XML 54 R31.htm IDEA: XBRL DOCUMENT v3.23.1
Fair value of assets and liabilities (Tables)
12 Months Ended
Dec. 31, 2022
Fair value of assets and liabilities  
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

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​

​

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​

​

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Balance at Fair

​

​

Level 1

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Level 2

​

Level 3

​

Value

December 31, 2021

    

(RMB)

    

(RMB)

    

(RMB)

    

(RMB)

Assets

​

  

​

  

​

  

​

  

Loans at fair value

​

—

​

—

​

389,679,352

​

389,679,352

Financial guarantee derivative

​

—

​

—

​

11,816,799

​

11,816,799

Total assets

​

—

​

—

​

401,496,151

​

401,496,151

Liabilities

​

​

​

​

​

​

​

​

Payable to investors at fair value

​

—

​

—

​

462,714,400

​

462,714,400

Financial guarantee derivative

​

—

​

—

​

565,953,269

​

565,953,269

Total liabilities

​

—

​

—

​

1,028,667,669

​

1,028,667,669

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at Fair

​

​

Level 1

​

Level 2

​

Level 3

​

Value

December 31, 2022

    

(RMB)

    

(RMB)

    

(RMB)

    

(RMB)

Assets

​

  

​

  

​

  

​

  

Loans at fair value

​

—

​

—

​

120,279,612

​

120,279,612

Financial investments

​

—

​

—

​

10,713,953

​

10,713,953

Total assets

​

—

​

—

​

130,993,565

​

130,993,565

Liabilities

​

​

​

​

​

​

​

​

Payable to investors at fair value

​

—

​

—

​

141,288,810

​

141,288,810

Financial guarantee derivative

​

—

​

—

​

107,890,394

​

107,890,394

Total liabilities

​

—

​

—

​

249,179,204

​

249,179,204

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at Fair

​

​

Level 1

​

Level 2

​

Level 3

​

Value

December 31, 2022

    

(US$)

    

(US$)

    

(US$)

    

(US$)

Assets

​

  

​

  

​

  

​

  

Loans at fair value

​

—

​

—

​

17,438,904

​

17,438,904

Financial investments

​

—

​

—

​

1,553,377

​

1,553,377

Total assets

​

—

​

—

​

18,992,281

​

18,992,281

Liabilities

​

​

​

​

​

​

​

​

Payable to investors at fair value

​

—

​

—

​

20,484,952

​

20,484,952

Financial guarantee derivative

​

—

​

—

​

15,642,637

​

15,642,637

Total liabilities

​

—

​

—

​

36,127,589

​

36,127,589

​

Schedule of financial guarantee derivative movement activities

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For loans facilitated in

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For loans facilitated in

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​

​

    

2020

    

2021

    

Total

Year ended December 31, 2021

​

RMB

​

RMB

​

RMB

Balance at December 31, 2020

 

3,842,853

​

—

​

3,842,853

Estimated payment to financial institutional cooperators based on the pre-agreed Cap (1)

 

—

​

212,641,902

​

212,641,902

Less: Initially estimated net guarantee service fee to be collected (2)

 

—

​

201,562,969

​

201,562,969

Add : Subsequent changes in estimated net guarantee service fee to be collected for outstanding loans (3)

​

1,044,741

​

1,731,660

​

2,776,401

Change in fair value of financial guarantee derivative

 

1,044,741

​

12,810,593

​

13,855,334

Add: Guarantee service fee received from borrowers

 

52,087,120

​

94,897,894

​

146,985,014

Less: Compensation paid/payable to financial institutional cooperators

 

56,974,714

​

119,525,286

​

176,500,000

Balance at December 31, 2021

 

—

​

(11,816,799)

​

(11,816,799)

Potential maximum undiscounted amount payable (Remaining estimated payment to financial institutional cooperators based on the pre-agreed Cap at December 31, 2021)

 

—

​

93,116,616

​

93,116,616

Changes in fair value related to balance outstanding at December 31, 2021

 

—

​

11,388,942

​

11,388,942

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​

​

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​

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​

​

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For loans facilitated in

    

For loans facilitated in

 

​

​

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2021

    

2022

    

Total

    

Total

Year ended December 31, 2022

​

RMB

​

RMB

 

RMB

​

USD

Balance at December 31, 2021

 

(11,816,799)

​

—

​

(11,816,799)

​

(1,713,275)

Estimated payment to financial institutional cooperators based on the pre-agreed Cap (1)

 

—

​

—

​

—

​

—

Less: Initially estimated net guarantee service fee to be collected (2)

 

—

​

—

​

—

​

—

Add : Subsequent changes in estimated net guarantee service fee to be collected for outstanding loans (3)

 

(15,743,564)

​

—

​

(15,743,564)

