|
| |
Series B
|
| |
Series C
|
| |
T otal
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||
Balance as of January 1, 2018
|
| | | | 18,856 | | | | | | 3,771 | | | | | | 6,283 | | | | | | 360,000 | | | | | | 388,910 | | |
Reversal of accretion on Series C preferred shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | (120,000 ) | | | | | | (120,000 ) | | |
Balance as of June 30, 2018
|
| | | | 18,856 | | | | | | 3,771 | | | | | | 6,283 | | | | | | 240,000 | | | | | | 268,910 | | |
Balance as of June 30, 2018 (US$)
|
| | | | 2,850 | | | | | | 570 | | | | | | 950 | | | | | | 36,270 | | | | | | 40,640 | | |
|
Recent Sale of Unregistered Securities of Weidai Financial Information
|
| | ||||||||||||||
Securities/Purchaser
|
| |
Date of Issuance
|
| |
Amount of Registered
Capital (1) |
| |
Percentage of
Registered Capital (2) |
| |
Consideration
|
| | ||
Deqing Jinxiu Management Consulting Partnership | | | August 27, 2015 | | | RMB15,870,000 | | |
13.2%
|
| | RMB15,870,000 | | | ||
Hangzhou Hakim Unique Investment Partnership | | |
September 6, 2015
|
| | RMB18,292,500 | | |
14.3%
|
| | RMB18,292,500 | | | ||
Certain minority shareholders | | |
October 15, 2015
|
| | RMB3,658,500 | | |
2.9%
|
| | RMB3,658,500 | | | ||
| | |
October 24, 2016
|
| | RMB6,148,790 | | |
4.8%
|
| | RMB240,000,000 | | | | |
Recent Sale of Unregistered Securities of Weidai Ltd.
|
| ||||||||||||
Securities/Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Percentage of
Securities (2) |
| |
Consideration
|
|
Sertus Nominees (Cayman) Limited (1) | | |
January 26, 2018
|
| | 1 ordinary share | | |
—
|
| | US$0.0001 | |
YAOH WDAI LTD
(1)
|
| |
January 26, 2018
|
| | 1 ordinary share | | |
—
|
| | US$0.0001 | |
YAOH WDAI LTD | | |
January 26, 2018
|
| | 98,299 ordinary shares | | |
7.5%
|
| |
US$0.0001 per share
|
|
| | |
April 10, 2018
|
| | 603,128 ordinary shares | | |
46.0%
|
| |
US$0.0001 per share
|
|
Certain minority shareholders and
employees |
| |
January 26, 2018
|
| |
1,700 ordinary shares
|
| |
0.1%
|
| |
US$0.0001 per share
|
|
|
April 10, 2018
|
| | 266,413 ordinary shares | | |
20.3%
|
| |
US$0.0001 per share
|
| ||
Hakim Unique Technology Limited
|
| |
April 10, 2018
|
| |
182,925 series A preferred shares
|
| |
14.0%
|
| |
US$0.0001 per share
|
|
|
April 10, 2018
|
| | 16,141 series B preferred shares | | |
1.2%
|
| |
US$0.0001 per share
|
| ||
A minority shareholder
|
| |
April 10, 2018
|
| |
36,585 series A+ preferred shares
|
| |
2.8%
|
| |
US$0.0001 per share
|
|
Certain minority shareholders | | |
April 10, 2018
|
| | 44,835 series B preferred shares | | |
3.4%
|
| |
US$0.0001 per share
|
|
Certain minority shareholders | | |
April 10, 2018
|
| | 61,488 series C preferred shares | | |
4.7%
|
| |
US$0.0001 per share
|
|
Exhibit
Number |
| |
Description of Document
|
|
99.3† | | | Consent of the Oliver Wyman Group | |
99.4† | | | Consent of Tony Cai | |
| Weidai Ltd. | | ||||||
| By: | | | /s/ Leo Li | | |||
| | | | Name: | | | Leo Li | |
| | | | Title: | | | Chief Financial Officer | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Hong Yao
Hong Yao
|
| | Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer) | | |
September 7, 2018
|
|
|
*
Feng Chen
|
| | Director | | |
September 7, 2018
|
|
|
*
Yuqun Sun
|
| | Director | | |
September 7, 2018
|
|
|
*
Desheng Ding
|
| | Director | | |
September 7, 2018
|
|
|
*
Wei Ye
|
| | Director | | |
September 7, 2018
|
|
|
*
Menma Huang
|
| | Director | | |
September 7, 2018
|
|
|
*
Ziyang Li
|
| | Director | | |
September 7, 2018
|
|
|
/s/ Leo Li
Leo Li
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) | | |
September 7, 2018
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| *By: | | | /s/ Leo Li | | | |||||
| | | | Name: | | | Leo Li | | | ||
| | | | Attorney-in-fact | |
| Authorized U.S. Representative | | ||||||
| By: | | | /s/ Siu Fung Ming | | |||
| | | | Name: | | | Siu Fung Ming | |
| | | | Title: | | | Assistant Secretary | |
Exhibit 10.2
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the “ Agreement ”) is entered into as of , 20 by and between Weidai Ltd., an exempted company incorporated and existing under the laws of the Cayman Islands (the “ Company ”) and , an individual with [ passport/ID number ] (the Executive ).
