Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Lufax Holding Ltd |
Entity Central Index Key | 0001816007 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Address, Country | CN |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1,231,150,560 |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Ordinary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par valueUS$0.00001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
American depositary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (two American depositary shares representing one ordinary share, par value US$0.00001 per share) |
Trading Symbol | LU |
Security Exchange Name | NYSE |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | |
Income Statement [Line Items] | |||
Technology platform-based income | ¥ 41,221,842 | ¥ 41,929,077 | ¥ 32,221,439 |
Retail credit facilitation service fees | 39,456,904 | 39,324,848 | 29,575,994 |
Wealth management transaction and service fees | 1,764,938 | 2,604,229 | 2,645,445 |
Net interest income | 7,750,460 | 3,909,196 | 5,894,481 |
Guarantee income | 601,644 | 464,743 | 813,789 |
Other income | 1,517,042 | 878,868 | 507,536 |
Investment income | 939,899 | 579,077 | 1,016,551 |
Share of net profits of investments accounted for using the equity method | 14,837 | 72,807 | 45,763 |
Total income | 52,045,724 | 47,833,768 | 40,499,559 |
Total expenses | |||
Sales and marketing expenses | (17,813,557) | (14,931,096) | (10,766,966) |
General and administrative expenses | (2,975,544) | (2,853,049) | (2,796,098) |
Operation and servicing expenses | (6,031,297) | (5,471,468) | (4,366,516) |
Technology and analytics expenses | (1,792,081) | (1,952,260) | (1,658,733) |
Credit impairment losses | (3,035,188) | (1,862,745) | (934,594) |
Asset impairment losses | (7,168) | (134,516) | (7,492) |
Finance costs | (2,865,654) | (1,519,907) | (900,263) |
Other gains/(losses) - net | 384,270 | 325,114 | (419,637) |
Total expenses | (34,136,219) | (28,399,927) | (21,850,299) |
Profit before income tax | 17,909,505 | 19,433,841 | 18,649,260 |
Less: Income tax expenses | (5,633,265) | (6,116,697) | (5,073,326) |
Net profit for the year | 12,276,240 | 13,317,144 | 13,575,934 |
Net profit/(loss) attributable to: | |||
Owners of the Company | 12,354,114 | 13,332,431 | 13,619,928 |
Non-controlling interests | (77,874) | (15,287) | (43,994) |
Net profit for the year | 12,276,240 | 13,317,144 | 13,575,934 |
Other comprehensive income/(loss), net of tax: | |||
-Exchange differences on translation of foreign operations | 614,651 | (176,833) | (267,427) |
Total comprehensive income for the year | 12,890,891 | 13,140,311 | 13,308,507 |
Total comprehensive income attributable to: | |||
Owners of the Company | 12,968,513 | 13,155,598 | 13,352,501 |
Non-controlling interests | (77,622) | (15,287) | (43,994) |
Total comprehensive income for the year | ¥ 12,890,891 | ¥ 13,140,311 | ¥ 13,308,507 |
Earnings per share (expressed in RMB per share) | |||
-Basic earnings per share | ¥ / shares | ¥ 11.19 | ¥ 12.27 | ¥ 12.65 |
-Diluted earnings per share | ¥ / shares | 11.10 | 12.27 | 12.65 |
Ordinary shares [member] | |||
Earnings per share (expressed in RMB per share) | |||
-Basic earnings per share | ¥ / shares | 11.19 | 12.27 | 12.65 |
-Diluted earnings per share | ¥ / shares | 11.10 | ¥ 12.27 | ¥ 12.65 |
American depositary shares [member] | |||
Earnings per share (expressed in RMB per share) | |||
-Basic earnings per share | (per share) | 5.59 | ||
-Diluted earnings per share | ¥ / shares | ¥ 5.55 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash at bank | ¥ 24,158,568 | ¥ 7,352,394 |
Restricted cash | 23,029,588 | 24,602,779 |
Financial assets at fair value through profit or loss | 34,423,897 | 18,583,056 |
Financial assets at amortized cost | 6,563,969 | 8,623,012 |
Financial assets purchased under reverse repurchase agreements | 700,007 | |
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 |
Loans to customers | 119,825,814 | 47,498,512 |
Deferred tax assets | 3,358,664 | 3,000,156 |
Property and equipment | 424,043 | 517,237 |
Investments accounted for using the equity method | 489,931 | 434,770 |
Intangible assets | 1,882,462 | 1,896,575 |
Right-of-use assets | 973,547 | 914,960 |
Goodwill | 9,046,830 | 9,046,830 |
Other assets | 686,949 | 766,795 |
Total assets | 248,890,247 | 149,533,514 |
LIABILITIES | ||
Payable to platform investors | 9,114,906 | 15,344,417 |
Borrowings | 10,315,445 | 2,989,862 |
Current income tax liabilities | 2,610,610 | 1,264,027 |
Accounts and other payables and contract liabilities | 5,483,757 | 4,826,010 |
Payable to investors of consolidated structured entities | 110,367,718 | 47,243,050 |
Financing guarantee liabilities | 748,674 | 242,749 |
Deferred tax liabilities | 5,733,733 | 5,311,972 |
Lease liabilities | 979,419 | 939,089 |
Convertible promissory note payable | 10,117,188 | 10,014,377 |
Convertible redeemable preferred shares | 10,258,898 | |
Optionally convertible promissory notes | 7,530,542 | |
Other liabilities | 2,736,934 | 2,953,646 |
Total liabilities | 165,738,926 | 101,388,097 |
EQUITY | ||
Share capital | 77 | 69 |
Share premium | 33,213,426 | 14,113,311 |
Treasury shares | (2) | (2) |
Other reserves | 7,418,710 | 4,582,291 |
Retained earnings | 40,927,597 | 29,345,949 |
Total equity attributable to owners' of the Company | 81,559,808 | 48,041,618 |
Non-controlling interests | 1,591,513 | 103,799 |
Total equity | 83,151,321 | 48,145,417 |
Total liabilities and equity | ¥ 248,890,247 | ¥ 149,533,514 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - CNY (¥) ¥ in Thousands | Total | Share capital [member] | Share premium [member] | Treasury shares [member] | Other reserves [member] | Retained earnings [member] | Total [member] | Non-controlling interests [member] |
Beginning balance at Dec. 31, 2017 | ¥ 21,175,134 | ¥ 67 | ¥ 10,870,339 | ¥ (1) | ¥ 7,119,594 | ¥ 2,617,302 | ¥ 20,607,301 | ¥ 567,833 |
Net profit for the year | 13,575,934 | 13,619,928 | 13,619,928 | (43,994) | ||||
Other comprehensive income (loss) | (267,427) | (267,427) | (267,427) | |||||
Total comprehensive income for the year | 13,308,507 | (267,427) | 13,619,928 | 13,352,501 | (43,994) | |||
Transactions with equity holders/owners | ||||||||
Value of conversion rights -convertible redeemable preferred shares | 218,050 | 218,050 | 218,050 | |||||
Acquisition of non-controlling Interests of a subsidiary | 1 | 3,242,972 | (2,619,888) | 623,085 | (623,085) | |||
Contributions from non-controlling interests | 118,000 | 118,000 | ||||||
Share-based payment | 128,158 | 128,187 | 128,187 | (29) | ||||
Ending balance at Dec. 31, 2018 | 34,947,849 | 68 | 14,113,311 | (1) | 4,578,516 | 16,237,230 | 34,929,124 | 18,725 |
Net profit for the year | 13,317,144 | 13,332,431 | 13,332,431 | (15,287) | ||||
Other comprehensive income (loss) | (176,833) | (176,833) | (176,833) | |||||
Total comprehensive income for the year | 13,140,311 | (176,833) | 13,332,431 | 13,155,598 | (15,287) | |||
Transactions with equity holders/owners | ||||||||
Issuance of shares held for employee incentive plan | 1 | (1) | ||||||
Value of conversion rights -convertible redeemable preferred shares | 11,956 | 11,956 | 11,956 | |||||
Contributions from non-controlling interests | 100,744 | 100,744 | ||||||
Appropriations to general reserve | 223,712 | (223,712) | ||||||
Share-based payment | (55,443) | (55,060) | (55,060) | (383) | ||||
Ending balance at Dec. 31, 2019 | 48,145,417 | 69 | 14,113,311 | (2) | 4,582,291 | 29,345,949 | 48,041,618 | 103,799 |
Net profit for the year | 12,276,240 | 12,354,114 | 12,354,114 | (77,874) | ||||
Other comprehensive income (loss) | 614,651 | 614,399 | 614,399 | 252 | ||||
Total comprehensive income for the year | 12,890,891 | 614,399 | 12,354,114 | 12,968,513 | (77,622) | |||
Transactions with equity holders/owners | ||||||||
C-round restructuring | 1,295,658 | 1,295,658 | 1,295,658 | |||||
Issuance of ordinary shares upon initial public offering("IPO") and exercise of over-allotment option | 17,305,126 | 7 | 17,305,119 | 17,305,126 | ||||
Conversion of Class C ordinary shares and automatically convertible promissory notes to ordinary shares upon IPO | 1,784,729 | 1 | 1,794,996 | (10,268) | 1,784,729 | |||
Contributions from non-controlling interests | 1,564,252 | 1,564,252 | ||||||
Appropriations to general reserve | 772,466 | (772,466) | ||||||
Share-based payment | 165,248 | 164,164 | 164,164 | 1,084 | ||||
Ending balance at Dec. 31, 2020 | ¥ 83,151,321 | ¥ 77 | ¥ 33,213,426 | ¥ (2) | ¥ 7,418,710 | ¥ 40,927,597 | ¥ 81,559,808 | ¥ 1,591,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Cash generated from operating activities | ¥ 11,344,711 | ¥ 6,422,582 | ¥ 1,537,249 |
Income tax paid | (4,223,429) | (4,230,688) | (2,989,616) |
Net cash generated from / (used in) operating activities | 7,121,282 | 2,191,894 | (1,452,367) |
Cash flows from investing activities | |||
Proceeds from sale of investment assets | 153,462,665 | 118,648,110 | 134,989,169 |
Proceeds from sale of property and equipment | 3,055 | 8,401 | 46,625 |
Interest received on investment assets | 1,238,619 | 801,740 | 759,333 |
Net cash received from disposal of subsidiary | 276 | ||
Payment for acquisition of investment assets | (169,461,270) | (128,570,535) | (132,109,150) |
Payment for property and equipment and other long-term assets | (206,496) | (181,746) | (269,894) |
Payment for acquisition of subsidiary, net of cash acquired | (40,323) | (1,719,481) | 77,226 |
Net cash generated from/(used in) investing activities | (15,003,750) | (11,013,511) | 3,493,585 |
Cash flows from financing activities | |||
Proceeds from issuance of shares and other equity securities | 18,907,992 | 677,773 | 9,230,364 |
Including: Proceeds from capital contribution from the non-controlling shareholder of a subsidiary | 1,564,252 | 100,744 | |
Proceeds from borrowings | 10,589,599 | 4,492,266 | 1,944,928 |
Repayment of borrowings | (2,875,672) | (6,710,036) | (11,697,792) |
Payment for lease liabilities | (596,575) | (572,635) | (561,520) |
Payment for interest expenses | (1,151,421) | (499,493) | (923,562) |
Net cash generated from/(used in) financing activities | 24,873,923 | (2,612,125) | (2,007,582) |
Effect of exchange rate changes on cash and cash equivalents | (517,865) | 169,713 | (85,747) |
Net increase/ (decrease) in cash and cash equivalents | 16,473,590 | (11,264,029) | (52,111) |
Add: Cash and cash equivalents at the beginning of the year | 7,312,061 | 18,576,090 | 18,628,201 |
Cash and cash equivalents at the end of the year | ¥ 23,785,651 | ¥ 7,312,061 | ¥ 18,576,090 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
General information | 1 General information Lufax Holding Ltd (the “Company”) was incorporated in the Cayman Islands on December 2, 2014 as an exempted company with limited liability under the Companies Act (Revised) of the Cayman Islands KY1-1111, The Company is an investment holding company and with its consolidated subsidiaries and consolidated structured entities that are controlled through contractual arrangements (“Consolidated Affiliated Entities”, or “OPCO”) (collectively referred to as the “Group”) are principally engaged in retail credit facilitation and wealth management businesses in the People’s Republic of China (the “PRC”). |
History And Reorganization of T
History And Reorganization of The Group | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
History and reorganization of the Group | 2 History and reorganization of the Group The history of the Group’s retail credit business dates back to August 2005, when Ping An Insurance (Group) Company of China, Ltd. (together with its subsidiaries hereinafter “Ping An Group”) launched a consumer loan business in Shenzhen, China. The history of the wealth management business dates back to September 2011, when Ping An Group established Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. as its wealth management subsidiary at the time. From 2014 to 2016, the Group underwent a series of reorganizations and established retail credit business and wealth management business as its major businesses. On June 12, 2018, the Company issued 22,146,871 Class A ordinary shares to Honor Reliance Development Limited in exchange for 40% equity interest in each of Pingan Jixin (Shanghai) Investment Management Co., Ltd. (hereinafter “Pingan Jixin”) and Chongqing Chongjinsuo Enterprise Management Company. In November, 2019, the China Banking and Insurance Regulatory Commission (“CBIRC”) approved the establishment of Ping An Consumer Finance Co., Ltd. (“Ping An Consumer Finance”). The Group subscribed RMB3.5 billion or 70% of the equity interest of Ping An Consumer Finance while Ping An Group subscribed RMB1.5 billion or 30%. Ping An Consumer Finance obtained opening approval of CBIRC in March, 2020 and started operating the consumer finance business from April, 2020. On November 29, 2018 and January 31, 2019, the Group completed two batches of C-round On September 30, 2020, the Company issued automatically convertible promissory notes and optionally convertible promissory notes (collectively, “Convertible Notes”) in a total principal amount of USD1,362 million to certain holders of the Class C ordinary shares, in exchange for a total of 45,287,111 Class C ordinary shares held by them (collectively, the “C-round one-time On October 30, 2020, the Company’s American depositary shares (“ADSs”) commenced trading on the New York Stock Exchange under the ticker symbol “LU”. On December 1, 2020, the underwriters partially exercised their over-allotment option to purchase additional ADSs. As a result, the Company issued and sold an aggregate of 199,155,128 ADSs in its IPO (including 24,155,128 ADSs sold upon the underwriters’ partial exercise of their over-allotment option), each two ADSs representing one ordinary share, for a total of 99,577,564 ordinary shares, at the price of USD13.5 per ADS, which raised total net proceeds of USD2,581 million (equivalent to approximately RMB17,305 million) after deducting underwriting commissions and the offering expenses payable by the Company, including USD314 million sold upon the underwriters’ partial exercise of their over-allotment options. Immediately prior to the completion of the IPO, all of the Company’s issued and outstanding Class B ordinary shares and Class C ordinary shares were automatically converted into 136,859,460 Class A ordinary shares on a one-for-one re-designated one-for-one (a) As of December 31, 2020, the Company had direct or indirect interests in the principal subsidiaries and the principal consolidated affiliated entities as below. Company Name Country/place and date of Attributable Controlled through direct equity holding: Gem Blazing Limited Cayman/May 28, 2015 100 % Wincon Hong Kong Investment Company Limited Hong Kong/December 29, 2014 100 % Weikun (Shanghai) Technology Service Co., Ltd. (“Weikun Technology”) Shanghai/February 28, 2015 100 % Jinjiong (Shenzhen) Technology Service Company Ltd. Shenzhen/October 16, 2017 100 % Lufax Holding (Shenzhen) Technology Service Co., Ltd. Shenzhen/September 25, 2018 100 % Gem Alliance Limited Cayman/May 26, 2015 100 % Harmonious Splendor Limited Hong Kong/June 1, 2015 100 % Ping An Puhui Financing Guarantee Co., Ltd. Nanjing/December 25, 2007 100 % Ping An Puhui Enterprises Management Co., Ltd. Shenzhen/July 7, 2015 100 % Chongqing Jin An Microloan Limited Chongqing/December 25, 2014 100 % Ping An Puhui Investment & Consulting Co., Ltd. Shenzhen/September 5, 2005 100 % Shenzhen Ping An Puhui Microloan Co., Ltd. Shenzhen/September 19, 2010 100 % Ping An Puhui Information Services Co., Ltd. Harbin/July 18, 2016 100 % Hunan Ping An Puhui Microloan Co., Ltd. Changsha/March 31, 2017 100 % Ping An Financing Guarantee (Tianjin) Co., Ltd. Tianjin/March 12, 2012 100 % Ping An Consumer Finance Co., Ltd. Shanghai/April 9, 2020 70 % Controlled through Contractual Agreements: Shanghai Xiongguo Enterprise Management Co., Ltd. (“Xiongguo”) Shanghai/December 10, 2014 100 % Shanghai Lujiazui International Financial Assets Exchange Co., Ltd. Shanghai/September 29, 2011 100 % Shenzhen Lufax Holding Enterprise Management Co., Ltd. Shenzhen/May 23, 2018 100 % The English name of certain subsidiaries of the Group represent the best effort by the Company’s management to translate their Chinese names, as these subsidiaries do not have official English names. (b) The following table sets forth the major consolidated structured entities other than Consolidated Affiliated Entities of the Group as of December 31, 2020. Name Amount of Remaining paid- in capital of RMB’000 RMB’000 Trust A — 12,388,604 Trust B — 4,337,632 Trust C 4,080,000 4,080,000 Trust D — 3,877,281 Trust E — 2,923,086 Trust F — 2,083,265 Trust G — 2,079,247 Trust H 2,040,000 2,040,000 Trust I — 1,754,673 Trust J — 1,649,848 6,120,000 37,213,636 Beneficiary owner of certain consolidated trust plans is Ping An Group. As of December 31, 2020, the outstanding principal was RMB10,191 million (2019: RMB10,795 million). (i) The remaining paid in capital is the amount not yet paid to the investors. (c) PRC laws and regulations prohibit or restrict foreign ownership of companies that conduct certain internet-based business, which include activities and services provided by the Group. The Group operates part of its business in the PRC through a series of contractual arrangements (collectively, “Contractual Arrangements”) entered into among wholly-owned subsidiaries of the Company (“WFOE”), Consolidated Affiliated Entities and the shareholders of Consolidated Affiliated Entities (“Onshore Shareholders”) that are authorized by the Group. The Contractual Arrangements include Exclusive Equity Interest Option Agreements, Exclusive Business Cooperation Arrangements, Exclusive Asset Option Agreements, Share Pledge Agreements and Voting Trust Agreements. Under the Contractual Arrangements, the Company has the power to control the management, financial and operating policies of the Consolidated Affiliated Entities, has exposure or rights to variable returns from its involvement with the Consolidated Affiliated Entities, and has ability to use its power over the Consolidated Affiliated Entities to affect the amount of the returns. As a result, all of these Consolidated Affiliated Entities are accounted for as consolidated structured entities of the Company and their financial statements have also been consolidated by the Company. The table below sets forth the principal Consolidated Affiliated Entities of the Group as of December 31, 2020: Contract Date WFOE OPCO March 23, 2015 Weikun Technology Xiongguo March 23, 2015 Weikun Technology Shang Lujiazui International Financial Asset Exchange Co., Ltd November 21, 2018 Lufax (Shenzhen) Technology Service Co., Ltd Shenzhen Lufax Holding Enterprise Management Co., Ltd The principal terms of the Contractual Arrangements are further described below: • Exclusive Equity Interest Option Agreement Each Onshore Shareholder (which, collectively, legally own 100% of the shares of OPCO) have irrevocably and unconditionally granted WFOE an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase the equity interests in OPCO. WFOE shall be entitled to absolute discretion over the time, manner and times to exercise the option. Except for WFOE and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of OPCO held by any Onshore Shareholder. OPCO agreed to the grant by each Onshore Shareholder of the Equity Interest Purchase Option to WFOE. • Exclusive Business Cooperation Agreement OPCO appointed WFOE as OPCO’s exclusive services provider to provide OPCO with complete business support and technical and consulting services during the term of the Agreement. OPCO agreed to accept all the consultations and services provided by WFOE exclusively unless with written consent of the WFOE and to accept the consultations and services by a third party appointed by WFOE. WFOE shall provide financial support for OPCO to maintain an ordinary business. • Exclusive Asset Option Agreement OPCO irrevocably and unconditionally granted WFOE an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase the assets then held by OPCO once or at multiple times at any time in part or in whole at WFOE’s sole and absolute discretion. WFOE is entitled to absolute discretion over the time, manner and times to exercise the Option. Except for WFOE and the Designee(s), no other person shall be entitled to the Assets Purchase Option or other rights with respect to the assets of OPCO. Each Onshore Shareholder agreed to the grant by OPCO of the Assets Option to WFOE. • Share Pledge Agreement As collateral security for the prompt and complete performance of any and all obligations of each Onshore Shareholder (legally owns 100% of the shares of OPCO) under the Cooperation Agreements (collectively, the “Secured Obligations”), Onshore Shareholder pledged to WFOE a first security interest in its share of the equity interest of OPCO. • Voting trust Agreement Each Onshore Shareholder exclusively entrusted and authorized WFOE to exercise voting, management, and other shareholder rights of OPCO on its behalf. The powers and rights of WFOE granted under the said exclusive entrustment include but not limited to the following: propose, convene and attend shareholders’ meetings of OPCO; exercise all the shareholder’s rights and shareholder’s voting rights that each Onshore Shareholder is entitled to under the laws of the PRC and OPCO’s Articles of Association, including but not limited to the sale or transfer or pledge or disposition of Shares in part or in whole, and participate in dividend distributions or any other type of distribution of OPCO. (d) Risks in relation to the Consolidated Affiliated Entities In the opinion of the Company’s management, the Contractual Arrangements discussed above have resulted in the Company and WFOE having the power to direct activities that most significantly impact the Consolidated Affiliated Entities, including appointing key management, setting up operating policies, exerting financial controls and transferring profit or assets out of the Consolidated Affiliated Entities at its discretion. The Company has the power to direct activities of the Consolidated Affiliated Entities and can have assets transferred out of the Consolidated Affiliated Entities under its control. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the Consolidated Affiliated Entities. As the Company is conducting its Internet-related conduct mainly through the Consolidated Affiliated Entities, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. As the Consolidated Affiliated Entities organized in the PRC were established as limited liability companies under PRC law, their creditors do not have recourse to the general credit of WFOE for the liabilities of the Consolidated Affiliated Entities, and WFOE does not have the obligation to assume the liabilities of these Consolidated Affiliated Entities. The Company determined that the Contractual Arrangements are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce the Contractual Arrangements. On March 15, 2019, the Foreign Investment Law was formally passed by the thirteenth National People’s Congress and it has taken effect on January 1, 2020. The Foreign Investment Law has replaced the Law on Sino-Foreign Equity Joint Ventures, the Law on Sino-Foreign Cooperative Joint Ventures and the Law on Foreign-Capital Enterprises to become the legal foundation for foreign investment in the PRC. The Foreign Investment Law stipulates certain forms of foreign investment. However, the Foreign Investment Law does not explicitly stipulate contractual arrangements such as those the Company relies on as a form of foreign investment. Notwithstanding the above, the Foreign Investment Law stipulates that foreign investment includes “foreign investors investing through any other methods under laws, administrative regulations or provisions prescribed by the State Council.” Future laws, administrative regulations or provisions prescribed by the State Council may possibly regard Contractual Arrangements as a form of foreign investment. If this happens, it is uncertain whether the Contractual Arrangements with the Consolidated Affiliated Entities, its subsidiaries and its shareholders would be recognized as foreign investment, or whether the Contractual Arrangements would be deemed to be in violation of the foreign investment access requirements. As well as the uncertainty on how the Contractual Arrangements will be handled, there is substantial uncertainty regarding the interpretation and the implementation of the Foreign Investment Law. The relevant government authorities have broad discretion in interpreting the law. Therefore, there is no guarantee that the Contractual Arrangements, the business of the Consolidated Affiliated Entities and financial conditions of the Company will not be materially and adversely affected. The Company’s ability to control Consolidated Affiliated Entities also depends on rights provided to WFOEs under the Voting trust Agreement, to vote on all matters requiring shareholder approval. As noted above, the Company believes the Voting trust Agreement is legally enforceable, but they may not be as effective as direct equity ownership. In addition, if the corporate structure of the Group or the contractual arrangements among WFOEs, the Consolidated Affiliated Entities and their respective shareholders were found to be in violation of any existing PRC laws and regulations, the relevant PRC regulatory authorities could: • revoke Consolidated Affiliated Entities’ business and operating licenses; • require Consolidated Affiliated Entities to discontinue or restrict its operations; • restrict Consolidated Affiliated Entities’ right to collect revenues; • block Consolidated Affiliated Entities’ websites; • require the Group to restructure the operations, re-apply • impose additional conditions or requirements with 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. (e) The following are major financial statements amounts and balances of the Group’s Consolidated Affiliated Entities and their consolidated subsidiaries as of December 31, 2019 and 2020 and for the three years ended December 31, 2020. As of December 31, 2019 2020 RMB’000 RMB’000 Total assets 36,205,619 33,655,382 Total liabilities 37,801,141 35,391,995 Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Total income 9,202,334 3,564,138 1,571,968 Net loss (352,238 ) (2,403,015 ) (142,116 ) Net cash generated from/(used in) operating activities 163,555 (354,094 ) 684,558 Net cash used in investing activities (1,778,245 ) (8,002,289 ) (7,574,706 ) Net cash generated from financing activities 1,045,979 8,390,785 7,319,697 Effect of exchange rate changes on cash and cash equivalents — — (14 ) Net increase/(decrease) in cash (568,711 ) 34,402 429,535 Cash at the beginning of the year 1,530,832 962,121 996,523 Cash at the end of the year 962,121 996,523 1,426,058 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 3 Summary of significant accounting policies The principal accounting policies applied in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated. 3.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities (including derivative instruments) at fair value through profit or loss, which are carried at fair value. The preparation of the consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5 below. New and amended standards and interpretations adopted by the Group The Group has applied the following standards and amendments for the first time for its annual reporting period commencing January 1, 2020: • Definition of Material – amendments to IAS 1 and IAS 8 • Definition of a Business – amendments to IFRS 3 • Interest Rate Benchmark Reform – amendments to IFRS 9, IAS 39 and IFRS 7 • Revised Conceptual Framework for Financial Reporting The adoption of amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. New and amended standards and interpretations not yet adopted by the Group Certain new accounting standards and interpretations have been published that are not mandatory for 31, December 2020 reporting periods and have not been early adopted by the Group. Effective for the Phase II amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest rate benchmark (IBOR) reform January 1, 2021 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IFRS 3 Reference to the Conceptual Framework January 1, 2022 Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture To be determined. IFRS 17 Insurance contracts January 1, 2023 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use January 1, 2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current January 1, 2023 The Group does not expect that adoption of these standards will have a significant impact on the Group’s financial position or performance. 3.2 Principles of consolidation and equity accounting 3.2.1 Subsidiaries Subsidiaries are all entities (including consolidated structured entities as stated in Note 2 above) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (refer to Note 3.4). Intra-group transactions, balances and unreleased gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred assets. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling 3.2.2 Associates An associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Significant influence could be demonstrated for an investment of less than 20%, for example, by representation on the board of directors or equivalent governing body of the investee. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investments in associates include goodwill identified on acquisition, net of any accumulated impairment loss. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognized in the statement of profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income or loss. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to ‘share of profit of investments accounted for using equity method’ in the consolidated statement of comprehensive income. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Gain or losses on dilution of equity interest in associates are recognized in the consolidated statement of comprehensive income. 3.3 Structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, and the relevant activities are directly by means of contractual or related arrangements. The Group determines whether it is an agent or principal in relation to those structured entities in which the Group acts as an asset manager based on management’s judgement. If an assets manager is an agent, it acts primarily on behalf of others and so does not control the structured entity. It may be the principal if it acts primarily for itself, and therefore controls the structured entity. With respect to the Consolidated Affiliated Entities, the Group acts as a principal and the determination of the consolidation of the Consolidated Affiliated Entities is set out in Note 2. The unconsolidated structured entities in which the Group has exposure to is set out in Note 4.3. 3.4 Business combination The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition Non-controlling non-controlling Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured re-measurement Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, the amount of any non-controlling non-controlling 3.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocation of resources and assessing performance of the operating segments and make strategic decisions. The Group’s chief operating decision makers have been identified as the executive directors of the Company, who review the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole. For the purpose of internal reporting and management’s operation review, the chief operating decision makers and management personnel do not segregate the Group’s business by product or service lines. Hence, the Group has only one operating segment. In addition, the Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s assets and liabilities are substantially located in the PRC, substantially all revenues are earned and substantially all expenses are incurred in the PRC, accordingly, no geographical segments are presented. 3.6 Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The functional currency of the Company and the major overseas-incorporated subsidiaries is United States dollar (“USD”). RMB is the functional currency of the subsidiaries in the PRC. As the major operations of the Group are within the PRC, the Group determined to present its consolidated financial statement in RMB (unless otherwise stated). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in consolidated statements of comprehensive income. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statements of comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statements of comprehensive income on a net basis within other gains/ (losses). Non-monetary non-monetary non-monetary (iii) Group companies The results and financial position of all foreign operations (none of which has the currency of a hyper- inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • all resulting exchange differences are recognized in other comprehensive income. 3.7 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 3.8 Financial assets (i) Recognition The Group shall recognize a financial asset or a financial liability in its statement of financial position when, and only when, it becomes a party to the contractual provisions of the instrument. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. (ii) Classification and Measurement The Group classifies its financial assets in the following measurement categories, which depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows: • those to be measured at amortized cost (“AC”); • those to be measured at fair value through other comprehensive income (“FVOCI”); or • those to be measured at fair value through profit or loss (“FVPL”). The Group determines the classification of debt investments according to its business model and the contractual cash flow characteristics of the financial assets. The investments shall be classified as FVPL if the cash flows cannot pass solely payments of principal and interest on the principal amount (“SPPI”) testing. Otherwise, the classification finally depends on the business model. For investments in equity instruments, investments are classified as FVPL in general, except those designated as the equity investment at FVOCI. Debt instruments Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as loans, government and corporate bonds, etc. Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: • Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, and that are not designated at FVPL are measured at amortized cost. Interest income from these financial assets is included in interest income using the effective interest rate method. Any gain or loss arising from derecognition or impairment is recognized directly in profit or loss. Such assets held by the Group mainly include cash at bank, accounts and other receivables and contract assets, financial assets at AC, financial assets purchased under reverse repurchase agreements at AC, loans to customers measured at AC, etc. • FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, and that are not designated as FVPL are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss on the instrument’s amortized cost previously recognized in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is included in interest income using the effective interest rate method. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The gains or losses arising from fair value changes on the debt investments measured at FVPL are recognized in profit or loss. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends, representing a return on such investments continue to be recognized in profit or loss when the Group’s right to receive payments is established. (iii) Impairment Expected credit loss refers to the weighted average amount of credit loss of financial instruments based on the probability of default. Credit loss refers to the difference between all contractual cash flows receivable and all cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, FVOCI, with the exposure arising from loan commitments and financing guarantee contracts that are not in the scope of ‘Insurance Contracts’. A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as: • Choosing appropriate models and assumptions for the measurement of ECL including exposure at default (EAD), probability of default (PD), loss given default (LGD), etc.; • Determining criteria for significant increase in credit risk; • Establishing the number and relative weightings of forward-looking scenarios for the associated ECL. For the financial instruments subject to ECL measurement, the Group assesses the significant increase in credit risk since initial recognition or whether an asset is considered to be credit impaired, ‘Three-stage’ expected credit loss models are established and staging definition are set for each of these financial assets class. Incorporating forward-looking information, expected credit losses for financial assets are recognized into the different stages. Stage 1: A financial instrument that is not credit-impaired on initial recognition is classified in ‘Stage 1’ and has its credit risk continuously monitored by the Group. The impairment provision is measured at an amount equal to the 12-month Stage 2: If a significant increase in credit risk (‘SICR’) since initial recognition is identified, the financial instrument is moved to ‘Stage 2’ but is not yet deemed to be credit-impaired. The impairment provision is measured based on expected credit losses on a lifetime basis. Stage 3: If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. The impairment provision is measured based on expected credit losses on a lifetime basis. For the financial Instruments in Stage 1 and Stage 2, the Group calculates the interest income based on its gross carrying amount (i.e. amortized cost) before adjusting for impairment provision using the effective interest method. For the financial instruments in Stage 3, the interest income is calculated based on the carrying amount of the asset, net of the impairment provision, using the effective interest method. Financial assets that are originated or purchased credit impaired are financial assets that are impaired at the time of initial recognition, and the impairment provision for these assets is the expected credit loss for the entire lifetime. The Group recognizes or reverses the loss allowance through profit or loss. For debt instruments measured at FVOCI, impairment gains or losses are included in the net impairment losses on financial assets and corresponding by reducing the accumulated changes in fair value included in the OCI reserve of equity. For account receivables, the Group refers to historical experience of credit loss, combined with current situation and forward-looking information, to formulate the lifetime expected credit loss of the financial assets. (iv) Derecognition Financial assets are derecognized if one of the following criteria are met: • the contractual rights to receive the cash flows from the financial assets have expired; • they have been transferred and the Group transfers substantially all the risks and rewards of ownership; • they have been transferred and the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. When the equity financial assets measured at FVOCI are derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to retained profits. When the other financial assets are derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of recovery. Where loans to customers and receivables arising from default guarantee payments are secured, the write-off 3.9 Financial liabilities At initial recognition, the Group classifies a financial liability as at fair value through profit or loss or other financial liabilities. The Group measures a financial liability at its fair value plus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial liability. Transaction costs of financial liabilities carried at FVPL are expensed in profit or loss. When all or part of the current obligations of a financial liability have been discharged, the Group derecognizes the portion of the financial liability or obligation that has been discharged. The difference between the carrying amount of the derecognized liability and the consideration is recognized in profit or loss. (i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and other financial liabilities designated as such at initial recognition. Financial liabilities held for trading are the financial liabilities that: • are incurred principally for the purpose of repurchasing it in the near term; • on initial recognition are part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or • are derivatives (except for a derivative that is a designated and effective hedging instrument or a financing guarantee contract). Such financial liabilities held for trading shall subsequently measure at fair value. All the related realized and unrealized gains/(losses) are recognized in profit/(loss) in the current period. The Group may, at initial recognition, designate a financial liability as measured at fair value through profit or loss when one of the following criteria is met: • it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases; or • a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel; or • a contract contains one or more embedded derivatives, with the host being not an asset within the scope of IFRS 9, and the embedded derivative(s) do(es) significantly modify the cash flows. Once designated as at fair value through profit or loss at initial recognition, the financial liabilities shall not be reclassified to other financial liabilities in subsequent periods. Financial liabilities designated at FVPL are subsequently measured at fair value. Any changes in fair value are recognized in profit or loss, except for changes in fair value arising from changes in the Group’s own credit risk which are recognized in the OCI. Changes in fair value due to changes in the Group’s own credit risk are not subsequently reclassified to profit or loss upon derecognition of the liabilities. 3.10 Determination of fair value The fair value of a financial instrument that is traded in an active market is determined by reference to quoted market bid prices for assets and offer prices for liabilities, at the close of business at the end of the reporting period. If quoted market prices are not available, reference can also be made to broker or dealer price quotations. For financial instruments where there is no active market, the fair value is determined by using valuation techniques. Such techniques should be appropriate in the circumstances for which sufficient data is available, and the inputs should be consistent with the objective of estimating the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions, and maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Such techniques include using recent prices in arm’s length transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis and/or option pricing models. For discounted cash flow techniques, estimated future cash flows are based on management’s best estimates and the discount rate used is a market related rate for similar instruments. Certain financial instruments, including derivative financial instruments, are valued using pricing models that consider, among other factors, contractual and market prices, correlation, time value of money, credit risk, yield curve volatility factors and/or prepayment rates of the underlying positions. The use of different pricing models and assumptions could produce materially different estimates of fair values. Determining whether to classify financial instruments into level 3 of the fair value hierarchy is generally based on the significance of the unobservable factors involved in valuation methodologies. 3.11 Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated statements of financial position when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. 3.12 Intangible assets (i) Trademarks and licenses Trademarks and licenses acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as of the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are subsequently amortized on the straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Trademarks and licenses with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. (ii) Computer software Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: • is technically feasible to complete the software so that it will be available for use; • management intends to complete the software and use or sell it; • there is an ability to use or sell the software; • it can be demonstrated how the software will generate probable future economic benefits; • adequate technical, financial and other resources to complete the development and to use or sell the software are available; and • the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. (iii) Amortization methods and periods The Group amortizes intangible assets with a limited useful life using the straight-line method over the following periods: Expected useful life • Trademarks and licenses 6 years • Computer software 3-10 years 3.13 Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of year ended. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash- generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in subsequent periods. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed in these circumstances is measured based on the relative value of the disposed operation and the portion of the cash-generating unit retained. 3.14 Property and equipment The Group’s property and equipment mainly comprise buildings, leasehold improvements, office furniture and equipment, computer and electronic equipment, motor vehicles, and construction in progress. The assets purchased or constructed are initially measured at acquisition cost. Subsequent expenditures incurred for the property and equipment are included in the cost of the property and equip |
Financial Instruments And Risks
Financial Instruments And Risks | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments And Risks [Abstract] | |
