Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Pintec Technology Holdings Ltd |
Entity Central Index Key | 0001716338 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38712 |
Entity Address, Address Line One | 9/F Heng An Building |
Entity Address, Address Line Two | No. 17 East 3rd Ring Road |
Entity Address, City or Town | Chaoyang District |
Entity Address, Country | CN |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Steven Yuan Ning Sim |
Contact Personnel Email Address | steven.sim@pintec.com |
Entity Address, Address Line One | 9/F Heng An Building |
Entity Address, Address Line Two | No. 17 East 3rd Ring Road |
Entity Address, City or Town | Chaoyang District |
Entity Address, Country | CN |
ADS [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares |
Trading Symbol | PT |
Security Exchange Name | NASDAQ |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 252,132,334 |
Title of 12(b) Security | Class A ordinary shares |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 50,939,520 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 57,802 | ¥ 377,160 | ¥ 102,755 |
Restricted cash | 21,030 | 137,220 | 382,695 |
Short-term financing receivables, net | 10,848 | 70,783 | 430,387 |
Short-term financial guarantee assets, net | 2,846 | 18,569 | 91,374 |
Accounts receivable, net | 7,813 | 50,979 | 74,251 |
Prepayments and other current assets, net | 10,141 | 66,160 | 78,330 |
Amounts due from related parties, net | 5 | 30 | 64 |
Total current assets | 110,485 | 720,901 | 1,159,856 |
Non-current assets: | |||
Non-current restricted cash | 1,221 | 7,964 | 95,454 |
Amounts due from related parties , net | 7,369 | 10,000 | |
Long-term financing receivables, net | 434 | 2,835 | 19,100 |
Long-term financial guarantee assets, net | 107 | 698 | 3,647 |
Long-term investments | 18,571 | 121,179 | 108,603 |
Deferred tax assets | 161 | 1,053 | 64,675 |
Property, equipment and software, net | 16,430 | 107,208 | 14,317 |
Intangible assets, net | 2,554 | 16,666 | 49,790 |
Goodwill | 35,157 | ||
Total non-current assets | 39,478 | 257,603 | 400,743 |
TOTAL ASSETS | 149,963 | 978,504 | 1,560,599 |
Current liabilities: | |||
Short-term borrowings (including amounts of the consolidated VIEs of RMB320,000 and RMB130,000, respectively) | 19,923 | 130,000 | 320,000 |
Short-term funding debts (including amounts of the consolidated VIEs of RMB300,212 and RMB2,841, respectively) | 435 | 2,841 | 300,212 |
Accounts payable (including amounts of the consolidated VIEs of RMB56,296 and RMB8,976, respectively) | 1,588 | 10,360 | 57,719 |
Amounts due to related parties (including amounts of the consolidated VIEs of RMB6,749 and RMB271,419, respectively) | 41,597 | 271,419 | 10,191 |
Tax payable (including amounts of consolidated VIEs of RMB49,666 and RMB23,334, respectively) | 4,133 | 26,971 | 52,535 |
Debt instrument (including amounts of consolidated VIEs of RMB81,053 and RMB nil, respectively) | 81,053 | ||
Financial guarantee liabilities (including amounts of consolidated VIEs of RMB101,933 and RMB20,260, respectively) | 3,105 | 20,260 | 101,933 |
Accrued expenses and other liabilities (including amounts of consolidated VIEs of RMB118,128 and RMB19,567, respectively) | 9,158 | 59,754 | 157,945 |
Total current liabilities | 79,939 | 521,605 | 1,081,588 |
Non-current liabilities: | |||
Long-term funding debts (including amounts of consolidated VIEs of RMB21,498 and nil, respectively) | 21,498 | ||
Convertible loan (including amounts of consolidated VIEs of nil and nil, respectively) | 61,303 | 400,000 | |
Long-term borrowings (including amounts of consolidated VIEs of RMB80,000 and nil, respectively) | 80,000 | ||
Other non-current liabilities (including amounts of consolidated VIEs of nil and nil, respectively) | 1,356 | 8,849 | 18,793 |
Total non-current liabilities | 62,659 | 408,849 | 120,291 |
TOTAL LIABILITIES | 142,598 | 930,454 | 1,201,879 |
Commitments and contingencies (Note 26) | |||
EQUITY | |||
Additional paid-in capital | 304,336 | 1,985,792 | 1,977,365 |
Statutory reserves | 4,715 | 30,763 | 29,659 |
Accumulated other comprehensive income | 3,052 | 19,913 | 42,890 |
Accumulated deficit | (330,372) | (2,155,679) | (1,860,640) |
Total shareholders' equity (deficit) | (18,227) | (118,937) | 189,528 |
Non-controlling interests | 25,592 | 166,987 | 169,192 |
TOTAL EQUITY | 7,365 | 48,050 | 358,720 |
TOTAL LIABILITIES AND EQUITY | 149,963 | 978,504 | 1,560,599 |
Class A Ordinary Shares | |||
EQUITY | |||
Ordinary shares | 36 | 232 | 212 |
Class B Ordinary Shares | |||
EQUITY | |||
Ordinary shares | $ 6 | ¥ 42 | ¥ 42 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥)shares |
Short-term borrowings | ¥ 130,000,000 | ¥ 320,000,000 |
Short-term funding debts | 2,841,000 | 300,212,000 |
Accounts payable | 10,360,000 | 57,719,000 |
Amounts due to related parties | 271,419,000 | 10,191,000 |
Tax payable | 26,971,000 | 52,535,000 |
Financial guarantee liabilities | 20,260,000 | 101,933,000 |
Accrued expenses and other liabilities | 59,754,000 | 157,945,000 |
Long-term funding debts | 21,498,000 | |
Convertible loan | 400,000,000 | |
Long-term borrowing | 80,000,000 | |
Other non-current liabilities | ¥ 8,849,000 | ¥ 18,793,000 |
Class A Ordinary Shares | ||
Ordinary shares authorized (in shares) | shares | 1,750,000,000 | 348,217,505 |
Ordinary shares outstanding (in shares) | shares | 247,852,996 | 244,499,207 |
Class B Ordinary Shares | ||
Ordinary shares authorized (in shares) | shares | 250,000,000 | 51,782,495 |
Ordinary shares outstanding (in shares) | shares | 50,939,520 | 50,939,520 |
Consolidated VIEs | ||
Short-term borrowings | ¥ 130,000,000 | ¥ 320,000,000 |
Short-term funding debts | 2,841,000 | 300,212,000 |
Accounts payable | 8,976,000 | 56,296,000 |
Amounts due to related parties | 271,419,000 | 6,749,000 |
Tax payable | 23,334,000 | 49,666,000 |
Debt instrument | 0 | 81,053,000 |
Financial guarantee liabilities | 20,260,000 | 101,933,000 |
Accrued expenses and other liabilities | 19,567,000 | 118,128,000 |
Long-term funding debts | 0 | 21,498,000 |
Convertible loan | 0 | 0 |
Long-term borrowing | 0 | 80,000,000 |
Other non-current liabilities | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Cost of revenues: | ||||
Funding cost | $ (2,533) | ¥ (16,525) | ¥ (51,759) | ¥ (161,384) |
Provision for credit losses | (6,910) | (45,090) | (33,942) | (70,411) |
Origination and servicing cost | (15,442) | (100,760) | (290,398) | (323,342) |
Cost on guarantee | (15,379) | (100,347) | (193,426) | |
Service cost charged by the related party | (3,533) | (23,052) | (200,163) | (529,593) |
Cost of revenues | (43,797) | (285,774) | (769,688) | (1,084,730) |
Revenues: | ||||
Total revenues | 57,971 | 378,264 | 1,285,236 | 1,603,631 |
Gross profit | 14,174 | 92,490 | 515,548 | 518,901 |
Operating expenses: | ||||
Sales and marketing expenses | (6,850) | (44,697) | (69,593) | (99,671) |
General and administrative expenses | (22,644) | (147,753) | (1,095,311) | (312,979) |
Research and development expenses | (5,750) | (37,521) | (79,079) | (94,989) |
Goodwill and intangible assets impairment | (10,630) | (69,358) | ||
Total operating expenses | (45,874) | (299,329) | (1,243,983) | (507,639) |
Operating income/(loss) | (31,700) | (206,839) | (728,435) | 11,262 |
Change in fair value of convertible loans | (9,552) | |||
Loss from equity method investments | (1,766) | (11,523) | (8,149) | (2,652) |
Impairment on prepayment for long-term investment | (2,438) | (15,908) | (200,000) | |
Impairment loss on equity investment | (2,438) | (15,908) | ||
Other income/(expenses), net | (1,942) | (12,674) | (11,094) | 8,822 |
Interest income from related parties | 43,156 | |||
Income/(loss) before income tax expense | (37,846) | (246,944) | (904,522) | 7,880 |
Income tax expense | (7,540) | (49,196) | (1,968) | (5,709) |
Net income/(loss) | (45,386) | (296,140) | (906,490) | 2,171 |
Net loss attributable to non-controlling interest | (338) | (2,205) | (595) | |
Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders | (45,048) | (293,935) | (905,895) | 2,171 |
Other comprehensive income/(loss): | ||||
Fair value change in available for sale investment | (64) | (421) | ||
Foreign currency translation adjustments, net of nil tax | (3,457) | (22,556) | 11,876 | 30,173 |
Total other comprehensive income/(loss) | (3,521) | (22,977) | 11,876 | 30,173 |
Total comprehensive income/(loss) | (48,907) | (319,117) | (894,614) | 32,344 |
Total comprehensive loss attributable to non-controlling interest | (338) | (2,205) | (595) | |
Total comprehensive income/(loss) attributable to Pintec Technology Holdings Limited shareholders | $ (48,569) | ¥ (316,912) | ¥ (894,019) | ¥ 32,344 |
Loss per ordinary share | ||||
Basic and Diluted | (per share) | $ (0.15) | ¥ (0.99) | ¥ (3.21) | ¥ (0.74) |
Weighted average number of ordinary shares outstanding | ||||
Basic and Diluted | shares | 297,334,389 | 297,334,389 | 282,129,663 | 101,094,197 |
Cost of revenues | ||||
Share-based compensation expenses included in | ||||
Share-based compensation expenses | $ 3 | ¥ 18 | ¥ 250 | ¥ 337 |
Sales and marketing expenses | ||||
Share-based compensation expenses included in | ||||
Share-based compensation expenses | 488 | 3,182 | 1,565 | 10,236 |
General and administrative expenses | ||||
Share-based compensation expenses included in | ||||
Share-based compensation expenses | 1,081 | 7,054 | 12,785 | 102,012 |
Research and development expenses | ||||
Share-based compensation expenses included in | ||||
Share-based compensation expenses | 252 | 1,644 | 3,247 | 18,675 |
Technical service fees | ||||
Revenues: | ||||
Total revenues | 50,676 | 330,665 | 1,077,760 | 1,297,758 |
Installment service fees | ||||
Revenues: | ||||
Total revenues | 6,545 | 42,707 | 187,359 | 291,077 |
Wealth management service fees and others | ||||
Revenues: | ||||
Total revenues | $ 750 | ¥ 4,892 | ¥ 20,117 | ¥ 14,796 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN (INVESTED DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | Cumulative Effect, Period of Adoption, Adjustment [Member]CNY (¥) | Statutory ReserveCNY (¥) | Additional Paid-in CapitalCNY (¥) | Accumulated Other Comprehensive IncomeCNY (¥) | Accumulated DeficitCNY (¥) | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment [Member]CNY (¥) | Parent Company's Investment DeficitCNY (¥) | Non-controlling Interest [Member]CNY (¥) | Pre-IPOCNY (¥) | IPOCNY (¥) | IPOAdditional Paid-in CapitalCNY (¥) | Class A Ordinary SharesOrdinary sharesCNY (¥)shares | Class A Ordinary SharesPre-IPOOrdinary sharesCNY (¥)shares | Class A Ordinary SharesIPOOrdinary sharesshares | Class B Ordinary SharesOrdinary sharesCNY (¥)shares |
Balance at beginning of year at Dec. 31, 2017 | ¥ (62,195) | ¥ (62,195) | |||||||||||||||
Changes in equity | |||||||||||||||||
Share-based awards to employee of the Group | 131,260 | ¥ 131,260 | |||||||||||||||
Net (loss)/income | 2,171 | ¥ 2,171 | |||||||||||||||
Appropriation to statutory reserve | ¥ 1,739 | (1,739) | |||||||||||||||
Foreign currency translation adjustments, net of nil tax | 30,173 | ¥ 30,173 | |||||||||||||||
Completion of reorganization | (696,925) | 113,110 | 841 | (873,130) | ¥ 62,195 | ¥ 59 | |||||||||||
Completion of reorganization (in shares) | shares | 72,000,000 | ||||||||||||||||
Repurchase of Class A Ordinary Shares | (1) | ¥ (1) | |||||||||||||||
Repurchase of Class A Ordinary Shares (in shares) | shares | (540,810) | ||||||||||||||||
Pre-IPO Preferred Shares redemption value accretion | (65,355) | (65,355) | |||||||||||||||
Share issuance | ¥ 1 | ¥ 280,473 | ¥ 280,448 | ¥ 25 | ¥ 1 | ||||||||||||
Share issuance (in shares) | shares | 14,204 | 29,456,490 | |||||||||||||||
Share issuance upon conversion and redesignation of Pre-IPO Preferred Shares into Class A Ordinary Shares | 1,437,674 | 1,437,530 | ¥ 144 | ||||||||||||||
Share issuance upon conversion and redesignation of Pre-IPO Preferred Shares into Class A Ordinary Shares (in shares) | shares | 164,664,569 | ||||||||||||||||
Share issuance upon the redesignation of Pre-IPO Class A Ordinary Shares into Class A and Class B Ordinary Shares | ¥ 15 | ¥ (58) | ¥ 43 | ||||||||||||||
Share issuance upon the redesignation of Pre-IPO Class A Ordinary Shares into Class A and Class B Ordinary Shares (in shares) | shares | 19,676,695 | (71,459,190) | 51,782,495 | ||||||||||||||
Balance at end of year at Dec. 31, 2018 | 1,057,276 | ¥ (54,127) | 1,739 | 1,896,993 | 31,014 | (872,698) | ¥ (54,127) | ¥ 185 | ¥ 43 | ||||||||
Balance at end of year (in shares) at Dec. 31, 2018 | shares | 213,811,958 | 51,782,495 | |||||||||||||||
Changes in equity | |||||||||||||||||
Share issuance associated acquisition of subsidiaries | 1,187 | 1,187 | |||||||||||||||
Share issuance associated acquisition of subsidiaries (in shares) | shares | 106,636 | ||||||||||||||||
Warrant issued to creditor | 26,290 | 26,290 | |||||||||||||||
Reassignment of Class B Ordinary Shares to Class A Ordinary Shares | ¥ 1 | ¥ (1) | |||||||||||||||
Reassignment of Class B Ordinary Shares to Class A Ordinary Shares, Shares | shares | 842,975 | (842,975) | |||||||||||||||
Addition of noncontrolling interests resulting from selling of interests in a subsidiary | 20,151 | 364 | ¥ 19,787 | ||||||||||||||
Contribution from non-controlling interests in a subsidiary | 150,000 | 150,000 | |||||||||||||||
Share-based awards to employee of the Group | 17,847 | 17,847 | |||||||||||||||
Net (loss)/income | (906,490) | (905,895) | (595) | ||||||||||||||
Appropriation to statutory reserve | 27,920 | (27,920) | |||||||||||||||
Foreign currency translation adjustments, net of nil tax | 11,876 | 11,876 | |||||||||||||||
Share-based awards to employee of Jimu Group | 34,684 | 34,684 | |||||||||||||||
Exercise of Share-based options | 26 | ¥ 26 | |||||||||||||||
Exercise of Share-based options, shares | shares | 29,737,638 | ||||||||||||||||
Balance at end of year at Dec. 31, 2019 | 358,720 | 29,659 | 1,977,365 | 42,890 | (1,860,640) | 169,192 | ¥ 212 | ¥ 42 | |||||||||
Balance at end of year (in shares) at Dec. 31, 2019 | shares | 244,499,207 | 50,939,520 | |||||||||||||||
Changes in equity | |||||||||||||||||
Share-based awards to employee of the Group | 11,898 | 11,898 | |||||||||||||||
Net (loss)/income | $ (45,386) | (296,140) | (293,935) | (2,205) | |||||||||||||
Appropriation to statutory reserve | 1,104 | (1,104) | |||||||||||||||
Fair value change in available for sale investment | (64) | (421) | (421) | ||||||||||||||
Foreign currency translation adjustments, net of nil tax | (22,556) | (22,556) | |||||||||||||||
Share-based awards to employee of Jimu Group | (3,471) | (3,471) | |||||||||||||||
Exercise of Share-based options | 20 | ¥ 20 | |||||||||||||||
Exercise of Share-based options, shares | shares | 3,353,789 | ||||||||||||||||
Balance at end of year at Dec. 31, 2020 | $ 7,365 | ¥ 48,050 | ¥ 30,763 | ¥ 1,985,792 | ¥ 19,913 | ¥ (2,155,679) | ¥ 166,987 | ¥ 232 | ¥ 42 | ||||||||
Balance at end of year (in shares) at Dec. 31, 2020 | shares | 247,852,996 | 50,939,520 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN (INVESTED DEFICIT)/EQUITY (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Cash flows from operating activities: | ||||
Net income/(loss) | $ (45,386) | ¥ (296,140) | ¥ (906,490) | ¥ 2,171 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 2,333 | 15,225 | 12,289 | 4,701 |
Share-based compensation expenses | 1,824 | 11,898 | 17,847 | 131,260 |
Provision for doubtful accounts and credit losses | 7,811 | 50,965 | 961,851 | 178,567 |
Impairment loss of goodwill and intangible assets | 10,630 | 69,358 | ||
Impairment loss on equity investment | 2,438 | 15,908 | 200,000 | |
Impairment on prepayment for long-term investment | 200,000 | |||
Loss from equity-method investments | 1,766 | 11,523 | 8,149 | 2,652 |
Accretion of debt instrument | 2,904 | 18,947 | 7,343 | |
Change in fair value of convertible loans | 9,552 | |||
Change in fair value of short-term investments | 315 | |||
Deferred income tax | 7,190 | 46,915 | (17,263) | (36,901) |
Changes in operating assets and liabilities: | ||||
Short-term and long-term financing receivables | 17 | 108 | 112,540 | (34,841) |
Short-term and long-term financial guarantee assets | 12,844 | 83,806 | (86,939) | (20,610) |
Accounts receivable | 2,630 | 17,162 | (49,780) | (119,252) |
Amounts due from related parties, net | (1,238) | (8,076) | 83,020 | 33,352 |
Prepayments and other current assets, net | 1,885 | 12,299 | 2,112 | (15,579) |
Short-term and long-term funding debts | (3,404) | (22,210) | (172,792) | 181,799 |
Accounts payable | (7,259) | (47,362) | 15,070 | (4,193) |
Amounts due to related parties | 40,035 | 261,229 | (30,495) | (118,888) |
Tax payable | (1,955) | (12,755) | (5,539) | 34,695 |
Financial guarantee liabilities | (12,517) | (81,673) | 86,397 | 15,537 |
Accrued expenses and other liabilities | (13,969) | (91,149) | (63,737) | (12,429) |
Net cash provided by operating activities | 8,730 | 56,963 | 175,079 | 231,908 |
Cash flows from investing activities: | ||||
Purchase of property, equipment and software | (14,989) | (97,801) | (10,015) | (4,071) |
Disposal of property, equipment and software | 142 | 924 | ||
Prepayment for financing receivable | (200,000) | |||
Financing receivables facilitated | (55,323) | (360,984) | (1,988,899) | (4,319,655) |
Collection of principal on financing receivables | 106,001 | 691,655 | 2,313,229 | 5,204,478 |
Loan provided to a third party | (137,264) | |||
Collection of loan from a third party | 135,296 | |||
Net cash advances to the related party | 45 | 293 | (697,754) | (445,319) |
Loans provided to the related party | (6,130) | (40,000) | (137,000) | (52,048) |
Collection of loan from the related party | 6,130 | 40,000 | 122,000 | 52,048 |
Proceeds from short-term investments | 0 | 0 | 1,685 | |
Purchase of long-term investments | (6,359) | (41,494) | (91,500) | (19,259) |
Equity transfer consideration paid to the related party | (23,000) | |||
Net cash provided by/(used in) investing activities | 29,521 | 192,619 | (538,702) | 280,595 |
Cash flows from financing activities: | ||||
Proceeds from issuance of Pre-IPO Preferred Shares | 410,286 | |||
Proceeds from initial public offering and followed offering, net of underwriter's commission | 316,451 | |||
Proceeds from short-term and long-term borrowings | 7,663 | 50,000 | 495,000 | 288,141 |
Repayment of short-term borrowings and long-term borrowings | (49,042) | (320,000) | (315,000) | (68,141) |
Loan received from third parties | 0 | 0 | 17,000 | 514,000 |
Loan repayment to third parties | (17,000) | (514,000) | ||
Loan proceeds from the related party | 26,711 | |||
Repayment of loans to the related party | (23,831) | (32,150) | ||
Loan proceeds from a shareholder | 151,000 | |||
Repayment of loan to a shareholder | (29,313) | |||
Proceeds from funding debts | 682,100 | 2,253,452 | ||
Principal repayments on funding debts | (45,465) | (296,659) | (904,074) | (3,538,252) |
Proceeds from issuance of convertible loan | 61,303 | 400,000 | 21,730 | |
Proceeds from issuance of debt instrument | 100,000 | |||
Repayment of debt instrument | (15,326) | (100,000) | ||
Proceeds from exercise of options | 3 | 20 | 26 | |
Proceeds from minority shareholders capital injection | 170,151 | |||
Proceeds from notes payable | 20,000 | |||
Repayment of notes payable | (3,065) | (20,000) | ||
Net cash (used in)/provided by financing activities | (43,929) | (286,639) | 224,372 | (200,085) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,297) | (21,503) | 10,114 | 21,732 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (8,975) | (58,560) | (129,137) | 334,150 |
Cash, cash equivalents and restricted cash at beginning of the year | 89,028 | 580,904 | 710,041 | 375,891 |
Cash and cash equivalents at beginning of the year | 15,748 | 102,755 | 457,442 | 370,891 |
Current restricted cash at beginning of the year | 58,651 | 382,695 | 252,599 | 5,000 |
Non-current restricted time deposits at beginning of the year | 14,629 | 95,454 | ||
Cash, cash equivalents and restricted cash at end of the year | 80,053 | 522,344 | 580,904 | 710,041 |
Cash and cash equivalents at end of the year | 57,802 | 377,160 | 102,755 | 457,442 |
Current restricted cash at end of the year | 21,030 | 137,220 | 382,695 | 252,599 |
Non-current restricted time deposits at end of the year | 1,221 | 7,964 | 95,454 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest and funding cost | 7,582 | 49,473 | 64,121 | 82,069 |
Cash paid for income tax expense | 989 | 6,455 | 33,419 | 17,651 |
Non-cash financing and investing activities | ||||
Payables related to long-term investments | (35,000) | |||
Pre-IPO Preferred shares redemption value Accretion | 65,355 | |||
Conversion of convertible loans into Pre-IPO Preferred Shares | 267,893 | |||
Redesignation of Pre-IPO Preferred Shares into Class A Ordinary Shares | ¥ 1,437,674 | |||
Infrarisk [Member] | ||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Change in the fair value of contingent consideration payable from acquisition of Infrarisk | 151 | 985 | 1,496 | |
Cash flows from investing activities: | ||||
Purchase of Infrarisk, net of cash acquired (Note 4) | (3,650) | |||
Non-cash financing and investing activities | ||||
Contingent payables related to acquisition of Infrarisk | (11,215) | |||
Ganzhou Micro Finance [Member] | ||||
Cash flows from investing activities: | ||||
Cash acquired due to acquisition | 42,591 | |||
Non-cash financing and investing activities | ||||
Net off amount due to the related party arising from acquisition of Ganzhou Micro Finance with due from the related party | ¥ 230,000 | |||
Qilehui Credit Information Co Ltd [Member] | ||||
Cash flows from investing activities: | ||||
Cash acquired due to acquisition | $ 4 | ¥ 26 |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal activities | (a) Nature of operations The Pintec Business commenced operations in June 2015 as a business unit within Jimu Holdings Limited (the “Parent Company” or “Jimu Parent” formerly known as Pintec Holdings Limited), which is a British Virgin Islands (“BVI”) holding company. Pintec Technology Holdings Limited (the “Company” or “Pintec”) is principally engaged in the operation of an online technology platform enabling financial services (the “Pintec Business”) in the People’s Republic of China (the “PRC” or “China”). The financial services enabled by the Company’s technology platform include: (i) assistance for borrowers to obtain loans from third party investors and certain financial partners, (ii) a lending solution for borrowers who want to finance their on-line purchases or who have personal or business installment loan requests, and (iii) a wealth management and insurance product distribution solution for asset management and insurance companies respectively to facilitate the sales of their products. The Company was incorporated in the Cayman Islands on March 2, 2017 as an exempted company with limited liability. (b) Major subsidiaries and VIEs To pursue initial public offering of Pintec Business, Jimu Parent initiated a restructuring process (the “Reorganization”) that separated Pintec Business from Jimu Parent as of March 31, 2018. The shareholding percentages and rights of each shareholder are the same in Jimu Parent and Pintec immediately before and after the Reorganization. Accordingly, the Reorganization is accounted for in a manner similar to a common control transaction because it is determined that the transfers lack economic substance. The Group’s statement of operations and comprehensive loss consists of all the revenues, costs and expenses of the Pintec Business, including allocations to the cost of revenue, sales and marketing expenses, research and development expenses, and general and administrative expenses, which were incurred by Jimu Parent but related to the Pintec Business. These allocated costs and expenses are primarily for office rental expenses, office utilities, information technology support and certain corporate functions, including senior management, finance, legal and human resources, as well as share-based compensation expense. Generally, the cost of shared employees were allocated to the Group based on the Group’s headcount as a proportion of total headcount in the Jimu Parent group; share based compensation expenses related to options issued by Jimu Parent were allocated to the Group in their original vesting period based on the compensation expenses attributable to employees of Pintec Business, and shared corporate marketing expenses and bandwidth and server hosting costs were allocated based on the Group’s revenues as a proportion on of the total revenue of Jimu Parent group. These allocations are made on a basis considered reasonable by management to estimate what the Company would incur on a stand-alone basis, as if the Company had operated as an unaffiliated entity, before the consummation of the Reorganization. The following tables set forth the cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses allocated from Jimu Parent for the years ended December 31, 2018 and 2019. For the year ended December 31, 2018: Share based Others Total RMB RMB RMB Cost of revenues 214 229 443 Sales and marketing expenses 3,147 2,044 5,191 General and administrative expenses 28,945 4,194 33,139 Research and development expenses 4,190 5,724 9,914 Total 36,496 12,191 48,687 For the year ended December 31, 2019: Share based Others Total RMB RMB RMB Cost of revenues 24 153 177 Sales and marketing expenses 1,604 393 1,997 General and administrative expenses 18,776 787 19,563 Research and development expenses 2,030 1,227 3,257 Total 22,434 2,560 24,994 The cost and expenses allocated from Jimu Parent for the year ended December 31, 2020 was immaterial, see note 23. Principal subsidiaries and VIEs As of December 31, 2020, the Company’s principal subsidiaries, consolidated VIEs and subsidiaries of VIEs (collectively the “Group”) are as follows. Date of Place of Percentage Principal activities The Company: Pintec Technology Holdings Limited (“Pintec”) March 2, 2017 The Cayman Islands Investment holding Wholly owned subsidiaries: Sky City (Beijing) Technology Co., Ltd. (“Sky City WFOE”) December 22, 2016 The PRC 100 % Investment holding Anxunying (Tianjin) Commercial Factoring Co., Ltd. (“Anxunying Tianjin”) December 3, 2018 The PRC 100 % Lending solution business Pintec (Beijing) Technology Co., Ltd (“Pintec Beijing WFOE”) December 21, 2016 The PRC 100 % Investment holding Qilehui Credit Information Co., Ltd (“Qilehui”) August 31, 2020 The PRC 100 % Corporate credit investigation FT Synergy Pte. Ltd. (“FT Singapore”) December 21, 2018 Singapore 100 % Lending solution business Infrarisk Pty Ltd. (“Infrarisk Australia”) April 30, 2019 Australia 100 % Lending solution business Infrarisk Limited (“Infrarisk UK”) April 30, 2019 The United 100 % Lending solution business VIEs and VIEs subsidiaries (referred to as “Pintec Operating Entities”): Beijing Hongdian Fund Distributor Co., Ltd. (“Beijing Hongdian”) April 13, 2015 The PRC 100 % Wealth management Shanghai Anquying Technology Co., Ltd. (“Shanghai Anquying”) November 16, 2015 The PRC 100 % Lending solution business Myfin Insurance Broker Co., Ltd (“Myfin Insurance”) December 17, 2015 The PRC 60 % Insurance solution Anquying (Tianjin) Technology Co., Ltd. (“Tianjin Anquying”) January 29, 2016 The PRC 100 % Lending solution business Xuanji Intelligence (Beijing) Technology Co., Ltd. (“Beijing Xuanji”) May 31, 2016 The PRC 100 % Wealth management Shenzhen Qianhai Minheng Commercial Factoring Co., Ltd. (“Shenzhen Minheng”) June 30, 2016 The PRC 100 % Lending solution business Pintec Jinke (Beijing) Technology Information Co., Ltd., (formerly known as Hezi (Beijing) Consultants Co., Ltd) (“Beijing Jinke”) January 3, 2017 The PRC 100 % Wealth management Ganzhou Dumiao Intelligence Technology Co., Ltd (formerly known as Anquying (Ganzhou) Technology Co., Ltd.) (“Ganzhou Anquying”) May 27, 2017 The PRC 100 % Lending solution business Anquyun (Tianjin) Technology Co., Ltd. (“Tianjin Anquyun”) January 2, 2018 The PRC 100 % Lending solution business Beijing Xinshun Dingye Technology Co., Ltd. (“Xinshundingye”) January 30, 2019 The PRC 100 % Wealth management Ganzhou Aixin Network Micro Finance Co., Ltd, (formerly known as Ganzhou Jimu Micro Finance Co., Ltd.) (“Ganzhou Micro Finance”) March 21, 2019 The PRC 100 % Micro-loan Lending Shenzhen Xiaogang Technology Co., Ltd. (“Shenzhen Xiaogang”) March 25, 2019 The PRC 100 % Wealth management Pintec Yunke (Ganzhou) Technology Information Co., Ltd. (“Pintec Yunke”) May 9, 2019 The PRC 100 % Lending solution business (c) Variable interest entities (excluding the consolidated trust as discussed in Note 2(j)) In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content, the Group operates its websites and carries out other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members or family members of founders as nominee shareholders. The Group obtained control over these PRC domestic companies through certain PRC subsidiaries, by entering into a series of contractual arrangements with these PRC domestic companies and their nominee shareholders. To comply with PRC laws and regulations which prohibit or restrict foreign ownership of internet content, the nominee shareholders are legal owners of an entity. However, the rights of those nominee shareholders have been transferred to the Group’s relevant PRC subsidiaries through such contractual arrangements. These contractual arrangements include exclusive option agreements, exclusive business cooperation agreements, equity pledge agreement and powers of attorney. Management concluded that the Group’s relevant PRC subsidiaries, through the contractual arrangements, have the power to direct the activities that most significantly impact economic performance of these PRC domestic companies, bear the risks of and enjoy the rewards normally associated with ownership of these PRC domestic companies. Therefore, these PRC domestic companies are VIEs of the Group’s relevant PRC subsidiaries, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial statements of these PRC domestic companies. The following is a summary of the contractual arrangements that the Company’s subsidiaries entered into with VIEs and their nominee shareholders: Powers of attorney in-fact Exclusive business cooperation agreements ten years, but can be terminated by the Company’s relevant PRC subsidiaries with 30 days’ advance written notice. These agreements can be extended at the sole discretion of the Company’s relevant PRC subsidiaries . Equity pledge agreements equity pledge agreements, the nominee shareholders of the VIEs have pledged all of their equity interests in the VIEs to the Company’s relevant PRC subsidiaries as collateral for all of the VIEs’ payments due to the Company’s relevant PRC subsidiaries and to secure the VIEs’ obligations under the above agreement. The nominee shareholders shall not transfer or assign the equity interests, the rights and obligations in the equity pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Company’s relevant PRC subsidiaries without the Company’s relevant PRC subsidiaries’ written consent. The Company’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Company’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate payment of the unpaid service fee and other amounts due to the Company’s relevant PRC subsidiaries, and/or to dispose of the pledged equity. These equity pledge agreements will remain effective until the variable interest entities and their shareholders discharge all their obligations under the contractual arrangements. Exclusive option agreements ten years and can be extended at the sole discretion of the Company’s relevant PRC subsidiaries . (d) Risks in relation to the VIE structure The Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could, among others: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict its operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure the operations, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The Company’s ability to conduct its business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective control over the VIE and their respective shareholders and it may lose the ability to receive economic benefits from the VIE. T The interests of the shareholders of VIE may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing VIE not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of VIE will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. The Company believes the shareholders of VIE will not act contrary to any of the contractual arrangements and the exclusive option agreements provide The Company with a mechanism to remove the current shareholders of VIE should they act to the detriment of The Company. The Company relies on certain current shareholders of VIE to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of VIE, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings. The following consolidated financial information of the Group’s VIEs as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and 2020 were included in the Group’s consolidated financial statements as follows: As of December 31, 2019 2020 RMB RMB Total assets 931,287 440,444 Total liabilities 1,135,535 476,397 For the year ended December 31, 2018 2019 2020 RMB RMB RMB Total net revenues 1,601,037 1,272,943 352,604 Net income /(loss) 322,605 (520,791 ) (111,765 ) For the year ended December 31, 2018 2019 2020 RMB RMB RMB Net cash provided by operating activities 470,404 404,851 128,547 Net cash provided by/(used in) investing activities 859,941 (165,957 ) 289,956 Net cash (used in)/provided by financing activities (961,263 ) 86,906 (666,659 ) In accordance with the contractual arrangements, the relevant PRC subsidiaries have the power to direct activities of the Group’s VIEs and VIEs’ subsidiaries, and can transfer assets out of the Group’s VIEs and VIEs’ subsidiaries. No assets of the VIEs and VIEs’ subsidiaries are collateral for the VIEs’ obligations and all assets can only be used to settle the VIEs’ obligations except for the trust arrangements, and the equity interest in Ganzhou Micro Finance was pledged as security for Pintec Yinchuan’s obligations under the equity transfer agreements with Ningxia Fengyin Enterprise Management Consulting LLP. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its paid-in Currently there is no contractual arrangement that could require the relevant PRC subsidiaries or the Group to provide additional financial support to the Group’s VIEs and VIEs’ subsidiaries. As the Group is conducting certain businesses in the PRC through the VIEs and VIEs’ subsidiaries, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs for which the Company is the ultimate primary beneficiary, and the subsidiaries of the VIEs. All significant intercompany transactions and balances between the Company, its wholly owned subsidiaries and the VIEs have been eliminated upon consolidation. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the balance sheet dates, and the reported revenues and expenses during the reporting periods and disclosed in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, allocations of revenue to multiple elements under ASC 605 for the year ended December 31 2018, provision for doubtful accounts and credit losses, valuation and recognition of share-based compensation expenses, cost and expenses from Jimu Parent to Pintec, uncertain tax positions, valuation allowance of deferred tax assets, fair value of assets and liabilities acquired in business combinations, impairment of long-lived assets including goodwill, the fair value of financial guarantee liabilities under ASC 460, the useful lives of property, equipment and software and intangible assets, and fair values of the debt instruments issued with warrants. (d) Business combination Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling non-controlling Where the consideration in an acquisition includes contingent consideration the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability, it is subsequently remeasured at fair value at each reporting date with changes in fair value reflected in earnings. (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiary incorporated in Hong Kong and BVI is United States dollars (“US$”). The functional currency of the Group’s subsidiary incorporated in Australia is Australia dollars (“AUD”). The functional currency of the Group’s subsidiary incorporated in Singapore is Singapore dollars (“SGD”). The functional currency of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of operations and comprehensive income/(loss). The financial statements of the Group’s non PRC entities are translated from their respective functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the consolidated statements of changes in (invested deficit)/ equity and a component of other comprehensive income/ (loss) in the consolidated statement of operations and comprehensive income/(loss). (f) Convenience translation Translations of the consolidated balance sheets, the consolidated statement of operations and comprehensive income/(loss) and the consolidated statement of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.5250, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. (g) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, time deposits, and funds held in deposit accounts with banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. (h) Restricted cash Cash that are restricted as to withdrawal for use or pledged as security is reported separately as restricted cash, and that are restricted as to withdrawal or use for other than current operations is classified as non-current. (i) Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. (j) Financing receivables, net The Group generates financing receivables by providing the following: (1) point-of-sale e-commerce point-of-sale point-of-sale (i) Upon paying the sales price to the Business Partners, the Group promptly obtains financing for the sales price by factoring the receivable due from the user. The Group does not derecognize the receivable from users upon factoring and accounts for the transaction as secured borrowings according to ASC 860-10, (2) personal and business installment loans to borrowers where the Group uses its own cash to fund the loan. (3) personal and business installment loans to borrowers which are financed via securitization vehicles in the form of trust arrangements (the “Trusts”), where the Group’s funding source include the proceeds from third-party investors of the Trusts. The Trusts are considered as variable interest entities under ASC 810. As the Group has power to direct the activities that most significantly impact economic performance of the Trusts that could potentially be significant to the Trusts, and the Group is obligated to repurchase any loans that are delinquent for more than a specified number of days, accordingly, the Group is considered as the primary beneficiary of the Trusts and has consolidated the Trusts’ assets, liabilities, results of operations, and cash flows in the Group’s consolidated financial statements. The financing receivables due from the borrowers of the personal and business installment loans and the loans payable to the third-party investors of the trust units are measured at amortized cost and recorded on the Group’s consolidated balance sheets as financing receivables and funding debts, respectively. (4) Accrued interest income on financing receivables Accrued interest income on financing receivables is calculated based on the contractual interest rate of the loan and recorded as installment service fees as earned. Financing receivables are placed on non-accrual non-accrual The Company charges off the accrued interest receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, charge-off occurs after the 90th day of delinquency. All accrued but unpaid interest as of such date is charged off against the provision for credit loss. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor. ( 5 charged-off The Group considers a financing receivable to be delinquent when a monthly payment is one day past due. When the Group determines it is probable that full repayment of a loan will not be made, the remaining unpaid principal balance is charged off against the allowance for credit losses. Generally, charge-offs occur after 90 day of delinquency. Installment service fees for nonaccrual financing receivables is recognized upon the collection of cash. (k) Accounts receivable, net Accounts receivables are stated at the historical carrying amount net of the allowance for doubtful accounts. The Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit worthiness, and current economic trends. Accounts receivable balances are charged off after 90 day of delinquency. (l) Long-term investments Long-term investments represent the Group’s investments in privately held companies and the available for sale investment. (1) Group’s investments in privately held companies The Group applies the equity method of accounting to equity investments, in common stock or in-substance Beginning on January 1, 2018, the Group’s equity investments without readily determinable fair values, which do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”), and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative upon the adoption of ASU 2016-01 (2) Available for sale investment Available for sale investment mainly consist of an investment in a private equity fund subscribed from an asset management company. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. Realized gains or losses are included in interest income in the consolidated statements of operations and comprehensive income/(loss) during the period in which the gain or loss is realized. (m) Property, equipment and software, net Property, equipment and software are recorded at cost, less accumulated depreciation and impairment. Depreciation of property and equipment and amortization of software is calculated on a straight-line basis, after consideration of expected useful lives and estimated residual values. The Group has not recorded any impairments of property, equipment or software for the periods presented. The estimated useful lives of these assets are generally as follows: Category Estimated Building 24 years Office furniture and equipment 3 - 5 years Computer and electronic equipment 3 - 5 years Software 5 years Vehicle 10 years Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Gains and losses from the disposal of property, equipment and software are the differences between the net sales proceeds and the carrying amounts of the relevant assets and are recognized in the consolidated statements of operations and comprehensive income/(loss). (n) Intangible assets, net The Group performs valuation of the intangible assets arising from business combination to determine the relative fair value to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at fair value. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Microcredit license 17 years Software copyright 2 years Customer database 5.5 years Customer relationship 10 years Trademark 5.5 years Credit investigation license indefinite The enterprise credit investigation license acquired from acquisition of Qilehui is recognized as an intangible asset with indefinite life and evaluated for impairment on an annual basis as of December 31 and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. Such impairment test compares the fair values of asset with its carrying value and an impairment loss is recognized if and when the carrying amounts exceed the fair value. (o) Goodwill Goodwill represents the excess of the purchase price over fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31 and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with Financial Accounting Standards Board (“FASB”) guidance on ‘‘Testing of Goodwill for Impairment,’’ the Company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit’s carrying value exceeds its fair value, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Company recognized a goodwill impairment charge of RMB37,593 for the year ended December 31, 2020. There were no impairment charges recognized for the years ended December 31, 2019 or 2018. (p) Impairment of long-lived assets The Group evaluates its long-lived assets with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. (q) Funding Debts The proceeds received from individual investors, other financial partners and investors of the consolidated trusts to fund the Group’s on-balance sheet financing receivables, are recorded as funding debts on the consolidated balance sheets. Accrued interest payable is calculated based on the contractual interest rates of the funding debts and recorded in funding debts. (r) Financial Guarantee (1) Financial guarantee liabilities For the off-balance (i) The Group provided guarantees to individual investors for loans that the Group has referred and funded through Jimu Group before December 2019 and Jimu Group announced its exit from the online lending platform business in February 2020. (ii) The Group is obligated to compensate certain institutional financial partners for defaults on principal and interest repayments. The Group recognizes a stand ready obligation for its guarantee exposure in accordance with ASC 460. At the inception of each loan subject to the guarantee provided, the Group recognizes the guarantee liability at fair value in accordance with ASC 460-10, which incorporates the expectation of potential future payments under the guarantee and takes into both non-contingent and contingent aspects of the guarantee. The liability recorded based on ASC 460 is determined on a loan by loan basis. As the risk of the guarantee liability is relieved, it is recognized into the consolidated statements of operation and comprehensive income/(loss) by a systematic and rational amortization method over the term of the loan, within the “Technical service fees” line item. For the years ended December 31, 2018, 2019 and 2020, revenues recognized related to releasing of guarantee liabilities were RMB21,397, RMB407,403 and RMB138,483 respectively. The ASC 450 component is a contingent liability determined based on probable loss considering the actual historical performance and current conditions, representing the obligation to make future payouts under the guarantee liability in excess of the stand-ready liability. The ASC 450 contingent component is determined on a collective basis and loans with similar risk characteristics are pooled into cohorts for purposes of measuring incurred losses. At all times the recognized liability (including the stand ready liability and contingent liability) is at least equal to the probable estimated losses of the guarantee portfolio. The ASC 450 contingent component, including the net payouts by the Group when borrower defaults, is recognized as cost on guarantee, in the consolidated statement of operations and comprehensive income/(loss). As of December 31, 2019 and 2020, the maximum potential future payment the Group could be required to make would be RMB983,201 and RMB215,704, respectively. (2) Financial guarantee assets Financial guarantee assets are recognized at loan inception which is equal to the stand-ready liability recorded at fair value in accordance with ASC 460 and considers what premium would be required by the Group to issue the same guarantee service in a standalone arm’s-length transaction. Financial guarantee assets are reduced upon the receipt of the service fee payment from the borrowers and financial partners. The Company assesses the realization of the financial guarantee assets collectively depending on factors such as delinquency rate, size, and other risk characteristics of the portfolio and records an allowance for amounts that it estimates will not be realized. For the years ended December 31, 2018 and 2019, the Company recorded expense of and RMB12,527 , respectively, and for the year ended December 31, 2020, the Company recorded a reversal of RMB in the statement of operations and comprehensive income/(loss). (s) Revenue recognition The Group is principally engaged in providing lending solutions through its online technology platform. The Group earns its revenues by providing the following: (i) A lending solution which assists borrowers to obtain loans from third party investors and certain financial partners. The Group provides lending solution but does not provide loan by itself. For these services, the Group earns technical service fees. (ii) A lending solution for borrowers who want to finance their on-line purchases from third parties (“Business Partners”) or who have personal or business installment loan requests. The Group provides financing for these borrowers and earns installment service fees (including interests). (iii) A wealth management and insurance product distribution solution for asset management and insurance companies respectively to facilitate the sale of their products. The Group earns wealth management service and commission on financial products distributed through the Group’s platform that were sold by these asset management and insurance companies to their customers. The Group is not a party to the financial products sold. Installment service fee Installment service fee revenue is recognized over the terms of financing receivables using the effective interest rate method under ASC 310. Installment service fee revenue is not recorded when reasonable doubt exists as to the full, timely collection of installment service fee or principal. The Group also receives miscellaneous fees, such as penalty fees for late payments, which are contingent fees and are recognized when the event occurs and the payment is made by the customer as that is the point in time collectability is reasonably assured. Revenue recognition under ASC topic 605 (“ASC 605”), Revenue Recognition in the year ended December 31 2018 Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (“VAT”) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities. Technical service fees The Group has determined that the arrangement to provide technical services to borrowers or institutional financial partners contains the following multiple elements: online credit assessment and referral services, post-lending management services and financial guarantee services. In accordance with ASC 605-25-30-4, 605-25-30. The Group charges the technical service fees from the borrowers upon the successful matching of the loans financed by investors of Jimu Group or other financial partners. If the services fee is not received entirely upfront, the selling price allocated to the delivered credit assessment and referral services is limited to that amount that is not contingent upon the delivery of additional units or meeting other specified performance conditions in accordance with ASC 605-25. The Group is the primary obligor for the lending solutions provided to the borrowers, mainly as it has the ability to establish the price, and control the related content of service provided. Technical service fee is recognized on a gross basis and the portion of service fee charged by and paid to Jimu Group based on relative fair values of services is recognized as cost of revenues in the consolidated statements of operations and comprehensive income/(loss). Early repayment fees charged by the Group are recognized when the early repayment occurs and the payments of the fees are made by the borrowers. The Group also charges fees for collection services related to defaulted payments. These fees are recognized when the contingent events occur and the payments of the fee are made by the borrowers as collectability is reasonably assured. Wealth management service fee and others The wealth management service fee and others primarily consist of commission fees charged from third-party asset management companies and insurance companies for their use of the Group’s online wealth management platform and online insurance platform. Such commissions are generally determined as a percentage based on the fees charged to customers by the asset management companies and insurance companies, through the online wealth management platform and online insurance platform. Transaction service commissions are recognized on a net basis when the services are rendered, which occurs when the underlying transaction is executed. The Group is not the primary obligor, as it does not have the ability to establish the price or control the related content of the wealth management or insurance products offered on the online wealth management platform and online insurance platform. Revenue recognition under of ASC 606, “Revenue from contracts with Customers” in years ended December 31, 2019 and 2020 Tec hnical service fees Under ASC 606, the Group considers the online credit assessment and referral service and post-lending management service, collectively and guarantee service as two separate services, of which, the guarantee service is accounted for at fair value in accordance with ASC 460, Guarantees The Group identifies one performance obligation under ASC 606, as the online credit assessment and referral service and post-lending management service are not distinct. The Group determines the transaction price of technical service to be the service fees chargeable from the borrowers or institutional financial partners, net of value-added tax and excluding the transaction price allocated to guarantee liabilities. Revenues from technical services are recognized over time since the customers simultaneously receive and consume benefit provided by the Group’s technical service as the Group performs. For technical service fees charged from borrowers, the Group recognizes revenue during the service period. For technical service fees charged from other financial partners, the Group applies the invoice practical expedient and recognizes revenue in the amount to which the Group has a right to invoice. Wealth management service fee and others For wealth management service fee and others, the only performance obligation is to distribute the wealth management or insurance products on the Group’s platforms for the third-party asset management companies and insurance companies. The Group recognizes commissions on a net basis as the Group is not the primary obligor, it does not have the ability to establish the price nor does it bear the credit risk. The revenue is recognized at a point in time when the performance obligation is satisfied, which occurs when the underlying transaction is executed. Contract assets The Group has no other contract assets except for accounts receivable in RMB and RMB Contract liability Contract liability consists of technical service fees received from borrowers before the Group has a right to invoice, and is recorded as “Deferred service fee” included in “Accrued expenses and other liabilities” on the consolidated balance sheets. For monthly consulting fee which is received monthly from customers and upfront fee which is received upon the successful matching of the loans, contract liability is recognized as revenue when service is provided. The amount of revenue recognized during the years (t) Funding cost Funding cost mainly consists of interest expense the Group pays in relation to the funding debts to fund its financing receivables and certain fees incurred in obtaining these funding debts, such as origination and management fees and legal fees. (u) Provision for credit loss es The Group assesses the creditworthiness and collectability of the portfolios of respective financial assets, mainly based on delinquency levels and historical charge offs of respective underlying on- off-balance on- off-balance The Group’s provision for credit losses of financial assets is calculated separately within each credit risk level of the borrowers. For each credit risk level, the Group estimates the expected loss rate based on delinquency status of the respective financial assets within that level: current, 1 to 30, 31 to 60, 60 to 90, 91 days or greater past due. These loss rates in each delinquency status are based on average historical loss rates of financial assets subject to credit losses associated with each of the abovementioned delinquency categories. The expected loss rate of the specific delinquency status category within each risk level will be applied to the applicable outstanding balances of respective financial assets within that level to determine the provision for credit losses for each reporting period. In addition, the Group considers other general economic conditions, if any, when determining the provision for credit losses. (v) Origination and servicing cost Origination and servicing cost mainly consists of costs that are paid for data used in credit assessments, users acquisition costs relating to revenue from lending solutions, salaries and benefits (including share-based compensation expenses) of employees engaged in providing collection services, bandwidth and data center costs, customer service support costs and fees paid to third-party payment channels. (w) Research and development expenses Research and development expenses consist primarily of salaries and benefits (including share-based compensation expenses) of employees and related expenses for IT professionals involved in developing technology platforms and websites, server and other equipment depreciation, bandwidth and data center costs, and rental fees. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant. (x) Share-based compensation expenses All share based awards granted to employees, including restricted ordinary shares and share options, are measured at fair value on grant date. Share based compensation expense is recognized using the straight-line method or graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period. Prior to the Reorganization, all the options and restricted ordinary shares were granted by Jimu Parent with its own underlying shares. The Binomial option pricing model is used to estimate fair value of the share options and restricted ordinary shares. The determination of estimated fair value of share-based payment awards on the grant date using an option pricing model is affected by the fair value of Jimu Parent’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of Jimu Parent’s shares over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate and any expected dividends. Shares of Jimu Parent, which do not have quoted market prices, were valued based on the income approach. Determination of estimated fair value of Jimu Parent’s shares requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration and risks | 3. Concentration and risks Concentration of Business Partners The Group generates the majority of revenues through a limited number of Business Partners. For the years ended December 31, 2018, 2019 and 2020, the Group generated the 36.1%, 43.6% and 49.9% revenues, respectively, 28.9% Concentration of Financial Partners The Group have historically relied on Jimu Group, which was considered as one of the Group’s related parties, for the funding of most of the loans issued by the Group. Jimu Box, Jimu Group’s online peer-to-peer lending platform, was the funding source for of the outstanding loans as of December 31, 2019. However, funding from Jimu Box decreased significantly in 2019 when Jimu Box announced its exit from the online lending platform business. Beginning in February 2020, Jimu Box initiated its plans to transition into a micro finance company. Loans funded by Jimu Box were minimal for the year ended December 31, 2020, representing only 4% of the outstanding loans as of December 31, 2020. Credit risks The Group’s credit risk primarily arises from financing receivables derived from the point-of-sale Foreign currency exchange rate risk The Group’s operating transactions are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only through authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in China must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documents in order to affect the remittances. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition | 4. Acquisitions (i) Acquisition of Ganzhou Aixin Micro Finance On March 21, 2019, Shanghai Anquying acquired 100% equity interest of Ganzhou Aixin Micro Finance, for a cash consideration of RMB230,000 from Jimu Group. The consideration of RMB230,000 was used to reduce the amounts due from Jimu Group pursuant to an offsetting agreement executed in July 2019. The Group expects to carry out pilot financial services and enhance the Group’s data collection capabilities through the acquisition of Ganzhou Aixin Micro Finance’s license to operate small loan businesses (the “Microcredit license”). The Group engaged an independent valuation firm to assist management in valuing assets acquired, liabilities assumed and intangible assets identified as of the acquisition day. The identifiable intangible assets acquired upon acquisition was the Microcredit license, which has an estimated useful life of approximately 17 years. All other current assets and current liabilities carrying value approximated fair value at the time of acquisition. The fair value of the intangible assets identified was determined by adopting the Multi-Period Excess Earning Method. The allocation of the purchase price is as follows: Amount RMB Cash and cash equivalents 42,591 Accounts and other receivable 12,915 Prepayment 563 Short-term financing receivables, net 148,249 Deferred assets 4,368 Fixed assets 534 Intangible asset - license 35,410 Goodwill* 5,212 Total assets 249,842 Advance from customers (344 ) Tax payable (993 ) Other payables (9,652 ) Deferred tax liabilities (8,853 ) Total 230,000 Total Consideration 230,000 * The goodwill is not deductible for tax purposes. The net revenue and net loss of Ganzhou Aixin Micro Finance since the acquisition date and that were included in the Company’s consolidated statements of operations and comprehensive income/(loss) for the year ended December 31, 2019 are RMB21,846 and RMB1,323, respectively. Prior to the acquisition, Ganzhou Aixin Micro Finance did not prepare its financial statements in accordance with US GAAP. The Group determined that the cost of reconstructing the financial statement of Ganzhou Micro Finance for the periods prior to the acquisition outweighed the benefits. Based on an assessment of the financial performance and a comparison of Ganzhou Aixin Micro Finance’s and the Group’s financial performance for the fiscal year prior to the acquisition, the Group did not consider Ganzhou Aixin Micro Finance on its own to be material to the Group. Thus the Group’s management believes that the presentation of pro forma financial information with respect to the results of operations of the Group for the business combination is impractical. (ii) Acquisition of Infrarisk On April 18, 2019, Pintec acquired 100% equity interest of FT Synergy Pty Ltd. (“FT Synergy”) for a purchase price of RMB16,191. FT Synergy owns a wholly owned subsidiary Infrarisk Pty Limited (“Infrarisk”), an Australia-based SaaS company providing systems to lenders for managing the credit risk origination process. The assets acquired and liabilities assumed and operations of Infrarisk prior to the acquisition were not material. (iii) Acquisition of Qilehui On August 31, 2020, Pintec Digital Technology (Beijing) Co., Ltd (“Pintec Digital”) acquired equity interest of Qilehui, a company engaged in corporation credit investigation, which owns a credit investigation license, with a consideration of prepaid by the Company in 2019 . The assets acquired and liabilities assumed and operations of Oilehui prior to the acquisition were not material. |
Financing receivables, net
Financing receivables, net | 12 Months Ended |
Dec. 31, 2020 | |
Financing Receivable, Net [Abstract] | |
Financing receivables, net | 5. Financing receivables, net The financing receivables, net, consists of the following: December 31, 2019 2020 RMB RMB Short-term: Short-term financing receivables 450,588 71,271 Allowance for credit losses (20,201 ) (488 ) Short-term financing receivables, net 430,387 70,783 Long-term: Long-term financing receivables 19,443 2,930 Allowance for credit losses (343 ) (95 ) Long-term financing receivables, net 19,100 2,835 The following table summarizes the balances of financing receivables by due date. December 31, 2019 2020 RMB RMB Due in months: 0 - 12 450,588 71,271 13 - 24 19,443 2,930 Total financing receivables 470,031 74,201 The movement of the allowance for credit losses for the years ended December 31, 2018, 2019 and 2020 were as following: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 70,460 23,183 20,544 Addition due to acquisition of Ganzhou Micro Finance — 17,470 — Additions 70,411 33,942 45,090 Charge-offs (117,688 ) (54,051 ) (65,051 ) Balance at end of the year 23,183 20,544 583 Aging analysis of past due financing receivables are as below: Financing receivables 1 - 30 Days 31 - 60 Days 61 - 90 Days 91 Days or Total Past Current Total December 31, 2019 8,239 7,546 6,660 — 22,445 447,586 470,031 December 31, 2020 164 154 106 — 424 73,777 74,201 |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, Net, Current [Abstract] | |