RECITALS
WHEREAS, the Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;
WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Executive agree as follows:
1. | EMPLOYMENT |
The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the “ Employment ”).
2. | TERM |
Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be years, commencing on , (the “ Effective Date ”) and ending on , (the “ Initial Term ”), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of months each (each, an “ Extension Period ”) unless either party shall have given 60 days advance written notice to the other party, in the manner set forth in Section 19 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the “ Term ”).
3. | POSITION AND DUTIES |
(a) | During the Term, the Executive shall serve as of the Company or in such other position or positions with a level of duties and responsibilities consistent with the foregoing with the Company and/or its subsidiaries and affiliated entities as the board of directors of the Company (the “ Board ”) may specify from time to time and shall have the duties, responsibilities and obligations customarily assigned to individuals serving in the position or positions in which the Executive serves hereunder and as assigned by the Board, or with the, by the Company’s Chief Executive Officer. |
(b) | The Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Company or any subsidiaries or affiliated entities of the Company (collectively, the “ Group ”) and as a member of any committees of the board of directors of any such entity, provided that the Executive is indemnified for serving in any and all such capacities on a basis no less favorable than is currently provided to any other director of any member of the Group. |
(c) | The Executive agrees to devote all of his/her working time and efforts to the performance of his/her duties for the Company and to faithfully and diligently serve the Company in accordance with the Agreement and the guidelines, policies and procedures of the Company approved from time to time by the Board. |
4. | NO BREACH OF CONTRACT |
The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.
5. | LOCATION |
The Executive will be based in , or any other location as requested by the Company during the Term.
6. | COMPENSATION AND BENEFITS |
(a) | Cash Compensation . As compensation for the performance by the Executive of his/her obligations hereunder, during the Term, the Company shall pay the Executive cash compensation (inclusive of the statutory benefit contributions that the Company is required to set aside for the Executive under applicable law) pursuant to Schedule A hereto, subject to annual review and adjustment by the Board or any committee designated by the Board. |
(b) | Equity Incentives . During the Term, the Executive shall be eligible to participate, at a level comparable to similarly situated executives of the Company, in such long-term compensation arrangements as may be authorized from time to time by the Board, including any share incentive plan the Company may adopt from time to time in its sole discretion. |
(c) | Benefits . During the Term, the Executive shall be entitled to participate in all of the employee benefit plans and arrangements made available by the Company to its similarly situated executives, including, but not limited to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. |
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7. | TERMINATION OF THE AGREEMENT |
The Employment may be terminated as follows:
(a) | Death . The Employment shall terminate upon the Executive’s death. |
(b) | Disability . The Employment shall terminate if the Executive has a disability, including any physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his/her position at the Company, even with reasonable accommodation that does not impose an undue burden on the Company, for more than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period shall apply. |
(c) | Cause . The Company may terminate the Executive’s employment hereunder for Cause. The occurrence of any of the following, as reasonably determined by the Company, shall be a reason for Cause, provided that, if the Company determines that the circumstances constituting Cause are curable, then such circumstances shall not constitute Cause unless and until the Executive has been informed by the Company of the existence of Cause and given an opportunity of ten business days to cure, and such Cause remains uncured at the end of such ten-day period: |
(1) | continued failure by the Executive to satisfactorily perform his/her duties; |
(2) | willful misconduct or gross negligence by the Executive in the performance of his/her duties hereunder, including insubordination; |
(3) | the Executive’s conviction or entry of a guilty or nolo contendere plea of any felony or any misdemeanor involving moral turpitude; |
(4) | the Executive’s commission of any act involving dishonesty that results in material financial, reputational or other harm, monetary or otherwise, to any member of the Group, including but not limited to an act constituting misappropriation or embezzlement of the property of any member of the Group as determined in good faith by the Board; or |
(5) | any material breach by the Executive of this Agreement. |
(d) | Good Reason . The Executive may terminate his/her employment hereunder for “Good Reason” upon the occurrence, without the written consent of the Executive, of an event constituting a material breach of this Agreement by the Company that has not been fully cured within ten business days after written notice thereof has been given by the Executive to the Company setting forth in sufficient detail the conduct or activities the Executive believes constitute grounds for Good Reason, including but not limited to: the failure by the Company to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Company, within twenty business days of the date such compensation is due. |