Disclosure of financial instruments [text block] | 4 Financial instruments and risks The Group’s activities expose it to a variety of market risks (comprising foreign currency risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out by the senior management of the Group. 4.1 Financial risk factors 4.1.1 Market risk Market risk is the risk of changes in fair value of financial instruments and future cash flows from fluctuation of market prices, which includes two types of risks from volatility of foreign exchange rates (foreign currency risk), and market interest rates (interest rate risk). (a) Foreign currency risk Foreign currency risk is the risk of loss resulting from changes in foreign currency exchange rates. Fluctuations in exchange rates between the RMB and other currencies in which the Group conducts business may affect its financial position and results of operations. The foreign currency risk assumed by the Group mainly comes from movements in the USD/RMB exchange rates. The Company and its major overseas intermediate holding companies’ functional currency is USD. They are mainly exposed to foreign exchange risk arising from their cash and cash equivalents and loans to subsidiaries dominated in RMB. The Group has entered into spot-forward USD/RMB currency swaps to manage its exposure to foreign currency risk arising from loans to subsidiaries dominated in RMB. The subsidiaries of the Group are mainly operating in mainland China with most of the transactions settled in RMB. The Group considers that business in mainland China is not exposed to any significant foreign exchange risk as there are no significant financial assets or liabilities of these subsidiaries denominated in the currencies other than the respective functional currency. The table below illustrates the impact of an appreciation or depreciation of RMB spot and forward rates against USD by 5% on the Group’s profit before income tax. As of December 31, 2019 2020 RMB’000 RMB’000 5% appreciation of RMB 15,079 131,228 5% depreciation of RMB (15,079 ) (131,228 ) (b) Interest rate risk Interest rate risk is the risk that the fair value/future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest on floating rate instruments is repriced at intervals of less than one year. Interest on fixed interest rate instruments is priced at inception of the financial instruments and is fixed until maturity. Floating rate instruments expose the Group to cash flow interest rate risk, whereas fixed rate instruments expose the Group to fair value interest risk. The Group’s interest rate risk mainly arises from fixed rate instruments including term deposits, accounts and other receivables, loans to customers, accounts and other payables and borrowings etc. The Group’s interest rate risk policy requires it to manage interest rate risk by managing the maturities of interest-bearing financial assets and interest-bearing financial liabilities. The following table sets out the Group’s financial assets and financial liabilities exposed to interest rate risk by repricing date, contractual maturity date or expected maturity date (whichever is the earlier): As of December 31, 2019 Less than 3 months 3 months to 1-2 2-3 More than 3 years Overdue No interest Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS Cash at bank 7,241,643 110,751 — — — — — 7,352,394 Restricted cash 24,602,779 — — — — — — 24,602,779 Financial assets at fair value through profit or loss 1,644,507 2,826,748 1,000 17,717 51,123 2,764,313 11,277,648 18,583,056 Financial assets at amortized cost 2,235,622 4,866,232 161,674 32,874 — 1,326,610 — 8,623,012 Accounts and other receivables and contract assets — — — — — — 26,296,438 26,296,438 Loans to customers 4,057,473 12,172,419 14,678,077 6,989,171 3,494,586 6,106,786 — 47,498,512 Total financial assets 39,782,024 19,976,150 14,840,751 7,039,762 3,545,709 10,197,709 37,574,086 132,956,191 LIABILITIES Payable to platform investors — — — — — — 15,344,417 15,344,417 Borrowings 378,900 2,598,540 — — — — 12,422 2,989,862 Accounts and other payables and contract liabilities — — — — — — 4,826,010 4,826,010 Payable to investors of consolidated structured entities 4,843,980 12,640,500 14,932,203 14,352,203 — — 474,164 47,243,050 Financing guarantee liabilities — — — — — — 242,749 242,749 Lease liabilities 118,785 324,589 317,778 136,455 41,482 — — 939,089 Convertible promissory note payable — — — — 10,014,377 — — 10,014,377 Convertible redeemable preferred shares — — — — 10,258,898 — — 10,258,898 Total financial liabilities 5,341,665 15,563,629 15,249,981 14,488,658 20,314,757 — 20,899,762 91,858,452 Total interest rate sensitivity gap 34,440,359 4,412,521 (409,230 ) (7,448,896 ) (16,769,048 ) 10,197,709 16,674,324 41,097,739 As of December 31, 2020 Less than 3 months 3 months to 1-2 2-3 More than 3 years Overdue No interest Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS Cash at bank 23,785,651 56,444 6,190 310,283 — — — 24,158,568 Restricted cash 23,029,588 — — — — — — 23,029,588 Financial assets at fair value through profit or loss 966,000 5,421,035 9,230,584 1,399,389 848,231 1,260,315 15,298,343 34,423,897 Financial assets at amortized cost 1,204,990 1,683,332 1,816,323 803,062 — 1,056,262 — 6,563,969 Financial assets at purchased under reverse repurchase agreements 700,007 — — — — — — 700,007 Accounts and other receivables and contract assets — — — — — — 23,325,978 23,325,978 Loans to customers 27,757,023 54,104,955 30,195,692 6,559,344 — 1,208,800 — 119,825,814 Total financial assets 77,443,259 61,265,766 41,248,789 9,072,078 848,231 3,525,377 38,624,321 232,027,821 LIABILITIES Payable to platform investors — — — — — — 9,114,906 9,114,906 Borrowings 8,778,581 1,536,475 389 — — — — 10,315,445 Accounts and other payables and contract liabilities — — — — — — 5,483,757 5,483,757 Payable to investors of consolidated structured entities 24,875,127 50,551,124 29,978,064 4,963,403 — — — 110,367,718 Financing guarantee liabilities — — — — — — 748,674 748,674 Lease liabilities 140,889 400,965 316,653 103,387 17,525 — — 979,419 Convertible promissory note payable — — — 10,117,188 — — — 10,117,188 Optionally convertible promissory notes — — — 7,530,542 — — — 7,530,542 Total financial liabilities 33,794,597 52,488,564 30,295,106 22,714,520 17,525 — 15,347,337 154,657,649 Nominal amount of interest rate swap (8,417,121 ) — — 8,417,121 — — — — Total interest rate sensitivity gap 52,065,783 8,777,202 10,953,683 (22,059,563 ) 830,706 3,525,377 23,276,984 77,370,132 The Group performs interest rate sensitivity analysis on profit for the Group by measuring the impact of a change in interest rate of financial assets, liabilities and interest rate derivative instruments. The table below illustrates the impact to profit before tax of the coming year as of each reporting date based on the structure of interest-bearing assets, liabilities and interest rate derivative instruments as of December 31, 2019 and 2020, caused by a parallel shift of 100 basis points of RMB, USD, HKD, IDR and SGD interest rates. As of December 31, 2019 2020 RMB’000 RMB’000 Change in interest rate -100 basis points (317,900 ) (488,490 ) +100 basis points 317,900 488,490 In the sensitivity analysis, the Group adopts the following assumptions when determining business conditions and financial index: • The fluctuation rates of different interest-bearing assets and liabilities are the same; • All assets and liabilities are re-priced • Analysis is based on static gap on reporting date, regardless of subsequent changes; • No consideration of impact on customers’ behavior resulting from interest rate changes; • No consideration of impact on market price resulting from interest rate changes; • No consideration of actions taken by the Group. Therefore, the actual changes of net profit may differ from the analysis above. 4.1.2 Credit risk Credit risks refer to the risk of losses incurred by the inabilities of debtors or counterparties to fulfill their contractual obligations or by the adverse changes in their credit conditions. The Group is exposed to credit risks primarily associated with its deposit arrangements with commercial banks, financial assets at fair value through profit or loss, accounts and other receivables, loans to customers, etc. The Group uses a variety of controls to identify, measure, monitor and report credit risk. Credit risk management The Group’s financial assets at fair value through profit or loss mainly include security investment funds, trust products, wealth management products, asset management plans and other equity investments. The Group executes due diligence, assesses counterparties’ qualification and manages credit risks of existing investments. The Group has formulated a complete set of credit management processes and internal control mechanisms, so as to carry out whole process management of credit business. Credit management procedures for its retail loans comprise the processes of credit origination, credit review, credit approval, disbursement, post-disbursement monitoring and collection. Risks arising from financial guarantees and loan commitments are similar to those associated with loans. Transactions of financial guarantees and loan commitments are, therefore, subject to the same portfolio management and the same requirements for application and collateral as loans to customers. To those accounts and other receivables and contract assets, there are policies to control the credit risk exposures. The Group evaluates the possibility of guarantee from third parties, credit record and other factors such as current market condition. The Group monitors customer credit records at regular intervals, and takes action such as official notifications, shortening credit periods or cancelling credit periods etc. to ensure the Group’s credit risk remains under control when the customers with bad credit records are identified. Credit exposure Without taking collateral and other credit enhancements into consideration, for on-balance As of December 31, 2019 2020 RMB’000 RMB’000 On-balance Cash at bank 7,352,394 24,158,568 Restricted cash 24,602,779 23,029,588 Financial assets at fair value through profit or loss 18,583,056 34,423,897 Financial assets at amortized cost 8,623,012 6,563,969 Financial assets purchased under reverse repurchase agreements — 700,007 Accounts and other receivables and contract assets 26,296,438 23,325,978 Loans to customers 47,498,512 119,825,814 132,956,191 232,027,821 Off-balance Financing guarantee commitment 4,639,331 20,969,026 Collateral and other credit enhancements The amount and type of collateral required depends on an assessment of the credit risk of the counterparty. Guidelines are implemented regarding the types of collateral and the valuation parameters. The collateral obtained are typically residential properties. Management monitors the market value of the collateral, requests additional collateral when needed and performs an impairment valuation when applicable. It is the Group’s policy to dispose of repossessed properties in an orderly fashion. The proceeds are used to reduce or repay the outstanding balance. In general, the Group does not occupy repossessed properties for business use. Expected credit loss Credit risk measurement The estimation of credit exposure for risk management purposes is complex and requires the use of models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of default correlations between counterparties. The Group measures credit risk using Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). This is similar to the approach used for the purposes of measuring ECL under IFRS 9. Measurement of ECL IFRS 9 outlines a ‘three-stage’ model for impairment based on changes in credit quality since initial recognition as summarized below: • A financial instrument that is not credit-impaired on initial recognition is classified in ‘Stage 1’ and has its credit risk continuously monitored by the Group. • If a significant increase in credit risk (‘SICR’) since initial recognition is identified, the financial instrument is moved to ‘Stage 2’ but is not yet deemed to be credit-impaired. • If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. Financial instruments in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that result from default events possible within the next 12 months. Instruments in Stages 2 or 3 have their ECL measured based on ECL on a lifetime basis. • A pervasive concept in measuring ECL in accordance with IFRS 9 is that it should consider forward- looking information. Purchased or originated credit-impaired financial assets (“POCI”) are those financial assets that are credit- impaired on initial recognition. Their ECL is always measured on a lifetime basis (Stage 3). The following diagram summarizes the impairment requirements under IFRS 9 (other than POCI). Change in credit quality since initial recognition LOGO Stage 1 Stage 2 Stage 3 (Initial recognition) (Significant increase in credit risk since initial recognition) ( 12-month Lifetime ECL Lifetime ECL The key judgements and assumptions adopted by the Group in addressing the requirements of the standard are discussed below: (a) Significant increase in credit risk (SICR) For loans to customers, the Group considers a loan to have experienced a significant increase in credit risk if the borrower is more than 30 days (including 30 days) past due on its contractual payments. No qualitative criteria is considered by the Group since the Group monitors the risk of borrowers purely based on the overdue period. For other financial assets measured at amortized cost, the Group considers various reasonable supporting information to judge if there is significant increase in credit risk, including the forward-looking information, when determining the ECL staging for financial assets. The criteria used to identify SICR are monitored and reviewed periodically for appropriateness by the credit risk team. (b) Definition of default and credit-impaired assets The Group defines a financial instrument as in default, which is fully aligned with the definition of credit-impaired if the borrower is more than 90 days (including 90 days) past due on its contractual payments. No qualitative criteria is considered by the Group since the Group monitors the risk of borrowers purely based on the overdue period. The criteria above have been applied to all financial instruments held by the Group and are consistent with the definition of default used for internal credit risk management purposes. The default definition has been applied consistently to model the Probability of Default (PD), Exposure at Default (EAD) and Loss given Default (LGD) throughout the Group’s expected loss calculations. (c) Measuring ECL – Explanation of inputs, assumptions and estimation techniques The ECL is measured on either a 12-month • The PD represents the likelihood of a borrower defaulting on its financial obligation (as mentioned in “Definition of default and credit-impaired assets” above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation. • Loss Given Default (LGD) represents the Group’s expectation of the extent of loss on a defaulted exposure. LGD varies by type and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). • EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure or collective segment. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). The Lifetime PD is developed by applying a maturity profile to the current 12M PD. The maturity profile looks at how defaults develop on a portfolio from the point of initial recognition throughout the lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all assets within a portfolio. This is supported by historical analysis. The 12-month 12-month The 12-month Forward-looking economic information is included in determining the 12-month There have been no significant changes in estimation techniques during the years ended December 31, 2018, 2019 and 2020. (d) Forward-looking information incorporated in the ECL models The Group has developed macro-economic forward-looking adjustment model by establishing a pool of macro-economic indicators, preparing data, filtering model factors and adjusting forward-looking elements, and the indicators include gross domestic product (GDP) year on year percentage change, customer price index (CPI) year on year percentage change and other macro-economic variables. Through regression analysis, the relationship among these economic indicators in history with EAD, PD and LGD is determined, and the EAD, PD, LGD are then determined through forecasting economic indicators. The forecasting methods and critical assumptions applied had no material changes during the years ended December 31, 2018, 2019 and 2020. In 2018, 2019 and 2020, the Group collected 10-year non-linearity The impact of these economic indicators on PD and LGD varies to different businesses. The Group comprehensively considers internal and external data, expert forecasts and statistical analysis to determine the relationship between these economic indicators with PD and LGD. The Group evaluates and forecasts these economic indicators at least annually at balance sheet date, provides the best estimates for the future, and regularly evaluates the results. The Group considered different macroeconomic scenarios. As of December 31, 2019 and 2020, the key macroeconomic assumptions used to estimate expected credit losses are listed below. As of December 31, 2019 2020 GDP – year on year percentage change 5.9%-6.3% 5.0%-7.5% CPI – year on year percentage change 2.0%-3.0% 1.2%-2.8% Broad measure of money supply (M1) – year on year percentage change 5.2%-7.1% 3.7%-7.9% Similar to other economic forecasts, the estimates of economic indicators have high inherent uncertainties, actual results may have significant differences with estimates. The Group considered the estimates above represented the optimal estimation of possible outcomes. Sensitivity analysis Expected credit losses are sensitive to the parameters used in the model, the macro-economic variables of the forward-looking forecast, the weight probabilities in the three scenarios, and other factors considered in the application of expert judgement. Changes in these input parameters, assumptions, models, and judgments will have an impact on the measurement of expected credit losses. The Group has the highest weight of the base scenario. The loans to customers and financing guarantee contracts assumed that if the weight of the upside scenario increased by 10% and the weight of the base scenario reduced by 10%, the Group’s ECL impairment provision as of December 31, 2019 and 2020 would be reduced by RMB2 million and RMB5 million, respectively; if the weight of the downside scenario increased by 10% and the weight of the base scenarios reduced by 10%, the Group’s ECL impairment provision as of December 31, 2019 and 2020 would be increased by RMB1 million and RMB6 million, respectively. The following table shows the changes of ECL impairment provision on loans to customers and financing guarantee liabilities related to ECL assuming the financial assets in stage 2 reclassified to stage 1 due to significant improvement in credit risk. As of December 31, 2019 2020 RMB’000 RMB’000 Total ECL and financing guarantee liabilities under assumption of reclassification of financial instruments from stage 2 to stage 1 1,425,379 1,541,542 Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet 1,494,063 1,737,879 Difference-amount (68,684 ) (196,337 ) Difference-ratio -5 % -13 % Maximum exposure to credit risk before collateral held or other credit enhancements The following table presents the credit risk exposure of the financial instruments under the scope of expected credit loss. Without considering guarantee or any other credit enhancement measures, for on-balance As of December 31, 2019 (in RMB’000) Stage I Stage II Stage III POCI Maximum Book value On-balance Cash at bank 7,352,394 — — — 7,352,394 Restricted cash 24,602,779 — — — 24,602,779 Financial assets at amortized cost 7,209,198 — 1,333,999 79,815 8,623,012 Accounts and other receivables and contract assets 25,805,452 226,662 264,324 — 26,296,438 Loans to customers 46,915,779 271,182 311,551 — 47,498,512 Total 111,885,602 497,844 1,909,874 79,815 114,373,135 Off-balance Financing guarantee commitment 4,600,281 39,050 — — 4,639,331 As of December 31, 2020 (in RMB’000) Stage I Stage II Stage III POCI Maximum Book value On-balance Cash at bank 24,158,568 — — — 24,158,568 Restricted cash 23,029,588 — — — 23,029,588 Financial assets at amortized cost 5,507,707 — 974,887 81,375 6,563,969 Financial assets purchased under reverse repurchase agreements 700,007 — — — 700,007 Accounts and other receivables and contract assets 23,307,520 17,350 1,108 — 23,325,978 Loans to customers 119,087,728 644,478 93,608 — 119,825,814 Total 195,791,118 661,828 1,069,603 81,375 197,603,924 Off-balance Financing guarantee commitment 20,898,499 70,527 — — 20,969,026 4.1.3 Liquidity risk Liquidity risk is the risk of not having access to sufficient funds or being unable to liquidate a position in a timely manner at a reasonable price to meet the Group’s obligations as they become due. The Group aims to maintain sufficient cash at bank and marketable securities. Due to the dynamic nature of the underlying businesses, the Group maintains flexibility in funding by maintaining adequate cash at bank. The following table analyses the Group’s financial liabilities into relevant maturity grouping based on the remaining period at the end of each reporting period to the contractual or expected maturity date. The amounts disclosed in the table are undiscounted contractual cash flows including interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date: As of December 31, 2019 Repayable Within 1 1 to 2 years 2 to 3 years Over 3 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Financial liabilities - Payable to platform investors 15,344,417 — — — — 15,344,417 Borrowings — 3,047,827 — — — 3,047,827 Accounts and other payables and contract liabilities 4,826,010 — — — — 4,826,010 Payable to investors of consolidated structured entities 474,677 21,706,803 16,293,460 15,121,595 — 53,596,535 Financing guarantee liabilities 4,639,331 — — — — 4,639,331 Lease liabilities — 486,110 338,374 142,126 42,767 1,009,377 Convertible promissory note payable — 100,522 100,522 100,522 13,680,361 13,981,927 Convertible redeemable preferred shares — — — — 12,804,833 12,804,833 25,284,435 25,341,262 16,732,356 15,364,243 26,527,961 109,250,257 As of December 31, 2020 Repayable Within 1 1 to 2 years 2 to 3 years Over 3 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Financial liabilities - Payable to platform investors 9,114,906 — — — — 9,114,906 Borrowings — 2,227,487 120,537 8,462,547 — 10,810,571 Accounts and other payables and contract liabilities 5,483,757 — — — — 5,483,757 Payable to investors of consolidated structured entities 14,947 79,283,191 31,007,485 5,058,213 — 115,363,836 Financing guarantee liabilities 20,969,026 — — — — 20,969,026 Lease liabilities — 573,840 330,146 106,282 17,941 1,028,209 Convertible promissory note payable — 101,854 94,019 12,818,864 — 13,014,737 Optionally convertible promissory notes — 453,203 453,203 8,006,590 — 8,912,996 35,582,636 82,639,575 32,005,390 34,452,496 17,941 184,698,038 4.1.4 Operational risk Operational risk is the risk of loss resulting from inadequate or failure of proper internal controls on business processes, employees and systems or from uncontrollable external events. The Group is exposed to many types of operational risks in the conduct of its business. The Group attempts to manage operational risk by establishing clear policies and requiring well documented business processes to ensure that transactions are properly authorized, supported and recorded. 4.2 Capital management The Group’s capital requirements are primarily dependent on the scale and the type of business that it undertakes, as well as the industry and geographic location in which it operates. The primary objectives of the Group’s capital management are to safeguard the Group’s ability to continue as a going concern and to maintain healthy capital ratios in order to support its business and to maximize shareholders’ value. The Group monitors capital by regularly reviewing the total equity attributable to owners’ of the Company. Adjustments to current capital structure are made in light of changes in economic conditions and risk characteristics of the Group’s activities. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid, return capital to ordinary shareholders or issue capital securities. 4.3 Group’s maximum exposure to structured entities The Group uses structured entities in the normal course of business for a number of purposes, for example, structured transactions for customers, to provide finance to public and private sector infrastructure projects, and to generate fees from managing assets on behalf of third-party investors. These structured entities are financed through the issue of notes or units to investors. Refer to Note 5.7 for the Group’s consolidation consideration related to structured entities. The following table shows the Group’s maximum exposure to the unconsolidated structured entities representing the Group’s maximum possible risk exposure that could occur as a result of the Group’s arrangements with structured entities. The maximum exposure of the Group in these unconsolidated structure entities is contingent in nature and approximates the sum of direct investments made by the Group. As of December 31, 2019 (In RMB’000) Carrying amount of investment in Group’s maximum Interest held by Group Unconsolidated structured products managed by third parties 6,617,543 6,617,543 Investment income Unconsolidated structured products managed by affiliated entities 9,695,236 9,748,907 Investment income/ service fee As of December 31, 2020 (In RMB’000) Carrying amount of investment in Group’s maximum Interest held by Group Unconsolidated structured products managed by third parties 10,367,052 10,367,052 Investment income Unconsolidated structured products managed by affiliated entities 19,352,780 19,409,204 Investment income/ service fee These unconsolidated structured products mainly include assets management plans, trust plans, mutual funds, private fund and other equity investments, bank wealth management products and corporate bonds which are all classified in Financial assets at amortized cost or Financial assets at fair value through profit or loss. The information about size of above unconsolidated structured products cannot be acquired from open market. 4.4 Fair value estimation The Group’s main financial instruments carried at fair value are financial assets at fair value through profit or loss. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The primary quoted market price used for financial assets held by the Group is the current bid price. Financial instruments included in Level 1 comprise primarily equity investments, fund investments and bond investments traded on stock exchanges and open-ended mutual funds. Level 2: Other valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly (such as price) or indirectly (such as calculated based on price). These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. Level 3: Valuation techniques which use any inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). The level of fair value calculation is determined by the lowest level input with material significance in the overall calculation. As such, the significance of the input should be considered from an overall perspective in the calculation of fair value. Valuation methods for Level 2 and Level 3 financial instruments: For Level 2 financial instruments, valuations are generally obtained from third party pricing services for identical or comparable assets, or through the use of valuation methodologies using observable market inputs, or recent quoted market prices. Valuation service providers typically gather, analyze and interpret information related to market transactions and other key valuation model inputs from multiple sources, and through the use of widely accepted internal valuation models, provide a theoretical quote on various securities. For Level 3 financial instruments, prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Determinations to classify fair value measures within Level 3 of the valuation hierarchy are generally based on the significance of the unobservable factors to the overall fair value measurement, and valuation methodologies such as discounted cash flow models and other similar techniques. The following table sets forth the financial instruments recorded at fair value by level of the fair value hierarchy: As of December 31, 2019 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial assets at fair value through profit or loss Asset management plans — 6,056,754 793,514 6,850,268 Mutual funds 5,732,842 — — 5,732,842 Trust plans — 1,787,954 1,682,519 3,470,473 Factoring products — 1,480,223 344,023 1,824,246 Structured deposits — 430,760 — 430,760 Bank wealth management products — 251,684 — 251,684 Corporate bonds — — 15,271 15,271 Private fund and other equity investments — — 7,512 7,512 Total 5,732,842 10,007,375 2,842,839 18,583,056 As of December 31, 2020 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial assets at fair value through profit or loss Asset management plans — 9,328,168 424,082 9,752,250 Trust plans — 9,106,125 820,912 9,927,037 Private fund and other equity investments — 4,617,756 6,268 4,624,024 Mutual funds 3,199,106 — — 3,199,106 Corporate bonds — 3,029,174 15,233 3,044,407 Bank wealth management products — 2,091,730 — 2,091,730 Structured deposits — 961,804 — 961,804 Factoring products — 823,539 — 823,539 Total 3,199,106 29,958,296 1,266,495 34,423,897 There were no changes in valuation techniques during the period. The following table presents the changes in level 3 instruments for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 Financial assets at fair value through profit or loss RMB’000 RMB’000 RMB’000 As of beginning of the year 7,059,316 2,632,890 2,842,839 Additions 12,002,979 1,353,173 — Disposal (a) (16,439,194 ) (1,961,315 ) (1,266,8 |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2020 | |
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Critical Accounting Estimates and Judgements | 5 Critical accounting estimates and judgements The Group makes estimates and judgments that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities in these financial statements. Estimates and judgments are continually assessed based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the process of applying the Group’s accounting policies, management has made the following judgments and accounting estimation, which have the significant effect on the amounts recognized in the financial statements. 5.1 Goodwill impairment assessment The Group tests annually whether goodwill has suffered any impairment. The recoverable amount of cash generating units and groups of cash generating units is the present value of the future cash flows expected to be derived from them. These calculations require the use of accounting estimates. If management revises the gross margin that is used in the calculation of the future cash flows of asset groups and groups of asset groups, and the revised gross margin is lower than the one currently used, the Group may have to recognize further impairment against goodwill. If management revises the pre-tax pre-tax pre-tax 5.2 Recognition of loan facilitation and service fees The Group recognizes loan facilitation and post origination service fees by allocating total consideration to be received during the performance of borrowing period to different performance obligations. The Group estimates total consideration to be received by considering early termination scenarios. From time to time, the Group reviews actual early termination data observed and adjusts the early termination assumptions used in revenue recognition to reflect management’s best estimate. The Group considers the upfront loan facilitation services and post loan facilitation services as distinct performance obligations. However, the Group does not provide these services separately, and the third-party evidence of selling price does not exist either, as public information is not available regarding the amount of fees competitors charge for these services. As a result, the Group uses the expected-cost-plus-a-margin 5.3 Income taxes The Group is subject to income taxes in the PRC and other jurisdictions. Significant judgement is required in determining the provision for income taxes in each of these jurisdictions. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made. Deferred tax assets relating to certain temporary differences and tax losses are recognized when management considers it is probable that future taxable profits will be available against which the temporary differences or tax losses can be utilized. When the expectation is different from the original estimate, such differences will impact the recognition of deferred tax assets and taxation charges in the period in which such estimate is changed. 5.4 Classification of financial instruments The judgments in determining the classification of financial assets include the analysis of business models and the characteristics of contractual cash flows. An entity’s business model refers to how an entity manages its financial assets in order to generate cash flows. That is, the entity’s business model determines whether cash flows will result from collecting contractual cash flows, selling financial assets or both. It is typically observable through the activities that the entity undertakes to achieve the objective of the business model. An entity will need to use judgement when it assesses its business model for managing financial assets and that assessment is not determined by a single factor or activity. Instead, the entity must consider all relevant evidence that is available at the date of the assessment. The contractual cash flow characteristics of financial assets refer to the cash flow attributes agreed on in the financial asset contract and reflect the economic characteristics of the relevant financial assets, that is, the contractual cash flows generated by the relevant financial assets on a specified date solely represents the payments of principal and interest. The principal amount refers to the fair value of the financial asset at initial recognition, which may change during the duration of the financial asset due to reasons such as early repayment. Interest includes the time value of money, credit risk related to the amount of outstanding principal in a particular period, and consideration of other basic borrowing risks, costs and profits. 5.5 Fair value of financial instruments determined using valuation techniques Fair value, in the absence of an active market, is estimated by using valuation techniques, applying currently applicable and sufficiently available data, and the valuation techniques supported by other information, which mainly include market approach and income approach, reference to the recent arm’s length transactions, current market value of another instrument which is substantially the same, and by using the discounted cash flow analysis and option pricing models. When using valuation techniques to determine the fair value of financial instruments, the Group would choose the input value in consistency with market participants, considering transactions of related assets and liabilities. All related observable market parameters are considered in priority, including interest rate, foreign exchange rate, commodity prices, and share prices or index. When related observable parameters are unavailable or inaccessible, the Group uses unobservable parameters and makes estimates for credit risk, market volatility, and liquidity adjustments. Using different valuation techniques and parameter assumptions may lead to significant differences of fair value estimations. 5.6 Measurement of the expected credit losses The measurement of the expected credit losses for financial assets measured at amortized cost and financing guarantee contracts is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior. Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed in Note 4.1.2. A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as: • Determining criteria for significant increase in credit risk; • Choosing appropriate models and assumptions for the measurement of ECL; • Establishing the number and relative weightings of forward-looking scenarios for each type of product/market and the associated ECL; and • Establishing groups of similar financial assets for the purposes of measuring ECL. 5.7 Determination of control over the structured entities To determine whether the Group controls the structured entities of which the Group acts as an asset manager or provides retail credit facilitation service, management applies judgment based on all relevant facts and circumstances to determine whether the Group is acting as the principal or agent for the structured entities. If the Group is acting as the principal, it has control over the structured entities. In assessing whether the Group is acting as the principal, the Group considers factors such as the scope of the asset manager’s decision-making authority, rights held by other parties, remuneration to which it is entitled, and exposure to variable returns results from its additional involvement with structured entities. The Group will perform reassessment once the facts and circumstances change leading to changes in the above factors. Please refer to Note 4.3 for disclosure of the maximum risk exposure of unconsolidated structured entities of the Group. |
Retail Credit Facilitation Serv
Retail Credit Facilitation Service Fees | 12 Months Ended |
Dec. 31, 2020 | |
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Retail Credit Facilitation Service Fees | 6 Retail credit facilitation service fees Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Loan facilitation service 8,295,490 9,716,401 7,141,725 Post origination service 21,280,504 29,608,447 32,315,179 Total 29,575,994 39,324,848 39,456,904 The table below sets forth the remaining performance obligations of long-term contracts: As of December 31, 2019 2020 RMB’000 RMB’000 Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year Expected to be recognized within one year 26,123,173 22,814,799 Expected to be recognized in one to two years 13,246,129 9,054,717 Expected to be recognized in two to three years 4,137,167 1,949,687 43,506,469 33,819,203 |
Wealth Management Transaction a
Wealth Management Transaction and Service Fees | 12 Months Ended |
Dec. 31, 2020 | |
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Wealth Management Transaction and Service Fees | 7 Wealth management transaction and service fees Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Current Products 405,997 458,503 1,022,077 Legacy Products 2,239,448 2,145,726 742,861 2,645,445 2,604,229 1,764,938 |
Net Interest Income
Net Interest Income | 12 Months Ended |
Dec. 31, 2020 | |
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Net Interest Income | 8 Net interest income Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Loans originated by consolidated trust plans Interest income — 2,030,485 10,640,860 Interest expense — (964,790 ) (4,283,151 ) Net interest income from loans originated by consolidated trust plans — 1,065,695 6,357,709 Loans originated by microloan lending companies and consumer finance company Interest income 10,243,475 2,895,600 1,395,961 Interest expense (4,348,994 ) (52,099 ) (3,210 ) Net interest income from loans originated by microloan lending companies and consumer finance company 5,894,481 2,843,501 1,392,751 Total net interest income 5,894,481 3,909,196 7,750,460 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other Income | 9 Other income Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Account management service fees 435,854 716,001 1,253,760 Penalty fee income 61,737 129,317 212,328 Others 9,945 33,550 50,954 507,536 878,868 1,517,042 |
Investment Income
Investment Income | 12 Months Ended |
Dec. 31, 2020 | |
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Investment Income | 10 Investment income Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Interest income Financial assets at amortized cost 186,921 194,771 304,627 Financial assets purchased under reverse repurchase agreements — — 29,328 186,921 194,771 333,955 Realized gains Financial assets at fair value through profit or loss 827,902 1,116,431 1,163,988 827,902 1,116,431 1,163,988 Net unrealized gains/(losses) Financial assets at fair value through profit or loss (Note 17(b)) 1,728 (732,125 ) (558,044 ) 1,016,551 579,077 939,899 |
Expense by Nature
Expense by Nature | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Expense by Nature | 11 Expense by nature Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Employee benefit expenses (Note 11.1) 10,077,375 12,352,323 14,145,207 Loan origination and servicing expenses 3,608,637 6,530,999 7,091,078 Outsourcing service expenses 904,898 997,145 1,382,960 Promotion and advertising expenses 1,472,650 1,149,759 1,221,762 Payment processing expenses 679,141 849,763 1,204,712 Business entertainment expenses 563,187 802,577 769,834 Depreciation of right-of-use 529,269 509,026 604,018 Trust management fee 15 156,266 504,428 Taxes and surcharges 240,071 286,546 380,460 Depreciation of property and equipment (Note 23) 250,280 276,266 226,862 Amortization of intangible assets (Note 24) 171,915 31,967 31,831 Others 1,090,875 1,265,236 1,049,327 Total sales and marketing expenses, general and administrative expenses, operation and servicing expenses, technology and analytics expenses 19,588,313 25,207,873 28,612,479 Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Sales and marketing expense Borrower acquisition expenses 4,837,764 8,714,516 11,506,402 General sales and marketing expenses (a) 4,842,037 5,327,741 5,487,267 Investor acquisition and retention expenses 1,087,165 888,839 819,888 10,766,966 14,931,096 17,813,557 11.1 Employee benefit expenses Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Wages, salaries and bonuses 6,855,372 8,689,993 10,764,239 Other social security costs, housing benefits and other employee benefits 2,010,418 2,473,673 2,787,803 Pension costs – defined contribution plans 1,083,427 1,244,100 427,917 Share-based payment (Note 40) 128,158 (55,443 ) 165,248 10,077,375 12,352,323 14,145,207 |
Credit Impairment Losses
Credit Impairment Losses | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Credit Impairment Losses | 12 Credit impairment losses Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets 723,774 794,116 1,499,344 Financing guarantee contracts 501,704 120,961 772,614 Loans to customers (412,843 ) (63,240 ) 744,893 Financial assets at amortized cost 121,989 1,010,867 18,193 Others (30 ) 41 144 934,594 1,862,745 3,035,188 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
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Finance Costs | 13 Finance costs Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 One-time C-round — — 1,326,007 Interest expenses on convertible promissory note 733,234 819,754 883,759 Interest expenses on convertible redeemable preferred shares 49,378 636,835 534,686 Interest expenses on borrowings 75,466 329,450 211,306 Interest expenses on Convertible Notes — — 135,412 Interest expenses on consolidated wealth management products 181,350 139,094 92,302 Interest expense on lease liabilities 54,281 58,170 46,567 Bank interest income (193,446 ) (463,396 ) (364,385 ) 900,263 1,519,907 2,865,654 |
Income Tax Expenses
Income Tax Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Income Tax Expenses | 14 Income tax expenses The following table sets forth the income tax expense of the Group for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Current income tax 2,791,676 4,254,978 5,570,012 Deferred income tax 2,281,650 1,861,719 63,253 5,073,326 6,116,697 5,633,265 The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and profit before income tax presented in the consolidated financial statements to the income tax expenses: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit before income tax 18,649,260 19,433,841 17,909,505 Income tax calculated at the PRC statutory tax rate of 25% 4,662,315 4,858,460 4,477,376 Tax effect of: Differential income tax rates applicable to subsidiaries (Note a, b, c, d and e) 62,062 350,051 756,392 Expenses and losses not deductible for tax purposes 113,973 530,638 262,843 Deductible temporary differences and tax losses for which no deferred tax asset was recognized 47,687 244,187 280,251 Reversal of deferred tax assets recognized in prior years related to deductible tax — 190,104 3,643 Utilization of previously unrecognized tax losses — (2,439 ) (913 ) Utilization of previously unrecognized deductible temporary difference (1,230 ) (2,724 ) (13,798 ) Income not subject to tax (17,688 ) (36,536 ) (99,378 ) Effect of tax rate changes on deferred income taxes 173,680 (37,959 ) — Others 32,527 22,915 (33,151 ) Income tax expense 5,073,326 6,116,697 5,633,265 (a) Cayman Islands and BVI Income Tax The Company is incorporated under the laws of the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands and is not subject to Cayman Islands income tax. The Group entities established under the BVI Business Companies Acts are exempted from BVI income taxes. (b) Hong Kong Income Tax Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. Commencing from the year of assessment of 2018, the first HKD2 million of profits earned by the Company’s subsidiaries incorporated in Hong Kong will be taxed at half of the current tax rate (i.e. 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. (c) Singapore Income Tax Singapore income tax rate is 17%. No Singapore profits tax was provided for as there was no estimated assessable profit that was subject to Singapore profits tax for the years ended December 31, 2018, 2019 and 2020. (d) Indonesia Income Tax Indonesia income tax rate is 22%. No Indonesia profits tax was provided for as there was no estimated assessable profit that was subject to Indonesia profits tax for the years ended December 31, 2018, 2019 and 2020. (e) PRC Corporate Income Tax (“CIT”) The income tax provision of the Group in respect of its operations in the PRC was generally calculated at the tax rate of 25% on the assessable profits for the years ended December 31, 2018, 2019 and 2020, based on the existing legislation, interpretations and practices in respect thereof. On November 27, 2018, the Group’s subsidiary Weikun Technology qualified as High and New Technology Enterprises, which entitles it to a preferential CIT rate of 15% for consecutive three years. Furthermore, according to the policy issued by State Tax Administration of PRC (hereinafter “STA”) (Guofa (2007) No.40), Weikun Technology was entitled to a preferential CIT rate of 12.5% for the years ended December 31, 2018 and 2019. Weikun Technology resumed to a preferential CIT rate of 15% for the year ended December 31, 2020. According to the policy issued jointly by MoF and STA (Caishui (2014) No.26), if the main business revenue of a company reaches 70% of its total revenue, the preferential CIT rate of 15% can be elected. The branch of Shenzhen Pingan Puhui Enterprise Management Co., Ltd., which operate in Qianhai district, Shenzhen, was qualified to elect preferential CIT rate of 15% for the year ended December 31, 2018, and it used statutory tax rate of 25% for the years ended December 31, 2019 and 2020. (f) PRC Withholding Tax (“WHT”) According to the New Corporate Income Tax Law (“New CIT Law”), distribution of profits earned by the PRC companies since January 1, 2008 to foreign investors is subject to withholding tax of 5% or 10%, depending on the country of incorporation of the foreign investor, upon the distribution of profits to overseas-incorporated immediate holding companies. Chongqing Jin An Microloan Limited declared and paid the dividend of RMB453 million to foreign investor who used those cash to set up and increase capital of subsidiaries in the PRC during the year ended December 31, 2019. The Group does not have any plan to require its PRC subsidiaries to distribute their retained earnings and intends to retain them to operate and expand business in the PRC. Accordingly, no deferred tax liability on WHT was accrued at the end of each year presented. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Earnings per share [text block] | 15 Earnings per share (a) Basic earnings per share is calculated by dividing the profit attributable to owners of the Group by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased by the Group. Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit attributable to owners of the Company 13,619,928 13,332,431 12,354,114 Weighted average number of ordinary shares in issue 1,076,869,344 1,086,698,914 1,104,155,407 Basic earnings per share (in RMB) 12.65 12.27 11.19 Basic earnings per ADS (in RMB) 5.59 (b) Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For the years ended December 31, 2018 and 2019, the Group has three categories of potential dilutive ordinary shares: convertible promissory note (Note 31), convertible redeemable preferred shares (Note 32) and share options. For the year ended December 31, 2020, the Group has four categories of potential dilutive ordinary shares: including convertible promissory note and optionally convertible promissory notes (Note 33), share options and PSUs. Share options and PSUs are not included in the computation of diluted earnings as the share options could not be exercised until six months after the Company completes its IPO. For the years ended December 31, 2018 and 2019, convertible promissory note is also excluded in the computation of diluted earnings as the convertible promissory note can only be converted into ordinary shares upon successful IPO. Potential ordinary shares issuable upon conversion of Class C ordinary shares, recorded as convertible redeemable preferred shares in the consolidated financial statements, were not included in the calculation of diluted earnings per share for the years ended December 31, 2018 and 2019, as its effect would have been anti-dilutive. (b) For the year ended December 31, 2020, potential ordinary shares issuable upon conversion of optionally convertible promissory notes were not included in the calculation of diluted earnings per share, as its effect would have been anti-dilutive. Convertible promissory note is included in the computation of diluted earnings as its effect would have been dilutive for the year ended December 31, 2020. Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Earnings Profit attributable to owners of the Company 13,619,928 13,332,431 12,354,114 Interest expense on convertible instruments, net of tax — — 147,293 Net profit used to determine diluted earnings per share 13,619,928 13,332,431 12,501,407 Weighted average number of ordinary shares Weighted average number of ordinary shares in issue 1,076,869,344 1,086,698,914 1,104,155,407 Adjustments for: Assumed conversion of convertible instruments — — 21,873,817 Weighted average number of ordinary share for diluted earnings per share 1,076,869,344 1,086,698,914 1,126,029,224 Diluted earnings per share (in RMB) 12.65 12.27 11.10 Diluted earnings per ADS (in RMB) 5.55 |
Cash At Bank And Restricted Cas
Cash At Bank And Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents [abstract] | |
Cash At Bank And Restricted Cash [Text Block] | 16 Cash at bank and restricted cash As of December 31, Cash at bank 2019 2020 RMB’000 RMB’000 Demand deposits RMB 6,470,513 13,782,874 USD 658,735 3,784,469 HKD 9,300 43,110 IDR 55,070 11,676 SGD 7,662 5,344 7,201,280 17,627,473 Time deposits RMB 40,374 3,140,058 IDR 110,781 128,772 USD — 3,262,450 151,155 6,531,280 Less: Provision for impairment losses (41 ) (185 ) 7,352,394 24,158,568 As of December 31, 2019 2020 RMB’000 RMB’000 Restricted cash Cash from consolidated structured entities (a) 8,055,423 14,581,753 Deposits held on behalf of platform investors (b) 13,038,088 7,997,940 Other deposits 9,268 449,895 Deposits for subsidiary establishment (Note 2) 3,500,000 — 24,602,779 23,029,588 (a) Cash from consolidated structured entities is the cash held by the Group’s consolidated structured entities mainly for future retail credit facilitation business. (b) Deposits held on behalf of platform investors represents funds received from platform investors while investment decisions are yet to be made, or investors’ funds withdrawal is in processing due to settlement time. |
Financial Assets At Fair Value
Financial Assets At Fair Value Through Profit or Loss | 12 Months Ended |
Dec. 31, 2020 | |
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Financial assets at fair value through profit or loss | 17 Financial assets at fair value through profit or loss As of December 31, 2019 2020 RMB’000 RMB’000 Unlisted securities Trust plans 3,470,473 9,927,037 Asset management plans 6,850,268 9,752,250 Private fund and other equity investments 7,512 4,624,024 Mutual funds 5,732,842 3,199,106 Corporate bonds 15,271 3,044,407 Bank wealth management products 251,684 2,091,730 Structured deposits 430,760 961,804 Factoring products 1,824,246 823,539 18,583,056 34,423,897 (a) In 2019, the Company obtained the beneficiary rights of the shares of one of the Company’s shareholders through an investment in a trust plan. As of December 31, 2020, the carrying amount of the trust plan was RMB249 million, which was recognized as financial assets at fair value through profit or loss. (b) As of December 31, 2020, the principal amount of financial assets at fair value through profit or loss amounting to RMB2,310 million were past due (2019: RMB3,496 million). A fair value loss of RMB337 million (2019: a fair value loss of RMB661 million) was recognized in 2020 for these overdue financial assets based on the discounted future recoverable cash flows estimated at the balance sheet date. |
Financial Assets At Amortized C
Financial Assets At Amortized Cost | 12 Months Ended |
Dec. 31, 2020 | |
