Document and Entity Information |
12 Months Ended |
|---|---|
|
Dec. 31, 2018
shares
| |
| Entity Registrant Name | LexinFintech Holdings Ltd. |
| Entity Central Index Key | 0001708259 |
| Document Type | 20-F |
| Document Period End Date | Dec. 31, 2018 |
| Amendment Flag | false |
| Trading Symbol | lx |
| Current Fiscal Year End Date | --12-31 |
| Entity Well-known Seasoned Issuer | Yes |
| Entity Voluntary Filers | No |
| Entity Current Reporting Status | Yes |
| Entity Emerging Growth Company | false |
| Entity Shell Company | false |
| Entity Filer Category | Accelerated Filer |
| Document Fiscal Year Focus | 2018 |
| Document Fiscal Period Focus | FY |
| Ordinary shares | |
| Entity Common Stock, Shares Outstanding | 351,237,307 |
| Class A Ordinary Shares | |
| Entity Common Stock, Shares Outstanding | 243,090,108 |
| Class B Ordinary Shares | |
| Entity Common Stock, Shares Outstanding | 108,147,199 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Details
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| X | ||||||||||
- Definition The amount of carrying value of current portion of risk safeguard fund receivable, net. No definition available.
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- Definition The amount of carrying value of noncurrent portion of risk safeguard fund receivable, net. No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
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- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the operating cycle if longer, excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of cash equivalents restricted as to withdrawal or usage, classified as current. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Details
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- Details
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the operating cycle if longer, excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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- Details
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- Details
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| X | ||||||||||
- Definition The amount of gain (loss) from guarantee liabilities. No definition available.
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| X | ||||||||||
- Definition Cost associated with processing and servicing consists primarily of vendor costs related to credit assessment, customer and system support, payment processing services and collection services associated with originating, facilitating and servicing the loans. No definition available.
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| X | ||||||||||
- Definition The amount of provision for contract assets. No definition available.
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| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of unrealized gain (loss) recognized in the income statement for a financial instrument classified as derivative asset (liability) after deduction of derivative liability (asset), measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate amount of income from investments (for example, dividends) not considered a component of the entity's core operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| Cost of goods purchased from a related party | ¥ 614,766 | ¥ 530,605 | ¥ 658,898 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, available to common shareholders. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Parenthetical) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME | |||
| Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
| X | ||||||||||
- Definition Amount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Represents appropriations to certain non-distributable statutory reserves in accordance with laws applicable to the countries in which the reporting entity's subsidiaries and variable interest entities operate. No definition available.
|
| X | ||||||||||
- Definition The value of the stock converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition "The number of shares converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. ""Part noncash"" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. " No definition available.
|
| X | ||||||||||
- Definition The value of the stock redesignation from one common stock class in to another class in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition Number of common shares redesignated from one class to another class. No definition available.
|
| X | ||||||||||
- Definition The value of the stock redesignation in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition "The number of shares redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. ""Part noncash"" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. " No definition available.
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised by underwriters' during the current period. No definition available.
|
| X | ||||||||||
- Definition The value of share issuance upon the underwriter's exercise of over-allotment option, net of issuance costs. No definition available.
|
| X | ||||||||||
- Definition Number of shares exercised and vested from share based awards. No definition available.
|
| X | ||||||||||
- Definition Value of stock issued as a result of the exercise and vesting of share based awards. No definition available.
|
| X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) from recognition of equity-based compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of accretion of the preferred stock redemption discount during the period. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Accretion of temporary equity during the period due to cash, stock, and in-kind dividends. This item is an adjustment to net income necessary to derive net income apportioned to common stockholders and is to be distinguished from Temporary Equity, Accretion of Dividends (Temporary Equity, Accretion of Dividends). No definition available.
|
| X | ||||||||||
- Details
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)EQUITY (Parenthetical) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY | |||
| Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
| X | ||||||||||
- Definition Amount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The interest expense of accrued convertible loans. No definition available.
|
| X | ||||||||||
- Definition The value of the stock converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition The amount of gain (loss) from guarantee liabilities. No definition available.
|
| X | ||||||||||
- Definition Amount of increase (decrease) in obligations classified as Guarantee obligations, payable within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of increase (decrease) in risk safeguard fund receivable. No definition available.
|
| X | ||||||||||
- Definition Amount of loss/gain from reductions or (write-ups)in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels. No definition available.
|
| X | ||||||||||
- Definition Amount of Long-term investments financed by accrued expenses and other current liabilities classified as Non-cash investing and financing activities. No definition available.
|
| X | ||||||||||
- Definition The cash outflow from the repayment of a pre-IPO convertible redeemable preferred shares. No definition available.
|
| X | ||||||||||
- Definition The cash outflow in time deposits for securing the Group's short term and long term borrowings from financial institutions. No definition available.
|
| X | ||||||||||
- Definition The cash inflow during the period from the proceeds from receivables from issuance of pre-IPO convertible redeemable preferred shares. No definition available.
|
| X | ||||||||||
- Definition The cash inflow from time deposits for securing the Group's short term and long term borrowings from financial institutions. No definition available.
|
| X | ||||||||||
- Definition The amount of provision for contract assets. No definition available.
|
| X | ||||||||||
- Definition Increase (Decrease) in servicing assets subsequently measured at fair value. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of unrealized gain (loss) recognized in the income statement for a financial instrument classified as derivative asset (liability) after deduction of derivative liability (asset), measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due from borrowers for interest payments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in outstanding loans including accrued interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of increase (decrease) in noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in prepaid expenses, and assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate amount of income from investments (for example, dividends) not considered a component of the entity's core operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The cash outflow to reacquire preferred stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for the purchase of amounts due from customers, clients, lessees, borrowers, or others under the terms of its agreements therewith. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from bank borrowing during the year. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow associated with the sale of receivables arising from the financing of goods and services. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
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| ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES LexinFintech Holdings Ltd. (“Lexin” or the “Company”), formerly known as Staging Finance Holding Ltd., was incorporated in the Cayman Islands on November 22, 2013. The Company is a holding company and conducts its business mainly through its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs (collectively referred to as the “Group”). The Group offers online direct sales with installment payment terms and offers installment purchase loans and personal installment loans mainly through its retail and online consumer finance platform (“Platform”), www.fenqile.com, and its mobile application (“APP”) to young adults typically between the age of 18 and 36 (“Borrowers”) in the People’s Republic of China (“PRC”). The Group addresses the Borrowers’ credit needs by offering installment purchase loans and personal installment loans. Installment purchase loans are loans offered to Borrowers who want to finance their online direct purchase from the Platform and APP with general terms between one month and thirty‑six months. Personal installment loans are loans provided to Borrowers who have consumption needs (other than online direct purchase) with terms generally ranging from one month to thirty‑six months. The Group finances the loans to Borrowers through its own online investment platform, www.juzilicai.com and its APP, or Juzi Licai, by offering various investment programs (“Investment Programs”) that are backed by the loans to the individual investors (“Individual Investors”). The Group also finances the loans with proceeds from third-party commercial banks, consumer finance companies, other licensed financial institutions and partnering peer-to-peer lending platforms (collectively “Institutional Funding Partners ”), and the establishment of consolidated trusts (“Trusts”) and issuance of asset-backed securitized debts. As of December 31, 2018, the Company’s principal subsidiaries, consolidated VIEs and subsidiaries of VIEs are as follows:
History of the Group and Basis of Presentation The Group commenced operations through Shenzhen Fenqile, a PRC company incorporated in August 2013 that offers online direct sales with installment payment terms, installment purchase loans and personal installment loans. The equity interests of Shenzhen Fenqile were held by Mr. Jay Wenjie Xiao, the Group’s founder, Chief Executive Officer and chairman of board of directors (the “Founding Shareholder”), and two angel investors, Mr. Richard Qiangdong Liu and Tibet Xianfeng Huaxing Changqing Investment Co. Ltd. (“Tibet Xianfeng Huaxing”), prior to July 2014. In October 2013, Beijing Lejiaxin was incorporated as an investment holding company in the PRC. The equity interests of Beijing Lejiaxin were held by the Founding Shareholder and Mr. Richard Qiangdong Liu. Beijing Lejiaxin established its wholly owned subsidiary Qianhai Juzi in June 2014 in order to launch the Group’s online investment platform Juzi Licai, which offers Investment Programs to the Individual Investors. 2014 Reorganization In order to facilitate international financing for the Company, the Group underwent a reorganization (“2014 Reorganization”) from November 2013 to July 2014. In November 2013, the Company was incorporated under the Laws of the Cayman Islands to be an offshore holding company for the Group. In December 2013, Installment HK was incorporated in Hong Kong as a wholly owned subsidiary of the Company. In July 2014, Beijing Shijitong was incorporated as a wholly owned subsidiary of Installment HK in the PRC. To comply with PRC laws and regulations which prohibit or restrict foreign ownership of Internet content, the Company obtained control over Shenzhen Fenqile and Beijing Lejiaxin through Beijing Shijitong by entering into a series of contractual arrangements with Shenzhen Fenqile, Beijing Lejiaxin and their shareholders in July 2014. These contractual arrangements include exclusive option agreements, power of attorney, exclusive business cooperation agreements, and equity pledge agreements. As a result of the 2014 Reorganization, Shenzhen Fenqile and Beijing Lejiaxin became the consolidated VIEs of the Group through the contractual arrangements described in Note 2(b). The Founding Shareholder, Tibet Xianfeng Huaxing, and Mr. Richard Qiangdong Liu are collectively referred to as the nominee shareholders. The nominee shareholders are defined as legal owners of an entity; however, the rights of the shareholders have been transferred to the Company through contractual arrangements. Concurrently with the 2014 Reorganization, the Company completed its Pre-IPO Class B Ordinary Shares, Pre-IPO Series A‑1 Preferred Shares and Pre-IPO Series A‑2 Preferred Shares financing. The 2014 Reorganization was accounted for as a reorganization and the historical financial statements were presented on a carryover basis. 2016 Reorganization In December 2015, Shenzhen Xinjie was incorporated by the Founding Shareholder as an investment holding company in the PRC. In March 2016, Shenzhen Xinjie acquired 73.33% equity interests of Shenzhen Fenqile by investing additional capital in Shenzhen Fenqile to better structure the Group, and the remaining equity interests were still held by the same nominee shareholders (“2016 Reorganization”). In January 2016, Shenzhen Xinjie established a subsidiary Shenzhen Tiqianle to offer online direct sales and online consumer finance services. In January 2016, Qianhai Dingsheng was incorporated by the Founding Shareholder (90%) and Shenzhen Xinjie (10%) to conduct financial technology services business. The Company obtained control over Shenzhen Xinjie and Qianhai Dingsheng through Beijing Shijitong in December 2015 and January 2016 respectively by entering into a series of contractual arrangements with Shenzhen Xinjie, Qianhai Dingsheng and the Founding Shareholder. These contractual arrangements include exclusive option agreements, power of attorney, exclusive business cooperation agreements, and equity pledge agreements. As a result of the 2016 Reorganization, Shenzhen Xinjie and Qianhai Dingsheng became the consolidated VIEs of the Group through the contractual arrangements described in Note 2(b) and the Company’s ability to control Shenzhen Fenqile remains unchanged. Shenzhen Fenqile then became one of the subsidiaries of Shenzhen Xinjie. All the entities involved in the 2016 Reorganization were under common control and therefore the historical financial statements were presented on a carryover basis. In December 2016, Ji’an Microcredit and Shenzhen Fenqile Trading were incorporated by Shenzhen Fenqile. The two entities started to carry out online consumer credit businesses and online direct sales businesses respectively since early 2017. In March 2017, Shenzhen Lexin Software was incorporated by Installment HK to conduct software development businesses. Subsequently in March 2017, the Founding Shareholder transferred 90% equity interests of Qianhai Dingsheng to two employees as the nominee shareholders and the remaining 10% equity interests were still held by Shenzhen Xinjie. In April 2017, Beijing Shijitong granted a loan with a total principal of RMB10.0 million to these two nominee shareholders and Shenzhen Xinjie. In May 2017, Beijing Shijitong granted another loan with a total principal of RMB1.0 million to the nominee shareholders of Shenzhen Xinjie. The two loans granted by Beijing Shijitong were solely for the purpose of providing funds necessary for capital injection into the VIEs to operate their respective businesses. Term of both loans is ten years and will be extended automatically for another ten years on each expiration. These loans were eliminated with the paid-in capital of the VIEs during consolidation. In August 2018, Mengtian Technology, which previously was a subsidiary of one of the Company’s VIEs, became a consolidated VIE by entering into a series of contractual arrangements with its nominee shareholders and Shenzhen Lexin Software as described in Note 2(b). Management concluded that the Company is entitled to substantially all of the economic benefits from the VIEs and is obligated to absorb all of their expected losses. As such, the Company is the ultimate primary beneficiary of the VIEs and shall consolidate the financial results of these VIEs and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 2(b) to the consolidated financial statements for the basis of consolidation. Initial Public Offering On December 26, 2017, the Company completed its initial public offering (“IPO”) on the NASDAQ Global Market in the United States of America. In this offering, 12,000,000 American Depositary Shares (“ADSs”), representing 24,000,000 Class A ordinary shares (“Class A Ordinary Shares”), were issued and sold to the public at a price of US$9.00 per ADS. Immediately prior to the completion of the IPO, in accordance with the written resolutions passed by the board of directors of the Company and its shareholders in October 2017 (“October 2017 Resolutions”), all of 110,647,199 shares of issued and outstanding Pre-IPO Class A Ordinary Shares were automatically redesignated into Class B Ordinary Shares on a one-for-one basis. All of 193,070,940 shares of issued and outstanding, Pre-IPO Class B Ordinary Shares, Pre-IPO Series A-2 Preferred Shares, Pre-IPO Series B-1 Preferred Shares, Pre-IPO Series B-2 Preferred Shares, Pre-IPO Series C-1 Preferred Shares, and Pre-IPO Series C-2 Preferred Shares (collectively, “Pre-IPO Preferred Shares”) were automatically converted and redesignated into Class A Ordinary Shares on a one-for-one basis. In addition, the authorized share capital of the Company was increased from US$50,000 divided into 500,000,000 shares with par value of US$0.0001 each, to US$500,000 divided into 5,000,000,000 shares with par value of US$0.0001 each, of which (i) 1,889,352,801 shares were designated as Class A Ordinary Shares; (ii) 110,647,199 shares were designated as Class B Ordinary Shares; and (iii) 3,000,000,000 shares were designated as Reserved Shares, with rights preferences and privileges as set forth in the Sixth Amended and Restated Memorandum and Articles of Association of the Company effective immediately prior to the completion of the IPO. In January 2018, the underwriters of the Company’s IPO exercised the options to purchase an additional 1,800,000 ADSs, representing 3,600,000 Class A Ordinary Shares, par value US$0.0001 per share, of the Company to cover over-allotments in full. The net proceeds in connection with 1,800,000 ADSs received by the Company was RMB95.1 million (US$14.7 million), which represents a total gross capital raise of RMB105.2 million (US$16.2 million) less underwriting discounts and commissions and offering expenses in the aggregate amount of RMB10.1 million (US$1.5 million). |
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| SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. Revision of previously announced unaudited financial statements for the year ended December 31, 2018 The Group revised its unaudited consolidated balance sheets as previously announced through press release filed on Form 6-K in March 2019, to reflect classification adjustments (“Classification Adjustments”) of short-term Funding Debts and long-term Funding Debts as of December 31, 2018. The Classification Adjustments had no impact on the Group’s results of operations and cash flows for the year ended December 31, 2018, or the line items of the Consolidated Balance Sheets other than short-term Funding Debts and Long-term Funding Debts as of December 31, 2018. This revision was not material to the previously announced unaudited financial statements taken as a whole based on assessment under relevant guidance. The impact of the Classification Adjustments on the line items within the Group’s Consolidated Balance Sheets as of December 31, 2018 is as follows:
(b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs for which the Company is the primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. VIE Companies (excluding the consolidated Trusts and asset-backed securitized debts as discussed in Note 2 (f)) a. Contractual Agreements with VIEs The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Company’s relevant PRC subsidiaries entered into with the VIEs and their nominee shareholders. Through the Contractual Agreements, the VIEs are effectively controlled by the Company. Exclusive Option Agreements. Pursuant to the Exclusive Option Agreements, the nominee shareholders of the VIEs have irrevocably granted the Group’s relevant PRC subsidiaries an exclusive option to purchase all or part of their respective equity interests in the VIEs. The purchase price shall be the lowest price permitted by law. Without prior written consent of the Group’s relevant PRC subsidiaries, the VIEs shall not, among other things, amend their articles of association, increase or decrease the registered capital, sell, dispose of or set any encumbrance on their assets and equity interests in VIEs, business or revenue, enter into any material contract outside the ordinary course of business, merge with any other persons or make any investments, distribute dividends, or enter into any transactions which have material adverse effects on their business. These agreements will remain effective until the Group’s relevant PRC subsidiaries and/or any third party designated by the Group’s relevant PRC subsidiaries have acquired all equity interests of the VIEs from their respective nominee shareholders. Power of Attorney. Pursuant to the Power of Attorney, each nominee shareholder of the VIEs irrevocably authorizes the Group’s relevant PRC subsidiaries to act as its attorney-in-fact to exercise all of such shareholder’s voting and other rights associated with the shareholder’s equity interests in the VIEs, including but not limited to, the right to attend shareholder meetings on behalf of such shareholder, the right to appoint legal representatives, directors, supervisors and chief executive officers and other senior management, and the right to sell, transfer, pledge and dispose of all or a portion of the shares held by such shareholder. The power of attorney is irrevocable and remains in force continuously upon execution. Exclusive Business Cooperation Agreements. Pursuant to these Exclusive Business Cooperation Agreements, the Group’s relevant PRC subsidiaries have the exclusive right to provide the VIEs with comprehensive business support, technical support and consulting services. Without prior written consent of the Group’s relevant PRC subsidiaries, the VIEs shall not accept any services covered by these agreements from any third party. The VIEs agree to pay service fees in an amount determined by the Group’s relevant PRC subsidiaries based on respective profits calculated as operating revenue minus operating cost of the VIEs for the relevant period on a yearly basis or other service fees for specific services as required and as otherwise agreed by both parties. The Group’s relevant PRC subsidiaries own the intellectual property rights arising out of the services performed under these agreements. Unless the Group’s relevant PRC subsidiaries terminate these agreements or pursuant to other provisions of these agreements, these agreements will remain effective indefinitely. These agreements can be terminated by the Group’s relevant PRC subsidiaries through a 30-day advance written notice, the VIEs have no right to unilaterally terminate these agreements. The Group’s relevant PRC subsidiaries are entitled to substantially all of the economic benefits of the VIEs. Loan Agreements. Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted loans to the relevant nominee shareholders of the VIEs solely for the purpose of providing funds necessary for capital injection into the VIEs to operate their respective businesses. Pursuant to these loan agreements, the nominee shareholders can only repay the loans by the transfer of all their equity interests in the VIEs to the Group’s relevant PRC subsidiaries. The nominee shareholders of the VIEs must pay all of the proceeds from transfer of such equity interests to the Group’s relevant PRC subsidiaries. In the event that the nominee shareholders transfer their equity interests to the Group’s relevant PRC subsidiaries or their designated person(s) with a price equivalent to or less than the amount of the principal, the loans will be interest free. If the price is higher than the amount of the principal, the excess amount will be paid to the Group’s relevant PRC subsidiaries as the loan interest. The loans must be repaid immediately when permitted by PRC laws at the request of the Group’s relevant PRC subsidiaries. Term of both loans is ten years and will be extended automatically for another ten years on each expiration. Equity Pledge Agreements. Pursuant to these Equity Pledge Agreements, each nominee shareholder of the VIEs has pledged all of his, her or its respective equity interests in the VIEs to the Group’s relevant PRC subsidiaries to guarantee the performance by such nominee shareholder and the VIEs of their respective obligations under the Exclusive Option Agreements, the Power of Attorney, the Loan Agreements, where applicable, and the Exclusive Business Cooperation Agreements, and any amendment, supplement or restatement to such agreements. If the VIEs or any of their nominee shareholders breach any obligations under these agreements, the Group’s relevant PRC subsidiaries, as pledgee, will be entitled to dispose of the pledged equity and have priority to be compensated by the proceeds from the disposal of the pledged equity. Each of the nominee shareholders of the VIEs agrees that before his, her or its obligations under the Contractual Agreements are discharged, he, she or it will not dispose of the pledged equity interests, create or allow any encumbrance on the pledged equity interests, which may result in the change of the pledged equity that may have adverse effects on the pledgee’s rights under these agreements without the prior written consent of the Group’s relevant PRC subsidiaries. These Equity Pledge Agreements will remain effective until the VIEs and their nominee shareholders discharge all their respective obligations under the Contractual Agreements. In April 2015, the Contractual Agreements between Beijing Shijiton and Shenzhen Fenqile were restated to reflect the replacement of Tibet Xianfeng Huaxing with its affiliated entity, Tibet Xianfeng Changqing Start-up Investment and Management Co., Ltd. (formerly known as Tibet Xianfeng Management Consultation Co., Ltd.), as a nominee shareholder of Shenzhen Fenqile. In March 2016, the Contractual Agreements between Beijing Shijitong and Shenzhen Fenqile were restated to reflect the 2016 Reorganization. These changes had no impact on the Group’s effective control over Shenzhen Fenqile, and therefore had no impact on the consolidated financial statements. In March 2017, the Contractual Agreements between Beijing Shijitong and Qianhai Dingsheng were restated to reflect the replacement of the Founding Shareholder with two employees nominee shareholders of Qianhai Dingsheng. In April and May 2017, the Contractual Agreements between Beijing Shijitong and Qianhai Dingsheng were restated to reflect the Loan Agreements entered into between Beijing Shijitong and the nominee shareholders of Qianhai Dingsheng, and Beijing Shijitong and the nominee shareholders of Shenzhen Xinjie, respectively. These changes had no impact on the Group’s effective control over Qianhai Dingsheng and Shenzhen Xinjie, and therefore had no impact on the consolidated financial statements. b. Risks in relation to the VIE structure Under the Contractual Agreements with the VIEs, the Company has the power to direct activities of the VIEs and VIEs’ subsidiaries and can have assets transferred out of the VIEs and VIEs’ subsidiaries. Therefore, the Company considers itself the ultimate primary beneficiary of the VIEs and there is no asset of the VIEs that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries except for registered capitals and PRC statutory reserves of the Group’s consolidated VIEs amounting to RMB3,342.5 million as of December 31, 2018. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. However, as the Company is conducting certain businesses mainly through its VIEs and VIEs’ subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiaries, the VIEs and their respective nominee shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. In March 2019, the draft Foreign Investment Law was submitted to the National People’s Congress for review and was approved on March 15, 2019, which will come into effect on January 1, 2020. The approved Foreign Investment Law does not touch upon the relevant concepts and regulatory regimes that were historically suggested for the regulation of VIE structures, and thus this regulatory topic remains unclear under the Foreign Investment Law. Given that the Foreign Investment Law is new, substantial uncertainties exist with respect to its implementation and interpretation and the possibility that the VIEs will be deemed as foreign-invested enterprise and subject to relevant restrictions in the future shall not be excluded. The Company’s ability to control the VIEs also depends on the power of attorney the Group’s relevant PRC subsidiaries have to vote on all matters requiring shareholders’ approvals in the VIEs. As noted above, the Company believes these power of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:
The imposition of any of these restrictions or actions may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIEs. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIEs is remote. Summary of Financial Information of the Group’s VIEs The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the VIEs (including the consolidated Trusts and asset-backed securitized debts) and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany balances and transactions eliminated:
(c) Use of estimates The preparation of the Group’s consolidated financial statements is in conformity with the U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statement and reported revenues and expenses during the reported periods. Significant accounting estimates include, but are not limited to (i) revenue recognition; (ii) fair value of financial guarantee derivative liabilities; (iii) valuation and recognition of share-based compensation expenses; (iv) provision for income tax and valuation allowance for deferred tax assets; (v) provision for credit losses of financing receivables, contract assets, and service fees receivable; (vi) determination of fair value of long-term investments, (vii) determination of the fair value of Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares. Actual results could materially differ from these estimates. (d) Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in Hong Kong is United States dollars (“US$”) and the functional currencies of the PRC entities in the Group are RMB. In the consolidated financial statements, the financial information of the Company and its subsidiaries incorporated in Hong Kong have been translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”). Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments, and are shown as a component of accumulated other comprehensive income/(loss) on the Consolidated Statements of Changes in Shareholders’ (Deficit )/Equity and a component of other comprehensive income/(loss) on the Consolidated Statements of Comprehensive (Loss)/Income. Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign currency exchange gain or loss resulting from the settlement of such transactions and from remeasurement at period‑end is recognized in “Others, net” on the Consolidated Statements of Operations. Foreign currency translation adjustments included in the Group’s Consolidated Statements of Comprehensive (Loss )/Income for the years ended December 31, 2016, 2017 and 2018 were gain of RMB1.9 million, loss of RMB31.9 million, and gain of RMB0.6 million, respectively. Foreign currency exchange gain or loss recorded was immaterial for each of the periods presented.
