|
Cayman Islands
|
| |
6199
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(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 |
|
| | ||||||||||||
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$0.000002 per share
(1)
|
| | | US$ | 100,000,000 | | | | | US$ | 12,450.00 | | |
|
| MORGAN STANLEY | | |
CREDIT SUISSE
|
| |
CITIGROUP
|
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Page
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| | | | F-1 | | |
| | |
For the three months ended,
|
| |
July 2018
|
| |
August 2018
|
|||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31, 2018
|
| |
June 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
% of
total loan volume |
| |
RMB
|
| |
% of
total loan volume |
| |
RMB
|
| |
% of
total loan volume |
| |
RMB
|
| |
US$
|
| |
% of
total loan volume |
|||||||||||||||||||||||||||
| | |
(in millions, except for percentages)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Total loan volume
|
| | | | 24,645 | | | | | | 100.0 | | | | | | 19,994 | | | | | | 100.0 | | | | | | 6,023 | | | | | | 100.0 | | | | | | 5,009 | | | | | | 757.0 | | | | | | 100.0 | |
Including: | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
Loans funded by institutional funding partners
|
| | | | 1,043 | | | | | | 4.2 | | | | | | 564 | | | | | | 2.8 | | | | | | 187 | | | | | | 3.1 | | | | | | 232 | | | | | | 35.1 | | | | | | 4.6 |
| | |
January
|
| |
February
|
| |
March
|
| |
April
|
| |
May
|
| |
June
|
| |
July
|
| |
August
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
2017 | | | | | 122 | | | | | | 139 | | | | | | 132 | | | | | | 135 | | | | | | 129 | | | | | | 123 | | | | | | 127 | | | | | | 124 | | |
2018 | | | | | 127 | | | | | | 149 | | | | | | 158 | | | | | | 141 | | | | | | 173 | | | | | | 194 | | | | | | 107 | | | | | | 126 | | |
Increase/decrease (%)
|
| | | | 4.6 | | | | | | 6.6 | | | | | | 19.8 | | | | | | 4.1 | | | | | | 34.8 | | | | | | 57.9 | | | | | | (15.7 ) | | | | | | 2.1 | | |
| | |
Delinquent for
|
| |||||||||||||||||||||||||||
| | |
1-30 days
|
| |
31-60 days
|
| |
61-90 days
|
| |
Over 90 days
|
| |
Total
|
| |||||||||||||||
As of August 31, 2018
|
| | | | 0.39 % | | | | | | 0.37 % | | | | | | 0.85 % | | | | | | 1.45 % | | | | | | 3.06 % | | |
|
| | |
Delinquent for
|
| |||||||||||||||||||||||||||
| | |
1-30 days
|
| |
31-60 days
|
| |
61-90 days
|
| |
Over 90 days
|
| |
Total
|
| |||||||||||||||
As of August 31, 2018
|
| | | | 0.74 % | | | | | | 0.66 % | | | | | | 0.93 % | | | | | | 2.03 % | | | | | | 4.37 % | | |
|
| | |
Six Months Ended
June 30, 2018 |
| |
Eight Months Ended August 31, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net revenues: | | | | | |||||||||||||||
Loan facilitation services
|
| | | | 1,466,519 | | | | | | 2,026,026 | | | | | | 306,180 | | |
Post facilitation services
|
| | | | 165,391 | | | | | | 227,635 | | | | | | 34,401 | | |
Other revenues
|
| | | | 105,048 | | | | | | 124,387 | | | | | | 18,798 | | |
Financing income
|
| | | | 234,607 | | | | | | 303,260 | | | | | | 45,830 | | |
Less: Funding costs
|
| | | | (78,202 ) | | | | | | (102,015 ) | | | | | | (15,417 ) | | |
Net financing income
|
| | | | 156,405 | | | | | | 201,245 | | | | | | 30,413 | | |
Total net revenues
|
| | | | 1,883,270 | | | | | | 2,566,454 | | | | | | 387,852 | | |
Provision for loans and advances
|
| | | | (238,858 ) | | | | | | (326,137 ) | | | | | | (49,287 ) | | |
Net revenues after provision for loans and advances
|
| | | | 1,644,412 | | | | | | 2,240,317 | | | | | | 338,565 | | |
Operating costs and expenses: | | | | | |||||||||||||||
Origination and servicing
|
| | | | (916,160 ) | | | | | | (1,213,169 ) | | | | | | (183,338 ) | | |
Sales and marketing
|
| | | | (104,994 ) | | | | | | (154,729 ) | | | | | | (23,383 ) | | |
General and administrative
|
| | | | (165,148 ) | | | | | | (236,303 ) | | | | | | (35,711 ) | | |
Research and development
|
| | | | (67,214 ) | | | | | | (91,141 ) | | | | | | (13,774 ) | | |
Total operation costs and expenses
|
| | | | (1,253,516 ) | | | | | | (1,695,342 ) | | | | | | (256,206 ) | | |
Income from operations
|