Accounts receivable, net | 6. Accounts receivable, net Accounts receivable, net, consists of the following: December 31, 2019 2020 RMB RMB Receivables for technical service fees from borrowers and financial partners 68,214 42,082 Receivables for marketplace service fees from asset management companies 1,057 981 Receivables for marketplace service fees from insurance companies and others 9,760 8,285 Total accounts receivable 79,031 51,348 Allowance for doubtful accounts (4,780 ) (369 ) Accounts receivable, net 74,251 50,979 The movements in the allowance for doubtful accounts for the years ended December 31, 2018, 2019 and 2020 were as follows: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 5,428 13,845 4,780 Additions 108,156 23,182 6,110 Charge-offs (99,739 ) (32,247 ) (10,521 ) Balance at end of the year 13,845 4,780 369 |
Prepayments and other current a
Prepayments and other current assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepayments and other current assets, net | 7. Prepayments and other current assets, net Prepayments and other current assets, net consist of the following: December 31, 2019 2020 RMB RMB Deposits to financial partners and other vendors 35,988 33,969 Prepaid expenses 32,735 19,555 Prepaid input VAT 4,877 6,607 Short-term loan to third parties 2,742 5,392 Others 3,488 2,137 Total prepayments and other current assets 79,830 67,660 Bad debt provision (1,500 ) (1,500 ) Total prepayments and other current assets, net 78,330 66,160 |
Property, equipment and softwar
Property, equipment and software, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, equipment and software, net | 8. Property, equipment and software, net Property, equipment and software, net consist of the following: December 31 2019 2020 RMB RMB Building* — 92,747 Computer and electronic equipment 14,546 14,442 Software 8,947 11,782 Office furniture and equipment 1,153 1,161 Leasehold improvement 1,473 1,473 Vehicle — 664 Total 26,119 122,269 Less: Accumulated depreciation and amortization (11,802 ) (15,061 ) Property, equipment and software, net 14,317 107,208 * In December 2020, the Group purchased a commercial property from a third party, with a total consideration of RMB92,747 excluding taxes. Depreciation and amortization expenses for the years ended December 31, 2018, 2019 and 2020 was RMB2,912, RMB3,906 and RMB3,516, respectively. |
Prepayment for long-term invest
Prepayment for long-term investment | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Prepayment for long-term investment | 9. Prepayment for long-term investment In December 2019, the Group entered into an agreement to obtain 40% equity interest of Shenzhen Xinyuhao Technology Co., Ltd. (“Shenzhen Xinyuhao”), with a consideration of RMB200 and a follow up capital injection of RMB199,800. The Group has effectively obtained the control of Shenzhen Xinyuhao on March 31, 2020 as the counter party to the agreement failed to fulfil its promise to make capital contribution in exchange of 60% of the equity interest of Shenzhen Xinyuhao. In December 2019, Shenzhen Xinyuhao prepaid the RMB200,000 to purchase financing receivables from a third party, and Jimu Group provided an unconditional commitment to repurchase these financing receivables within 6 months. As the financing receivables were long overdue loans from Jimu Group’s platform, recovery through collections is remote, subsequently Shenzhen Xinyuhao required Jimu Group to repurchase these financing receivables. However, with Jimu Group’s financial situation deterioration, it does not have the ability to perform its commitment to repurchase (Note 2 3 |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Investments [Abstract] | |
Long-term investments | 10. Long-term investments Long-term investments consist of investments in privately held companies and available for sale investment. The following table sets forth the changes in the Group’s Long-term investments: Cost Method Equity Method Available for sale Total RMB RMB RMB Balance as of December 31, 2018 35,000 23,038 — 58,038 Investments made 50,000 6,500 — 56,500 Loss from equity method investments — (8,149 ) — (8,149 ) Less: Foreign currency translation adjustments — 2,214 — 2,214 Balance as of December 31, 2019 85,000 23,603 — 108,603 Investments made — 4,894 — 4,894 Loss from equity method investments — (11,523 ) — (11,523 ) Less: Impairment — (15,908 ) — (15,908 ) Less: Foreign currency translation adjustments — (1,066 ) — (1,066 ) Subscription of private equity fund — — 36,600 36,600 Gross unrealized loss in accumulated other comprehensive income — — (421 ) (421 ) Balance as of December 31, 2020 85,000 — 36,179 121,179 Cost method investment In December 2018, the Group invested in 5% equity interest of Fullerton Credit (Chongqing) Co., Ltd (“Chongqing Fullerton”) by purchasing ordinary shares, with a total cash consideration of RMB35,000. The investment was accounted for under the cost method as the Group had no significant influence over the investee and Chongqing Fullerton had no readily determinable fair value. In June 2019, the Group invested in 9.09% equity interest of Bene Internet Technology Co., Ltd. (“Bene Info”) by purchasing ordinary shares with a total consideration of RMB50,000. The investment w as Equity method investment In October 2017, the Group acquired a interest of Pivot Fintech PTE. Ltd (“Pivot”) by purchasing ordinary shares with a total consideration of RMB8,821. In June 2020, the Group made an additional investment of RMB4,894 (US$750) in Pivot and acquired total 48.9% equity interest after the additional investment. For the years respectively. In the year ended December 31, 2020 full impairment was made to the carrying value of investment to Pivot due to its recurring operating losses and deteriorated financial position, such the impairment is other-than temporary. In April, 2018, the Group entered an agreement with United Overseas Bank Limited (“UOB”) to establish a joint venture of Avatec.ai (S) Pte. Ltd (“Avatec”) in Singapore to develop the lending platform so as to providing credit services and solutions, focusing on data technology based credit assessment, scoring and selection with commercial applications, and supporting consumer and small and medium enterprise lending activities. The Group invested in Avatec through purchase of its ordinary shares, with a total cash consideration of RMB19,259 to obtain 40% shareholding interests. In November 2020, the Group sold the of Avatec’s equity interest to UOB with the consideration of For the year ended December 31, 2020, the Group recognized the loss from disposal of Avatec’ equity interest in the amount of RMB3,138. For the years ended December 31, 2019 and 2020, the Group recognized its proportionate share of the equity investee’s net loss in the amount of respectively. In the year ended December 31, 2020, the Group fully impaired the remaining carrying value of investment in Avatec due to its recurring operating losses and deteriorating financial position. In June 2019, The Group acquired 25% equity interest of Beijing Ruisasi Technology Co., Ltd. (“Beijing Ruisasi”) by purchasing its ordinary shares from an agreement with an unaffiliated party with a total cash consideration of RMB6,500. The carrying amount of RMB6,500 is higher than its interest in the investees’ underlying net assets. The basis difference for income taxes of relates to goodwill recognized upon acquisition of Beijing Ruisasi’s equity interest; this goodwill is not amortized for tax. For the years ended December 31, 2019 and 2020, the Group recognized the Group’s proportionate share of the equity investee’s net loss into earnings in the amount of respectively. In the year ended December 31, 2020 , the Group fully impaired the investment in Beijing Ruisasi due to its recurring operating losses and deteriorating financial position. Available for sale investment Available for sale investment represents an investment in a private equity fund made in the year ended December 31, 2020. The private equity fund was controlled by a third-party fund management company. The private equity fund invested into debt securities of a third-party real estate development company. Jimu Group was the general partner and several other third parties were limited partners. This investment is carried at fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income. For the year ended December 31, 2020, the unrealized losses from the changes in fair values is of . |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | 11. Fair value measurement Fair value measurements on a recurring basis The carrying amount of cash and cash equivalents, restricted cash, short-term financial guarantee assets, accounts receivable, amounts due from related parties, accounts payable, short-term borrowing and amounts due to related parties approximates fair value because of their short-term nature. Financing receivables and funding debts are carried at amortized cost. The carrying amount of the financing receivables, funding debts approximates their respective fair value as the interest rates applied reflect the current quoted market yield for comparable financial instruments. The following table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value on a recurring basis: December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at RMB RMB RMB RMB Liabilities Consideration payable for acquisition-current (4,728 ) (4,728 ) Consideration payable for acquisition-noncurrent (7,982 ) (7,982 ) Total — — (12,710 ) (12,710 ) December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at RMB RMB RMB RMB Liabilities Consideration payable for acquisition-current (7,995 ) (7,995 ) Consideration payable for acquisition-noncurrent (954 ) (954 ) Total — — (8,949 ) (8,949 ) Fair value measurements on a non-recurring The Group measures certain financial assets, including the long-term investments at fair value on a non-recurring non-financial |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible assets, net | 12. Intangible assets, net Intangible assets, net consist of the following: December 31, 2019 2020 RMB RMB License 35,410 9,882 Software copyright 14,506 14,898 Customer database 9,697 9,697 Customer relationship 2,833 2,909 Trademark 162 162 Less: Accumulated amortization (12,818 ) (20,882 ) Intangible assets, net 49,790 16,666 Amortization expenses for the years ended December 31, 2018, 2019 and 2020 was RMB1,789, RMB8,383 and RMB11,709, respectively. In 2020, the Group recognized impairment loss of RMB31,765 for the Microcredit license primary due to the tightening regulation and changing market environment. There was no impairment recognized for the years ended December 2019 and 2018. As of December 31, 2020, amortization expenses related to the intangible assets for future periods are estimated to be as follows: 2021 2022 2023 2024 2025 2026 and Total RMB RMB RMB RMB RMB RMB RMB Amortization expenses 4,585 340 307 291 291 970 6,784 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 13. Goodwill As of December 31, 2020, the Group performed quantitative impairment test for goodwill. The management determined that the income approach, specifically the Discounted Cash Flow (“DCF”) method, is appropriate. The management used a revenue growth rate ranging from -35.1% to 57.4%. Other key assumptions besides cash flow projections included discount rate of 15% and terminal growth rate of 3%. As a result of the above factors, fair value of the reporting unit was less than its carrying amount. Goodwill of RMB37,593 was fully impaired for the year ended December 31, 2020, and the impairment loss was recognized in the consolidated statements of operations and comprehensive income/(loss). |
Funding debts
Funding debts | 12 Months Ended |
Dec. 31, 2020 | |
Funding debts | |
Funding debts | 14. Funding debts The following table summarized the Group’s outstanding funding debts: December 31, 2019 2020 RMB RMB Short-term: Loan payables to individual investors via Jimu Box and other financial partners 8,893 2,841 Loan payables to investors of consolidated trusts 291,319 — Total short-term funding debts 300,212 2,841 Long-term: Loan payables to individual investors via financial partners 21,498 — Total long-term funding debt 21,498 — The funding debts had a weighted average interest rate of 11.4%, 9.1% and 14.8% for the years ended December 31, 2018, 2019 and 2020, respectively. |
Borrowing
Borrowing | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowing | 1 5 Borrowings Borrowings consisted of the following: Annual Maturity Principal December 31, December 31, RMB RMB RMB Short-term borrowings: Bank of Jiangsu Co., Ltd (Beijing Branch)* 4.15%-4.35% December 2020 415,000 320,000 — Bank of Jiangsu Co., Ltd (Beijing Branch)* 4.05% April 2021 50,000 — 50,000 SPD Silicon Valley Bank** 3.55% April 2021 80,000 — 80,000 Total short-term borrowings 320,000 130,000 Long-term borrowings: SPD Silicon Valley Bank** 3.55% April 2021 80,000 80,000 — Total long-term borrowings 80,000 — * Loans from Bank of Jiangsu Co., Ltd (Beijing Branch) were pledged with restricted cash with balance of US$51,080 (RMB355,609) and US$8,280 (RMB54,026) as of December 31, 2019 and December 31, 2020, respectively. In April, 2021, the Company repaid the short-term borrowing from Bank of Jiangsu of RMB50,000. ** Loan from SPD Silicon Valley Bank were pledged with restricted cash with balance of US$12,300 (RMB85,630) and US$12,564 (RMB81,981) as of December 31, 2019 and December 31, 2020, respectively. In April, 2021, the Company repaid the short-term borrowing from SPD Silicon Valley Bank of RMB80,000. |
Financial guarantee liabilities
Financial guarantee liabilities and financial guarantee assets | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Financial guarantee liabilities and financial guarantee assets | 1 6 Financial guarantee liabilities and financial guarantee assets (i) Financial guarantee liabilities The following table sets forth the financial guarantee liabilities movement activities for the years ended December 31, 2018, 2019 and 2020. 2018 2019 2020 RMB RMB RMB Balance at beginning of the year — 15,537 101,933 Fair value of financial guarantee liabilities upon the inception of new loans 44,549 493,799 56,810 Release of financial guarantee liabilities upon repayment (21,397 ) (407,403 ) (138,483 ) Contingent liabilities (7,615 ) — — Balance at the end of the year 15,537 101,933 20,260 (ii) Financial guarantee assets, net The financial guarantee assets, net consist of the following: December 31, 2019 2020 RMB RMB Short-term: Short-term financial assets receivable 100,419 19,561 Allowance for credit losses (9,045 ) (992 ) Short-term financial assets receivable, net 91,374 18,569 Long-term: Long-term financial assets receivable 3,647 698 Allowance for credit losses — — Long-term financial assets receivable, net 3,647 698 The movement of the allowance for credit losses for the years ended December 31, 2018, 2019 and 2020 consist of the following: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year — — 9,045 Additions/(Reversal) — 12,527 (8,053 ) Charge-offs — (3,482 ) — Balance at end of the year — 9,045 992 |
Debt instrument
Debt instrument | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt instrument | 17. Debt instrument On August 30, 2019, Shanghai Anquying entered into a loan agreement with a third party, Shanghai Mantu Technology Co., Ltd., (“Mantu”) who is an affiliate of Mandra iBase Limited, one of the shareholders of Pintec, pursuant to which Mantu agreed to provide a loan in the amount of RMB100,000 to the Shanghai Anquying at an interest of 8% per annum, from August 31, 2019 to August 31, 2020. Ganzhou Aixin Micro Finance and Mr. Jun Dong, the Company’s director and acting CEO, have agreed to provide the guarantee to Mantu for Shanghai Anquying’s obligations under the loan agreement. In addition, Shanghai Anquying has agreed to pledge its equity interest in Ganzhou Aixin Micro Finance as security for Shanghai Anquying’s obligations under the loan agreement. In connection with the loan agreement, upon the request of Mantu, Shanghai Anquying entered into a warrant agreement with Mandra iBase Limited, to grant Mandra iBase Limited or its assignees warrants that allow them to purchase from Pintec up to 52,835,505 Class A Ordinary Shares of the Company within three years at the Exercise Price US$0.5678 per share. The Group has determined that the warrant was a freestanding financial instrument as it was legally detachable and separately exercisable, and met the requirements for equity classification. Therefore, there were two components, the debt component for the loan agreement and equity component for the warrant in the transaction. Accordingly, the proceeds from issuance of the loan were allocated to the debt component and equity component based on the relative fair values of the debt instrument without the warrant and of the warrant itself at the time of issuance. The Group has engaged an independent valuation firm to evaluate the fair value of the debt component and equity component. Significant assumption used in the discounted cash flow model under the income approach in valuing the debt component included the market discount rate of 12.87%, which was based on a credit analysis of the Company. Significant assumptions used in valuing the equity component using binomial option-pricing model including the following: Expected volatility 40.0 % Risk-free interest rate (per annum) 1.40 % Expected dividend yield 0.0 % Expected term (in years) 3 As a result, (i) RMB73,710 was allocated to the debt component and recorded as debt instrument on the consolidated balance sheet, with a discount of RMB26,290 allocated to the equity component. (ii) RMB26,290 was allocated to the equity component and accounted for as additional paid-in capital with no subsequent re-measurement. The balance of debt instrument was RMB81,053, including the accretion of discount of RMB7,343, as of December 31, 2019. The Company recorded interest expense of RMB10,009 for the year ended December 31, 2019. The Company recorded interest expense of RMB24,280, including the accretion of discount of RMB18,947, for the year ended December 31, 2020. In October 2020, the Company has fully repaid the debt instrument to Mantu in the amount of RMB100,000. |
Convertible loan
Convertible loan | 12 Months Ended |
Dec. 31, 2020 | |
Convertible Loan [Abstract] | |
Convertible loan | 18. Convertible loan In October 2020, the Group entered into certain equity transfer agreements (the “Agreements”) with Ningxia Fengyin Enterprise Management Consulting LLP (“Ningxia Fengyin”) to obtain total equity interests of Yinchuan Chuanxi Technology Co., Ltd. (“Chuanxi Technology”), for total consideration of RMB400,000 (the “Consideration”). The full Consideration must be paid within 20 days after the third anniversary of October 22, 2020 (the “Closing Date”). As part of the transaction, in October 2020, the Group issued a warrant (the “Warrant”) to Otov Alfa Holding Limited (the “Otov Alfa”), an entity designated by Ningxia Fengyin, to subscribe 320,036,576 class A ordinary shares of the Company at par value US$0.000125 per share (the “Warrant Shares”). The Warrant is exercisable immediately and will expire on the third anniversary of October 22, 2020. If the Warrant is exercised before its expiration date, the Group will be released from the obligation of paying corresponding portion of the Consideration. The un-released and the interest is payable quarterly. As of December 31, 2020, accrued interest was of RMB5,516. Chuanxi Technology has no operation, it has only cash in the amount of RMB400,000 in its bank account. The acquisition of Chuanxi Technology was in substance to obtain a loan in the principal of RMB at an annual interest of 8.75% that has a term of 3 years with balance of on October 22, 2020. Since the Warrant is not detachable from the debt and is not a derivative, and no cash conversion features and beneficial conversion features are contained in the instrument, the debt and the Warrant were To secure the debt due to Ningxia Fengyin, on December 2, 2020, the Group pledged 100% equity interest of Ganzhou Aixin Network Micro Finance Co., Ltd, a subsidiary of the Group, to Ningxia Fengyin. The Group paid a transaction service fee of RMB 4,000 to Guangdong Huawen Industry Group Co., Ltd., a related party of the Group in November 2020. |
Accrued expenses and other liab
Accrued expenses and other liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Accrued expenses and other liabilities | 1 9 Accrued expenses and other liabilities Accrued expenses and other liabilities consist of the following: December 31, 2019 2020 RMB RMB Deferred service fee 67,485 6,890 Compensation payable related to guarantee obligation on borrowers’ defaults 21,912 — Deferred government grants 19,000 14,000 Notes payable* 20,000 — Professional and other service fees payable 11,746 9,791 Payroll Payable 7,209 4,213 Payables to individual investors and financial partners for collecting principal and interests on behalf of borrowers — 6,677 Contingent investment consideration payable 4,728 7,995 Others 5,865 10,188 Total 157,945 59,754 * Notes payable was pledged with restricted cash with balance of US$3,200 as of December 31, 2019. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Non-controlling interests | 20 Non-controlling In June 2019, Beijing Caissa International Travel Agency Co., Ltd. (“Beijing Caissa”) entered into an equity purchase agreemen t w as non-controlling interest. Pursuant to an investment agreement signed in December 2019, Pintec Ganzhou and Yinchuan Xingyin Investment Fund Limited Partnership (“Yinchuan Xingyin”) agreed to invest RMB300,000 and RMB200,000 respectively to setup Huatai Ningxia Corporation Consulting Limited Partnership (“Huatai Ningxia”), the primary purpose of which is to invest in Pintec Yinchuan, a subsidiary of Pintec Ganzhou. Pintec Ganzhou and Yinchuan Xingyin paid RMB300,000 and RMB150,000 respectively in December 2019. Since the Group controlled Huatai Ningxia after the investment, the investment from Yinchuan Xingyin was accounted for as non-controlling interest. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Taxation | 21 Taxation Cayman Islands Under the current laws of the Cayman Islands, the Group is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are not subject to tax on their income or capital gains. Hong Kong In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. In March 2018, the Hong Kong Government introduced a two-tiered two-tiered Payments of dividends by the subsidiary to the Company are not subject to withholding tax in Hong Kong. PRC Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. Effective January 1, 2008, the EIT Law in China unifies the enterprise income tax rate for the entities incorporated in China at 25% if they are not eligible for any preferential tax treatment. High and new technology enterprises enjoy a preferential tax rate of 15% under the EIT Law. Beijing Hongdian is qualified as a “high and new technology enterprise” under the EIT Law and is eligible for a preferential enterprise income tax rate of 15%, for the period from 2016 to 2018. However, in 2019 and 2020 the Company did not apply for renewal as they did not expect to be profitable in the near future. Therefore, they are subject to an income tax rate of 25% in 2019 and 2020. Sky City WFOE is qualified as a “high and new technology enterprise” under the EIT Law and is eligible for a preferential enterprise income tax rate of 15%, for the period from 2018 to 2020, so long as it obtains approval from the relevant tax authority and if it is profitable during the period. In addition, Sky City WFOE was qualified as an eligible software enterprise before the income tax year-end final settlement in 2019. As a result of this qualification, it is entitled to a tax holiday of a full exemption for the year ended December 31, 2019, in which its taxable income is greater than zero, followed by a three-year 50% exemption. Pintec Beijing WFOE is qualified as a “high and new technology enterprise” under the EIT Law and is eligible for a preferential enterprise income tax rate of 15% for the period from 2018 to 2020, as long as it obtains approval from the relevant tax authority, and is profitable during the period, it could apply the income tax rate of 15%. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body “as” the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, of a non-PRC Withholding tax on undistributed dividends The EIT law also imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside China, if such immediate holding company is considered as a non-resident The following table sets forth current and deferred portion of income tax expense of the Company’s China subsidiaries, overseas subsidiaries, VIEs, and subsidiaries of the VIEs: For the year ended December 31, 2018 2019 2020 Current income tax expense 42,610 19,231 2,281 Deferred income tax (benefit)/expense (36,901 ) (17,263 ) 46,915 Income tax expense 5,709 1,968 49,196 The following table sets forth reconciliation between the statutory EIT rate and the effective tax rates: For the year ended December 31, 2018 2019 2020 Statutory income tax rate in PRC 25.00 % 25.00 % 25.00 % Tax effect of different tax rates in other jurisdictions 2.73 % (0.04 )% (0.01 )% Tax effect of unrecognized loss 5.29 % (0.09 )% 0.00 % Tax effect of tax-exempt 429.86 % (5.84 )% (4.69 )% Tax effect of expired tax attribute carryforwards 0.00 % (0.01 )% (0.86 )% Tax effect of preferred tax rate (93.64 )% 5.40 % (1.55 )% Tax effect of R&D expense additional deduction (87.93 )% 0.67 % 0.98 % Tax effect of non-deductible interest expenses 0.00 0.00 (1.92 )% Tax effect of goodwill impairment 0.00 0.00 (3.37 )% Tax effect of non-deductible 56.73 % (0.29 )% 1.82 Tax effect of deferred tax effect of tax rate change 0.00 % 0.40 % 0.13 % Changes in valuation allowance (265.59 )% (25.42 )% (35.45 )% Effective tax rate 72.45 % (0.22 )% (19.92 )% * Tax-exempt As of December 31, 2019 and 2020, the Company did not have any significant unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended December 31, 2018, 2019 and 2020 the Company did not have any significant interest or penalties associated with uncertain tax positions. Deferred tax assets and deferred tax liabilities The following table sets forth the significant components of the deferred tax assets and deferred tax liabilities: Jurisdictions other than Australia December 31, 2019 2020 RMB RMB Deferred tax assets: Allowance for doubtful accounts and credit losses 263,383 241,248 Impairment of long-term investment — 1,445 Deductible advertising fees 225 225 Net operating loss carry forwards 37,214 44,371 Guarantee liabilities 36,165 58,555 Deferred revenue from u 4,776 227 Accrued expenses 667 3,379 Subtotal 342,430 349,450 Less: valuation allowance (260,002 ) (347,240 ) Total deferred tax assets, net 82,428 2,210 Deferred tax liabilities: Intangible assets acquired in a business combination (9,343 ) (2,911 ) Interest income from related parties (8,410 ) — Total deferred tax liabilities (17,753 ) (2,911 ) Net deferred tax asset/(liabilities) 64,675 (701 ) Australia December 31, 2019 2020 RMB RMB Deferred tax assets: Net operating loss carry forwards 1,566 2,525 Total deferred tax assets, net 1,566 2,525 Deferred tax liabilities: Intangible assets acquired in a business combination (3,694 ) (1,472 ) Total deferred tax liabilities (3,694 ) (1,472 ) Net deferred tax (liabilities)/assets (2,128 ) 1,053 Changes in valuation allowance are as follows: As of December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 51,027 30,098 260,002 Additions 21,224 245,886 102,398 Reversals (42,153 ) (15,982 ) (15,160 ) Balance at end of the year 30,098 260,002 347,240 During the year ended December 31, 2018, Shanghai Anquying had achieved pre-tax pre-tax As of December 31, 2019, the Group provided full valuation allowance of RMB229,170 for the deferred tax assets derived from the provision for credit losses related to Jimu Group and the impairment loss on a prepayment of a long term investment, which was considered and assessed by the Group that had a remote chance to be utilized in the future, either by subsequent collection or approval from the relevant tax authorities for the deduction of the tax allowance on provision for credit losses and impairment loss. As of December 31, 2020, the Group provided full valuation allowance for the deferred tax assets from Shanghai Anquying, the net income of which dropped significantly during the year ended December 31, 2020 and the Group consider it more likely than not that Shanghai Anquying could not generate sufficient pre-tax profit in the next 5 consecutive years and the deferred tax assets will not be utilized in the future. As of December 31, 2020, the Group had net operating loss carryforwards of approximately RMB222,717 . As of December 31, 2020, the net operating loss carryforwards will expire, if unused, as follows: Net operating loss carryforwards expiring by year 2021 2022 2023 2024 202 5 Total Net operating loss carryforwards 7,736 33,489 58,388 58,034 65,070 222,717 |
Share based compensation expens