(e) Convenience translation Translations of balances on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive (Loss)/Income and Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended December 31, 2018 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8755, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2018. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, or at any other rate. (f) Presentation for on- and off-balance sheet loans The Group finances the loans with the proceeds from various funding parties, which primarily include: (1) the Individual Investors on Juzi Licai; (2) the Institutional Funding Partners; (3) third-party investors of the consolidated Trusts and asset-backed securitized debts. Depending on the arrangements among the Group, the Borrowers and the funding parties, the underlying loans are accounted for as “on-balance sheet loans” or “off-balance sheet loans”, where applicable. On‑balance sheet loans (a) Loans funded by the Individual Investors on Juzi Licai under the Old Model (as defined hereinafter)or certain Institutional Funding Partners For loans funded by the proceeds from the Group’s own online investment platform Juzi Licai under the Old Model (as defined hereinafter), which offers the Individual Investors various Investment Programs with different terms and estimated rates of return, or from certain Institutional Funding Partners, the Group’s roles include: (1) collecting the investment principal from the Individual Investors or Institutional Funding Partners and lending the funds to the Borrowers, (2) collecting monthly repayment from the Borrowers and repaying the Individual Investors or Institutional Funding Partners according to the terms (i.e. interest rate and scheduled repayment dates) of respective Investment Programs or agreements (“Investment Agreements”) between the Individual Investors or Institutional Funding Partners and the Group. The Group noted that the terms of the underlying loan agreements between the Individual Investors or Institutional Funding Partners and the Borrowers (“Underlying Loan Agreements”) do not necessarily match the terms of the Investment Programs or Agreements. The mismatch is mainly due to the fact that some Individual Investors or Institutional Funding Partners may invest in the programs that have shorter investment periods than the terms of the Underlying Loan Agreements. Depending on the types of Investment Programs the Individual Investors choose or the Investment Agreements the Institutional Funding Partners entered into with the Group, the investing periods could be as short as one week and as long as thirty-six months. Pursuant to the Investment Programs or Agreements, the Individual Investors or Institutional Funding Partners agree on a rate of return with the Group which is normally lower than the coupon interest rate stipulated in the Underlying Loan Agreement, given the shorter periods of those Investment Programs or Agreements. The Group considers the terms of the Investment Programs or Agreements, which drive the return of the investments, and concludes the Group has liabilities to the Individual Investors or Institutional Funding Partners when the underlying loans are funded. Accordingly, the Group is considered as the primary obligor to the Individual Investors or Institutional Funding Partners in the lending relationship and therefore records the liabilities to the Individual Investors or Institutional Funding Partners as “Funding Debts” (Note 2(j)) on its Consolidated Balance Sheets. The underlying loans are recorded as “Financing receivables, net” on the Consolidated Balance Sheets. Quality assurance program on Juzi Licai In July 2017, the Group established a quality assurance program (“QAP”) with the purposes of providing make-up payments to the Individual Investors on Juzi Licai when the Borrowers fail to satisfy their principal or interest repayment obligations. A portion of each monthly repayment by the Borrower equal to a certain percentage of the outstanding principal balance of the loan was transferred to a third-party custody bank account. The Group reserved the right to revise this percentage upwards or downwards from time to time. The QAP only applied to loans funded by the Individual Investors under the Old Model on or after July 7, 2017. Considering that the loans covered by the QAP were accounted for as on-balance sheet loans, the Group was obligated to repay the Individual Investors for all amounts of principal and future interests regardless of whether the QAP was implemented or not. The Group determined that there were no additional liabilities to be recognized in addition to the principal and interests due to the Individual Investors recorded as “Funding Debts” (Note 2(j)) and “Accrued interest payable” on its Consolidated Balance Sheets. The quality assurance funds set aside under the QAP through custody bank accounts were recorded as “Restricted cash” on its Consolidated Balance Sheets. The Group applied the same process and methodology to evaluate the creditworthiness and collectability of the loan portfolio covered by the QAP on a pooled basis, mainly based on delinquency levels and historical charge-offs. (b) Loans funded by establishment of the consolidated Trusts and issuance of asset-backed securitized debts The Group establishes business relationships with Trusts from time to time. Pursuant to applicable arrangements, the Group invested in the financing receivables using funds from the consolidated Trusts. The Trusts are administered by third-party trust companies, which act as the trustees, with funds contributed by the Group and/or other third-party investors for the purposes of providing returns to the beneficiary of the Trusts. Since these Trusts only invest in financing receivables generated from the Group’s Platform and APP, the Group has power to direct the activities of the Trusts. The Group has the obligation to absorb losses or the right to receive benefits from the Trusts that could potentially be significant to the Trusts. As a result, the Trusts are considered consolidated VIEs of the Group under Accounting Standards Codification (“ASC”) 810, Consolidation. The Group created an asset-backed securitization plan (“ABS Plan”) with a final maturity of January 2018 in December 2015 and securitized its financing receivables arising from online direct sales through the transfer of those assets to the ABS Plan. The ABS Plan then issued debt securities to third-party investors and was considered a consolidated VIE under ASC 810, Consolidation. Therefore, loans funded by the consolidated Trusts and asset-backed securitized debts remain at the Group and are recorded as “Financing receivables, net” on the Consolidated Balance Sheets. The proceeds received from third-party investors of the consolidated Trusts and asset-backed securitized debts are recorded as Funding Debts (Note 2(j)). Cash received via consolidated Trusts that has not yet been distributed is recorded as restricted cash. Off‑balance sheet loans (a) Loans funded by the Individual Investors on Juzi Licai under the New Model (as defined hereinafter) In late April 2018, the Group made some adjustments to its business model for new loans funded by the Individual Investors on Juzi Licai (the “New Model”, and the “Old Model” refers to the business model of Juzi Licai before such adjustments). Under the New Model, the Group’s roles include: (1) matching the borrowing requests from the Borrowers with the Individual Investors on Juzi Licai, (2) processing monthly repayment from the Borrowers according to the terms of the Underlying Loan Agreements through third-party custodian bank accounts, and (3) providing ongoing management services to the Individual Investors over the terms of respective Investment Programs. Under the New Model, the Group acts as an intermediary between the Borrower and the Individual Investors. Pursuant to the Underlying Loan Agreement and the Investment Programs, the Individual Investors are entitled to all the interests generated from the underlying loans. Such interests are not generated until the lending relationship has been established between the Borrowers and the Individual Investors, as the lenders, upon entering into the Underlying Loan Agreements. The existing Individual Investor cannot exit from any lending relationship of outstanding loan unless the underlying loan is fully repaid or the outstanding loan principal with the remaining term is successfully re-matched with other Individual Investors. The Group provides ongoing matching and re-matching services to the Individual Investors over the terms of respective Investment Programs while it does not have any obligations to ensure such successful re-matching. The Group considers the terms of the Underlying Loan Agreements and the Investment Programs under the New Model and concludes that the Group is not the legal lender or borrower in the loan origination and repayment process. Accordingly, the Group does not record financing receivables arising from these loans nor Funding Debts to the Individual Investors. Risk safeguard scheme on Juzi Licai Under the New Model, the Group has ceased offering the QAP for loans funded by the Individual Investors on Juzi Licai. Instead, the Group entered into a cooperation agreement with an independent third-party guarantee company (the “Guarantee Company”), to set up a new investor protection program called the Risk Safeguard Scheme (“RSS”). The purpose of the RSS is to provide make-up payments to the Individual Investors on Juzi Licai when the Borrowers default. The RSS only applies to loans newly funded under the New Model, and requires the Borrowers to contribute to the RSS to protect the Individual Investors. By default, all Borrowers enroll in the RSS when the Underlying Loan Agreements are entered into. Pursuant to the Underlying Loan Agreement, the Borrower agrees to enroll in the RSS and pay the guarantee fee (the “Guarantee Fee”) into the guarantee fund special account (“Risk Safeguard Fund”) and the relevant guarantee service fees to the Guarantee Company. Accordingly, a certain amount of each monthly repayment from the Borrowers, equal to a certain percentage of the outstanding principal balance of each loan, shall be transferred to the Risk Safeguard Fund. The Group has the discretion in determining the percentage, i.e. the amount of the Guarantee Fee, to be paid by the participating Borrowers. The amount of make-up payments is limited to the available balance of the Risk Safeguard Fund. If the Risk Safeguard Fund become insufficient to pay back all Individual Investors with defaulted loans, these Individual Investors will be repaid on a pro rata basis, and their outstanding unpaid loans will be deferred to the next time the Risk Safeguard Fund are replenished, at which time a distribution will again be made to all Individual Investors with those defaulted loans. The participation of the Risk Safeguard Fund is not refundable, even if there is no default of loans. Therefore, the Group concluded that it is the primary obligor in providing the guarantee services and records its obligations associated with the RSS in accordance with ASC 460, Guarantees as discussed in Note 2(l). The balance of Risk Safeguard Fund is recorded as “Restricted cash” on its Consolidated Balance Sheets. (b) Loans funded by certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies For loans funded by the proceeds from certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies, each underlying loan and Borrower has to be approved by the third-party commercial banks or consumer finance companies individually. Once the loan is approved by and originated by the third-party commercial bank or consumer finance company, the fund is provided by third-party commercial bank or consumer finance company to the Borrower and a lending relationship between the Borrower and third-party commercial bank or consumer finance company is established through a loan agreement. Effectively, the Group offers loan facilitation and matching services to the Borrowers who have credit needs and the commercial banks or consumer finance companies who originate loans directly to Borrowers referred by the Group. The Group continues to provide account maintenance, collection, and payment processing services to the Borrowers over the term of the loan agreement. At the same time, the Group also provides a financial guarantee on the principal and the accrued interest repayment of the defaulted loans in case of Borrowers’ defaults, and full interest repayment under the original terms in the event that Borrowers early repay their loans. Under this scenario, the Group determines that it is not the legal lender or borrower in the loan origination and repayment process. Accordingly, the Group does not record financing receivables arising from these loans nor Funding Debts to the third-party commercial banks or consumer finance companies. Separately, the Group accounts for the financial guarantee provided as discussed in Note 2(m). Measurement of financing receivables Financing receivables are measured at amortized cost and reported on the Consolidated Balance Sheets at outstanding principal adjusted for any charge-offs, the allowance for credit losses, and net deferred origination fees on originated financing receivables. The Group recognizes interest and financial services income over the terms of the financing receivables using the effective interest rate method. Refer to Note 2(n) for details. For financing receivables initially generated from online sales with installment payment terms on the Group’s Platform or APP, if they are subsequently funded by on-balance sheet loans, the Group considers that the financing receivables are not settled or extinguished, and therefore continues to account for these financing receivables according to the installment payment terms. If the financing receivables are subsequently funded by off-balance sheet loans, the Group considers that these financing receivables are settled and extinguished with the proceeds from the off-balance sheet loans as facilitated by the Group. (g) Provision for credit losses The Group has the following types of financial assets that are subject to credit losses of the customers: financing receivables, contract assets, service fees receivable, and Risk Safeguard Fund receivable. The Group assesses the creditworthiness and collectability of the portfolios of respective financial assets, mainly based on delinquency levels and historical charge offs of respective underlying on- and off-balance sheet loans, where applicable, using an established systematic process on a pooled basis within each credit risk levels of the Borrowers. The Group considers location, education background, income level, outstanding external borrowings, and external credit references when assigning Borrowers into different credit risk levels. Also, each portfolio of respective financial asset subject to credit losses within each credit risk level consists of individually small amount of on- and off-balance sheet loans. In the consideration of above factors, the Group determines that each portfolio of respective financial asset subject to credit losses within each credit risk level is homogenous with similar credit characteristics. The Group’s provision for credit losses of financial assets is calculated separately within each credit risk level of the Borrowers, taking into considerations of flexible repayment options of the underlying on- and off-balance sheet loans, where applicable. For each credit risk level, the Group estimates the expected loss rate based on delinquency status of the respective financial assets within that level: current, 1 to 29, 30 to 59, 60 to 89, 90 to 119, 120 to 149, 150 to 179 calendar days past due. These loss rates in each delinquency status are based on average historical loss rates of financial assets subject to credit losses associated with each of the abovementioned delinquency categories. The expected loss rate of the specific delinquency status category within each risk level will be applied to the applicable outstanding balances of respective financial assets within that level to determine the provision for credit losses for each reporting period. In addition, the Group considers other general economic conditions, if any, when determining the provision for credit losses. (h) Accrued interest receivable Accrued interest income on financing receivables is calculated based on the contractual interest rate of the loan and recorded as interest and financial services income as earned. Financing receivables are placed on non‑accrual status upon reaching 90 days past due. When a financing receivable is placed on non‑accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date.