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Financial assets at amortized cost | 18 Financial assets at amortized cost As of December 31, 2019 2020 RMB’000 RMB’000 Unlisted securities Debt Investments 9,890,158 7,641,846 Interest receivable 120,801 93,988 10,010,959 7,735,834 Less: Provision for impairment losses (1,387,947 ) (1,171,865 ) 8,623,012 6,563,969 (a) As of December 31, 2020, the principal amount of financial assets at amortized cost amounting to RMB2,077 million were past due (2019: RMB2,632 million). An impairment loss of RMB29 million (2019: an impairment loss of RMB1,075 million) was recognized in 2020 based on the discounted future recoverable cash flows estimated at the balance sheet date. (b) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total Restated balance as of January 1, 2018 7,598,170 7,694 254,765 59,450 7,920,079 New originated or purchased 9,470,670 — — 108,556 9,579,226 Transfer (561,101 ) 535,000 26,101 — — — From stage 1 to stage 2 (535,000 ) 535,000 — — — — From stage 1 to stage 3 (26,101 ) — 26,101 — — De-recognized (13,928,824 ) (7,694 ) (2,844 ) (75,016 ) (14,014,378 ) As of December 31, 2018 2,578,915 535,000 278,022 92,990 3,484,927 (c) The following table sets forth the movement of ECL allowance for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total Restated balance as of January 1, 2018 4,684 210 196,871 1,704 203,469 New originated or purchased 33,200 — — 2,140 35,340 Transfer (1,966 ) 111,437 26,101 — 135,572 — From stage 1 to stage 2 (1,875 ) 1,875 — — — — From stage 1 to stage 3 (91 ) — 91 — — Net impact on expected credit loss by stage transfer — 109,562 26,010 — 135,572 De-recognized (29,044 ) (210 ) (564 ) (2,300 ) (32,118 ) Changes in parameters of the model of expected credit loss 9,618 — 26,672 (1,473 ) 34,817 As of December 31, 2018 16,492 111,437 249,080 71 377,080 (d) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2019 2,578,915 535,000 278,022 92,990 3,484,927 New originated or purchased 15,379,522 — — 99,493 15,479,015 Transfer (2,403,628 ) — 2,403,628 — — — From stage 1 to stage 3 (2,403,628 ) — 2,403,628 — — De-recognized (8,331,614 ) (535,000 ) (26,518 ) (59,851 ) (8,952,983 ) As of December 31, 2019 7,223,195 — 2,655,132 132,632 10,010,959 (e) The following table sets forth the movement of ECL allowance for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2019, 16,492 111,437 249,080 71 377,080 New originated or purchased 64,072 — — (661 ) 63,411 Transfer (10,014 ) — 1,072,170 — 1,062,156 — From stage 1 to stage 3 (10,014 ) — — — — Net impact on expected credit loss by stage transfer — — 1,062,156 — 1,062,156 De-recognized (50,718 ) (111,437 ) (2,758 ) (1,932 ) (166,845 ) Changes in parameters of the model of expected credit loss (5,835 ) — 2,641 55,339 52,145 As of December 31, 2019 13,997 — 1,321,133 52,817 1,387,947 (f) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2020 7,223,195 — 2,655,132 132,632 10,010,959 New originated or purchased 8,590,588 — — 59,084 8,649,672 Write-offs — — (221,754 ) (12,521 ) (234,275 ) De-recognized (10,300,916 ) — (318,143 ) (71,463 ) (10,690,522 ) As of December 31, 2020 5,512,867 — 2,115,235 107,732 7,735,834 (g) The following table sets forth the movement of ECL allowance for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2020, 13,997 — 1,321,133 52,817 1,387,947 New originated or purchased 8,593 — — — 8,593 Write-offs — — (221,754 ) (12,521 ) (234,275 ) De-recognized (4,160 ) — (15,444 ) (117 ) (19,721 ) Changes in parameters of the model of expected credit loss (13,270 ) — 56,413 (13,822 ) 29,321 As of December 31, 2020 5,160 — 1,140,348 26,357 1,171,865 |
Financial Assets Purchased Unde
Financial Assets Purchased Under Reverse Repurchase Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Financial assets purchased under reverse repurchase agreements | 19 Financial assets purchased under reverse repurchase agreements Classified by collateral: As of December 31, 2019 2020 RMB’000 RMB’000 Bonds(a) — 700,007 (a) The Group enters into purchases of assets under reverse repurchase agreements and may not take physical possession of assets purchased under such agreements. In the event of default by the counterparty to repurchase the assets, the Group has the right to the underlying assets. The difference between the purchasing price and reselling price is recognized as investment income over the term of the agreement using the effective interest method. |
Accounts And Other Receivables
Accounts And Other Receivables And Contract Assets | 12 Months Ended |
Dec. 31, 2020 | |
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Accounts and other receivables and contract assets | 20 Accounts and other receivables and contract assets As of December 31, 2019 2020 RMB’000 RMB’000 Loan facilitation and service fees 11,468,513 10,344,007 Contract acquisition cost 10,150,851 9,016,555 Receivables from external payment services providers (a) 2,657,132 1,750,254 Trust statutory deposits (b) 460,641 968,490 Wealth management transaction and service fees receivables 1,038,111 882,060 — Current Products 299,068 634,934 — Legacy Products 739,043 247,126 Other deposit receivables 568,631 490,815 Guarantee fee 52,747 88,900 Others 301,438 473,275 Less: Provision for impairment losses (c) (401,626 ) (688,378 ) 26,296,438 23,325,978 (a) The Group maintains accounts with external online payment services providers to collect and transfer deposits, principal and interests collected from borrowers or third party product providers to platform investors. The Group recorded the related amounts as deposits receivables from external payment service providers. (b) The balances represent cash deposited in China Trust Protection Fund Co., Ltd. as required by trust regulations. (c) The following table sets forth the movements in the provision for impairment losses: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 At the beginning of the year 225,069 252,324 401,626 Impairment loss recognized in the consolidated statement of comprehensive income 723,774 794,116 1,499,344 Written off during the year (835,572 ) (839,243 ) (1,283,858 ) Recovery of receivables written off previously 139,053 194,429 71,266 At the end of the year 252,324 401,626 688,378 (d) The loss allowance as of December 31, 2019 was determined as follows for loan facilitation and service fees, wealth management transaction and service fees receivables and guarantee fee: As of December 31, 2019 Current 1-90 days past due 91-180 past due Total RMB’000 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets Expected loss rate 1.74 % 20.00 % 55.00 % 3.20 % Loan facilitation and service fee 10,887,088 368,244 213,181 11,468,513 Wealth management transaction and service fee receivables 1,038,111 — — 1,038,111 Guarantee fee 45,590 3,499 3,658 52,747 Loss allowance (208,018 ) (74,346 ) (119,262 ) (401,626 ) (e) The loss allowance as of December 31, 2020 was determined as follows for loan facilitation and service fees, wealth management transaction and service fees receivables and guarantee fee: As of December 31, 2020 Current 1-90 91-180 past due Total RMB’000 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets Expected loss rate 2.92 % 84.22 % 99.49 % 6.08 % Loan facilitation and service fee 9,953,323 174,102 216,582 10,344,007 Wealth management transaction and service fee receivables 882,060 — — 882,060 Guarantee fee 80,557 5,657 2,686 88,900 Loss allowance (318,820 ) (151,398 ) (218,160 ) (688,378 ) As of December 31, 2020 and 2019, the remaining amount of consideration the Group expected to receive is higher than the carrying amount of contract acquisition cost. As such, no loss allowance was recorded. |
Loans To Customers
Loans To Customers | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Loans to customers | 21 Loans to customers As of December 31, 2019 2020 RMB’000 RMB’000 Loans originated by consolidated trust plans 40,363,196 112,253,099 Loans originated by microloan lending companies and consumer finance company 7,850,380 6,240,803 Interest receivable 536,250 2,321,117 Less: Provision for impairment losses Stage 1 (136,396 ) (480,854 ) Stage 2 (53,258 ) (195,339 ) Stage 3 (1,061,660 ) (313,012 ) (1,251,314 ) (989,205 ) 47,498,512 119,825,814 (a) As of December 31, 2019 and 2020, respectively, loans amounted to RMB42,704 million and RMB105,325 million were covered by credit enhancement provided by credit enhancement partners. Out of which, the majority of the balance were covered by credit insurance provided by Ping An Property and Casualty Insurance Company (“Ping An P&C”), a subsidiary of Ping An Group. Credit enhancement partners independently underwrite the borrowers and entered into the credit enhancement directly with the borrowers. The beneficiaries of such credit enhancement are the institutional funding partners who provide funding to the borrowers. (b) As of December 31, 2019 and 2020, part of the loan balance was related to loans from asset based securitization plans. These loans were originated by microloan lending companies within the Group that do not meet the criteria of derecognition as the Group continued to provide credit enhancement to the assets backed securitization plans. The asset based securitization plans represented a liability of the Group and were recorded as payable to investors of consolidated structured entities (Note 30) in the consolidated financial statements, which consisted of principal and accrued interests. No new loans were originated through the assets backed securitization plans since 2019. (c) For the years ended December 31, 2018, 2019 and 2020, the amount of concession provided to customers were not material. (d) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total Restated balance as of January 1,2018 98,693,249 921,342 2,145,972 101,760,563 New originated or purchased loans 75,842,416 — — 75,842,416 Transfer (2,168,776 ) (249,595 ) 2,418,371 — — From stage 1 to stage 2 (381,778 ) 381,778 — — — From stage 1 to stage 3 (1,791,610 ) — 1,791,610 — — From stage 2 to stage 1 4,612 (4,612 ) — — — From stage 2 to stage 3 — (626,761 ) 626,761 — Loans de-recognized (138,579,168 ) (231,832 ) (421,687 ) (139,232,687 ) Write-offs — — (2,348,752 ) (2,348,752 ) As of December 31, 2018 33,787,721 439,915 1,793,904 36,021,540 (e) The following table sets forth the movement of ECL allowance for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total Restated balance as of January 1, 2018 2,409,593 414,386 1,531,462 4,355,441 New originated or purchased loans 70,659 — — 70,659 Transfer (174,932 ) (257,583 ) 2,216,965 1,784,450 — From stage 1 to stage 2 (15,946 ) 15,946 — — — From stage 1 to stage 3 (159,428 ) — 159,428 — — From stage 2 to stage 1 2,902 (2,902 ) — — — From stage 2 to stage 3 — (352,976 ) 352,976 — Net impact on expected credit loss by stage transfer (2,460 ) 82,349 1,704,561 1,784,450 Loans de-recognized (1,946,864 ) (45,732 ) (366,968 ) (2,359,564 ) Changes in parameters of the model of expected credit loss (39,469 ) 20 131,061 91,612 Write-offs — — (2,348,752 ) (2,348,752 ) As of December 31, 2018 318,987 111,091 1,163,768 1,593,846 As of December 31, 2018, loans to customers amounting to RMB2,349 million were written off in 2018 and were still subject to enforcement activity. (f) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2019 33,787,721 439,915 1,793,904 36,021,540 New originated or purchased loans 53,015,937 — — 53,015,937 Transfer (1,207,945 ) 116,102 1,091,843 — — From stage 1 to stage 2 (274,558 ) 274,558 — — — From stage 1 to stage 3 (935,301 ) — 935,301 — — From stage 2 to stage 1 1,914 (1,914 ) — — — From stage 2 to stage 3 — (157,987 ) 157,987 — — From stage 3 to stage 2 — 1,445 (1,445 ) — Loans de-recognized (38,543,538 ) (231,577 ) (1,233,244 ) (40,008,359 ) Write-offs — — (279,292 ) (279,292 ) As of December 31, 2019 47,052,175 324,440 1,373,211 48,749,826 (g) The following table sets forth the movement of ECL allowance for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2019, 318,987 111,091 1,163,768 1,593,846 New originated or purchased loans 14,948 — — 14,948 Transfer (19,116 ) (9,368 ) 803,752 775,268 — From stage 1 to stage 2 (4,815 ) 4,815 — — — From stage 1 to stage 3 (14,663 ) — 14,663 — — From stage 2 to stage 1 1,347 (1,347 ) — — — From stage 2 to stage 3 — (54,270 ) 54,270 — — From stage 3 to stage 2 — 1,210 (1,210 ) — Net impact on expected credit loss by stage transfer (985 ) 40,224 736,029 775,268 Loans de-recognized (214,897 ) (28,844 ) (679,038 ) (922,779 ) Changes in parameters of the model of expected credit loss 36,474 (19,621 ) 52,470 69,323 Write-offs — — (279,292 ) (279,292 ) As of December 31, 2019 136,396 53,258 1,061,660 1,251,314 As of December 31, 2019, loans to customers amounting to RMB279 million were written off in 2019 and were still subject to enforcement activity. (h) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2020 47,052,175 324,440 1,373,211 48,749,826 New originated or purchased loans 141,924,691 — — 141,924,691 Transfer (2,124,274 ) 1,713,887 410,387 — — From stage 1 to stage 2 (1,806,096 ) 1,806,096 — — — From stage 1 to stage 3 (324,045 ) — 324,045 — — From stage 2 to stage 1 5,867 (5,867 ) — — — From stage 2 to stage 3 — (98,355 ) 98,355 — — From stage 3 to stage 2 — 12,013 (12,013 ) — Loans de-recognized (67,284,010 ) (1,198,510 ) (195,666 ) (68,678,186 ) Write-offs — — (1,181,312 ) (1,181,312 ) As of December 31, 2020 119,568,582 839,817 406,620 120,815,019 (i) The following table sets forth the movement of ECL allowance for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2020 136,396 53,258 1,061,660 1,251,314 New originated or purchased loans 373,266 — — 373,266 Transfer (107,551 ) 213,807 378,215 484,471 — From stage 1 to stage 2 (101,324 ) 101,324 — — — From stage 1 to stage 3 (7,322 ) — 7,322 — — From stage 2 to stage 1 4,161 (4,161 ) — — — From stage 2 to stage 3 — (49,632 ) 49,632 — — From stage 3 to stage 2 — 1,344 (1,344 ) — Net impact on expected credit loss by stage transfer (3,066 ) 164,932 322,605 484,471 Loans de-recognized (203,494 ) (89,632 ) (119,197 ) (412,323 ) Changes in parameters of the model of expected credit loss 282,237 17,906 (664 ) 299,479 Write-offs — — (1,181,312 ) (1,181,312 ) Recovery of loans written off previously — — 174,310 174,310 As of December 31, 2020 480,854 195,339 313,012 989,205 As of December 31, 2020, loans to customers amounting to RMB1,179 million were written off in 2020 and were still subject to enforcement activity. |
Deferred Tax Assets And Deferre
Deferred Tax Assets And Deferred Tax Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Deferred tax assets and deferred tax liabilities | 22 Deferred tax assets and deferred tax liabilities Deferred income assets and liabilities of the Group are set out as follows: As of December 31, 2019 2020 RMB’000 RMB’000 Deferred tax assets 3,000,156 3,358,664 Deferred tax liabilities (5,311,972 ) (5,733,733 ) Net amount (2,311,816 ) (2,375,069 ) Deferred assets and liabilities not taking into consideration the offsetting of balances are set out as follows: (a) The following table sets forth the details of deferred tax assets: As of December 31, 2019 2020 RMB’000 RMB’000 Deductible tax losses 1,047,234 581,325 Provision for asset impairments 939,239 1,368,693 Employee benefit payables 563,567 626,048 Accrued expenses and provisions 430,965 528,660 Unexercised share-based payment 75,345 117,508 Guarantee liabilities 60,687 187,169 Consolidation adjustments 40,446 51,959 Servicing liabilities 6,790 — Advertising and business promotion fees 559 499 Others 25,724 99,064 3,190,556 3,560,925 (b) Deductible temporary differences and deductible losses that are not recognized as deferred tax assets are analyzed as follows: As of December 31, 2019 2020 RMB’000 RMB’000 Deductible temporary differences 2,119,410 2,869,537 Deductible losses 892,733 1,423,385 3,012,143 4,292,922 (c) Deductible losses that are not recognized as deferred tax assets will expire as follows: As of December 31, 2019 2020 RMB’000 RMB’000 2020 12,225 — 2021 17,240 7,182 2022 48,457 29,333 2023 74,894 20,462 2024 241,781 27,549 2025 — 85,463 No due date 498,136 1,253,396 892,733 1,423,385 (d) The following table sets forth the movements of the deferred tax asset: Movements Deductible Provision for Employee Accrued Unexercised Guarantee Advertising Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 995,545 1,083,854 234,732 279,834 86,917 141,651 232,561 260,131 3,315,225 Credited/(charged) - to profit or loss (154,431 ) (315,563 ) 197,623 345,851 (18,728 ) (73,172 ) (27,812 ) 26,213 (20,019 ) Acquisition of subsidiary — 1,457 564 301 7,612 — — — 9,934 As of December 31, 2018 841,114 769,748 432,919 625,986 75,801 68,479 204,749 286,344 3,305,140 Credited/(charged) - to profit or loss 206,120 169,491 130,648 (195,021 ) (456 ) (7,792 ) (204,190 ) (213,384 ) (114,584 ) As of December 31, 2019 1,047,234 939,239 563,567 430,965 75,345 60,687 559 72,960 3,190,556 Credited/(charged) - to profit or loss (465,909 ) 429,454 62,481 97,695 42,163 126,482 (60 ) 78,063 370,369 As of December 31, 2020 581,325 1,368,693 626,048 528,660 117,508 187,169 499 151,023 3,560,925 (e) The following table sets forth for the details of deferred tax liabilities: As of December 31, 2019 2020 RMB’000 RMB’000 Revenue recognition differences between accounting and tax book 4,476,834 4,157,984 Intangible assets arisen from business combination 452,258 452,258 Unrealized consolidated earnings 295,637 434,850 Effective interest adjustment 260,671 862,035 Changes in fair value 16,956 20,469 Depreciation of property and equipment 16 8,398 5,502,372 5,935,994 (f) The following table sets forth the movements of the deferred tax liabilities: Movements Revenue Intangible Unrealized consolidated Capitalized Changes in Depreciation Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 893,586 348,255 — 208,249 15,509 18,073 1,483,672 Charged/(credited) - to profit or loss 2,063,320 1,526 279,653 (185,492 ) 4,682 (8,083 ) 2,155,606 Acquisition of a subsidiary — 106,500 — — 9,459 — 115,959 As of December 31, 2018 2,956,906 456,281 279,653 22,757 29,650 9,990 3,755,237 Charged/(credited) - to profit or loss 1,519,928 (4,023 ) 15,984 237,914 (12,694 ) (9,974 ) 1,747,135 As of December 31, 2019 4,476,834 452,258 295,637 260,671 16,956 16 5,502,372 Charged/(credited) - to profit or loss (318,850 ) — 139,213 601,364 3,513 8,382 433,622 As of December 31, 2020 4,157,984 452,258 434,850 862,035 20,469 8,398 5,935,994 (g) The following table sets forth the net balances of deferred tax assets and liabilities after offsetting: As of December 31, 2019 2020 Offset Balance after Offset Balance after RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets (190,400 ) 3,000,156 (202,261 ) 3,358,664 Deferred tax liabilities 190,400 (5,311,972 ) 202,261 (5,733,733 ) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Property and equipment | 23 Property and equipment Buildings, office Leasehold Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 Cost 447,846 514,069 97,546 1,059,461 Accumulated depreciation (148,308 ) (204,384 ) — (352,692 ) Net book amount 299,538 309,685 97,546 706,769 Year ended December 31, 2018 Opening net book amount 299,538 309,685 97,546 706,769 Additions 119,527 146,291 5,930 271,748 Transfers 43,837 — (43,837 ) — Disposals (46,628 ) — (58,702 ) (105,330 ) Depreciation charge (88,976 ) (161,304 ) — (250,280 ) Closing net book amount 327,298 294,672 937 622,907 As of December 31, 2018 Cost 541,279 660,360 937 1,202,576 Accumulated depreciation (213,981 ) (365,688 ) — (579,669 ) Net book amount 327,298 294,672 937 622,907 Buildings, office motor vehicles Leasehold Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 Cost 541,279 660,360 937 1,202,576 Accumulated depreciation (213,981 ) (365,688 ) — (579,669 ) Net book amount 327,298 294,672 937 622,907 Year ended December 31, 2019 Opening net book amount 327,298 294,672 937 622,907 Additions 81,615 99,712 — 181,327 Transfers — 937 (937 ) — Disposals (10,731 ) — — (10,731 ) Depreciation charge (101,217 ) (175,049 ) — (276,266 ) Closing net book amount 296,965 220,272 — 517,237 As of December 31, 2019 Cost 590,724 761,009 — 1,351,733 Accumulated depreciation (293,759 ) (540,737 ) — (834,496 ) Net book amount 296,965 220,272 — 517,237 Buildings, office Leasehold Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 Cost 590,724 761,009 — 1,351,733 Accumulated depreciation (293,759 ) (540,737 ) — (834,496 ) Net book amount 296,965 220,272 — 517,237 Year ended December 31, 2020 Opening net book amount 296,965 220,272 — 517,237 Additions 61,403 86,892 — 148,295 Disposals (14,463 ) (164 ) — (14,627 ) Depreciation charge (96,797 ) (130,065 ) — (226,862 ) Closing net book amount 247,108 176,935 — 424,043 As of December 31, 2020 Cost 601,764 804,164 — 1,405,928 Accumulated depreciation (354,656 ) (627,229 ) — (981,885 ) Net book amount 247,108 176,935 — 424,043 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Intangible assets | 24 Intangible assets Trademarks Computer Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 Cost 1,389,576 540,015 13,645 1,943,236 Accumulated amortization (4,238 ) (280,529 ) — (284,767 ) Net book amount 1,385,338 259,486 13,645 1,658,469 Year ended December 31, 2018 Opening net book amount 1,385,338 259,486 13,645 1,658,469 Acquisition of subsidiaries 426,000 3 — 426,003 Additions — 5,515 55,296 60,811 Transfer — 14,523 (14,523 ) — Amortization charge — (171,915 ) — (171,915 ) Closing net book amount 1,811,338 107,612 54,418 1,973,368 As of December 31, 2018 Cost 1,815,576 560,056 54,418 2,430,050 Accumulated amortization (4,238 ) (452,444 ) — (456,682 ) Net book amount 1,811,338 107,612 54,418 1,973,368 Trademarks Computer Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 Cost 1,815,576 560,056 54,418 2,430,050 Accumulated amortization (4,238 ) (452,444 ) — (456,682 ) Net book amount 1,811,338 107,612 54,418 1,973,368 Year ended December 31, 2019 Opening net book amount 1,811,338 107,612 54,418 1,973,368 Additions — 19,383 — 19,383 Transfer — 54,418 (54,418 ) — Impairment — (64,209 ) — (64,209 ) Amortization charge (762 ) (31,205 ) — (31,967 ) Closing net book amount 1,810,576 85,999 — 1,896,575 As of December 31, 2019 Cost 1,815,576 633,857 — 2,449,433 Accumulated amortization (5,000 ) (483,649 ) — (488,649 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 85,999 — 1,896,575 Trademarks and licenses Computer software and others Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 Cost 1,815,576 633,857 — 2,449,433 Accumulated amortization (5,000 ) (483,649 ) — (488,649 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 85,999 — 1,896,575 Year ended December 31, 2020 Opening net book amount 1,810,576 85,999 — 1,896,575 Additions — 17,718 — 17,718 Amortization charge — (31,831 ) — (31,831 ) Closing net book amount 1,810,576 71,886 — 1,882,462 As of December 31, 2020 Cost 1,815,576 255,063 — 2,070,639 Accumulated amortization (5,000 ) (118,968 ) — (123,968 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 71,886 — 1,882,462 The trademarks and licenses were intangible assets acquired in business combinations as part of the reorganization of the Group. Most of the trademarks and licenses acquired were determined to be indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. Impairment review on the trademarks and licenses with indefinite useful life were conducted by the Group as of December 31, 2019 and 2020 according to IAS 36 “Impairment of assets”. For the purposes of impairment assessment, the recoverable amount of the trademarks and licenses with indefinite life were determined based on the higher amount of the fair value less cost of disposal (“FVLCD”) and value-in-use value-in-use value-in-use |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
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Leases | 25 Leases (a) Amounts recognized in the statement of financial position The statement of financial position shows the following amounts relating to leases: As of December 31, 2019 2020 Right-of-use RMB’000 RMB’000 Properties 914,960 973,547 Lease liabilities 939,089 979,419 (b) Amounts recognized in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases: Year ended December 31, 2018 2019 2020 Depreciation charge of right-of-use RMB’000 RMB’000 RMB’000 Properties 529,269 509,026 604,018 Interest expense (included in finance costs) 54,281 58,170 46,567 Expense relating to short-term leases (included in operation and servicing expenses; general and administrative expenses; technology and analytics expenses; sales and marketing expenses) 35,179 61,836 115,741 Expense relating to leases of low-value 21,745 22,441 26,684 The total cash outflow for leases for years end December 31, 2018, 2019 and 2020 were RMB621 million, RMB660 million and RMB794 million respectively. (c) The Group’s leasing activities and how these are accounted for The Group leases various offices. Rental contracts are typically made for fixed periods of 1 to 6 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. (d) Movement of right-of-use Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Opening net book amount 852,132 740,240 914,960 Additions 417,377 683,746 697,403 Disposals — — (34,798 ) Depreciation charge (529,269 ) (509,026 ) (604,018 ) Closing net book amount 740,240 914,960 973,547 As of December 31, 2019 2020 RMB’000 RMB’000 Cost 1,656,613 1,731,022 Accumulated depreciation (741,653 ) (757,475 ) Net book amount 914,960 973,547 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Goodwill | 26 Goodwill As of January 1, 2018 Increase Decrease As of December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee — 126,207 126,207 Pingan Jixin 67,752 — — 67,752 Yunque Dongfang — 2,800 2,800 Jinniu Loan 2,515 — — 2,515 8,981,712 129,007 — 9,110,719 Less: Impairment losses — (2,800 ) — (2,800 ) 8,981,712 126,207 — 9,107,919 As of January 1, 2019 Increase Decrease As of December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee 126,207 — — 126,207 Pingan Jixin 67,752 — — 67,752 Lu International (Hong Kong) Limited — 6,663 6,663 Yunque Dongfang 2,800 — — 2,800 Jinniu Loan 2,515 — — 2,515 9,110,719 6,663 — 9,117,382 Less: Impairment losses (2,800 ) (67,752 ) — (70,552 ) 9,107,919 (61,089 ) — 9,046,830 As of January 1, 2020 Increase Decrease As of December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee 126,207 — — 126,207 Pingan Jixin 67,752 — — 67,752 Lu International (Hong Kong) Limited 6,663 — — 6,663 Yunque Dongfang 2,800 — — 2,800 Jinniu Loan 2,515 — — 2,515 9,117,382 — — 9,117,382 Less: Impairment losses (70,552 ) — — (70,552 ) 9,046,830 — — 9,046,830 The primary valuation technique used for recoverable amount of cash-generating unit or group of units is cash flow projection based on business plans approved by management covering a three to seven years’ period and a risk adjusted discount rate. Cash flows beyond that period have been extrapolated using a steady growth rate and terminal value. The following table sets forth the discount rate and growth rate used by the Group. The high growth rate as of December 31, 2019 and 2020 was mainly due to the substantial increase in the business volume of Tianjin Guarantee during the early period after the acquisition. The subsequent growth rate gradually stabilized at the terminal growth rate of 3%. As of December 31, 2018 2019 2020 Discount rates 16%-21% 16%-21% 18%-20% Growth rates 3%-25% 3%-123% 3%-275% Impairment losses amounting to RMB3 million and RMB68 million were recognized in the years ended December 31, 2018 and 2019, respectively based on the results of impairment test. Other than the aforementioned impairment, the results of cash flow projections exceed the carrying amount of each related cash-generating unit or group of units. However, subsequent impairment tests may be based upon different assumptions and future cash flow projections, which may result in an impairment of these assets in the foreseeable future. |
Payable To Platform Investors
Payable To Platform Investors | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Payable To Platform Investors | 27 Payable to platform investors Payable to platform investors are the funds from the investors that were not yet used to purchase investment products displayed on the Company’s platform. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
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Borrowings | 28 Borrowings As of December 31, 2019 2020 RMB’000 RMB’000 Unsecured - Bank borrowings 2,977,440 10,279,835 - Corporate borrowings — 1,162 2,977,440 10,280,997 Interest payable 12,422 34,448 Total borrowings 2,989,862 10,315,445 (a) As of December 31, 2020, the Group had USD1,290 million (equivalent to approximately RMB8,417 million) unsecured borrowings related to a three-year syndicated loan facility agreement entered into on February 13, 2020, with the available loan facility of USD1,500 million. The interest rate is determined based on monthly LIBOR rate plus 1.25% and the interest is repaid on monthly basis. The Group also had a USD50 million (equivalent to approximately RMB326 million) unsecured bank borrowing. The interest rate is determined based on semi-annual LIBOR rate plus 2.05% and the interest is repaid semi-annually. (b) The following table sets forth the range of interest rates of borrowings as of December 31, 2019 and 2020: As of December 31, 2019 2020 Bank borrowings — fixed rate 4.08%-6.09% 4.35%-5.00% Bank borrowings — floating rate 4.04% 1.41%-2.68% Corporate borrowings — fixed rate — 0.50%-0.78% |
Accounts And Other Payables And
Accounts And Other Payables And Contract Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounts and other payables and contract liabilities [Abstract] | |
Accounts And Other Payables And Contract Liabilities | 29 Accounts and other payables and contract liabilities As of December 31, 2019 2020 RMB’000 RMB’000 Employment benefits payable 3,030,885 3,203,478 Tax payable 631,590 553,507 Payable to external suppliers 525,952 433,410 Payable to investees — 431,148 Others 637,583 862,214 4,826,010 5,483,757 |
Payable To Investors Of Consoli
Payable To Investors Of Consolidated Structured Entities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Payable To Investors of Consolidated Structured Entities [Abstract] | |
Payable To Investors Of Consolidated Structured Entities | 30 Payable to investors of consolidated structured entities As of December 31, 2019 2020 RMB’000 RMB’000 Payable to investors of consolidated trust plans 42,896,764 110,309,109 Payable to investors of asset based securitization plans (Note 21(b)) 1,331,829 43,662 Payable to investors of consolidated wealth management plans 3,014,457 14,947 47,243,050 110,367,718 |
Convertible Promissory Note Pay
Convertible Promissory Note Payable | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Convertible Promissory Note Payable | 31 Convertible promissory note payable In October 2015, in connection with the acquisition of Gem Alliance Limited, the Company issued a convertible promissory note (the “Note”) to China Ping An Insurance Overseas (Holdings) Limited (“PAOH”), a subsidiary of Ping An Group, in an aggregate principal amount of USD1,953.8 million. On the same date, PAOH agreed to transfer USD937.8 million of the principal amount of the Note and all rights, benefits and interests attached thereunder to An Ke Technology Company Limited. The Note bears interest paid semi-annually at the rate of 0.7375% per annum. Subject to its terms and conditions, the holders of the Note have the right to convert the Notes into ordinary shares of the Company within the conversion period commencing on the listing day of the Company until the date which is five business days before (and excluding) the eighth anniversary of the issuance date of the Note at the conversion price of USD14.8869 per share. On August 31, 2020, the Company entered into an amendment and supplemental agreement with PAOH and An Ke Technology Company Ltd. In accordance with this agreement, the holders of the Note can only exercise their conversion right one year after the Company’s listing date. This amendment does not have any material impact to the Group’s financial position and results of operations. The Group measured the liability component at initial recognition based on its best estimate of the present value of the redemption amount and recognized the residual to the equity component to reflect the value of conversion rights. Subsequent to initial recognition, the liability component of convertible promissory note payable measured at amortized cost using effective interest rate method with interest expenses recorded in the finance costs. The equity component will not be re-measured Liabilities Equity RMB’000 RMB’000 Carrying value as of January 1, 2018 8,070,915 5,744,955 Interest accrued at effective interest rate 733,234 — Interest paid (98,894 ) — Exchange differences 429,554 — Carrying value as of December 31, 2018 9,134,809 5,744,955 Interest accrued at effective interest rate 819,754 — Interest paid (100,522 ) — Exchange differences 160,336 — Carrying value as of December 31, 2019 10,014,377 5,744,955 Interest accrued at effective interest rate 883,759 — Interest paid (92,981 ) — Exchange differences (687,967 ) — Carrying value as of December 31, 2020 10,117,188 5,744,955 |
Convertible Redeemable Prefer
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Convertible Redeemable Preferred Shares | 32 Convertible redeemable preferred shares On November 29, 2018 and January 31, 2019, the Group completed two batches of C-round Besides the liquidation preference, holders of Class C ordinary shares are entitled to voting rights and dividend rights similar to Class A ordinary shareholders, who can require the Company to redeem their Class C ordinary shares under certain circumstances. Class C ordinary shares are automatically converted into Class A ordinary shares upon the occurrence of a qualified listing. Therefore, Class C ordinary shares are treated as a compound financial instrument, which is split into liability and equity component upon initial recognition. The Group measured the liability component at initial recognition based on its best estimate of the present value of the redemption amount and recognized the residual to the equity component to reflect the value of conversion rights. Subsequent to initial recognition, the liability component of Class C ordinary shares is measured at amortized cost using effective interest rate method with interest expenses recorded in the finance costs. The equity component will not be re-measured In September, 2020, the Company entered into a securities exchange agreement with certain C-round C-round C-round Upon the closing of the C-round C-round C-round C-round The Company recorded a one-time C-rounding C-round The automatically convertible promissory notes were converted into 7,566,665 ordinary shares and the Class C ordinary shares were converted into 1,662,614 ordinary shares on November 3, 2020 when the Company completed its IPO. Liabilities Equity RMB’000 RMB’000 Carrying value as of January 1, 2018 — — Issuance of Class C ordinary shares 9,011,510 218,050 Interest accrued at effective interest rate 49,378 — Exchange differences (125,395 ) — Carrying value as of December 31, 2018 8,935,493 218,050 Issuance of Class C ordinary shares 530,030 11,956 Interest accrued at effective interest rate 636,835 — Exchange differences 156,540 — Carrying value as of December 31, 2019 10,258,898 230,006 C-round (10,162,990 ) (219,738 ) Interest accrued at effective interest rate 534,686 — Exchange differences (262,678 ) — Conversion of Class C ordinary shares to ordinary shares upon IPO (367,916 ) (10,268 ) Carrying value as of December 31, 2020 — — |
Optionally Convertible Promisso
Optionally Convertible Promissory Notes | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Abstract] | |
Optionally convertible promissory notes | 33 Optionally convertible promissory notes On September 30, 2020, the Company issued optionally convertible promissory notes with a principal amount of USD1,158 million (equivalent of approximately RMB7,884 million) to certain holders of the Company’s Class C ordinary shares as part of the C-round The Group measured the liability component of optionally convertible promissory notes at initial recognition based on its best estimate of the present value of the redemption amount and recognized the residual between the fair value of the entire optionally convertible promissory notes and the fair value of the liability component to the equity component to reflect the value of conversion rights. Subsequent to initial recognition, the liability component of convertible promissory note is measured at amortized cost using effective interest rate method with interest expenses recorded in the finance costs. The equity component will not be re-measured Liabilities Equity RMB’000 RMB’000 Initial recognition upon C-round restructuring 7,762,475 1,489,748 Interest accrued at effective interest rate 127,509 — Exchange differences (359,442 ) — Carrying value as of December 31, 2020 7,530,542 1,489,748 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures Of Other Liabilities [Abstract] | |
Other liabilities | 34 Other liabilities As of December 31, 2019 2020 RMB’000 RMB’000 Accrued expenses 2,122,001 2,062,869 Derivative financial liabilities (a) — 547,597 Provisions (b) 560,000 110,930 Service liability (c) 239,094 — Output VAT to be recognized 13,491 — Others 19,060 15,538 2,953,646 2,736,934 (a) Foreign currency swap Interest rate swap Carrying amount RMB57,787 RMB478,157 Carrying amount RMB11,653 Notional amount RMB6,739,476 USD163,270 Notional amount USD1,290,000 Maturity date 19/05/2021- 01/09/2021 30/08/2021- 01/09/2021 Maturity date May 18, 2023 Pay side RMB USD Pay type Fixed Receive side USD RMB Receive type 1 month (b) As of December 31, 2019, due to certain investment related disputes, a provision amounting to RMB460 million was provided for the Group’s agreed share in the loss of such investors. Such provision was settled in 2020. (c) Service liability represented unrecognized revenue in relation to the ongoing monitoring services for the portion of funding advanced by institutional partners. Revenue was recognized over the period of loans. |
Share Capital And Share Premium
Share Capital And Share Premium | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Capital And Share Premium [Abstract] | |
Share capital and share premium | 35 Share capital and share premium Class A ordinary share Class B ordinary share (a) Ordinary share Number of Share Share premium Number of Share capital Share premium Number of shares Share capital Share premium RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 950,000,000 59 — 135,196,846 8 10,870,339 — — — Issuance of ordinary shares 22,146,871 1 3,242,972 — — — — — — As of December 31, 2018 972,146,871 60 3,242,972 135,196,846 8 10,870,339 — — — Issuance of ordinary shares 15,000,000 1 — — — — — — — As of December 31, 2019 987,146,871 61 3,242,972 135,196,846 8 10,870,339 — — — Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares (b) 136,859,460 8 11,278,459 (135,196,846 ) (8 ) (10,870,339 ) — — — Re-designation (1,124,006,331 ) (69 ) (14,521,431 ) — — — 1,124,006,331 69 14,521,431 Issuance of ordinary shares upon IPO and exercise of over-allotment option (d) — — — — — — 99,577,564 7 17,305,119 Conversion of automatically convertible promissory notes to ordinary shares (e) — — — — — — 7,566,665 1 1,386,876 As of December 31, 2020 — — — — — — 1,231,150,560 77 33,213,426 (a) Besides the liquidation preference, holders of Class B ordinary shares were entitled to voting rights and dividend rights similar to Class A ordinary shareholders. Class B ordinary shares were automatically converted into Class A ordinary shares upon the occurrence of a qualified listing. (b) Immediately prior to the Company’s successful IPO on October 30, 2020, all of the Company’s then issued and outstanding 135,196,846 Class B and 1,662,614 Class C ordinary shares were automatically converted into Class A ordinary shares on a one-for-one (c) Immediately prior to the Company’s successful IPO on October 30, 2020, all of the Company’s then issued and outstanding 1,124,006,331 Class A ordinary shares after the conversion of Class B and Class C ordinary shares were re-designated (d) On October 30, 2020, the Company issued and sold 87,500,000 ordinary shares in its IPO with every two ADSs representing one ordinary share. On December 1, 2020, upon partial exercise of the underwriters’ over-allotment options, the Company further issued and sold 12,077,564 ordinary shares. Upon issuance of ordinary shares with IPO and exercise of over-allotment option, par value of ordinary shares issued was recorded as share capital and the difference between the cash consideration raised as part of IPO and exercise of underwriters’ over-allotment options and par value recorded of RMB17,305 million was recorded as share premium. (e) Upon successful IPO on October 30, 2020, the automatically convertible promissory notes were automatically converted into 7,566,665 ordinary shares at the IPO price of USD13.5 per ADS (USD27 per ordinary share) with par value of ordinary shares issued recorded as share capital and the difference between the then carrying value of automatically convertible promissory notes and par value recorded of RMB1,387 million was recorded as share premium. |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Other reserves [Abstract] | |
Other reserves | 36 Other reserves Employee share-based compensation reserve Translation differences Value of conversion - convertible redeemable preferred (Note 32) Value of conversion rights – convertible (Note 31) Capital reserve and others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 378,198 (23,559 ) — 5,744,955 1,020,000 7,119,594 Acquisition of non-controlling — — — — (2,619,888 ) (2,619,888 ) Issuance of convertible redeemable preferred shares — — 218,050 — — 218,050 Foreign operation translation difference — (267,427 ) — — — (267,427 ) Share-based payment 128,187 — — — — 128,187 As of December 31, 2018 506,385 (290,986 ) 218,050 5,744,955 (1,599,888 ) 4,578,516 Employee Translation General Value of conversion redeemable preferred (Note 32) Value of rights – (Note 31) Capital Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 506,385 (290,986 ) — 218,050 5,744,955 (1,599,888 ) 4,578,516 Issuance of convertible redeemable preferred shares — — — 11,956 — — 11,956 Foreign operation translation difference — (176,833 ) — — — — (176,833 ) Appropriation to general reserve — — 223,712 — — — 223,712 Share-based payment (55,060 ) — — — — — (55,060 ) As of December 31, 2019 451,325 (467,819 ) 223,712 230,006 5,744,955 (1,599,888 ) 4,582,291 Employee compensation reserve Translation General reserve Value of (Note 33) Value of conversion - convertible redeemable preferred (Note 32) Value of rights – convertible (Note 31) Capital reserve and Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 451,325 (467,819 ) 223,712 — 230,006 5,744,955 (1,599,888 ) 4,582,291 C-round — — — 1,489,748 (219,738 ) — 25,648 1,295,658 Conversion of Class C ordinary shares to ordinary shares upon IPO — — — — (10,268 ) — — (10,268 ) Foreign operation translation difference — 614,399 — — — — — 614,399 Appropriation to general reserve — — 772,466 — — — — 772,466 Share-based payment 164,164 — — — — — — 164,164 As of December 31, 2020 615,489 146,580 996,178 1,489,748 — 5,744,955 (1,574,240 ) 7,418,710 |
Retained Earnings
Retained Earnings | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Retained earnings | 37 Retained earnings In accordance with the relevant laws and regulations, each of the Company’s subsidiaries, the Consolidated Affiliated Entities and Subsidiaries of Consolidated Affiliated Entities incorporated in PRC is required to annually appropriate 10% of after-tax |
Commitment
Commitment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures Of Commitments [Abstract] | |
Commitment | 38 Commitment (a) Financing Guarantee Commitment The Group provides financial guarantees to individuals and small and micro-business owners who successfully obtain loans through the Group’s platform. The following table sets forth the balance of such commitment under the financing guarantee contracts for which the Group does not consolidate the underlying loans. As of December 31, 2019 2020 RMB’000 RMB’000 Financing Guarantee Commitments 4,639,331 20,969,026 |
Note to Consolidated Statements
Note to Consolidated Statements of Cash flows | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reconciliation from profit before income tax to cash used in operating activities [Abstract] | |
Note to consolidated statements of cash flows | 39 Note to consolidated statements of cash flows (a) Reconciliation from profit before income tax to cash used in operating activities: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profits before income tax 18,649,260 19,433,841 17,909,505 Adjustments for: Depreciation of property and equipment 250,280 276,266 226,862 Depreciation of right-of-use 529,269 509,026 604,018 Amortization of intangible assets 171,915 31,967 31,831 Share of profits of associates and joint ventures (45,763 ) (72,807 ) (14,837 ) Net gains on sale of property and equipment, and intangible assets 350 83 184 Net unrealized losses/(gains) on financial assets at fair value through profit or loss (1,728 ) 732,125 558,044 Non-cash 128,158 (55,443 ) 165,248 Asset impairment losses 7,492 134,516 7,168 Credit impairment losses 220,630 1,710,617 2,768,499 Finance cost classified as financing activities 912,359 1,844,209 3,137,737 Investment income classified as investing activities (709,167 ) (988,429 ) (1,127,006 ) Foreign exchange losses/(gains) 125,918 95,947 (192,337 ) 20,238,973 23,651,918 24,074,916 Change in operating assets and liabilities, net of effects from purchase of controlled entity: Decrease/(Increase) in accounts and other receivables 61,391,901 (34,684,983 ) (68,897,073 ) Increase/(Decrease) in accounts and other payables (80,093,625 ) 17,455,647 56,166,868 1,537,249 6,422,582 11,344,711 (b) Net decrease in cash and cash equivalents Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Cash and cash equivalents at the end of the year 18,576,090 7,312,061 23,785,651 Less: Cash and cash equivalents at the beginning of the year (18,628,201 ) (18,576,090 ) (7,312,061 ) Net increase/(decrease) in cash and cash equivalents (52,111 ) (11,264,029 ) 16,473,590 (c) Cash and cash equivalents Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Cash at bank (Note 16) 18,576,090 7,352,394 24,158,568 Less: Time deposits with original maturities of more than 3 months — (40,374 ) (373,102 ) Add: Provision for impairment losses — 41 185 Cash and cash equivalents at the end of the year 18,576,090 7,312,061 23,785,651 (d) Net debt reconciliation This section sets out an analysis of net debt and the movements in net debt for each of the years ended December 31, 2018, 2019 and 2020. Borrowings Bond Convertible Convertible Lease Optionally Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 15,101,819 — 8,070,915 — 865,468 — 24,038,202 Cash flows (10,744,081 ) 288,639 (98,894 ) 9,011,510 (561,520 ) — (2,104,346 ) Acquisitions-leases — — — — 414,731 — 414,731 Foreign exchange adjustments — — 429,554 (125,395 ) — — 304,159 Accrued expense 539,026 560 733,234 49,378 54,281 — 1,376,479 As of December 31, 2018 4,896,764 289,199 9,134,809 8,935,493 772,960 — 24,029,225 Cash flows (2,220,683 ) (305,447 ) (100,522 ) 530,030 (572,635 ) — (2,669,257 ) Acquisitions-leases — — — — 680,594 — 680,594 Foreign exchange adjustments 116,158 — 160,336 156,540 — — 433,034 Accrued expense 197,623 16,248 819,754 636,835 58,170 — 1,728,630 As of December 31, 2019 2,989,862 — 10,014,377 10,258,898 939,089 — 24,202,226 Cash flows 7,583,729 — (92,981 ) (928,242 ) (596,575 ) — 5,965,931 C-round — — — (9,234,748 ) — 7,762,475 (1,472,273 ) Conversion of Class C ordinary shares to ordinary shares upon IPO — — — (367,916 ) — — (367,916 ) Acquisitions-leases — — — — 653,251 — 653,251 Disposals-leases — — — — (62,913 ) — (62,913 ) Foreign exchange adjustments (469,452 ) — (687,967 ) (262,678 ) — (359,442 ) (1,779,539 ) Accrued expense 211,306 — 883,759 534,686 46,567 127,509 1,803,827 As of December 31, 2020 10,315,445 — 10,117,188 — 979,419 7,530,542 28,942,594 |
Share-based Payment