| | | | 390,896 | | | | | | 544,975 | | | | | | 82,359 | | |
Interest income, net
|
| | | | 26,888 | | | | | | 34,966 | | | | | | 5,284 | | |
Government grants
|
| | | | 905 | | | | | | 37,671 | | | | | | 5,693 | | |
Other income, net
|
| | | | (9,324 ) | | | | | | 7,811 | | | | | | 1,180 | | |
Net income before income taxes
|
| | | | 409,365 | | | | | | 609,800 | | | | | | 92,155 | | |
Income tax expenses
|
| | | | (102,014 ) | | | | | | (159,087 ) | | | | | | (24,042 ) | | |
Net income
|
| | | | 307,351 | | | | | | 450,713 | | | | | | 68,113 | | |
|
| | |
Six Months Ended
June 30, 2018 |
| |
Eight Months Ended August 31, 2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Reconcilitation of Net Income to Adjusted Net Income: | | | | | |||||||||||||||
Net income
|
| | | | 307,351 | | | | | | 450,713 | | | | | | 68,113 | | |
Add: | | | | | |||||||||||||||
Share-based compensation expenses
|
| | | | 55,595 | | | | | | 73,707 | | | | | | 11,139 | | |
Adjusted net income
|
| | | | 362,946 | | | | | | 524,420 | | | | | | 79,252 | | |
|
| | |
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)
|
| |||||||||||||||||||||||||||||||||
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,
|
| ||||||||||||||||||||||||
| | |
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$206 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,
|
| ||||||||||||||||||||||||||||||
| | |
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
(1)
|
| | | |||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As
Adjusted ( 2 ) |
| | | |||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| | | ||||||||||||||||
| | |
(in thousands, except for share and per share data)
|
| | | |||||||||||||||||||||||||||||||
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Ordinary shares (par value of US$0.000002
per share; 24,982,901,300 shares authorized, 48,392,050 shares issued and outstanding as of June 30, 2018) |
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Series A preferred shares (par value of
US$0.000002 per share; 9,146,250 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$0.000002 per share; 30,419,350 shares issued and outstanding as of June 30, 2018, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Class B ordinary shares (par value of US$0.000002 per share; 35,071,400 shares issued and outstanding, as of June 30, 2018, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Additional paid-in capital
|
| | | | 485,962 | | | | | | 73,440 | | | | | | 754,873 | | | | | | 114,080 | | | | | | | | | | | ||||
Retained earnings
|
| | | | 746,920 | | | | | | 112,877 | | | | | | 746,920 | | | | | | 112,877 | | | | | | | | | | | ||||
Noncontrolling interests
|
| | | | 4,770 | | | | | | 721 | | | | | | 4,770 | | | | | | 721 | | | | | | | | | | | ||||
Total shareholders’ equity
(
3
)
|
| | | | 1,256,509 | | | | | | 189,888 | | | | | | 1,506,563 | | | | | | 227,678 | | | | | | | | | | | ||||
Total mezzanine equity and shareholders’ equity
(
3
)
|
| | | | 1,506,563 | | | | | | 227,678 | | | | | | 1,506,563 | | | | | | 277,678 | | | | | | | | | | | | | | |
| | |
Per Ordinary Share
|
| |
Per ADS
|
|
Assumed initial public offering price
|
| | US$ | | | 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$1.00)
|
| | |||||||||||||||||||||||
2013
|
| | | | 6.0537 | | | | | | 6.1478 | | | | | | 6.2438 | | | | | | 6.0537 | | | | ||
2014
|
| | | | 6.2046 | | | | | | 6.1620 | | | | | | 6.2591 | | | | | | 6.0402 | | | | ||
2015
|
| | | | 6.4778 | | | | | | 6.2827 | | | | | | 6.4896 | | | | | | 6.1870 | | | | ||
2016
|
| | | | 6.9430 | | | | | | 6.6400 | | | | | | 6.9580 | | | | | | 6.4480 | | | | ||
2017
|
| | | | 6.5063 | | | | | | 6.7350 | | | | | | 6.9575 | | | | | | 6.4773 | | | | ||
2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
March
|
| | | | 6.2726 | | | | | | 6.3174 | | | | | | 6.3565 | | | | | | 6.2685 | | | | ||
April
|
| | | | 6.3325 | | | | | | 6.2966 | | | | | | 6.3340 | | | | | | 6.2655 | | | | ||
May
|
| | | | 6.4096 | | | | | | 6.3701 | | | | | | 6.4175 | | | | | | 6.3325 | | | | ||
June
|
| | | | 6.6171 | | | | | | 6.4651 | | | | | | 6.6235 | | | | | | 6.3850 | | | | ||
