0000000000-20-008352.txt : 20210521 0000000000-20-008352.hdr.sgml : 20210521 20200904103715 ACCESSION NUMBER: 0000000000-20-008352 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200904 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: CNFinance Holdings Ltd. CENTRAL INDEX KEY: 0001733868 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 44F, TOWER G, GT LAND PLAZA STREET 2: NO. 16 ZHUJIANG DONG RD. CITY: GUANGZHOU, GUANGDONG STATE: F4 ZIP: 00000 BUSINESS PHONE: 86-020-62316688 MAIL ADDRESS: STREET 1: 44F, TOWER G, GT LAND PLAZA STREET 2: NO. 16 ZHUJIANG DONG RD. 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Form 20-F For the Fiscal Year Ended December 31, 2019 Response dated August 25, 2020 File No. 001-38726 Dear Mr. Ni: We have reviewed your August 25, 2020 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 20-F/A for the Fiscal Year Ended December 31, 2019 Notes to the Consolidated Financial Statements Note 2 Summary of Significant Accounting Policies Charge-off policies , page F-22 1. In regard to the credit quality metrics of the loan portfolio, we note the deteriorating delinquency and NPL ratios and the significant increases in nonaccrual and impaired loans greater than or equal to 90 days past due during the fiscal year end December 31, 2019. In accordance with ASC 310-10-35-4, an impairment loss shall be recognized when, based on all available information, it is probable that a loss has been incurred based on past events and conditions that existed at the date of the financial statements. Further, under ASC 310-10-35-41, credit losses shall be deducted from the allowance for credit losses and charged-off in the period deemed uncollectible. Based on the information presented, your charge-off policy, as presently disclosed, does not appear consistent with U.S. GAAP Ling Ni CNFinance Holdings Ltd. September 3, 2020 Page 2 guidance. Please provide us with your analysis of your accounting policy as it relates to this guidance, and revise your financial statements and related ancillary disclosures and tabular presentations, if appropriate. 2. In addition, provide us with a more specific breakdown of the loans equal to or greater than 180 days past due as of December 31, 2019 and the interim periods of fiscal 2020. Specifically, 180-269 days past due, 270-359 days past due and greater than 360 days past due for the periods presented. You may contact Michael Henderson at 202-551-3364 or Marc Thomas at 202-551-3452 if you have questions regarding comments on the financial statements and related matters. FirstName LastNameLing Ni Sincerely, Comapany NameCNFinance Holdings Ltd. Division of Corporation Finance September 3, 2020 Page 2 Office of Finance FirstName LastName