Share based compensation expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share based compensation expenses | 2 2 Share based compensation expenses For the years ended December 31, 2018, 2019 and 2020, total share based compensation expenses allocated from Jimu Parent were RMB36,496, RMB22,434 and RMB3,712, respectively. Share options issued by Jimu Parent to employees of the Company Starting from 2014, Jimu Parent granted multiple tranches of share options with tiered vesting commencement dates to employees, including employees of the Pintec Business. The options are generally scheduled to be vested over four years, one-fourth A summary of activities of the service-based share options granted to the employees of the predecessor operations of Pintec Business for the year ended December 31, 2020 is presented below: Options Weighted Weighted Average RMB Outstanding as of December 31, 2019 811,643 0.99 5.88 — Granted — — — — Exercised (652,967 ) 0.99 — — Forfeited (69,623 ) 1.00 — — Outstanding as of December 31, 2020 89,053 1.00 4.92 — Vested and exercisable as of December 31, 2020 85,348 1.00 4.92 — For the years ended December 31, 2018, 2019 and 2020, share-based compensation expenses recognized associated with the service-based share options granted to employees of the predecessor operations of Pintec Business and allocated to the Company were RMB , RMB and RMB , respectively. As of December 31, 2020, there was no unrecognized share-based compensation expenses related to the share options granted. Restriction of ordinary shares held by management and employee In connection with Jimu Parent’s issuance of Series A preferred shares on March 5, 2014, 40% of the 72,000,000 ordinary shares held by certain members of Jimu Parent’s senior management became restricted pursuant to the shareholders’ agreement. The 40% of the shares subject to vesting thereafter in 60 equal and continuous monthly installments following the grant date, provided that the founders’ continuous service for the Jimu Parent. This arrangement is accounted for similar to a reverse stock split, followed by the grant of restricted stock awards to the founders subject to service vesting conditions. These shares issued are determined to be share-based compensation. The fair value of the ordinary shares at the grant date was estimated using the income approach. Grant date fair value per restricted share on March 5, 2014 was US$0.45. The Company granted 1,863,043 restricted shares on June 28, 2019 to its employees and managements. The shares subject to vesting thereafter in 4 equal and continuous yearly installments following the grant date provided that the employees’ and managements’ continuous service. The fair value of the restricted shares at the grant date equal to the market price of the Company’s ordinary shares, which was US$0.42 per share. The fair value of the ordinary shares at the grant date recognized as compensation expenses using graded vesting method over the requisite service period, which is the vesting period. The activities of the total restricted ordinary shares for the year ended December 31, 2020 are summarized as below: Number of shares Weighted-Average Grant Unvested at December 31, 2019 1,137,277 0.42 Granted — — Vested (112,367 ) 0.42 Forfeited (656,292 ) 0.42 Unvested at December 31, 2020 368,618 0.42 For the years ended December 31, 2018, 2019 and 2020, share-based compensation expenses recognized associated with the restricted ordinary shares and allocated to the Company were RMB9,721, RMB2,055 and RMB329, respectively. As of December 31, 2020, unrecognized compensation cost, adjusted for estimated forfeitures and related to non-vested Share options issued by Pintec to mirror the options originally granted by Jimu Parent In connection with the Reorganization and as a result of the anti-dilution provision in the option plan and agreement regarding the options issued by Jimu Parent, 24,287,218 options to purchase the underlying Pintec ordinary shares were issued by the Company as of March 27, 2018 under the Company’s first share incentive plan (the “First Plan”). For each of the outstanding share options granted under the Jimu Plan before the Reorganization, excluding those that were forfeited, it was additionally paired with one share option issued by the Company under the First Plan after the Reorganization, as an equitable adjustment pursuant to the anti-dilution provision. Such issuance of options in conjunction with the Reorganization was determined to be a modification of the share option. Share options granted by Pintec to employees of the Company The Group granted 16,042,500 share options and 740,000 share options on May 31, 2018 and July 31, 2018, respectively, to its employees and directors of the Company under the First Plan with an exercise price of US$0.000125. The fair value of the Company’s options was estimated to be $1.2785 per option granted on May 31, 2018, and $1.4506 per option granted on July 31, 2018 under the plan. These awards have a service condition and an initial public offering performance condition. For share options granted with performance condition, the share-based compensation expenses are recorded when the performance condition is considered probable. As a result, the cumulative share-based compensation expenses for these options that have satisfied the service condition was recorded upon the completion of the IPO. In 2018, the Company created a second share incentive plan (the “Second Plan”) under which the maximum aggregate number of shares which may be issued under the Second Plan shall initially equal to 2.0% of the total number of shares issued and outstanding as of the effective date, plus an annual increase on September 1 of each year during the ten-year term of this Second Plan commencing with September 1, 2019, by an amount equal to 2.0% of the total number of shares issued and outstanding on August 31 of each year. Share options under this plan may vest over a service period, performance condition or market condition, as specified in each award. Share options expire ten years from the grant date. A summary of activities of the service and performance-based share options granted to the employees and directors of the Company for the year ended December 31, 2020 are presented below: Options Weighted- Weighted Aggregate US$ (In years) (RMB) Outstanding as of December 31, 2019 5,577,759 0.1452 8.18 7,342 Granted 4,500,000 0.2876 — — Exercised (2,084,418 ) 0.0568 — — Forfeited (3,131,272 ) 0.2356 — — Outstanding as of December 31, 2020 4,862,069 0.2566 8.49 1,138 Vested and expected to vest as of December 31, 2020 4,862,069 0.2566 8.49 1,138 Exercisable as of December 31, 2020 3,657,290 0.3319 8.68 898 For the years ended December 31, 2018, 2019 and 2020, share-based compensation expenses recognized/(reversed) associated with share options granted by the company were RMB94,764, RMB(5,333) and RMB8,186 respectively. As of December 31, 2020, there was RMB1,268 of unrecognized share-based compensation, adjusted for estimated forfeitures, related to the share options granted to the Group’s employees and directors. The weighted-average grant-date fair value of options granted during the years December 31,2018, 2019 and 2020 were $1.2967, $0.2018 and $0.1599, respectively. The total intrinsic value of options exercised during the years ended December 31, 2018, 2019 and 2020, was nil, RMB46,558 and RMB2,365, respectively. The estimated fair value of option granted in 2018, 2019 and 2020 is estimated on the date of grant using the Binomial option-pricing model with the following assumptions: For the year ended December 31, 2018 2019 2020 Expected volatility 31.92%~46.00% 38.78 %~39.90% 40.61%~40.83% Risk-free interest rate (per annum) 2.10%~3.19% 1.78 %~2.13% 0.73%~0.87% Exercise multiples 2.2 2.2 2.2 Expected dividend yield 0% 0% 0% Expected term (in years) 3.8~10 10 5.5~6.25 Fair value of the underlying shares on the date of option grants (in US$) 1.28~1.59 0.07~0.55 0.11~0.18 The expected volatility at the grant date is estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable companies. The risk-free interest rate is estimated based on the yield to maturity of China treasury bonds at the option valuation date. Expected term is considering the contractual term of the option and the employee’s expected exercise term. The Group has not declared or paid any cash dividends and does not anticipate any dividend payments on its ordinary shares in the foreseeable future. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related party transactions | 2 3 Related party transactions The table below sets forth the major related parties and their relationships with the Group as of December 31, 2019 and 2020: Name of related parties Relationship with the Group Jimu Group (“the related party”) An entity and its certain subsidiaries that have a high percentage of common shareholders with the Group. BBAE Holdings Limited An entity which has one common directors of the Board of Directors with the Group before August 22, 2019 BBAE Advisors LLC An entity which is a wholly owned subsidiary of BBAE Holdings Limited Beijing Liangduo Science and Technology Co. Ltd. (“Beijing Liangduo”) An entity which the Group holds 18% equity interests Changsha Liangduo Business Consulting Co., Ltd (“Changsha Liangduo”) An entity which Beijing Liangduo Science and Technology Co., Ltd holds 100% equity interests (a). The Group entered into the following transactions with related parties: For the year ended December 31, 2018 2019 2020 RMB RMB RMB (i) Transactions recorded through statement of operations and comprehensive income/(loss) - Cost and expenses allocated from the related party 48,687 24,994 3,712 - Service cost charged by the related party (1) 529,593 200,163 23,052 - Collection service fees charged by Beijing Liangduo and Changsha Liangduo 58,192 63,400 32,176 - Interest income from loans to the related party (4) — (43,156 ) (31 ) - Interest expense on borrowings from the related party (5) 4,094 213 — (ii) Operating transactions - Technical service fee collected by the related party on behalf of the Group (2) — (64,078 ) — - Payment for guarantee deposit to the related party (1) — (100,269 ) (24,788 ) - Loan interests collected from the related party (4) — 3,310 — - Borrowing interests paid to the related party (5) (2,259 ) (2,047 ) — - Share-based compensation awards to employees of the related party — (34,684 ) 3,471 - Collecting principal and interests from borrowers on behalf of the related party (7) — — 363,342 - Repayment of collecting principle and interests from borrowers on behalf of the related party (8) — — (100,000 ) (iii) Financing/Investing transactions - Net cash advances (to)/from the related party (3) (445,319 ) (697,754 ) 293 - Principal of loans provided to the related party (4) (52,048 ) (137,000 ) (40,000 ) - Principal of loans collected from the related party (4) 52,048 122,000 40,000 - Principal of borrowings proceeds from the related party (5) 26,711 — — - Principal of borrowings repaid to the related party (5) (32,150 ) (23,831 ) — - Equity transfer consideration paid to the related party (6) — (23,000 ) — - Acquisition of Ganzhou Micro Finance from the related party (see - Note 4.(i)) — (230,000 ) — (1) The Group entered into a strategic cooperation agreement with Jimu Group on December 31, 2017. Pursuant to the agreement, Jimu Group provided financial guarantee to the investors and charged the Group an asset management fee. The accumulative service fee due to Jimu Group of RMB959,073 was used to reduce the amounts due from Jimu Group pursuant to a series of offsetting agreements executed in July 2019. The Group entered into an information service cooperation agreement with Jimu Group on July 19, 2019. Pursuant to the agreement, the Group provides guarantee to individual investors for loans that the Group has referred and funded through Jimu Group. The guarantee deposit cooperation was terminated on January 1, 2020. Service costs for the year ended December 31, 2020 were charged for the loans facilitated before January 1, 2020 pursuant to the termination agreement. (2) As of December 31, 2019, the Group had balances of receivables from Yunnan Shiyin Financing Guarantee Co., Ltd. (“Yunnan Shiyin”), a third party, for technical service fees and consultancy fee collected on behalf of the Group from borrowers and other receivables of RMB7,495, RMB55,583 and RMB1,000, respectively. Yunnan Shiyin also carried out business with Jimu Group. Pursuant to the debtor-creditor relationship transfer agreement entered into between Yunnan Shiyin and Jimu Group dated December 31, 2019, the debtor of these balances was transferred from Yunnan Shiyin to Jimu Group in its entirety. The Group therefore reclassified the total outstanding balance of RMB64,078 to amounts due from related parties as of December 31, 2019. (3) For the years ended December 31, 2018 and 2019, the Group made a series of cash advances in both U.S dollars and Renminbi to Jimu Group. In 2019, the Group and Jimu Group entered into a series of agreements to settle the accumulative net cash advance balances, and the unsettled balances were converted to a U.S. dollar-denominated loan with a principal balance of US$18,401 and an interest rate at 3.5% per annum, maturing on January 31, 2020 and a RMB denominated loan with a principal balance of RMB 154,598 with interest rate at 11% per annum, maturing on January 31, 2022. (4) The Group provided short term loans to Jimu Group with no interest in 2018 and 2020 and with an interest rate of 7% per annum in 2019, respectively. (5) The short-term and long-term borrowings from Jimu Group in 2018 bear interest rates of 12% to 12.13% per annum and matured in 2019. During the year ended December 31, 2020, there was no borrowings from Jimu Group. (6) In 2019, the Group made payments of RMB13,000 to Jimu Group for settlement of equity interest acquired in connection with the Reorganization. The Group also paid RMB10,000 to Jimu Group to acquire 100% equity interest of Qilehui Credit Investigation Co., Ltd. (“Qilehui”). On August 31, 2020, the Group obtained 100% equity interest of Qilehui. (7) The Company has played as a business counter-party with Jimu group including loan borrower referrals and collection channel. For purpose of repayments to Jimu Box’s online platform lenders, the repayments from borrowers in connection with the remaining loans funded by Jimu Box has been collected through the Company and repaid to Jimu Box’s online lenders through custody bank account of Jimu Group . (8) As the custody bank account of Jimu Group established for online lending platform business has been frozen following its insolvency and exit from online lending platform business in February 2020, in order to facilitate Jimu Box’s platform unwinding plan, the Company entered into an agreement with Jimu group, under which the Company was obligated to transfer principal and interest collected from the borrowers to the party designated by Jimu group for purpose of Jimu Box’s online borrowers repayments to lenders. In September 2020, the pa id RMB 100 million to the party designated by Jimu group according to the agreement and plan to do so for all collected amount of related loans. (b). Balances with related parties: As of December 31, 2019 2020 RMB RMB Amounts due from related parties – current: Amounts due from Jimu Group 748,427 851,249 Amounts due from other related parties 64 30 Total current amounts due from related parties 748,491 851,279 Allowance for credit losses (748,427 ) (851,249 ) Total current amounts due from related parties, net 64 30 Amounts due from Jimu Group – noncurrent 117,589 7,369 Allowance for credit losses (107,589 ) (7,369 ) Total noncurrent amounts due from related parties, net 10,000 — Amounts due to related parties – current: Amounts due to Jimu Group 4,503 265,974 Amounts due to other related parties 5,688 5,445 Total 10,191 271,419 The movement of the allowance for credit losses for the years ended December 31, 2019 and 2020 consist of the following: For the year ended 2019 2020 RMB RMB Balance at beginning of the year — 856,016 Additions 890,700 7,818 Charge-offs* (34,684 ) 3,471 Foreign currency exchange differences — (8,687 ) Balance at end of the year 856,016 858,618 As of December 31, 2019, except for the prepaid consideration for acquisition of Qilehui with an amount of RMB10,000, the Group determined that RMB748,427 of the current balance of the noncurrent balance due from Jimu Group were unrecoverable since Jimu Group was insolvent and in February 2020, Jimu Group announced its exit from online lending platform business pursuant to the relative regulations. There are significant outstanding balances on its platform unpaid to investors, which has priority over any other debts of Jimu Group including the balance due to the Group. As a result, a full provision was made to these balances in the year ended December 31, 2019. For the year ended December 31, 2020, the total amounts due from Jimu Group decrease by RMB7,398. The Group made additional provision of RMB7,818 for the year ended December 31, 2020. * The amount due from Jimu Group resulting from the share-based compensation awards to employees of Jimu Group was written off as of December 31, 2019 and 2020 as the Group waived this balance. |
Defined contribution plan
Defined contribution plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined contribution plan | 2 4 Defined contribution plan Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries, VIEs and VIEs’ subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses, which were expensed as incurred, were RMB34,225, RMB29,936 and RMB10,613 for the years ended December 31, 2018, 2019 and 2020. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Loss per share | 25 Loss per share The basic and diluted loss per ordinary share for each of the years are presented as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Note 2 (f) Basic loss per ordinary share calculation: Numerator: Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders 2,171 (905,895 ) (293,935 ) (45,048 ) Accretion on Pre-IPO (76,770 ) — — — Net loss attributable to ordinary shareholders (74,599 ) (905,895 ) (293,935 ) (45,048 ) Denominator: Weighted average ordinary shares outstanding-basic and diluted** 101,094,197 282,129,663 297,334,389 297,334,389 Loss per ordinary share basic and diluted (0.74 ) (3.21 ) (0.99 ) (0.15 ) * The accretion of the preferred shares in connection of the Reorganization is calculated as if these preferred shares had been outstanding since January 1, 2018. ** For the years ended December 31, 2018, 2019 and 2020, the Pre-IPO Preferred Shares, convertible loans convertible into ordinary shares, restricted shares, share options and warrants were anti-dilutive and thus excluded from the calculation of diluted loss per share. The potential dilutive securities that were not included in the calculation of dilutive loss per share in those periods are and 64,198,232 respectively, for the years ended December 31, 2018, 2019 and 2020. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 26 Commitments and contingencies In the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Operating lease commitment The Group has entered into non-cancellable non-cancellable Payment due by schedule Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total Office rental 10,926 15,556 14,456 7,228 48,166 For the years ended December 31, 2018, 2019 and 2020, the Group incurred office rental expenses in the amounts of RMB14,250, RMB18,624 and RMB16,410, respectively. Legal Proceedings In September 2020, the Company and certain of its officers and directors were named in a putative shareholder class action lawsuit filed in federal court in the United States, captioned Yaroni v. Pintec Technology Holdings Limited, et al., No. 1:20-cv-08062-JMF Except for the above, we are not aware of any pending or threatened claims and litigation as of December 31, 2020 and through the issuance date of these consolidated financial statements. Potential penalty regarding financing guarantee services The Group has provided credit enhancement for loans that the Group facilitates with certain financial partners. Due to the lack of further interpretations, the exact definition and scope of “operating financing guarantee business” under the Financing Guarantee Rules or the Financing Guarantee Supplementary Provisions (“Financing Guarantee Rules”) and what behavior would be deemed as “render any financing guarantee service in disguised form” is unclear. It is uncertain whether the Group would be deemed to operate a financing guarantee business because of the credit enhancement services the Group provides. If the Group’s revenues from financial guarantee are deemed to be in violation of the Financing Guarantee Rules, the Group could be subject to penalties and be required to change the Group’s business model in cooperation with the financial partners. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | 27 Subsequent events a) Acquisition of Riche Bright Securities Limited On April 9, 2021, the Group entered into an agreement to acquire all equity interest in Riche Bright Securities Limited (“RB”), a securities brokerage firm based in Hong Kong. RB is a registered securities dealer with the HK Securities and Futures Commission under a Type 1 license. In connection with the acquisition, the Company agreed to issue 35,000,000 non-voting ordinary shares (the “Consideration Shares”) to RB’s original shareholder as the consideration for the sale of RB’s equity interest. The Consideration Shares will be issued in reliance upon an exemption or exclusion from the registration requirement under Section 5 of the Securities Act of 1933, as amended. b) Acquisition of Shenzhen Jishengtai Technology Co. Ltd On April 12,2021, the Company entered into an agreement to acquire all of equity interest in Shenzhen Jishengtai Technology Co. Ltd (“JST”), a securities technology firm based in Shenzhen, China. JST internally designs and fully implements an end-to-end Broker Supplied System (BSS) for automatic order matching and execution of securities trading, which is the core backbone system of RB, a Hong Kong securities brokerage firm that the Company acquired on April 9, 2021. In connection with the acquisition, the Company agreed to issue certain non-voting ordinary shares (the “Consideration Shares”) to JST’s original shareholders as the consideration for the sale of JST’s equity interest. The Consideration Shares consists of a fixed base of 38,098,200 shares and an additional maximum of 45,098,200 shares, which is subject to downward adjustment based on certain performance targets of RB subsequent to its acquisition. The Consideration Shares will be issued in reliance upon an exemption or exclusion from the registration requirement under Section 5 of the Securities Act of 1933, as amend. |
Parent company only condensed f
Parent company only condensed financial information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent company only condensed financial information | 28 Parent company only condensed financial information The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X 5-04 12-04, Condensed balance sheets (In thousands, except for share and per share data) As of December 31, 2019 2020 2020 RMB RMB US$ Note 2 (f) ASSETS Current assets: Cash and cash equivalents 7,608 3,467 531 Prepayments and other current assets 224 352 54 Amounts due from subsidiaries of the Company 631,080 305,780 46,865 Total current assets 638,912 309,599 47,450 Non-current Long-term investments 13,445 — — Total non-current 13,445 — — TOTAL ASSETS 652,357 309,599 47,450 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Company 444,316 415,572 63,690 Accrued expenses and other liabilities 10,531 12,010 1,841 Total current liabilities 454,847 427,582 65,531 Non-current Consideration payable for acquisition 7,982 954 146 Total non-current 7,982 954 146 TOTAL LIABILITIES 462,829 428,536 65,677 Commitments and contingencies (Note 26) SHAREHOLDERS’ EQUITY (DEFICIT) Class A Ordinary Shares (US$ 0.000125 par value per share; 348,217,505 shares authorized as of December 31, 2019 and 2020; 244,499,207 and 247,852,996 shares outstanding as of December 31, 2019 and 2020) 212 232 36 Class B Ordinary Shares (US$ 0.000125 par value per share; 51,782,495 shares authorized as of December 31, 2019 and 2020; 50,939,520 and 50,939,520 shares outstanding as of December 31, 2019 and 2020) 42 42 6 Additional paid-in 1,977,365 1,985,792 304,336 Accumulated other comprehensive income 42,890 19,913 3,052 Accumulated deficit (1,830,981 ) (2,124,916 ) (325,657 ) TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) 189,528 (118,937 ) (18,227 ) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) 652,357 309,599 47,450 Condensed statements of operations and comprehensive income/(loss) (In thousands) For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating expenses: Sales and marketing expenses (11,137 ) (2,772 ) (3,182 ) (488 ) General and administrative expenses (107,158 ) (204,810 ) (22,839 ) (3,500 ) Research and development expenses (18,675 ) (3,247 ) (1,644 ) (252 ) Total operating expenses (136,970 ) (210,829 ) (27,665 ) (4,240 ) Change in fair value of convertible loans (9,553 ) — — — Equity in gain/(loss) of subsidiaries 141,454 (694,808 ) (255,604 ) (39,173 ) Share of loss from equity method investments (1,689 ) (5,972 ) (9,697 ) (1,486 ) Other income/(expense), net 8,929 (1,318 ) (969 ) (149 ) Interest income from related parties — 7,032 — — Income/(loss) before income tax expense 2,171 (905,895 ) (293,935 ) (45,048 ) Income tax expense — — — — Net income/(loss) 2,171 (905,895 ) (293,935 ) (45,048 ) Other comprehensive income/(loss): Foreign currency translation adjustments net of nil tax 30,173 11,876 (22,977 ) (3,521 ) Total other comprehensive income/(loss) 30,173 11,876 (22,977 ) (3,521 ) Total comprehensive income/(loss) 32,344 (894,019 ) (316,912 ) (48,569 ) Condensed statements of cash flows (In thousands) For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Note 2 (f) Net cash used in operating activities (9,529 ) (7,261 ) (20,972 ) (3,216 ) Cash flows from investing activities: Net cash advances (to)/from subsidiaries (579,141 ) (203,956 ) 74,238 11,377 Net cash advances to Jimu Group (146,765 ) — — — Loan provided to a third party (137,264 ) — — — Purchase of long-term investments (19,259 ) — — — Collection of cash advance from Jimu Group — 20,603 — — Collection of loan from a third party — 135,296 — — Purchase of Infrarisk, net of cash acquired (Note 4) — (3,650 ) (4,911 ) (753 ) Investment in a subsidiary — (5,196 ) — — Net cash (used in)/provided by investing activities (882,429 ) (56,903 ) 69,327 10,624 Cash flows from financing activities: Proceeds from issuance of convertible loans 21,730 — — — Proceeds from issuance of Pre-IPO 410,286 — — — Proceeds from initial public offering and followed offering, net of underwriting discount and commissions 316,451 — — — Proceeds from exercise of Share-based options — 26 20 3 Net cash provided by financing activities 748,467 26 20 3 Effect of exchange rate changes on cash, cash equivalents 30,378 2,552 (52,516 ) (8,046 ) Net decrease in cash, cash equivalents (113,113 ) (61,586 ) (4,141 ) (635 ) Cash and cash equivalents at beginning of the year 182,307 69,194 7,608 1,166 Cash and cash equivalents at end of the year 69,194 7,608 3,467 531 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed by the Group in the preparation of the consolidated financial statements are summarized below. |
Principles of consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs for which the Company is the ultimate primary beneficiary, and the subsidiaries of the VIEs. All significant intercompany transactions and balances between the Company, its wholly owned subsidiaries and the VIEs have been eliminated upon consolidation. |
Use of estimates | (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities at the balance sheet dates, and the reported revenues and expenses during the reporting periods and disclosed in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, allocations of revenue to multiple elements under ASC 605 for the year ended December 31 2018, provision for doubtful accounts and credit losses, valuation and recognition of share-based compensation expenses, cost and expenses from Jimu Parent to Pintec, uncertain tax positions, valuation allowance of deferred tax assets, fair value of assets and liabilities acquired in business combinations, impairment of long-lived assets including goodwill, the fair value of financial guarantee liabilities under ASC 460, the useful lives of property, equipment and software and intangible assets, and fair values of the debt instruments issued with warrants. |
Business combination | (d) Business combination Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling non-controlling Where the consideration in an acquisition includes contingent consideration the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability, it is subsequently remeasured at fair value at each reporting date with changes in fair value reflected in earnings. |
Foreign currency translation | (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiary incorporated in Hong Kong and BVI is United States dollars (“US$”). The functional currency of the Group’s subsidiary incorporated in Australia is Australia dollars (“AUD”). The functional currency of the Group’s subsidiary incorporated in Singapore is Singapore dollars (“SGD”). The functional currency of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of operations and comprehensive income/(loss). The financial statements of the Group’s non PRC entities are translated from their respective functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the consolidated statements of changes in (invested deficit)/ equity and a component of other comprehensive income/ (loss) in the consolidated statement of operations and comprehensive income/(loss). |
Convenience translation | (f) Convenience translation Translations of the consolidated balance sheets, the consolidated statement of operations and comprehensive income/(loss) and the consolidated statement of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.5250, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. |
Cash and cash equivalents | (g) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, time deposits, and funds held in deposit accounts with banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. |
Restricted cash | (h) Restricted cash Cash that are restricted as to withdrawal for use or pledged as security is reported separately as restricted cash, and that are restricted as to withdrawal or use for other than current operations is classified as non-current. |
Fair value measurement | (i) Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Financing receivables, net | (j) Financing receivables, net The Group generates financing receivables by providing the following: (1) point-of-sale e-commerce point-of-sale point-of-sale (i) Upon paying the sales price to the Business Partners, the Group promptly obtains financing for the sales price by factoring the receivable due from the user. The Group does not derecognize the receivable from users upon factoring and accounts for the transaction as secured borrowings according to ASC 860-10, (2) personal and business installment loans to borrowers where the Group uses its own cash to fund the loan. (3) personal and business installment loans to borrowers which are financed via securitization vehicles in the form of trust arrangements (the “Trusts”), where the Group’s funding source include the proceeds from third-party investors of the Trusts. The Trusts are considered as variable interest entities under ASC 810. As the Group has power to direct the activities that most significantly impact economic performance of the Trusts that could potentially be significant to the Trusts, and the Group is obligated to repurchase any loans that are delinquent for more than a specified number of days, accordingly, the Group is considered as the primary beneficiary of the Trusts and has consolidated the Trusts’ assets, liabilities, results of operations, and cash flows in the Group’s consolidated financial statements. The financing receivables due from the borrowers of the personal and business installment loans and the loans payable to the third-party investors of the trust units are measured at amortized cost and recorded on the Group’s consolidated balance sheets as financing receivables and funding debts, respectively. (4) Accrued interest income on financing receivables Accrued interest income on financing receivables is calculated based on the contractual interest rate of the loan and recorded as installment service fees as earned. Financing receivables are placed on non-accrual non-accrual The Company charges off the accrued interest receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, charge-off occurs after the 90th day of delinquency. All accrued but unpaid interest as of such date is charged off against the provision for credit loss. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor. ( 5 charged-off The Group considers a financing receivable to be delinquent when a monthly payment is one day past due. When the Group determines it is probable that full repayment of a loan will not be made, the remaining unpaid principal balance is charged off against the allowance for credit losses. Generally, charge-offs occur after 90 day of delinquency. Installment service fees for nonaccrual financing receivables is recognized upon the collection of cash. |
Accounts receivable, net | (k) Accounts receivable, net Accounts receivables are stated at the historical carrying amount net of the allowance for doubtful accounts. The Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit worthiness, and current economic trends. Accounts receivable balances are charged off after 90 day of delinquency. |
Long-term investments | (l) Long-term investments Long-term investments represent the Group’s investments in privately held companies and the available for sale investment. (1) Group’s investments in privately held companies The Group applies the equity method of accounting to equity investments, in common stock or in-substance Beginning on January 1, 2018, the Group’s equity investments without readily determinable fair values, which do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”), and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative upon the adoption of ASU 2016-01 (2) Available for sale investment Available for sale investment mainly consist of an investment in a private equity fund subscribed from an asset management company. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. Realized gains or losses are included in interest income in the consolidated statements of operations and comprehensive income/(loss) during the period in which the gain or loss is realized. |