July
|
| | | | 6.8038 | | | | | | 6.7164 | | | | | | 6.8102 | | | | | | 6.6123 | | | | ||
August
|
| | | | 6.8300 | | | | | | 6.8453 | | | | | | 6.9330 | | | | | | 6.8018 | | | | ||
September (through September 14)
|
| | | | 6.8673 | | | | | | 6.8482 | | | | | | 6.8704 | | | | | | 6.8270 | | | |
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2017
|
| |
2018
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
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$206 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 | | | | | | 0.3 | | | | | | 7,464 | | | | | | 1,128 | | | | | | 0.4 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 0.0 | | | | | | 6,045 | | | | | | 914 | | | | | | 0.2 | | | | | | 953 | | | | | | 0.1 | | | | | | 6,522 | | | | | | 985 | | | | | | 0.3 | | |
| | | | | 146,051 | | | | | | 8.3 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 8.5 | | | | | | 141,707 | | | | | | 9.1 | | | | | | 165,391 | | | | | | 24,994 | | | | | | 8.7 | | |
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 | | | | | | 56.5 | | | | | | 1,784,914 | | | | | | 269,743 | | | | | | 50.5 | | | | | | 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 | | | | | | 0.3 | | | | | | 7,464 | | | | | | 1,128 | | | | | | 0.4 | | |
Unsecured loans
(2)
|
| | | | 483 | | | | | | 0.0 | | | | | | 6,045 | | | | | | 914 | | | | | | 0.2 | | | | | | 953 | | | | | | 0.1 | | | | | | 6,522 | | | | | | 985 | | | | | | 0.3 | | |
| | | | | 146,051 | | | | | | 8.3 | | | | | | 300,185 | | | | | | 45,365 | | | | | | 8.5 | | | | | | 141,707 | | | | | | 9.1 | | | | | | 165,391 | | | | | | 24,994 | | | | | | 8.7 | | |
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 ) | | | | | | (56.5 ) | | | | | | (1,784,914 ) | | | | | | (269,743 ) | | | | | | (50.5 ) | | | | | | (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 | | | | | | 16.4 | | | | | | 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*
|
| |
134.42
|
| |
142.54
|
|
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
|
| |
Fair Value per
ordinary share after DLOM* (in RMB) |
| |||
September 30, 2015
|
| | | | 46.08 | | |
May 31, 2016
|
| | | | 65.54 | | |
September 30, 2016
|
| | | | 72.44 | | |
December 31, 2017
|
| | | | 134.42 | | |
June 30, 2018
|
| | | | 142.54 | | |
| | |
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 | |
Poi Lam William Yuen* | | |
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 | | |
34
|
| | 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)
|
| | | | 35,071,400 | | | | | | 53.6 % | | | | | | | | | | | | | | | | | | | | |
Feng Chen
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Yuqun Sun
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Desheng Ding
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Wei Ye
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Menma Huang
(2)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Ziyang Li
(3)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Tony Cai***
|
| | | | — | | | | | | — | | | | | | | | | ||||||||||||
Poi Lam William Yuen***
|
| | | | — | | | | | | — | | | | | | | | | ||||||||||||
Pengfei Wang
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Jianzhong Zhu
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Leo Li
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | | | | | |
Quanlin Gu
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
All Directors and
Executive Officers as a Group |
| | | | 36,708,600 | | | | | | 56.1 % | | | | | | | | | | | | | | | | | | | | |
Principal [and Selling] Shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
YAOH WDAI LTD
(1)
|
| | | | 35,071,400 | | | | | | 53.6 % | | | | | | | | | | | | | | | | | | | | |
Hakim Unique
Technology Limited (4) |
| | | | 9,953,300 | | | | | | 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$0.000002 per share; 9,146,250 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$0.000002 per share; 1,829,250 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$0.000002 per share; 3,048,800 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$0.000002 per share; 3,074,400 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$0.000002 per share; 24,982,901,300 shares authorized, 48,392,050 shares issued and outstanding as of December 31, 2016 and 2017) |
| | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares (par value of US$0.000002 per share; 30,419,350 shares issued and outstanding as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of US$0.000002 per share; 35,071,400 shares issued and outstanding, as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | 468,352 | | | | | | 468,352 | | | | | | 70,779 | | | | | | 857,263 | | | | | | 129,553 | | |
(Accumulated deficit)/retained
earnings |
| | | | | | | (123,769 ) | | | | | | 318,824 | | | | | | 48,183 | | | | | | 318,824 | | | | | | 48,182 | | |
Total Weidai Ltd. shareholder’s equity
|
| | | | | | | 344,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,176,087 | | | | | | 177,735 | | |
Noncontrolling interests
|
| | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total shareholders’ equity
|
| | | | | | | 346,584 | | | | | | 787,177 | | | | | | 118,962 | | | | | | 1,176,087 | | | | | | 177,735 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | | | 2,105,490 | | | | | | 6,267,801 | | | | | | 947,213 | | | | | | | | | | | | | | |
|
| | |
Note
|
| |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| |||||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
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
|
| | | | 2.60 | | | | | | 7.25 | | | | | | 1.10 | | |
Diluted
|
| |
15
|
| | | | 2.60 | | | | | | 7.25 | | | | | | 1.10 | | |
Shares used in earnings per share computation: | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
Diluted
|
| | | | | | | 48,392,050 | | | | | | 51,466,450 | | | | | | 51,466,450 | | |
Pro forma earnings per share for Class A and Class B ordinary shareholders:
|
| | | | | | | | | | | | | | | | | | | | | |
Basic (unaudited)
|
| | | | | | | | | | | | | 7.25 | | | | | | 1.10 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | 7.25 | | | | | | 1.10 | | |
Class A and Class B ordinary shares used in pro forma earnings per share computation:
|
| | | | | | | | | | | | | | | | | | | | | |
Basic (unaudited)
|
| | | | | | | | | | | | | 65,490,750 | | | | | | 65,490,750 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | 65,490,750 | | | | | | 65,490,750 | | |
| | |
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
|
| | | | | | | | | | 48,392,050 | | | | | | 1 | | | | | | 14,024,300 * | | | | | | — | | | | | | 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 | | | | | | — | | | | | | — | | | | | | (14,024,300 ) | | | | | | — | | | | | | (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
|
| | | | | | | | | | 48,392,050 | | | | | | 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
|
| | | | | | | | | | 48,392,050 | | | | | | 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
|
| |
US$
|
| |||||||||||||||||||||||||||||||||
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 ) | | | | | | (115,555 ) | | | | | | (17,463 ) | | |
Numerator for computing basic earnings per share
|
| | | | 125,740 | | | | | | 350,662 | | | | | | 52,993 | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
Earnings per share – basic
|
| | | | 2.60 | | | | | | 7.25 | | | | | | 1.10 | | |
|
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Numerator for computing basic earnings per share
|
| | | | 125,740 | | | | | | 350,662 | | | | | | 52,993 | | |
Allocation of net income attributable to Series C redeemable
convertible preferred shares |
| | | | — | | | | | | 22,324 | | | | | | 3,374 | | |
Numerator for computing diluted earnings per share
|
| | | | 125,740 | | | | | | 372,986 | | | | | | 56,367 | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
Conversion of Series C redeemable convertible preferred shares to ordinary shares
|
| | | | — | | | | | | 3,074,400 | | | | | | 3,074,400 | | |
Weighted average number of ordinary shares outstanding – diluted
|
| | | | 48,392,050 | | | | | | 51,466,450 | | | | | | 51,466,450 | | |
Earnings per share – diluted
|
| | | | 2.60 | | | | | | 7.25 | | | | | | 1.10 | | |
|
| | |