Share-based Payment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based payment | 40 Share-based payment The employees of the Group participate in the share-based compensation plan that may comprised of share options and PSUs. (a) Share options In December 2014 and August 2015, the Board of Directors of the Company approved the establishment of Phase I Share Incentive Plan (“2014 Plan”) and Phase II Share Incentive Plan (“2015 Plan”) to grant a maximum of 20,644,803 Class A ordinary shares and maximum of 25,000,000 Class A ordinary shares. 2014 Plan and 2015 Plan permit the awards of options. Such shares reserved were treated as treasury shares in the consolidated financial statements. Options granted under the 2014 Plan and 2015 Plan are valid and effective for 10 years from the date of grant and are generally vested evenly in four years. The Group determined that the vesting period will commence no later than the grant date and end on 6 months after IPO date or service condition ending date, whichever is later. Before IPO, the Group revised the vesting period to reflect the best available estimate of the IPO date. Before successful IPO, any change in the estimate of the IPO date would result in an adjustment of share-based compensation expenses on cumulative basis in the period when such changes were made. The Group does not have statutory or constructive obligations to purchase or repay options by cash. The following table sets forth the changes in the number of outstanding options and weighted average exercise prices: Average exercise Number of options Outstanding as of January 1, 2018 69.15 27,107 Granted during the year 109.26 3,075 Forfeited during the year 38.94 (1,363 ) Outstanding as of December 31, 2018 74.86 28,819 Forfeited during the year 73.92 (3,475 ) Outstanding as of December 31, 2019 74.99 25,344 Forfeited during the year 79.23 (3,884 ) As of December 31, 2020 74.22 21,460 The Company recognized RMB95 million expenses related to share options in 2020. No options can be exercised as of December 31, 2020. No options expired during the periods covered by the above table. The weighted-average remaining contract life for outstanding share options was 6.45 years and 5.52 years as of December 31, 2019 and 2020, respectively. The following table sets forth the outstanding share options as of December 31, 2020 by different exercise price: Exercise price per share option Number of options 8.00 3,278 50.00 5,828 98.06 9,157 118.00 3,197 21,460 Before successful IPO the Group used the discounted cash flow method to determine the underlying equity fair value of the Company. Based on fair value of the underlying equity, the Group used Binomial option-pricing model to determine the fair value of the share option as of the grant date. The risk-free rate was estimated based on the yield of Hong Kong government bond with a maturity life equal to the life of the share option. Volatility was estimated at grant date based on average of historical volatilities of the comparable companies with length commensurable to the time to maturity of the share option. Dividend yield was estimated based on management’s best estimate at the grant date. The following table sets forth the key assumptions used in the binomial model for the share options granted during the year ended December 31, 2018. Options granted in 2018 Expected life 10 years Risk-free rate 1.81 % Expected volatility rate 48.52 % Expected dividend yield 0 % Early exercise multiplier 2.4x-2.8x No share options were granted for the years ended December 31, 2019 and 2020. (b) PSUs On September 4, 2019, the Board of Directors of the Company approved the establishment of 2019 Performance Share Unit Plan (“2019 Plan”) to grant a maximum of 15,000,000 Class A ordinary shares which is reallocated from the 2015 Plan. Such shares were issued to Tun Kung Company Limited on December 24, 2019 and were treated as treasury shares in the consolidated financial statements. In 2020, PSUs were granted under the 2019 Plan and as of December 31, 2020, 1,990,600 shares were granted. The Group determined that the vesting period will commence no later than the grant date and end on the 180 days after IPO date or service condition ending date, whichever is later. The actual number of PSUs earned by grantee can vary from zero to 100 percent depending on the Group’s performance against certain key performance indicators which are determined annually. Before IPO, the Group revised the vesting period to reflect the best available estimate of the IPO date. The following table sets forth the changes in the number of PSUs and weighted average exercise prices: Weighted average grant day fair value Number of units (in ’000) Outstanding as of January 1, 2020 — — Granted during the year 140.88 1,990 Forfeited during the year 141.31 (32 ) Outstanding as of December 31, 2020 140.87 1,958 The Company recognized RMB70 million expenses related to PSUs in 2020. ”No PSUs can be exercised as of December 3, 2020. Before successful IPO, a discounted cash flow method was used to determine the underlying equity fair value of the Company. Based on fair value of the underlying equity, the Group used Monte Carlo Simulation model to determine the fair value of the share unit as of the grant date. The risk-free rate was estimated based on the yield of PRC government bond with a maturity date similar to the maturity date of the share unit. Volatility was estimated at grant date based on average of historical volatilities of the comparable companies with length commensurable to the time to maturity of the share unit. Dividend yield was estimated based on management’s best estimate at the grant date. The following table sets forth the key assumptions used in the Monte Carlo Simulation model for the share unit granted during the year ended December 31, 2020. PSUs granted in 2020 Expected life 4 years Risk-free rate 1.61%-2.99 % Expected volatility rate 37.4%-38.0 % Expected dividend yield 0 % |
Related parties and related par
Related parties and related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Related parties and related party transactions | 41 Related parties and related party transactions The following significant transactions were carried out between the Group and its related parties during the years ended December 31, 2018, 2019 and 2020. (a) Names and relationships with related parties The following table sets forth the major related parties which have major transactions with the Group during the years ended December 31, 2018, 2019 and 2020: Name of related parties Relationship with the Company Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries Significant influence on the Group and its subsidiaries 41.1 Significant transactions with related parties Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Technology platform based income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 336,586 323,176 635,143 Other income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 409,278 700,464 1,234,616 Net interest income-Interest expense Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 294,357 — — Investment income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 142,453 82,879 261,148 Finance costs-Interest income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 68,745 186,065 147,638 Finance costs-Interest expense Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 343,084 154,264 67,468 Sales and marketing expenses, general and administrative expenses, operation and servicing expenses, and technology and analytics expenses Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 1,877,919 2,582,797 3,090,052 Other gains/(losses) - net Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries — (48,054 ) (499,543 ) Technology platform based income Ping An Group is a product provider of the Group’s wealth management platform. The investment products provided by Ping An Group primarily includes private investment funds, insurance products, bank products, trust plans and bank products. Fees are collected from Ping An Group for facilitation of investment products offered on the Group’s wealth management platform. The Group generally receives a service fee based on a certain percentage of the volume of investment products facilitated and loan made by Ping An Group. Such fee is recognized upon successful facilitation. Other income Other income mainly comprises income for the account management services provided by the Group to Ping An Group. The Group generally receives the service fee monthly based on certain rates charged on the number of accounts managed. Net interest income – Interest expense The interest expense mainly consists of interest paid for borrowings from Ping An Group. These borrowings were used to providing funding for on-balance Investment income Investment income mainly consists of investment return received by the Group on investment products issued or managed by Ping An Group. Finance costs Ping An Group provides deposit service and financing service to the Group. Finance costs include interests paid to Ping An Group for borrowings used for non-retail Sales and marketing expenses, general and administrative expenses, operation and servicing expenses, and technology and analytics expenses Ping An Group provides a wide spectrum of services to the Group, including but not limited to: (1) accounting processing and data communication services; (2) transaction settlement and custodian service; (3) office premise rental services; (4) technology support; (5) HR support. The Group, in return, pays service fees to Ping An Group. The precise scope of service, service fee calculation, method of payment and other details of the service arrangement are agreed between the relevant parties separately. The services fees paid by the Group to Ping An Group are determined on the following basis: (1) through bidding procedure according to the internal rules and procedures of the Group; and (2) if no tendering and bidding process is required under the Group’s internal rules, through mutual negotiations between the parties based on historical fees of such services and comparable market rates. Other gains/(losses) - net Other losses mainly consist of foreign exchange losses due to the foreign exchange swaps provided by Ping An Group. Leases Part of the right-of-use Convertible promissory note payable Ping An Group also held a convertible promissory note issued by the Company, which disclosed in Note 31. Capital contribution in subsidiary of the Company In November, 2019, the Group, together with Ping An Insurance (Group) Company of China, Ltd. established Ping An Consumer Finance Co., Ltd. (“Ping An Consumer Finance”) by contributing RMB3.5 billion and RMB1.5 billion, respectively, as registered capital. As of December 31, 2019, the funds contributed to Ping An Consumer Finance was restricted as further approval is required from CBIRC before it can start its operation. Ping An Consumer Finance obtained opening approval of CBIRC in March, 2020 and started operating the consumer finance business from April, 2020. The capital contributed by Ping An Insurance (Group) Company of China, Ltd. amounting to RMB1.5 billion was recorded as non-controlling Purchase of financial assets The Group purchased certain assets management plans, trust plans, mutual funds, private fund and other equity investments, bank wealth management products and corporate bonds managed and/or issued by Ping An Group. Please refer to Note 4.3 for the Group’s maximum exposure related to these investments. 41.2 Year end balances with related parties As of December 31, 2019 2020 RMB’000 RMB’000 Cash Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 14,600,958 14,392,047 Financial assets at fair value through profit or loss Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries — 3,029,174 Account and other receivables and contract assets Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 2,784,752 2,040,869 Payable to platform investors, accounts and other payables and contract liabilities, payable to investors of consolidated structured entities and other liabilities Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 2,521,441 1,888,065 Financial assets at amortized cost Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 6,903,263 4,159,973 41.3 Key management personnel compensation Key management includes directors (executive and non-executive) Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Wages and salaries 16,859 19,564 29,192 Welfare and other benefits 26,801 25,752 34,560 Including: Bonuses 20,810 19,490 28,061 Share-based payment 28,837 4,578 68,771 72,497 49,894 132,523 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Dividends | 42 Dividends No dividend has been paid or declared by the Company during each of the years ended December 31, 2018, 2019 and 2020. |
Contingent liability
Contingent liability | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Contingent liability | 43 Contingent liability Other than as disclosed in the previous notes, the Group did not have any other contingent liability as of December 31, 2019 and 2020. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Subsequent events | 44 Subsequent events The Company has evaluated its subsequent events through March 11, 2021, the date the financial statements were available to be issued, and has concluded that there are no subsequent events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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Basis of Preparation | 3.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities (including derivative instruments) at fair value through profit or loss, which are carried at fair value. The preparation of the consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5 below. New and amended standards and interpretations adopted by the Group The Group has applied the following standards and amendments for the first time for its annual reporting period commencing January 1, 2020: • Definition of Material – amendments to IAS 1 and IAS 8 • Definition of a Business – amendments to IFRS 3 • Interest Rate Benchmark Reform – amendments to IFRS 9, IAS 39 and IFRS 7 • Revised Conceptual Framework for Financial Reporting The adoption of amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. New and amended standards and interpretations not yet adopted by the Group Certain new accounting standards and interpretations have been published that are not mandatory for 31, December 2020 reporting periods and have not been early adopted by the Group. Effective for the Phase II amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest rate benchmark (IBOR) reform January 1, 2021 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IFRS 3 Reference to the Conceptual Framework January 1, 2022 Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture To be determined. IFRS 17 Insurance contracts January 1, 2023 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use January 1, 2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current January 1, 2023 The Group does not expect that adoption of these standards will have a significant impact on the Group’s financial position or performance. |
Principles of Consolidation and Equity Accounting | 3.2 Principles of consolidation and equity accounting 3.2.1 Subsidiaries Subsidiaries are all entities (including consolidated structured entities as stated in Note 2 above) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (refer to Note 3.4). Intra-group transactions, balances and unreleased gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred assets. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling 3.2.2 Associates An associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Significant influence could be demonstrated for an investment of less than 20%, for example, by representation on the board of directors or equivalent governing body of the investee. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investments in associates include goodwill identified on acquisition, net of any accumulated impairment loss. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognized in the statement of profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income or loss. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to ‘share of profit of investments accounted for using equity method’ in the consolidated statement of comprehensive income. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Gain or losses on dilution of equity interest in associates are recognized in the consolidated statement of comprehensive income. |
Structured Entities | 3.3 Structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, and the relevant activities are directly by means of contractual or related arrangements. The Group determines whether it is an agent or principal in relation to those structured entities in which the Group acts as an asset manager based on management’s judgement. If an assets manager is an agent, it acts primarily on behalf of others and so does not control the structured entity. It may be the principal if it acts primarily for itself, and therefore controls the structured entity. With respect to the Consolidated Affiliated Entities, the Group acts as a principal and the determination of the consolidation of the Consolidated Affiliated Entities is set out in Note 2. The unconsolidated structured entities in which the Group has exposure to is set out in Note 4.3. |
Business Combination | 3.4 Business combination The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling acquisition-by-acquisition Non-controlling non-controlling Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured re-measurement Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, the amount of any non-controlling non-controlling |
Segment Reporting | 3.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocation of resources and assessing performance of the operating segments and make strategic decisions. The Group’s chief operating decision makers have been identified as the executive directors of the Company, who review the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole. For the purpose of internal reporting and management’s operation review, the chief operating decision makers and management personnel do not segregate the Group’s business by product or service lines. Hence, the Group has only one operating segment. In addition, the Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s assets and liabilities are substantially located in the PRC, substantially all revenues are earned and substantially all expenses are incurred in the PRC, accordingly, no geographical segments are presented. |
Foreign Currency Translation | 3.6 Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The functional currency of the Company and the major overseas-incorporated subsidiaries is United States dollar (“USD”). RMB is the functional currency of the subsidiaries in the PRC. As the major operations of the Group are within the PRC, the Group determined to present its consolidated financial statement in RMB (unless otherwise stated). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in consolidated statements of comprehensive income. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statements of comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statements of comprehensive income on a net basis within other gains/ (losses). Non-monetary non-monetary non-monetary (iii) Group companies The results and financial position of all foreign operations (none of which has the currency of a hyper- inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • all resulting exchange differences are recognized in other comprehensive income. |
Cash and Cash Equivalents | 3.7 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Financial Assets | 3.8 Financial assets (i) Recognition The Group shall recognize a financial asset or a financial liability in its statement of financial position when, and only when, it becomes a party to the contractual provisions of the instrument. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. (ii) Classification and Measurement The Group classifies its financial assets in the following measurement categories, which depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows: • those to be measured at amortized cost (“AC”); • those to be measured at fair value through other comprehensive income (“FVOCI”); or • those to be measured at fair value through profit or loss (“FVPL”). The Group determines the classification of debt investments according to its business model and the contractual cash flow characteristics of the financial assets. The investments shall be classified as FVPL if the cash flows cannot pass solely payments of principal and interest on the principal amount (“SPPI”) testing. Otherwise, the classification finally depends on the business model. For investments in equity instruments, investments are classified as FVPL in general, except those designated as the equity investment at FVOCI. Debt instruments Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as loans, government and corporate bonds, etc. Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: • Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, and that are not designated at FVPL are measured at amortized cost. Interest income from these financial assets is included in interest income using the effective interest rate method. Any gain or loss arising from derecognition or impairment is recognized directly in profit or loss. Such assets held by the Group mainly include cash at bank, accounts and other receivables and contract assets, financial assets at AC, financial assets purchased under reverse repurchase agreements at AC, loans to customers measured at AC, etc. • FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, and that are not designated as FVPL are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss on the instrument’s amortized cost previously recognized in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is included in interest income using the effective interest rate method. • FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The gains or losses arising from fair value changes on the debt investments measured at FVPL are recognized in profit or loss. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends, representing a return on such investments continue to be recognized in profit or loss when the Group’s right to receive payments is established. (iii) Impairment Expected credit loss refers to the weighted average amount of credit loss of financial instruments based on the probability of default. Credit loss refers to the difference between all contractual cash flows receivable and all cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, FVOCI, with the exposure arising from loan commitments and financing guarantee contracts that are not in the scope of ‘Insurance Contracts’. A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as: • Choosing appropriate models and assumptions for the measurement of ECL including exposure at default (EAD), probability of default (PD), loss given default (LGD), etc.; • Determining criteria for significant increase in credit risk; • Establishing the number and relative weightings of forward-looking scenarios for the associated ECL. For the financial instruments subject to ECL measurement, the Group assesses the significant increase in credit risk since initial recognition or whether an asset is considered to be credit impaired, ‘Three-stage’ expected credit loss models are established and staging definition are set for each of these financial assets class. Incorporating forward-looking information, expected credit losses for financial assets are recognized into the different stages. Stage 1: A financial instrument that is not credit-impaired on initial recognition is classified in ‘Stage 1’ and has its credit risk continuously monitored by the Group. The impairment provision is measured at an amount equal to the 12-month Stage 2: If a significant increase in credit risk (‘SICR’) since initial recognition is identified, the financial instrument is moved to ‘Stage 2’ but is not yet deemed to be credit-impaired. The impairment provision is measured based on expected credit losses on a lifetime basis. Stage 3: If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. The impairment provision is measured based on expected credit losses on a lifetime basis. For the financial Instruments in Stage 1 and Stage 2, the Group calculates the interest income based on its gross carrying amount (i.e. amortized cost) before adjusting for impairment provision using the effective interest method. For the financial instruments in Stage 3, the interest income is calculated based on the carrying amount of the asset, net of the impairment provision, using the effective interest method. Financial assets that are originated or purchased credit impaired are financial assets that are impaired at the time of initial recognition, and the impairment provision for these assets is the expected credit loss for the entire lifetime. The Group recognizes or reverses the loss allowance through profit or loss. For debt instruments measured at FVOCI, impairment gains or losses are included in the net impairment losses on financial assets and corresponding by reducing the accumulated changes in fair value included in the OCI reserve of equity. For account receivables, the Group refers to historical experience of credit loss, combined with current situation and forward-looking information, to formulate the lifetime expected credit loss of the financial assets. (iv) Derecognition Financial assets are derecognized if one of the following criteria are met: • the contractual rights to receive the cash flows from the financial assets have expired; • they have been transferred and the Group transfers substantially all the risks and rewards of ownership; • they have been transferred and the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. When the equity financial assets measured at FVOCI are derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to retained profits. When the other financial assets are derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Financial assets (and the related impairment allowances) are normally written off, either partially or in full, when there is no realistic prospect of recovery. Where loans to customers and receivables arising from default guarantee payments are secured, the write-off |
Financial Liabilities | 3.9 Financial liabilities At initial recognition, the Group classifies a financial liability as at fair value through profit or loss or other financial liabilities. The Group measures a financial liability at its fair value plus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial liability. Transaction costs of financial liabilities carried at FVPL are expensed in profit or loss. When all or part of the current obligations of a financial liability have been discharged, the Group derecognizes the portion of the financial liability or obligation that has been discharged. The difference between the carrying amount of the derecognized liability and the consideration is recognized in profit or loss. (i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and other financial liabilities designated as such at initial recognition. Financial liabilities held for trading are the financial liabilities that: • are incurred principally for the purpose of repurchasing it in the near term; • on initial recognition are part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or • are derivatives (except for a derivative that is a designated and effective hedging instrument or a financing guarantee contract). Such financial liabilities held for trading shall subsequently measure at fair value. All the related realized and unrealized gains/(losses) are recognized in profit/(loss) in the current period. The Group may, at initial recognition, designate a financial liability as measured at fair value through profit or loss when one of the following criteria is met: • it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases; or • a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel; or • a contract contains one or more embedded derivatives, with the host being not an asset within the scope of IFRS 9, and the embedded derivative(s) do(es) significantly modify the cash flows. Once designated as at fair value through profit or loss at initial recognition, the financial liabilities shall not be reclassified to other financial liabilities in subsequent periods. Financial liabilities designated at FVPL are subsequently measured at fair value. Any changes in fair value are recognized in profit or loss, except for changes in fair value arising from changes in the Group’s own credit risk which are recognized in the OCI. Changes in fair value due to changes in the Group’s own credit risk are not subsequently reclassified to profit or loss upon derecognition of the liabilities. |
Determination of Fair Value | 3.10 Determination of fair value The fair value of a financial instrument that is traded in an active market is determined by reference to quoted market bid prices for assets and offer prices for liabilities, at the close of business at the end of the reporting period. If quoted market prices are not available, reference can also be made to broker or dealer price quotations. For financial instruments where there is no active market, the fair value is determined by using valuation techniques. Such techniques should be appropriate in the circumstances for which sufficient data is available, and the inputs should be consistent with the objective of estimating the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions, and maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Such techniques include using recent prices in arm’s length transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis and/or option pricing models. For discounted cash flow techniques, estimated future cash flows are based on management’s best estimates and the discount rate used is a market related rate for similar instruments. Certain financial instruments, including derivative financial instruments, are valued using pricing models that consider, among other factors, contractual and market prices, correlation, time value of money, credit risk, yield curve volatility factors and/or prepayment rates of the underlying positions. The use of different pricing models and assumptions could produce materially different estimates of fair values. Determining whether to classify financial instruments into level 3 of the fair value hierarchy is generally based on the significance of the unobservable factors involved in valuation methodologies. |
Offsetting Financial Instruments | 3.11 Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated statements of financial position when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. |
Intangible Assets | 3.12 Intangible assets (i) Trademarks and licenses Trademarks and licenses acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as of the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are subsequently amortized on the straight-line basis over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. Trademarks and licenses with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. (ii) Computer software Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: • is technically feasible to complete the software so that it will be available for use; • management intends to complete the software and use or sell it; • there is an ability to use or sell the software; • it can be demonstrated how the software will generate probable future economic benefits; • adequate technical, financial and other resources to complete the development and to use or sell the software are available; and • the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. (iii) Amortization methods and periods The Group amortizes intangible assets with a limited useful life using the straight-line method over the following periods: Expected useful life • Trademarks and licenses 6 years • Computer software 3-10 years |
Goodwill | 3.13 Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of year ended. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash- generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in subsequent periods. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed in these circumstances is measured based on the relative value of the disposed operation and the portion of the cash-generating unit retained. |
Property and Equipment | 3.14 Property and equipment The Group’s property and equipment mainly comprise buildings, leasehold improvements, office furniture and equipment, computer and electronic equipment, motor vehicles, and construction in progress. The assets purchased or constructed are initially measured at acquisition cost. Subsequent expenditures incurred for the property and equipment are included in the cost of the property and equipment if it is probable that economic benefits associated with the asset will flow to the Group and the subsequent expenditures can be measured reliably. Meanwhile the carrying amount of the replaced part is derecognized. Other subsequent expenditures are recognized in profit or loss in the period in which they are incurred. Depreciation is calculated on the straight-line method to write down the cost of such assets to their residual values over their estimated useful lives. The residual values and useful lives of assets are reviewed, and adjusted if appropriate, at each financial reporting date. Land and buildings comprise primarily office premises. The estimated useful lives, depreciation rate and estimated residual value rate of buildings, leasehold improvements, office furniture and equipment, computer and electronic equipment and motor vehicles are as follows: Category Expected useful life Estimated residual value rate Annual depreciation rate Buildings 30 years 5% 3% Office furniture and equipment 3-5 years 0%-5% 19%-33% Computer and electronic equipment 2-5 0%-5% 19%-50% Motor vehicles 3-5 5%-10% 18%-32% Leasehold improvements 3-5 0% 20%-33% An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Construction in progress is measured at its actual costs. The actual costs include various construction expenditures during the construction period and other relevant costs. Construction in progress is not depreciated. Construction in progress is transferred to a property and equipment when it is ready for intended use. |
Impairment of Non-financial Assets | 3.15 Impairment of non-financial The Group assesses at each reporting date whether there is an indication that a non-financial non-financial non-financial non-financial pre-tax For non-financial Intangible assets with indefinite useful lives are tested for impairment at least annually at each year end if triggering events are not identified, either individually or at the cash-generating unit level, as appropriate. |
Current and Deferred Income Tax | 3.16 Current and deferred income tax Income tax comprises current and deferred tax. Income tax is recognized in the consolidated income statement or in other comprehensive income if it relates to items that are recognized directly in other comprehensive income. Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: (a) when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and (b) in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry-forward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax credits and unused tax losses can be utilized, except: (a) when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and (b) in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Conversely, previously unrecognized deferred tax assets are reassessed by the end of each reporting period and are recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
Borrowings | 3.17 Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment |
Share Capital and Share Premium | 3.18 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Ordinary shares have a par value of USD0.00001. Initial capital injection over par value per share are accounted for as share premium. Where any group company purchases the Company’s equity instruments, for example as the result of a share buy-back |
Accounts and Other Payables | 3.19 Accounts and other payables Accounts and other payables mainly include payable due to third parties in relation to personal loans, payable to platform investors, employment benefits payables, interest payables, payable to external suppliers, tax and other statutory liabilities, and deposit payables etc. Accounts and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
Compound Financial Instruments | 3.20 Compound financial instruments Compound financial instruments contain both a liability and an equity component. The compound financial instruments issued by the Group comprise convertible promissory notes (Note 31), convertible redeemable preferred shares (Note 32) and optionally convertible promissory notes (Note 33). The liability component, representing the obligation to make fixed payments of compound financial instruments may be converted to ordinary shares at the option of the holders, and the number of shares to be issued is based on an initial fixed conversion price subject to anti-dilutive adjustments. Principal and interest, is classified as liability and initially recognized at the fair value, calculated using the market interest rate of a similar liability that does not have an equity conversion option, and is subsequently measured at amortized cost using the effective interest method. The equity component, representing an embedded option to convert the liability into ordinary shares, is initially recognized in other reserves as the difference between the proceeds received from the compound financial instruments as a whole and the amount of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to the allocation of proceeds. On conversion of the compound financial instruments into shares, the amount transferred to share capital is calculated as the par value of the shares multiplied by the number of shares converted. The difference between the carrying value of the related component of the converted notes and the amount transferred to share capital is recognized in share premium. |
Employee Benefits | 3.21 Employee benefits (a) Pension obligations The employees of the Group are mainly covered by various defined contribution pension plans. The Group makes and accrues contributions on a monthly basis to the pension plans, which are mainly sponsored by the related government authorities that are responsible for the pension liability to retired employees. Under such plans, the Group has no other significant legal or constructive obligations for retirement benefits beyond the said contributions, which are expensed as incurred. (b) Housing benefits The employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group’s liability in respect of these funds is limited to the contributions payable in each period. (c) Medical benefits The Group makes monthly contributions for medical benefits to the local authorities in accordance with the relevant local regulations for the employees. The Group’s liability in respect of employee medical benefits is limited to the contributions payable in each period. |
Share-based Payment | 3.22 Share-based payment The Group operates certain equity-settled, share incentive plans including share options and performance share units (PSUs), under which the Group receives services from employees as consideration for equity instruments. The total amount to be expensed is determined by reference to the fair value of the shares granted, which includes the impact of market performance conditions (for example, an entity’s share price) but excludes the impact of any service and non-market non-vesting non-market Total expense based on fair value of the shares granted and number of shares expected to vest is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the number of awarded shares that are expected to vest based on the non-market The Group uses the shares reserved and managed by Tun Kung Company Limited to settle with the awardees under the share-based compensation plan upon vesting. |
Revenue Recognition | 3.23 Revenue recognition Revenue represents the amount of consideration the Group is entitled to upon the transfer of promised goods or services in the ordinary course of the Group’s activities and is recorded net of value-added tax (“VAT”). Revenues are recognized when or as control of the asset or service is transferred to the customer. Depending on the terms of the contract, control of the goods and services may be transferred over time or at a point in time. Services is provided over time if the Group’s performance: • provides all of the benefit received and consumed simultaneously by the customer; • creates and enhances an asset that the customer controls as the Group performs; and • does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. The progress towards complete satisfaction of the performance obligation is measured based on one of the following methods that best depict the Group’s performance in satisfying the performance obligation: • direct measurements of the value transferred by the Group to the customer; or • the Group’s efforts or inputs to the satisfaction of the performance obligation. When either party to a contract has performed, the Group presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer. If the value related to the services rendered by the Group exceed the payment, a contract asset is recognized. Judgement is required in determining whether a right to consideration is unconditional and thus qualifies as a receivable. A receivable is recorded when the Group has an unconditional right to consideration on the date the payment is due even if it has not yet performed under the contract. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer, which is recognized as revenue upon transfer of control to the customers. The specific accounting policies for the Group’s main types of revenue are as below: |
Retail Credit Facilitation Service Fees | 3.23.1 Retail credit facilitation service fees The Group engages primarily in operating a platform in facilitating borrowers and institutional funding partners or individual investors. For the loans that the Group determines that it is not the legal lender in the loan origination and repayment process or does not need to consolidate, the Group does not record loans to customers and payables arising from such transactions. The Group determines that both borrower and institutional funding partners or individual investors are its customers. In accordance with a series of contracts entered into among the borrowers, institutional funding partners or individual investors and the Group, the Group provides loan facilitation and post origination services to its customers. The loan facilitation services primarily include credit assessment and financing advisory service. The post origination services primarily include repayment processing and loan collection service. The Group determines loan facilitation and post origination as two performance obligations. Account management service provided to credit enhancement partners is considered a separate service outside of these two performance obligations. The Group generally collects guarantee fee and one combined service fee covering both loan facilitation and post origination services from the borrowers on monthly instalment. The total consideration including service fees and guarantee fee are firstly allocated to the guarantee liability at its fair value upon inception of the loan contracts and the residual consideration are then allocated to loan facilitation and post origination services based on their estimated standalone selling price. When estimating total consideration, the Group considers early termination scenarios as the Group can not receive the full contractual service fee amount under early termination, given the service fee is collected on a monthly basis prior to loan termination. The Group does not have observable standalone selling price for the loan facilitation services or post origination services because it does not provide loan facilitation services or post origination services on a standalone basis in similar circumstances to similar customers. There is no direct observable standalone selling price for similar services in the market that is reasonably available to the Group. As a result, the estimation of standalone selling price involves significant judgment. The Group uses an expected cost plus margin approach to estimate the standalone selling prices of loan facilitation services and post origination services as the basis of revenue allocation. When estimating the selling prices, the Group considers the cost related to such services and profit margin. The transaction price allocated to loan facilitation is recognized as revenue upon execution of loan agreements between investors and borrowers; the consideration allocated to post-facilitation services is recognized over the period of the loan on a systematic basis, which approximates the pattern of when the post origination services are performed. As the loans facilitated by the Group are generally over 12 months, any incremental costs (i.e. fees paid to direct sales, channel partners and others) of obtaining such contracts are capitalized and amortized on a systematic basis consistent with the pattern of the transfer of the services provided to its customers during the term of underlying loans. The Group assesses the recoverability of the capitalized incremental costs of obtaining a contract in accordance with IFRS 15 at each balance sheet date. Any costs that are not expected to be recoverable are expensed as incurred. |
Wealth Management Transaction and Service Fees | 3.23.2 Wealth management transaction and service fees The Group offers a full suite of wealth management products from third-party institutional investment product providers to the investors on its wealth management platform. Such products include asset management plans, bank products, mutual funds, private investment funds, trust plans and others (collectively “current products”). Wealth management service fees consist primarily of fee collected from product providers for facilitation of wealth management products offered on its wealth management platform. The Group generally receives a service fee based on a certain percentage of the volume of wealth management products facilitated by the Group. Such fee is recognized upon successful facilitation, which is the only performance obligation agreed in the contract. For certain products, the Group receives a recurring service fee as a percentage of the outstanding balance of underlying wealth management products held by the investors until such investments are disposed by investors. Such service fee is determined to be variable consideration that does not meet the “probable of not reversing” threshold. As such, the Group recognizes revenue related to such wealth management products based on its best estimate and true up adjustments are made based on amounts confirmed by the product providers. The Group historically offered a variety of products and related services that the Group no longer offers (“Legacy Products”), primarily due to shift in strategy and regulatory requirements. Legacy Products are primarily composed of certain types of structured alternative products originated from financial institutions (“B2C products”) and peer-to-peer peer-to-peer peer-to-peer peer-to-peer The Group historically offered automated investment tools to individual investors to enable them to reinvest their monthly proceeds in other peer-to-peer |
Interest Income | 3.23.3 Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). |
Leases | 3.24 Leases The Group leases various properties. Rental contracts are typically made for fixed periods of 1 to 6 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance • variable lease payments that are based on an index or a rate, • amounts expected to be payable by the lessee under residual value guarantees, • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate. Right-of-use • the amount of the initial measured of lease liability, • any lease payments made at or before the commencement date less any lease incentives received, • any initial direct costs, and • restoration costs. Payments associated with short-term leases and leases of low-value |
Provisions | 3.25 Provisions Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of most likely consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. |
Government Grants | 3.26 Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive income over the period necessary to match them with the costs that they are intended to compensate. |
History And Reorganization of_2
History And Reorganization of The Group (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of direct and indirect interests in the principal subsidiaries and our principal consolidated affiliated entities | As of December 31, 2020, the Company had direct or indirect interests in the principal subsidiaries and the principal consolidated affiliated entities as below. Company Name Country/place and date of Attributable Controlled through direct equity holding: Gem Blazing Limited Cayman/May 28, 2015 100 % Wincon Hong Kong Investment Company Limited Hong Kong/December 29, 2014 100 % Weikun (Shanghai) Technology Service Co., Ltd. (“Weikun Technology”) Shanghai/February 28, 2015 100 % Jinjiong (Shenzhen) Technology Service Company Ltd. Shenzhen/October 16, 2017 100 % Lufax Holding (Shenzhen) Technology Service Co., Ltd. Shenzhen/September 25, 2018 100 % Gem Alliance Limited Cayman/May 26, 2015 100 % Harmonious Splendor Limited Hong Kong/June 1, 2015 100 % Ping An Puhui Financing Guarantee Co., Ltd. Nanjing/December 25, 2007 100 % Ping An Puhui Enterprises Management Co., Ltd. Shenzhen/July 7, 2015 100 % Chongqing Jin An Microloan Limited Chongqing/December 25, 2014 100 % Ping An Puhui Investment & Consulting Co., Ltd. Shenzhen/September 5, 2005 100 % Shenzhen Ping An Puhui Microloan Co., Ltd. Shenzhen/September 19, 2010 100 % Ping An Puhui Information Services Co., Ltd. Harbin/July 18, 2016 100 % Hunan Ping An Puhui Microloan Co., Ltd. Changsha/March 31, 2017 100 % Ping An Financing Guarantee (Tianjin) Co., Ltd. Tianjin/March 12, 2012 100 % Ping An Consumer Finance Co., Ltd. Shanghai/April 9, 2020 70 % Controlled through Contractual Agreements: Shanghai Xiongguo Enterprise Management Co., Ltd. (“Xiongguo”) Shanghai/December 10, 2014 100 % Shanghai Lujiazui International Financial Assets Exchange Co., Ltd. Shanghai/September 29, 2011 100 % Shenzhen Lufax Holding Enterprise Management Co., Ltd. Shenzhen/May 23, 2018 100 % |
Disclosure of the major consolidated structured entities other than consolidated affiliated entities of the group | The following table sets forth the major consolidated structured entities other than Consolidated Affiliated Entities of the Group as of December 31, 2020. Name Amount of Remaining paid- in capital of RMB’000 RMB’000 Trust A — 12,388,604 Trust B — 4,337,632 Trust C 4,080,000 4,080,000 Trust D — 3,877,281 Trust E — 2,923,086 Trust F — 2,083,265 Trust G — 2,079,247 Trust H 2,040,000 2,040,000 Trust I — 1,754,673 Trust J — 1,649,848 6,120,000 37,213,636 Beneficiary owner of certain consolidated trust plans is Ping An Group. As of December 31, 2020, the outstanding principal was RMB10,191 million (2019: RMB10,795 million). (i) The remaining paid in capital is the amount not yet paid to the investors. |
Disclosure of balance sheet details of consolidated affiliated entities and their subsidiaries | The following are major financial statements amounts and balances of the Group’s Consolidated Affiliated Entities and their consolidated subsidiaries as of December 31, 2019 and 2020 and for the three years ended December 31, 2020. As of December 31, 2019 2020 RMB’000 RMB’000 Total assets 36,205,619 33,655,382 Total liabilities 37,801,141 35,391,995 |
Disclosure of cash flow summary and income summary of consolidated affiliated entities and subsidaries | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Total income 9,202,334 3,564,138 1,571,968 Net loss (352,238 ) (2,403,015 ) (142,116 ) Net cash generated from/(used in) operating activities 163,555 (354,094 ) 684,558 Net cash used in investing activities (1,778,245 ) (8,002,289 ) (7,574,706 ) Net cash generated from financing activities 1,045,979 8,390,785 7,319,697 Effect of exchange rate changes on cash and cash equivalents — — (14 ) Net increase/(decrease) in cash (568,711 ) 34,402 429,535 Cash at the beginning of the year 1,530,832 962,121 996,523 Cash at the end of the year 962,121 996,523 1,426,058 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Group Amortizes Intangible Assets with a Limited Useful Life Using the Straight-Line Method | The Group amortizes intangible assets with a limited useful life using the straight-line method over the following periods: Expected useful life • Trademarks and licenses 6 years • Computer software 3-10 years |