Property, equipment and software, net | (m) Property, equipment and software, net Property, equipment and software are recorded at cost, less accumulated depreciation and impairment. Depreciation of property and equipment and amortization of software is calculated on a straight-line basis, after consideration of expected useful lives and estimated residual values. The Group has not recorded any impairments of property, equipment or software for the periods presented. The estimated useful lives of these assets are generally as follows: Category Estimated Building 24 years Office furniture and equipment 3 - 5 years Computer and electronic equipment 3 - 5 years Software 5 years Vehicle 10 years Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Gains and losses from the disposal of property, equipment and software are the differences between the net sales proceeds and the carrying amounts of the relevant assets and are recognized in the consolidated statements of operations and comprehensive income/(loss). |
Intangible assets, net | (n) Intangible assets, net The Group performs valuation of the intangible assets arising from business combination to determine the relative fair value to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at fair value. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Microcredit license 17 years Software copyright 2 years Customer database 5.5 years Customer relationship 10 years Trademark 5.5 years Credit investigation license indefinite The enterprise credit investigation license acquired from acquisition of Qilehui is recognized as an intangible asset with indefinite life and evaluated for impairment on an annual basis as of December 31 and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. Such impairment test compares the fair values of asset with its carrying value and an impairment loss is recognized if and when the carrying amounts exceed the fair value. |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase price over fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31 and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with Financial Accounting Standards Board (“FASB”) guidance on ‘‘Testing of Goodwill for Impairment,’’ the Company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit’s carrying value exceeds its fair value, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Company recognized a goodwill impairment charge of RMB37,593 for the year ended December 31, 2020. There were no impairment charges recognized for the years ended December 31, 2019 or 2018. |
Impairment of long-lived assets | (p) Impairment of long-lived assets The Group evaluates its long-lived assets with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. |
Funding Debts | (q) Funding Debts The proceeds received from individual investors, other financial partners and investors of the consolidated trusts to fund the Group’s on-balance sheet financing receivables, are recorded as funding debts on the consolidated balance sheets. Accrued interest payable is calculated based on the contractual interest rates of the funding debts and recorded in funding debts. |
Financial Guarantee | (r) Financial Guarantee (1) Financial guarantee liabilities For the off-balance (i) The Group provided guarantees to individual investors for loans that the Group has referred and funded through Jimu Group before December 2019 and Jimu Group announced its exit from the online lending platform business in February 2020. (ii) The Group is obligated to compensate certain institutional financial partners for defaults on principal and interest repayments. The Group recognizes a stand ready obligation for its guarantee exposure in accordance with ASC 460. At the inception of each loan subject to the guarantee provided, the Group recognizes the guarantee liability at fair value in accordance with ASC 460-10, which incorporates the expectation of potential future payments under the guarantee and takes into both non-contingent and contingent aspects of the guarantee. The liability recorded based on ASC 460 is determined on a loan by loan basis. As the risk of the guarantee liability is relieved, it is recognized into the consolidated statements of operation and comprehensive income/(loss) by a systematic and rational amortization method over the term of the loan, within the “Technical service fees” line item. For the years ended December 31, 2018, 2019 and 2020, revenues recognized related to releasing of guarantee liabilities were RMB21,397, RMB407,403 and RMB138,483 respectively. The ASC 450 component is a contingent liability determined based on probable loss considering the actual historical performance and current conditions, representing the obligation to make future payouts under the guarantee liability in excess of the stand-ready liability. The ASC 450 contingent component is determined on a collective basis and loans with similar risk characteristics are pooled into cohorts for purposes of measuring incurred losses. At all times the recognized liability (including the stand ready liability and contingent liability) is at least equal to the probable estimated losses of the guarantee portfolio. The ASC 450 contingent component, including the net payouts by the Group when borrower defaults, is recognized as cost on guarantee, in the consolidated statement of operations and comprehensive income/(loss). As of December 31, 2019 and 2020, the maximum potential future payment the Group could be required to make would be RMB983,201 and RMB215,704, respectively. (2) Financial guarantee assets Financial guarantee assets are recognized at loan inception which is equal to the stand-ready liability recorded at fair value in accordance with ASC 460 and considers what premium would be required by the Group to issue the same guarantee service in a standalone arm’s-length transaction. Financial guarantee assets are reduced upon the receipt of the service fee payment from the borrowers and financial partners. The Company assesses the realization of the financial guarantee assets collectively depending on factors such as delinquency rate, size, and other risk characteristics of the portfolio and records an allowance for amounts that it estimates will not be realized. For the years ended December 31, 2018 and 2019, the Company recorded expense of and RMB12,527 , respectively, and for the year ended December 31, 2020, the Company recorded a reversal of RMB in the statement of operations and comprehensive income/(loss). |
Revenue recognition | (s) Revenue recognition The Group is principally engaged in providing lending solutions through its online technology platform. The Group earns its revenues by providing the following: (i) A lending solution which assists borrowers to obtain loans from third party investors and certain financial partners. The Group provides lending solution but does not provide loan by itself. For these services, the Group earns technical service fees. (ii) A lending solution for borrowers who want to finance their on-line purchases from third parties (“Business Partners”) or who have personal or business installment loan requests. The Group provides financing for these borrowers and earns installment service fees (including interests). (iii) A wealth management and insurance product distribution solution for asset management and insurance companies respectively to facilitate the sale of their products. The Group earns wealth management service and commission on financial products distributed through the Group’s platform that were sold by these asset management and insurance companies to their customers. The Group is not a party to the financial products sold. Installment service fee Installment service fee revenue is recognized over the terms of financing receivables using the effective interest rate method under ASC 310. Installment service fee revenue is not recorded when reasonable doubt exists as to the full, timely collection of installment service fee or principal. The Group also receives miscellaneous fees, such as penalty fees for late payments, which are contingent fees and are recognized when the event occurs and the payment is made by the customer as that is the point in time collectability is reasonably assured. Revenue recognition under ASC topic 605 (“ASC 605”), Revenue Recognition in the year ended December 31 2018 Revenue is recognized when all of the following conditions are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. These criteria as they relate to each of the following major revenue generating activities are described below. Revenue is presented net of business tax and value added taxes (“VAT”) at rates ranging between 3% and 6%, and surcharges. VAT and business tax collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the tax authorities. Technical service fees The Group has determined that the arrangement to provide technical services to borrowers or institutional financial partners contains the following multiple elements: online credit assessment and referral services, post-lending management services and financial guarantee services. In accordance with ASC 605-25-30-4, 605-25-30. The Group charges the technical service fees from the borrowers upon the successful matching of the loans financed by investors of Jimu Group or other financial partners. If the services fee is not received entirely upfront, the selling price allocated to the delivered credit assessment and referral services is limited to that amount that is not contingent upon the delivery of additional units or meeting other specified performance conditions in accordance with ASC 605-25. The Group is the primary obligor for the lending solutions provided to the borrowers, mainly as it has the ability to establish the price, and control the related content of service provided. Technical service fee is recognized on a gross basis and the portion of service fee charged by and paid to Jimu Group based on relative fair values of services is recognized as cost of revenues in the consolidated statements of operations and comprehensive income/(loss). Early repayment fees charged by the Group are recognized when the early repayment occurs and the payments of the fees are made by the borrowers. The Group also charges fees for collection services related to defaulted payments. These fees are recognized when the contingent events occur and the payments of the fee are made by the borrowers as collectability is reasonably assured. Wealth management service fee and others The wealth management service fee and others primarily consist of commission fees charged from third-party asset management companies and insurance companies for their use of the Group’s online wealth management platform and online insurance platform. Such commissions are generally determined as a percentage based on the fees charged to customers by the asset management companies and insurance companies, through the online wealth management platform and online insurance platform. Transaction service commissions are recognized on a net basis when the services are rendered, which occurs when the underlying transaction is executed. The Group is not the primary obligor, as it does not have the ability to establish the price or control the related content of the wealth management or insurance products offered on the online wealth management platform and online insurance platform. Revenue recognition under of ASC 606, “Revenue from contracts with Customers” in years ended December 31, 2019 and 2020 Tec hnical service fees Under ASC 606, the Group considers the online credit assessment and referral service and post-lending management service, collectively and guarantee service as two separate services, of which, the guarantee service is accounted for at fair value in accordance with ASC 460, Guarantees The Group identifies one performance obligation under ASC 606, as the online credit assessment and referral service and post-lending management service are not distinct. The Group determines the transaction price of technical service to be the service fees chargeable from the borrowers or institutional financial partners, net of value-added tax and excluding the transaction price allocated to guarantee liabilities. Revenues from technical services are recognized over time since the customers simultaneously receive and consume benefit provided by the Group’s technical service as the Group performs. For technical service fees charged from borrowers, the Group recognizes revenue during the service period. For technical service fees charged from other financial partners, the Group applies the invoice practical expedient and recognizes revenue in the amount to which the Group has a right to invoice. Wealth management service fee and others For wealth management service fee and others, the only performance obligation is to distribute the wealth management or insurance products on the Group’s platforms for the third-party asset management companies and insurance companies. The Group recognizes commissions on a net basis as the Group is not the primary obligor, it does not have the ability to establish the price nor does it bear the credit risk. The revenue is recognized at a point in time when the performance obligation is satisfied, which occurs when the underlying transaction is executed. Contract assets The Group has no other contract assets except for accounts receivable in RMB and RMB Contract liability Contract liability consists of technical service fees received from borrowers before the Group has a right to invoice, and is recorded as “Deferred service fee” included in “Accrued expenses and other liabilities” on the consolidated balance sheets. For monthly consulting fee which is received monthly from customers and upfront fee which is received upon the successful matching of the loans, contract liability is recognized as revenue when service is provided. The amount of revenue recognized during the years |
Funding cost | (t) Funding cost Funding cost mainly consists of interest expense the Group pays in relation to the funding debts to fund its financing receivables and certain fees incurred in obtaining these funding debts, such as origination and management fees and legal fees. |
Provision for credit losses | (u) Provision for credit loss es The Group assesses the creditworthiness and collectability of the portfolios of respective financial assets, mainly based on delinquency levels and historical charge offs of respective underlying on- off-balance on- off-balance The Group’s provision for credit losses of financial assets is calculated separately within each credit risk level of the borrowers. For each credit risk level, the Group estimates the expected loss rate based on delinquency status of the respective financial assets within that level: current, 1 to 30, 31 to 60, 60 to 90, 91 days or greater past due. These loss rates in each delinquency status are based on average historical loss rates of financial assets subject to credit losses associated with each of the abovementioned delinquency categories. The expected loss rate of the specific delinquency status category within each risk level will be applied to the applicable outstanding balances of respective financial assets within that level to determine the provision for credit losses for each reporting period. In addition, the Group considers other general economic conditions, if any, when determining the provision for credit losses. |
Origination and servicing cost | (v) Origination and servicing cost Origination and servicing cost mainly consists of costs that are paid for data used in credit assessments, users acquisition costs relating to revenue from lending solutions, salaries and benefits (including share-based compensation expenses) of employees engaged in providing collection services, bandwidth and data center costs, customer service support costs and fees paid to third-party payment channels. |
Research and development expenses | (w) Research and development expenses Research and development expenses consist primarily of salaries and benefits (including share-based compensation expenses) of employees and related expenses for IT professionals involved in developing technology platforms and websites, server and other equipment depreciation, bandwidth and data center costs, and rental fees. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant. |
Share-based compensation expenses | (x) Share-based compensation expenses All share based awards granted to employees, including restricted ordinary shares and share options, are measured at fair value on grant date. Share based compensation expense is recognized using the straight-line method or graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period. Prior to the Reorganization, all the options and restricted ordinary shares were granted by Jimu Parent with its own underlying shares. The Binomial option pricing model is used to estimate fair value of the share options and restricted ordinary shares. The determination of estimated fair value of share-based payment awards on the grant date using an option pricing model is affected by the fair value of Jimu Parent’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of Jimu Parent’s shares over the expected term of the awards, actual and projected employee share option exercise behaviors, a risk-free interest rate and any expected dividends. Shares of Jimu Parent, which do not have quoted market prices, were valued based on the income approach. Determination of estimated fair value of Jimu Parent’s shares requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to Jimu Parent. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting In connection with the Reorganization and as a result of the anti-dilution provision in the option plan and agreement regarding the options issued by Jimu Parent, all the options to purchase the underlying Pintec ordinary shares were issued by the Company as of March 27, 2018. In accordance with ASC 718, exchanges of share options or other equity instruments or changes to their terms in conjunction with an equity restructuring (i.e. the Reorganization) are modifications of the share options and that the accounting for a modification in conjunction with an equity restructuring requires a comparison of the fair value of the modified awards with the fair value of the original award immediately before the modification in accordance with ASC 718. With respect to the Pintec options and Jimu Parent options held by the employees of the Group, the Group determined to recognize share based compensation expense in its consolidated financial statements the remaining unrecognized compensation cost pertaining to the unvested options of Jimu Parent which are retained by the employees of the Company, in addition to the cost pertaining to the unvested options issued by the Company to its employees in connection with the equity restructuring. Incremental fair value, if any, for unvested awards would be recognized prospectively in the consolidated financial statements of the Company. After the completion of Reorganization, all the options and restricted ordinary shares were granted by the Company with its own underlying shares. For share options for the purchase of ordinary shares granted to employees determined to be equity classified awards, the related share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated using the binomial option pricing model. The determination of the fair value is affected by the share price as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. For share options granted with service condition and the occurrence of an IPO as performance condition, share-based compensation expenses are recorded net of estimated forfeitures using graded-vesting method during the requisite service period. Cumulative share-based compensation expenses for the options that have satisfied the service condition, amounting to RMB94.8 million, were recorded upon the completion of the IPO. |
Leases | (y) Leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rental expense is recognized from the date, which includes rent holidays, of initial possession of the leased property on a straight-line basis over the term of the lease. Lease renewal periods are considered on a lease-by-lease |
Taxation | (z) Taxation Income taxes Current income taxes are provided on the basis of net income (loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits.. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statement of operations and comprehensive income/(loss) in the period of the enactment of the change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. Uncertain tax positions In order to assess uncertain tax positions, the Group applies a more-likely-than-not two-step two-step more-likely-than-not Value added Tax (“VAT”) The Group is subject to VAT at the rate of 6% depending on whether the entity is a general tax payer, and related surcharges on revenue generated from providing services. Entities that are VAT general taxpayers are allowed to offset qualified input VAT, paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in the line item of tax payable on the face of balance sheet. The Group records revenue net of value added tax and related surcharges. |
Segment reporting | (aa) Segment reporting The Group’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Group’s long-lived assets are substantially all located in the PRC and substantially all of the Group’s revenues are derived from within the PRC. Therefore, no geographical segments are presented. |
Related parties | (bb) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. |
Loss per share | (cc) Loss per share Loss per share is computed in accordance with ASC 260. The two-class two-class Pre-IPO as-converted two-class Basic loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period. Potential ordinary shares include ordinary shares issuable upon the conversion of the Pre-IPO if-converted |
Statutory reserves | (dd) Statutory reserves In accordance with China’s Company Laws and Foreign Investment Enterprises, the Company’s subsidiaries, VIEs and VIEs’ subsidiaries in the PRC must make appropriations from their after-tax profit (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds. The appropriation to the statutory surplus fund must be at least after-tax The use of the statutory surplus fund and discretionary surplus fund are restricted to offsetting of losses or increasing of the registered capital of the respective company. None of these reserves are allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2018, 2019 and 2020, profit appropriation to general reserve fund and statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB1,739, RMB27,920 and RMB1,104 respectively. No appropriation to other reserve funds was made for any of the periods presented. |
Comprehensive income/(loss) | (ee) Comprehensive income/(loss) Comprehensive income/(loss) is defined to include all changes in shareholders’ equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Accumulated other comprehensive income, as presented on the consolidated balance sheets, consists of accumulated foreign currency translation adjustments and unrealized loss of available for sales investment. |
Recently issued accounting pronouncements | (ff) Recently issued accounting pronouncements The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. In February 2016, FASB issued ASU No. 2016-02, right-of-use 2016-02 In June 2016, the FASB issued ASU No. 2016-13, For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Group’s consolidated results of operations or financial position. |
Organization and principal ac_2
Organization and principal activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of ownership structure of the subsidiaries and VIEs | As of December 31, 2020, the Company’s principal subsidiaries, consolidated VIEs and subsidiaries of VIEs are as follows. Date of Place of Percentage Principal activities The Company: Pintec Technology Holdings Limited (“Pintec”) March 2, 2017 The Cayman Islands Investment holding Wholly owned subsidiaries: Sky City (Beijing) Technology Co., Ltd. (“Sky City WFOE”) December 22, 2016 The PRC 100 % Investment holding Anxunying (Tianjin) Commercial Factoring Co., Ltd. (“Anxunying Tianjin”) December 3, 2018 The PRC 100 % Lending solution business Pintec (Beijing) Technology Co., Ltd (“Pintec Beijing WFOE”) December 21, 2016 The PRC 100 % Investment holding Qilehui Credit Information Co., Ltd (“Qilehui”) August 31, 2020 The PRC 100 % Corporate credit investigation FT Synergy Pte. Ltd. (“FT Singapore”) December 21, 2018 Singapore 100 % Lending solution business Infrarisk Pty Ltd. (“Infrarisk Australia”) April 30, 2019 Australia 100 % Lending solution business Date of incorporation/ Place of Percentage Principal activities Infrarisk Limited (“Infrarisk UK”) April 30, 2019 The United 100 % Lending solution business VIEs and VIEs subsidiaries (referred to as “Pintec Operating Entities”): Beijing Hongdian Fund Distributor Co., Ltd. (“Beijing Hongdian”) April 13, 2015 The PRC 100 % Wealth management Shanghai Anquying Technology Co., Ltd. (“Shanghai Anquying”) November 16, 2015 The PRC 100 % Lending solution business Myfin Insurance Broker Co., Ltd (“Myfin Insurance”) December 17, 2015 The PRC 60 % Insurance solution Anquying (Tianjin) Technology Co., Ltd. (“Tianjin Anquying”) January 29, 2016 The PRC 100 % Lending solution business Xuanji Intelligence (Beijing) Technology Co., Ltd. (“Beijing Xuanji”) May 31, 2016 The PRC 100 % Wealth management Shenzhen Qianhai Minheng Commercial Factoring Co., Ltd. (“Shenzhen Minheng”) June 30, 2016 The PRC 100 % Lending solution business Pintec Jinke (Beijing) Technology Information Co., Ltd., (formerly known as Hezi (Beijing) Consultants Co., Ltd) (“Beijing Jinke”) January 3, 2017 The PRC 100 % Wealth management Ganzhou Dumiao Intelligence Technology Co., Ltd (formerly known as Anquying (Ganzhou) Technology Co., Ltd.) (“Ganzhou Anquying”) May 27, 2017 The PRC 100 % Lending solution business Anquyun (Tianjin) Technology Co., Ltd. (“Tianjin Anquyun”) January 2, 2018 The PRC 100 % Lending solution business Beijing Xinshun Dingye Technology Co., Ltd. (“Xinshundingye”) January 30, 2019 The PRC 100 % Wealth management Ganzhou Aixin Network Micro Finance Co., Ltd, (formerly known as Ganzhou Jimu Micro Finance Co., Ltd.) (“Ganzhou Micro Finance”) March 21, 2019 The PRC 100 % Micro-loan Lending Shenzhen Xiaogang Technology Co., Ltd. (“Shenzhen Xiaogang”) March 25, 2019 The PRC 100 % Wealth management Pintec Yunke (Ganzhou) Technology Information Co., Ltd. (“Pintec Yunke”) May 9, 2019 The PRC 100 % Lending solution business |
Schedule of consolidated financial information of the VIEs directly attributable to the predecessor operations were included in Group's consolidated financial statements | The following consolidated financial information of the Group’s VIEs as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and 2020 were included in the Group’s consolidated financial statements as follows: As of December 31, 2019 2020 RMB RMB Total assets 931,287 440,444 Total liabilities 1,135,535 476,397 For the year ended December 31, 2018 2019 2020 RMB RMB RMB Total net revenues 1,601,037 1,272,943 352,604 Net income /(loss) 322,605 (520,791 ) (111,765 ) For the year ended December 31, 2018 2019 2020 RMB RMB RMB Net cash provided by operating activities 470,404 404,851 128,082 Net cash provided by/(used in) investing activities 859,941 (165,957 ) 303,260 Net cash (used in)/provided by financing activities (961,263 ) 86,906 (679,498 ) |
Schedule of expenses allocated from Jimu Parent | The following tables set forth the cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses allocated from Jimu Parent for the years ended December 31, 2018 and 2019. For the year ended December 31, 2018: Share based Others Total RMB RMB RMB Cost of revenues 214 229 443 Sales and marketing expenses 3,147 2,044 5,191 General and administrative expenses 28,945 4,194 33,139 Research and development expenses 4,190 5,724 9,914 Total 36,496 12,191 48,687 For the year ended December 31, 2019: Share based Others Total RMB RMB RMB Cost of revenues 24 153 177 Sales and marketing expenses 1,604 393 1,997 General and administrative expenses 18,776 787 19,563 Research and development expenses 2,030 1,227 3,257 Total 22,434 2,560 24,994 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property, equipment and software, net | The Group has not recorded any impairments of property, equipment or software for the periods presented. The estimated useful lives of these assets are generally as follows: Category Estimated Building 24 years Office furniture and equipment 3 - 5 years Computer and electronic equipment 3 - 5 years Software 5 years Vehicle 10 years Leasehold improvements Over the shorter of lease term or the estimated useful lives of the assets |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: Category Estimated Microcredit license 17 years Software copyright 2 years Customer database 5.5 years Customer relationship 10 years Trademark 5.5 years Credit investigation license indefinite |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Ganzhou Micro Finance [Member] | |
Schedule of allocation of the purchase price | The allocation of the purchase price is as follows: Amount RMB Cash and cash equivalents 42,591 Accounts and other receivable 12,915 Prepayment 563 Short-term financing receivables, net 148,249 Deferred assets 4,368 Fixed assets 534 Intangible asset - license 35,410 Goodwill* 5,212 Total assets 249,842 Advance from customers (344 ) Tax payable (993 ) Other payables (9,652 ) Deferred tax liabilities (8,853 ) Total 230,000 Total Consideration 230,000 * The goodwill is not deductible for tax purposes. |
Financing receivables, net (Tab
Financing receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financing Receivable, Net [Abstract] | |
Schedule of financing receivables, net | The financing receivables, net, consists of the following: December 31, 2019 2020 RMB RMB Short-term: Short-term financing receivables 450,588 71,271 Allowance for credit losses (20,201 ) (488 ) Short-term financing receivables, net 430,387 70,783 Long-term: Long-term financing receivables 19,443 2,930 Allowance for credit losses (343 ) (95 ) Long-term financing receivables, net 19,100 2,835 |
Schedule of balances of financing receivables by due date | The following table summarizes the balances of financing receivables by due date. December 31, 2019 2020 RMB RMB Due in months: 0 - 12 450,588 71,271 13 - 24 19,443 2,930 Total financing receivables 470,031 74,201 |
Schedule of movement of the allowance for credit losses | The movement of the allowance for credit losses for the years ended December 31, 2018, 2019 and 2020 were as following: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 70,460 23,183 20,544 Addition due to acquisition of Ganzhou Micro Finance — 17,470 — Additions 70,411 33,942 45,090 Charge-offs (117,688 ) (54,051 ) (65,051 ) Balance at end of the year 23,183 20,544 583 |
Schedule of aging analysis of past due financing receivables | Aging analysis of past due financing receivables are as below: Financing receivables 1 - 30 Days 31 - 60 Days 61 - 90 Days 91 Days or Total Past Current Total December 31, 2019 8,239 7,546 6,660 — 22,445 447,586 470,031 December 31, 2020 164 154 106 — 424 73,777 74,201 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, Net, Current [Abstract] | |
Schedule of accounts receivable, net | Accounts receivable, net, consists of the following: December 31, 2019 2020 RMB RMB Receivables for technical service fees from borrowers and financial partners 68,214 42,082 Receivables for marketplace service fees from asset management companies 1,057 981 Receivables for marketplace service fees from insurance companies and others 9,760 8,285 Total accounts receivable 79,031 51,348 Allowance for doubtful accounts (4,780 ) (369 ) Accounts receivable, net 74,251 50,979 |