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
|
| | | | 13,320,650 | | | | | | 13,320,650 | | | | | | 35,071,400 | | | | | | 35,071,400 |
Add: adjustment to reflect assumed effect of
automatic conversion of preference shares |
| | | | 17,098,700 | | | | | | 17,098,700 | | | | | | — | | | | | | — |
Weighted average number of shares used in
calculating pro forma basic and diluted earnings per share |
| | | | 30,419,350 | | | | | | 30,419,350 | | | | | | 35,071,400 | | | | | | 35,071,400 |
Pro forma earnings per share – basic and diluted (unaudited)
|
| | | | 7.25 | | | | | | 1.10 | | | | | | 7.25 | | | | | | 1.10 |
|
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
|
| |
134.42
|
|
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$0.000002 per share; 9,146,250 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$0.000002 per share; 1,829,250 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$0.000002 per share; 3,048,800 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$0.000002 per share; 3,074,400 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$0.000002 per share; 24,982,901,300 shares authorized, 48,392,050 shares issued and outstanding as of December 31, 2016 and 2017)
|
| | | | 1 | | | | | | 1 | | | | | | — | | |
Class A ordinary shares (par value of US$0.000002 per share; 30,419,350 shares issued and outstanding as of December 31, 2016 and 2017, pro forma)
|
| | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of US$0.000002 per share; 35,071,400 shares issued and outstanding, as of December 31, 2016 and 2017, pro forma)
|
| | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 468,352 | | | | | | 468,352 | | | | | | 70,779 | | |
(Accumulated deficit)/Retained earnings
|
| | | | (123,769 ) | | | | | | 318,824 | | | | | | 48,183 | | |
Total shareholders’ equity
|
| | | | 344,584 | | | | | | 787,177 | | | | | | 118,962 | | |
Total liabilities, mezzanine equity and shareholders’ equity
|
| | | | 733,494 | | | | | | 1,216,806 | | | | | | 183,889 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
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$0.000002 per share; 9,146,250 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 18,856 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series A+ preferred shares (par value of
US$0.000002 per share; 1,829,250 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$0.000002 per share; 3,048,800 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$0.000002 per share; 3,074,400 shares authorized, issued and outstanding as of December 31, 2017 and June 30, 2018) |
| | | | | | | | | | 360,000 | | | | | | 240,000 | | | | | | 36,270 | | | | | | — | | | | | | — | | |
Total mezzanine equity | | | | | | | | | | | 388,910 | | | | | | 250,054 | | | | | | 37,790 | | | | | | — | | | | | | — | | |
|
| | | | | | | | |
As of
|
| |
Pro forma shareholders’
equity as of |
| ||||||||||||||||||||||||
| | |
Note
|
| |
December 31,
2017 |
| |
June 30, 2018
|
| |
June 30, 2018
|
| ||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(unaudited) |
| |||||||||||||||
Shareholders’ equity | | | | | | | | ||||||||||||||||||||||||||||||
Ordinary shares (par value of US$0.000002 per share; 24,982,901,300 shares authorized, 48,392,050 shares issued and outstanding as of December 31, 2017 and June 30, 2018)
|
| | | | | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Series A preferred shares (par value of
US$0.000002 per share; 9,146,250 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$0.000002 per share; 30,419,350 shares issued and outstanding as of December 31, 2017 and June 30, 2018, pro forma)
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class B ordinary shares (par value of
US$0.000002 per share; 35,071,400 shares issued and outstanding, as of December 31, 2017 and June 30, 2018, pro forma) |
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | | | | 468,352 | | | | | | 485,962 | | | | | | 73,440 | | | | | | 754,873 | | | | | | 114,080 | | |
Retained earnings
|
| | | | | | | | | | 318,824 | | | | | | 746,920 | | | | | | 112,877 | | | | | | 746,920 | | | | | | 112,877 | | |
Total Weidai Ltd.