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(e) | Without Cause by the Company; Without Good Reason by the Executive . The Company may terminate the Executive’s employment hereunder at any time without Cause upon 60-day prior written notice to the Executive. The Executive may terminate the Executive’s employment voluntarily for any reason or no reason at any time by giving 60-day prior written notice to the Company. |
(f) | Notice of Termination . Any termination of the Executive’s employment under the Agreement shall be communicated by written notice of termination (“ Notice of Termination ”) from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of the Agreement relied upon in effecting the termination. |
(g) | Date of Termination . The “ Date of Termination ” shall mean (i) the date specified in the Notice of Termination, or (ii) if the Executive s employment is terminated by the Executive’s death, the date of his/her death. |
(h) | Compensation upon Termination . |
(1) | Death . If the Executive’s employment is terminated by reason of the Executive’s death, the Company shall have no further obligations to the Executive under this Agreement and the Executive’s benefits shall be determined under the Company’s retirement, insurance and other benefit and compensation plans or programs then in effect in accordance with the terms of such plans and programs. |
(2) | By Company without Cause or by the Executive for Good Reason . If the Executive’s employment is terminated by the Company other than for Cause or by the Executive for Good Reason, the Company shall (i) continue to pay and otherwise provide to the Executive, during any notice period, all compensation, base salary and previously earned but unpaid incentive compensation, if any, and shall continue to allow the Executive to participate in any benefit plans in accordance with the terms of such plans during such notice period; and (ii) pay to the Executive, in lieu of benefits under any severance plan or policy of the Company, any such amount as may be agreed between the Company and the Executive. |
(3) | By Company for Cause or by the Executive other than for Good Reason . If the Executive’s employment shall be terminated by the Company for Cause or by the Executive other than for Good Reason, the Company shall pay the Executive his/her base salary at the rate in effect at the time Notice of Termination is given through the Date of Termination, and the Company shall have no additional obligations to the Executive under this Agreement. |
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(i) | Return of Company Property . The Executive agrees that following the termination of the Executive’s employment for any reason, or at any time prior to the Executive’s termination upon the request of the Company, he/she shall return all property of the Group that is then in or thereafter comes into his/her possession, including, but not limited to, any Confidential Information (as defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs, projections, books, notes, records, electronically stored data and all copies, excerpts or summaries of the foregoing, as well as any automobile or other materials or equipment supplied by the Group to the Executive, if any. |
(j) | Requirement for a Release . Notwithstanding the foregoing, the Company’s obligations to pay or provide any benefits shall (1) cease as of the date the Executive breaches any of the provisions of Sections 8, 9 and 11 hereof, and (2) be conditioned on the Executive signing the Company’s customary release of claims in favor of the Group and the expiration of any revocation period provided for in such release. |
8. | CONFIDENTIALITY AND NONDISCLOSURE |
(a) | Confidentiality and Non-Disclosure . |
(1) | The Executive acknowledges and agrees that: (A) the Executive holds a position of trusts and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company’s actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; user base personal data, programs, software and source codes, licensing information, personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade secrets (“ Confidential Information ”); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company’s business. |
(2) | During the Term and at all times thereafter, the Executive shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other capacity, publish or make known, disclose, furnish, reproduce, make available, or utilize any of the Confidential Information without the prior express written approval of the Company, other than in the proper performance of the duties contemplated herein, unless and until such Confidential Information is or shall become general public knowledge through no fault of the Executive. |
(3) | In the event that the Executive is required by law to disclose any Confidential Information, the Executive agrees to give the Company prompt advance written notice thereof and to provide the Company with reasonable assistance in obtaining an order to protect the Confidential Information from public disclosure. |
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(4) | The failure to mark any Confidential Information as confidential shall not affect its status as Confidential Information under this Agreement. |
(b) | Third Party Information in the Executive’s Possession . The Executive agrees that he/she shall not, during the Term, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information required by Executive, if any, or (ii) bring into the premises of Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of litigation, arising out of or in connection with any violation of the foregoing. |
(c) | Third Party Information in the Company’s Possession . The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential or proprietary information in strict confidence and not to disclose such information to any person or firm, or otherwise use such information, in a manner inconsistent with the limited purposes permitted by the Company’s agreement with such third party. |
This Section 8 shall survive the termination of the Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.