​

(2,282,602)

Change in fair value of financial guarantee derivative

 

(15,743,564)

​

—

​

(15,743,564)

​

(2,282,602)

Add: Guarantee service fee received from borrowers

 

110,656,100

​

—

​

110,656,100

​

16,043,626

Less: Compensation paid to financial institutional cooperators

 

83,095,737

​

—

​

83,095,737

​

12,047,749

Balance at December 31, 2022

 

—

​

—

​

—

​

—

Potential maximum undiscounted amount payable (Remaining estimated payment to financial institutional cooperators based on the pre-agreed Cap at December 31, 2022)

 

—

​

—

​

—

​

—

Changes in fair value related to balance outstanding at December 31, 2022

 

—

​

—

​

—

​

—

Note:

(1)Amount represents estimated payment to financial institutional cooperators which is the aggregated amount of guarantee fees, which would be the amount of loan principle multiplied by annualized guarantee fee ratio. The obligation is not influenced by default and early repayment of borrowers.
(2)Amount represents estimated guarantee service fees to be collected for loans newly facilitated during each vintage period according to the guarantee service agreement with the borrowers, net of estimated defaults and prepayments.
(3)Amount represents the subsequent adjustment to update the estimated net guarantee service fees to be collected for all outstanding loans as a result of changes in estimated default or prepayment rates.

The following table sets forth the liability side of Group’s financial guarantee derivative movement activities for the years ended December 31, 2021 and 2022.

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For loans facilitated in

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For loans facilitated in

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2020

    

2021

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Total

Year ended December 31, 2021

    

RMB

     

RMB

    

RMB

Balance at December 31, 2020

​

(171,328,829)

​

—

​

(171,328,829)

Estimated payment to financial institutional cooperators based on the pre-agreed Cap(1)

​

—

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1,927,017,013

​

1,927,017,013

Less: Initially estimated net guarantee service fee to be collected(2)

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—

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1,827,304,009

​

1,827,304,009

Add : Subsequent changes in estimated net guarantee service fee to be collected for outstanding loans(3)

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3,790,670

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52,979,985

​

56,770,655

Change in fair value of financial guarantee derivative

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3,790,670

​

152,692,989

​

156,483,659

Add: Guarantee service fee received from borrowers

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837,446,557

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1,147,827,202

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1,985,273,759

Less: Compensation paid to financial institutional cooperators

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669,908,398

​

734,566,922

​

1,404,475,320

Balance at December 31, 2021

​

—

​

565,953,269

​

565,953,269

Potential maximum undiscounted amount payable (Remaining estimated payment to financial institutional cooperators based on the pre-agreed Cap at December 31, 2021)

​

—

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1,192,450,091

​

1,192,450,091

Changes in fair value related to balance outstanding at December 31, 2021

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—

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110,763,906

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110,763,906

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​

​

​

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​

​

​

​

​

    

For loans facilitated in

    

For loans facilitated in

    

    

    

    

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2021

​

2022

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Total

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Total

Year ended December 31, 2022

​

RMB

​

RMB

​

RMB

​

USD

Balance at December 31, 2021

 

565,953,269

​

—

​

565,953,269

​

82,055,511

Estimated payment to financial institutional cooperators based on the pre-agreed Cap (1)

 

—

​

100,633,097

​

100,633,097

​

14,590,428

Less: Initially estimated net guarantee service fee to be collected (2)

 

—

​

93,954,209

​

93,954,209

​

13,622,080

Add : Subsequent changes in estimated net guarantee service fee to be collected for outstanding loans (3)

 

(129,190,421)

​

601,001

​

(128,589,420)

​

(18,643,714)

Change in fair value of financial guarantee derivative

 

(129,190,421)

​

7,279,889

​

(121,910,532)

​

(17,675,366)

Add: Guarantee service fee received from borrowers

 

646,183,355

​

107,060,087

​

753,243,442

​

109,210,034

Less: Compensation paid to financial institutional cooperators

 

998,298,062

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6,449,582

​

1,004,747,644

​

145,674,715

Less: Compensaion payable to financial institutional cooperators (4)

​

84,648,141

​

—

​

84,648,141

​

12,272,827

Balance at December 31, 2022

 

—

​

107,890,394

​

107,890,394

​

15,642,637

Potential maximum undiscounted amount payable (Remaining estimated payment to financial institutional cooperators based on the pre-agreed Cap at December 31, 2022)

 

—

​

94,183,515

​

94,183,515

​

13,655,326

Changes in fair value related to balance outstanding at December 31, 2022

 

—

​

4,719,727

​

4,719,727

​

684,296

Note:

