Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expenses

Share‑based compensation was recognized in operating cost and expenses for the years ended December 31, 2018, 2020 and 2021 as follows:

	For the Year Ended December 31,
	2019		2020		2021
	(RMB in thousands)
Processing and servicing cost		10,472		11,391		9,968
Sales and marketing expenses		28,611		32,486		30,508
Research and development expenses		42,977		46,116		39,413
General and administrative expenses		95,202		108,832		107,995
Total share‑based compensation expenses		177,262		198,825		187,884

Summary of Number of Shares Available for Issuance

The following table sets forth a summary of the number of shares available for issuance:

	Shares Available
	(In thousands)
December 31, 2018		13,833
Additions		3,512
Granted		(10,849	)
Cancelled/forfeited		1,903
December 31, 2019		8,399
Additions		3,594
Granted		(3,005	)
Cancelled/forfeited		2,539
December 31, 2020		11,527
Additions		3,641
Granted		(13,736	)
Cancelled/forfeited		5,201
December 31, 2021		6,633

Schedule of Activities for Stock Options

The following table sets forth the summary of activities for stock options granted to employees, directors and non-employee directors:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2018		20,142			1.5164		7.95		353,559
Granted*		5,091			0.5000
Exercised		(7,798	)		0.2548
Cancelled/forfeited		(1,194	)		2.3996
December 31, 2019		16,241			1.7386		8.22		589,871
Granted*		2,829			0.5000
Exercised		(3,140	)		0.2399
Cancelled/forfeited		(2,270	)		2.1589
December 31, 2020		13,660			1.7569		7.87		189,072
Granted*		13,489			0.5000
Exercised		(2,426	)		0.4529
Cancelled/forfeited		(4,594	)		3.2215
December 31, 2021		20,129			0.7227		8.43		155,018
Vested and expected to vest as of December 31, 2021		18,867			0.7355		8.42		143,684
Exercisable as of December 31, 2021		4,447			1.2408		6.53		19,540

* No stock options were granted to non-employee directors for the years presented.

The following table sets forth the summary of activities for stock options granted to non‑employees:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2018		500			0.0001		8.58		12,439
Granted		—			—		—		—
Exercised		(90	)		0.0001		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2019		410			0.0001		7.58		19,864
Granted		—			—		—		—
Exercised		—			—		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2020		410			0.0001		6.58		8,962
Granted		—			—		—		—
Exercised		(160	)		0.0001		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2021		250			0.0001		5.58		3,076
Vested and expected to vest as of December 31, 2021		250			0.0001		5.58		3,076
Exercisable as of December 31, 2021		250			0.0001		5.58		3,076

Schedule of Estimated Fair Value of Stock Option Granted

the estimated fair value of each stock option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions:

	For the Year Ended December 31,
	2019		2020		2021
Expected volatility	41.81%~42.09%		45.25%~48.26%		46.68%~47.79%
Risk-free interest rate (per annum)	1.80%~1.81%		0.67%~0.88%		1.11%~1.64%
Exercise multiples	1.5~2.5			2	1.5~2.5
Expected dividend yield		—		—		—
Expected term (in years)		10		10		10
Fair value of the underlying shares on the date of grants (US$)	5.02~6.02		3.15~4.15		1.91~6.31

Summary of Activities for Restricted Shares Units

The following table sets forth the summary of activities for restricted share units granted to employees, directors and non-employee directors:

	Shares Outstanding			Weighted Average Grant Date Fair Value
	(In thousands)			US$
December 31, 2018		1,237			7.47
Granted*		5,758			5.10
Vested		(292	)		7.49
Cancelled/forfeited		(709	)		5.78
December 31, 2019		5,994			5.39
Granted*		176			4.27
Vested		(1,527	)		5.43
Cancelled/forfeited		(989	)		5.57
December 31, 2020		3,654			5.27
Granted*		247			3.21
Vested		(1,226	)		5.35
Cancelled forfeited		(607	)		5.12
December 31, 2021		2,068			5.02

* No restricted share units were granted to non-employee directors for the years presented.