Schedule of movement of allowance for doubtful accounts | The movements in the allowance for doubtful accounts for the years ended December 31, 2018, 2019 and 2020 were as follows: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 5,428 13,845 4,780 Additions 108,156 23,182 6,110 Charge-offs (99,739 ) (32,247 ) (10,521 ) Balance at end of the year 13,845 4,780 369 |
Prepayments and other current_2
Prepayments and other current assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of prepayments and other current assets, net | Prepayments and other current assets, net consist of the following: December 31, 2019 2020 RMB RMB Deposits to financial partners and other vendors 35,988 33,969 Prepaid expenses 32,735 19,555 Prepaid input VAT 4,877 6,607 Short-term loan to third parties 2,742 5,392 Others 3,488 2,137 Total prepayments and other current assets 79,830 67,660 Bad debt provision (1,500 ) (1,500 ) Total prepayments and other current assets, net 78,330 66,160 |
Property, equipment and softw_2
Property, equipment and software, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, equipment and software, net | Property, equipment and software, net consist of the following: December 31 2019 2020 RMB RMB Building* — 92,747 Computer and electronic equipment 14,546 14,442 Software 8,947 11,782 Office furniture and equipment 1,153 1,161 Leasehold improvement 1,473 1,473 Vehicle — 664 Total 26,119 122,269 Less: Accumulated depreciation and amortization (11,802 ) (15,061 ) Property, equipment and software, net 14,317 107,208 * In December 2020, the Group purchased a commercial property from a third party, with a total consideration of RMB92,747 excluding taxes. |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Investments [Abstract] | |
Schedule of changes in long-term investments | Long-term investments consist of investments in privately held companies and available for sale investment. The following table sets forth the changes in the Group’s Long-term investments: Cost Method Equity Method Available for sale Total RMB RMB RMB Balance as of December 31, 2018 35,000 23,038 — 58,038 Investments made 50,000 6,500 — 56,500 Loss from equity method investments — (8,149 ) — (8,149 ) Less: Foreign currency translation adjustments — 2,214 — 2,214 Balance as of December 31, 2019 85,000 23,603 — 108,603 Investments made — 4,894 — 4,894 Loss from equity method investments — (11,523 ) — (11,523 ) Less: Impairment — (15,908 ) — (15,908 ) Less: Foreign currency translation adjustments — (1,066 ) — (1,066 ) Subscription of private equity fund — — 36,600 36,600 Gross unrealized loss in accumulated other comprehensive income — — (421 ) (421 ) Balance as of December 31, 2020 85,000 — 36,179 121,179 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that are measured and recorded at fair value on a recurring basis | The following table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value on a recurring basis: December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at RMB RMB RMB RMB Liabilities Consideration payable for acquisition-current (4,728 ) (4,728 ) Consideration payable for acquisition-noncurrent (7,982 ) (7,982 ) Total — — (12,710 ) (12,710 ) December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at RMB RMB RMB RMB Liabilities Consideration payable for acquisition-current (7,995 ) (7,995 ) Consideration payable for acquisition-noncurrent (954 ) (954 ) Total — — (8,949 ) (8,949 ) |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible assets, net | Intangible assets, net consist of the following: December 31, 2019 2020 RMB RMB License 35,410 9,882 Software copyright 14,506 14,898 Customer database 9,697 9,697 Customer relationship 2,833 2,909 Trademark 162 162 Less: Accumulated amortization (12,818 ) (20,882 ) Intangible assets, net 49,790 16,666 |
Schedule of amortization expenses related to the intangible assets for future periods | As of December 31, 2020, amortization expenses related to the intangible assets for future periods are estimated to be as follows: 2021 2022 2023 2024 2025 2026 and Total RMB RMB RMB RMB RMB RMB RMB Amortization expenses 4,585 340 307 291 291 970 6,784 |
Funding debts (Tables)
Funding debts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Funding debts | |
Schedule of outstanding funding debts | The following table summarized the Group’s outstanding funding debts: December 31, 2019 2020 RMB RMB Short-term: Loan payables to individual investors via Jimu Box and other financial partners 8,893 2,841 Loan payables to investors of consolidated trusts 291,319 — Total short-term funding debts 300,212 2,841 Long-term: Loan payables to individual investors via financial partners 21,498 — Total long-term funding debt 21,498 — |
Borrowing (Table)
Borrowing (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings | Borrowings consisted of the following: Annual Maturity Principal December 31, December 31, RMB RMB RMB Short-term borrowings: Bank of Jiangsu Co., Ltd (Beijing Branch)* 4.15%-4.35% December 2020 415,000 320,000 — Bank of Jiangsu Co., Ltd (Beijing Branch)* 4.05% April 2021 50,000 — 50,000 SPD Silicon Valley Bank** 3.55% April 2021 80,000 — 80,000 Total short-term borrowings 320,000 130,000 Long-term borrowings: SPD Silicon Valley Bank** 3.55% April 2021 80,000 80,000 — Total long-term borrowings 80,000 — * Loans from Bank of Jiangsu Co., Ltd (Beijing Branch) were pledged with restricted cash with balance of US$51,080 (RMB355,609) and US$8,280 (RMB54,026) as of December 31, 2019 and December 31, 2020, respectively. In April, 2021, the Company repaid the short-term borrowing from Bank of Jiangsu of RMB50,000. ** Loan from SPD Silicon Valley Bank were pledged with restricted cash with balance of US$12,300 (RMB85,630) and US$12,564 (RMB81,981) as of December 31, 2019 and December 31, 2020, respectively. In April, 2021, the Company repaid the short-term borrowing from SPD Silicon Valley Bank of RMB80,000. |
Financial guarantee liabiliti_2
Financial guarantee liabilities and financial guarantee assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Schedule of guarantee liability movement activities | (i) Financial guarantee liabilities The following table sets forth the financial guarantee liabilities movement activities for the years ended December 31, 2018, 2019 and 2020. 2018 2019 2020 RMB RMB RMB Balance at beginning of the year — 15,537 101,933 Fair value of financial guarantee liabilities upon the inception of new loans 44,549 493,799 56,810 Release of financial guarantee liabilities upon repayment (21,397 ) (407,403 ) (138,483 ) Contingent liabilities (7,615 ) — — Balance at the end of the year 15,537 101,933 20,260 |
Schedule of guarantee assets movement activities | (ii) Financial guarantee assets, net The financial guarantee assets, net consist of the following: December 31, 2019 2020 RMB RMB Short-term: Short-term financial assets receivable 100,419 19,561 Allowance for credit losses (9,045 ) (992 ) Short-term financial assets receivable, net 91,374 18,569 Long-term: Long-term financial assets receivable 3,647 698 Allowance for credit losses — — Long-term financial assets receivable, net 3,647 698 |
Schedule of guarantee assets allowance for credit loss movement activities | The movement of the allowance for credit losses for the years ended December 31, 2018, 2019 and 2020 consist of the following: 2018 2019 2020 RMB RMB RMB Balance at beginning of the year — — 9,045 Additions/(Reversal) — 12,527 (8,053 ) Charge-offs — (3,482 ) — Balance at end of the year — 9,045 992 |
Debt instrument (Tables)
Debt instrument (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The Group has engaged an independent valuation firm to evaluate the fair value of the debt component and equity component. Significant assumption used in the discounted cash flow model under the income approach in valuing the debt component included the market discount rate of 12.87%, which was based on a credit analysis of the Company. Significant assumptions used in valuing the equity component using binomial option-pricing model including the following: Expected volatility 40.0 % Risk-free interest rate (per annum) 1.40 % Expected dividend yield 0.0 % Expected term (in years) 3 |
Accrued expenses and other li_2
Accrued expenses and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consist of the following: December 31, 2019 2020 RMB RMB Deferred service fee 67,485 6,890 Compensation payable related to guarantee obligation on borrowers’ defaults 21,912 — Deferred government grants 19,000 14,000 Notes payable* 20,000 — Professional and other service fees payable 11,746 9,791 Payroll Payable 7,209 4,213 Payables to individual investors and financial partners for collecting principal and interests on behalf of borrowers — 6,677 Contingent investment consideration payable 4,728 7,995 Others 5,865 10,188 Total 157,945 59,754 * Notes payable was pledged with restricted cash with balance of US$3,200 as of December 31, 2019. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |
Schedule of current and deferred portion of income tax (benefit)/expense of the Company's China subsidiaries, VIEs, and subsidiaries of the VIEs | The following table sets forth current and deferred portion of income tax expense of the Company’s China subsidiaries, overseas subsidiaries, VIEs, and subsidiaries of the VIEs: For the year ended December 31, 2018 2019 2020 Current income tax expense 42,610 19,231 2,281 Deferred income tax (benefit)/expense (36,901 ) (17,263 ) 46,915 Income tax expense 5,709 1,968 49,196 |
Schedule of reconciliation between the statutory EIT rate and the effective tax rates | The following table sets forth reconciliation between the statutory EIT rate and the effective tax rates: For the year ended December 31, 2018 2019 2020 Statutory income tax rate in PRC 25.00 % 25.00 % 25.00 % Tax effect of different tax rates in other jurisdictions 2.73 % (0.04 )% (0.01 )% Tax effect of unrecognized loss 5.29 % (0.09 )% 0.00 % Tax effect of tax-exempt 429.86 % (5.84 )% (4.69 )% Tax effect of expired tax attribute carryforwards 0.00 % (0.01 )% (0.86 )% Tax effect of preferred tax rate (93.64 )% 5.40 % (1.55 )% Tax effect of R&D expense additional deduction (87.93 )% 0.67 % 0.98 % Tax effect of non-deductible 56.73 % (0.29 )% (3.47 )% Tax effect of deferred tax effect of tax rate change 0.00 % 0.40 % 0.13 % Changes in valuation allowance (265.59 )% (25.42 )% (35.45 )% Effective tax rate 72.45 % (0.22 )% (19.92 )% * Tax-exempt |
Schedule of components of the deferred tax assets and deferred tax liabilities | Jurisdictions other than Australia December 31, 2019 2020 RMB RMB Deferred tax assets: Allowance for doubtful accounts and credit losses 263,383 241,248 Impairment of long-term investment — 1,445 Deductible advertising fees 225 225 Net operating loss carry forwards 37,214 44,371 Guarantee liabilities 36,165 58,555 Deferred revenue from u 4,776 227 Accrued expenses 667 3,379 Subtotal 342,430 349,450 Less: valuation allowance (260,002 ) (347,240 ) Total deferred tax assets, net 82,428 2,210 Deferred tax liabilities: Intangible assets acquired in a business combination (9,343 ) (2,911 ) Interest income from related parties (8,410 ) — Total deferred tax liabilities (17,753 ) (2,911 ) Net deferred tax asset/(liabilities) 64,675 (701 ) |
Schedule of changes in valuation allowance | Changes in valuation allowance are as follows: As of December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 51,027 30,098 260,002 Additions 21,224 245,886 102,398 Reversals (42,153 ) (15,982 ) (15,160 ) Balance at end of the year 30,098 260,002 347,240 |
Summary of Net Operating Loss Carryforwards | As of December 31, 2020, the net operating loss carryforwards will expire, if unused, as follows: Net operating loss carryforwards expiring by year 2021 2022 2023 2024 202 5 Total Net operating loss carryforwards 7,736 33,489 58,388 58,034 65,070 222,717 |
Australia | |
Income Tax Disclosure [Line Items] | |
Schedule of components of the deferred tax assets and deferred tax liabilities | Australia December 31, 2019 2020 RMB RMB Deferred tax assets: Net operating loss carry forwards 1,566 2,525 Total deferred tax assets, net 1,566 2,525 Less: valuation allowance — — Total deferred tax assets, net 1,566 2,525 Deferred tax liabilities: Intangible assets acquired in a business combination (3,694 ) (1,472 ) Total deferred tax liabilities (3,694 ) (1,472 ) Net deferred tax (liabilities)/assets (2,128 ) 1,053 |
Share based compensation expe_2
Share based compensation expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share based compensation expenses | |
Schedule of activities of the service-based share options granted to the employees of the predecessor operations of Pintec Business | A summary of activities of the service-based share options granted to the employees of the predecessor operations of Pintec Business for the year ended December 31, 2020 is presented below: Options Weighted Weighted Average RMB Outstanding as of December 31, 2019 811,643 0.99 5.88 — Granted — — — — Exercised (652,967 ) 0.99 — — Forfeited (69,623 ) 1.00 — — Outstanding as of December 31, 2020 89,053 1.00 4.92 — Vested and exercisable as of December 31, 2020 85,348 1.00 4.92 — |
Schedule of activities of the total restricted ordinary shares | The activities of the total restricted ordinary shares for the year ended December 31, 2020 are summarized as below: Number of shares Weighted-Average Grant Unvested at December 31, 2019 1,137,277 0.42 Granted — — Vested (112,367 ) 0.42 Forfeited (656,292 ) 0.42 Unvested at December 31, 2020 368,618 0.42 |
Jimu Parent | |
Share based compensation expenses | |
Schedule of activities of the service-based share options granted to the employees of the predecessor operations of Pintec Business | A summary of activities of the service and performance-based share options granted to the employees and directors of the Company for the year ended December 31, 2020 are presented below: Options Weighted- Weighted Aggregate US$ (In years) (RMB) Outstanding as of December 31, 2019 5,577,759 0.1452 8.18 7,342 Granted 4,500,000 0.2876 — — Exercised (2,084,418 ) 0.0568 — — Forfeited (3,131,272 ) 0.2356 — — Outstanding as of December 31, 2020 4,862,069 0.2566 8.49 1,138 Vested and expected to vest as of December 31, 2020 4,862,069 0.2566 8.49 1,138 Exercisable as of December 31, 2020 3,657,290 0.3319 8.68 898 |
Schedule of estimated fair value of each option grant | The estimated fair value of option granted in 2018, 2019 and 2020 is estimated on the date of grant using the Binomial option-pricing model with the following assumptions: For the year ended December 31, 2018 2019 2020 Expected volatility 31.92%~46.00% 38.78 %~39.90% 40.61%~40.83% Risk-free interest rate (per annum) 2.10%~3.19% 1.78 %~2.13% 0.73%~0.87% Exercise multiples 2.2 2.2 2.2 Expected dividend yield 0% 0% 0% Expected term (in years) 3.8~10 10 5.5~6.25 Fair value of the underlying shares on the date of option grants (in US$) 1.28~1.59 0.07~0.55 0.11~0.18 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of major related parties and their relationships with the Group | The table below sets forth the major related parties and their relationships with the Group as of December 31, 2019 and 2020: Name of related parties Relationship with the Group Jimu Group (“the related party”) An entity and its certain subsidiaries that have a high percentage of common shareholders with the Group. BBAE Holdings Limited An entity which has one common directors of the Board of Directors with the Group before August 22, 2019 BBAE Advisors LLC An entity which is a wholly owned subsidiary of BBAE Holdings Limited Beijing Liangduo Science and Technology Co. Ltd. (“Beijing Liangduo”) An entity which the Group holds 18% equity interests Changsha Liangduo Business Consulting Co., Ltd (“Changsha Liangduo”) An entity which Beijing Liangduo Science and Technology Co., Ltd holds 100% equity interests |
Schedule of transactions with related parties | (a). The Group entered into the following transactions with related parties: For the year ended December 31, 2018 2019 2020 RMB RMB RMB (i) Transactions recorded through statement of operations and comprehensive income/(loss) - Cost and expenses allocated from the related party 48,687 24,994 3,712 - Service cost charged by the related party (1) 529,593 200,163 23,052 - Collection service fees charged by Beijing Liangduo and Changsha Liangduo 58,192 63,400 32,176 - Interest income from loans to the related party (4) — (43,156 ) (31 ) - Interest expense on borrowings from the related party (5) 4,094 213 — (ii) Operating transactions - Technical service fee collected by the related party on behalf of the Group (2) — (64,078 ) — - Payment for guarantee deposit to the related party (1) — (100,269 ) (24,788 ) - Loan interests collected from the related party (4) — 3,310 — - Borrowing interests paid to the related party (5) (2,259 ) (2,047 ) — - Share-based compensation awards to employees of the related party — (34,684 ) 3,471 - Collecting principal and interests from borrowers on behalf of the related party (7) — — 363,342 - Repayment of collecting principle and interests from borrowers on behalf of the related party (8) — — (100,000 ) (iii) Financing/Investing transactions - Net cash advances (to)/from the related party (3) (445,319 ) (697,754 ) 293 - Principal of loans provided to the related party (4) (52,048 ) (137,000 ) (40,000 ) - Principal of loans collected from the related party (4) 52,048 122,000 40,000 - Principal of borrowings proceeds from the related party (5) 26,711 — — - Principal of borrowings repaid to the related party (5) (32,150 ) (23,831 ) — - Equity transfer consideration paid to the related party (6) — (23,000 ) — - Acquisition of Ganzhou Micro Finance from the related party (see - Note 4.(i)) — (230,000 ) — (1) The Group entered into a strategic cooperation agreement with Jimu Group on December 31, 2017. Pursuant to the agreement, Jimu Group provided financial guarantee to the investors and charged the Group an asset management fee. The accumulative service fee due to Jimu Group of RMB959,073 was used to reduce the amounts due from Jimu Group pursuant to a series of offsetting agreements executed in July 2019. The Group entered into an information service cooperation agreement with Jimu Group on July 19, 2019. Pursuant to the agreement, the Group provides guarantee to individual investors for loans that the Group has referred and funded through Jimu Group. The guarantee deposit cooperation was terminated on January 1, 2020. Service costs for the year ended December 31, 2020 were charged for the loans facilitated before January 1, 2020 pursuant to the termination agreement. (2) As of December 31, 2019, the Group had balances of receivables from Yunnan Shiyin Financing Guarantee Co., Ltd. (“Yunnan Shiyin”), a third party, for technical service fees and consultancy fee collected on behalf of the Group from borrowers and other receivables of RMB7,495, RMB55,583 and RMB1,000, respectively. Yunnan Shiyin also carried out business with Jimu Group. Pursuant to the debtor-creditor relationship transfer agreement entered into between Yunnan Shiyin and Jimu Group dated December 31, 2019, the debtor of these balances was transferred from Yunnan Shiyin to Jimu Group in its entirety. The Group therefore reclassified the total outstanding balance of RMB64,078 to amounts due from related parties as of December 31, 2019. (3) For the years ended December 31, 2018 and 2019, the Group made a series of cash advances in both U.S dollars and Renminbi to Jimu Group. In 2019, the Group and Jimu Group entered into a series of agreements to settle the accumulative net cash advance balances, and the unsettled balances were converted to a U.S. dollar-denominated loan with a principal balance of US$18,401 and an interest rate at 3.5% per annum, maturing on January 31, 2020 and a RMB denominated loan with a principal balance of RMB 154,598 with interest rate at 11% per annum, maturing on January 31, 2022. (4) The Group provided short term loans to Jimu Group with no interest in 2018 and 2020 and with an interest rate of 7% per annum in 2019, respectively. (5) The short-term and long-term borrowings from Jimu Group in 2018 bear interest rates of 12% to 12.13% per annum and matured in 2019. During the year ended December 31, 2020, there was no borrowings from Jimu Group. (6) In 2019, the Group made payments of RMB13,000 to Jimu Group for settlement of equity interest acquired in connection with the Reorganization. The Group also paid RMB10,000 to Jimu Group to acquire 100% equity interest of Qilehui Credit Investigation Co., Ltd. (“Qilehui”). On August 31, 2020, the Group obtained 100% equity interest of Qilehui. (7) The Company has played as a business counter-party with Jimu group including loan borrower referrals and collection channel. For purpose of repayments to Jimu Box’s online platform lenders, the repayments from borrowers in connection with the remaining loans funded by Jimu Box has been collected through the Company and repaid to Jimu Box’s online lenders through custody bank account of Jimu Group . (8) As the custody bank account of Jimu Group established for online lending platform business has been frozen following its insolvency and exit from online lending platform business in February 2020, in order to facilitate Jimu Box’s platform unwinding plan, the Company entered into an agreement with Jimu group, under which the Company was obligated to transfer principal and interest collected from the borrowers to the party designated by Jimu group for purpose of Jimu Box’s online borrowers repayments to lenders. In September 2020, the pa id RMB 100 million to the party designated by Jimu group according to the agreement and plan to do so for all collected amount of related loans. |
Schedule of balances with the major related parties | (b). Balances with related parties: As of December 31, 2019 2020 RMB RMB Amounts due from related parties – current: Amounts due from Jimu Group 748,427 851,249 Amounts due from other related parties 64 30 Total current amounts due from related parties 748,491 851,279 Allowance for credit losses (748,427 ) (851,249 ) Total current amounts due from related parties, net 64 30 Amounts due from Jimu Group – noncurrent 117,589 7,369 Allowance for credit losses (107,589 ) (7,369 ) Total noncurrent amounts due from related parties, net 10,000 — Amounts due to related parties – current: Amounts due to Jimu Group 4,503 265,974 Amounts due to other related parties 5,688 5,445 Total 10,191 271,419 |
Summary Of Movement Of Allowance For Credit Losses On Amounts Due From Related Parties | The movement of the allowance for credit losses for the years ended December 31, 2019 and 2020 consist of the following: For the year ended 2019 2020 RMB RMB Balance at beginning of the year — 856,016 Additions 890,700 7,818 Charge-offs* (34,684 ) 3,471 Foreign currency exchange differences — (8,687 ) Balance at end of the year 856,016 858,618 * The amount due from Jimu Group resulting from the share-based compensation awards to employees of Jimu Group was written off as of December 31, 2019 and 2020 as the Group waived this balance. |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted (loss)/earnings per ordinary share | The basic and diluted loss per ordinary share for each of the years are presented as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Note 2 (f) Basic loss per ordinary share calculation: Numerator: Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders 2,171 (905,895 ) (293,935 ) (45,048 ) Accretion on Pre-IPO (76,770 ) — — — Net loss attributable to ordinary shareholders (74,599 ) (905,895 ) (293,935 ) (45,048 ) Denominator: Weighted average ordinary shares outstanding-basic and diluted** 101,094,197 282,129,663 297,334,389 297,334,389 Loss per ordinary share basic and diluted (0.74 ) (3.21 ) (0.99 ) (0.15 ) * The accretion of the preferred shares in connection of the Reorganization is calculated as if these preferred shares had been outstanding since January 1, 2018. ** For the years ended December 31, 2018, 2019 and 2020, the Pre-IPO Preferred Shares, convertible loans convertible into ordinary shares, restricted shares, share options and warrants were anti-dilutive and thus excluded from the calculation of diluted loss per share. The potential dilutive securities that were not included in the calculation of dilutive loss per share in those periods are and 64,198,232 respectively, for the years ended December 31, 2018, 2019 and 2020. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments under these non-cancellable leases | The Group has entered into non-cancellable non-cancellable Payment due by schedule Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total Office rental 10,926 15,556 14,456 7,228 48,166 |
Parent company only condensed_2
Parent company only condensed financial information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed balance sheets of parent company | Condensed balance sheets (In thousands, except for share and per share data) As of December 31, 2019 2020 2020 RMB RMB US$ Note 2 (f) ASSETS Current assets: Cash and cash equivalents 7,608 3,467 531 Prepayments and other current assets 224 352 54 Amounts due from subsidiaries of the Company 631,080 305,780 46,865 Total current assets 638,912 309,599 47,450 Non-current Long-term investments 13,445 — — Total non-current 13,445 — — TOTAL ASSETS 652,357 309,599 47,450 LIABILITIES Current liabilities: Amounts due to subsidiaries of the Company 444,316 415,572 63,690 Accrued expenses and other liabilities 10,531 12,010 1,841 Total current liabilities 454,847 427,582 65,531 Non-current Consideration payable for acquisition 7,982 954 146 Total non-current 7,982 954 146 TOTAL LIABILITIES 462,829 428,536 65,677 Commitments and contingencies (Note 26) SHAREHOLDERS’ EQUITY (DEFICIT) Class A Ordinary Shares (US$ 0.000125 par value per share; 348,217,505 shares authorized as of December 31, 2019 and 2020; 244,499,207 and 247,852,996 shares outstanding as of December 31, 2019 and 2020) 212 232 36 Class B Ordinary Shares (US$ 0.000125 par value per share; 51,782,495 shares authorized as of December 31, 2019 and 2020; 50,939,520 and 50,939,520 shares outstanding as of December 31, 2019 and 2020) 42 42 6 Additional paid-in 1,977,365 1,985,792 304,336 Accumulated other comprehensive income 42,890 19,913 3,052 Accumulated deficit (1,830,981 ) (2,124,916 ) (325,657 ) TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) 189,528 (118,937 ) (18,227 ) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) 652,357 309,599 47,450 |
Condensed statements of operations and comprehensive loss of parent company | Condensed statements of operations and comprehensive income/(loss) (In thousands) For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating expenses: Sales and marketing expenses (11,137 ) (2,772 ) (3,182 ) (488 ) General and administrative expenses (107,158 ) (204,810 ) (22,839 ) (3,500 ) Research and development expenses (18,675 ) (3,247 ) (1,644 ) (252 ) Total operating expenses (136,970 ) (210,829 ) (27,665 ) (4,240 ) Change in fair value of convertible loans (9,553 ) — — — Equity in gain/(loss) of subsidiaries 141,454 (694,808 ) (255,604 ) (39,173 ) Share of loss from equity method investments (1,689 ) (5,972 ) (9,697 ) (1,486 ) Other income/(expense), net 8,929 (1,318 ) (969 ) (149 ) Interest income from related parties — 7,032 — — Income/(loss) before income tax expense 2,171 (905,895 ) (293,935 ) (45,048 ) Income tax expense — — — — Net income/(loss) 2,171 (905,895 ) (293,935 ) (45,048 ) Other comprehensive income/(loss): Foreign currency translation adjustments net of nil tax 30,173 11,876 (22,977 ) (3,521 ) Total other comprehensive income/(loss) 30,173 11,876 (22,977 ) (3,521 ) Total comprehensive income/(loss) 32,344 (894,019 ) (316,912 ) (48,569 ) |
Condensed statements of cash flows of parent company | Condensed statements of cash flows (In thousands) For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Note 2 (f) Net cash used in operating activities (9,529 ) (7,261 ) (20,972 ) (3,216 ) Cash flows from investing activities: Net cash advances (to)/from subsidiaries (579,141 ) (203,956 ) 74,238 11,377 Net cash advances to Jimu Group (146,765 ) — — — Loan provided to a third party (137,264 ) — — — Purchase of long-term investments (19,259 ) — — — Collection of cash advance from Jimu Group — 20,603 — — Collection of loan from a third party — 135,296 — — Purchase of Infrarisk, net of cash acquired (Note 4) — (3,650 ) (4,911 ) (753 ) Investment in a subsidiary — (5,196 ) — — Net cash (used in)/provided by investing activities (882,429 ) (56,903 ) 69,327 10,624 Cash flows from financing activities: Proceeds from issuance of convertible loans 21,730 — — — Proceeds from issuance of Pre-IPO 410,286 — — — Proceeds from initial public offering and followed offering, net of underwriting discount and commissions 316,451 — — — Proceeds from exercise of Share-based options — 26 20 3 Net cash provided by financing activities 748,467 26 20 3 Effect of exchange rate changes on cash, cash equivalents 30,378 2,552 (52,516 ) (8,046 ) Net decrease in cash, cash equivalents (113,113 ) (61,586 ) (4,141 ) (635 ) Cash and cash equivalents at beginning of the year 182,307 69,194 7,608 1,166 Cash and cash equivalents at end of the year 69,194 7,608 3,467 531 |
Organization and principal ac_3
Organization and principal activities (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Exclusive Business Cooperation Agreements [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Term of the agreements | 10 years |
Exclusive Option Agreements [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Options expiration period | 10 years |
Organization and principal ac_4
Organization and principal activities - Establishment of Pintec, its subsidiaries and VIEs (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Beijing Hongdian Fund Distributor Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Shanghai Anquying Technology Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Myfin Insurance Broker Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 60.00% |
Anquying (Tianjin) Technology Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Xuanji Intelligence (Beijing) Technology Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Shenzhen Qianhai Minheng Commercial Factoring Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Pintec Jinke (Beijing) Technology Information Co., Ltd., (formerly known as Hezi (Beijing) Consultants Co., Ltd) | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Ganzhou Dumiao Intelligence Technology Co Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Anquyun Tianjin Technology Co Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Beijing Xinshun Dingye Technology Co Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Ganzhou Aixin Network Micro Finance Co., Ltd ("Ganzhou Aixin Micro Finance", formerly known as Ganzhou Jimu Micro Finance Co., Ltd) | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Shenzhen Xiaogang Technology Co Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Pintec Yunke Ganzhou Technology Information Co Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Sky City (Beijing) Technology Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Pintec (Beijing) Technology Co., Ltd | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Anxunying (Tianjin) Commercial Factoring Co., Ltd. | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
FT Synergy Pte Ltd [Member] | SINGAPORE | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Infrarisk Pty Ltd [Member] | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Infrarisk Limited [Member] | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Qilehui Credit Information Co., Ltd ("Qilehui") | |
Establishment of Pintec, its subsidiaries and VIEs | |
Percentage of direct or indirect economic interest | 100.00% |
Organization and principal ac_5
Organization and principal activities - Basis of Presentation for the Reorganization (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share based compensation | ¥ 3,712 | ¥ 22,434 | ¥ 36,496 |
Others | 2,560 | 12,191 | |
Total | 24,994 | 48,687 | |
Cost of revenues | |||
Share based compensation | 24 | 214 | |
Others | 153 | 229 | |
Total | 177 | 443 | |
Sales and marketing expenses | |||
Share based compensation | 1,604 | 3,147 | |
Others | 393 | 2,044 | |
Total | 1,997 | 5,191 | |
General and administrative expenses | |||