(1)Amount represents estimated payment to financial institutional cooperators which is the aggregated amount of guarantee fees, which would be the amount of loan principle multiplied by annualized guarantee fee ratio. The obligation is not influenced by default and early repayment of borrowers.
(2)Amount represents estimated guarantee service fees to be collected for loans newly facilitated during each vintage period according to the guarantee service agreement with the borrowers, net of estimated defaults and prepayments.
(3)Amount represents the subsequent adjustment to update the estimated net guarantee service fees to be collected for all outstanding loans as a result of changes in estimated default or prepayment rates.
(4)Amount represents the compensaion payable to financial institutional cooperators. See Note.11 Accrued expenses and other current liabilities.
Schedule of outstanding loan balance, remaining weighted average contractual term and estimated default rate of the outstanding loans

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As of

 

As of

 

As of

 

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December 31, 

 

December 31, 

 

December 31, 

 

​

    

2021

    

2022

    

2022

 

​

​

RMB

​

RMB

​

US$

​

Outstanding loan balance

​

9,877,178,724

​

1,405,147,876

​

203,727,292

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Remaining weighted average contractual term (Month)

​

6.76

​

1.93

​

1.93

​

Net cumulative expected loss rates (1)

​

7.74

%  

7.23

%

7.23

%

(1)Represent the net of default rate, prepayment rate and collection rate.
Schedule of significant unobservable inputs

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December 31, 2021

 

December 31, 2022

 

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Range of Inputs

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Range of Inputs

 

Financial Instrument

    

Unobservable Input

    

Weighted-Average

    

Weighted-Average

 

Loans and payable to investors at fair value

​

Discount rates

​

6.46

%  

6.48

%

​

​

Net cumulative expected loss rates (1)

​

5.92

%  

5.94

%

(1)Represents the net of default rate, prepayment rate and collection rate, expressed as a percentage of the loan volume.
Schedule of loans receivable measured at fair value on recurring basis

RMB

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Changes in fair

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value related to

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balance

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Balance at

​

Origination

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​

​

​

​

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Balance at

​

outstanding at

​

​

December 31, 

​

of loan

​

Collection of

​

Reinvestment

​

Change in

​

December

​

December 31, 

​

    

2020

    

principal

    

principal

    

of principal

    

fair value

    

31, 2021

    

2021

Xiaoying Credit Loan

​

1,585,731,888

​

422,081,700

​

(3,427,158,051)

​

1,816,290,599

​

(7,266,784)

​

389,679,352

​

(2,234,954)

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RMB

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​

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Changes in fair

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value related to

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balance

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Balance at

​

Origination

​

​

​

​

​

​

​

Balance at

​

outstanding at

​

​

December 31, 

​

of loan

​

Collection of

​

Reinvestment

​

Change in

​

December

​

December 31, 

​

    

2021

    

principal

    

principal

    

of principal

    

fair value

    

31, 2022

    

2022

Xiaoying Credit Loan

​

389,679,352

​

99,000,000

​

(1,089,274,133)

​

727,042,700

​

(6,168,307)

​

120,279,612

​

(8,403,261)

​

USD

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

​

​

​

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Changes in fair

​

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​

​

​

​

​

​

​

​

​

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value related to

​

​

​

​

​

​

​

​

​

​

​

​

​

​

balance

​

​

Balance at

​

Origination

​

​

​

​

​

​

​

Balance at

​

outstanding at

​

​

December 31, 

​

of loan

​

Collection of

​

Reinvestment

​

Change in

​

December

​

December 31, 

​

    

2021

    

principal

    

principal

    

of principal

    

fair value

    

31, 2022

    

2022

Xiaoying Credit Loan

​

56,498,194

​

14,353,651

​

(157,929,904)

​

105,411,283

​

(894,320)

​

17,438,904

​

(1,218,358)

​

Schedule of loans payable measured at fair value on recurring basis

​

​

​

​

​

​

Payable to investors at

​

​

fair value of the

​

​

Consolidated Trusts

​

    

RMB

Balance at December 31, 2020

​

1,914,183,650

Initial contribution

​

454,490,000

Principal payment

​

(1,905,959,250)

Changes in fair value

​

—

Balance at December 31, 2021

​

462,714,400

Changes in fair value related to balance outstanding at December 31, 2021

​

—

​

​

​

​

​

​

​

​

​

Payable to investors at fair value of the

​

​

​

Consolidated Trusts

​

​

    

RMB

    

US$

​

Balance at December 31, 2021

​

462,714,400

​

67,087,282

​

Initial contribution

​

98,800,000

​

14,324,653

​

Principal payment

​

(420,225,590)

​

(60,926,983)

​

Changes in fair value

​

—

​

—

​

Balance at December 31, 2022

​

141,288,810

​

20,484,952

​

Changes in fair value related to balance outstanding at December 31, 2022

​

—

​

—

​

​

​