(i) Nonaccrual financing receivables and charged‑off financing receivables The Group considers a financing receivable to be delinquent when a monthly payment is one day past due. When the Group determines it is probable that it will be unable to collect unpaid principal amount on the receivable, the remaining unpaid principal balance is charged off against the allowance for credit losses. Generally, charge‑offs occur after the 180th day of delinquency. Interest and financial services income for nonaccrual financing receivables is recognized on a cash basis. Cash receipt of non‑accrual financing receivables would be first applied to any unpaid principal, late payment fees, if any, before recognizing interest and financial services income. The Group does not resume accrual of interest after a loan has been placed on nonaccrual status.
(j) Funding Debts For the proceeds received from the Individual Investors on Juzi Licai, and other funding partners, including certain Institutional Funding Partners and the third-party investors of the consolidated Trusts, and the issuance of asset backed securitized debts, to fund the Group’s on balance sheet loans, the Group records them as funding debts (“ Funding Debts”) on its Consolidated Balance Sheets.
(k) Accrued interest payable Accrued interest payable is calculated based on the contractual interest rates of Funding Debts.
(l) Risk Safeguard Fund receivable and payable For the off-balance sheet loans funded by the Individual Investors on Juzi Licai, the obligations associated with the Risk Safeguard Fund are comprised of two components: (i) ASC 460 component; and (ii) ASC 450 component. In accordance with ASC 460-10-25-2 and ASC 460-10-30-3, the non-contingent and contingent aspect of the financial guarantee must both be considered at initial measurement. Accordingly, the Risk Safeguard Fund payable is measured at fair value at inception and reduced as the Group is released from the underlying risk, i.e., as the underlying loan is repaid by the Borrower or when the Individual Investor is compensated in the event of a Borrower’s default. This component is a stand ready obligation which is not subject to the probable threshold used to record a contingent obligation. The fair value of the guarantee associated with the Risk Safeguard Fund recorded at inception of the loans is estimated using a discounted cash flow model to its expected net payouts from the Risk Safeguard Fund, and also by incorporating a markup margin. The other component is a contingent liability determined based on historical default rates, representing the obligation to make future payouts from the Risk Safeguard Fund, measured using the guidance in ASC 450, Contingencies. The ASC 450 contingent component considers the actual and expected performance of the loans on a pool basis when estimating the contingent liability. Subsequent to initial recognition, the Risk Safeguard Fund payable is measured at the greater of the amount determined based on ASC 460 and the amount determined based on ASC 450. ASC 460 does not prescribe a method for subsequently measuring and recording the noncontingent guarantee liability. However, as stated in ASC 460-10-35-1, the guarantee liability should generally be reduced by recording a credit to net income as the guarantor is released from the guaranteed risk. As the risk is reduced as each monthly payment is made, a systematic and rational amortization method based on when the payments are made may be appropriate. Risk Safeguard Fund payable is recognized by a systematic and rational amortization method, i.e. over the terms of the underlying loans, as “Gain on guarantee liabilities, net” on the Consolidated Statements of Operations. At the end of each reporting period on a portfolio basis, when the aggregate contingent liability required to be recognized under ASC 450 exceeds the balance of Risk Safeguard Fund payable, the Group records the excess against “Gain on guarantee liabilities, net” on its Consolidated Statements of Operations. Risk Safeguard Fund receivable is recognized and measured at inception at fair value. For loans with original terms greater than 12 months, the Group determines a significant financing component exists in the arrangements. The discount rate, which reflects the credit risk of the customers, was used in adjusting the Risk Safeguard Fund receivable at inception. Interest income resulting from the significant financing component is recorded as “Interest and financial services income” on the Consolidated Statements of Operations. At each reporting date, the Group assesses whether there is any indicator of impairment to the Risk Safeguard Fund receivable as discussed in Note 2(g). An impairment loss is recorded if the carrying amounts of the Risk Safeguard Fund receivable exceed the expected collections. The following table sets forth the activities of the Group’s obligations associated with the Risk Safeguard Fund for the year ended December 31, 2018:
(m) Guarantee derivative liabilities For the off-balance sheet loans funded by certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies, the Group is obligated to compensate the commercial banks or consumer finance companies for the principal and interest repayment of the defaulted loans in case of Borrowers’ default, and full interest repayment according to the loan terms in the event that the Borrowers early repay their loans. Therefore, the Group effectively provides guarantees to the commercial banks or consumer finance companies that include credit risk and prepayment risk. In order to determine the accounting treatment of the guarantees, the Group considered the criteria of scope exception under ASC 815‑10‑15‑58. In order to qualify for this scope exception, the financial guarantee contracts must meet all three of the following criteria: (a) provide for payments to be made solely to reimburse the guaranteed party for failure of the debtor to satisfy its required payment obligations either at prescriptive payment dates or accelerated payment dates as a result of the occurrence of an event of default or notice of acceleration being made to the debtor by the creditor; (b) payment be made only if the debtor’s obligation to make payments as a result of conditions as described in (a) is past due; and (c) the guaranteed party is, as a precondition in the contract for receiving payment of any claim under the guarantee, exposed to the risk of non‑payment both at inception and throughout its term either through direct legal ownership or through a back‑to‑back arrangement. As the guarantee provided by the Group does not solely reimburse these commercial banks or consumer finance companies for failure of the Borrowers to satisfy required payment obligations, but also the future interest in the event of early repayment by the Borrowers, the scope exception under ASC 815-10-15-58(a) is not met. Therefore, these contracts are accounted for as a derivative under ASC 815, Derivatives and Hedging, and are recognized on the Consolidated Balance Sheets as either assets or liabilities and recorded at fair value.
Derivative assets and liabilities within the scope of ASC 815 are required to be recorded at fair value at inception and remeasured at fair value on an ongoing basis in accordance with ASC 820, Fair Value Measurement. Therefore, the financial guarantee derivative liabilities will be subsequently marked to market at the end of each reporting period with gains and losses recognized as change in fair value of financial guarantee derivatives. The estimated fair value of the financial guarantee derivative liabilities is determined by the Group based on a discounted cash flow model, with reference to estimates of cumulative default rates, margins on cost of comparable companies and discount rates, using industry standard valuation techniques with the assistance of an independent valuation firm.