shareholders’ equity |
| | | | | | | | | | 787,177 | | | | | | 1,251,739 | | | | | | 189,167 | | | | | | 1,501,793 | | | | | | 226,957 | | |
Noncontrolling interests
|
| | | | | | | | | | — | | | | | | 4,770 | | | | | | 721 | | | | | | 4,770 | | | | | | 721 | | |
Total shareholders’ equity
|
| | | | | | | | | | 787,177 | | | | | | 1,256,509 | | | | | | 189,888 | | | | | | 1,506,563 | | | | | | 227,678 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | 6,267,801 | | | | | | 5,945,536 | | | | | | 898,511 | | | | | ||||||||||
|
| | | | | | | | |
Six months ended June 30,
|
|||||||||||||||
| | |
Note
|
| |
2017
|
| |
2018
|
|||||||||||||||
| | | | | | | | |
RMB
(unaudited) |
| |
RMB
(unaudited) |
| |
US$
(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 | | | | | | 4.09 | | | | | | 6.54 | | | | | | 0.99 | | |
Diluted
|
| | | | 13 | | | | | | 4.09 | | | | | | 4.60 | | | | | | 0.70 | | |
Shares used in earnings per share computation: | | | | | | ||||||||||||||||||||
Basic
|
| | | | | | | | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
Diluted
|
| | | | | | | | | | 51,466,450 | | | | | | 57,742,518 | | | | | | 57,742,518 | | |
Pro forma earnings per share for Class A and Class B ordinary shareholders:
|
| | | | | ||||||||||||||||||||
Basic (unaudited)
|
| | | | | | | | | | | | | | | | 4.70 | | | | | | 0.71 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | | | | 4.70 | | | | | | 0.71 | | |
Class A and Class B ordinary shares used in pro forma earnings per share computation:
|
| | | | | ||||||||||||||||||||
Basic (unaudited)
|
| | | | | | | | | | | | | | | | 65,490,750 | | | | | | 65,490,750 | | |
Diluted (unaudited)
|
| | | | | | | | | | | | | | | | 65,490,750 | | | | | | 65,490,750 | | |
| | |
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
|
| | | | | | | | | | 48,392,050 | | | | | | 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
|
| | | | | | | | | | 48,392,050 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | 112,238 | | | | | | 580,591 | | | | | | — | | | | | | 580,591 | | |
Balance as of January 1, 2018
|
| | | | | | | | | | 48,392,050 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 468,352 | | | | | | 318,824 | | | | | | 787,177 | | | | | | — | | | | | | 787,177 | | |
Modification of Series A preferred shares
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | 9,146,250 | | | | | | 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
|
| | | | | | | | | | 48,392,050 | | | | | | 1 | | | | | | 9,146,250 | | | | | | 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
|
| | | | 259,631 | | | | | | 428,096 | | | | | | 64,696 | | |
Allocation of net income attributable to preferred shareholders
|
| | | | (61,618 ) | | | | | | (111,769 ) | | | | | | (16,891 ) | | |
Numerator for computing basic earnings per share
|
| | | | 198,013 | | | | | | 316,327 | | | | | | 47,805 | | |
Denominator: | | | | | |||||||||||||||
Weighted average number of ordinary shares
outstanding |
| | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
Earnings per share – basic
|
| | | | 4.09 | | | | | | 6.54 | | | | | | 0.99 | | |
|
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2017
|
| |
2018
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | ||||||
Numerator: | | | | | |||||||||||||||
Numerator for computing basic earnings per share
|
| | | | 198,013 | | | | | | 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 |
| | | | 12,626 | | | | | | (50,677 ) | | | | | | (7,658 ) | | |
Numerator for computing diluted earnings per share
|
| | | | 210,639 | | | | | | 265,650 | | | | | | 40,147 | | |
Denominator: | | | | | |||||||||||||||
Weighted average number of ordinary shares
outstanding |
| | | | 48,392,050 | | | | | | 48,392,050 | | | | | | 48,392,050 | | |
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
|
| | | | 3,074,400 | | | | | | 9,350,468 | | | | | | 9,350,468 | | |
Weighted average number of ordinary shares outstanding –
diluted |
| | | | 51,466,450 | | | | | | 57,742,518 | | | | | | 57,742,518 | | |
Earnings per share – diluted
|
| | | | 4.09 | | | | | | 4.60 | | | | | | 0.70 | | |
|
| | |
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