Summary of Estimated Useful Lives | Land and buildings comprise primarily office premises. The estimated useful lives, depreciation rate and estimated residual value rate of buildings, leasehold improvements, office furniture and equipment, computer and electronic equipment and motor vehicles are as follows: Category Expected useful life Estimated residual value rate Annual depreciation rate Buildings 30 years 5% 3% Office furniture and equipment 3-5 years 0%-5% 19%-33% Computer and electronic equipment 2-5 0%-5% 19%-50% Motor vehicles 3-5 5%-10% 18%-32% Leasehold improvements 3-5 0% 20%-33% |
Financial Instruments And Ris_2
Financial Instruments And Risks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments And Risks [Abstract] | |
Summary of Illustrates the Impact of an Appreciation or Depreciation | The table below illustrates the impact of an appreciation or depreciation of RMB spot and forward rates against USD by 5% on the Group’s profit before income tax. As of December 31, 2019 2020 RMB’000 RMB’000 5% appreciation of RMB 15,079 131,228 5% depreciation of RMB (15,079 ) (131,228 ) |
Summary of out the Group's Financial Assets and Financial Liabilities Exposed to Interest Rate Risk | The following table sets out the Group’s financial assets and financial liabilities exposed to interest rate risk by repricing date, contractual maturity date or expected maturity date (whichever is the earlier): As of December 31, 2019 Less than 3 months 3 months to 1-2 2-3 More than 3 years Overdue No interest Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS Cash at bank 7,241,643 110,751 — — — — — 7,352,394 Restricted cash 24,602,779 — — — — — — 24,602,779 Financial assets at fair value through profit or loss 1,644,507 2,826,748 1,000 17,717 51,123 2,764,313 11,277,648 18,583,056 Financial assets at amortized cost 2,235,622 4,866,232 161,674 32,874 — 1,326,610 — 8,623,012 Accounts and other receivables and contract assets — — — — — — 26,296,438 26,296,438 Loans to customers 4,057,473 12,172,419 14,678,077 6,989,171 3,494,586 6,106,786 — 47,498,512 Total financial assets 39,782,024 19,976,150 14,840,751 7,039,762 3,545,709 10,197,709 37,574,086 132,956,191 LIABILITIES Payable to platform investors — — — — — — 15,344,417 15,344,417 Borrowings 378,900 2,598,540 — — — — 12,422 2,989,862 Accounts and other payables and contract liabilities — — — — — — 4,826,010 4,826,010 Payable to investors of consolidated structured entities 4,843,980 12,640,500 14,932,203 14,352,203 — — 474,164 47,243,050 Financing guarantee liabilities — — — — — — 242,749 242,749 Lease liabilities 118,785 324,589 317,778 136,455 41,482 — — 939,089 Convertible promissory note payable — — — — 10,014,377 — — 10,014,377 Convertible redeemable preferred shares — — — — 10,258,898 — — 10,258,898 Total financial liabilities 5,341,665 15,563,629 15,249,981 14,488,658 20,314,757 — 20,899,762 91,858,452 Total interest rate sensitivity gap 34,440,359 4,412,521 (409,230 ) (7,448,896 ) (16,769,048 ) 10,197,709 16,674,324 41,097,739 As of December 31, 2020 Less than 3 months 3 months to 1-2 2-3 More than 3 years Overdue No interest Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS Cash at bank 23,785,651 56,444 6,190 310,283 — — — 24,158,568 Restricted cash 23,029,588 — — — — — — 23,029,588 Financial assets at fair value through profit or loss 966,000 5,421,035 9,230,584 1,399,389 848,231 1,260,315 15,298,343 34,423,897 Financial assets at amortized cost 1,204,990 1,683,332 1,816,323 803,062 — 1,056,262 — 6,563,969 Financial assets at purchased under reverse repurchase agreements 700,007 — — — — — — 700,007 Accounts and other receivables and contract assets — — — — — — 23,325,978 23,325,978 Loans to customers 27,757,023 54,104,955 30,195,692 6,559,344 — 1,208,800 — 119,825,814 Total financial assets 77,443,259 61,265,766 41,248,789 9,072,078 848,231 3,525,377 38,624,321 232,027,821 LIABILITIES Payable to platform investors — — — — — — 9,114,906 9,114,906 Borrowings 8,778,581 1,536,475 389 — — — — 10,315,445 Accounts and other payables and contract liabilities — — — — — — 5,483,757 5,483,757 Payable to investors of consolidated structured entities 24,875,127 50,551,124 29,978,064 4,963,403 — — — 110,367,718 Financing guarantee liabilities — — — — — — 748,674 748,674 Lease liabilities 140,889 400,965 316,653 103,387 17,525 — — 979,419 Convertible promissory note payable — — — 10,117,188 — — — 10,117,188 Optionally convertible promissory notes — — — 7,530,542 — — — 7,530,542 Total financial liabilities 33,794,597 52,488,564 30,295,106 22,714,520 17,525 — 15,347,337 154,657,649 Nominal amount of interest rate swap (8,417,121 ) — — 8,417,121 — — — — Total interest rate sensitivity gap 52,065,783 8,777,202 10,953,683 (22,059,563 ) 830,706 3,525,377 23,276,984 77,370,132 |
Summary of Impact to Profit Before Tax on the Structure of Interest-bearing Assets and Liabilities | The table below illustrates the impact to profit before tax of the coming year as of each reporting date based on the structure of interest-bearing assets, liabilities and interest rate derivative instruments as of December 31, 2019 and 2020, caused by a parallel shift of 100 basis points of RMB, USD, HKD, IDR and SGD interest rates. As of December 31, 2019 2020 RMB’000 RMB’000 Change in interest rate -100 basis points (317,900 ) (488,490 ) +100 basis points 317,900 488,490 |
Summary of Credit Exposure of the Group | The following table sets forth the credit exposure of the Group as of December 31, 2019 and 2020: As of December 31, 2019 2020 RMB’000 RMB’000 On-balance Cash at bank 7,352,394 24,158,568 Restricted cash 24,602,779 23,029,588 Financial assets at fair value through profit or loss 18,583,056 34,423,897 Financial assets at amortized cost 8,623,012 6,563,969 Financial assets purchased under reverse repurchase agreements — 700,007 Accounts and other receivables and contract assets 26,296,438 23,325,978 Loans to customers 47,498,512 119,825,814 132,956,191 232,027,821 Off-balance Financing guarantee commitment 4,639,331 20,969,026 |
Summary of Macro Economic Assumptions used to Estimate Expected Credit Losses | the key macroeconomic assumptions used to estimate expected credit losses are listed below. As of December 31, 2019 2020 GDP – year on year percentage change 5.9%-6.3% 5.0%-7.5% CPI – year on year percentage change 2.0%-3.0% 1.2%-2.8% Broad measure of money supply (M1) – year on year percentage change 5.2%-7.1% 3.7%-7.9% |
Summary of Changes of ECL Impairment Provision on Loans to Customers and Financing Guarantee liabilities Related to ECL Assuming the Financial Assets | As of December 31, 2019 2020 RMB’000 RMB’000 Total ECL and financing guarantee liabilities under assumption of reclassification of financial instruments from stage 2 to stage 1 1,425,379 1,541,542 Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet 1,494,063 1,737,879 Difference-amount (68,684 ) (196,337 ) Difference-ratio -5 % -13 % |
Summary of Credit Risk Exposure of the Financial Instruments under the Scope of Expected Credit Loss | The following table presents the credit risk exposure of the financial instruments under the scope of expected credit loss. Without considering guarantee or any other credit enhancement measures, for on-balance As of December 31, 2019 (in RMB’000) Stage I Stage II Stage III POCI Maximum Book value On-balance Cash at bank 7,352,394 — — — 7,352,394 Restricted cash 24,602,779 — — — 24,602,779 Financial assets at amortized cost 7,209,198 — 1,333,999 79,815 8,623,012 Accounts and other receivables and contract assets 25,805,452 226,662 264,324 — 26,296,438 Loans to customers 46,915,779 271,182 311,551 — 47,498,512 Total 111,885,602 497,844 1,909,874 79,815 114,373,135 Off-balance Financing guarantee commitment 4,600,281 39,050 — — 4,639,331 As of December 31, 2020 (in RMB’000) Stage I Stage II Stage III POCI Maximum Book value On-balance Cash at bank 24,158,568 — — — 24,158,568 Restricted cash 23,029,588 — — — 23,029,588 Financial assets at amortized cost 5,507,707 — 974,887 81,375 6,563,969 Financial assets purchased under reverse repurchase agreements 700,007 — — — 700,007 Accounts and other receivables and contract assets 23,307,520 17,350 1,108 — 23,325,978 Loans to customers 119,087,728 644,478 93,608 — 119,825,814 Total 195,791,118 661,828 1,069,603 81,375 197,603,924 Off-balance Financing guarantee commitment 20,898,499 70,527 — — 20,969,026 |
Summary of Liquidity Risk | The following table analyses the Group’s financial liabilities into relevant maturity grouping based on the remaining period at the end of each reporting period to the contractual or expected maturity date. The amounts disclosed in the table are undiscounted contractual cash flows including interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date: As of December 31, 2019 Repayable Within 1 1 to 2 years 2 to 3 years Over 3 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Financial liabilities - Payable to platform investors 15,344,417 — — — — 15,344,417 Borrowings — 3,047,827 — — — 3,047,827 Accounts and other payables and contract liabilities 4,826,010 — — — — 4,826,010 Payable to investors of consolidated structured entities 474,677 21,706,803 16,293,460 15,121,595 — 53,596,535 Financing guarantee liabilities 4,639,331 — — — — 4,639,331 Lease liabilities — 486,110 338,374 142,126 42,767 1,009,377 Convertible promissory note payable — 100,522 100,522 100,522 13,680,361 13,981,927 Convertible redeemable preferred shares — — — — 12,804,833 12,804,833 25,284,435 25,341,262 16,732,356 15,364,243 26,527,961 109,250,257 As of December 31, 2020 Repayable Within 1 1 to 2 years 2 to 3 years Over 3 years Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Financial liabilities - Payable to platform investors 9,114,906 — — — — 9,114,906 Borrowings — 2,227,487 120,537 8,462,547 — 10,810,571 Accounts and other payables and contract liabilities 5,483,757 — — — — 5,483,757 Payable to investors of consolidated structured entities 14,947 79,283,191 31,007,485 5,058,213 — 115,363,836 Financing guarantee liabilities 20,969,026 — — — — 20,969,026 Lease liabilities — 573,840 330,146 106,282 17,941 1,028,209 Convertible promissory note payable — 101,854 94,019 12,818,864 — 13,014,737 Optionally convertible promissory notes — 453,203 453,203 8,006,590 — 8,912,996 35,582,636 82,639,575 32,005,390 34,452,496 17,941 184,698,038 |
Summary of Group's Maximum Exposure to Structured Entities | The following table shows the Group’s maximum exposure to the unconsolidated structured entities representing the Group’s maximum possible risk exposure that could occur as a result of the Group’s arrangements with structured entities. The maximum exposure of the Group in these unconsolidated structure entities is contingent in nature and approximates the sum of direct investments made by the Group. As of December 31, 2019 (In RMB’000) Carrying amount of investment in Group’s maximum Interest held by Group Unconsolidated structured products managed by third parties 6,617,543 6,617,543 Investment income Unconsolidated structured products managed by affiliated entities 9,695,236 9,748,907 Investment income/ service fee As of December 31, 2020 (In RMB’000) Carrying amount of investment in Group’s maximum Interest held by Group Unconsolidated structured products managed by third parties 10,367,052 10,367,052 Investment income Unconsolidated structured products managed by affiliated entities 19,352,780 19,409,204 Investment income/ service fee |
Summary of Fair Value Estimation | The following table sets forth the financial instruments recorded at fair value by level of the fair value hierarchy: As of December 31, 2019 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial assets at fair value through profit or loss Asset management plans — 6,056,754 793,514 6,850,268 Mutual funds 5,732,842 — — 5,732,842 Trust plans — 1,787,954 1,682,519 3,470,473 Factoring products — 1,480,223 344,023 1,824,246 Structured deposits — 430,760 — 430,760 Bank wealth management products — 251,684 — 251,684 Corporate bonds — — 15,271 15,271 Private fund and other equity investments — — 7,512 7,512 Total 5,732,842 10,007,375 2,842,839 18,583,056 As of December 31, 2020 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial assets at fair value through profit or loss Asset management plans — 9,328,168 424,082 9,752,250 Trust plans — 9,106,125 820,912 9,927,037 Private fund and other equity investments — 4,617,756 6,268 4,624,024 Mutual funds 3,199,106 — — 3,199,106 Corporate bonds — 3,029,174 15,233 3,044,407 Bank wealth management products — 2,091,730 — 2,091,730 Structured deposits — 961,804 — 961,804 Factoring products — 823,539 — 823,539 Total 3,199,106 29,958,296 1,266,495 34,423,897 |
Summary of the Changes in Level 3 Instruments | The following table presents the changes in level 3 instruments for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 Financial assets at fair value through profit or loss RMB’000 RMB’000 RMB’000 As of beginning of the year 7,059,316 2,632,890 2,842,839 Additions 12,002,979 1,353,173 — Disposal (a) (16,439,194 ) (1,961,315 ) (1,266,827 ) Transfer into level 3 — 1,477,950 — Gains or losses recognized in profit or loss 9,789 (659,859 ) (309,517 ) As of end of the year 2,632,890 2,842,839 1,266,495 (a) For the year ended December 31, 2020, RMB724 million of disposal of level 3 financial assets at fair value through profit or loss was related to a debt restructuring. As a result, the newly recognized financial assets were transferred out of level 3. |
Retail Credit Facilitation Se_2
Retail Credit Facilitation Service Fees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Retail Credit Facilitation Service Fees | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Loan facilitation service 8,295,490 9,716,401 7,141,725 Post origination service 21,280,504 29,608,447 32,315,179 Total 29,575,994 39,324,848 39,456,904 |
Summary of Remaining Performance Obligations of Long Term Contracts | The table below sets forth the remaining performance obligations of long-term contracts: As of December 31, 2019 2020 RMB’000 RMB’000 Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year Expected to be recognized within one year 26,123,173 22,814,799 Expected to be recognized in one to two years 13,246,129 9,054,717 Expected to be recognized in two to three years 4,137,167 1,949,687 43,506,469 33,819,203 |
Wealth Management Transaction_2
Wealth Management Transaction And Service Fees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Wealth Management Transaction and Service Fees | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Current Products 405,997 458,503 1,022,077 Legacy Products 2,239,448 2,145,726 742,861 2,645,445 2,604,229 1,764,938 |
Net Interest Income (Tables)
Net Interest Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Net Interest Income | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Loans originated by consolidated trust plans Interest income — 2,030,485 10,640,860 Interest expense — (964,790 ) (4,283,151 ) Net interest income from loans originated by consolidated trust plans — 1,065,695 6,357,709 Loans originated by microloan lending companies and consumer finance company Interest income 10,243,475 2,895,600 1,395,961 Interest expense (4,348,994 ) (52,099 ) (3,210 ) Net interest income from loans originated by microloan lending companies and consumer finance company 5,894,481 2,843,501 1,392,751 Total net interest income 5,894,481 3,909,196 7,750,460 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Income | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Account management service fees 435,854 716,001 1,253,760 Penalty fee income 61,737 129,317 212,328 Others 9,945 33,550 50,954 507,536 878,868 1,517,042 |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Investment Income | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Interest income Financial assets at amortized cost 186,921 194,771 304,627 Financial assets purchased under reverse repurchase agreements — — 29,328 186,921 194,771 333,955 Realized gains Financial assets at fair value through profit or loss 827,902 1,116,431 1,163,988 827,902 1,116,431 1,163,988 Net unrealized gains/(losses) Financial assets at fair value through profit or loss (Note 17(b)) 1,728 (732,125 ) (558,044 ) 1,016,551 579,077 939,899 |
Expense by Nature (Tables)
Expense by Nature (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Expenses by Nature | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Employee benefit expenses (Note 11.1) 10,077,375 12,352,323 14,145,207 Loan origination and servicing expenses 3,608,637 6,530,999 7,091,078 Outsourcing service expenses 904,898 997,145 1,382,960 Promotion and advertising expenses 1,472,650 1,149,759 1,221,762 Payment processing expenses 679,141 849,763 1,204,712 Business entertainment expenses 563,187 802,577 769,834 Depreciation of right-of-use 529,269 509,026 604,018 Trust management fee 15 156,266 504,428 Taxes and surcharges 240,071 286,546 380,460 Depreciation of property and equipment (Note 23) 250,280 276,266 226,862 Amortization of intangible assets (Note 24) 171,915 31,967 31,831 Others 1,090,875 1,265,236 1,049,327 Total sales and marketing expenses, general and administrative expenses, operation and servicing expenses, technology and analytics expenses 19,588,313 25,207,873 28,612,479 |
Summary of Sales and Marketing Expenses | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Sales and marketing expense Borrower acquisition expenses 4,837,764 8,714,516 11,506,402 General sales and marketing expenses (a) 4,842,037 5,327,741 5,487,267 Investor acquisition and retention expenses 1,087,165 888,839 819,888 10,766,966 14,931,096 17,813,557 |
Summary of Employee Benefit Expenses | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Wages, salaries and bonuses 6,855,372 8,689,993 10,764,239 Other social security costs, housing benefits and other employee benefits 2,010,418 2,473,673 2,787,803 Pension costs – defined contribution plans 1,083,427 1,244,100 427,917 Share-based payment (Note 40) 128,158 (55,443 ) 165,248 10,077,375 12,352,323 14,145,207 |
Credit Impairment Losses (Table
Credit Impairment Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Credit Impairment Losses | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets 723,774 794,116 1,499,344 Financing guarantee contracts 501,704 120,961 772,614 Loans to customers (412,843 ) (63,240 ) 744,893 Financial assets at amortized cost 121,989 1,010,867 18,193 Others (30 ) 41 144 934,594 1,862,745 3,035,188 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Finance Cost | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 One-time C-round — — 1,326,007 Interest expenses on convertible promissory note 733,234 819,754 883,759 Interest expenses on convertible redeemable preferred shares 49,378 636,835 534,686 Interest expenses on borrowings 75,466 329,450 211,306 Interest expenses on Convertible Notes — — 135,412 Interest expenses on consolidated wealth management products 181,350 139,094 92,302 Interest expense on lease liabilities 54,281 58,170 46,567 Bank interest income (193,446 ) (463,396 ) (364,385 ) 900,263 1,519,907 2,865,654 |
Income Tax Expenses (Tables)
Income Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Income Tax Expense | The following table sets forth the income tax expense of the Group for the years ended December 31, 2018, 2019 and 2020: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Current income tax 2,791,676 4,254,978 5,570,012 Deferred income tax 2,281,650 1,861,719 63,253 5,073,326 6,116,697 5,633,265 |
Summary of Reconciliation from Income Tax Calculated Based on the Applicable Tax Rates and Profit before Income Tax | The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and profit before income tax presented in the consolidated financial statements to the income tax expenses: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit before income tax 18,649,260 19,433,841 17,909,505 Income tax calculated at the PRC statutory tax rate of 25% 4,662,315 4,858,460 4,477,376 Tax effect of: Differential income tax rates applicable to subsidiaries (Note a, b, c, d and e) 62,062 350,051 756,392 Expenses and losses not deductible for tax purposes 113,973 530,638 262,843 Deductible temporary differences and tax losses for which no deferred tax asset was recognized 47,687 244,187 280,251 Reversal of deferred tax assets recognized in prior years related to deductible tax — 190,104 3,643 Utilization of previously unrecognized tax losses — (2,439 ) (913 ) Utilization of previously unrecognized deductible temporary difference (1,230 ) (2,724 ) (13,798 ) Income not subject to tax (17,688 ) (36,536 ) (99,378 ) Effect of tax rate changes on deferred income taxes 173,680 (37,959 ) — Others 32,527 22,915 (33,151 ) Income tax expense 5,073,326 6,116,697 5,633,265 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Disclosure of Basic earnings per share | (a) Basic earnings per share is calculated by dividing the profit attributable to owners of the Group by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased by the Group. Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit attributable to owners of the Company 13,619,928 13,332,431 12,354,114 Weighted average number of ordinary shares in issue 1,076,869,344 1,086,698,914 1,104,155,407 Basic earnings per share (in RMB) 12.65 12.27 11.19 Basic earnings per ADS (in RMB) 5.59 |
Summary of Diluted earnings per share | (b) For the year ended December 31, 2020, potential ordinary shares issuable upon conversion of optionally convertible promissory notes were not included in the calculation of diluted earnings per share, as its effect would have been anti-dilutive. Convertible promissory note is included in the computation of diluted earnings as its effect would have been dilutive for the year ended December 31, 2020. Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Earnings Profit attributable to owners of the Company 13,619,928 13,332,431 12,354,114 Interest expense on convertible instruments, net of tax — — 147,293 Net profit used to determine diluted earnings per share 13,619,928 13,332,431 12,501,407 Weighted average number of ordinary shares Weighted average number of ordinary shares in issue 1,076,869,344 1,086,698,914 1,104,155,407 Adjustments for: Assumed conversion of convertible instruments — — 21,873,817 Weighted average number of ordinary share for diluted earnings per share 1,076,869,344 1,086,698,914 1,126,029,224 Diluted earnings per share (in RMB) 12.65 12.27 11.10 Diluted earnings per ADS (in RMB) 5.55 |
Cash At Bank And Restricted C_2
Cash At Bank And Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents [abstract] | |
Disclosure of Cash at bank | As of December 31, Cash at bank 2019 2020 RMB’000 RMB’000 Demand deposits RMB 6,470,513 13,782,874 USD 658,735 3,784,469 HKD 9,300 43,110 IDR 55,070 11,676 SGD 7,662 5,344 7,201,280 17,627,473 Time deposits RMB 40,374 3,140,058 IDR 110,781 128,772 USD — 3,262,450 151,155 6,531,280 Less: Provision for impairment losses (41 ) (185 ) 7,352,394 24,158,568 |
Disclosure of Restricted cash | As of December 31, 2019 2020 RMB’000 RMB’000 Restricted cash Cash from consolidated structured entities (a) 8,055,423 14,581,753 Deposits held on behalf of platform investors (b) 13,038,088 7,997,940 Other deposits 9,268 449,895 Deposits for subsidiary establishment (Note 2) 3,500,000 — 24,602,779 23,029,588 (a) Cash from consolidated structured entities is the cash held by the Group’s consolidated structured entities mainly for future retail credit facilitation business. (b) Deposits held on behalf of platform investors represents funds received from platform investors while investment decisions are yet to be made, or investors’ funds withdrawal is in processing due to settlement time. |
Financial Assets At Fair Valu_2
Financial Assets At Fair Value Through Profit Or Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure of financial assets at fair value through profit or loss | As of December 31, 2019 2020 RMB’000 RMB’000 Unlisted securities Trust plans 3,470,473 9,927,037 Asset management plans 6,850,268 9,752,250 Private fund and other equity investments 7,512 4,624,024 Mutual funds 5,732,842 3,199,106 Corporate bonds 15,271 3,044,407 Bank wealth management products 251,684 2,091,730 Structured deposits 430,760 961,804 Factoring products 1,824,246 823,539 18,583,056 34,423,897 |
Financial Assets At Amortized_2
Financial Assets At Amortized Cost (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Financial assets at amortized costs [Abstract] | |
Disclosure of financial assets at amortized cost | As of December 31, 2019 2020 RMB’000 RMB’000 Unlisted securities Debt Investments 9,890,158 7,641,846 Interest receivable 120,801 93,988 10,010,959 7,735,834 Less: Provision for impairment losses (1,387,947 ) (1,171,865 ) 8,623,012 6,563,969 |
Disclosure of carrying amount of financial assets at amortized cost | (b) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total Restated balance as of January 1, 2018 7,598,170 7,694 254,765 59,450 7,920,079 New originated or purchased 9,470,670 — — 108,556 9,579,226 Transfer (561,101 ) 535,000 26,101 — — — From stage 1 to stage 2 (535,000 ) 535,000 — — — — From stage 1 to stage 3 (26,101 ) — 26,101 — — De-recognized (13,928,824 ) (7,694 ) (2,844 ) (75,016 ) (14,014,378 ) As of December 31, 2018 2,578,915 535,000 278,022 92,990 3,484,927 (d) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2019 2,578,915 535,000 278,022 92,990 3,484,927 New originated or purchased 15,379,522 — — 99,493 15,479,015 Transfer (2,403,628 ) — 2,403,628 — — — From stage 1 to stage 3 (2,403,628 ) — 2,403,628 — — De-recognized (8,331,614 ) (535,000 ) (26,518 ) (59,851 ) (8,952,983 ) As of December 31, 2019 7,223,195 — 2,655,132 132,632 10,010,959 (f) The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2020 7,223,195 — 2,655,132 132,632 10,010,959 New originated or purchased 8,590,588 — — 59,084 8,649,672 Write-offs — — (221,754 ) (12,521 ) (234,275 ) De-recognized (10,300,916 ) — (318,143 ) (71,463 ) (10,690,522 ) As of December 31, 2020 5,512,867 — 2,115,235 107,732 7,735,834 |
Disclosure of movement of ECL allowance of financial assets at amortized cost | (c) The following table sets forth the movement of ECL allowance for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total Restated balance as of January 1, 2018 4,684 210 196,871 1,704 203,469 New originated or purchased 33,200 — — 2,140 35,340 Transfer (1,966 ) 111,437 26,101 — 135,572 — From stage 1 to stage 2 (1,875 ) 1,875 — — — — From stage 1 to stage 3 (91 ) — 91 — — Net impact on expected credit loss by stage transfer — 109,562 26,010 — 135,572 De-recognized (29,044 ) (210 ) (564 ) (2,300 ) (32,118 ) Changes in parameters of the model of expected credit loss 9,618 — 26,672 (1,473 ) 34,817 As of December 31, 2018 16,492 111,437 249,080 71 377,080 (e) The following table sets forth the movement of ECL allowance for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2019, 16,492 111,437 249,080 71 377,080 New originated or purchased 64,072 — — (661 ) 63,411 Transfer (10,014 ) — 1,072,170 — 1,062,156 — From stage 1 to stage 3 (10,014 ) — — — — Net impact on expected credit loss by stage transfer — — 1,062,156 — 1,062,156 De-recognized (50,718 ) (111,437 ) (2,758 ) (1,932 ) (166,845 ) Changes in parameters of the model of expected credit loss (5,835 ) — 2,641 55,339 52,145 As of December 31, 2019 13,997 — 1,321,133 52,817 1,387,947 (g) The following table sets forth the movement of ECL allowance for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 POCI Total As of January 1, 2020, 13,997 — 1,321,133 52,817 1,387,947 New originated or purchased 8,593 — — — 8,593 Write-offs — — (221,754 ) (12,521 ) (234,275 ) De-recognized (4,160 ) — (15,444 ) (117 ) (19,721 ) Changes in parameters of the model of expected credit loss (13,270 ) — 56,413 (13,822 ) 29,321 As of December 31, 2020 5,160 — 1,140,348 26,357 1,171,865 |
Financial Assets Purchased Un_2
Financial Assets Purchased Under Reverse Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Financial Assets Purchased Under Reverse Repurchase Agreements | Classified by collateral: As of December 31, 2019 2020 RMB’000 RMB’000 Bonds(a) — 700,007 (a) The Group enters into purchases of assets under reverse repurchase agreements and may not take physical possession of assets purchased under such agreements. In the event of default by the counterparty to repurchase the assets, the Group has the right to the underlying assets. The difference between the purchasing price and reselling price is recognized as investment income over the term of the agreement using the effective interest method. |
Accounts And Other Receivable_2
Accounts And Other Receivables And Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure Of Detailed Information About Accounts and Other Receivables and Contract Assets [Text Block] | As of December 31, 2019 2020 RMB’000 RMB’000 Loan facilitation and service fees 11,468,513 10,344,007 Contract acquisition cost 10,150,851 9,016,555 Receivables from external payment services providers (a) 2,657,132 1,750,254 Trust statutory deposits (b) 460,641 968,490 Wealth management transaction and service fees receivables 1,038,111 882,060 — Current Products 299,068 634,934 — Legacy Products 739,043 247,126 Other deposit receivables 568,631 490,815 Guarantee fee 52,747 88,900 Others 301,438 473,275 Less: Provision for impairment losses (c) (401,626 ) (688,378 ) 26,296,438 23,325,978 (a) The Group maintains accounts with external online payment services providers to collect and transfer deposits, principal and interests collected from borrowers or third party product providers to platform investors. The Group recorded the related amounts as deposits receivables from external payment service providers. (b) The balances represent cash deposited in China Trust Protection Fund Co., Ltd. as required by trust regulations. |
Disclosure Of Detailed Information About Movements In Provision for Impairment Losses [Text Block] | (c) The following table sets forth the movements in the provision for impairment losses: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 At the beginning of the year 225,069 252,324 401,626 Impairment loss recognized in the consolidated statement of comprehensive income 723,774 794,116 1,499,344 Written off during the year (835,572 ) (839,243 ) (1,283,858 ) Recovery of receivables written off previously 139,053 194,429 71,266 At the end of the year 252,324 401,626 688,378 |
Disclosure Of Loss Allowances For Certain Receivables Including Ageing Details [Text Block] | (d) The loss allowance as of December 31, 2019 was determined as follows for loan facilitation and service fees, wealth management transaction and service fees receivables and guarantee fee: As of December 31, 2019 Current 1-90 days past due 91-180 past due Total RMB’000 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets Expected loss rate 1.74 % 20.00 % 55.00 % 3.20 % Loan facilitation and service fee 10,887,088 368,244 213,181 11,468,513 Wealth management transaction and service fee receivables 1,038,111 — — 1,038,111 Guarantee fee 45,590 3,499 3,658 52,747 Loss allowance (208,018 ) (74,346 ) (119,262 ) (401,626 ) (e) The loss allowance as of December 31, 2020 was determined as follows for loan facilitation and service fees, wealth management transaction and service fees receivables and guarantee fee: As of December 31, 2020 Current 1-90 91-180 past due Total RMB’000 RMB’000 RMB’000 RMB’000 Accounts and other receivables and contract assets Expected loss rate 2.92 % 84.22 % 99.49 % 6.08 % Loan facilitation and service fee 9,953,323 174,102 216,582 10,344,007 Wealth management transaction and service fee receivables 882,060 — — 882,060 Guarantee fee 80,557 5,657 2,686 88,900 Loss allowance (318,820 ) (151,398 ) (218,160 ) (688,378 ) |
Loans To Customers (Tables)
Loans To Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Loans to Customers [Abstract] | |
Summary of Loans to Customers | As of December 31, 2019 2020 RMB’000 RMB’000 Loans originated by consolidated trust plans 40,363,196 112,253,099 Loans originated by microloan lending companies and consumer finance company 7,850,380 6,240,803 Interest receivable 536,250 2,321,117 Less: Provision for impairment losses Stage 1 (136,396 ) (480,854 ) Stage 2 (53,258 ) (195,339 ) Stage 3 (1,061,660 ) (313,012 ) (1,251,314 ) (989,205 ) 47,498,512 119,825,814 |
Summary of Movement in Loans to Customers | (d) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total Restated balance as of January 1,2018 98,693,249 921,342 2,145,972 101,760,563 New originated or purchased loans 75,842,416 — — 75,842,416 Transfer (2,168,776 ) (249,595 ) 2,418,371 — — From stage 1 to stage 2 (381,778 ) 381,778 — — — From stage 1 to stage 3 (1,791,610 ) — 1,791,610 — — From stage 2 to stage 1 4,612 (4,612 ) — — — From stage 2 to stage 3 — (626,761 ) 626,761 — Loans de-recognized (138,579,168 ) (231,832 ) (421,687 ) (139,232,687 ) Write-offs — — (2,348,752 ) (2,348,752 ) As of December 31, 2018 33,787,721 439,915 1,793,904 36,021,540 (e) The following table sets forth the movement of ECL allowance for the year ended December 31, 2018: Year ended December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total Restated balance as of January 1, 2018 2,409,593 414,386 1,531,462 4,355,441 New originated or purchased loans 70,659 — — 70,659 Transfer (174,932 ) (257,583 ) 2,216,965 1,784,450 — From stage 1 to stage 2 (15,946 ) 15,946 — — — From stage 1 to stage 3 (159,428 ) — 159,428 — — From stage 2 to stage 1 2,902 (2,902 ) — — — From stage 2 to stage 3 — (352,976 ) 352,976 — Net impact on expected credit loss by stage transfer (2,460 ) 82,349 1,704,561 1,784,450 Loans de-recognized (1,946,864 ) (45,732 ) (366,968 ) (2,359,564 ) Changes in parameters of the model of expected credit loss (39,469 ) 20 131,061 91,612 Write-offs — — (2,348,752 ) (2,348,752 ) As of December 31, 2018 318,987 111,091 1,163,768 1,593,846 As of December 31, 2018, loans to customers amounting to RMB2,349 million were written off in 2018 and were still subject to enforcement activity. (f) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2019 33,787,721 439,915 1,793,904 36,021,540 New originated or purchased loans 53,015,937 — — 53,015,937 Transfer (1,207,945 ) 116,102 1,091,843 — — From stage 1 to stage 2 (274,558 ) 274,558 — — — From stage 1 to stage 3 (935,301 ) — 935,301 — — From stage 2 to stage 1 1,914 (1,914 ) — — — From stage 2 to stage 3 — (157,987 ) 157,987 — — From stage 3 to stage 2 — 1,445 (1,445 ) — Loans de-recognized (38,543,538 ) (231,577 ) (1,233,244 ) (40,008,359 ) Write-offs — — (279,292 ) (279,292 ) As of December 31, 2019 47,052,175 324,440 1,373,211 48,749,826 (g) The following table sets forth the movement of ECL allowance for the year ended December 31, 2019: Year ended December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2019, 318,987 111,091 1,163,768 1,593,846 New originated or purchased loans 14,948 — — 14,948 Transfer (19,116 ) (9,368 ) 803,752 775,268 — From stage 1 to stage 2 (4,815 ) 4,815 — — — From stage 1 to stage 3 (14,663 ) — 14,663 — — From stage 2 to stage 1 1,347 (1,347 ) — — — From stage 2 to stage 3 — (54,270 ) 54,270 — — From stage 3 to stage 2 — 1,210 (1,210 ) — Net impact on expected credit loss by stage transfer (985 ) 40,224 736,029 775,268 Loans de-recognized (214,897 ) (28,844 ) (679,038 ) (922,779 ) Changes in parameters of the model of expected credit loss 36,474 (19,621 ) 52,470 69,323 Write-offs — — (279,292 ) (279,292 ) As of December 31, 2019 136,396 53,258 1,061,660 1,251,314 As of December 31, 2019, loans to customers amounting to RMB279 million were written off in 2019 and were still subject to enforcement activity. (h) The following table sets forth the movement of gross carrying amount of loans to customers for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2020 47,052,175 324,440 1,373,211 48,749,826 New originated or purchased loans 141,924,691 — — 141,924,691 Transfer (2,124,274 ) 1,713,887 410,387 — — From stage 1 to stage 2 (1,806,096 ) 1,806,096 — — — From stage 1 to stage 3 (324,045 ) — 324,045 — — From stage 2 to stage 1 5,867 (5,867 ) — — — From stage 2 to stage 3 — (98,355 ) 98,355 — — From stage 3 to stage 2 — 12,013 (12,013 ) — Loans de-recognized (67,284,010 ) (1,198,510 ) (195,666 ) (68,678,186 ) Write-offs — — (1,181,312 ) (1,181,312 ) As of December 31, 2020 119,568,582 839,817 406,620 120,815,019 (i) The following table sets forth the movement of ECL allowance for the year ended December 31, 2020: Year ended December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Stage 1 Stage 2 Stage 3 Total As of January 1, 2020 136,396 53,258 1,061,660 1,251,314 New originated or purchased loans 373,266 — — 373,266 Transfer (107,551 ) 213,807 378,215 484,471 — From stage 1 to stage 2 (101,324 ) 101,324 — — — From stage 1 to stage 3 (7,322 ) — 7,322 — — From stage 2 to stage 1 4,161 (4,161 ) — — — From stage 2 to stage 3 — (49,632 ) 49,632 — — From stage 3 to stage 2 — 1,344 (1,344 ) — Net impact on expected credit loss by stage transfer (3,066 ) 164,932 322,605 484,471 Loans de-recognized (203,494 ) (89,632 ) (119,197 ) (412,323 ) Changes in parameters of the model of expected credit loss 282,237 17,906 (664 ) 299,479 Write-offs — — (1,181,312 ) (1,181,312 ) Recovery of loans written off previously — — 174,310 174,310 As of December 31, 2020 480,854 195,339 313,012 989,205 As of December 31, 2020, loans to customers amounting to RMB1,179 million were written off in 2020 and were still subject to enforcement activity. |
Deferred Tax Assets And Defer_2
Deferred Tax Assets And Deferred Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred tax assets and liabilities [abstract] | |
Summary of Deferred Income Assets and Liabilities Net | Deferred income assets and liabilities of the Group are set out as follows: As of December 31, 2019 2020 RMB’000 RMB’000 Deferred tax assets 3,000,156 3,358,664 Deferred tax liabilities (5,311,972 ) (5,733,733 ) Net amount (2,311,816 ) (2,375,069 ) |
Summary of Deferred Tax Assets | The following table sets forth the details of deferred tax assets: As of December 31, 2019 2020 RMB’000 RMB’000 Deductible tax losses 1,047,234 581,325 Provision for asset impairments 939,239 1,368,693 Employee benefit payables 563,567 626,048 Accrued expenses and provisions 430,965 528,660 Unexercised share-based payment 75,345 117,508 Guarantee liabilities 60,687 187,169 Consolidation adjustments 40,446 51,959 Servicing liabilities 6,790 — Advertising and business promotion fees 559 499 Others 25,724 99,064 3,190,556 3,560,925 |
Summary of Deductible Temporary Differences and Deductible Losses that are not Recognized as Deferred Tax Assets | Deductible temporary differences and deductible losses that are not recognized as deferred tax assets are analyzed as follows: As of December 31, 2019 2020 RMB’000 RMB’000 Deductible temporary differences 2,119,410 2,869,537 Deductible losses 892,733 1,423,385 3,012,143 4,292,922 |
Summary of Deductible Losses that are not Recognized as Deferred Tax Assets Expiration | Deductible losses that are not recognized as deferred tax assets will expire as follows: As of December 31, 2019 2020 RMB’000 RMB’000 2020 12,225 — 2021 17,240 7,182 2022 48,457 29,333 2023 74,894 20,462 2024 241,781 27,549 2025 — 85,463 No due date 498,136 1,253,396 892,733 1,423,385 |
Summary of Movements in Deferred Tax Asset | The following table sets forth the movements of the deferred tax asset: Movements Deductible Provision for Employee Accrued Unexercised Guarantee Advertising Others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 995,545 1,083,854 234,732 279,834 86,917 141,651 232,561 260,131 3,315,225 Credited/(charged) - to profit or loss (154,431 ) (315,563 ) 197,623 345,851 (18,728 ) (73,172 ) (27,812 ) 26,213 (20,019 ) Acquisition of subsidiary — 1,457 564 301 7,612 — — — 9,934 As of December 31, 2018 841,114 769,748 432,919 625,986 75,801 68,479 204,749 286,344 3,305,140 Credited/(charged) - to profit or loss 206,120 169,491 130,648 (195,021 ) (456 ) (7,792 ) (204,190 ) (213,384 ) (114,584 ) As of December 31, 2019 1,047,234 939,239 563,567 430,965 75,345 60,687 559 72,960 3,190,556 Credited/(charged) - to profit or loss (465,909 ) 429,454 62,481 97,695 42,163 126,482 (60 ) 78,063 370,369 As of December 31, 2020 581,325 1,368,693 626,048 528,660 117,508 187,169 499 151,023 3,560,925 |
Summary of Deferred Tax Liabilities | The following table sets forth for the details of deferred tax liabilities: As of December 31, 2019 2020 RMB’000 RMB’000 Revenue recognition differences between accounting and tax book 4,476,834 4,157,984 Intangible assets arisen from business combination 452,258 452,258 Unrealized consolidated earnings 295,637 434,850 Effective interest adjustment 260,671 862,035 Changes in fair value 16,956 20,469 Depreciation of property and equipment 16 8,398 5,502,372 5,935,994 |
Summary of Movements in Deferred Tax Liabilities | The following table sets forth the movements of the deferred tax liabilities: Movements Revenue Intangible Unrealized consolidated Capitalized Changes in Depreciation Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 893,586 348,255 — 208,249 15,509 18,073 1,483,672 Charged/(credited) - to profit or loss 2,063,320 1,526 279,653 (185,492 ) 4,682 (8,083 ) 2,155,606 Acquisition of a subsidiary — 106,500 — — 9,459 — 115,959 As of December 31, 2018 2,956,906 456,281 279,653 22,757 29,650 9,990 3,755,237 Charged/(credited) - to profit or loss 1,519,928 (4,023 ) 15,984 237,914 (12,694 ) (9,974 ) 1,747,135 As of December 31, 2019 4,476,834 452,258 295,637 260,671 16,956 16 5,502,372 Charged/(credited) - to profit or loss (318,850 ) — 139,213 601,364 3,513 8,382 433,622 As of December 31, 2020 4,157,984 452,258 434,850 862,035 20,469 8,398 5,935,994 |
Summary of Net Balances of Deferred Tax Assets and Liabilities | The following table sets forth the net balances of deferred tax assets and liabilities after offsetting: As of December 31, 2019 2020 Offset Balance after Offset Balance after RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets (190,400 ) 3,000,156 (202,261 ) 3,358,664 Deferred tax liabilities 190,400 (5,311,972 ) 202,261 (5,733,733 ) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property and Equipment | Buildings, office Leasehold Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 Cost 447,846 514,069 97,546 1,059,461 Accumulated depreciation (148,308 ) (204,384 ) — (352,692 ) Net book amount 299,538 309,685 97,546 706,769 Year ended December 31, 2018 Opening net book amount 299,538 309,685 97,546 706,769 Additions 119,527 146,291 5,930 271,748 Transfers 43,837 — (43,837 ) — Disposals (46,628 ) — (58,702 ) (105,330 ) Depreciation charge (88,976 ) (161,304 ) — (250,280 ) Closing net book amount 327,298 294,672 937 622,907 As of December 31, 2018 Cost 541,279 660,360 937 1,202,576 Accumulated depreciation (213,981 ) (365,688 ) — (579,669 ) Net book amount 327,298 294,672 937 622,907 Buildings, office motor vehicles Leasehold Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 Cost 541,279 660,360 937 1,202,576 Accumulated depreciation (213,981 ) (365,688 ) — (579,669 ) Net book amount 327,298 294,672 937 622,907 Year ended December 31, 2019 Opening net book amount 327,298 294,672 937 622,907 Additions 81,615 99,712 — 181,327 Transfers — 937 (937 ) — Disposals (10,731 ) — — (10,731 ) Depreciation charge (101,217 ) (175,049 ) — (276,266 ) Closing net book amount 296,965 220,272 — 517,237 As of December 31, 2019 Cost 590,724 761,009 — 1,351,733 Accumulated depreciation (293,759 ) (540,737 ) — (834,496 ) Net book amount 296,965 220,272 — 517,237 Buildings, office Leasehold Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 Cost 590,724 761,009 — 1,351,733 Accumulated depreciation (293,759 ) (540,737 ) — (834,496 ) Net book amount 296,965 220,272 — 517,237 Year ended December 31, 2020 Opening net book amount 296,965 220,272 — 517,237 Additions 61,403 86,892 — 148,295 Disposals (14,463 ) (164 ) — (14,627 ) Depreciation charge (96,797 ) (130,065 ) — (226,862 ) Closing net book amount 247,108 176,935 — 424,043 As of December 31, 2020 Cost 601,764 804,164 — 1,405,928 Accumulated depreciation (354,656 ) (627,229 ) — (981,885 ) Net book amount 247,108 176,935 — 424,043 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Intangible Assets | Trademarks Computer Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 Cost 1,389,576 540,015 13,645 1,943,236 Accumulated amortization (4,238 ) (280,529 ) — (284,767 ) Net book amount 1,385,338 259,486 13,645 1,658,469 Year ended December 31, 2018 Opening net book amount 1,385,338 259,486 13,645 1,658,469 Acquisition of subsidiaries 426,000 3 — 426,003 Additions — 5,515 55,296 60,811 Transfer — 14,523 (14,523 ) — Amortization charge — (171,915 ) — (171,915 ) Closing net book amount 1,811,338 107,612 54,418 1,973,368 As of December 31, 2018 Cost 1,815,576 560,056 54,418 2,430,050 Accumulated amortization (4,238 ) (452,444 ) — (456,682 ) Net book amount 1,811,338 107,612 54,418 1,973,368 Trademarks Computer Development in Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 Cost 1,815,576 560,056 54,418 2,430,050 Accumulated amortization (4,238 ) (452,444 ) — (456,682 ) Net book amount 1,811,338 107,612 54,418 1,973,368 Year ended December 31, 2019 Opening net book amount 1,811,338 107,612 54,418 1,973,368 Additions — 19,383 — 19,383 Transfer — 54,418 (54,418 ) — Impairment — (64,209 ) — (64,209 ) Amortization charge (762 ) (31,205 ) — (31,967 ) Closing net book amount 1,810,576 85,999 — 1,896,575 As of December 31, 2019 Cost 1,815,576 633,857 — 2,449,433 Accumulated amortization (5,000 ) (483,649 ) — (488,649 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 85,999 — 1,896,575 Trademarks and licenses Computer software and others Development in progress Total RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 Cost 1,815,576 633,857 — 2,449,433 Accumulated amortization (5,000 ) (483,649 ) — (488,649 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 85,999 — 1,896,575 Year ended December 31, 2020 Opening net book amount 1,810,576 85,999 — 1,896,575 Additions — 17,718 — 17,718 Amortization charge — (31,831 ) — (31,831 ) Closing net book amount 1,810,576 71,886 — 1,882,462 As of December 31, 2020 Cost 1,815,576 255,063 — 2,070,639 Accumulated amortization (5,000 ) (118,968 ) — (123,968 ) Impairment — (64,209 ) — (64,209 ) Net book amount 1,810,576 71,886 — 1,882,462 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary Of Amounts Related To Leases | The statement of financial position shows the following amounts relating to leases: As of December 31, 2019 2020 Right-of-use RMB’000 RMB’000 Properties 914,960 973,547 Lease liabilities 939,089 979,419 |
Summary Of Depreciation Charge Of Right Of Use Assets | The statement of profit or loss shows the following amounts relating to leases: Year ended December 31, 2018 2019 2020 Depreciation charge of right-of-use RMB’000 RMB’000 RMB’000 Properties 529,269 509,026 604,018 Interest expense (included in finance costs) 54,281 58,170 46,567 Expense relating to short-term leases (included in operation and servicing expenses; general and administrative expenses; technology and analytics expenses; sales and marketing expenses) 35,179 61,836 115,741 Expense relating to leases of low-value 21,745 22,441 26,684 |
Summary Of Movement Of Right Of Use Assets | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Opening net book amount 852,132 740,240 914,960 Additions 417,377 683,746 697,403 Disposals — — (34,798 ) Depreciation charge (529,269 ) (509,026 ) (604,018 ) Closing net book amount 740,240 914,960 973,547 As of December 31, 2019 2020 RMB’000 RMB’000 Cost 1,656,613 1,731,022 Accumulated depreciation (741,653 ) (757,475 ) Net book amount 914,960 973,547 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Reconciliation of Changes in Goodwill | As of January 1, 2018 Increase Decrease As of December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee — 126,207 126,207 Pingan Jixin 67,752 — — 67,752 Yunque Dongfang — 2,800 2,800 Jinniu Loan 2,515 — — 2,515 8,981,712 129,007 — 9,110,719 Less: Impairment losses — (2,800 ) — (2,800 ) 8,981,712 126,207 — 9,107,919 As of January 1, 2019 Increase Decrease As of December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee 126,207 — — 126,207 Pingan Jixin 67,752 — — 67,752 Lu International (Hong Kong) Limited — 6,663 6,663 Yunque Dongfang 2,800 — — 2,800 Jinniu Loan 2,515 — — 2,515 9,110,719 6,663 — 9,117,382 Less: Impairment losses (2,800 ) (67,752 ) — (70,552 ) 9,107,919 (61,089 ) — 9,046,830 As of January 1, 2020 Increase Decrease As of December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Puhui 8,911,445 — — 8,911,445 Tianjin Guarantee 126,207 — — 126,207 Pingan Jixin 67,752 — — 67,752 Lu International (Hong Kong) Limited 6,663 — — 6,663 Yunque Dongfang 2,800 — — 2,800 Jinniu Loan 2,515 — — 2,515 9,117,382 — — 9,117,382 Less: Impairment losses (70,552 ) — — (70,552 ) 9,046,830 — — 9,046,830 |
Summary Of Discount Rate And Growth Rate Used By The Company Of Goodwill | As of December 31, 2018 2019 2020 Discount rates 16%-21% 16%-21% 18%-20% Growth rates 3%-25% 3%-123% 3%-275% |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Borrowings | As of December 31, 2019 2020 RMB’000 RMB’000 Unsecured - Bank borrowings 2,977,440 10,279,835 - Corporate borrowings — 1,162 2,977,440 10,280,997 Interest payable 12,422 34,448 Total borrowings 2,989,862 10,315,445 |
Summary of Interest Rates of Borrowings | The following table sets forth the range of interest rates of borrowings as of December 31, 2019 and 2020: As of December 31, 2019 2020 Bank borrowings — fixed rate 4.08%-6.09% 4.35%-5.00% Bank borrowings — floating rate 4.04% 1.41%-2.68% Corporate borrowings — fixed rate — 0.50%-0.78% |
Accounts And Other Payables A_2
Accounts And Other Payables And Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounts and other payables and contract liabilities [Abstract] | |