(n) Revenue recognition On January 1, 2018, the Group adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method for all contracts not completed as of the date of adoption. The Group considered relevant accounting guidance and concluded that arrangements for its on-balance sheet loans are out of scope of ASC 606. Therefore, “Interest and financial services income” and “Other revenue” included in “Financial services income” on the Consolidated Statements of Operations should continue to be accounted for in accordance with ASC 310, Receivables. Other revenue streams for the year ended December 31, 2018 were presented under ASC 606, while comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services, net of value-added tax. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. For considerations with original payment terms greater than 12 months, the Group determines a significant financing component exists in the arrangements. The discount rate, which reflects the credit risk of the customers, is used in adjusting the consideration at inception for revenue recognition. Interest income resulting from a significant financing component is recorded as “Interest and financial services income” on the Group’s Consolidated Statements of Operations. The Group recognized a cumulative effect of approximately RMB209.5 million as an increase to the opening balances of retained earnings on January 1, 2018, as a result of the initial application of ASC 606. For the year ended December 31, 2018, the adoption of ASC 606 resulted in an increase in operating revenue of approximately RMB826.1 million as compared with ASC 605, Revenue Recognition, that was in effect in prior periods. The impact primarily resulted from the earlier recognition of revenue under ASC 606 for “Loan facilitation and servicing fees” collectible in monthly installments related to the Group’s off-balance sheet loans. The Group provides the loan facilitation and matching services and post-origination services as multiple deliverable arrangements. Under ASC 605, service fees collectible in monthly installments were considered contingent and, therefore, were not allocable to different deliverables until the contingency was resolved (i.e., upon receipt of the monthly service fees). Under ASC 606, service fees collectible in monthly installments are considered variable consideration which is contingent on a future event occurring. The Group considers the constraint on variable consideration and only recognizes revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is recognized when each of the performance obligations is satisfied at a point in time or over time separately using the total estimated consideration allocated to the different performance obligations based on their relative fair value. Revenue from loan facilitation and matching services is recognized upon successful matching of the Borrowers with various funding parties, and revenue from post-origination services is recognized over the terms of the related contracts. The following table sets forth the cumulative effect of the changes on the Group's Consolidated Balance Sheet as of January 1, 2018 due to the adoption of ASC 606:
The following table sets forth the cumulative effect of the changes on the Group's Consolidated Balance Sheet as of December 31, 2018 due to the adoption of ASC 606:
The following table sets forth the impact on the Group's Consolidated Statements of Operations for the year ended December 3l, 2018 due to the adoption of ASC 606:
* RMB9.9 million of interest and financial services income was recognized resulting from significant financing components of considerations for certain loan facilitation and servicing arrangements. The Group determined that, for “Online direct sales and services income” on the Consolidated Statements of Operations, the adoption of ASC 606 did not significantly change (i) the timing and pattern of revenue recognition, and (ii) the presentation of revenue as gross versus net. The Group’s revenue recognition policies effective on the adoption date of ASC 606 are as follows: Online direct sales and services Online direct sales The Group engages in the online direct sales of electronic products, and to a lesser extent, home appliance products and general merchandise products with installment payment terms mainly through its retail website www.fenqile.com and its APP. Online direct sales revenues are recognized at point-in-time when control of promised goods or services is transferred to the customers, which generally occurs upon the acceptance of the goods or services by the customers. For arrangements where the Group controls the goods or services before they are transferred to the customers as a principal, as it is primarily responsible for fulfilling the promise to provide the goods or services, is subject to inventory risk, and has discretion in establishing prices, revenues are recorded on a gross basis. Otherwise, revenues are recorded on a net basis. The goods or services are generally sold with a right of return, which is accounted for as variable consideration when determining the amount of revenue to recognize. Return allowances are estimated based on historical experiences and insignificant for all of the periods presented. For these transactions, the Group generates financing receivables due from the Borrowers who place orders. The online direct sales revenues and related financing receivables are accounted for as sales of products or services to the Borrowers with extended payment terms and recorded at present value of the contractual cash flows when the Group’s performance obligations are satisfied. The financing receivables initially generated from online direct sales may be subsequently funded with the proceeds from on- or off-balance sheet loans as discussed in Note 2(f). Services and others The Group offers quarterly or annual membership packages to the subscribing members with access to benefits of sales of products and services on the Group’s Platform and APP that represent a single stand-ready obligation, in exchange for upfront premium membership fees. The receipt of premium membership fees is initially recorded as “Deferred services fees” included in “Accrued expenses and other current liabilities” and membership fees are recognized ratably over the terms of the membership packages as the Group’s performance obligation is satisfied over time. The Group also operates an online marketplace that enable third-party sellers to sell their products to customers with installment payment terms. The Group charges the third-party sellers a fixed rate commission fee based on the sales amount for the services rendered. Revenues are recognized at point-in-time when the underlying transactions are completed, i.e., upon acceptance of the underlying goods or services by the Borrowers. In accordance with ASC 606-10-55-39, the Group recognizes the commission fees as revenues from the third-party sellers on a net basis, as the Group is acting as an agent and does not have general inventory risk or does not have discretion to establish prices. For these transactions whereby the Group pays to the third-party sellers on behalf of the Borrowers, the Group generates financing receivables due from the Borrowers, which may be subsequently funded with the proceeds from on- or off-balance sheet loans as discussed in Note 2(f). Financial services Interest and financial services income The Group generates interest and financial services income from its financing receivables. Interest and financial services income is recognized over the terms of financing receivables using the effective interest method. Origination fees collected on the first repayment date, normally one month after the origination of personal installment loans, are recorded as a component of financing receivables, on the Consolidated Balance Sheets. Deferred origination fees are recognized over the terms of personal installment loans. Direct origination costs include costs directly attributable to originating financing receivables, including vendor costs and personnel costs directly related to the time spent by those individuals performing activities related to the origination of financing receivables. Considering the credit risk characteristics of the Borrowers as well as the relatively small amount of each individual financing receivable, the Group determined that direct origination costs incurred for originating individual financing receivables are insignificant and expensed as incurred and recorded in “Processing and servicing cost” in the Consolidated Statements of Operations. Interest and financial services income is not recorded when reasonable doubt exists as to the full, timely collection of interest or principal. Loan facilitation and servicing fees With respect to the off-balance sheet loans, the Group does not record financing receivables arising from these loans nor Funding Debts to the funding parties. The Group earns loan facilitation and servicing fees from these arrangements. Revenues from loan facilitation and matching and post-origination services The Group provides intermediary services to the Borrowers and funding parties, as the lenders. The intermediary services provided include (i) loan facilitation and matching services, (ii) post-origination services (i.e. account maintenance, collection, and payment processing), and (iii) a financial guarantee. The Group has assessed all these services and concludes that loan facilitation and matching services and post-origination services are distinct and therefore are separate performance obligations. The financial guarantee is within the scope of ASC 815, Derivatives and Hedging or ASC 460, Guarantees, where applicable, and recorded at fair value at inception of the loans. The remaining consideration is allocated to each of the performance obligations based on relative standalone selling price of each of the services being provided to customers. The Group primarily uses the expected cost plus a margin approach to determine the relative standalone selling price as a result of the adoption of ASC 606. Revenues from loan facilitation and matching services are recognized at point-in-time upon the successful matching of the borrowing requests from the Borrowers with the funding parties, as the lenders. Revenues from post-origination services are recognized ratably over the terms of the underlying loans as this performance obligation is satisfied over time. Revenues from Investment Program management services The Group provides ongoing management services to the Individual Investors pursuant to the Investment Programs under the New Model, including (i) initial matching of the investment funds from the Individual Investors and (ii) continuous re-matching of the monthly repayment from the Borrowers with any new borrowing requests to generate investment returns for the Individual Investors over the terms of the Investment Programs. The customers (i.e. the Individual Investors) simultaneously receive and consume the benefits provided by the Group’s performance throughout the terms of the Investment Programs. The Group concludes that the ongoing management services is a distinct service being provided over the time in accordance with ASC 606, therefore the revenues from Investment Program management services are recognized over the terms of the Investment Programs, using a straight-line method. The Group considers the options to the Individual Investors to renew the contract term of Investment Programs to purchase additional future services with a lower service fee rate, if any, as a material right to customers therefore is a separate performance obligation. The transaction price allocated to such options are deferred to be recognized as revenues when the relevant future services are transferred or when the options expire. The remaining consideration is allocated to each of the performance obligations based on relative standalone selling price of each of the services being provided to customers. The Group determines the relative standalone selling price of such options primarily based on historical data of the discounts that the customers obtain from exercising such options. Other revenue Other revenue includes fees collected for prepayment and late payment for on‑balance sheet loans, which is calculated as a certain percentage of interest over the prepaid principal loan amount in case of prepayment or a certain percentage of past due amounts in case of late payment. Customer incentives In order to incentivize the individual customers to use the Platform and APP, the Group provides two major types of incentive coupons: cash coupons that have a stated discount amount that reduces the selling price of a future purchase of product and repayment coupons that have a stated discount amount that reduce a future repayment on the installment purchase loans or personal installment loans. Both cash coupons and repayment coupons are given for free at the Group’s discretion, which are not linked to any transactions or previous transactions from the Platform and APP when they are given. In accordance with ASC 606-10-32-27, cash coupons and repayment coupons are accounted for as a reduction of revenue of the Group upon the future purchase or application by the customers. The amount of cash coupons recognized as a reduction of revenue was RMB125.0 million, RMB209.4 million and RMB310.5 million for the years ended December 31, 2016, 2017 and 2018, respectively. The amount of repayment coupons recognized as a reduction of revenue was not material for all the periods presented. The Group offers a referral code incentive in cash to existing Borrowers for promoting its Platform and APP. Referral code incentives are granted to existing Borrowers for each new Borrower who successfully signs up on the Platform and APP using the existing Borrowers’ referral codes and has been granted a credit line. Referral code incentives, amounting to RMB37.2 million, RMB15.0 million and RMB13.1 million, were recorded as sales and marketing expenses on the Consolidated Statements of Operations for the years ended December 31, 2016, 2017 and 2018, respectively. Contract balances The Group classifies its right to consideration in exchange for products or services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. Generally, the amount of revenue recognized from loan facilitation and matching services and Investment Program management services exceeds the amount billed to customers following the predetermined payment schedules at inception of the loans. The Group does not have an unconditional right to such exceeding amount. Service fees receivable represent the considerations for which the Group has satisfied its performance obligations and has the unconditional right to consideration. At each reporting date, the Group assesses whether there is any indicator of impairment to the contract assets and service fees receivable as discussed in Note 2(g). An impairment loss, if any, is recorded as “Provision for credit losses of contract assets and service fees receivable” on the Consolidated Statements of Operations. Contract liabilities relate to unsatisfied performance obligations at the end of each reporting period and consist of cash payment received in advance from customers in membership services and post-origination services, which is recorded as “Deferred service fees” included in “Accrued expenses and other current liabilities” (Note 10) on the Consolidated Balance Sheets. The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was RMB52.6 million for the year ended December 31, 2018. The following table provides information about the Group’s service fees receivable and contract balances with its customers:
Remaining performance obligations The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Additionally, as a practical expedient, the Group does not include contracts that have an original duration of one year or less. As of December 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was RMB601.6 million. Given the profile of contract terms, substantially all of the remaining performance obligation is expected to be recognized as revenue over the next three years. Practical expedients The Group has used the following practical expedients as allowed under ASC 606: The remaining performance obligation has not been disclosed when the performance obligation is part of a contract that has an original duration of one year or less. The Group expenses sales commissions as incurred when the amortization period is one year or less. Sales commission expenses are recorded within “Sales and marketing expenses” on the Consolidated Statements of Operations. Disaggregation of revenues within the scope of ASC 606 The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by revenue sources:
The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by timing of revenue recognition:
(o) Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. As of December 31, 2017 and 2018, the Group did not have any cash equivalents. (p) Restricted cash Restricted cash mainly represents: (i) cash received from the Borrowers but not yet been repaid to the funding parties or received from the funding parties but not yet been remitted to the Borrowers which is not available to fund the general liquidity needs of the Group; (ii) security deposits set aside for partnering commercial banks or certain Institutional Funding Partners in case of Borrowers’ defaults; and (iii) cash set aside under the QAP or RSS through third-party custody bank accounts. In November 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Group adopted the amendments on January 1, 2018 on a basis of using a retrospective transition method to each period presented. The changes in restricted cash on the Consolidated Statements of Cash Flows of RMB146.5 million, RMB435.9 million and RMB740.0 million for the years ended December 31, 2016, 2017 and 2018, respectively, were no longer presented within investing activities and were retrospectively included in the changes of cash and cash equivalents and restricted cash as required. (q) Restricted time deposits Time deposits securing the Group’s short‑term and long‑term borrowings from financial institutions are treated as restricted time deposits on the Consolidated Balance Sheets. Short‑term and long‑term borrowings are designated to support the Group’s general operation and could not be used to fund the Group’s financing receivables. (r) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value. Cost of inventory is determined using the first‑in first‑out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Adjustments are recorded to write down the cost of inventory to the net realizable value due to slow‑moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write-downs are recorded in cost of revenues in the Consolidated Statements of Operations. As of December 31, 2017 and 2018, all inventory balances were products available for sale. The Group also provides fulfillment‑related services in connection with the Group’s online marketplace. Third‑party sellers maintain ownership of their inventories and therefore these products are not included in the Group’s inventories.