9. | INTELLECTUAL PROPERTY |
(a) | Prior Inventions . The Executive has attached hereto, as Schedule B , a list describing all inventions, ideas, improvements, designs and discoveries, whether or not patentable and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by or belonging to the Executive (whether made solely by the Executive or jointly with others) that (i) were developed by Executive prior to the Executive’s employment by the Company (collectively, “ Prior Inventions ”), (ii) relate to the Company’s actual or proposed business, products or research and development, and (iii) are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions. Except to the extent set forth in Schedule B , the Executive hereby acknowledges that, if in the course of his/her service for the Company, the Executive incorporates into a Company product, process or machine a Prior Invention owned by the Executive or in which he/she has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which may be freely transferred by the Company to any other person or entity) to make, have made, modify, use, sell, sublicense and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine. |
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(b) | Assignment of Intellectual Property . The Executive hereby assigns to the Company or its designees, without further consideration and free and clear of any lien or encumbrance, the Executive’s entire right, title and interest (within the United States and all foreign jurisdictions) to any and all inventions, discoveries, improvements, developments, works of authorship, concepts, ideas, plans, specification, software, formulas, databases, designees, processes and contributions to Confidential Information created, conceived, developed or reduced to practice by the Executive (alone or with others) during the Term which (i) are related to the Company’s current or anticipated business, activities, products, or services, (ii) result from any work performed by Executive for the Company, or (iii) are created, conceived, developed or reduced to practice with the use of Company property, including any and all Intellectual Property Rights (as defined below) therein (“ Work Product ”). Any Work Product which falls within the definition of work made for hire , as such term is defined in the U.S. Copyright Act, shall be considered a work made for hire, the copyright in which vests initially and exclusively in the Company. The Executive waives any rights to be attributed as the author of any Work Product and any droit morale (moral rights) in Work Product. The Executive agrees to immediately disclose to the Company all Work Product. For purposes of this Agreement, “ Intellectual Property ” shall mean any patent, copyright, trademark or service mark, trade secret, or any other proprietary rights protection legally available. |
(c) | Patent and Copyright Registration . The Executive agrees to execute and deliver any instruments or documents and to do all other things reasonably requested by the Company in order to more fully vest the Company with all ownership rights in the Work Product. If any Work Product is deemed by the Company to be patentable or otherwise registrable, the Executive shall assist the Company (at the Company’s expense) in obtaining letters of patent or other applicable registration therein and shall execute all documents and do all things, including testifying (at the Company’s expense) as necessary or appropriate to apply for, prosecute, obtain, or enforce any Intellectual Property right relating to any Work Product. Should the Company be unable to secure the Executive’s signature on any document deemed necessary to accomplish the foregoing, whether due to the Executive’s disability or other reason, the Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as the Executive’s agent and attorney-in-fact to act for and on the Executive’s behalf and stead to take any of the actions required of Executive under the previous sentence, with the same effect as if executed and delivered by the Executive, such appointment being coupled with an interest. |
This Section 9 shall survive the termination of the Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.