Share based compensation | 18,776 | 28,945 | |
Others | 787 | 4,194 | |
Total | 19,563 | 33,139 | |
Research and development expenses | |||
Share based compensation | 2,030 | 4,190 | |
Others | 1,227 | 5,724 | |
Total | ¥ 3,257 | ¥ 9,914 |
Organization and principal ac_6
Organization and principal activities - Risks in relation to the VIE structure (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)agreement | Dec. 31, 2020CNY (¥)agreement | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | |
Variable Interest Entity [Line Items] | |||||
TOTAL ASSETS | $ 149,963 | ¥ 1,560,599 | ¥ 978,504 | ||
LIABILITIES | |||||
TOTAL LIABILITIES | 142,598 | 1,201,879 | 930,454 | ||
Total net revenues | 57,971 | ¥ 378,264 | 1,285,236 | ¥ 1,603,631 | |
Net income /(loss) | (45,048) | (293,935) | (905,895) | 2,171 | |
Net cash provided by operating activities | 8,730 | 56,963 | 175,079 | 231,908 | |
Net cash provided by/(used in) investing activities | 29,521 | 192,619 | (538,702) | 280,595 | |
Net cash (used in)/provided by financing activities | $ (43,929) | ¥ (286,639) | 224,372 | (200,085) | |
Contractual arrangement that could require the relevant PRC subsidiaries | agreement | 0 | 0 | |||
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
TOTAL ASSETS | 931,287 | 440,444 | |||
LIABILITIES | |||||
TOTAL LIABILITIES | 1,135,535 | ¥ 476,397 | |||
Total net revenues | ¥ 352,604 | 1,272,943 | 1,601,037 | ||
Net income /(loss) | (111,765) | (520,791) | 322,605 | ||
Net cash provided by operating activities | 128,547 | 404,851 | 470,404 | ||
Net cash provided by/(used in) investing activities | 289,956 | (165,957) | 859,941 | ||
Net cash (used in)/provided by financing activities | (666,659) | ¥ 86,906 | ¥ (961,263) | ||
Assets of the VIEs and VIEs' subsidiaries that are collateral | ¥ 0 |
Summary of significant accoun_4
Summary of significant accounting policies - Convenience translation, Cash and cash equivalents and Financing receivables, net (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2020CNY (¥)shareholder | |
Convenience translation | |
Convenience translation rate (in RMB/USD) | 6.5250 |
Third party investors of asset-backed securitized debts | |
Financing receivables, net | |
Loan payables | ¥ | ¥ 0 |
First loan agreement with Xijin | |
Financing receivables, net | |
Number of subsidiaries of shareholders of the group | shareholder | 1 |
Summary of significant accoun_5
Summary of significant accounting policies - Estimated useful lives of property, equipment and software, net (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building | |
Estimated useful lives | |
Estimated useful lives | 24 years |
Office furniture and equipment | Minimum | |
Estimated useful lives | |
Estimated useful lives | 3 years |
Office furniture and equipment | Maximum | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Computer and electronic equipment | Minimum | |
Estimated useful lives | |
Estimated useful lives | 3 years |
Computer and electronic equipment | Maximum | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Software | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Leasehold improvements | |
Estimated useful lives | |
Estimated useful lives | 0 years |
Vehicle | |
Estimated useful lives | |
Estimated useful lives | 10 years |
Summary of significant accoun_6
Summary of significant accounting policies - Schedule Of Acquired Finite Lived Intangible Assets By Major Class (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Credit investigation license | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Description of useful lives of intangible assets | indefinite |
Microcredit license | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years |
Software copyright | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Customer database | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months |
Customer relationship | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Trademark | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months |
Summary of significant accoun_7
Summary of significant accounting policies - Others (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2020CNY (¥)Segment | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | |
Goodwill | |||||
Impairment of goodwill | $ 37,593 | ¥ 37,593 | ¥ 0 | ¥ 0 | |
Financial Guarantee liabilities | |||||
Gain on guarantee liability | 138,483 | 407,403 | 21,397 | ||
Guarantee Obligations Maximum Exposure | 983,201 | ¥ 215,704 | |||
Allowance for Guarantee Assets | ¥ 8,053 | 12,527 | 0 | ||
Revenue recognition | |||||
Deferred Revenue Recognized | 66,576 | 119,684 | |||
Accounts receivable, net | $ 7,813 | 74,251 | 50,979 | ||
Share-based compensation expenses | |||||
Cumulative share-based compensation expenses for the options that have satisfied the service condition | ¥ 94,800 | ||||
Value added Tax ("VAT") | |||||
Percentage of value added tax | 6.00% | 6.00% | |||
Segment reporting | |||||
Number of reportable segment | Segment | 1 | 1 | |||
Statutory reserves | |||||
Appropriation to the statutory surplus fund, minimum percentage of after-tax profits | 10.00% | 10.00% | |||
Maximum percentage of statutory surplus fund to registered capital | 50.00% | 50.00% | |||
Transfer of reserves | ¥ 0 | ||||
Profit appropriation to general reserve fund and statutory surplus fund | 1,104 | ¥ 27,920 | ¥ 1,739 | ||
Appropriation to other reserve funds | ¥ 0 | ||||
Minimum | Installement Service | |||||
Revenue recognition | |||||
Percentage of Business and Value Added Taxes | 3.00% | 3.00% | |||
Maximum | Installement Service | |||||
Revenue recognition | |||||
Percentage of Business and Value Added Taxes | 6.00% | 6.00% |
Concentration and risks (Detail
Concentration and risks (Details) - item | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cooperation concentration risk | Total Revenue | Five Business Partners | |||
Concentration and risks | |||
Concentration risk (as a percentage) | 49.90% | 43.60% | 36.10% |
Number of Business Partners | 5 | 5 | |
Cooperation concentration risk | Total Revenue | Qunar | |||
Concentration and risks | |||
Concentration risk (as a percentage) | 28.90% | 17.20% | 14.40% |
Concentration of Funding Partners | Loans facilitated | Jimu Box | |||
Concentration and risks | |||
Concentration risk (as a percentage) | 4.00% | 24.00% | 63.00% |
Acquisition (Detail)
Acquisition (Detail) - CNY (¥) ¥ in Thousands | Aug. 31, 2020 | Apr. 18, 2019 | Mar. 21, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Licensing Agreements [Member] | |||||
Identifiable intangible assets acquired, estimated useful life | 17 years | ||||
Ganzhou Micro Finance [Member] | |||||
Equity interest (as a percent) | 100.00% | ||||
Cash consideration | ¥ 230,000 | ¥ 230,000 | |||
Ganzhou Micro Finance [Member] | Licensing Agreements [Member] | |||||
Identifiable intangible assets acquired, estimated useful life | 17 years | ||||
Jimu Micro Finance [Member] | |||||
Cash consideration | ¥ 230,000 | ||||
Revenue from acquisition | 21,846 | ||||
Net income arising from acquisition | ¥ 1,323 | ||||
FT Synergy [Member] | |||||
Equity interest (as a percent) | 100.00% | ||||
Business Acquisition Aggregate Purchase Price | ¥ 16,191 | ||||
Qilehui [Member] | |||||
Equity interest (as a percent) | 100.00% | ||||
Business Acquisition Aggregate Purchase Price | ¥ 10,000 |
Acquisition - Schedule of alloc
Acquisition - Schedule of allocation of the purchase price (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Goodwill | ¥ 35,157 | |
Ganzhou Micro Finance [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | ¥ 42,591 | |
Accounts and other receivable | 12,915 | |
Prepayment | 563 | |
Short-term financing receivables, net | 148,249 | |
Deferred assets | 4,368 | |
Fixed assets | 534 | |
Goodwill | 5,212 | |
Intangible asset - license | 35,410 | |
Total assets | 249,842 | |
Advance from customers | (344) | |
Tax payable | (993) | |
Other payables | (9,652) | |
Deferred tax liabilities | (8,853) | |
Total | 230,000 | |
Total Consideration | ¥ 230,000 |
Financing receivables, net (Det
Financing receivables, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Short-term: | |||
Short-term financing receivables | ¥ 71,271 | ¥ 450,588 | |
Allowance for credit losses | (488) | (20,201) | |
Short-term financing receivables, net | $ 10,848 | 70,783 | 430,387 |
Long-term: | |||
Long-term financing receivables | 2,930 | 19,443 | |
Allowance for credit losses | (95) | (343) | |
Long-term financing receivables, net | $ 434 | ¥ 2,835 | ¥ 19,100 |
Financing receivables, net - Ba
Financing receivables, net - Balances of financing receivables by due date (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Net [Abstract] | ||
Due in 0 - 12 months | ¥ 71,271 | ¥ 450,588 |
Due in 13 - 24 months | 2,930 | 19,443 |
Total financing receivables | ¥ 74,201 | ¥ 470,031 |
Financing receivables, net - Mo
Financing receivables, net - Movement of the allowance for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Balance at beginning of the year | ¥ 20,544 | ¥ 23,183 | ¥ 70,460 |
Additions | 45,090 | 33,942 | 70,411 |
Charge-offs | (65,051) | (54,051) | (117,688) |
Balance at end of the year | ¥ 583 | 20,544 | ¥ 23,183 |
Ganzhou Micro Finance [Member] | |||
Business Acquisition [Line Items] | |||
Additions | ¥ 17,470 |
Financing receivables, net - Ag
Financing receivables, net - Aging analysis of past due (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing receivables | ||
Past Due | ¥ 424 | ¥ 22,445 |
undue | 73,777 | 447,586 |
Total financing receivables | 74,201 | 470,031 |
1 - 30 Days Past Due | ||
Financing receivables | ||
Past Due | 164 | 8,239 |
31 - 60 Days Past Due | ||
Financing receivables | ||
Past Due | 154 | 7,546 |
61 - 90 Days Past Due | ||
Financing receivables | ||
Past Due | ¥ 106 | ¥ 6,660 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Accounts Receivable, Net, Current [Abstract] | |||||
Receivables for technical service fees from borrowers and financial partners | ¥ 42,082 | ¥ 68,214 | |||
Receivables for marketplace service fees from asset management companies | 981 | 1,057 | |||
Receivables for marketplace service fees from insurance companies and others | 8,285 | 9,760 | |||
Total accounts receivable | 51,348 | 79,031 | |||
Allowance for doubtful accounts | (369) | (4,780) | ¥ (13,845) | ¥ (5,428) | |
Accounts receivable, net | $ 7,813 | ¥ 50,979 | ¥ 74,251 |
Accounts receivable, net - Allo
Accounts receivable, net - Allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Net, Current [Abstract] | |||
Balance at beginning of the year | ¥ 4,780 | ¥ 13,845 | ¥ 5,428 |
Additions | 6,110 | 23,182 | 108,156 |
Charge-offs | (10,521) | (32,247) | (99,739) |
Balance at end of the year | ¥ 369 | ¥ 4,780 | ¥ 13,845 |
Prepayments and other current_3
Prepayments and other current assets, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Prepayments and other current assets | |||
Deposits to financial partners and other vendors | ¥ 33,969 | ¥ 35,988 | |
Prepaid Expenses | 19,555 | 32,735 | |
Prepaid Input VAT | 6,607 | 4,877 | |
Others | 2,137 | 3,488 | |
Short-term loan to a third party | 5,392 | 2,742 | |
Total prepayments and other current assets | 67,660 | 79,830 | |
Bad debt provision | (1,500) | (1,500) | |
Total prepayments and other current assets, net | $ 10,141 | ¥ 66,160 | ¥ 78,330 |
Property, equipment and softw_3
Property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | |
Property, equipment and software, net | |||||
Total | ¥ 26,119 | ¥ 122,269 | |||
Less: Accumulated depreciation and amortization | (11,802) | (15,061) | |||
Property, equipment and software, net | 14,317 | $ 16,430 | 107,208 | ||
Depreciation and amortization expenses | ¥ 3,516 | 3,906 | ¥ 2,912 | ||
Building | |||||
Property, equipment and software, net | |||||
Total | 92,747 | ||||
Computer and electronic equipment | |||||
Property, equipment and software, net | |||||
Total | 14,546 | 14,442 | |||
Software | |||||
Property, equipment and software, net | |||||
Total | 8,947 | 11,782 | |||
Office furniture and equipment | |||||
Property, equipment and software, net | |||||
Total | 1,153 | 1,161 | |||
Leasehold Improvements [Member] | |||||
Property, equipment and software, net | |||||
Total | ¥ 1,473 | 1,473 | |||
Vehicle | |||||
Property, equipment and software, net | |||||
Total | ¥ 664 |
Property, equipment and softw_4
Property, equipment and software, net (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, equipment and software, net | ||
Total consideration | ¥ 122,269 | ¥ 26,119 |
Building | ||
Property, equipment and software, net | ||
Total consideration | ¥ 92,747 |
Prepayment For Long Term Invest
Prepayment For Long Term Investment - (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | |
Premature Equity Method Investments Redemption | ||
Schedule of Equity Method Investments [Line Items] | ||
Premature redemption of equity method investments made | ¥ 200,000 | |
Shenzhen xinyuhao | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 40.00% | |
Payment to acquire equity method investments | ¥ 200 | |
Follow Up Capital Injected | ¥ 199,800 | |
Shenzhen xinyuhao | Premature Equity Method Investments Redemption | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 60.00% |
Long-term investments (Details)
Long-term investments (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Long-term investments | ||||
Balance as of beginning of the year | ¥ 108,603 | ¥ 58,038 | ||
Investments made | 4,894 | 56,500 | ||
Loss from equity method investments | $ (1,766) | (11,523) | (8,149) | ¥ (2,652) |
Less: Impairment | (15,908) | |||
Less: Foreign currency translation adjustments | (1,066) | 2,214 | ||
Subscription of private fund | 36,600 | |||
Gross unrealized loss in accumulated other comprehensive income | (421) | |||
Balance as of end of the year | $ 18,571 | 121,179 | 108,603 | 58,038 |
Cost Method | ||||
Long-term investments | ||||
Balance as of beginning of the year | 85,000 | 35,000 | ||
Investments made | 50,000 | |||
Balance as of end of the year | 85,000 | 85,000 | 35,000 | |
Equity Method | ||||
Long-term investments | ||||
Balance as of beginning of the year | 23,603 | 23,038 | ||
Investments made | 4,894 | 6,500 | ||
Loss from equity method investments | (11,523) | (8,149) | ||
Less: Impairment | (15,908) | |||
Less: Foreign currency translation adjustments | (1,066) | 2,214 | ||
Balance as of end of the year | ¥ 23,603 | ¥ 23,038 | ||
Available for sale investment | ||||
Long-term investments | ||||
Subscription of private fund | 36,600 | |||
Gross unrealized loss in accumulated other comprehensive income | (421) | |||
Balance as of end of the year | ¥ 36,179 |
Long-term investments - Cost an
Long-term investments - Cost and Equity method investment (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | Jun. 30, 2019CNY (¥) | Apr. 30, 2018CNY (¥) | Oct. 31, 2017CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Long-term investments | ||||||||||
Total consideration paid | ¥ 4,894 | ¥ 56,500 | ||||||||
Share of loss from equity method investments | $ (1,766) | (11,523) | (8,149) | ¥ (2,652) | ||||||
Equity Method Investment, Impairment loss | $ 2,438 | 15,908 | 200,000 | |||||||
Goodwill | 35,157 | |||||||||
Unrealized gain and losses, change in fair values | 421 | |||||||||
Cost Method | ||||||||||
Long-term investments | ||||||||||
Total consideration paid | 50,000 | |||||||||
Equity Method | ||||||||||
Long-term investments | ||||||||||
Total consideration paid | 4,894 | 6,500 | ||||||||
Share of loss from equity method investments | (11,523) | (8,149) | ||||||||
Chongqing Fullerton | Cost Method | ||||||||||
Long-term investments | ||||||||||
Shareholding interests (as a percent) | 5.00% | |||||||||
Total consideration paid | ¥ 35,000 | |||||||||
Pivot Fintech PTE. Ltd | Equity Method | ||||||||||
Long-term investments | ||||||||||
Total consideration paid | $ 750 | ¥ 4,894 | ¥ 8,821 | |||||||
Shareholding interests (as a percent) | 48.90% | 48.90% | 27.00% | |||||||
Share of loss from equity method investments | 1,804 | 1,349 | ||||||||
Avatec | ||||||||||
Long-term investments | ||||||||||
Total consideration paid | ¥ 19,259 | |||||||||
Shareholding interests (as a percent) | 40.00% | |||||||||
Share of loss from equity method investments | 6,560 | 5,972 | ||||||||
Sale of shareholding interest percentage | 20.00% | |||||||||
Proceeds from sale of common stock | $ | $ 1 | |||||||||
Loss recognized from transfer of shares | 3,138 | |||||||||
Bene internet technology Co Ltd | Cost Method | ||||||||||
Long-term investments | ||||||||||
Shareholding interests (as a percent) | 9.09% | |||||||||
Total consideration paid | ¥ 50,000 | |||||||||
Beijing Ruisasi Technology Co., Ltd | Equity Method | ||||||||||
Long-term investments | ||||||||||
Shareholding interests (as a percent) | 25.00% | |||||||||
Equity interest agreed to purchase, consideration paid | ¥ 6,500 | |||||||||
Equity Method Investment, Impairment loss | ¥ 21 | ¥ 828 | ||||||||
Goodwill | 5,931 | |||||||||
Interest income on net asset carrying amount | ¥ 6,500 |
Fair value measurement - Assets
Fair value measurement - Assets and liabilities (Details) - Recurring - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value measurement | ||
Consideration payable for acquisition-current | ¥ (7,995) | ¥ (4,728) |
Consideration payable for acquisition-noncurrent | (954) | (7,982) |
Total | (8,949) | (12,710) |
Level 3 Inputs | ||
Fair value measurement | ||
Consideration payable for acquisition-current | (7,995) | (4,728) |
Consideration payable for acquisition-noncurrent | (954) | (7,982) |
Total | ¥ (8,949) | ¥ (12,710) |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | |
Intangible assets, net | |||||
Less: Accumulated amortization | ¥ (12,818) | ¥ (20,882) | |||
Intangible assets, net | 49,790 | $ 2,554 | 16,666 | ||
Amortization expenses | ¥ 11,709 | 8,383 | ¥ 1,789 | ||
Estimated amortization expenses to the intangible assets for future periods | |||||
2021 | 4,585 | ||||
2022 | 340 | ||||
2023 | 307 | ||||
2024 | 291 | ||||
2025 | 291 | ||||
2026 and thereafter | 970 | ||||
Total | 49,790 | $ 2,554 | 16,666 | ||
Customer database | |||||
Intangible assets, net | |||||
Intangible assets, gross | 9,697 | 9,697 | |||
Trademark | |||||
Intangible assets, net | |||||
Intangible assets, gross | 162 | 162 | |||
License [Member] | |||||
Intangible assets, net | |||||
Intangible assets, gross | 35,410 | 9,882 | |||
Software copyright [Member] | |||||
Intangible assets, net | |||||
Intangible assets, gross | 14,506 | 14,898 | |||
Customer Relationships [Member] | |||||
Intangible assets, net | |||||
Intangible assets, gross | 2,833 | ¥ 2,909 | |||
Microcredit License [Member] | |||||
Intangible assets, net | |||||
Impairment loss | ¥ 31,765 | ¥ 0 | ¥ 0 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Goodwill [Line Items] | ||||
Impairment of goodwill | $ 37,593 | ¥ 37,593 | ¥ 0 | ¥ 0 |
Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Goodwill [Line Items] | ||||
Percentage of Impairment Test for Good will Assumptions | 3.00% | 3.00% | ||
Measurement Input, Discount Rate [Member] | ||||
Goodwill [Line Items] | ||||
Percentage of Impairment Test for Good will Assumptions | 15.00% | 15.00% | ||
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Goodwill [Line Items] | ||||
Percentage of Impairment Test for Good will Assumptions | 57.40% | 57.40% | ||
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Goodwill [Line Items] | ||||
Percentage of Impairment Test for Good will Assumptions | (35.10%) | (35.10%) |
Funding debts - Outstanding fun
Funding debts - Outstanding funding debts (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Short-term: | |||
Short-term funding debts | $ 435 | ¥ 2,841 | ¥ 300,212 |
Long-term: | |||
Long-term funding debts | 21,498 | ||
Loan payables to individual investors via Jimu Box and other financial partners | |||
Short-term: | |||
Short-term funding debts | ¥ 2,841 | 8,893 | |
Loan payable to individual investors via financial partners | |||
Long-term: | |||
Long-term funding debts | 21,498 | ||
Loan payables to investors of consolidated trusts | |||
Short-term: | |||
Short-term funding debts | ¥ 291,319 |
Funding debts - Terms of the fu
Funding debts - Terms of the funding debts borrowed and asset-backed securities (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Funding debts | |||
Weighted average interest rate on funding debts | 14.80% | 9.10% | 11.40% |
Borrowing - Summary of Borrowin
Borrowing - Summary of Borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Short-term borrowings: | |||
Short-term borrowings | $ 19,923 | ¥ 130,000 | ¥ 320,000 |
Long-term borrowings: | |||
Long-term borrowing | 80,000 | ||
Bank of Jiangsu Co Ltd Beijing Branch | Short Term Debt One | |||
Short-term borrowings: | |||
Maturity | December 2020 | ||
Principal Amount | ¥ 415,000 | ||
Short-term borrowings | 320,000 | ||
Bank of Jiangsu Co Ltd Beijing Branch | Short Term Debt One | Minimum | |||
Short-term borrowings: | |||
Annual Interest Rate | 4.15% | 4.15% | |
Bank of Jiangsu Co Ltd Beijing Branch | Short Term Debt One | Maximum | |||
Short-term borrowings: | |||
Annual Interest Rate | 4.35% | 4.35% | |
Bank of Jiangsu Co Ltd Beijing Branch | Short Term Debt Two | |||
Short-term borrowings: | |||
Annual Interest Rate | 4.05% | 4.05% | |
Maturity | April 2021 | ||
Principal Amount | ¥ 50,000 | ||
Short-term borrowings | ¥ 50,000 | ||
SPD Silicon Valley Bank | Short Term Debt One | |||
Short-term borrowings: | |||
Annual Interest Rate | 3.55% | 3.55% | |
Maturity | April 2021 | ||
Principal Amount | ¥ 80,000 | ||
Short-term borrowings | ¥ 80,000 | ||
SPD Silicon Valley Bank | Long-term Debt | |||
Short-term borrowings: | |||
Annual Interest Rate | 3.55% | 3.55% | |
Maturity | April 2021 | ||
Principal Amount | ¥ 80,000 | ||
Long-term borrowings: | |||
Long-term borrowing | ¥ 80,000 |
Borrowing - Summary of Borrow_2
Borrowing - Summary of Borrowings (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||
Apr. 30, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Bank of Jiangsu Co Ltd Beijing Branch | |||||
Short-term Debt [Line Items] | |||||
Repayments of short term borrowings | ¥ 50,000 | ||||
Bank of Jiangsu Co Ltd Beijing Branch | Bank Time Deposits [Member] | |||||
Short-term Debt [Line Items] | |||||
Loan secured | $ 8,280 | ¥ 54,026 | $ 51,080 | ¥ 355,609 | |
SPD Silicon Valley Bank | |||||
Short-term Debt [Line Items] | |||||
Repayments of short term borrowings | ¥ 80,000 | ||||
SPD Silicon Valley Bank | Bank Time Deposits [Member] | |||||
Short-term Debt [Line Items] | |||||
Loan secured | $ 12,564 | ¥ 81,981 | $ 12,300 | ¥ 85,630 |
Financial guarantee liabiliti_3
Financial guarantee liabilities and financial guarantee assets (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Guarantees [Abstract] | ||||
Balance at beginning of the year | ¥ 101,933 | ¥ 15,537 | ¥ 0 | |
Fair value of financial guarantee liabilities upon the inception of new loans | 56,810 | 493,799 | 44,549 | |
Release of financial guarantee liabilities upon repayment | (138,483) | (407,403) | (21,397) | |
Contingent liabilities | 0 | 0 | (7,615) | |
Balance at the end of the year | $ 3,105 | ¥ 20,260 | ¥ 101,933 | ¥ 15,537 |
Financial guarantee liabiliti_4
Financial guarantee liabilities and financial guarantee assets - Schedule of guarantee assets movement activities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term: | ||
Short-term financial assets receivable | ¥ 19,561 | ¥ 100,419 |
Allowance for credit losses | (992) | (9,045) |
Short-term financial assets receivable, net | 18,569 | 91,374 |
Long-term: | ||
Long-term financial assets receivable | 698 | 3,647 |
Allowance for credit losses | 0 | 0 |
Long-term financial assets receivable, net | ¥ 698 | ¥ 3,647 |
Financial guarantee liabiliti_5
Financial guarantee liabilities and financial guarantee assets - Schedule of guarantee assets allowance for credit loss movement activities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Guarantees [Abstract] | |||
Balance at beginning of the year | ¥ 9,045 | ¥ 0 | ¥ 0 |
Additions/(Reversal) | (8,053) | 12,527 | 0 |
Charge-offs | 0 | (3,482) | 0 |
Balance at end of the year | ¥ 992 | ¥ 9,045 | ¥ 0 |
Debt instrument - Fair Value Me
Debt instrument - Fair Value Measurement Inputs and Valuation Techniques (Detail) | Dec. 31, 2020agreement |
Measurement Input, Price Volatility | Valuation Technique, Option Pricing Model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt Instrument, Measurement Input | 40 |
Measurement Input, Risk Free Interest Rate | Valuation Technique, Option Pricing Model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt Instrument, Measurement Input | 1.4 |
Measurement Input, Expected Dividend Rate | Valuation Technique, Option Pricing Model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt Instrument, Measurement Input | 0 |
Measurement Input, Expected Term | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected term | 3 years |
Debt instrument (Details)
Debt instrument (Details) $ / shares in Units, ¥ in Thousands | Aug. 30, 2019USD ($)$ / shares | Oct. 31, 2020CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Aug. 30, 2019CNY (¥) |
Short-term Debt [Line Items] | |||||
Debt instrument | ¥ 81,053 | ||||
Warrant issued to creditor | 26,290 | ||||
Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | |||||
Short-term Debt [Line Items] | |||||
Equity Securities, FV-NI, Measurement Input | 12.87 | ||||
Loan agreement [Member] | |||||
Short-term Debt [Line Items] | |||||
Loan principal amount | ¥ 100,000 | ||||
Interest Rate Per Annum (as a percent) | 8.00% | 8.00% | |||
Loan agreement, maturity date | Aug. 31, 2020 | ||||
Loan agreement, warrants issued | $ | $ 52,835,505 | ||||
Warrants issued, exercise price | $ / shares | $ 0.5678 | ||||
Debt instrument | ¥ 73,710 | ||||
Discount on debt instrument allocated to equity component | 26,290 | ||||
Warrant issued to creditor | 26,290 | ||||
Balance of lines of credit | 24,280 | 81,053 | |||
Accretion of discount | ¥ 18,947 | 7,343 | |||
Interest expenses | ¥ 10,009 | ||||
Repayment of debt instrument | ¥ 100,000 |
Convertible loan (Details)
Convertible loan (Details) ¥ in Thousands | Nov. 30, 2020CNY (¥) | Oct. 31, 2020CNY (¥)shares | Oct. 22, 2020CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 02, 2020 | Oct. 31, 2020$ / shares |
Convertible Loan [Line Items] | ||||||
Description Of Effective Closing Date | 20 days after the third anniversary of October 22, 2020 (the “Closing Date”) | |||||
Date of acquisition agreement | Oct. 22, 2020 | |||||
Ningxia Fengyin Enterprise Management Consulting LLP [Member] | ||||||
Convertible Loan [Line Items] | ||||||
Percentage Of Subsidiary Equity Interest Pledged | 100.00% | |||||
Yinchuan ChuanxiTechnology Co Ltd [Member] | ||||||
Convertible Loan [Line Items] | ||||||
Consideration | ¥ 400,000 | |||||
Interest payable on convertible loan | ¥ 5,516 | |||||
Convertible debt stated rate of interest | 8.75% | |||||
Convertible debt instrument term | 3 years | |||||
Yinchuan ChuanxiTechnology Co Ltd [Member] | Otov Alfa Holding Limited [Member] | Warrant [Member] | ||||||
Convertible Loan [Line Items] | ||||||
Interset payable on un released portion of the debt,quarterly | 8.75% | |||||
Consideration,Warrant shares issued price to Otov Alfa Holding Limited | $ / shares | $ 0.000125 | |||||
Consideration,Warrant shares issued to Otov Alfa Holding Limited | shares | 320,036,576 | |||||
Yinchuan ChuanxiTechnology Co Ltd [Member] | Ningxia Fengyin Enterprise Management Consulting LLP [Member] | ||||||
Convertible Loan [Line Items] | ||||||
Business combination consideration received in full | ¥ 400,000 | |||||
Business acquisition,Cash and cash equivalents acquired | 400,000 | |||||
Convertible debt received | ¥ 400,000 | |||||
Guangdong Huawen Industry Group Co Ltd [Member] | ||||||
Convertible Loan [Line Items] | ||||||
Service cost charged by Jimu Group | ¥ 4,000 |
Accrued expenses and other li_3
Accrued expenses and other liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Accrued Expenses And Other Liabilities [Abstract] | ||||
Deferred service fee | ¥ 6,890 | ¥ 67,485 | ||
Compensation payable related to guarantee obligation on borrowers' defaults | 21,912 | |||
Deferred government grants | 14,000 | 19,000 | ||
Notes payable | [1] | 20,000 | ||
Professional and other service fees payable | 9,791 | 11,746 | ||
Payroll payable | 4,213 | 7,209 | ||
Payables to individual investors and financial partners for collecting principal and interests on behalf of borrowers | 6,677 | |||
Contingent investment consideration payable | 7,995 | 4,728 | ||
Others | 10,188 | 5,865 | ||
Total | $ 9,158 | ¥ 59,754 | ¥ 157,945 | |
[1] | Notes payable was pledged with restricted cash with balance of US$3,200 as of December 31, 2019. |
Accrued expenses and other li_4
Accrued expenses and other liabilities (Parenthetical) (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Restricted cash [member] | |
Accrued expenses and other liabilities[line items] | |
Notes payable pledged as collateral | ¥ 3,200 |
Non-controlling interests (Deta
Non-controlling interests (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Jun. 30, 2019CNY (¥) | |
Noncontrolling Interest [Line Items] | ||||
Non-controlling interests | ¥ 169,192 | $ 25,592 | ¥ 166,987 | |
Myfin Insurance [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Non-controlling interests | ¥ 20,151 | |||
Minority Interest Ownership Percentage By Noncontrolling Owners | 40.00% | |||
Pintec Ganzhou [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Capital Contribution From Non-Controlling Interest | 300,000 | |||
Payment of Capital Contribution | 300,000 | |||
Yinchuan Xingyin [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Capital Contribution From Non-Controlling Interest | 200,000 | |||
Payment of Capital Contribution | ¥ 150,000 |
Taxation (Details)
Taxation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2018 | Dec. 31, 2020CNY (¥) | |
Taxation | ||||||
Enterprise income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | |||
Retained earnings | $ (330,372) | ¥ (1,860,640) | $ (330,372) | ¥ (2,155,679) | ||
High and new technology enterprises | ||||||
Taxation | ||||||
Preferential tax rate (as a percent) | 15.00% | |||||
High and new technology enterprises | Beijing Hongdian Fund Distributor Co., Ltd. | ||||||
Taxation | ||||||
Preferential tax rate (as a percent) | 15.00% | |||||
Cayman Islands | ||||||
Taxation | ||||||
Withholding tax to be imposed upon payments of dividends to shareholders (as a percent) | 0.00% | |||||
Hong Kong | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 16.50% | |||||
Hong Kong | Minimum | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 16.50% | |||||
Hong Kong | Maximum | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 15.00% | |||||
Hong Kong | Profit Below 2 Million HK Dollar | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 8.25% | |||||
Hong Kong | Profit Above 2 Million HK Dollar | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 16.50% | |||||
PRC | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 25.00% | |||||
PRC | Beijing Hongdian Fund Distributor Co., Ltd. | ||||||
Taxation | ||||||
Enterprise income tax rate (as a percent) | 25.00% | 25.00% | ||||
PRC | High and new technology enterprises | Sky City WFOE | ||||||
Taxation | ||||||
Preferential tax rate (as a percent) | 15.00% | |||||
PRC | High and new technology enterprises | Pintec Beijing WFOE | ||||||
Taxation | ||||||
Preferential tax rate (as a percent) | 15.00% | |||||
PRC | FIE | ||||||
Taxation | ||||||
Withholding income tax rate on dividends Distributed (as a percent) | 10.00% | |||||
Maximum withholding income tax rate on dividends paid (as a percent) | 5.00% | |||||
Retained earnings | ¥ 0 |
Taxation - Current and deferred
Taxation - Current and deferred portion of income tax expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Current and deferred portion of income tax expense | ||||
Current income tax expense | ¥ 2,281 | ¥ 19,231 | ¥ 42,610 | |
Deferred income tax (benefit)/expense | $ 7,190 | 46,915 | (17,263) | (36,901) |
Income tax expense | $ 7,540 | ¥ 49,196 | ¥ 1,968 | ¥ 5,709 |
Taxation - Reconciliation betwe
Taxation - Reconciliation between the statutory EIT rate and the effective tax rates (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate in PRC | 25.00% | 25.00% | 25.00% |