|
| | | | 13,320,650 | | | | | | 13,320,650 | | | | | | 35,071,400 | | | | | | 35,071,400 | | |
Add: adjustment to reflect assumed effect of
automatic conversion of preferred shares |
| | | | 17,098,700 | | | | | | 17,098,700 | | | | | | — | | | | | | — | | |
Weighted average number of shares used in
calculating pro forma basic and diluted earnings per share |
| | | | 30,419,350 | | | | | | 30,419,350 | | | | | | 35,071,400 | | | | | | 35,071,400 | | |
Pro forma earnings per share – basic and diluted (unaudited)
|
| | | | 4.70 | | | | | | 0.71 | | | | | | 4.70 | | | | | | 0.71 | | |
|
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
|
| |
142.54
|
|
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
|
| | 50 ordinary shares | | |
—
|
| |
US$0.000002 per share
|
|
YAOH WDAI LTD
(1)
|
| |
January 26, 2018
|
| | 50 ordinary shares | | |
—
|
| |
US$0.000002 per share
|
|
YAOH WDAI LTD | | |
January 26, 2018
|
| | 4,914,950 ordinary shares | | |
7.5%
|
| |
US$0.000002 per share
|
|
| | |
April 10, 2018
|
| | 30,156,400 ordinary shares | | |
46.0%
|
| |
US$0.000002 per share
|
|
Certain minority shareholders and
employees |
| |
January 26, 2018
|
| |
85,000 ordinary shares
|
| |
0.1%
|
| |
US$0.000002 per share
|
|
|
April 10, 2018
|
| | 13,320,650 ordinary shares | | |
20.3%
|
| |
US$0.000002 per share
|
| ||
Hakim Unique Technology Limited
|
| |
April 10, 2018
|
| |
9,146,250 series A preferred shares
|
| |
14.0%
|
| |
US$0.000002 per share
|
|
|
April 10, 2018
|
| | 807,050 series B preferred shares | | |
1.2%
|
| |
US$0.000002 per share
|
| ||
A minority shareholder
|
| |
April 10, 2018
|
| |
1,829,250 series A+ preferred shares
|
| |
2.8%
|
| |
US$0.000002 per share
|
|
Certain minority shareholders | | |
April 10, 2018
|
| | 2,241,750 series B preferred shares | | |
3.4%
|
| |
US$0.000002 per share
|
|
Certain minority shareholders | | |
April 10, 2018
|
| | 3,074,400 series C preferred shares | | |
4.7%
|
| |
US$0.000002 per share
|
|
Exhibit
Number |
| |
Description of Document
|
|
99.3† | | | Consent of the Oliver Wyman Group | |
99.4† | | | Consent of Tony Cai | |
99.5 | | | Consent of Poi Lam William Yuen | |
| 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 21, 2018
|
|
|
*
Feng Chen
|
| | Director | | |
September 21, 2018
|
|
|
*
Yuqun Sun
|
| | Director | | |
September 21, 2018
|
|
|
*
Desheng Ding
|
| | Director | | |
September 21, 2018
|
|
|
*
Wei Ye
|
| | Director | | |
September 21, 2018
|
|
|
*
Menma Huang
|
| | Director | | |
September 21, 2018
|
|
|
*
Ziyang Li
|
| | Director | | |
September 21, 2018
|
|
|
/s/ Leo Li
Leo Li
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) | | |
September 21, 2018
|
|
| *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 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption "Experts" and to the use of our report dated May 25, 2018 (except for Note 2, under the heading Share split , and Note 22, as to which the date is September 21, 2018), in Amendment No.2 to the Registration Statement (Form F-1 No. 333-226790) and the related Prospectus of Weidai Ltd. dated September 21, 2018.
/s/ Ernst & Young Hua Ming LLP
Guangzhou, the People’s Republic of China
September 21, 2018
Exhibit 99.5
Weidai Ltd.
50/F, West Building, Fortune Finance Center
No. 33 Jiefang East Road, Jianggan District
Hangzhou, Zhejiang Province
The People’s Republic of China
September 5, 2018
Ladies and Gentlemen:
Pursuant to Rule 438 promulgated under the Securities Act of 1933, as amended, I hereby consent to be named in the Registration Statement on Form F-1 (the “ Registration Statement ”) of Weidai Ltd. (the “ Company ”), and any amendments thereto, as a person about to become a director of the Company and agree that following the effectiveness of the Registration Statement and commencing at the time the Securities and Exchange Commission declares the registration statement on Form 8-A under Section 12(b) of the Securities Exchange Act of 1934, as amended, effective, I will serve as a member of the board of directors of the Company.
[ Signature page to follow ]
Sincerely yours, | |
/s/ Poi Lam William Yuen | |
Name: Poi Lam William Yuen |