10. | CONFLICTING EMPLOYMENT |
The Executive hereby agrees that, during the Term, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the Term, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.
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11. | NON-COMPETITION AND NON-SOLICITATION |
(a) | Non-Competition . In consideration of the compensation provided to the Executive by the Company hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Executive agree that during the Term and for a period of one year following the termination of the Employment for whatever reason, the Executive shall not engage in Competition (as defined below) with the Group. For purposes of this Agreement, “ Competition ” by the Executive shall mean the Executive’s engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting the Executive’s name to be used in connection with the activities of, any other business or organization which competes, directly or indirectly, with the Group in the Business; provided , however , it shall not be a violation of this Section 11(a) for the Executive to become the registered or beneficial owner of up to five percent (5%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the Executive does not otherwise participate in the business of such corporation. |
For purposes of this Agreement, “ Business ” means express delivery services, transportation and courier services, and any other business which the Group engages in, or is preparing to become engaged in, during the Term.
(b) | Non-Solicitation; Non-Interference . During the Term and for a period of one year following the termination of the Executive’s employment for any reason, the Executive agrees that he/she will not, directly or indirectly, for the Executive’s benefit or for the benefit of any other person or entity, do any of the following: |
(1) | approach the suppliers, clients, direct or end customers or contacts or other persons or entities introduced to the Executive in his/her capacity as a representative of the Group for the purpose of doing business of the same or of a similar nature to the Business or doing business that will harm the business relationships of the Group with the foregoing persons or entities; |
(2) | assume employment with or provide services to any competitors of the Group, or engage, whether as principal, partner, licensor or otherwise, any of the Group’s competitors, without the Group’s express consent; or |
(3) | seek, directly or indirectly, to solicit the services of, or hire or engage, any person who is known to be employed or engaged by the Group; or |
(4) | otherwise interfere with the business or accounts of the Group. |
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(c) | Injunctive Relief; Indemnity of Company . The Executive agrees that any breach or threatened breach of subsections (a) and (b) of this Section 11 would result in irreparable injury and damage to the Company for which an award of money to the Company would not be an adequate remedy. The Executive therefore also agrees that in the event of said breach or any reasonable threat of breach, the Company shall be entitled to seek an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, but not limited to, remedies available under this Agreement and the recovery of damages. The Executive and the Company further agree that the provisions of this Section 11 are reasonable. The Executive agrees to indemnify and hold harmless the Company from and against all reasonable expenses (including reasonable fees and disbursements of counsel) which may be incurred by the Company in connection with, or arising out of, any violation of this Agreement by the Executive. This Section 11 shall survive the termination of the Agreement for any reason. |
12. | WITHHOLDING TAXES |
Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to the Agreement such national, state, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.
13. | ASSIGNMENT |
The Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer the Agreement or any rights or obligations hereunder; provided, however, that the Company may assign or transfer the Agreement or any rights or obligations hereunder to any member of the Group without such consent. If the Executive should die while any amounts would still be payable to the Executive hereunder if the Executive had continued to live, all such amounts unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate. The Company will require any and all successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Company had terminated the Executive’s employment other than for Cause, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Section, “ Company ” shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.
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14. | SEVERABILITY |
If any provision of the Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of the Agreement are declared to be severable.
15. | ENTIRE AGREEMENT |
The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement.
16. | GOVERNING LAW |
The Agreement shall be governed by and construed in accordance with the law of the State of New York.
17. | AMENDMENT |
The Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to the Agreement, which agreement is executed by both of the parties hereto.
18. | WAIVER |
Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under the Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.
19. | NOTICES |
All notices, requests, demands and other communications required or permitted under the Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (iv) sent by e-mail with confirmation of receipt.
20. | COUNTERPARTS |
The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.
Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.
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21. | NO INTERPRETATION AGAINST DRAFTER |
Each party recognizes that the Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of the Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.
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IN WITNESS WHEREOF, the Agreement has been executed as of the date first written above.
COMPANY: | Weidai Ltd. | |
a Cayman Islands exempted company | ||
By: | ||
Name: | ||
Title: | ||
EXECUTIVE: | ||
Name: | ||
Address: |
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SCHEDULE A
Cash Compensation
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SCHEDULE B
Prior Inventions
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