Summary of Accounts And Other Payables And Contract Liabilities | As of December 31, 2019 2020 RMB’000 RMB’000 Employment benefits payable 3,030,885 3,203,478 Tax payable 631,590 553,507 Payable to external suppliers 525,952 433,410 Payable to investees — 431,148 Others 637,583 862,214 4,826,010 5,483,757 |
Payable To Investors of Conso_2
Payable To Investors of Consolidated Structured Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Payable To Investors of Consolidated Structured Entities [Abstract] | |
Summary of Payable To Investors of Consolidated Structured Entities | As of December 31, 2019 2020 RMB’000 RMB’000 Payable to investors of consolidated trust plans 42,896,764 110,309,109 Payable to investors of asset based securitization plans (Note 21(b)) 1,331,829 43,662 Payable to investors of consolidated wealth management plans 3,014,457 14,947 47,243,050 110,367,718 |
Convertible Promissory Note P_2
Convertible Promissory Note Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Convertible Promissory Note Payable | Liabilities Equity RMB’000 RMB’000 Carrying value as of January 1, 2018 8,070,915 5,744,955 Interest accrued at effective interest rate 733,234 — Interest paid (98,894 ) — Exchange differences 429,554 — Carrying value as of December 31, 2018 9,134,809 5,744,955 Interest accrued at effective interest rate 819,754 — Interest paid (100,522 ) — Exchange differences 160,336 — Carrying value as of December 31, 2019 10,014,377 5,744,955 Interest accrued at effective interest rate 883,759 — Interest paid (92,981 ) — Exchange differences (687,967 ) — Carrying value as of December 31, 2020 10,117,188 5,744,955 |
Convertible Redeemable Pref_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary Of Convertible Promissory Notes And The Retained Class C Ordinary Shares Converted Into Class A Ordinary Shares | Liabilities Equity RMB’000 RMB’000 Carrying value as of January 1, 2018 — — Issuance of Class C ordinary shares 9,011,510 218,050 Interest accrued at effective interest rate 49,378 — Exchange differences (125,395 ) — Carrying value as of December 31, 2018 8,935,493 218,050 Issuance of Class C ordinary shares 530,030 11,956 Interest accrued at effective interest rate 636,835 — Exchange differences 156,540 — Carrying value as of December 31, 2019 10,258,898 230,006 C-round (10,162,990 ) (219,738 ) Interest accrued at effective interest rate 534,686 — Exchange differences (262,678 ) — Conversion of Class C ordinary shares to ordinary shares upon IPO (367,916 ) (10,268 ) Carrying value as of December 31, 2020 — — |
Optionally Convertible Promis_2
Optionally Convertible Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Abstract] | |
Summary of Ordinary Shares to be Issued to the Holders of Optionally Convertible Promissory Notes | Liabilities Equity RMB’000 RMB’000 Initial recognition upon C-round restructuring 7,762,475 1,489,748 Interest accrued at effective interest rate 127,509 — Exchange differences (359,442 ) — Carrying value as of December 31, 2020 7,530,542 1,489,748 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures Of Other Liabilities [Abstract] | |
Summary of Other Liabilities | As of December 31, 2019 2020 RMB’000 RMB’000 Accrued expenses 2,122,001 2,062,869 Derivative financial liabilities (a) — 547,597 Provisions (b) 560,000 110,930 Service liability (c) 239,094 — Output VAT to be recognized 13,491 — Others 19,060 15,538 2,953,646 2,736,934 (b) As of December 31, 2019, due to certain investment related disputes, a provision amounting to RMB460 million was provided for the Group’s agreed share in the loss of such investors. Such provision was settled in 2020. (c) Service liability represented unrecognized revenue in relation to the ongoing monitoring services for the portion of funding advanced by institutional partners. Revenue was recognized over the period of loans. |
Summary of Derivative Financial Liabilities | (a) Foreign currency swap Interest rate swap Carrying amount RMB57,787 RMB478,157 Carrying amount RMB11,653 Notional amount RMB6,739,476 USD163,270 Notional amount USD1,290,000 Maturity date 19/05/2021- 01/09/2021 30/08/2021- 01/09/2021 Maturity date May 18, 2023 Pay side RMB USD Pay type Fixed Receive side USD RMB Receive type 1 month |
Share Capital And Share Premi_2
Share Capital And Share Premium (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Capital And Share Premium [Abstract] | |
Summary of Share Capital and Share Premium | Class A ordinary share Class B ordinary share (a) Ordinary share Number of Share Share premium Number of Share capital Share premium Number of shares Share capital Share premium RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 950,000,000 59 — 135,196,846 8 10,870,339 — — — Issuance of ordinary shares 22,146,871 1 3,242,972 — — — — — — As of December 31, 2018 972,146,871 60 3,242,972 135,196,846 8 10,870,339 — — — Issuance of ordinary shares 15,000,000 1 — — — — — — — As of December 31, 2019 987,146,871 61 3,242,972 135,196,846 8 10,870,339 — — — Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares (b) 136,859,460 8 11,278,459 (135,196,846 ) (8 ) (10,870,339 ) — — — Re-designation (1,124,006,331 ) (69 ) (14,521,431 ) — — — 1,124,006,331 69 14,521,431 Issuance of ordinary shares upon IPO and exercise of over-allotment option (d) — — — — — — 99,577,564 7 17,305,119 Conversion of automatically convertible promissory notes to ordinary shares (e) — — — — — — 7,566,665 1 1,386,876 As of December 31, 2020 — — — — — — 1,231,150,560 77 33,213,426 (a) Besides the liquidation preference, holders of Class B ordinary shares were entitled to voting rights and dividend rights similar to Class A ordinary shareholders. Class B ordinary shares were automatically converted into Class A ordinary shares upon the occurrence of a qualified listing. (b) Immediately prior to the Company’s successful IPO on October 30, 2020, all of the Company’s then issued and outstanding 135,196,846 Class B and 1,662,614 Class C ordinary shares were automatically converted into Class A ordinary shares on a one-for-one (c) Immediately prior to the Company’s successful IPO on October 30, 2020, all of the Company’s then issued and outstanding 1,124,006,331 Class A ordinary shares after the conversion of Class B and Class C ordinary shares were re-designated (d) On October 30, 2020, the Company issued and sold 87,500,000 ordinary shares in its IPO with every two ADSs representing one ordinary share. On December 1, 2020, upon partial exercise of the underwriters’ over-allotment options, the Company further issued and sold 12,077,564 ordinary shares. Upon issuance of ordinary shares with IPO and exercise of over-allotment option, par value of ordinary shares issued was recorded as share capital and the difference between the cash consideration raised as part of IPO and exercise of underwriters’ over-allotment options and par value recorded of RMB17,305 million was recorded as share premium. (e) Upon successful IPO on October 30, 2020, the automatically convertible promissory notes were automatically converted into 7,566,665 ordinary shares at the IPO price of USD13.5 per ADS (USD27 per ordinary share) with par value of ordinary shares issued recorded as share capital and the difference between the then carrying value of automatically convertible promissory notes and par value recorded of RMB1,387 million was recorded as share premium. |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Other reserves [Abstract] | |
Disclosure of Other reserves | Employee share-based compensation reserve Translation differences Value of conversion - convertible redeemable preferred (Note 32) Value of conversion rights – convertible (Note 31) Capital reserve and others Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 378,198 (23,559 ) — 5,744,955 1,020,000 7,119,594 Acquisition of non-controlling — — — — (2,619,888 ) (2,619,888 ) Issuance of convertible redeemable preferred shares — — 218,050 — — 218,050 Foreign operation translation difference — (267,427 ) — — — (267,427 ) Share-based payment 128,187 — — — — 128,187 As of December 31, 2018 506,385 (290,986 ) 218,050 5,744,955 (1,599,888 ) 4,578,516 Employee Translation General Value of conversion redeemable preferred (Note 32) Value of rights – (Note 31) Capital Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2019 506,385 (290,986 ) — 218,050 5,744,955 (1,599,888 ) 4,578,516 Issuance of convertible redeemable preferred shares — — — 11,956 — — 11,956 Foreign operation translation difference — (176,833 ) — — — — (176,833 ) Appropriation to general reserve — — 223,712 — — — 223,712 Share-based payment (55,060 ) — — — — — (55,060 ) As of December 31, 2019 451,325 (467,819 ) 223,712 230,006 5,744,955 (1,599,888 ) 4,582,291 Employee compensation reserve Translation General reserve Value of (Note 33) Value of conversion - convertible redeemable preferred (Note 32) Value of rights – convertible (Note 31) Capital reserve and Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2020 451,325 (467,819 ) 223,712 — 230,006 5,744,955 (1,599,888 ) 4,582,291 C-round — — — 1,489,748 (219,738 ) — 25,648 1,295,658 Conversion of Class C ordinary shares to ordinary shares upon IPO — — — — (10,268 ) — — (10,268 ) Foreign operation translation difference — 614,399 — — — — — 614,399 Appropriation to general reserve — — 772,466 — — — — 772,466 Share-based payment 164,164 — — — — — — 164,164 As of December 31, 2020 615,489 146,580 996,178 1,489,748 — 5,744,955 (1,574,240 ) 7,418,710 |
Commitment (Tables)
Commitment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures Of Commitments [Abstract] | |
Disclosures Of Commitments Under the Financing Guarantee Contracts | As of December 31, 2019 2020 RMB’000 RMB’000 Financing Guarantee Commitments 4,639,331 20,969,026 |
Note to Consolidated Statemen_2
Note to Consolidated Statements of Cash flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reconciliation from profit before income tax to cash used in operating activities [Abstract] | |
Disclosure of Reconciliation From Profit Before Income Tax to Cash Used In Operating Activities | (a) Reconciliation from profit before income tax to cash used in operating activities: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profits before income tax 18,649,260 19,433,841 17,909,505 Adjustments for: Depreciation of property and equipment 250,280 276,266 226,862 Depreciation of right-of-use 529,269 509,026 604,018 Amortization of intangible assets 171,915 31,967 31,831 Share of profits of associates and joint ventures (45,763 ) (72,807 ) (14,837 ) Net gains on sale of property and equipment, and intangible assets 350 83 184 Net unrealized losses/(gains) on financial assets at fair value through profit or loss (1,728 ) 732,125 558,044 Non-cash 128,158 (55,443 ) 165,248 Asset impairment losses 7,492 134,516 7,168 Credit impairment losses 220,630 1,710,617 2,768,499 Finance cost classified as financing activities 912,359 1,844,209 3,137,737 Investment income classified as investing activities (709,167 ) (988,429 ) (1,127,006 ) Foreign exchange losses/(gains) 125,918 95,947 (192,337 ) 20,238,973 23,651,918 24,074,916 Change in operating assets and liabilities, net of effects from purchase of controlled entity: Decrease/(Increase) in accounts and other receivables 61,391,901 (34,684,983 ) (68,897,073 ) Increase/(Decrease) in accounts and other payables (80,093,625 ) 17,455,647 56,166,868 1,537,249 6,422,582 11,344,711 |
Disclosure of Net Decrease in Cash and Cash Equivalents | (b) Net decrease in cash and cash equivalents Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Cash and cash equivalents at the end of the year 18,576,090 7,312,061 23,785,651 Less: Cash and cash equivalents at the beginning of the year (18,628,201 ) (18,576,090 ) (7,312,061 ) Net increase/(decrease) in cash and cash equivalents (52,111 ) (11,264,029 ) 16,473,590 |
Disclosure of Cash and Cash Equivalents | (c) Cash and cash equivalents Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Cash at bank (Note 16) 18,576,090 7,352,394 24,158,568 Less: Time deposits with original maturities of more than 3 months — (40,374 ) (373,102 ) Add: Provision for impairment losses — 41 185 Cash and cash equivalents at the end of the year 18,576,090 7,312,061 23,785,651 |
Disclosure of Movements in Net Debt | This section sets out an analysis of net debt and the movements in net debt for each of the years ended December 31, 2018, 2019 and 2020. Borrowings Bond Convertible Convertible Lease Optionally Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of January 1, 2018 15,101,819 — 8,070,915 — 865,468 — 24,038,202 Cash flows (10,744,081 ) 288,639 (98,894 ) 9,011,510 (561,520 ) — (2,104,346 ) Acquisitions-leases — — — — 414,731 — 414,731 Foreign exchange adjustments — — 429,554 (125,395 ) — — 304,159 Accrued expense 539,026 560 733,234 49,378 54,281 — 1,376,479 As of December 31, 2018 4,896,764 289,199 9,134,809 8,935,493 772,960 — 24,029,225 Cash flows (2,220,683 ) (305,447 ) (100,522 ) 530,030 (572,635 ) — (2,669,257 ) Acquisitions-leases — — — — 680,594 — 680,594 Foreign exchange adjustments 116,158 — 160,336 156,540 — — 433,034 Accrued expense 197,623 16,248 819,754 636,835 58,170 — 1,728,630 As of December 31, 2019 2,989,862 — 10,014,377 10,258,898 939,089 — 24,202,226 Cash flows 7,583,729 — (92,981 ) (928,242 ) (596,575 ) — 5,965,931 C-round — — — (9,234,748 ) — 7,762,475 (1,472,273 ) Conversion of Class C ordinary shares to ordinary shares upon IPO — — — (367,916 ) — — (367,916 ) Acquisitions-leases — — — — 653,251 — 653,251 Disposals-leases — — — — (62,913 ) — (62,913 ) Foreign exchange adjustments (469,452 ) — (687,967 ) (262,678 ) — (359,442 ) (1,779,539 ) Accrued expense 211,306 — 883,759 534,686 46,567 127,509 1,803,827 As of December 31, 2020 10,315,445 — 10,117,188 — 979,419 7,530,542 28,942,594 |
Share-based Payment (Tables)
Share-based Payment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Employee Share Options | The following table sets forth the changes in the number of outstanding options and weighted average exercise prices: Average exercise Number of options Outstanding as of January 1, 2018 69.15 27,107 Granted during the year 109.26 3,075 Forfeited during the year 38.94 (1,363 ) Outstanding as of December 31, 2018 74.86 28,819 Forfeited during the year 73.92 (3,475 ) Outstanding as of December 31, 2019 74.99 25,344 Forfeited during the year 79.23 (3,884 ) As of December 31, 2020 74.22 21,460 |
Summary of Options Granted Priced Using Binomial Option Pricing Model | The following table sets forth the key assumptions used in the binomial model for the share options granted during the year ended December 31, 2018. Options granted in 2018 Expected life 10 years Risk-free rate 1.81 % Expected volatility rate 48.52 % Expected dividend yield 0 % Early exercise multiplier 2.4x-2.8x |
Summary of Options at Different Exercise Price | The following table sets forth the outstanding share options as of December 31, 2020 by different exercise price: Exercise price per share option Number of options 8.00 3,278 50.00 5,828 98.06 9,157 118.00 3,197 21,460 |
Performance Share Units | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Employee Share Options | The following table sets forth the changes in the number of PSUs and weighted average exercise prices: Weighted average grant day fair value Number of units (in ’000) Outstanding as of January 1, 2020 — — Granted during the year 140.88 1,990 Forfeited during the year 141.31 (32 ) Outstanding as of December 31, 2020 140.87 1,958 |
Summary of Options Granted Priced Using Binomial Option Pricing Model | The following table sets forth the key assumptions used in the Monte Carlo Simulation model for the share unit granted during the year ended December 31, 2020. PSUs granted in 2020 Expected life 4 years Risk-free rate 1.61%-2.99 % Expected volatility rate 37.4%-38.0 % Expected dividend yield 0 % |
Related parties and related p_2
Related parties and related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Related Party Name | The following table sets forth the major related parties which have major transactions with the Group during the years ended December 31, 2018, 2019 and 2020: Name of related parties Relationship with the Company Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries Significant influence on the Group and its subsidiaries |
Summary of Related Party Transactions | Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Technology platform based income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 336,586 323,176 635,143 Other income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 409,278 700,464 1,234,616 Net interest income-Interest expense Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 294,357 — — Investment income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 142,453 82,879 261,148 Finance costs-Interest income Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 68,745 186,065 147,638 Finance costs-Interest expense Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 343,084 154,264 67,468 Sales and marketing expenses, general and administrative expenses, operation and servicing expenses, and technology and analytics expenses Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 1,877,919 2,582,797 3,090,052 Other gains/(losses) - net Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries — (48,054 ) (499,543 ) |
Summary of Related Party Transactions Outstanding | As of December 31, 2019 2020 RMB’000 RMB’000 Cash Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 14,600,958 14,392,047 Financial assets at fair value through profit or loss Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries — 3,029,174 Account and other receivables and contract assets Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 2,784,752 2,040,869 Payable to platform investors, accounts and other payables and contract liabilities, payable to investors of consolidated structured entities and other liabilities Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 2,521,441 1,888,065 Financial assets at amortized cost Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries 6,903,263 4,159,973 |
Summary of Compensation of key Management Personnel | The following table sets forth the compensations paid or payable to key management for employee services: Year ended December 31, 2018 2019 2020 RMB’000 RMB’000 RMB’000 Wages and salaries 16,859 19,564 29,192 Welfare and other benefits 26,801 25,752 34,560 Including: Bonuses 20,810 19,490 28,061 Share-based payment 28,837 4,578 68,771 72,497 49,894 132,523 |
General Information - Additiona
General Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
General Information [Abstract] | |
Country of incorporation | Cayman Islands |
Entity incorporation, date of incorporation | Dec. 2, 2014 |
History And Reorganization of_3
History And Reorganization of The Group - Summary of Direct and Indirect Interests In The Principal Subsidiaries And Our Principal Consolidated Affiliated Entities (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Direct Control [member] | Gem Blazing Limited [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Gem Blazing Limited |
Country Of Incorporation | Cayman |
Date Of Incorporation | May 28, 2015 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Wincon Hong Kong Investment Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Wincon Hong Kong Investment Company Limited |
Country Of Incorporation | Hong Kong |
Date Of Incorporation | Dec. 29, 2014 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Weikun (Shanghai) Technology Service Co., Ltd. ("Weikun Technology") | |
Disclosure of subsidiaries [line items] | |
Company Name | Weikun (Shanghai) Technology Service Co., Ltd. (“Weikun Technology”) |
Country Of Incorporation | Shanghai |
Date Of Incorporation | Feb. 28, 2015 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Jinjiong (Shenzhen) Technology Service Company Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Jinjiong (Shenzhen) Technology Service Company Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | Oct. 16, 2017 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Lufax Holding (Shenzhen) Technology Service Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Lufax Holding (Shenzhen) Technology Service Co., Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | Sep. 25, 2018 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Gem Alliance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Gem Alliance Limited |
Country Of Incorporation | Cayman |
Date Of Incorporation | May 26, 2015 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Harmonious Splendor Limited [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Harmonious Splendor Limited |
Country Of Incorporation | Hong Kong |
Date Of Incorporation | Jun. 1, 2015 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Puhui Financing Guarantee Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Puhui Financing Guarantee Co., Ltd. |
Country Of Incorporation | Nanjing |
Date Of Incorporation | Dec. 25, 2007 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Puhui Enterprises Management Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Puhui Enterprises Management Co., Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | Jul. 7, 2015 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Chongqing Jin An Microloan Limited [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Chongqing Jin An Microloan Limited |
Country Of Incorporation | Chongqing |
Date Of Incorporation | Dec. 25, 2014 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Puhui Investment & Consulting Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Puhui Investment & Consulting Co., Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | Sep. 5, 2005 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Shenzhen Ping An Puhui Microloan Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Shenzhen Ping An Puhui Microloan Co., Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | Sep. 19, 2010 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Puhui Information Services Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Puhui Information Services Co., Ltd. |
Country Of Incorporation | Harbin |
Date Of Incorporation | Jul. 18, 2016 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Hunan Ping An Puhui Microloan Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Hunan Ping An Puhui Microloan Co., Ltd. |
Country Of Incorporation | Changsha |
Date Of Incorporation | Mar. 31, 2017 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Financing Guarantee (Tianjin) Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Financing Guarantee (Tianjin) Co., Ltd. |
Country Of Incorporation | Tianjin |
Date Of Incorporation | Mar. 12, 2012 |
Attributable equity interest to the Group | 100.00% |
Direct Control [member] | Ping An Consumer Finance Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Ping An Consumer Finance Co., Ltd. |
Country Of Incorporation | Shanghai |
Date Of Incorporation | Apr. 9, 2020 |
Attributable equity interest to the Group | 70.00% |
Controlled Through Contractual Arrangements [member] | Shanghai Xiongguo Enterprise Management Co., Ltd. ("Xiongguo") [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Shanghai Xiongguo Enterprise Management Co., Ltd. (“Xiongguo”) |
Country Of Incorporation | Shanghai |
Date Of Incorporation | Dec. 10, 2014 |
Attributable equity interest to the Group | 100.00% |
Controlled Through Contractual Arrangements [member] | Shanghai Lujiazui International Financial Assets Exchange Co., Ltd. [Member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Shanghai Lujiazui International Financial Assets Exchange Co., Ltd. |
Country Of Incorporation | Shanghai |
Date Of Incorporation | Sep. 29, 2011 |
Attributable equity interest to the Group | 100.00% |
Controlled Through Contractual Arrangements [member] | Shenzhen Lufax Holding Enterprise Management Co., Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Company Name | Shenzhen Lufax Holding Enterprise Management Co., Ltd. |
Country Of Incorporation | Shenzhen |
Date Of Incorporation | May 23, 2018 |
Attributable equity interest to the Group | 100.00% |
History And Reorganization of_4
History And Reorganization of The Group - Summary of The Major Consolidated Structured Entities Other Than Consolidated Affiliated Entities Of The Group (Detail) ¥ in Thousands | Dec. 31, 2020CNY (¥) | |
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ¥ 6,120,000 | |
Paid-in capital of structure entities | 37,213,636 | [1] |
Trust A [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 12,388,604 | [1] |
Trust B [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 4,337,632 | [1] |
Trust C [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | 4,080,000 | |
Paid-in capital of structure entities | 4,080,000 | [1] |
Trust D [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 3,877,281 | [1] |
Trust E [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 2,923,086 | [1] |
Trust F [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 2,083,265 | [1] |
Trust G [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 2,079,247 | [1] |
Trust H [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | 2,040,000 | |
Paid-in capital of structure entities | 2,040,000 | [1] |
Trust I [member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | 1,754,673 | [1] |
Trust J [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Amount of investment by the Group | ||
Paid-in capital of structure entities | ¥ 1,649,848 | [1] |
[1] | The remaining paid in capital is the amount not yet paid to the investors. |
History And Reorganization of_5
History And Reorganization of The Group - Summary of The Major Consolidated Structured Entities Other Than Consolidated Affiliated Entities Of The Group (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
History and reorganization of the group [Abstract] | ||
Support to consolidated structured entities | ¥ 10,191 | ¥ 10,795 |
History And Reorganization of_6
History And Reorganization of The Group - Summary of Balance Sheet Details Of Consolidated Affiliated Entities And Their Subsidiaries (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Balance Sheet Details Of Consolidated Affiliated Entities And Their Subsidiaries [Line Items] | ||
Total assets | ¥ 248,890,247 | ¥ 149,533,514 |
Total liabilities | 165,738,926 | 101,388,097 |
Consolidated affiliated entities and subsidiaries [member] | ||
Disclosure Of Balance Sheet Details Of Consolidated Affiliated Entities And Their Subsidiaries [Line Items] | ||
Total assets | 33,655,382 | 36,205,619 |
Total liabilities | ¥ 35,391,995 | ¥ 37,801,141 |
History And Reorganization of_7
History And Reorganization of The Group - Summary of Cash Flow Summary And Income Summary of Consolidated Affiliated Entities And Subsidiaries (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Details Of Cash Flow Summary And Income Summary Of Consolidated Affiliated Entities And Subsidiaries [Line Items] | |||
Total income | ¥ 364,385 | ¥ 463,396 | ¥ 193,446 |
Net loss | 12,276,240 | 13,317,144 | 13,575,934 |
Net cash generated from/(used in) operating activities | 7,121,282 | 2,191,894 | (1,452,367) |
Net cash used in investing activities | (15,003,750) | (11,013,511) | 3,493,585 |
Net cash generated from financing activities | 24,873,923 | (2,612,125) | (2,007,582) |
Effect of exchange rate changes on cash and cash equivalents | (517,865) | 169,713 | (85,747) |
Net increase/(decrease) in cash | 16,473,590 | (11,264,029) | (52,111) |
Add: Cash and cash equivalents at the beginning of the year | 7,312,061 | 18,576,090 | 18,628,201 |
Cash and cash equivalents at the end of the year | 23,785,651 | 7,312,061 | 18,576,090 |
Consolidated affiliated entities and subsidiaries [member] | |||
Disclosure Details Of Cash Flow Summary And Income Summary Of Consolidated Affiliated Entities And Subsidiaries [Line Items] | |||
Total income | 1,571,968 | 3,564,138 | 9,202,334 |
Net loss | (142,116) | (2,403,015) | (352,238) |
Net cash generated from/(used in) operating activities | 684,558 | (354,094) | 163,555 |
Net cash used in investing activities | (7,574,706) | (8,002,289) | (1,778,245) |
Net cash generated from financing activities | 7,319,697 | 8,390,785 | 1,045,979 |
Effect of exchange rate changes on cash and cash equivalents | (14) | ||
Net increase/(decrease) in cash | 429,535 | 34,402 | (568,711) |
Add: Cash and cash equivalents at the beginning of the year | 996,523 | 962,121 | 1,530,832 |
Cash and cash equivalents at the end of the year | ¥ 1,426,058 | ¥ 996,523 | ¥ 962,121 |
History And Reorganization of_8
History And Reorganization of The Group - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Millions | Oct. 30, 2020CNY (¥)shares | Oct. 30, 2020USD ($)$ / sharesshares | Nov. 30, 2019CNY (¥) | Jan. 31, 2019CNY (¥)shares | Jan. 31, 2019USD ($)$ / sharesshares | Nov. 29, 2018CNY (¥)¥ / sharesshares | Nov. 29, 2018USD ($)shares | Jun. 12, 2018shares | Sep. 30, 2020CNY (¥)shares | Sep. 30, 2020USD ($) | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018 |
History and reorganisation of the group [line items] | |||||||||||||
Promissory notes issued | ¥ | ¥ 10,117,188 | ¥ 10,014,377 | |||||||||||
Common stock shares outstanding | 1,231,150,560 | ||||||||||||
Promissory notes issued rate of interest | 125.00% | ||||||||||||
Common stock shares issued | 1,231,150,560 | ||||||||||||
Tun Kung Company Limited [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Common stock shares issued | 35,644,803 | ||||||||||||
Share pledge agreement [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Percentage of equity interest pledged | 100.00% | 100.00% | 100.00% | ||||||||||
OPCO [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Percentage of legal beneficial interest owned by each onshore shareholder | 100.00% | 100.00% | 100.00% | ||||||||||
Promissory notes and automatically convertible promissory notes [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Increase (decrease) in equity shares outstanding due to conversion of convertible instruments | 7,566,665 | 7,566,665 | |||||||||||
Initial public offer [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Sale of stock issue price per share | $ / shares | $ 27 | ||||||||||||
Proceeds from issue of common stock | ¥ 17,305,000 | $ 2,581 | |||||||||||
Over allotment [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Proceeds from issue of common stock | $ | $ 314 | ||||||||||||
Class C ordinary share [member] | Promissory notes and automatically convertible promissory notes [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Promissory notes issued | ¥ | ¥ 1,362,000 | ||||||||||||
Common stock shares outstanding | 45,287,111 | ||||||||||||
Promissory notes convertible into equivalent number of shares | 38,493,660 | ||||||||||||
Promissory notes issued rate of interest | 6.00% | ||||||||||||
Gain loss due to change in the fair value of promissory notes | ¥ (1,326,000) | $ (195) | |||||||||||
Class C ordinary share [member] | Series C round investment [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 2,693,435 | 2,693,435 | 44,256,290 | 44,256,290 | |||||||||
Sale of stock issue price per share | (per share) | $ 30.07 | ¥ 30.07 | |||||||||||
Proceeds from issue of common stock | ¥ 542,000 | $ 81 | ¥ 9,230,000 | $ 1,331 | |||||||||
American depositary shares [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Sale of stock issue price per share | $ / shares | $ 13.5 | ||||||||||||
American depositary shares [member] | Initial public offer [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 199,155,128 | 199,155,128 | |||||||||||
Sale of stock issue price per share | $ / shares | $ 13.50 | ||||||||||||
American depositary shares [member] | Over allotment [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 24,155,128 | 24,155,128 | |||||||||||
Class B and class C ordinary shares convertible into class A ordinary shares [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Common stock shares converted from one class to another | 136,859,460 | ||||||||||||
Ordinary shares [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 99,577,564 | 99,577,564 | |||||||||||
Ordinary shares [member] | Initial public offer [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 87,500,000 | 87,500,000 | |||||||||||
Ordinary shares [member] | Over allotment [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 12,077,564 | 12,077,564 | |||||||||||
Ping an consumer finance [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Investment in subsidaries | ¥ | ¥ 3,500,000 | ||||||||||||
Proportion of ownership interest in subsidary | 70.00% | ||||||||||||
Ping an consumer finance [member] | Ping an group [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Investment in subsidaries | ¥ | ¥ 1,500,000 | ||||||||||||
Proportion of ownership interest in subsidary | 30.00% | ||||||||||||
Pingan jixin Shanghai investment company limited [member] | Class A ordinary share [member] | |||||||||||||
History and reorganisation of the group [line items] | |||||||||||||
Stock shares issued during the period shares | 22,146,871 | ||||||||||||
Percentage of ownership interest in associates | 40.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Significant influence [member] | |
Accounting policies [line items] | |
Proportion of ownership interest in associate | 20.00% |
Bottom of range [member] | |
Accounting policies [line items] | |
Proportion of ownership interest in associate | 20.00% |
Lessee lease term | 1 year |
Top of range [member] | |
Accounting policies [line items] | |
Proportion of ownership interest in associate | 50.00% |
Lessee lease term | 6 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Group Amortizes Intangible Assets with a Limited Useful Life Using the Straight-Line Method (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Trademarks and Licenses [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Expected useful life | 6 years |
Bottom of range [member] | Computer software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Expected useful life | 3 years |
Top of range [member] | Computer software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Expected useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 30 years |
Estimated residual value rate | 5.00% |
Annual depreciation rate | 3.00% |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated residual value rate | 0.00% |
Bottom of range [member] | Office furniture and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 3 years |
Estimated residual value rate | 0.00% |
Annual depreciation rate | 19.00% |
Bottom of range [member] | Computer and electronic equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 2 years |
Estimated residual value rate | 0.00% |
Annual depreciation rate | 19.00% |
Bottom of range [member] | Motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 3 years |
Estimated residual value rate | 5.00% |
Annual depreciation rate | 18.00% |
Bottom of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 3 years |
Annual depreciation rate | 20.00% |
Top of range [member] | Office furniture and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 5 years |
Estimated residual value rate | 5.00% |
Annual depreciation rate | 33.00% |
Top of range [member] | Computer and electronic equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 5 years |
Estimated residual value rate | 5.00% |
Annual depreciation rate | 50.00% |
Top of range [member] | Motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 5 years |
Estimated residual value rate | 10.00% |
Annual depreciation rate | 32.00% |
Top of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful life | 5 years |
Annual depreciation rate | 33.00% |
Financial Instruments And Ris_3
Financial Instruments And Risks - Summary Of Illustrates The Impact of An Appreciation Or Depreciation (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments And Risks [Abstract] | ||
5% appreciation of RMB | ¥ 131,228 | ¥ 15,079 |
5% depreciation of RMB | ¥ (131,228) | ¥ (15,079) |
Financial Instruments And Ris_4
Financial Instruments And Risks - Summary of Illustrates The Impact of An Appreciation Or Depreciation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments And Risks [Abstract] | |
5% appreciation of RMB | 5.00% |
5% depreciation of RMB | 5.00% |
Financial Instruments And Ris_5
Financial Instruments And Risks - Summary of Out The Group's Financial Assets And Financial Liabilities Exposed To Interest Rate Risk (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | |||
Cash at bank | ¥ 24,158,568 | ¥ 7,352,394 | ¥ 18,576,090 |
Restricted cash | 23,029,588 | 24,602,779 | |
Financial assets at fair value through profit or loss | 34,423,897 | 18,583,056 | |
Financial assets at amortized cost | 6,563,969 | 8,623,012 | |
Financial assets purchased under reverse repurchase agreements | 700,007 | ||
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 | |
Loans to customers | 119,825,814 | 47,498,512 | |
Total financial assets | 232,027,821 | 132,956,191 | |
LIABILITIES | |||
Payable to platform investors | 9,114,906 | 15,344,417 | |
Borrowings | 10,315,445 | 2,989,862 | |
Accounts and other payables and contract liabilities | 5,483,757 | 4,826,010 | |
Payable to investors of consolidated structured entities | 110,367,718 | 47,243,050 | |
Financing guarantee liabilities | 748,674 | 242,749 | |
Lease liabilities | 979,419 | 939,089 | |
Convertible promissory note payable | 10,117,188 | 10,014,377 | |
Convertible redeemable preferred shares | 7,530,542 | 10,258,898 | |
Total financial liabilities | 154,657,649 | 91,858,452 | |
Total interest rate sensitivity gap | 77,370,132 | 41,097,739 | |
Not later than three months [member] | |||
ASSETS | |||
Cash at bank | 23,785,651 | 7,241,643 | |
Restricted cash | 23,029,588 | 24,602,779 | |
Financial assets at fair value through profit or loss | 966,000 | 1,644,507 | |
Financial assets at amortized cost | 1,204,990 | 2,235,622 | |
Financial assets purchased under reverse repurchase agreements | 700,007 | ||
Loans to customers | 27,757,023 | 4,057,473 | |
Total financial assets | 77,443,259 | 39,782,024 | |
LIABILITIES | |||
Borrowings | 8,778,581 | 378,900 | |
Payable to investors of consolidated structured entities | 24,875,127 | 4,843,980 | |
Lease liabilities | 140,889 | 118,785 | |
Total financial liabilities | 33,794,597 | 5,341,665 | |
Nominal amount of interest rate swap | (8,417,121) | ||
Total interest rate sensitivity gap | 52,065,783 | 34,440,359 | |
Later than three months and not later than one year [member] | |||
ASSETS | |||
Cash at bank | 56,444 | 110,751 | |
Financial assets at fair value through profit or loss | 5,421,035 | 2,826,748 | |
Financial assets at amortized cost | 1,683,332 | 4,866,232 | |
Loans to customers | 54,104,955 | 12,172,419 | |
Total financial assets | 61,265,766 | 19,976,150 | |
LIABILITIES | |||
Borrowings | 1,536,475 | 2,598,540 | |
Payable to investors of consolidated structured entities | 50,551,124 | 12,640,500 | |
Lease liabilities | 400,965 | 324,589 | |
Total financial liabilities | 52,488,564 | 15,563,629 | |
Total interest rate sensitivity gap | 8,777,202 | 4,412,521 | |
Later than one year and not later than two years [member] | |||
ASSETS | |||
Cash at bank | 6,190 | ||
Financial assets at fair value through profit or loss | 9,230,584 | 1,000 | |
Financial assets at amortized cost | 1,816,323 | 161,674 | |
Loans to customers | 30,195,692 | 14,678,077 | |
Total financial assets | 41,248,789 | 14,840,751 | |
LIABILITIES | |||
Borrowings | 389 | ||
Payable to investors of consolidated structured entities | 29,978,064 | 14,932,203 | |
Lease liabilities | 316,653 | 317,778 | |
Total financial liabilities | 30,295,106 | 15,249,981 | |
Total interest rate sensitivity gap | 10,953,683 | (409,230) | |
Later than two years and not later than three years [member] | |||
ASSETS | |||
Cash at bank | 310,283 | ||
Financial assets at fair value through profit or loss | 1,399,389 | 17,717 | |
Financial assets at amortized cost | 803,062 | 32,874 | |
Loans to customers | 6,559,344 | 6,989,171 | |
Total financial assets | 9,072,078 | 7,039,762 | |
LIABILITIES | |||
Payable to investors of consolidated structured entities | 4,963,403 | 14,352,203 | |
Lease liabilities | 103,387 | 136,455 | |
Convertible promissory note payable | 10,117,188 | ||
Convertible redeemable preferred shares | 7,530,542 | ||
Total financial liabilities | 22,714,520 | 14,488,658 | |
Nominal amount of interest rate swap | 8,417,121 | ||
Total interest rate sensitivity gap | (22,059,563) | (7,448,896) | |
Later than three years [member] | |||
ASSETS | |||
Financial assets at fair value through profit or loss | 848,231 | 51,123 | |
Loans to customers | 3,494,586 | ||
Total financial assets | 848,231 | 3,545,709 | |
LIABILITIES | |||
Lease liabilities | 17,525 | 41,482 | |
Convertible promissory note payable | 10,014,377 | ||
Convertible redeemable preferred shares | 10,258,898 | ||
Total financial liabilities | 17,525 | 20,314,757 | |
Total interest rate sensitivity gap | 830,706 | (16,769,048) | |
Overdue [Member] | |||
ASSETS | |||
Financial assets at fair value through profit or loss | 1,260,315 | 2,764,313 | |
Financial assets at amortized cost | 1,056,262 | 1,326,610 | |
Loans to customers | 1,208,800 | 6,106,786 | |
Total financial assets | 3,525,377 | 10,197,709 | |
LIABILITIES | |||
Total interest rate sensitivity gap | 3,525,377 | 10,197,709 | |
No Interest [Member] | |||
ASSETS | |||
Financial assets at fair value through profit or loss | 15,298,343 | 11,277,648 | |
Financial assets at amortized cost | |||
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 | |
Total financial assets | 38,624,321 | 37,574,086 | |
LIABILITIES | |||
Payable to platform investors | 9,114,906 | 15,344,417 | |
Borrowings | 12,422 | ||
Accounts and other payables and contract liabilities | 5,483,757 | 4,826,010 | |
Payable to investors of consolidated structured entities | 474,164 | ||
Financing guarantee liabilities | 748,674 | 242,749 | |
Total financial liabilities | 15,347,337 | 20,899,762 | |
Total interest rate sensitivity gap | ¥ 23,276,984 | ¥ 16,674,324 |
Financial Instruments And Ris_6
Financial Instruments And Risks - Summary of Impact To Profit Before Tax On The Structure of Interest-Bearing Assets And Liabilities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments And Risks [Abstract] | ||
-100 basis points | ¥ (488,490) | ¥ (317,900) |
+100 basis points | ¥ 488,490 | ¥ 317,900 |
Financial Instruments And Ris_7
Financial Instruments And Risks - Summary of Credit Exposure of The Group (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | |||
Cash at bank | ¥ 24,158,568 | ¥ 7,352,394 | ¥ 18,576,090 |
Restricted cash | 23,029,588 | 24,602,779 | |
Financial assets at fair value through profit or loss | 34,423,897 | 18,583,056 | |
Financial assets at amortized cost | 6,563,969 | 8,623,012 | |
Financial assets purchased under reverse repurchase agreements | 700,007 | ||
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 | |
Loans to customers | 119,825,814 | 47,498,512 | |
Total financial assets | 232,027,821 | 132,956,191 | |
On Balance Sheet Exposure [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Cash at bank | 24,158,568 | 7,352,394 | |
Restricted cash | 23,029,588 | 24,602,779 | |
Financial assets at fair value through profit or loss | 34,423,897 | 18,583,056 | |
Financial assets at amortized cost | 6,563,969 | 8,623,012 | |
Financial assets purchased under reverse repurchase agreements | 700,007 | ||
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 | |
Loans to customers | 119,825,814 | 47,498,512 | |
Total financial assets | 232,027,821 | 132,956,191 | |
Off Balance Sheet Exposure [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Financing guarantee commitment | ¥ 20,969,026 | ¥ 4,639,331 |
Financial Instruments And Ris_8
Financial Instruments And Risks - Summary of Changes of ECL Impairment Provision On Loans To Customers And Financing Guarantee Liabilities Related To ECL Assuming The Financial Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Difference-amount | ¥ (196,337) | ¥ (68,684) |
Difference-ratio | (13.00%) | (5.00%) |
Assumption Of Reclassification Of Financial Instruments From Stage Two To Stage One [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Total ECL and financing guarantee liabilities | ¥ 1,541,542 | ¥ 1,425,379 |
Recognised In The Balance Sheet [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Total ECL and financing guarantee liabilities | ¥ 1,737,879 | ¥ 1,494,063 |
Financial Instruments And Ris_9
Financial Instruments And Risks - Summary of Macroeconomic Assumptions Used To Estimate Expected Credit Losses (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Bottom of range [member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Percentage Increase Decrease In Gross Domestic Product | 5.00% | 5.90% |
Percentage Increase Decrease In Consumer Price Index | 1.20% | 2.00% |
Percentage Increase Decrease In Money Supply Measure | 3.70% | 5.20% |
Top of range [member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Percentage Increase Decrease In Gross Domestic Product | 7.50% | 6.30% |
Percentage Increase Decrease In Consumer Price Index | 2.80% | 3.00% |
Percentage Increase Decrease In Money Supply Measure | 7.90% | 7.10% |
Financial Instruments And Ri_10
Financial Instruments And Risks - Summary of Credit Risk Exposure Of The Financial Instruments Under The Scope of Expected Credit Loss (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | ¥ 197,603,924 | ¥ 114,373,135 |
Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 195,791,118 | 111,885,602 |
Stage Two [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 661,828 | 497,844 |
Stage Three [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 1,069,603 | 1,909,874 |
Purchased or originated creditimpaired financial assets [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 81,375 | 79,815 |
Financial assets purchased under reverse repurchase agreements [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 700,007 | |
Financial assets purchased under reverse repurchase agreements [Member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 700,007 | |
On Balance Sheet Exposure [Member] | Cash At Bank [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 24,158,568 | 7,352,394 |
On Balance Sheet Exposure [Member] | Cash At Bank [Member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 24,158,568 | 7,352,394 |
On Balance Sheet Exposure [Member] | Restricted Cash [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 23,029,588 | 24,602,779 |
On Balance Sheet Exposure [Member] | Restricted Cash [Member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 23,029,588 | 24,602,779 |
On Balance Sheet Exposure [Member] | Financial assets at amortised cost, class [member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 6,563,969 | 8,623,012 |
On Balance Sheet Exposure [Member] | Financial assets at amortised cost, class [member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 5,507,707 | 7,209,198 |
On Balance Sheet Exposure [Member] | Financial assets at amortised cost, class [member] | Stage Three [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 974,887 | 1,333,999 |
On Balance Sheet Exposure [Member] | Financial assets at amortised cost, class [member] | Purchased or originated creditimpaired financial assets [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 81,375 | 79,815 |
On Balance Sheet Exposure [Member] | Accounts And Other Recievable And Other Contract Assets [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 23,325,978 | 26,296,438 |
On Balance Sheet Exposure [Member] | Accounts And Other Recievable And Other Contract Assets [Member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 23,307,520 | 25,805,452 |
On Balance Sheet Exposure [Member] | Accounts And Other Recievable And Other Contract Assets [Member] | Stage Two [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 17,350 | 226,662 |
On Balance Sheet Exposure [Member] | Accounts And Other Recievable And Other Contract Assets [Member] | Stage Three [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 1,108 | 264,324 |
On Balance Sheet Exposure [Member] | Loans to consumers [member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 119,825,814 | 47,498,512 |
On Balance Sheet Exposure [Member] | Loans to consumers [member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 119,087,728 | 46,915,779 |
On Balance Sheet Exposure [Member] | Loans to consumers [member] | Stage Two [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 644,478 | 271,182 |
On Balance Sheet Exposure [Member] | Loans to consumers [member] | Stage Three [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 93,608 | 311,551 |
Off Balance Sheet Exposure [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Financing guarantee commitment | 20,969,026 | 4,639,331 |
Off Balance Sheet Exposure [Member] | Financial guarantee contracts [member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Financing guarantee commitment | 20,969,026 | 4,639,331 |
Off Balance Sheet Exposure [Member] | Financial guarantee contracts [member] | Stage One [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Financing guarantee commitment | 20,898,499 | 4,600,281 |
Off Balance Sheet Exposure [Member] | Financial guarantee contracts [member] | Stage Two [Member] | ||
Disclosure Details Of Maximum Credit Risk Exposure Before Collateral Received [Line Items] | ||
Financing guarantee commitment | ¥ 70,527 | ¥ 39,050 |
Financial Instruments And Ri_11
Financial Instruments And Risks- Summary of Liquidity Risk (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | ¥ 184,698,038 | ¥ 109,250,257 |
Payable to platform investors [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 9,114,906 | 15,344,417 |
Borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 10,810,571 | 3,047,827 |
Accounts and other payables and contract liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 5,483,757 | 4,826,010 |
Payable to investors of consolidated structured entities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 115,363,836 | 53,596,535 |
Financing guarantee liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 20,969,026 | 4,639,331 |
Lease liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 1,028,209 | 1,009,377 |
Convertible Promissory Note Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 13,014,737 | 13,981,927 |
Convertible Redeemable Preferred Shares [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 8,912,996 | 12,804,833 |