Tax effect of different tax rates in other jurisdictions | (0.01%) | (0.04%) | 2.73% |
Tax effect of unrecognized loss | 0.00% | (0.09%) | 5.29% |
Tax effect of tax-exempt entities | (4.69%) | (5.84%) | 429.86% |
Tax effect of expired tax attribute carryforwards | (0.86%) | (0.01%) | 0.00% |
Tax effect of preferred tax rate | (1.55%) | 5.40% | (93.64%) |
Tax effect of R&D expense additional deduction | 0.98% | 0.67% | (87.93%) |
Tax effect of non-deductible interest expenses | (1.92%) | 0.00% | 0.00% |
Tax effect of goodwill impairment | (3.37%) | 0.00% | 0.00% |
Tax effect of non-deductible expenses | 1.82% | (0.29%) | 56.73% |
Tax effect of deferred tax effect of tax rate change | 0.13% | 0.40% | 0.00% |
Changes in valuation allowance | (35.45%) | (25.42%) | (265.59%) |
Effective tax rate | (19.92%) | (0.22%) | 72.45% |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and deferred tax liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||||
Allowance for doubtful accounts and credit losses | ¥ 241,248 | ¥ 263,383 | ||
Impairment of long-term investment | 1,445 | |||
Deductible advertising fees | 225 | 225 | ||
Net operating loss carry forwards | 44,371 | 37,214 | ||
Guarantee liabilities | 58,555 | 36,165 | ||
Deferred revenue from upfront assessment fee under 606 | 227 | 4,776 | ||
Accrued expenses | 3,379 | 667 | ||
Subtotal | 349,450 | 342,430 | ||
Less: valuation allowance | (347,240) | (260,002) | ¥ (30,098) | ¥ (51,027) |
Total deferred tax assets, net | 2,210 | 82,428 | ||
Deferred tax liabilities: | ||||
Intangible assets acquired in a business combination | (2,911) | (9,343) | ||
Interest income from related parties | (8,410) | |||
Net deferred tax liabilities | (2,911) | (17,753) | ||
Net deferred tax (liabilities)/assets | (701) | 64,675 | ||
Australia | ||||
Deferred tax assets: | ||||
Net operating loss carry forwards | 2,525 | 1,566 | ||
Total deferred tax assets, net | 2,525 | 1,566 | ||
Deferred tax liabilities: | ||||
Intangible assets acquired in a business combination | (1,472) | (3,694) | ||
Net deferred tax liabilities | (1,472) | (3,694) | ||
Net deferred tax (liabilities)/assets | ¥ 1,053 | ¥ (2,128) |
Taxation - Changes in valuation
Taxation - Changes in valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Taxation | ||||
Balance at beginning of the year | ¥ 260,002 | ¥ 30,098 | ¥ 51,027 | |
Additions | 102,398 | 245,886 | 21,224 | |
Reversals | (15,160) | (15,982) | (42,153) | |
Balance at end of the year | 347,240 | 260,002 | 30,098 | |
Valuation allowance | 347,240 | 30,098 | ¥ 30,098 | ¥ 347,240 |
Operating loss carryforwards | 222,717 | |||
Shanghai Anquying Technology Co., Ltd. | ||||
Taxation | ||||
Balance at end of the year | 242,616 | |||
Valuation allowance | 242,616 | ¥ 242,616 | ||
Provision for credit losses | ||||
Taxation | ||||
Balance at beginning of the year | 229,170,000 | |||
Balance at end of the year | 229,170,000 | |||
Valuation allowance | ¥ 229,170,000 | ¥ 229,170,000 |
Taxation - Summary of Net Opera
Taxation - Summary of Net Operating Loss Carryforwards (Detail) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | ¥ 222,717 |
2021 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 7,736 |
2022 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 33,489 |
2023 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 58,388 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 58,034 |
2025 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | ¥ 65,070 |
Share based compensation expe_3
Share based compensation expenses - Share options issued by Jimu Parent to employees of the Company (Details) $ / shares in Units, ¥ in Thousands | Jul. 31, 2018shares | May 31, 2018shares | Dec. 31, 2018 | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥)shares |
Share based compensation expenses | |||||||||
Share-based compensation expenses allocated from Jimu Parent | ¥ | ¥ 3,712 | ¥ 22,434 | ¥ 36,496 | ||||||
Options Outstanding | |||||||||
Granted (in shares) | 740,000 | 16,042,500 | |||||||
Average Intrinsic Value | |||||||||
Exercised | ¥ | 0 | ||||||||
Service-based share options | |||||||||
Share based compensation expenses | |||||||||
Share-based compensation expenses allocated from Jimu Parent | ¥ | ¥ 3,383 | ¥ 21,125 | 26,775 | ||||||
Options Outstanding | |||||||||
Granted (in shares) | 4,500,000 | ||||||||
Exercise of Share-based options (in share) | (2,084,418) | ||||||||
Forfeited (in shares) | (3,131,272) | ||||||||
Outstanding at end of the year (in shares) | 4,862,069 | 5,577,759 | |||||||
Vested and expected to vest at end of the year (in shares) | 4,862,069 | 4,862,069 | |||||||
Exercisable at end of the year (in shares) | 3,657,290 | 3,657,290 | |||||||
Weighted Average Exercise Price | |||||||||
Granted (in dollars per share) | $ / shares | $ 0.2876 | ||||||||
Exercised (in dollars per share) | $ / shares | 0.0568 | ||||||||
Forfeited (in dollars per share) | $ / shares | 0.2356 | ||||||||
Outstanding at end of the year (in dollars per share) | $ / shares | 0.2566 | $ 0.1452 | |||||||
Vested and expected to vest at end of the year (in dollars per share) | $ / shares | 0.2566 | ||||||||
Exercisable at end of the year (in dollars per share) | $ / shares | $ 0.3319 | ||||||||
Weighted Average Remaining Contractual Life | |||||||||
Outstanding (in years) | 8 years 5 months 26 days | 8 years 2 months 4 days | |||||||
Exercisable (in years) | 8 years 8 months 4 days | ||||||||
Vested and expected to vest (in years) | 8 years 5 months 26 days | ||||||||
Average Intrinsic Value | |||||||||
Exercised | ¥ | ¥ 2,365 | ¥ 46,558 | ¥ 0 | ||||||
Outstanding at ending of the year | ¥ | ¥ 1,138 | ¥ 7,342 | |||||||
Vested and expected to vest at end of the year | $ | $ 10,570 | ||||||||
Exercisable at end of the year | ¥ | ¥ 5,122 | ||||||||
Jimu Parent | |||||||||
Options Outstanding | |||||||||
Granted (in shares) | 24,287,218 | ||||||||
Exercise of Share-based options (in share) | (652,967) | ||||||||
Forfeited (in shares) | (69,623) | ||||||||
Outstanding at end of the year (in shares) | 89,053 | 811,643 | |||||||
Vested and expected to vest at end of the year (in shares) | 85,348 | 85,348 | |||||||
Weighted Average Exercise Price | |||||||||
Exercised (in dollars per share) | $ / shares | $ 0.99 | ||||||||
Forfeited (in dollars per share) | $ / shares | 1 | ||||||||
Outstanding at end of the year (in dollars per share) | $ / shares | 1 | $ 0.99 | |||||||
Vested and expected to vest at end of the year (in dollars per share) | $ / shares | $ 1 | ||||||||
Weighted Average Remaining Contractual Life | |||||||||
Outstanding (in years) | 5 years 10 months 17 days | ||||||||
Vested and expected to vest (in years) | 4 years 11 months 1 day | ||||||||
Average Intrinsic Value | |||||||||
Exercised | ¥ | ¥ 0 | ||||||||
Outstanding at ending of the year | ¥ | ¥ 0 | ¥ 0 | |||||||
Vested and expected to vest at end of the year | ¥ | ¥ 0 | ||||||||
Jimu Parent | Service-based share options | |||||||||
Share based compensation expenses | |||||||||
Vesting period of options | 4 years | ||||||||
Options expiration period | 10 years |
Share based compensation expe_4
Share based compensation expenses - Restriction of ordinary shares held by senior management (Details) ¥ in Thousands | Jun. 28, 2019shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020CNY (¥)$ / shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2020$ / shares | May 31, 2019$ / shares | Jul. 31, 2018$ / shares | Mar. 05, 2014installment$ / sharesshares |
Share based compensation expenses | |||||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 1.2785 | $ 1.4506 | |||||||
Additional information | |||||||||
Share-based compensation expenses allocated from Jimu Parent | ¥ | ¥ 3,712 | ¥ 22,434 | ¥ 36,496 | ||||||
Restricted share | |||||||||
Number of shares | |||||||||
Unvested at beginning of the year (in shares) | shares | 1,137,277 | ||||||||
Vested (in shares) | shares | (112,367) | ||||||||
Forfeited (in shares) | shares | (656,292) | ||||||||
Unvested at end of the year (in shares) | shares | 368,618 | 1,137,277 | |||||||
Weighted-Average Grant Date Fair Value | |||||||||
Unvested at beginning of the year (in shares) | $ / shares | $ 0.42 | ||||||||
Vested (in dollars per share) | $ / shares | 0.42 | ||||||||
Forfeited (in dollars per share) | $ / shares | 0.42 | ||||||||
Unvested at end of the year (in shares) | $ / shares | $ 0.42 | ||||||||
Additional information | |||||||||
Share-based compensation expenses allocated from Jimu Parent | ¥ | ¥ 329 | ¥ 2,055 | ¥ 9,721 | ||||||
Unrecognized compensation cost | ¥ | ¥ 1,020 | $ 1,020 | |||||||
Restricted shares, issued | shares | 1,863,043 | ||||||||
Jimu Parent | Restricted share | |||||||||
Share based compensation expenses | |||||||||
Ordinary shares became restricted (as a percent) | 40.00% | ||||||||
Ordinary shares held by certain members of senior management | shares | 72,000,000 | ||||||||
Number of equal and continuous monthly installments upon meting the vesting criteria | installment | 60 | ||||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 0.42 | $ 0.45 |
Share based compensation expe_5
Share based compensation expenses - Share options issued by Pintec (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jul. 31, 2018$ / sharesshares | May 31, 2018$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018$ / shares | Dec. 31, 2020$ / shares | May 31, 2019$ / shares |
Share based compensation expenses | ||||||||||
Exercise price | $ 0.000125 | |||||||||
Options Outstanding | ||||||||||
Granted (in shares) | shares | 740,000 | 16,042,500 | ||||||||
Additional Information | ||||||||||
Share-based compensation expenses | $ 1,824 | ¥ 11,898 | ¥ 17,847 | ¥ 131,260 | ||||||
Intrinsic value of options exercised | ¥ | ¥ 0 | |||||||||
Fair value assumptions | ||||||||||
Fair value of the underlying shares on the date of option grants | $ 1.4506 | $ 1.2785 | ||||||||
Second Share Incentive Plan [Member] | ||||||||||
Additional Information | ||||||||||
Share based compensation by share based payment arrangement percentage of outstanding stock eligible to be issued as stock options | 2.00% | 2.00% | ||||||||
Options expiration period | 10 years | 10 years | ||||||||
Service-based share options | ||||||||||
Options Outstanding | ||||||||||
Granted (in shares) | shares | 4,500,000 | 4,500,000 | ||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | $ 0.2018 | $ 1.2967 | ||||||||
Additional Information | ||||||||||
Share-based compensation expenses | ¥ | ¥ 8,186 | (5,333) | 94,764 | |||||||
Intrinsic value of options exercised | ¥ | 2,365 | ¥ 46,558 | ¥ 0 | |||||||
Weighted average grant date fair value of options granted | 0.2018 | 1.2967 | ||||||||
Service-based share options | Jimu Holdings Limited Formerly Known As Pintec Holdings Limited Member [Member] | ||||||||||
Weighted-Average Grant-Date Fair Value | ||||||||||
Granted (in dollars per share) | $ 0.1599 | |||||||||
Additional Information | ||||||||||
Unrecognized share-based compensation expenses | ¥ | ¥ 1,268 | |||||||||
Weighted average grant date fair value of options granted | $ 0.1599 | |||||||||
Minimum | Service-based share options | ||||||||||
Fair value assumptions | ||||||||||
Expected volatility | 40.61% | 40.61% | 31.92% | |||||||
Risk-free interest rate, maximum (per annum) | 0.73% | 0.73% | 2.10% | |||||||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 3 years 9 months 18 days | |||||||
Fair value of the underlying shares on the date of option grants | 0.07 | 1.28 | $ 0.11 | |||||||
Maximum | Service-based share options | ||||||||||
Fair value assumptions | ||||||||||
Expected volatility | 40.83% | 40.83% | 38.78% | 46.00% | ||||||
Risk-free interest rate, maximum (per annum) | 0.87% | 0.87% | 1.78% | 3.19% | ||||||
Exercise multiples | 2.20% | 2.20% | 2.20% | 2.20% | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
Expected term (in years) | 6 years 3 months | 6 years 3 months | 10 years | 10 years | ||||||
Fair value of the underlying shares on the date of option grants | $ 0.55 | $ 1.59 | $ 0.18 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | Mar. 21, 2019CNY (¥) | Sep. 30, 2020CNY (¥) | Dec. 31, 2020USD ($)director | Dec. 31, 2020CNY (¥)director | Dec. 31, 2019CNY (¥)director | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) |
Related party transactions | |||||||||
Cost and expenses allocated from the related party | ¥ 24,994 | ¥ 48,687 | |||||||
Interest income from loans to the related party | (43,156) | ||||||||
Share-based compensation awards to employees of the related party | ¥ 3,471 | (34,684) | |||||||
Net cash advances (to)/from the related party | $ (45) | (293) | 697,754 | 445,319 | |||||
Loans provided to the related party | (6,130) | (40,000) | (137,000) | (52,048) | |||||
Principal of loans collected from the related party | 6,130 | 40,000 | 122,000 | 52,048 | |||||
Principal of borrowings proceeds from the related party | 26,711 | ||||||||
Principal of borrowings repaid to the related party | (23,831) | (32,150) | |||||||
Equity transfer consideration paid to the related party | (23,000) | ||||||||
Amounts due from related parties | 5 | ¥ 30 | ¥ 64 | ||||||
Allowance for credit losses, due from related parties current | (851,249) | (748,427) | |||||||
Allowance for credit losses, due from related parties noncurrent | (7,369) | (107,589) | |||||||
Additional provision for allowance for credit losses | 7,818 | 890,700 | |||||||
Increase in amounts due from related party current | $ 1,238 | ¥ 8,076 | (83,020) | (33,352) | |||||
Ganzhou Micro Finance | |||||||||
Related party transactions | |||||||||
Acquisition of Ganzhou Micro Finance from the related party | ¥ 230,000 | 230,000 | |||||||
Equity interest (as a percent) | 100.00% | ||||||||
Financing transactions | Ganzhou Micro Finance | |||||||||
Related party transactions | |||||||||
Acquisition of Ganzhou Micro Finance from the related party | ¥ 230,000 | ||||||||
BBAE Holdings Limited | |||||||||
Related party transactions | |||||||||
Number of common directors of the board of directors | director | 1 | 1 | 1 | ||||||
Beijing Liangduo and Changsha Liangduo | Transactions recorded through statement of operations and comprehensive (loss)/income | |||||||||
Related party transactions | |||||||||
Collection service fees charged by Beijing Liangduo and Changsha Liangduo | ¥ 32,176 | ¥ 63,400 | 58,192 | ||||||
Jimu Group | |||||||||
Related party transactions | |||||||||
Acquisition of Ganzhou Micro Finance from the related party | 10,000 | ||||||||
Amounts due from related parties | ¥ 851,249 | 748,427 | |||||||
Due to related parties, offset against recievables | 959,073 | ||||||||
Allowance for credit losses, due from related parties current | 748,427 | ||||||||
Allowance for credit losses, due from related parties noncurrent | 107,589 | ||||||||
Increase in amounts due from related party current | (7,398) | ||||||||
Jimu Group | Transactions recorded through statement of operations and comprehensive (loss)/income | |||||||||
Related party transactions | |||||||||
Cost and expenses allocated from the related party | 3,712 | 24,994 | 48,687 | ||||||
Service cost charged by the related party | 200,163 | 529,593 | |||||||
Interest income from loans to the related party | (31) | (43,156) | |||||||
Interest expense on borrowings from the related party | 213 | 4,094 | |||||||
Jimu Group | Operating transactions | |||||||||
Related party transactions | |||||||||
Technical service fee collected by the related party on behalf of the Group | (64,078) | ||||||||
Payment for guarantee deposit to the related party | (24,788) | (100,269) | |||||||
Loan interests collected from the related party | 3,310 | ||||||||
Borrowing interests paid to the related party | (2,047) | (2,259) | |||||||
Share-based compensation awards to employees of the related party | 3,471 | (34,684) | |||||||
Collecting principal and interests from borrowers on behalf of the related party | 363,342 | ||||||||
Cash repayment to Jimu Group | (100,000) | ||||||||
Amounts due from related parties | 64,078 | ||||||||
Jimu Group | Financing transactions | |||||||||
Related party transactions | |||||||||
Net cash advances (to)/from the related party | 293 | (697,754) | (445,319) | ||||||
Loans provided to the related party | (40,000) | (137,000) | (52,048) | ||||||
Principal of loans collected from the related party | 40,000 | 122,000 | 52,048 | ||||||
Principal of borrowings proceeds from the related party | 26,711 | ||||||||
Principal of borrowings repaid to the related party | (23,831) | ¥ (32,150) | |||||||
Equity transfer consideration paid to the related party | (23,000) | ||||||||
Jimu Group | Financing transactions | US dominated | |||||||||
Related party transactions | |||||||||
Interest rate (as a percent) | 3.50% | 3.50% | |||||||
Principal Amount | $ | $ 18,401 | ||||||||
Jimu Group | Financing transactions | RMB dominated | |||||||||
Related party transactions | |||||||||
Interest rate (as a percent) | 11.00% | 11.00% | |||||||
Principal Amount | ¥ 154,598 | ||||||||
Jimu Group | Financing transactions | RMB dominated | Minimum | Short-term Debt | |||||||||
Related party transactions | |||||||||
Interest rate (as a percent) | 7.00% | 7.00% | |||||||
Jimu Group | Financing transactions | RMB dominated | Minimum | Debt | |||||||||
Related party transactions | |||||||||
Interest rate (as a percent) | 12.00% | ||||||||
Jimu Group | Financing transactions | RMB dominated | Maximum | Debt | |||||||||
Related party transactions | |||||||||
Interest rate (as a percent) | 12.13% | ||||||||
Jimu Group | Techincal Service Fee Borrowers | |||||||||
Related party transactions | |||||||||
Amounts due from related parties | ¥ 7,495 | ||||||||
Jimu Group | Consultancy Fee From Borrowers | |||||||||
Related party transactions | |||||||||
Amounts due from related parties | 55,583 | ||||||||
Jimu Group | Other Receivables | |||||||||
Related party transactions | |||||||||
Amounts due from related parties | ¥ 1,000 | ||||||||
Jimu Group | Shengyuan [Member] | |||||||||
Related party transactions | |||||||||
Repayment of principal and interest collected from borrowers to Shengyuan on behalf of Jimu group | ¥ 100,000 | ||||||||
Beijing Liangduo Science and Technology Co. Ltd | |||||||||
Related party transactions | |||||||||
Equity interests (as a percent) | 18.00% | 18.00% | 18.00% | 18.00% | |||||
Changsha Liangduo Business Consulting Co.,Ltd | Beijing Liangduo Science and Technology Co. Ltd | |||||||||
Related party transactions | |||||||||
Equity interests (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Qilehui | |||||||||
Related party transactions | |||||||||
Acquisition of Ganzhou Micro Finance from the related party | ¥ 10,000 | ||||||||
Additional Cash consideration | ¥ 13,000 | ||||||||
Equity interest (as a percent) | 100.00% | 100.00% |
Related party transactions - Ba
Related party transactions - Balances with the major related parties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Amounts due from related parties – current: | |||
Amounts due from related parties | $ 5 | ¥ 30 | ¥ 64 |
Allowance for credit losses | (851,249) | (748,427) | |
Total current amounts due from related parties | 851,279 | 748,491 | |
Due from Related Parties, Noncurrent | 7,369 | 10,000 | |
Total current amounts due from related parties, net | 5 | 30 | 64 |
Allowance for credit losses | (7,369) | (107,589) | |
Total noncurrent amounts due from related parties, net | 7,369 | 10,000 | |
Amounts due to related parties – current: | |||
Amounts due to related parties | $ 41,597 | 271,419 | 10,191 |
Jimu Group | |||
Amounts due from related parties – current: | |||
Amounts due from related parties | 851,249 | 748,427 | |
Allowance for credit losses | 748,427 | ||
Due from Related Parties, Noncurrent | 117,589 | ||
Total current amounts due from related parties, net | 851,249 | 748,427 | |
Allowance for credit losses | 107,589 | ||
Total noncurrent amounts due from related parties, net | 117,589 | ||
Amounts due to related parties – current: | |||
Amounts due to related parties | 265,974 | 4,503 | |
Other related parties | |||
Amounts due from related parties – current: | |||
Amounts due from related parties | 30 | 64 | |
Total current amounts due from related parties, net | 30 | 64 | |
Amounts due to related parties – current: | |||
Amounts due to related parties | ¥ 5,445 | ¥ 5,688 |
Related party transactions - Su
Related party transactions - Summary Of Movement Of Allowance For Credit Losses On Amounts Due From Related Parties (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Due From Related Parties Allowance For Credit Losses [Line Items] | ||
Begining balance | ¥ 856,016 | |
Additions | 7,818 | ¥ 890,700 |
Charge-offs | 3,471 | (34,684) |
Foreign currency exchange differences | (8,687) | |
Ending balance | ¥ 858,618 | ¥ 856,016 |
Defined contribution plan (Deta
Defined contribution plan (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employee benefit expenses | ¥ 10,613 | ¥ 29,936 | ¥ 34,225 |
Loss per share (Details)
Loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders | $ (45,048) | ¥ (293,935) | ¥ (905,895) | ¥ 2,171 |
Accretion on Pre-IPO Preferred Shares redemption value | ¥ | (76,770) | |||
Net loss attributable to ordinary shareholders | $ (45,048) | ¥ (293,935) | ¥ (905,895) | ¥ (74,599) |
Denominator: | ||||
Weighted average ordinary shares outstanding-basic and diluted | shares | 297,334,389 | 297,334,389 | 282,129,663 | 101,094,197 |
Loss per ordinary share basic and diluted | (per share) | $ (0.15) | ¥ (0.99) | ¥ (3.21) | ¥ (0.74) |
Loss per share (Parenthetical)
Loss per share (Parenthetical) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share | 64,198,232 | 23,228,585 | 29,658,727 |
Commitments and contingencies -
Commitments and contingencies - Operating lease commitment (Details) - Office rental - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Payment due by schedule | |||
Less than 1 year | ¥ 10,926 | ||
1 - 2 years | 15,556 | ||
2 - 3 years | 14,456 | ||
More than 3 years | 7,228 | ||
Total | 48,166 | ||
Operating lease expenses | ¥ 16,410 | ¥ 18,624 | ¥ 14,250 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent event - Non Voting Equity Shares - shares | Apr. 12, 2021 | Apr. 09, 2021 |
Riche Bright Securities | Hong Kong | ||
Subsequent Event [Line Items] | ||
Business acquistion equity interest issued or issuable shares | 35,000,000 | |
Shenzen Ji Shengtai Technology Company Limited | China | ||
Subsequent Event [Line Items] | ||
Business acquistion equity interest issued or issuable shares | 38,098,200 | |
Business acquisition contingent consideration shares issuable shares | 45,098,200 |
Parent company only condensed_3
Parent company only condensed financial information - Balance sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | $ 57,802 | ¥ 377,160 | $ 15,748 | ¥ 102,755 | ¥ 457,442 | ¥ 370,891 |
Prepayments and other current assets | 10,141 | 66,160 | 78,330 | |||
Total current assets | 110,485 | 720,901 | 1,159,856 | |||
Non-current assets: | ||||||
Long-term investments | 18,571 | 121,179 | 108,603 | 58,038 | ||
Total non-current assets | 39,478 | 257,603 | 400,743 | |||
TOTAL ASSETS | 149,963 | 978,504 | 1,560,599 | |||
Current liabilities: | ||||||
Accrued expenses and other liabilities | 9,158 | 59,754 | 157,945 | |||
Total current liabilities | 79,939 | 521,605 | 1,081,588 | |||
Non- current liabilities | ||||||
Total non-current liabilities | 62,659 | 408,849 | 120,291 | |||
TOTAL LIABILITIES | 142,598 | 930,454 | 1,201,879 | |||
Commitments and contingencies (Note 26) | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Additional paid-in capital | 304,336 | 1,985,792 | 1,977,365 | |||
Accumulated other comprehensive income | 3,052 | 19,913 | 42,890 | |||
Accumulated deficit | (330,372) | (2,155,679) | (1,860,640) | |||
Total shareholders' equity (deficit) | (18,227) | (118,937) | 189,528 | |||
TOTAL LIABILITIES AND EQUITY | 149,963 | 978,504 | 1,560,599 | |||
Class A Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Ordinary shares | $ 36 | ¥ 232 | ¥ 212 | |||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.000125 | $ 0.000125 | ||||
Ordinary shares authorized (in shares) | 1,750,000,000 | 1,750,000,000 | 348,217,505 | 348,217,505 | ||
Ordinary shares outstanding (in shares) | 247,852,996 | 247,852,996 | 244,499,207 | 244,499,207 | ||
Class B Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Ordinary shares | $ 6 | ¥ 42 | ¥ 42 | |||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.000125 | $ 0.000125 | ||||
Ordinary shares authorized (in shares) | 250,000,000 | 250,000,000 | 51,782,495 | 51,782,495 | ||
Ordinary shares outstanding (in shares) | 50,939,520 | 50,939,520 | 50,939,520 | 50,939,520 | ||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 531 | ¥ 3,467 | $ 1,166 | ¥ 7,608 | ¥ 69,194 | ¥ 182,307 |
Prepayments and other current assets | 54 | 352 | 224 | |||
Amounts due from subsidiaries of the Company | 46,865 | 305,780 | 631,080 | |||
Total current assets | 47,450 | 309,599 | 638,912 | |||
Non-current assets: | ||||||
Long-term investments | ¥ | 13,445 | |||||
Total non-current assets | ¥ | 13,445 | |||||
TOTAL ASSETS | 47,450 | 309,599 | 652,357 | |||
Current liabilities: | ||||||
Amounts due to subsidiaries of the Company | 63,690 | 415,572 | 444,316 | |||
Accrued expenses and other liabilities | 1,841 | 12,010 | 10,531 | |||
Total current liabilities | 65,531 | 427,582 | 454,847 | |||
Non- current liabilities | ||||||
Consideration payable for acquisition | 146 | 954 | 7,982 | |||
Total non-current liabilities | 146 | 954 | 7,982 | |||
TOTAL LIABILITIES | 65,677 | 428,536 | 462,829 | |||
Commitments and contingencies (Note 26) | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Additional paid-in capital | 304,336 | 1,985,792 | 1,977,365 | |||
Accumulated other comprehensive income | 3,052 | 19,913 | 42,890 | |||
Accumulated deficit | (325,657) | (2,124,916) | (1,830,981) | |||
Total shareholders' equity (deficit) | (18,227) | (118,937) | 189,528 | |||
TOTAL LIABILITIES AND EQUITY | 47,450 | 309,599 | 652,357 | |||
Parent Company | Class A Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Ordinary shares | $ 36 | ¥ 232 | ¥ 212 | |||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.000125 | $ 0.000125 | ||||
Ordinary shares authorized (in shares) | 348,217,505 | 348,217,505 | 348,217,505 | 348,217,505 | ||
Ordinary shares outstanding (in shares) | 247,852,996 | 247,852,996 | 244,499,207 | 244,499,207 | ||
Parent Company | Class B Ordinary Shares | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Ordinary shares | $ 6 | ¥ 42 | ¥ 42 | |||
Ordinary shares par value (in dollars per share) | $ / shares | $ 0.000125 | $ 0.000125 | ||||
Ordinary shares authorized (in shares) | 51,782,495 | 51,782,495 | 51,782,495 | 51,782,495 | ||
Ordinary shares outstanding (in shares) | 50,939,520 | 50,939,520 | 50,939,520 | 50,939,520 |
Parent company only condensed_4
Parent company only condensed financial information - Condensed statements of operations and comprehensive loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Operating expenses: | ||||
Sales and marketing expenses | $ (6,850) | ¥ (44,697) | ¥ (69,593) | ¥ (99,671) |
General and administrative expenses | (22,644) | (147,753) | (1,095,311) | (312,979) |
Research and development expenses | (5,750) | (37,521) | (79,079) | (94,989) |
Total operating expenses | (45,874) | (299,329) | (1,243,983) | (507,639) |
Change in fair value of convertible loans | (9,552) | |||
Share of loss from equity method investments | (1,766) | (11,523) | (8,149) | (2,652) |
Other (expense)/ income, net | (1,942) | (12,674) | (11,094) | 8,822 |
Income/(loss) before income tax expense | (37,846) | (246,944) | (904,522) | 7,880 |
Income tax expense | (7,540) | (49,196) | (1,968) | (5,709) |
Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders | (45,048) | (293,935) | (905,895) | 2,171 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments net of nil tax | (22,556) | 11,876 | 30,173 | |
Total comprehensive income/(loss) attributable to Pintec Technology Holdings Limited shareholders | (48,569) | (316,912) | (894,019) | 32,344 |
Parent Company | ||||
Operating expenses: | ||||
Sales and marketing expenses | (488) | (3,182) | (2,772) | (11,137) |
General and administrative expenses | (3,500) | (22,839) | (204,810) | (107,158) |
Research and development expenses | (252) | (1,644) | (3,247) | (18,675) |
Total operating expenses | (4,240) | (27,665) | (210,829) | (136,970) |
Change in fair value of convertible loans | (9,553) | |||
Equity in (loss)/gain of subsidiaries | (39,173) | (255,604) | (694,808) | 141,454 |
Share of loss from equity method investments | (1,486) | (9,697) | (5,972) | (1,689) |
Other (expense)/ income, net | (149) | (969) | (1,318) | 8,929 |
Interest income from related parties | 7,032 | |||
Income/(loss) before income tax expense | (45,048) | (293,935) | (905,895) | 2,171 |
Income tax expense | ||||
Net income/(loss) attributable to Pintec Technology Holdings Limited shareholders | (45,048) | (293,935) | (905,895) | 2,171 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments net of nil tax | (3,521) | (22,977) | 11,876 | 30,173 |
Total other comprehensive income | (3,521) | (22,977) | 11,876 | 30,173 |
Total comprehensive income/(loss) attributable to Pintec Technology Holdings Limited shareholders | $ (48,569) | ¥ (316,912) | ¥ (894,019) | ¥ 32,344 |
Parent company only condensed_5
Parent company only condensed financial information - Condensed statements of cash flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Cash flows from operating activities: | ||||
Net cash used in operating activities | $ 8,730 | ¥ 56,963 | ¥ 175,079 | ¥ 231,908 |
Cash flows from investing activities: | ||||
Net cash advances to subsidiaries | (6,130) | (40,000) | (137,000) | (52,048) |
Net cash advances to Jimu Group | 45 | 293 | (697,754) | (445,319) |
Loan provided to a third party | (137,264) | |||
Purchase of long-term investments | (6,359) | (41,494) | (91,500) | (19,259) |
Collection of cash advance from Jimu Group | 6,130 | 40,000 | 122,000 | 52,048 |
Net cash provided by/(used in) investing activities | 29,521 | 192,619 | (538,702) | 280,595 |
Cash flows from financing activities: | ||||
Proceeds from issuance of convertible loans | 61,303 | 400,000 | 21,730 | |
Proceeds from issuance of Pre-IPO Preferred Shares | 410,286 | |||
Proceeds from initial public offering and followed offering, net of underwriting discount and commissions | 316,451 | |||
Proceeds from exercise of Share-based options | 3 | 20 | 26 | |
Net cash (used in)/provided by financing activities | (43,929) | (286,639) | 224,372 | (200,085) |
Cash and cash equivalents at beginning of the year | 15,748 | 102,755 | 457,442 | 370,891 |
Cash and cash equivalents at end of the year | 57,802 | 377,160 | 102,755 | 457,442 |
Parent Company | ||||
Cash flows from operating activities: | ||||
Net cash used in operating activities | (3,216) | (20,972) | (7,261) | (9,529) |
Cash flows from investing activities: | ||||
Net cash advances to subsidiaries | 11,377 | 74,238 | (203,956) | (579,141) |
Net cash advances to Jimu Group | (146,765) | |||
Loan provided to a third party | (137,264) | |||
Purchase of long-term investments | (19,259) | |||
Collection of cash advance from Jimu Group | 20,603 | |||
Collection of loan from a third party | 135,296 | |||
Purchase of Infrarisk, net of cash acquired (Note 4) | (753) | (4,911) | (3,650) | |
Investment in a subsidiary | (5,196) | |||
Net cash provided by/(used in) investing activities | 10,624 | 69,327 | (56,903) | (882,429) |
Cash flows from financing activities: | ||||
Proceeds from issuance of convertible loans | 21,730 | |||
Proceeds from issuance of Pre-IPO Preferred Shares | 410,286 | |||
Proceeds from initial public offering and followed offering, net of underwriting discount and commissions | 316,451 | |||
Proceeds from exercise of Share-based options | 3 | 20 | 26 | |
Net cash (used in)/provided by financing activities | 3 | 20 | 26 | 748,467 |
Effect of exchange rate changes on cash, cash equivalents | (8,046) | (52,516) | 2,552 | 30,378 |
Net increase/(decrease) in cash, cash equivalents | (635) | (4,141) | (61,586) | (113,113) |
Cash and cash equivalents at beginning of the year | 1,166 | 7,608 | 69,194 | 182,307 |
Cash and cash equivalents at end of the year | $ 531 | ¥ 3,467 | ¥ 7,608 | ¥ 69,194 |