Repayable on demand [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 35,582,636 | 25,284,435 |
Repayable on demand [member] | Payable to platform investors [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 9,114,906 | 15,344,417 |
Repayable on demand [member] | Accounts and other payables and contract liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 5,483,757 | 4,826,010 |
Repayable on demand [member] | Payable to investors of consolidated structured entities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 14,947 | 474,677 |
Repayable on demand [member] | Financing guarantee liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 20,969,026 | 4,639,331 |
Not later than three months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 82,639,575 | 25,341,262 |
Not later than three months [member] | Borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 2,227,487 | 3,047,827 |
Not later than three months [member] | Payable to investors of consolidated structured entities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 79,283,191 | 21,706,803 |
Not later than three months [member] | Lease liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 573,840 | 486,110 |
Not later than three months [member] | Convertible Promissory Note Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 101,854 | 100,522 |
Not later than three months [member] | Convertible Redeemable Preferred Shares [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 453,203 | |
Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 32,005,390 | 16,732,356 |
Later than one year and not later than two years [member] | Borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 120,537 | |
Later than one year and not later than two years [member] | Payable to investors of consolidated structured entities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 31,007,485 | 16,293,460 |
Later than one year and not later than two years [member] | Lease liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 330,146 | 338,374 |
Later than one year and not later than two years [member] | Convertible Promissory Note Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 94,019 | 100,522 |
Later than one year and not later than two years [member] | Convertible Redeemable Preferred Shares [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 453,203 | |
Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 34,452,496 | 15,364,243 |
Later than two years and not later than three years [member] | Borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 8,462,547 | |
Later than two years and not later than three years [member] | Payable to investors of consolidated structured entities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 5,058,213 | 15,121,595 |
Later than two years and not later than three years [member] | Lease liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 106,282 | 142,126 |
Later than two years and not later than three years [member] | Convertible Promissory Note Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 12,818,864 | 100,522 |
Later than two years and not later than three years [member] | Convertible Redeemable Preferred Shares [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 8,006,590 | |
Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 17,941 | 26,527,961 |
Later than three years and not later than four years [member] | Lease liabilities [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | ¥ 17,941 | 42,767 |
Later than three years and not later than four years [member] | Convertible Promissory Note Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 13,680,361 | |
Later than three years and not later than four years [member] | Convertible Redeemable Preferred Shares [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | ¥ 12,804,833 |
Financial Instruments And Ri_12
Financial Instruments And Risks - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Expected credit loss rate | 6.08% | 3.20% |
Increase In Upside Scenario [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Expected credit loss rate | 10.00% | |
Cumulative expected credit loss estimated decrease in impairment provision | ¥ 2 | |
Reduction In Downside Scenario [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Expected credit loss rate | 10.00% | |
Cumulative expected credit loss estimated decrease in impairment provision | ¥ 5 | |
Reduction In Base Case Scenario [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Expected credit loss rate | 10.00% | |
Cumulative expected credit loss estimated increase in impairment provision | ¥ 6 | |
Increase In Downside Scenario [Member] | ||
Disclosure Of Macroeconomic Assumptions For Calculating Expected Credit Losses [Line Items] | ||
Expected credit loss rate | 10.00% | |
Cumulative expected credit loss estimated increase in impairment provision | ¥ 1 |
Financial Instruments And Ri_13
Financial Instruments And Risks - Summary of Out The Group's Financial Assets And Financial Liabilities Exposed To Interest Rate Risk (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
China, Yuan Renminbi | |
Disclosure of impact of increase and decrease in interest rates on the profits before tax [Line Items] | |
Percentage favourable change in interest rate | 100.00% |
Percentage unfavourable change in interest rate | 100.00% |
United States of America, Dollars | |
Disclosure of impact of increase and decrease in interest rates on the profits before tax [Line Items] | |
Percentage favourable change in interest rate | 100.00% |
Percentage unfavourable change in interest rate | 100.00% |
Hong Kong, Dollars | |
Disclosure of impact of increase and decrease in interest rates on the profits before tax [Line Items] | |
Percentage favourable change in interest rate | 100.00% |
Percentage unfavourable change in interest rate | 100.00% |
India, Rupees | |
Disclosure of impact of increase and decrease in interest rates on the profits before tax [Line Items] | |
Percentage favourable change in interest rate | 100.00% |
Percentage unfavourable change in interest rate | 100.00% |
Singapore, Dollars | |
Disclosure of impact of increase and decrease in interest rates on the profits before tax [Line Items] | |
Percentage favourable change in interest rate | 100.00% |
Percentage unfavourable change in interest rate | 100.00% |
Financial Instruments And Ri_14
Financial Instruments And Risks - Summary of Group's Maximum Exposure To Structured Entities (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Maximum Exposure To Consolidated Structured Entities [Line Items] | ||
Carrying amount | ¥ 10,191,000,000 | ¥ 10,795,000,000 |
Unconsolidated Structured Products Managed By Third Parties [Member] | ||
Disclosure Of Maximum Exposure To Consolidated Structured Entities [Line Items] | ||
Carrying amount | 10,367,052 | 6,617,543 |
Group's maximum exposure | 10,367,052 | 6,617,543 |
Unconsolidated Structured Products Managed By Affiliated Entities [Member] | ||
Disclosure Of Maximum Exposure To Consolidated Structured Entities [Line Items] | ||
Carrying amount | 19,352,780 | 9,695,236 |
Group's maximum exposure | ¥ 19,409,204 | ¥ 9,748,907 |
Financial Instruments And Ri_15
Financial Instruments And Risks - Summary of Fair Value Estimation (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ¥ 34,423,897 | ¥ 18,583,056 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,199,106 | 5,732,842 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 29,958,296 | 10,007,375 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 1,266,495 | 2,842,839 |
Asset Management Plans [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 9,752,250 | 6,850,268 |
Asset Management Plans [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 9,328,168 | 6,056,754 |
Asset Management Plans [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 424,082 | 793,514 |
Mutual Funds [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,199,106 | 5,732,842 |
Mutual Funds [Member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,199,106 | 5,732,842 |
Trust Plans [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 9,927,037 | 3,470,473 |
Trust Plans [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 9,106,125 | 1,787,954 |
Trust Plans [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 820,912 | 1,682,519 |
Factoring Products [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 823,539 | 1,824,246 |
Factoring Products [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 823,539 | 1,480,223 |
Factoring Products [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 344,023 | |
Structured Deposits [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 961,804 | 430,760 |
Structured Deposits [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 961,804 | 430,760 |
Bank wealth management products [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 2,091,730 | 251,684 |
Bank wealth management products [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 2,091,730 | 251,684 |
Corporate Bonds [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,044,407 | 15,271 |
Corporate Bonds [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,029,174 | |
Corporate Bonds [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 15,233 | 15,271 |
Private Equity Fund And Other Equity Investments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 4,624,024 | 7,512 |
Private Equity Fund And Other Equity Investments [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 4,617,756 | |
Private Equity Fund And Other Equity Investments [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ¥ 6,268 | ¥ 7,512 |
Financial Instruments And Ri_16
Financial Instruments And Risks - Summary of The Changes In Level 3 Instruments (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [line items] | |||
Assets | ¥ 149,533,514 | ||
Assets | 248,890,247 | ¥ 149,533,514 | |
Level 3 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 2,842,839 | 2,632,890 | ¥ 7,059,316 |
Additions | 1,353,173 | 12,002,979 | |
Disposal | (1,266,827) | (1,961,315) | (16,439,194) |
Transfer into level 3 | 1,477,950 | ||
Gains or losses recognized in profit or loss | (309,517) | (659,859) | 9,789 |
Assets | ¥ 1,266,495 | ¥ 2,842,839 | ¥ 2,632,890 |
Financial Instruments And Ri_17
Financial Instruments And Risks - Summary of The Changes In Level 3 Instruments (Parenthetical) (Detail) - Level 3 of fair value hierarchy [member] - Financial assets at fair value through profit or loss, category [member] - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [line items] | |||
Sales, fair value measurement, assets | ¥ 1,266,827 | ¥ 1,961,315 | ¥ 16,439,194 |
Debt REstructuring [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Sales, fair value measurement, assets | ¥ 724,000 |
Retail Credit Facilitation Se_3
Retail Credit Facilitation Service Fees - Summary of Retail Credit Facilitation Service Fees (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of retail credit facilitation service fees [line items] | |||
Retail credit facilitation service fees | ¥ 39,456,904 | ¥ 39,324,848 | ¥ 29,575,994 |
Loan facilitation service [member] | |||
Disclosure of retail credit facilitation service fees [line items] | |||
Retail credit facilitation service fees | 7,141,725 | 9,716,401 | 8,295,490 |
Post origination service [member] | |||
Disclosure of retail credit facilitation service fees [line items] | |||
Retail credit facilitation service fees | ¥ 32,315,179 | ¥ 29,608,447 | ¥ 21,280,504 |
Retail Credit Facilitation Se_4
Retail Credit Facilitation Service Fees - Summary of Remaining Performance Obligations of Long Term Contracts (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year | ¥ 33,819,203 | ¥ 43,506,469 |
Expected to be recognized within one year [member] | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year | 22,814,799 | 26,123,173 |
Expected to be recognized in one to two years [member] | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year | 9,054,717 | 13,246,129 |
Expected to be recognized in two to three years [member] | ||
Disclosure of transaction price allocated to remaining performance obligations [line items] | ||
Aggregate amount of the transaction price allocated to long-term contracts that are partially or fully unsatisfied at the end of each year | ¥ 1,949,687 | ¥ 4,137,167 |
Wealth Management Transaction_3
Wealth Management Transaction And Service Fees - Summary of Wealth Management Transaction and Service Fees (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of wealth management transaction and service fees [line items] | |||
Wealth management transaction and service fees | ¥ 1,764,938 | ¥ 2,604,229 | ¥ 2,645,445 |
Current products [member] | |||
Disclosure of wealth management transaction and service fees [line items] | |||
Wealth management transaction and service fees | 1,022,077 | 458,503 | 405,997 |
Legacy products [member] | |||
Disclosure of wealth management transaction and service fees [line items] | |||
Wealth management transaction and service fees | ¥ 742,861 | ¥ 2,145,726 | ¥ 2,239,448 |
Net Interest Income - Summary o
Net Interest Income - Summary of Net Interest Income (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net interest income [line items] | |||
Interest income | ¥ 364,385 | ¥ 463,396 | ¥ 193,446 |
Total net interest income | 7,750,460 | 3,909,196 | 5,894,481 |
Loans originated by consolidated trust plans [member] | |||
Disclosure of net interest income [line items] | |||
Interest income | 10,640,860 | 2,030,485 | |
Interest expense | (4,283,151) | (964,790) | |
Total net interest income | 6,357,709 | 1,065,695 | |
Loans originated by microloan lending companies and consumer finance company [member] | |||
Disclosure of net interest income [line items] | |||
Interest income | 1,395,961 | 2,895,600 | 10,243,475 |
Interest expense | (3,210) | (52,099) | (4,348,994) |
Total net interest income | ¥ 1,392,751 | ¥ 2,843,501 | ¥ 5,894,481 |
Other Income - Summary of Other
Other Income - Summary of Other Income (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other operating income [abstract] | |||
Account management service fees | ¥ 1,253,760 | ¥ 716,001 | ¥ 435,854 |
Penalty fee income | 212,328 | 129,317 | 61,737 |
Others | 50,954 | 33,550 | 9,945 |
Other income | ¥ 1,517,042 | ¥ 878,868 | ¥ 507,536 |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||
Financial assets at amortized cost | ¥ 304,627 | ¥ 194,771 | ¥ 186,921 |
Financial assets purchased under reverse repurchase agreements | 29,328 | ||
Interest income | 333,955 | 194,771 | 186,921 |
Realized gains | |||
Financial assets at fair value through profit or loss | 1,163,988 | 1,116,431 | 827,902 |
Realized gains | 1,163,988 | 1,116,431 | 827,902 |
Net unrealized gains/(losses) | |||
Financial assets at fair value through profit or loss | (558,044) | (732,125) | 1,728 |
Investment income | ¥ 939,899 | ¥ 579,077 | ¥ 1,016,551 |
Expense by Nature - Summary of
Expense by Nature - Summary of Expenses by Nature (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Employee benefit expenses | ¥ 14,145,207 | ¥ 12,352,323 | ¥ 10,077,375 |
Loan origination and servicing expenses | 7,091,078 | 6,530,999 | 3,608,637 |
Outsourcing service expenses | 1,382,960 | 997,145 | 904,898 |
Promotion and advertising expenses | 1,221,762 | 1,149,759 | 1,472,650 |
Payment processing expenses | 1,204,712 | 849,763 | 679,141 |
Business entertainment expenses | 769,834 | 802,577 | 563,187 |
Depreciation of right-of-use assets | 604,018 | 509,026 | 529,269 |
Trust management fee | 504,428 | 156,266 | 15 |
Taxes and surcharges | 380,460 | 286,546 | 240,071 |
Depreciation of property and equipment | 226,862 | 276,266 | 250,280 |
Amortization of intangible assets | 31,831 | 31,967 | 171,915 |
Others | 1,049,327 | 1,265,236 | 1,090,875 |
Total sales and marketing expenses, general and administrative expenses, operation and servicing expenses, technology and analytics expenses | ¥ 28,612,479 | ¥ 25,207,873 | ¥ 19,588,313 |
Expense by Nature - Summary o_2
Expense by Nature - Summary of Sales and Marketing Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales and marketing expense | |||
Borrower acquisition expenses | ¥ 11,506,402 | ¥ 8,714,516 | ¥ 4,837,764 |
General sales and marketing expenses | 5,487,267 | 5,327,741 | 4,842,037 |
Investor acquisition and retention expenses | 819,888 | 888,839 | 1,087,165 |
Sales and marketing expenses | ¥ 17,813,557 | ¥ 14,931,096 | ¥ 10,766,966 |
Expense By Nature - Summary o_3
Expense By Nature - Summary of Employee Benefit Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of employee benefits expense [abstract] | |||
Wages, salaries and bonuses | ¥ 10,764,239 | ¥ 8,689,993 | ¥ 6,855,372 |
Other social security costs, housing benefits and other employee benefits | 2,787,803 | 2,473,673 | 2,010,418 |
Pension costs – defined contribution plans | 427,917 | 1,244,100 | 1,083,427 |
Share-based payment | 165,248 | (55,443) | 128,158 |
Employee benefits expense | ¥ 14,145,207 | ¥ 12,352,323 | ¥ 10,077,375 |
Credit Impairment Losses - Summ
Credit Impairment Losses - Summary of Credit Impairment Losses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of credit impairment losses [abstract] | |||
Accounts and other receivables and contract assets | ¥ 1,499,344 | ¥ 794,116 | ¥ 723,774 |
Financing guarantee contracts | 772,614 | 120,961 | 501,704 |
Loans to customers | 744,893 | (63,240) | (412,843) |
Financial assets at amortized cost | 18,193 | 1,010,867 | 121,989 |
Others | 144 | 41 | (30) |
Credit impairment losses | ¥ 3,035,188 | ¥ 1,862,745 | ¥ 934,594 |
Finance Costs - Summary of Fina
Finance Costs - Summary of Finance Cost (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
One-time expenses related to C-round restructuring | ¥ 1,326,007 | ||
Interest expenses on convertible promissory note | 883,759 | ¥ 819,754 | ¥ 733,234 |
Interest expenses on convertible redeemable preferred shares | 534,686 | 636,835 | 49,378 |
Interest expenses on borrowings | 211,306 | 329,450 | 75,466 |
Interest expenses on Convertible Notes | 135,412 | ||
Interest expenses on consolidated wealth management products | 92,302 | 139,094 | 181,350 |
Interest expense on lease liabilities | 46,567 | 58,170 | 54,281 |
Bank interest income | (364,385) | (463,396) | (193,446) |
Finance costs | ¥ 2,865,654 | ¥ 1,519,907 | ¥ 900,263 |
Income Tax Expenses - Summary o
Income Tax Expenses - Summary of Income Tax Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Current income tax | ¥ 5,570,012 | ¥ 4,254,978 | ¥ 2,791,676 |
Deferred income tax | 63,253 | 1,861,719 | 2,281,650 |
Income tax expense | ¥ 5,633,265 | ¥ 6,116,697 | ¥ 5,073,326 |
Income Tax Expenses - Summary_2
Income Tax Expenses - Summary of Reconciliation from Income Tax Calculated Based on the Applicable Tax Rates and Profit before Income Tax (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax | ¥ 17,909,505 | ¥ 19,433,841 | ¥ 18,649,260 |
Income tax calculated at the PRC statutory tax rate of 25% | 4,477,376 | 4,858,460 | 4,662,315 |
Tax effect of: | |||
Differential income tax rates applicable to subsidiaries | 756,392 | 350,051 | 62,062 |
Expenses and losses not deductible for tax purposes | 262,843 | 530,638 | 113,973 |
Deductible temporary differences and tax losses for which no deferred tax asset was recognized | 280,251 | 244,187 | 47,687 |
Reversal of deferred tax assets recognized in prior years related to deductible tax | 3,643 | 190,104 | |
Utilization of previously unrecognized tax losses | (913) | (2,439) | |
Utilization of previously unrecognized deductible temporary difference | (13,798) | (2,724) | (1,230) |
Income not subject to tax | (99,378) | (36,536) | (17,688) |
Effect of tax rate changes on deferred income taxes | (37,959) | 173,680 | |
Others | (33,151) | 22,915 | 32,527 |
Income tax expense | ¥ 5,633,265 | ¥ 6,116,697 | ¥ 5,073,326 |
Income Tax Expenses - Additiona
Income Tax Expenses - Additional Information (Detail) ¥ in Millions, $ in Millions | Nov. 27, 2018 | Dec. 31, 2020CNY (¥) | Dec. 31, 2020HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
MoF and STA [member] | |||||
Income tax [line items] | |||||
Preferential Tax rate | 15.00% | 15.00% | |||
Percentage of entity's revenue | 70.00% | 70.00% | |||
Weikun technology [member] | |||||
Income tax [line items] | |||||
Preferential Tax rate | 15.00% | 15.00% | 15.00% | ||
Weikun technology [member] | State tax administration [member] | |||||
Income tax [line items] | |||||
Tax rate effect of income tax authority | 12.50% | 12.50% | |||
PRC company [member] | Chongqing Jin An Microloan Limited [member] | |||||
Income tax [line items] | |||||
Payment of Dividend to investors | ¥ | ¥ 453 | ||||
PRC company [member] | Bottom of range [member] | |||||
Income tax [line items] | |||||
Increase decrease in withholding tax rate | 5.00% | 5.00% | |||
PRC company [member] | Top of range [member] | |||||
Income tax [line items] | |||||
Increase decrease in withholding tax rate | 10.00% | 10.00% | |||
Hong Kong [member] | |||||
Income tax [line items] | |||||
Income tax rate | 16.50% | 16.50% | |||
Accounting profit | $ | $ 2 | ||||
Tax rate effect changes in profit | 8.25% | 8.25% | |||
Average effective tax rate | 16.50% | 16.50% | |||
Singapore [member] | |||||
Income tax [line items] | |||||
Income tax rate | 17.00% | 17.00% | 17.00% | 17.00% | |
Indonesia [member] | |||||
Income tax [line items] | |||||
Income tax rate | 22.00% | 22.00% | 22.00% | 22.00% | |
PRC [member] | |||||
Income tax [line items] | |||||
Income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |
Shenzhen [member] | |||||
Income tax [line items] | |||||
Income tax rate | 25.00% | 25.00% | 25.00% | ||
Preferential Tax rate | 15.00% |
Earnings Per Share- Disclosure
Earnings Per Share- Disclosure of Basic Earnings Per Share (Detail) ¥ / shares in Units, ¥ in Thousands, shares in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Earnings per share [Line Items] | ||||
Profit attributable to owners of the Company | ¥ | ¥ 12,354,114 | ¥ 13,332,431 | ¥ 13,619,928 | |
Weighted average number of ordinary shares in issue | shares | 1,104,155,407 | 1,086,698,914 | 1,076,869,344 | |
Basic earnings (in RMB) | ¥ / shares | ¥ 11.19 | ¥ 12.27 | ¥ 12.65 | |
American depositary shares [member] | ||||
Earnings per share [Line Items] | ||||
Basic earnings (in RMB) | (per share) | ¥ 5.59 | $ 5.59 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Diluted Earnings Per Share (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings | |||
Profit attributable to owners of the Company | ¥ 12,354,114 | ¥ 13,332,431 | ¥ 13,619,928 |
Interest expense on convertible instruments, net of tax | 147,293 | ||
Net profit used to determine diluted earnings per share | ¥ 12,501,407 | ¥ 13,332,431 | ¥ 13,619,928 |
Weighted average number of ordinary shares | |||
Weighted average number of ordinary shares in issue | 1,104,155,407 | 1,086,698,914 | 1,076,869,344 |
Assumed conversion of convertible instruments | 21,873,817 | ||
Weighted average number of ordinary share for diluted earnings per share | 1,126,029,224 | 1,086,698,914 | 1,076,869,344 |
Diluted earnings (in RMB) | ¥ 11.10 | ¥ 12.27 | ¥ 12.65 |
American depositary shares [member] | |||
Weighted average number of ordinary shares | |||
Diluted earnings (in RMB) | ¥ 5.55 |
Cash At Bank And Restricted C_3
Cash At Bank And Restricted Cash - Disclosure of Cash At Bank (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | ¥ 24,158,568 | ¥ 7,352,394 | ¥ 18,576,090 |
Less: Provision for impairment losses | (185) | (41) | |
Demand deposits | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 17,627,473 | 7,201,280 | |
Demand deposits | RMB | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 13,782,874 | 6,470,513 | |
Demand deposits | USD | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 3,784,469 | 658,735 | |
Demand deposits | HKD | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 43,110 | 9,300 | |
Demand deposits | IDR | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 11,676 | 55,070 | |
Demand deposits | SGD | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 5,344 | 7,662 | |
Time deposits | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 6,531,280 | 151,155 | |
Time deposits | RMB | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 3,140,058 | 40,374 | |
Time deposits | USD | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | 3,262,450 | 0 | |
Time deposits | IDR | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash at bank | ¥ 128,772 | ¥ 110,781 |
Cash At Bank And Restricted C_4
Cash At Bank And Restricted Cash - Disclosure of Restricted Cash (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||
Cash from consolidated structured entities | ¥ 14,581,753 | ¥ 8,055,423 |
Deposits held on behalf of platform investors | 7,997,940 | 13,038,088 |
Other deposits | 449,895 | 9,268 |
Deposits for subsidiary establishment | 3,500,000 | |
Restricted cash | ¥ 23,029,588 | ¥ 24,602,779 |
Financial Assets At Fair Valu_3
Financial Assets At Fair Value Through Profit or Loss - Disclosure of Financial Assets At Fair Value Through Profit Or Loss (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | ¥ 34,423,897 | ¥ 18,583,056 |
Trust plans [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 9,927,037 | 3,470,473 |
Asset management plans [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 9,752,250 | 6,850,268 |
Private fund and other equity investments [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 4,624,024 | 7,512 |
Mutual funds [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 3,199,106 | 5,732,842 |
Corporate bonds [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 3,044,407 | 15,271 |
Bank wealth management products [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 2,091,730 | 251,684 |
Structured deposits [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | 961,804 | 430,760 |
Factoring products [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | ¥ 823,539 | ¥ 1,824,246 |
Financial Assets At Fair Valu_4
Financial Assets At Fair Value Through Profit or Loss - Disclosure of Financial Assets At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | ¥ 34,423,897 | ¥ 18,583,056 |
Financial assets at fair value through profit or loss past due | 2,310,000 | 3,496,000 |
Fair loss recognized in the current period by overdue financial assets at fair value through profit or loss | 337,000 | 661,000 |
Trust plans [member] | ||
Disclosure of financial instruments at fair value through profit or loss [line items] | ||
Financial assets at fair value through profit or loss | ¥ 9,927,037 | ¥ 3,470,473 |
Financial Assets At Amortized_3
Financial Assets At Amortized Cost - Disclosure Of Financial Assets At Amortized Cost (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial assets at amortized cost [Line Items] | ||
Unlisted securities | ¥ 7,735,834 | ¥ 10,010,959 |
Less: Provision for impairment losses | (1,171,865) | (1,387,947) |
Financial assets at amortized cost | 6,563,969 | 8,623,012 |
Debt Investments [Member] | ||
Disclosure Of Financial assets at amortized cost [Line Items] | ||
Unlisted securities | 7,641,846 | 9,890,158 |
Interest receivable [Member] | ||
Disclosure Of Financial assets at amortized cost [Line Items] | ||
Unlisted securities | ¥ 93,988 | ¥ 120,801 |
Financial Assets At Amortized_4
Financial Assets At Amortized Cost - Disclosure Of Financial Assets At Amortized Cost (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Financial assets at amortized costs [Abstract] | ||
financial assets at amortized cost past due | ¥ 2,077 | ¥ 2,632 |
Impairment loss recognized in the current period | ¥ 29 | ¥ 1,075 |
Financial Assets At Amortized_5
Financial Assets At Amortized Cost - Disclosure of Carrying Amount of Financial Assets at Amortized Cost (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | ¥ 8,623,012 | ||
Ending balance | 6,563,969 | ¥ 8,623,012 | |
Gross carrying amount [member] | |||
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | 10,010,959 | 3,484,927 | ¥ 7,920,079 |
New originated or purchased | 8,649,672 | 15,479,015 | 9,579,226 |
Write-offs | (234,275) | ||
De-recognized in the current period (including repayment) | (10,690,522) | (8,952,983) | (14,014,378) |
Ending balance | 7,735,834 | 10,010,959 | 3,484,927 |
Gross carrying amount [member] | Stage 1 [member] | |||
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | 7,223,195 | 2,578,915 | 7,598,170 |
New originated or purchased | 8,590,588 | 15,379,522 | 9,470,670 |
Transfers | (2,403,628) | (561,101) | |
Transfer — From stage 1 to stage 2 | (535,000) | ||
Transfer — From stage 1 to stage 3 | (2,403,628) | (26,101) | |
De-recognized in the current period (including repayment) | (10,300,916) | (8,331,614) | (13,928,824) |
Ending balance | 5,512,867 | 7,223,195 | 2,578,915 |
Gross carrying amount [member] | Stage 2 [member] | |||
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | 0 | 535,000 | 7,694 |
Transfers | 535,000 | ||
Transfer — From stage 1 to stage 2 | 535,000 | ||
De-recognized in the current period (including repayment) | (535,000) | (7,694) | |
Ending balance | 0 | 535,000 | |
Gross carrying amount [member] | Stage 3 [member] | |||
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | 2,655,132 | 278,022 | 254,765 |
Transfers | 2,403,628 | 26,101 | |
Transfer — From stage 1 to stage 3 | 2,403,628 | 26,101 | |
Write-offs | (221,754) | ||
De-recognized in the current period (including repayment) | (318,143) | (26,518) | (2,844) |
Ending balance | 2,115,235 | 2,655,132 | 278,022 |
Gross carrying amount [member] | POCI [Member] | |||
Disclosure of carrying amount of financial assets at amortized cost [Line Items] | |||
Beginning balance | 132,632 | 92,990 | 59,450 |
New originated or purchased | 59,084 | 99,493 | 108,556 |
Write-offs | (12,521) | ||
De-recognized in the current period (including repayment) | (71,463) | (59,851) | (75,016) |
Ending balance | ¥ 107,732 | ¥ 132,632 | ¥ 92,990 |
Financial Assets At Amortized_6
Financial Assets At Amortized Cost - Disclosure of Movement of ECL Allowance of Financial Assets At Amortized Cost (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | ¥ 8,623,012 | ||
Ending balance | 6,563,969 | ¥ 8,623,012 | |
Allowance for credit losses [member] | |||
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | 1,387,947 | 377,080 | ¥ 203,469 |
New originated or purchased | 8,593 | 63,411 | 35,340 |
Transfers | 1,062,156 | 135,572 | |
Net impact on expected credit loss by stage transfer | 1,062,156 | 135,572 | |
Write-offs | (234,275) | ||
De-recognized in the current period (including repayment) | (19,721) | (166,845) | (32,118) |
Changes in parameters of the model of expected credit loss | 29,321 | 52,145 | 34,817 |
Ending balance | 1,171,865 | 1,387,947 | 377,080 |
Stage 1 [member] | Allowance for credit losses [member] | |||
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | 13,997 | 16,492 | 4,684 |
New originated or purchased | 8,593 | 64,072 | 33,200 |
Transfers | (10,014) | (1,966) | |
Transfers In Financial Assets At Amortised Cost From stage 1 to stage 2 | (1,875) | ||
Transfers In Financial Assets At Amortised Cost From stage 1 to stage 3 | (10,014) | (91) | |
De-recognized in the current period (including repayment) | (4,160) | (50,718) | (29,044) |
Changes in parameters of the model of expected credit loss | (13,270) | (5,835) | 9,618 |
Ending balance | 5,160 | 13,997 | 16,492 |
Stage 2 [member] | Allowance for credit losses [member] | |||
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | 111,437 | 210 | |
Transfers | 111,437 | ||
Transfers In Financial Assets At Amortised Cost From stage 1 to stage 2 | 1,875 | ||
Net impact on expected credit loss by stage transfer | 109,562 | ||
De-recognized in the current period (including repayment) | (111,437) | (210) | |
Ending balance | 111,437 | ||
Stage 3 [member] | Allowance for credit losses [member] | |||
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | 1,321,133 | 249,080 | 196,871 |
Transfers | 1,072,170 | 26,101 | |
Transfers In Financial Assets At Amortised Cost From stage 1 to stage 3 | 0 | 91 | |
Net impact on expected credit loss by stage transfer | 1,062,156 | 26,010 | |
Write-offs | (221,754) | ||
De-recognized in the current period (including repayment) | (15,444) | (2,758) | (564) |
Changes in parameters of the model of expected credit loss | 56,413 | 2,641 | 26,672 |
Ending balance | 1,140,348 | 1,321,133 | 249,080 |
POCI [Member] | Allowance for credit losses [member] | |||
Disclosure of movement of ECL allowance of financial assets at amortized cost [Line Items] | |||
Beginning balance | 52,817 | 71 | 1,704 |
New originated or purchased | (661) | 2,140 | |
Write-offs | (12,521) | ||
De-recognized in the current period (including repayment) | (117) | (1,932) | (2,300) |
Changes in parameters of the model of expected credit loss | (13,822) | 55,339 | (1,473) |
Ending balance | ¥ 26,357 | ¥ 52,817 | ¥ 71 |
Financial Assets Purchased Un_3
Financial Assets Purchased Under Reverse Repurchase Agreements - Summary of Financial Assets Purchased Under Reverse Repurchase Agreements (Detail) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Disclosure of Detailed Information About Financial assets purchased under reverse repurchase agreements [Line Items] | |
Financial assets purchased under reverse repurchase agreements | ¥ 700,007 |
Bonds [Member] | |
Disclosure of Detailed Information About Financial assets purchased under reverse repurchase agreements [Line Items] | |
Financial assets purchased under reverse repurchase agreements | ¥ 700,007 |
Accounts and Other Receivable_3
Accounts and Other Receivables and Contract Assets - Summary of Accounts And Other Receivables And Contract Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Loan facilitation and service fees | ¥ 10,344,007 | ¥ 11,468,513 |
Contract acquisition cost | 9,016,555 | 10,150,851 |
Receivables from external payment services providers | 1,750,254 | 2,657,132 |
Trust statutory deposits | 968,490 | 460,641 |
Wealth management transaction and service fees receivables | 882,060 | 1,038,111 |
Current Products | 634,934 | 299,068 |
Legacy Products | 247,126 | 739,043 |
Other deposit receivables | 490,815 | 568,631 |
Guarantee fee | 88,900 | 52,747 |
Others | 473,275 | 301,438 |
Less: Provision for impairment losses | 185 | 41 |
Accounts and other receivables and contract assets | 23,325,978 | 26,296,438 |
Trade And Other Receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Less: Provision for impairment losses | ¥ (688,378) | ¥ (401,626) |
Accounts and Other Receivable_4
Accounts and Other Receivables and Contract Assets - Summary of Detailed Information About Movements In Provision for Impairment Losses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |||
At the beginning balance | ¥ 401,626 | ¥ 252,324 | ¥ 225,069 |
Impairment loss recognized in the consolidated statement of comprehensive income | 1,499,344 | 794,116 | 723,774 |
Written off during the year | (1,283,858) | (839,243) | (835,572) |
Recovery of receivables written off previously | 71,266 | 194,429 | 139,053 |
At the ending Balance | ¥ 688,378 | ¥ 401,626 | ¥ 252,324 |
Accounts and Other Receivable_5
Accounts and Other Receivables and Contract Assets - Summary of Loss Allowances For Certain Receivables Including Ageing (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of loss allowances for certain receivables including ageing details [Line Items] | ||
Expected credit loss rate | 6.08% | 3.20% |
Loan facilitation and service fees | ¥ 10,344,007 | ¥ 11,468,513 |
Wealth management transaction and service fees receivables | 882,060 | 1,038,111 |
Guarantee fee | 88,900 | 52,747 |
Loss allowance | ¥ (688,378) | ¥ (401,626) |
Current [member] | ||
Disclosure of loss allowances for certain receivables including ageing details [Line Items] | ||
Expected credit loss rate | 2.92% | 1.74% |
Loan facilitation and service fees | ¥ 9,953,323 | ¥ 10,887,088 |
Wealth management transaction and service fees receivables | 882,060 | 1,038,111 |
Guarantee fee | 80,557 | 45,590 |
Loss allowance | ¥ (318,820) | ¥ (208,018) |
Later than one month and not later than two months [member] | ||
Disclosure of loss allowances for certain receivables including ageing details [Line Items] | ||
Expected credit loss rate | 84.22% | 20.00% |
Loan facilitation and service fees | ¥ 174,102 | ¥ 368,244 |
Wealth management transaction and service fees receivables | 0 | |
Guarantee fee | 5,657 | 3,499 |
Loss allowance | ¥ (151,398) | ¥ (74,346) |
Later than three months and not later than six months [member] | ||
Disclosure of loss allowances for certain receivables including ageing details [Line Items] | ||
Expected credit loss rate | 99.49% | 55.00% |
Loan facilitation and service fees | ¥ 216,582 | ¥ 213,181 |
Wealth management transaction and service fees receivables | 0 | |
Guarantee fee | 2,686 | 3,658 |
Loss allowance | ¥ (218,160) | ¥ (119,262) |
Loans To Customers - Summary of
Loans To Customers - Summary of Loans To Customers (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | ||||
Loans originated by consolidated trust plans | ¥ 232,027,821 | ¥ 132,956,191 | ||
Less: Provision for impairment losses | ||||
Allowance account for credit losses of financial assets | (688,378) | (401,626) | ¥ (252,324) | ¥ (225,069) |
Loans and advances to customers | 119,825,814 | 47,498,512 | ||
Loans and receivables, category [member] | ||||
Disclosure of financial assets [line items] | ||||
Interest receivable | 2,321,117 | 536,250 | ||
Less: Provision for impairment losses | ||||
Allowance account for credit losses of financial assets | (989,205) | (1,251,314) | ||
Loans Originated By Consolidated Trust Plans [Member] | Loans and receivables, category [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans originated by consolidated trust plans | 112,253,099 | 40,363,196 | ||
Loans originated by microloan lending and consumer finance company [Member] | Loans and receivables, category [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans originated by consolidated trust plans | 6,240,803 | 7,850,380 | ||
Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Loans and receivables, category [member] | ||||
Less: Provision for impairment losses | ||||
Allowance account for credit losses of financial assets | (480,854) | (136,396) | ||
Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Loans and receivables, category [member] | ||||
Less: Provision for impairment losses | ||||
Allowance account for credit losses of financial assets | (195,339) | (53,258) | ||
Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | Loans and receivables, category [member] | ||||
Less: Provision for impairment losses | ||||
Allowance account for credit losses of financial assets | ¥ (313,012) | ¥ (1,061,660) |
Loans To Customers - Summary o
Loans To Customers - Summary of Loans To Customers (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Loans to customers | ¥ 119,825,814 | ¥ 47,498,512 |
Credit insurance | ||
Disclosure of financial assets [line items] | ||
Loans to customers | ¥ 105,325,000 | ¥ 42,704,000 |
Loans To Customers - Summary _2
Loans To Customers - Summary of Movement In Loans To Customers (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | ¥ 132,956,191 | ||
Ending balance | 232,027,821 | ¥ 132,956,191 | |
Loans and receivables, category [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | 48,749,826 | 36,021,540 | ¥ 101,760,563 |
New originated or purchased loans | 141,924,691 | 53,015,937 | 75,842,416 |
Loans de-recognized in the current period (including repayment of loans) | (68,678,186) | (40,008,359) | (139,232,687) |
Write-offs | (1,181,312) | (279,292) | (2,348,752) |
Ending balance | 120,815,019 | 48,749,826 | 36,021,540 |
Loans and receivables, category [member] | Gross carrying amount [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | 47,052,175 | 33,787,721 | 98,693,249 |
New originated or purchased loans | 141,924,691 | 53,015,937 | 75,842,416 |
Transfers financial assets Stage | (2,124,274) | (1,207,945) | (2,168,776) |
Loans de-recognized in the current period (including repayment of loans) | (67,284,010) | (38,543,538) | (138,579,168) |
Ending balance | 119,568,582 | 47,052,175 | 33,787,721 |
Loans and receivables, category [member] | Gross carrying amount [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | 324,440 | 439,915 | 921,342 |
Transfers financial assets Stage | 1,713,887 | 116,102 | (249,595) |
Loans de-recognized in the current period (including repayment of loans) | (1,198,510) | (231,577) | (231,832) |
Ending balance | 839,817 | 324,440 | 439,915 |
Loans and receivables, category [member] | Gross carrying amount [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | 1,373,211 | 1,793,904 | 2,145,972 |
Transfers financial assets Stage | 410,387 | 1,091,843 | 2,418,371 |
Loans de-recognized in the current period (including repayment of loans) | (195,666) | (1,233,244) | (421,687) |
Write-offs | (1,181,312) | (279,292) | (2,348,752) |
Ending balance | 406,620 | 1,373,211 | 1,793,904 |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 1 to stage 2 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (1,806,096) | (274,558) | (381,778) |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 1 to stage 2 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 1,806,096 | 274,558 | 381,778 |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 1 to stage 3 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (324,045) | (935,301) | (1,791,610) |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 1 to stage 3 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 324,045 | 935,301 | 1,791,610 |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 2 to stage 1 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 5,867 | 1,914 | 4,612 |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 2 to stage 1 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (5,867) | (1,914) | (4,612) |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 2 to stage 3 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (98,355) | (157,987) | (626,761) |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 2 to stage 3 | Financial instruments credit-impaired [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 157,987 | ||
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 2 to stage 3 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 98,355 | 626,761 | |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 3 to stage 2 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 12,013 | 1,445 | |
Loans and receivables, category [member] | Gross carrying amount [member] | — From stage 3 to stage 2 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (12,013) | (1,445) | |
Loans and receivables, category [member] | Accumulated Impairment [Member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | (1,251,314) | (1,593,846) | (4,355,441) |
New originated or purchased loans | 373,266 | 14,948 | 70,659 |
Transfers financial assets Stage | 484,471 | 775,268 | 1,784,450 |
Net impact on expected credit loss by stage transfer | 484,471 | 775,268 | 1,784,450 |
Loans de-recognized in the current period (including repayment of loans) | (412,323) | (922,779) | (2,359,564) |
Changes in parameters of the model of expected credit loss | 299,479 | 69,323 | 91,612 |
Write-offs | (1,181,312) | (279,292) | (2,348,752) |
Recovery of loans written off previously | 174,310 | ||
Ending balance | (989,205) | (1,251,314) | (1,593,846) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | (136,396) | (318,987) | (2,409,593) |
New originated or purchased loans | 373,266 | 14,948 | 70,659 |
Transfers financial assets Stage | (107,551) | (19,116) | (174,932) |
Net impact on expected credit loss by stage transfer | (3,066) | (985) | (2,460) |
Loans de-recognized in the current period (including repayment of loans) | (203,494) | (214,897) | (1,946,864) |
Changes in parameters of the model of expected credit loss | 282,237 | 36,474 | (39,469) |
Ending balance | (480,854) | (136,396) | (318,987) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | (53,258) | (111,091) | (414,386) |
Transfers financial assets Stage | 213,807 | (9,368) | (257,583) |
Net impact on expected credit loss by stage transfer | 164,932 | 40,224 | 82,349 |
Loans de-recognized in the current period (including repayment of loans) | (89,632) | (28,844) | (45,732) |
Changes in parameters of the model of expected credit loss | 17,906 | (19,621) | 20 |
Ending balance | (195,339) | (53,258) | (111,091) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Beginning balance | (1,061,660) | (1,163,768) | (1,531,462) |
Transfers financial assets Stage | 378,215 | 803,752 | 2,216,965 |
Net impact on expected credit loss by stage transfer | 322,605 | 736,029 | 1,704,561 |
Loans de-recognized in the current period (including repayment of loans) | (119,197) | (679,038) | (366,968) |
Changes in parameters of the model of expected credit loss | (664) | 52,470 | 131,061 |
Write-offs | (1,181,312) | (279,292) | (2,348,752) |
Recovery of loans written off previously | 174,310 | ||
Ending balance | (313,012) | (1,061,660) | (1,163,768) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 1 to stage 2 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (101,324) | (4,815) | (15,946) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 1 to stage 2 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 101,324 | 4,815 | 15,946 |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 1 to stage 3 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (7,322) | (14,663) | (159,428) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 1 to stage 3 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 7,322 | 14,663 | 159,428 |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 2 to stage 1 | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 4,161 | 1,347 | 2,902 |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 2 to stage 1 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (4,161) | (1,347) | (2,902) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 2 to stage 3 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | (49,632) | (54,270) | (352,976) |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 2 to stage 3 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 49,632 | 54,270 | ¥ 352,976 |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 3 to stage 2 | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | 1,344 | 1,210 | |
Loans and receivables, category [member] | Accumulated Impairment [Member] | — From stage 3 to stage 2 | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers financial assets Stage | ¥ (1,344) | ¥ (1,210) |
Loans To Customers - Summary _3
Loans To Customers - Summary of Movement In Loans To Customers (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and receivables, category [member] | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Customers amounting | ¥ 1,179 | ¥ 279 | ¥ 2,349,000 |
Deferred Tax Assets And Defer_3
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Deferred Income assets And Liabilities Net (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets and liabilities [abstract] | ||
Deferred tax assets | ¥ 3,358,664 | ¥ 3,000,156 |
Deferred tax liabilities | (5,733,733) | (5,311,972) |
Deferred tax liability (asset) | ¥ (2,375,069) | ¥ (2,311,816) |
Deferred Tax Assets And Defer_4
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | ¥ 3,560,925 | ¥ 3,190,556 |
Deductible tax losses [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 581,325 | 1,047,234 |
Provision for asset impairments [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 1,368,693 | 939,239 |
Employee benefit payables [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 626,048 | 563,567 |
Accrued expenses and provisions [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 528,660 | 430,965 |
Unexercised sharebased payment [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 117,508 | 75,345 |
Guarantee liabilities [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 187,169 | 60,687 |
Consolidation adjustments [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 51,959 | 40,446 |
Servicing liabilities [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 6,790 | |
Advertising and business promotion fees [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | 499 | 559 |
Others [Member] | ||
Disclosure Of Deferred Tax Assets Gross [Line Items] | ||
Deferred Tax Assets Gross | ¥ 99,064 | ¥ 25,724 |
Deferred Tax Assets And Defer_5
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Deductible Temporary Differences And Deductible Losses That Are Not Recognized as Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | ¥ 2,869,537 | ¥ 2,119,410 |
No due date | 1,423,385 | 892,733 |
Deferred Tax Asset Not Yet Recognised | ¥ 4,292,922 | ¥ 3,012,143 |
Deferred Tax Assets And Defer_6
Deferred Tax Assets And Deferred Tax Liabilities - Summary Of Deductible Losses That Are Not Recognized As Deferred Tax Assets Expiration (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | ¥ 1,423,385 | ¥ 892,733 |
Unused tax losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 1,423,385 | 892,733 |
Unused tax losses [member] | 2020 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 12,225 | |
Unused tax losses [member] | 2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 7,182 | 17,240 |
Unused tax losses [member] | 2022 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 29,333 | 48,457 |
Unused tax losses [member] | 2023 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 20,462 | 74,894 |
Unused tax losses [member] | 2024 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 27,549 | 241,781 |
Unused tax losses [member] | 2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 85,463 | |
Unused tax losses [member] | No due date | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | ¥ 1,253,396 | ¥ 498,136 |
Deferred Tax Assets And Defer_7
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Movements In Deferred Tax Liabilities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | ¥ 4,476,834 | ¥ 2,956,906 | ¥ 893,586 |
Credited/(charged) - to profit or loss | (318,850) | 1,519,928 | 2,063,320 |
Ending balance | 4,157,984 | 4,476,834 | 2,956,906 |
Intangible assets arisen from business combination | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 452,258 | 456,281 | 348,255 |
Credited/(charged) - to profit or loss | (4,023) | 1,526 | |
Acquisition of subsidiary | 106,500 | ||
Ending balance | 452,258 | 452,258 | 456,281 |
Unrealized consolidated earnings | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 295,637 | 279,653 | |
Credited/(charged) - to profit or loss | 139,213 | 15,984 | 279,653 |
Ending balance | 434,850 | 295,637 | 279,653 |
Capitalized expense | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 260,671 | 22,757 | 208,249 |
Credited/(charged) - to profit or loss | 601,364 | 237,914 | (185,492) |
Ending balance | 862,035 | 260,671 | 22,757 |
Changes in fair value | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 16,956 | 29,650 | 15,509 |
Credited/(charged) - to profit or loss | 3,513 | (12,694) | 4,682 |
Acquisition of subsidiary | 9,459 | ||
Ending balance | 20,469 | 16,956 | 29,650 |
Depreciation of property and equipment | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 16 | 9,990 | 18,073 |
Credited/(charged) - to profit or loss | 8,382 | (9,974) | (8,083) |
Ending balance | 8,398 | 16 | 9,990 |
Total | |||
Disclosure Of movements In Deferred Tax Liabilities [Line Items] | |||
Beginning balance | 5,502,372 | 3,755,237 | 1,483,672 |
Credited/(charged) - to profit or loss | 433,622 | 1,747,135 | 2,155,606 |
Acquisition of subsidiary | 115,959 | ||
Ending balance | ¥ 5,935,994 | ¥ 5,502,372 | ¥ 3,755,237 |
Deferred Tax Assets And Defer_8
Deferred Tax Assets And Deferred Tax Liabilities- Summary of Movements In Deferred Tax Asset (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Credited/(charged) - to profit or loss | ¥ (318,850) | ¥ 1,519,928 | ¥ 2,063,320 |
Deductible tax losses | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 1,047,234 | 841,114 | 995,545 |
Credited/(charged) - to profit or loss | (465,909) | 206,120 | (154,431) |
Ending balance | 581,325 | 1,047,234 | 841,114 |
Provision for asset impairments | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 939,239 | 769,748 | 1,083,854 |
Credited/(charged) - to profit or loss | 429,454 | 169,491 | (315,563) |
Acquisition of subsidiary | 1,457 | ||
Ending balance | 1,368,693 | 939,239 | 769,748 |
Employee benefit payables | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 563,567 | 432,919 | 234,732 |
Credited/(charged) - to profit or loss | 62,481 | 130,648 | 197,623 |
Acquisition of subsidiary | 564 | ||
Ending balance | 626,048 | 563,567 | 432,919 |
Accrued expenses | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 430,965 | 625,986 | 279,834 |
Credited/(charged) - to profit or loss | 97,695 | (195,021) | 345,851 |
Acquisition of subsidiary | 301 | ||
Ending balance | 528,660 | 430,965 | 625,986 |
Unexercised sharebased payment | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 75,345 | 75,801 | 86,917 |
Credited/(charged) - to profit or loss | 42,163 | (456) | (18,728) |
Acquisition of subsidiary | 7,612 | ||
Ending balance | 117,508 | 75,345 | 75,801 |
Guarantee liabilities | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 60,687 | 68,479 | 141,651 |
Credited/(charged) - to profit or loss | 126,482 | (7,792) | (73,172) |
Ending balance | 187,169 | 60,687 | 68,479 |
Advertising and business promotion fees | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 559 | 204,749 | 232,561 |
Credited/(charged) - to profit or loss | (60) | (204,190) | (27,812) |
Ending balance | 499 | 559 | 204,749 |
Others | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 72,960 | 286,344 | 260,131 |
Credited/(charged) - to profit or loss | 78,063 | (213,384) | 26,213 |
Ending balance | 151,023 | 72,960 | 286,344 |
Deferred Tax Assets | |||
Disclosure Of movements In Deferred Tax Assets [Line Items] | |||
Beginning balance | 3,190,556 | 3,305,140 | 3,315,225 |
Credited/(charged) - to profit or loss | 370,369 | (114,584) | (20,019) |
Acquisition of subsidiary | 9,934 | ||
Ending balance | ¥ 3,560,925 | ¥ 3,190,556 | ¥ 3,305,140 |
Deferred Tax Assets And Defer_9
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Deferred Tax Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | ¥ 5,935,994 | ¥ 5,502,372 |
Revenue recognition differences between accounting and tax book [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | 4,157,984 | 4,476,834 |
Intangible assets arisen from business combination [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | 452,258 | 452,258 |
Unrealized consolidated earnings [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | 434,850 | 295,637 |
Effective interest adjustment [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | 862,035 | 260,671 |
Changes in fair value [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | 20,469 | 16,956 |
Depreciation of property and equipment [Member] | ||
Disclosure Of Deferred Tax Liabilities Gross [Line Items] | ||
Revenue recognition | ¥ 8,398 | ¥ 16 |
Deferred Tax Assets And Defe_10
Deferred Tax Assets And Deferred Tax Liabilities - Summary of Net Balances of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Text block [abstract] | ||
Deferred Tax Assets Offset Amount | ¥ (202,261) | ¥ (190,400) |
Deferred tax assets, Balance after offsetting | 3,358,664 | 3,000,156 |
Deferred Tax Liabilities, Offset Amount | 202,261 | 190,400 |
Deferred tax liabilities, Balance after offsetting | ¥ (5,733,733) | ¥ (5,311,972) |
Property And Equipment- Schedul
Property And Equipment- Schedule of Property And Equipment (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | ¥ 517,237 | ¥ 622,907 | ¥ 706,769 |
Additions | 148,295 | 181,327 | 271,748 |
Disposals | (14,627) | (10,731) | (105,330) |
Depreciation charge | (226,862) | (276,266) | (250,280) |
Ending balance | 424,043 | 517,237 | 622,907 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,351,733 | 1,202,576 | 1,059,461 |
Ending balance | 1,405,928 | 1,351,733 | 1,202,576 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (834,496) | (579,669) | (352,692) |
Ending balance | (981,885) | (834,496) | (579,669) |
Buildings, office and electrical equipment, motor vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 296,965 | 327,298 | 299,538 |
Additions | 61,403 | 81,615 | 119,527 |
Transfers | 43,837 | ||
Disposals | (14,463) | (10,731) | (46,628) |
Depreciation charge | (96,797) | (101,217) | (88,976) |
Ending balance | 247,108 | 296,965 | 327,298 |
Buildings, office and electrical equipment, motor vehicles [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 590,724 | 541,279 | 447,846 |
Ending balance | 601,764 | 590,724 | 541,279 |
Buildings, office and electrical equipment, motor vehicles [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (293,759) | (213,981) | (148,308) |
Ending balance | (354,656) | (293,759) | (213,981) |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 220,272 | 294,672 | 309,685 |
Additions | 86,892 | 99,712 | 146,291 |
Transfers | 937 | ||
Disposals | (164) | ||
Depreciation charge | (130,065) | (175,049) | (161,304) |
Ending balance | 176,935 | 220,272 | 294,672 |
Leasehold improvements [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 761,009 | 660,360 | 514,069 |
Ending balance | 804,164 | 761,009 | 660,360 |
Leasehold improvements [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (540,737) | (365,688) | (204,384) |
Ending balance | ¥ (627,229) | (540,737) | (365,688) |
Development in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 937 | 97,546 | |
Additions | 5,930 | ||
Transfers | (937) | (43,837) | |
Disposals | (58,702) | ||
Ending balance | 937 | ||
Development in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | ¥ 937 | 97,546 | |
Ending balance | ¥ 937 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | ¥ 1,896,575 | ¥ 1,973,368 | ¥ 1,658,469 |
Acquisition of subsidiaries | 426,003 | ||
Additions | 17,718 | 19,383 | 60,811 |
Impairment | (64,209) | (64,209) | |
Amortization charge | (31,831) | (31,967) | (171,915) |
Ending balance | 1,882,462 | 1,896,575 | 1,973,368 |
Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2,449,433 | 2,430,050 | 1,943,236 |
Ending balance | 2,070,639 | 2,449,433 | 2,430,050 |
Accumulated amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (488,649) | (456,682) | (284,767) |
Impairment | (64,209) | ||
Ending balance | (123,968) | (488,649) | (456,682) |
Trademarks and licenses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,810,576 | 1,811,338 | 1,385,338 |
Acquisition of subsidiaries | 426,000 | ||
Amortization charge | (762) | ||
Ending balance | 1,810,576 | 1,810,576 | 1,811,338 |
Trademarks and licenses [member] | Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,815,576 | 1,815,576 | 1,389,576 |
Ending balance | 1,815,576 | 1,815,576 | 1,815,576 |
Trademarks and licenses [member] | Accumulated amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (5,000) | (4,238) | (4,238) |
Ending balance | (5,000) | (5,000) | (4,238) |
Computer software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 85,999 | 107,612 | 259,486 |
Acquisition of subsidiaries | 3 | ||
Additions | 17,718 | 19,383 | 5,515 |
Transfer | 54,418 | 14,523 | |
Impairment | (64,209) | (64,209) | |
Amortization charge | (31,831) | (31,205) | (171,915) |
Ending balance | 71,886 | 85,999 | 107,612 |
Computer software [member] | Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 633,857 | 560,056 | 540,015 |
Ending balance | 255,063 | 633,857 | 560,056 |
Computer software [member] | Accumulated amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (483,649) | (452,444) | (280,529) |
Impairment | (64,209) | ||
Ending balance | ¥ (118,968) | (483,649) | (452,444) |
Development in progress [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 54,418 | 13,645 | |
Additions | 55,296 | ||
Transfer | (54,418) | (14,523) | |
Ending balance | 54,418 | ||
Development in progress [member] | Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | ¥ 54,418 | 13,645 | |
Ending balance | ¥ 54,418 |
Leases - Summary of Amounts Rel
Leases - Summary of Amounts Related To Leases (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about amounts related to leases [Line Items] | ||||
Properties | ¥ 973,547 | ¥ 914,960 | ||
Lease liabilities | 979,419 | 939,089 | ||
Right-of-use assets [member] | ||||
Disclosure of detailed information about amounts related to leases [Line Items] | ||||
Properties | 973,547 | 914,960 | ¥ 740,240 | ¥ 852,132 |
Lease liabilities | ¥ 979,419 | ¥ 939,089 |
Leases - Summary of Depreciatio
Leases - Summary of Depreciation Charge of Right of Use Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Quantitative Information About Depreciation Charge Of Right Of Use Assets [Line Items] | |||
Properties | ¥ 604,018 | ¥ 509,026 | ¥ 529,269 |
Interest expense (included in finance costs) | 46,567 | 58,170 | 54,281 |
Right-of-use assets [member] | |||
Disclosure Of Quantitative Information About Depreciation Charge Of Right Of Use Assets [Line Items] | |||
Properties | 604,018 | 509,026 | 529,269 |
Interest expense (included in finance costs) | 46,567 | 58,170 | 54,281 |
Expense relating to short-term leases (included in operation and servicing expenses; general and administrative expenses; technology and analytics expenses; sales and marketing expenses) | 115,741 | 61,836 | 35,179 |
Expense relating to leases of low-value assets (included in operation and servicing expenses; general and administrative expenses; technology and analytics expenses; sales and marketing expenses) | ¥ 26,684 | ¥ 22,441 | ¥ 21,745 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text block [abstract] | |||
Total cash outflow for leases | ¥ 794 | ¥ 660 | ¥ 621 |
Leases - Disclosure Of Quantita
Leases - Disclosure Of Quantitative Information About Right Of Use Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Opening net book amount | ¥ 914,960 | ||
Depreciation charge | (604,018) | ¥ (509,026) | ¥ (529,269) |
Closing net book amount | 973,547 | 914,960 | |
Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Opening net book amount | 914,960 | 740,240 | 852,132 |
Additions | 697,403 | 683,746 | 417,377 |
Disposals | (34,798) | ||
Depreciation charge | (604,018) | (509,026) | (529,269) |
Closing net book amount | 973,547 | 914,960 | 740,240 |
Cost [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Opening net book amount | 1,731,022 | 1,656,613 | |
Closing net book amount | 1,731,022 | 1,656,613 | |
Accumulated depreciation | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Opening net book amount | ¥ (757,475) | (741,653) | |
Closing net book amount | ¥ (757,475) | ¥ (741,653) |
Goodwill - Disclosure Of Reconc
Goodwill - Disclosure Of Reconciliation Of Changes In Goodwill (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | ¥ 9,046,830 | ¥ 9,107,919 | ¥ 8,981,712 |
Additional recognition, goodwill | 61,089 | 126,207 | |
Goodwill | 9,046,830 | 9,046,830 | 9,107,919 |
Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 9,117,382 | 9,110,719 | |
Additional recognition, goodwill | 6,663 | 129,007 | |
Goodwill | 9,117,382 | 9,117,382 | 9,110,719 |
Gross carrying amount [member] | Puhui [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 8,911,445 | 8,911,445 | 8,911,445 |
Goodwill | 8,911,445 | 8,911,445 | 8,911,445 |
Gross carrying amount [member] | Tianjin Guarantee [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 126,207 | 126,207 | |
Additional recognition, goodwill | 126,207 | ||
Goodwill | 126,207 | 126,207 | 126,207 |
Gross carrying amount [member] | Pingan Jixin [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 67,752 | 67,752 | 67,752 |
Goodwill | 67,752 | 67,752 | 67,752 |
Gross carrying amount [member] | Lu International Hong Kong Limited [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 6,663 | ||
Additional recognition, goodwill | 6,663 | ||
Goodwill | 6,663 | 6,663 | |
Gross carrying amount [member] | Yunque Dongfang [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 2,800 | 2,800 | |
Additional recognition, goodwill | 2,800 | ||
Goodwill | 2,800 | 2,800 | 2,800 |
Gross carrying amount [member] | Jinniu Loan [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | 2,515 | 2,515 | 2,515 |
Goodwill | 2,515 | 2,515 | 2,515 |
Impairment Loss [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | (70,552) | (2,800) | |
Additional recognition, goodwill | (67,752) | (2,800) | |
Goodwill | ¥ (70,552) | ¥ (70,552) | ¥ (2,800) |
Goodwill - Summary Of Discount
Goodwill - Summary Of Discount Rate And Growth Rate Used By The Company Of Goodwill (Detail) - Tianjin Guarantee [Member] - Goodwill [member] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Bottom of range [member] | |||
Disclosure Of Information For Individual Asset Or Cash Generating Unit With Significant Amount Of Goodwill With Indefinite Useful Lives [Line Items] | |||
Discount rates | 18.00% | 16.00% | 16.00% |
Growth rates | 3.00% | 3.00% | 3.00% |
Top of range [member] | |||
Disclosure Of Information For Individual Asset Or Cash Generating Unit With Significant Amount Of Goodwill With Indefinite Useful Lives [Line Items] | |||
Discount rates | 20.00% | 21.00% | 21.00% |
Growth rates | 275.00% | 123.00% | 25.00% |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - Growth Rate [Member] - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of information for cash-generating units [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.00% | |
Impairment loss recognised in profit or loss, goodwill | ¥ 68 | ¥ 3 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) ¥ in Thousands, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | ¥ 10,315,445 | ¥ 2,989,862 | |
Unsecured Bank Borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 10,279,835 | $ 50 | 2,977,440 |
Unsecured Corporate Borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,162 | ||
Unsecured Borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 10,280,997 | 2,977,440 | |
Interest payable | ¥ 34,448 | ¥ 12,422 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | ¥ | ¥ 10,315,445 | ¥ 2,989,862 | |
Unsecured Three Year Syndicated Loan [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | ¥ 8,417,000 | $ 1,290 | |
Notional amount | $ | $ 1,500 | ||
Borrowings, adjustment to interest rate basis | 1.25% | 1.25% | |
Borrowings interest rate basis | LIBOR rate plus 1.25% | ||
Unsecured Bank Borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | ¥ 10,279,835 | $ 50 | ¥ 2,977,440 |
Borrowings, adjustment to interest rate basis | 2.05% | 2.05% | |
Borrowings interest rate basis | LIBOR rate plus 2.05% |
Borrowings - Summary of Intere
Borrowings - Summary of Interest Rates of Borrowings (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 125.00% | |
Bank Borrowings [Member] | Fixed Rate [member] | Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.35% | 4.08% |
Bank Borrowings [Member] | Fixed Rate [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.00% | 6.09% |
Bank Borrowings [Member] | Floating Rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.04% | |
Bank Borrowings [Member] | Floating Rate [member] | Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.41% | |
Bank Borrowings [Member] | Floating Rate [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.68% | |
Corporate Borrowings [Member] | Fixed Rate [member] | Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 0.50% | |
Corporate Borrowings [Member] | Fixed Rate [member] | Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 0.78% |
Accounts And Other Payables A_3
Accounts And Other Payables And Contract Liabilities- Summary of Accounts And Other Payables And Contract Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Accounts and other payables and contract liabilities [Abstract] | ||
Employment benefits payable | ¥ 3,203,478 | ¥ 3,030,885 |
Tax payable | 553,507 | 631,590 |
Payable to external suppliers | 433,410 | 525,952 |
Payable to investees | 431,148 | |
Others | 862,214 | 637,583 |
Total | ¥ 5,483,757 | ¥ 4,826,010 |
Payable To Investors Of Conso_3
Payable To Investors Of Consolidated Structured Entities - Summary of Payable To Investors of Consolidated Structured Entities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Payable To Investors of Consolidated Structured Entities [Abstract] | ||
Payable to investors of consolidated trust plans | ¥ 110,309,109 | ¥ 42,896,764 |
Payable to investors of asset based securitization plans | 43,662 | 1,331,829 |
Payable to investors of consolidated wealth management plans | 14,947 | 3,014,457 |
Total | ¥ 110,367,718 | ¥ 47,243,050 |
Convertible Promissory Note P_3
Convertible Promissory Note Payable - Summary of Convertible Promissory Note Payable (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Convertible Promissory Note Payable [Line Items] | |||
Beginning balance | ¥ 10,014,377 | ||
Beginning balance | 10,014,377 | ||
Interest paid | (1,151,421) | ¥ (499,493) | ¥ (923,562) |
Ending balance | 10,117,188 | 10,014,377 | |
Ending balance | 10,117,188 | 10,014,377 | |
Convertible Promissory Note Payable [member] | Liability [Member] | |||
Disclosure of Convertible Promissory Note Payable [Line Items] | |||
Beginning balance | 10,014,377 | 9,134,809 | 8,070,915 |
Interest accrued at effective interest rate | 883,759 | 819,754 | 733,234 |
Interest paid | (92,981) | (100,522) | (98,894) |
Exchange differences | (687,967) | 160,336 | 429,554 |
Ending balance | 10,117,188 | 10,014,377 | 9,134,809 |
Convertible Promissory Note Payable [member] | Equity [member] | |||
Disclosure of Convertible Promissory Note Payable [Line Items] | |||
Beginning balance | 5,744,955 | 5,744,955 | 5,744,955 |
Ending balance | ¥ 5,744,955 | ¥ 5,744,955 | ¥ 5,744,955 |
Convertible Promissory Note P_4
Convertible Promissory Note Payable - Additional Information (Detail) $ / shares in Units, ¥ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Oct. 31, 2015USD ($)$ / shares |
Convertible Promissory Note Payable [Line Items] | |||
Notes issued | ¥ | ¥ 10,117,188 | ¥ 10,014,377 | |
Loan interest rate | 125.00% | ||
Ping an group [Member] | |||
Convertible Promissory Note Payable [Line Items] | |||
Notes issued | $ 1,953,800,000 | ||
Loans received | $ 937.8 | ||
Loan interest rate | 0.7375% | ||
Conversion Of Debt To Equity conversion price | $ / shares | $ 14.8869 |
Convertible Redeemable Pref_3
Convertible Redeemable Preferred Shares - Summary Of Convertible Promissory Notes And The Retained Class C Ordinary Shares Converted Into Class A Ordinary Shares (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | |||
Beginning balance | ¥ 10,258,898 | ||
Issuance of Class C ordinary shares | 17,305,126 | ||
Ending balance | ¥ 10,258,898 | ||
Convertible redeemable preferred shares | Liability [Member] | |||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | |||
Beginning balance | 10,258,898 | 8,935,493 | |
Issuance of Class C ordinary shares | (10,162,990) | 530,030 | 9,011,510 |
Interest accrued at effective interest rate | 534,686 | 636,835 | 49,378 |
Exchange differences | (262,678) | 156,540 | (125,395) |
Conversion of Class C ordinary shares to ordinary shares upon IPO | (367,916) | ||
Ending balance | 10,258,898 | 8,935,493 | |
Convertible redeemable preferred shares | Equity [member] | |||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | |||
Beginning balance | 230,006 | 218,050 | |
Issuance of Class C ordinary shares | (219,738) | 11,956 | 218,050 |
Conversion of Class C ordinary shares to ordinary shares upon IPO | ¥ (10,268) | ||
Ending balance | ¥ 230,006 | ¥ 218,050 |
Convertible Redeemable Pref_4
Convertible Redeemable Preferred Shares- Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | Oct. 30, 2020shares | Sep. 30, 2020CNY (¥)shares | Sep. 30, 2020USD ($)shares | Jan. 31, 2019CNY (¥) | Jan. 31, 2019USD ($)$ / sharesshares | Nov. 29, 2018CNY (¥) | Nov. 29, 2018USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Sep. 30, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Number of share issued | 1,231,150,560 | |||||||||
Share issue price | $ / shares | $ 30.07 | $ 30.07 | ||||||||
Notes issued | ¥ | ¥ 10,117,188 | ¥ 10,014,377 | ||||||||
Number of shares exchanged | 1,662,614 | 1,662,614 | ||||||||
Amount obligated to pay to investers | ¥ 1,031,000 | $ 151 | ||||||||
Amount paid to investors | 928,000 | $ 136 | ||||||||
Retained amount | 103,000 | 15 | ||||||||
One-time loss gain loss upon closing of C-round restructuring | 1,326,000 | $ 195 | ||||||||
Class C Ordinary Shares [Member] | Series C round investment [Member] | ||||||||||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Proceeds from issue of shares | ¥ 542,000 | $ 81 | ¥ 9,230,000 | $ 1,331 | ||||||
Class C Ordinary Shares [Member] | Conversion Of Class C Ordinary Shares Into Ordinary Shares As A Result Of Ipo [Member] | ||||||||||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Conversion of shares of a particular class into ordinary shares | 1,662,614 | |||||||||
Convertible Redeemable Preferred Shares [member] | ||||||||||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Number of share issued | 2,693,435 | 44,256,290 | ||||||||
Notes issued | 1,391,000 | 204 | ||||||||
Optionally Convertible Promissory Notes [Member] | ||||||||||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Notes issued | ¥ 7,884,000 | $ 1,158 | ||||||||
Optionally Convertible Promissory Notes [Member] | Conversion Of Optionally Convertible Promissory Notes Into Ordinary Shares [Member] | ||||||||||
Disclosure Of convertible promissory notes and the retained Class C ordinary shares converted into ClassA ordinary shares [Line Items] | ||||||||||
Number of promissory notes convertible into shares during the period | 7,566,665 |
Optionally Convertible Promis_3
Optionally Convertible Promissory Notes - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020$ / shares | Sep. 30, 2020CNY (¥) | Sep. 30, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Line Items] | |||||
Loan interest rate | 125.00% | ||||
Notes issued | ¥ | ¥ 10,117,188 | ¥ 10,014,377 | |||
Optionally convertible promissory notes [Member] | |||||
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Line Items] | |||||
Loan interest rate | 0.00% | ||||
Borrowings maturity date | Sep. 30, 2023 | ||||
Conversion Of Debt To Equity conversion price | $ / shares | $ 30.07 | ||||
Notes issued | ¥ 7,884,000 | $ 1,158 |
Optionally Convertible Promis_4
Optionally Convertible Promissory Notes - Summary of Ordinary Shares To Be Issued To The Holders of Optionally Convertible Promissory Notes (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2020CNY (¥) | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Line Items] | |
Ending balance | ¥ 7,530,542 |
Optionally convertible promissory notes [Member] | Liability [Member] | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Line Items] | |
Initial recognition upon C-round restructuring | 7,762,475 |
Interest accrued at effective interest rate | 127,509 |
Exchange differences | (359,442) |
Ending balance | 7,530,542 |
Optionally convertible promissory notes [Member] | Equity [member] | |
Disclosure Of ordinary shares to be issued to the holders of optionally convertible promissory notes [Line Items] | |
Initial recognition upon C-round restructuring | 1,489,748 |
Ending balance | ¥ 1,489,748 |
Other Liabilities- Summary of O
Other Liabilities- Summary of Other Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosures Of Other Liabilities [Abstract] | ||
Accrued expenses | ¥ 2,062,869 | ¥ 2,122,001 |
Derivative financial liabilities | 547,597 | |
Provisions | 110,930 | 560,000 |
Service liability | 239,094 | |
Output VAT to be recognized | 13,491 | |
Others | 15,538 | 19,060 |
Other liabilities | ¥ 2,736,934 | ¥ 2,953,646 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Parenthetical) (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Disclosures Of Other Liabilities [Line Items] | |
Provision on derivative instruments | ¥ 460 |
Other Liabilities - Summary o_2
Other Liabilities - Summary of Derivative Financial Liabilities (Detail) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Interest rate swap [member] | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Notional amount | $ | $ 1,290,000 | |
Derivative Financial Liabilities [Member] | Foreign currency swap [member] | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Carrying amount | ¥ 57,787 | |
Notional amount | ¥ 6,739,476 | $ 163,270 |
Derivative Financial Liabilities [Member] | Foreign currency swap [member] | USD | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Pay side | USD | |
Receive side | USD | |
Derivative Financial Liabilities [Member] | Foreign currency swap [member] | RMB | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Pay side | RMB | |
Receive side | RMB | |
Derivative Financial Liabilities [Member] | Foreign currency swap [member] | Bottom of range [member] | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Maturity date | 19/05/2021 | |
Derivative Financial Liabilities [Member] | Foreign currency swap [member] | Top of range [member] | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Maturity date | 01/09/2021 | |
Derivative Financial Liabilities [Member] | Interest rate swap [member] | ||
Disclosure Of Derivative Financial Liabilities [Line Items] | ||
Carrying amount | ¥ 11,653 | |
Maturity date | May 18, 2023 | |
Pay side | Fixed | |
Receive side | 1 month |
Share Capital And Share Premi_3
Share Capital And Share Premium - Summary of Share Capital And Share Premium (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2017CNY (¥)shares | |
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Number of share issued | shares | 1,231,150,560 | ||||
Issuance of ordinary shares, Value | ¥ 17,305,126,000 | ||||
Equity | 83,151,321,000 | ¥ 48,145,417,000 | ¥ 34,947,849,000 | ¥ 21,175,134,000 | |
Share capital [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Issuance of ordinary shares, Value | 7,000 | ||||
Equity | 77,000 | 69,000 | 68,000 | 67,000 | |
Share premium [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Issuance of ordinary shares, Value | 17,305,119,000 | ||||
Equity | ¥ 33,213,426,000 | ¥ 14,113,311,000 | ¥ 14,113,311,000 | ¥ 10,870,339,000 | |
Class A ordinary share [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Issuance of ordinary shares | shares | 15,000,000 | 22,146,871 | |||
Number of share issued | shares | 987,146,871 | 972,146,871 | 987,146,871 | 950,000,000 | |
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Shares | shares | 136,859,460 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Shares | shares | (1,124,006,331) | ||||
Class A ordinary share [member] | Share capital [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Issuance of ordinary shares, Value | ¥ 1,000 | ¥ 1,000 | |||
Equity | 61,000 | 60,000 | ¥ 59,000 | ||
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Value | ¥ 8,000 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Value | (69,000) | ||||
Class A ordinary share [member] | Share premium [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Issuance of ordinary shares, Value | 3,242,972,000 | ||||
Equity | 3,242,972,000 | 3,242,972,000 | |||
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Value | 11,278,459,000 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Value | ¥ (14,521,431,000) | ||||
Class B Ordinary Share [Member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Number of share issued | shares | 135,196,846 | ||||
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Shares | shares | (135,196,846,000) | ||||
Equity | ¥ 135,196,846,000 | 135,196,846 | ¥ 8,000 | ||
Class B Ordinary Share [Member] | Share capital [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Number of share issued | shares | 8 | 8 | |||
Equity | 8,000 | ||||
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Value | ¥ (8) | ||||
Class B Ordinary Share [Member] | Share premium [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Equity | ¥ 10,870,339,000 | $ 10,870,339 | ¥ 10,870,339,000 | ||
Conversion of Class B ordinary shares and Class C ordinary shares to Class A ordinary shares, Value | ¥ (10,870,339,000) | ||||
Ordinary Share [Member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Number of share issued | shares | 1,231,150,560 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Shares | shares | 1,124,006,331,000 | ||||
Issuance of ordinary shares upon IPO and exercise of over-allotment option, Shares | shares | 99,577,564,000 | ||||
Conversion of automatically convertible promissory notes to ordinary shares, Shares | shares | 7,566,665,000 | ||||
Equity | ¥ 77,000 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Value | 69 | ||||
Issuance of ordinary shares upon IPO and exercise of over-allotment option, Value | 7 | ||||
Conversion of automatically convertible promissory notes to ordinary shares, Value | 1 | ||||
Ordinary Share [Member] | Share capital [member] | |||||
Disclosure Of Share Capital And Share Premium [Line Items] | |||||
Equity | 33,213,426,000 | ||||
Re-designation and reclassification of Class A ordinary shares into ordinary shares, Value | 14,521,431,000 | ||||
Issuance of ordinary shares upon IPO and exercise of over-allotment option, Value | 17,305,119,000 | ||||
Conversion of automatically convertible promissory notes to ordinary shares, Value | ¥ 1,386,876,000 |
Share Capital And Share Premi_4
Share Capital And Share Premium - Summary of Share Capital And Share Premium (Parenthetical) (Detail) ¥ in Millions | Oct. 30, 2020CNY (¥)shares | Dec. 31, 2020$ / sharesshares | Oct. 30, 2020$ / sharesshares |
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Number of share issued | 1,231,150,560 | ||
Ordinary shares outstanding | 1,231,150,560 | ||
Automatically Convertible Promissory Notes [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Increase (decrease) in equity shares outstanding due to conversion of convertible instruments | 7,566,665 | ||
Promissory Notes Conversion Price Per Share | $ / shares | $ 27 | $ 13.5 | |
Adjustment to additional paid in capital due to difference in value on account of conversion of debt into equity | ¥ | ¥ 1,387 | ||
Class B and class C ordinary shares convertible into class A ordinary shares [member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Common stock shares converted from one class to another | 135,196,846 | ||
Class C Ordinary Shares Converted Into Class A Ordinary Shares [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Common stock shares converted from one class to another | 1,662,614 | ||
Class C Ordinary Shares Converted Into Class A Ordinary Shares [Member] | Share premium [member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Adjustment due to the difference between carrying value of shares and par value of shares upon conversion | ¥ | ¥ 408 | ||
Class A Ordinary Sahres Redesignated Into Ordinary Shares [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Number of share issued | 1,124,006,331 | ||
Ordinary shares outstanding | 1,124,006,331 | ||
Ordinary shares [member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Stock shares issued during the period shares | 99,577,564 | ||
Ordinary shares [member] | Initial public offer [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Stock shares issued during the period shares | 87,500,000 | ||
Ordinary shares [member] | Over allotment [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Stock shares issued during the period shares | 12,077,564 | ||
Ordinary shares [member] | Initial Public Offer And Overallotement [Member] | |||
Disclosure Of Share Capital And Share Premium [Line Items] | |||
Adjustment due to the difference between carrying value of shares and par value of shares upon conversion | ¥ | ¥ 17,305 |
Other Reserves - Summary of Oth
Other Reserves - Summary of Other Reserves (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | ¥ 4,582,291 | ¥ 4,578,516 | ¥ 7,119,594 |
Acquisition of non-controlling interests of a subsidiary | (2,619,888) | ||
C-round restructuring | 1,295,658 | ||
Conversion of Class C ordinary shares and automatically convertible promissory notes to ordinary shares upon IPO | (10,268) | ||
Issuance of convertible redeemable preferred shares | 11,956 | 218,050 | |
Foreign operation translation difference | 614,399 | (176,833) | (267,427) |
Appropriation to general reserve | 772,466 | 223,712 | |
Share-based payment | 164,164 | (55,060) | 128,187 |
Ending Balance | 7,418,710 | 4,582,291 | 4,578,516 |
Employee Share-based compensation reserve | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | 451,325 | 506,385 | 378,198 |
Share-based payment | 164,164 | (55,060) | 128,187 |
Ending Balance | 615,489 | 451,325 | 506,385 |
Translation sale differences | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | (467,819) | (290,986) | (23,559) |
Foreign operation translation difference | 614,399 | (176,833) | (267,427) |
Ending Balance | 146,580 | (467,819) | (290,986) |
Value of conversion rights convertible redeemable preferred shares | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | 230,006 | 218,050 | 0 |
C-round restructuring | (219,738) | ||
Conversion of Class C ordinary shares and automatically convertible promissory notes to ordinary shares upon IPO | (10,268) | ||
Issuance of convertible redeemable preferred shares | 11,956 | 218,050 | |
Ending Balance | 230,006 | 218,050 | |
Value of conversion rights convertible promissory | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | 5,744,955 | 5,744,955 | 5,744,955 |
Issuance of convertible redeemable preferred shares | 0 | ||
Ending Balance | 5,744,955 | 5,744,955 | 5,744,955 |
Capital reserve | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | (1,599,888) | (1,599,888) | 1,020,000 |
Acquisition of non-controlling interests of a subsidiary | (2,619,888) | ||
C-round restructuring | 25,648 | ||
Issuance of convertible redeemable preferred shares | 0 | ||
Ending Balance | (1,574,240) | (1,599,888) | (1,599,888) |
General reserve | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | 223,712 | 0 | |
Appropriation to general reserve | 772,466 | 223,712 | |
Ending Balance | 996,178 | 223,712 | ¥ 0 |
Value of conversion rights optionally convertible promissory notes | |||
Disclosure of Other reserves [Line Items] | |||
Beginning Balance | 0 | ||
C-round restructuring | 1,489,748 | ||
Ending Balance | ¥ 1,489,748 | ¥ 0 |
Retained Earnings - Additional
Retained Earnings - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Text block [abstract] | ||
Description of statutory surplus reserve | each of the Company’s subsidiaries, the Consolidated Affiliated Entities and Subsidiaries of Consolidated Affiliated Entities incorporated in PRC is required to annually appropriate 10% of after-tax income to statutory surplus reserve prior to payment of any dividends, unless such reserve funds have reached 50% of its respective registered capital. | |
Accumulated statutory surplus reserve | ¥ 3,330 | ¥ 2,049 |
Commitment - Summary Of Commitm
Commitment - Summary Of Commitments Under the Financing Guarantee Contracts (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosures Of Commitments [Abstract] | ||
Financing Guarantee Commitments | ¥ 20,969,026 | ¥ 4,639,331 |
Note to Consolidated Statemen_3
Note to Consolidated Statements of Cash flows - Summary of Reconciliation From Profit Before Income Tax To Cash Used In Operating Activities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation from profit before income tax to cash used in operating activities [Line Items] | |||
Profit before income tax | ¥ 17,909,505 | ¥ 19,433,841 | ¥ 18,649,260 |
Adjustments for | |||
Depreciation of property and equipment | 226,862 | 276,266 | 250,280 |
Depreciation of right-of-use assets | 604,018 | 509,026 | 529,269 |
Amortization of intangible assets | 31,831 | 31,967 | 171,915 |
Share of profits of associates and joint ventures | (14,837) | (72,807) | (45,763) |
Net gains on sale of property and equipment, and intangible assets | 184 | 83 | 350 |
Net unrealized losses/(gains) on financial assets at fair value through profit or loss | 558,044 | 732,125 | (1,728) |
Non-cash employee benefits expense—share based payment | 165,248 | (55,443) | 128,158 |
Asset impairment losses | 7,168 | 134,516 | 7,492 |
Credit impairment losses | 2,768,499 | 1,710,617 | 220,630 |
Finance cost classified as financing activities | 3,137,737 | 1,844,209 | 912,359 |
Investment income classified as investing activities | (1,127,006) | (988,429) | (709,167) |
Foreign exchange losses/(gains) | (192,337) | 95,947 | 125,918 |
Change in operating assets and liabilities | 24,074,916 | 23,651,918 | 20,238,973 |
Change in operating assets and liabilities, net of effects from purchase of controlled entity | |||
Increase/(Decrease) in accounts and other receivables | (68,897,073) | (34,684,983) | 61,391,901 |
Increase/(Decrease) in accounts and other payables | 56,166,868 | 17,455,647 | (80,093,625) |
Net cash generated from / (used in) operating activities | ¥ 11,344,711 | ¥ 6,422,582 | ¥ 1,537,249 |
Note to Consolidated Statemen_4
Note to Consolidated Statements of Cash flows - Summary Of Net decrease in cash and cash equivalents (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Net decrease in cash and cash equivalents [Line Items] | |||
Cash and cash equivalents at the end of the year | ¥ 23,785,651 | ¥ 7,312,061 | ¥ 18,576,090 |
Less: Cash and cash equivalents at the beginning of the year | (7,312,061) | (18,576,090) | (18,628,201) |
Net increase/(decrease) in cash and cash equivalents | ¥ 16,473,590 | ¥ (11,264,029) | ¥ (52,111) |
Note to Consolidated Statemen_5
Note to Consolidated Statements of Cash flows - Summary of Cash And Cash Equivalents (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation from profit before income tax to cash used in operating activities [Abstract] | ||||
Cash at bank | ¥ 24,158,568 | ¥ 7,352,394 | ¥ 18,576,090 | |
Less: Time deposits | (373,102) | (40,374) | ||
Add: Provision for impairment losses | 185 | 41 | ||
Cash and cash equivalents at the end of the year | ¥ 23,785,651 | ¥ 7,312,061 | ¥ 18,576,090 | ¥ 18,628,201 |
Note to Consolidated Statemen_6
Note to Consolidated Statements of Cash flows - Summary of Movements In Net Debt (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | ¥ 24,202,226 | ¥ 24,029,225 | ¥ 24,038,202 |
Cash flows | 5,965,931 | (2,669,257) | (2,104,346) |
Acquisitions-leases | 653,251 | 680,594 | 414,731 |
Foreign exchange adjustments | (1,779,539) | 433,034 | 304,159 |
Accrued expense | 1,803,827 | 1,728,630 | 1,376,479 |
C-round restructuring | (1,472,273) | ||
Conversion of Class C ordinary shares to ordinary shares upon IPO | (367,916) | ||
Disposals-leases | (62,913) | ||
Ending Balance | 28,942,594 | 24,202,226 | 24,029,225 |
Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | 2,989,862 | 4,896,764 | 15,101,819 |
Cash flows | 7,583,729 | (2,220,683) | (10,744,081) |
Foreign exchange adjustments | (469,452) | 116,158 | |
Accrued expense | 211,306 | 197,623 | 539,026 |
Ending Balance | 10,315,445 | 2,989,862 | 4,896,764 |
Bond payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | 289,199 | ||
Cash flows | (305,447) | 288,639 | |
Accrued expense | 16,248 | 560 | |
Ending Balance | 289,199 | ||
Convertible promissory note payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | 10,014,377 | 9,134,809 | 8,070,915 |
Cash flows | (92,981) | (100,522) | (98,894) |
Foreign exchange adjustments | (687,967) | 160,336 | 429,554 |
Accrued expense | 883,759 | 819,754 | 733,234 |
Ending Balance | 10,117,188 | 10,014,377 | 9,134,809 |
Convertible redeemable preferred shares | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | 10,258,898 | 8,935,493 | |
Cash flows | (928,242) | 530,030 | 9,011,510 |
Foreign exchange adjustments | (262,678) | 156,540 | (125,395) |
Accrued expense | 534,686 | 636,835 | 49,378 |
C-round restructuring | (9,234,748) | ||
Conversion of Class C ordinary shares to ordinary shares upon IPO | (367,916) | ||
Ending Balance | 10,258,898 | 8,935,493 | |
Optionally convertible promissory notes [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Foreign exchange adjustments | (359,442) | ||
Accrued expense | 127,509 | ||
C-round restructuring | 7,762,475 | ||
Ending Balance | 7,530,542 | ||
Lease liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Begging Balance | 939,089 | 772,960 | 865,468 |
Cash flows | (596,575) | (572,635) | (561,520) |
Acquisitions-leases | 653,251 | 680,594 | 414,731 |
Accrued expense | 46,567 | 58,170 | 54,281 |
Disposals-leases | (62,913) | ||
Ending Balance | ¥ 979,419 | ¥ 939,089 | ¥ 772,960 |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) ¥ in Millions | Dec. 03, 2020shares | Sep. 04, 2019shares | Aug. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2020CNY (¥)shares¥ / ADR | Dec. 31, 2019¥ / ADR | Dec. 31, 2018shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments number of shares granted | 15,000,000 | ||||||
Valid term of share option plans | 10 | ||||||
Share option plans vesting term | 4 years | ||||||
Weighted average remaining contract life for outstanding share options | 5 years 6 months 7 days | 6 years 5 months 12 days | |||||
Number of share options granted in share-based payment arrangement | 0 | 0 | 3,075,000 | ||||
Share based payment transactions expenses with share option | ¥ | ¥ 95 | ||||||
Number of options exercised | 0 | ||||||
Phase I Share Incentive Plan [Member] | Top of range [member] | ClassA ordinary shares [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments number of shares granted | 20,644,803 | ||||||
Phase II Share Incentive Plan [Member] | Top of range [member] | ClassA ordinary shares [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments number of shares granted | 25,000,000 | ||||||
Two Thousand Ninteen Performance Share Unit Plan [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement | 1,990,600 | ||||||
Share Based Payment Arrangement Options Granted Percentage Variation | zero to 100 | ||||||
Performance Share Units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement | 1,990,000 | ||||||
Number of performance share units member | 0 |
Share-based Payment - Summary o
Share-based Payment - Summary of Options Granted Priced Using Binomial Option Pricing Model (Detail) - yr | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life | 1,000 | |
Performance Share Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life | 400 | |
Risk-free rate | 1.81% | |
Expected volatility rate | 48.52% | |
Expected dividend yield | 0.00% | 0.00% |
Performance Share Units | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free rate | 2.99% | |
Expected volatility rate | 38.00% | |
Early exercise multiplier | 2.4 | |
Performance Share Units | Minimum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free rate | 1.61% | |
Expected volatility rate | 37.40% | |
Early exercise multiplier | 2.8 |
Share-based Payment - Summary_2
Share-based Payment - Summary of Employee Share Options (Detail) | 12 Months Ended | ||
Dec. 31, 2020shares¥ / ADR$ / shares | Dec. 31, 2019shares¥ / ADR$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of year | $ 74.99 | $ 74.86 | $ 69.15 |
Granted | 109.26 | ||
Forfeited | 79.23 | 73.92 | 38.94 |
Outstanding, end of year | $ 74.22 | $ 74.99 | $ 74.86 |
Outstanding, beginning of year | shares | 25,344,000 | 28,819,000 | 27,107,000 |
Granted | 0 | 0 | 3,075,000 |
Forfeited | shares | (3,884,000) | (3,475,000) | (1,363,000) |
Outstanding, end of year | shares | 21,460,000 | 25,344,000 | 28,819,000 |
Performance Share Units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of year | $ 0 | ||
Granted | 140.88 | ||
Forfeited | 141.31 | ||
Outstanding, end of year | $ 140.87 | $ 0 | |
Outstanding, beginning of year | shares | 0 | ||
Granted | shares | 1,990,000 | ||
Forfeited | shares | (32,000) | ||
Outstanding, end of year | shares | 1,958,000 | 0 |
Share-based Payment - Summary_3
Share-based Payment - Summary of Employee Share Options (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation expense | ¥ 165,248 | ¥ (55,443) | ¥ 128,158 |
Performance Share Units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Allocated share based compensation expense | ¥ 70,000 |
Share-based payment - Summary_4
Share-based payment - Summary of Options at Different Exercise Price (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Terms And Conditions Of Share Based Payment Arrangement Options At Different Exercise Price [Line Items] | ||||
Number of options | 21,460,000 | 25,344,000 | 28,819,000 | 27,107,000 |
Exercise price 8.00 per share option [Member] | ||||
Disclosure Of Terms And Conditions Of Share Based Payment Arrangement Options At Different Exercise Price [Line Items] | ||||
Number of options | 3,278,000 | |||
Exercise price 50.00 per share option [Member] | ||||
Disclosure Of Terms And Conditions Of Share Based Payment Arrangement Options At Different Exercise Price [Line Items] | ||||
Number of options | 5,828,000 | |||
Exercise price 98.06 per share option [Member] | ||||
Disclosure Of Terms And Conditions Of Share Based Payment Arrangement Options At Different Exercise Price [Line Items] | ||||
Number of options | 9,157,000 | |||
Exercise price 118.00 per share option [Member] | ||||
Disclosure Of Terms And Conditions Of Share Based Payment Arrangement Options At Different Exercise Price [Line Items] | ||||
Number of options | 3,197,000 |
Related Parties And Related P_3
Related Parties And Related Party Transactions - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 04, 2019 |
Disclosure of transactions between related parties [line items] | |||
Registered capital | ¥ 1,500,000 | ||
Non-controlling interests | ¥ 1,591,513 | ¥ 103,799 | |
Ping An Insurance Company of ChinaLtd [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Registered capital | ¥ 3,500,000 | ||
Non-controlling interests | ¥ 1,500,000 |
Related Parties And Related P_4
Related Parties And Related Party Transactions - Summary of Related Party Name (Detail) - Ping An Insurance Company of ChinaLtd | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party Names [Line Items] | |
Name of related parties | Ping An Insurance (Group) Company of China, Ltd.and its subsidiaries |
Relationship with the Company | Significant influence on the Group and its subsidiaries |
Related Parties And Related P_5
Related Parties And Related Party Transactions - Summary of Related Party Transactions (Detail) - Ping An Insurance Company of ChinaLtd - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales and marketing expenses, general and administrative expenses, operation and servicing expenses, and technology and analytics expenses | |||
Technology platform based income | ¥ 635,143 | ¥ 323,176 | ¥ 336,586 |
Other income | 1,234,616 | 700,464 | 409,278 |
Net interest income-Interest expense | 294,357 | ||
Investment income | 261,148 | 82,879 | 142,453 |
Finance costs-Interest income | 147,638 | 186,065 | 68,745 |
Finance costs-Interest expense | 67,468 | 154,264 | 343,084 |
Sales and marketing expenses general and administrative expenses operation and servicing expenses and technology and analytics expenses from related parties | 3,090,052 | 2,582,797 | ¥ 1,877,919 |
Other gains/(losses) - net | ¥ (499,543) | ¥ (48,054) |
Related Parties And Related P_6
Related Parties And Related Party Transactions - Summary of Related Party Transactions Outstanding (Detail) - Ping An Insurance Company of ChinaLtd [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Outstanding Balances For Related Party Transactions [Line Items] | ||
Cash | ¥ 14,392,047 | ¥ 14,600,958 |
Financial assets at fair value through profit or loss | 3,029,174 | |
Account and other receivables and contract assets | 2,040,869 | 2,784,752 |
Payable to platform investors, accounts and other payables and contract liabilities, payable to investors of consolidated structured entities and other liabilities | 1,888,065 | 2,521,441 |
Financial assets at amortized cost | ¥ 4,159,973 | ¥ 6,903,263 |
Related Parties And Related P_7
Related Parties And Related Party Transactions - Summary of Compensation of key Management Personnel (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text block [abstract] | |||
Wages and salaries | ¥ 29,192 | ¥ 19,564 | ¥ 16,859 |
Welfare and other benefits | 34,560 | 25,752 | 26,801 |
Including: Bonuses | 28,061 | 19,490 | 20,810 |
Share-based payment | 68,771 | 4,578 | 28,837 |
Total | ¥ 132,523 | ¥ 49,894 | ¥ 72,497 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text block [abstract] | |||
Dividend paid or declared | ¥ 0 | ¥ 0 | ¥ 0 |
Contingent Liability - Addition
Contingent Liability - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Text block [abstract] | ||
Other Contingent Liabilities | ¥ 0 | ¥ 0 |