(s) Long‑term investments The Group’s long-term investments consist of equity investments in privately held companies and a debt investment in forms of a loan for which the Group has the intent and ability to hold to maturity or payoff. Prior to adopting ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018, for those equity investments over which the Group does not have significant influence and without readily determinable fair value, the Group carried the investment at cost and only adjusted for other-than-temporary declines in fair value and for distributions of earnings that exceed the Group’s share of earnings. On January 1, 2018, the Group adopted ASU No. 2016-01 and started to measure long-term equity investments, other than equity method investments, at fair value through earnings. For those investments over which the Group does not have significant influence and without readily determinable fair value, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group also makes a qualitative assessment of whether these investments are impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group has to recognize an impairment loss equal to the difference between the carrying value and fair value on its Consolidated Statements of Operations. The loan held for long-term investment is carried at outstanding principal adjusted for any write-offs, and allowance for loan losses, any deferred fees or cost, and any unamortized premiums or discounts on the Consolidated Balance Sheets. The Group records the interest income associated with the debt investment using effective interest rate method on the Consolidated Statements of Operations. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable.
(t) Property, equipment and software, net Property, equipment and software, net are stated at cost less accumulated depreciation, amortization and impairment, if any. Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
(u) Impairment of long‑lived assets Long‑lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long‑lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets.
(v) Fair value measurements Financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:
Fair value measurements on a recurring basis The carrying amount of cash and cash equivalents, restricted cash, amounts due from related parties, accounts payable, and amounts due to related parties approximates fair value because of their short-term nature. Financing receivables are measured at amortized cost. Funding Debts and accrued interest payable are carried at amortized cost. The carrying amount of the financing receivables, Funding Debts, accrued interest receivable, and accrued interest payable approximates their respective fair value as the interest rates applied reflect the current quoted market yield for comparable financial instruments. For the off-balance sheet loans funded by certain third-party commercial banks or consumer finance companies, the Group accounts for financial guarantee provided to the commercial banks or consumer finance companies at fair value (Note 7). The Group uses significant unobservable inputs to measure the fair value of these guarantee liabilities (Level 3). The Group considers unobservable inputs to be significant, if, by their exclusion, the estimated fair value of a Level 3 asset or liability would be impacted by a significant percentage change, or based on qualitative factors such as the nature of the instrument and significance of the unobservable inputs relative to other inputs used within the valuation. Fair value measurements on a non-recurring basis The Group measures certain financial assets, including the equity investments under the cost method prior to the adoption of ASU No. 2016-01, at fair value on a non-recurring basis only if an impairment charge were to be recognized. Starting on January 1, 2018, the Group’s long-term equity investments are measured at fair value on a nonrecurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price change in an orderly transaction for identical or similar investments of the same issuer. The Group’s non-financial assets, such as property, equipment and software, would be measured at fair value only if they were determined to be impaired.
(w) Cost of sales Cost of sales consists of purchase price of the products, shipping charges and handling costs, as well as write-downs of inventory. Shipping charges to receive products from suppliers are included in the inventories, and recognized as cost of sales upon sale of the products to customers. For each of the periods presented, write-downs of inventory were insignificant.
(x) Funding cost Funding cost consists of interest expense the Group pays to Individual Investors on Juzi Licai, and other funding partners, including certain Institutional Funding Partners and third-party investors of the consolidated Trusts and the asset backed securitized debts, to fund its on-balance sheet loans, certain fees and amortization of deferred debt issuance costs incurred in connection with obtaining these debts, such as origination fees and legal fees.
(y) Processing and servicing cost Processing and servicing cost consists primarily of vendor costs related to credit assessment, customer and system support, payment processing services and collection services associated with originating, facilitating and servicing the loans.
(z) Sales and marketing expenses Sales and marketing expenses consist primarily of advertising costs and payroll and related expenses for personnel engaged in marketing and business development activities. Advertising costs, which consist primarily costs of online advertising and offline outdoor promotion activities, are expensed as incurred and are included within sales and marketing expenses on the Consolidated Statements of Operations. For the years ended December 31, 2016, 2017 and 2018, advertising costs totaled RMB104.9 million, RMB98.5 million and RMB199.5 million, respectively.
(aa) Research and development expenses Research and development expenses consist primarily of payroll and related expenses for IT professionals involved in developing technology platform and website, server and other equipment depreciation, bandwidth and data center costs. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant. (bb) General and administrative expenses General and administrative expenses consist of payroll and related expenses for employees involved in general corporate functions, including finance, legal and human resources; costs associated with use of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. (cc) Operating leases The Group leases office space under operating lease agreements with initial lease term up to five years. Rental expense is recognized from the date of initial possession of the leased property on a straight‑line basis over the term of the lease and charged to earnings. Certain lease agreements contain rent holidays, which are recognized on a straight‑line basis over the lease term. Lease renewal periods are considered on a lease‑by‑lease basis and are generally not included in the initial lease terms. (dd) Share‑based compensation Share-based awards granted to the Group’s employees, directors and non-employee directors, such as stock options and restricted share units, are measured at the grant date based on the fair value of the awards in accordance with ASC 718, Compensation-Stock Compensation. Share-based compensation, net of estimated forfeitures, is recognized as expenses on a straight-line basis over the requisite service period, which is the vesting period. The modification of the terms or conditions of the existing shared-based award is treated as an exchange of the original award for a new award. The incremental compensation expenses are equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For stock options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For stock options still unvested as of the modification date, the incremental compensation expenses are recognized over the remaining service period of these stock options. Share-based awards granted to non-employees are accounted for in accordance with ASC 505-50, Equity-Based Payments to Non-Employee. All transactions in which services are received in exchange for share-based awards are accounted for based on the fair value of the consideration received or the fair value of the awards issued, whichever is more reliably measurable. Share-based compensation is measured at fair value at the earlier of the commitment date or the date the services are completed. The Group remeasures the awards using the then-current fair value at each reporting date until the measurement date, generally when the services are completed and awards are vested, and attributes the changes in those fair values over the service period by straight-line method. Stock options and restricted share units granted generally vest over four years. Prior to completion of the IPO, the exercise price of each granted stock option was US$0.0001, the Company used intrinsic value (approximately the fair value of each of the Company's ordinary share) on the grant date to estimate the fair value of the stock options granted. After the IPO, the exercise price of each granted stock option is determined by the closing price of the Company’s ordinary share on the grant date. Therefore, the Company utilizes the binomial option pricing model to estimate the fair value of stock options granted after the IPO, with the assistance of an independent valuation firm. The fair value of each granted restricted share unit is determined by the closing price of the Company’s ordinary share on the grant date. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate forfeitures of share-based awards and records share‑based compensation expenses only for those awards that are expected to vest. See Note 19 for further discussion on share‑based compensation. (ee) Fair value of Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares Shares of the Company, which did not have quoted market prices before the IPO, were valued based on the income approach. The income approach involves applying the discounted cash flow analysis based on projected cash flows using the Group’s best estimate as of the valuation dates. Estimating future cash flows requires the Group to analyze projected revenue growth, gross margins, effective tax rates, capital expenditures and working capital requirements. In determining an appropriate discount rate, the Group considered the cost of equity and the rate of return expected by venture capitalists. The Group also applied a discount for lack of marketability given that the shares underlying the award were not publicly traded at the time of grant. Determination of estimated fair value of the Group requires complex and subjective judgments due to its limited financial and operating history, unique business risks and limited public information on companies in China similar to the Group. Option-pricing method was used to allocate enterprise value to Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares. The method treats Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares as call options on the enterprise’s value, with exercise prices based on the liquidation preference of Pre-IPO Preferred Shares. The strike prices of the “options” based on the characteristics of the Group’s capital structure, including number of shares of each class of ordinary shares, seniority levels, liquidation preferences, and conversion values for Pre-IPO Preferred Shares. The option-pricing method also involves making estimates of the anticipated timing of a potential liquidity event, such as a sale of the Group or an IPO, and estimates of the volatility of the Group’s equity securities. The anticipated timing is based on the plans of board of directors and management of the Group. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies. (ff) Taxation Income tax Current income tax is provided for in accordance with the laws of the relevant tax jurisdictions. Deferred income tax is provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more‑likely‑than‑not to be realized. In making such a determination, the Group considers all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more‑likely‑than‑not that some portion, or all, of the deferred tax assets will not be realized. Uncertain tax positions To assess uncertain tax positions, the Group applies a more‑likely‑than‑not threshold and a two‑step approach for the tax position measurement and financial statement recognition. Under the two‑step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more‑likely‑than‑not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likelihood of being realized upon settlement. The Group classifies interest and penalties related to income tax matters, if any, in income tax expense. (gg) (Loss)/income per share Basic (loss)/income per share is computed by dividing net (loss)/income attributable to ordinary shareholders, considering the accretion to redemption value of Pre-IPO Preferred Shares, allocation of net income attributable to Pre-IPO Preferred Shares and deemed dividend to a preferred shareholder, by the weighted average number of ordinary shares outstanding during the period using the two-class method. The two-class method was used to calculate the basic net (loss)/income per ordinary share for periods prior to the completion of the IPO, since the Pre-IPO Preferred Shares were entitled to participation with Pre-IPO Class A Ordinary Shares in the Company’s undistributed net income and therefore were deemed to be participating securities. After the IPO, net (loss)/income per ordinary share are computed on Class A Ordinary Shares and Class B Ordinary Shares together, because both classes have the same dividend rights in the Company’s undistributed net income. Under the two-class method, net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted (loss)/income per share is calculated by dividing net (loss)/income attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the Pre-IPO Preferred Shares and convertible loans, for periods prior to the completion of the IPO, using the if-converted method, and ordinary shares issuable upon the exercise of outstanding stock options and vesting of restricted share units, using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted (loss)/income per share calculation when inclusion of such shares would be anti-dilutive. (hh) Segment reporting The Group engages primarily in online direct sales services and online consumer finance services for its customers in the PRC. The Group does not distinguish between markets or segments for the purpose of internal reports. The Group does not distinguish revenues, costs and expenses between segments in its internal reporting, and reports costs and expenses by nature as a whole. The Group’s chief operating decision maker, who has been identified as the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. As most of the Group’s long‑lived assets are all located in the PRC and all the Group’s revenues are derived from the PRC, no geographical segments are presented. (ii) Statutory reserves The Company’s subsidiaries, VIEs and VIEs’ subsidiaries established in the PRC are required to make appropriations to certain non‑distributable reserve funds. In accordance with the laws applicable to the Foreign Investment Enterprises (“FIEs”) established in the PRC, the Group’s subsidiaries registered as wholly foreign‑owned enterprises (“WFOEs”) have to make appropriations from its annual after‑tax profits as determined under Generally Accepted Accounting Principles in the PRC (“PRC GAAP”) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the annual after‑tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion. In addition, in accordance with the PRC Company Laws, the Group’s VIEs and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their annual after‑tax profits as determined under PRC GAAP to non‑distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the annual after‑tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the respective company’s discretion. The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of all employees. None of these reserves is allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2016, 2017 and 2018, profit appropriation to general reserve fund and statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB1.9 million, RMB53.9 million and RMB144.4 million respectively. No appropriation to other reserve funds was made for any of the periods presented. (jj) Significant risks and uncertainties Foreign currency risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents, restricted cash and restricted time deposits denominated in RMB that are subject to such government controls amounted to RMB1,073.4million and RMB2,818.6 million as of December 31, 2017 and 2018, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Concentration of credit risk Credit risk is one of the most significant risks for the Group’s installment purchase loans and personal installment loans businesses. The Group records provision for credit losses based on its estimated probable losses against its financing receivables. Apart from the financing receivables, financial instruments that potentially expose the Group to significant concentration of credit risk primarily included in the financial statement line items of cash and cash equivalents, restricted cash, restricted time deposits, accrued interest receivable, prepaid expenses and other current assets, risk safeguard fund receivable, service fees receivable and contract assets. The Group holds its cash and cash equivalents, restricted cash and restricted time deposits at reputable financial institutions in the PRC and at international financial institutions with high ratings from internationally recognized rating agencies. As of December 31, 2018, almost 100% of the Group’s cash and cash equivalents, restricted cash and restricted time deposits were held in the financial institutions in the PRC and the remaining cash and cash equivalents, restricted cash and restricted time deposits were held in one financial institution outside the PRC. Financing receivables, accrued interest receivable, service fees receivable and contract assets are typically unsecured and are derived from revenues earned from customers in the PRC. The risk with respect to these receivables and contract assets are mitigated by credit evaluations the Group performs on its Borrowers and the Group’s ongoing monitoring process of outstanding balances. Concentration of customers, suppliers, and funding parties There was no revenue from customers which individually represented greater than 10% of the total operating revenue for any year of the three-years period ended December 31, 2018. There was no financing receivables due from customers of the Group that individually accounted for greater than 10% of the Group’s carrying amount of financing receivables as of December 31, 2017 and 2018, respectively. There were three, two, two inventory suppliers accounted for more than 10% of the Group’s total purchases for the years ended December 31, 2016,2017 and 2018, respectively. There was no supplier accounted for more than 10% of the Group’s accounts payable as of December 31, 2017. Only one supplier accounted for more than 10% of the Group's accounts payable as of December 31, 2018 as follows:
*Less than 10%. There was no funding parties, including Individual Investor or Institutional Funding Partner, that accounted for more than 10% of the Group’s total funding cost for the years ended December 31, 2016, 2017 and 2018, respectively. There was no Individual Investor or Institutional Funding Partner that accounted for more than 10% of the Group’s Funding Debts as of December 31, 2017. Only one Institutional Funding Partner accounted for more than 10% of the Group's Funding Debts as of December 31, 2018 as follows:
*Less than 10%. (kk) Recent accounting pronouncements The Group previously qualified as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group was not required to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In 2018, the Group elected to “opt out” of such exemption afforded to an EGC and, as a result, the Group has adopted all applicable accounting standards which have been effective for public companies for the year beginning on January 1, 2018, for the preparation of the financial information for the year ended December 31, 2018. The adoption of these new accounting standards has a significant impact on the Group’s consolidated financial statements as discussed in the notes of relevant accounting policies. For the year ended December 31, 2018, the total operating revenue of the Group exceeded US$1.07 billion. Therefore, the Group no longer qualified as an EGC as of December 31, 2018, pursuant to the JOBS Act. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires that a lessee should recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expenses for such lease generally on a straight-line basis over the lease term. ASU No. 2016-02 is effective for public business entities for annual reporting periods and interim periods within those years beginning after December 15, 2018. The Group adopted ASU 2016-02 No. on January 1, 2019 using the modified retrospective method. The Group currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Group’s Consolidated Balance Sheets for certain in-scope operating leases. The Group does not expect any material impact on net assets and the Consolidated Statements of Operations as a result of adopting the new standard. In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective for the Group on January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which the Group is required to recognize an allowance based on its estimate of expected credit losses. The Group is in the process of implementing changes to its systems and processes in conjunction with the review of existing model and methodology of credit losses. The Group is currently evaluating the impact, and expects this ASU will have a material impact on the consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, which may lower their cost and reduce volatility in the income statement. The Group adopted this new standard effective on January 1, 2019. The adoption of ASU No. 2018-07 did not have a material impact on the Group’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Group is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FINANCING RECEIVABLES, NET |
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| FINANCING RECEIVABLES, NET | 3. FINANCING RECEIVABLES, NET Financing receivables, net as of December 31, 2017 and 2018 consisted of the followings:
These balances represent short‑term and long‑term financing receivables generated from installment purchase loans and personal installment loans transacted on the Group’s Platform and APP with an original term generally up to three years and do not have collateral. The weighted average interest rates of these financing receivables were 24.5% and 24.7% as of December 31, 2017 and 2018, respectively. As of December 31, 2017, installment purchase loans and personal installment loans that were collectively evaluated for impairment were RMB1,190.7 million and RMB10,821.7 million, respectively. As of December 31, 2017, installment purchase loans and personal installment loans that were individually evaluated for impairment were RMB87.0 million and RMB460.1 million, respectively. As of December 31, 2018, installment purchase loans and personal installment loans that were collectively evaluated for impairment were RMB974.6 million and RMB5,833.1 million, respectively. As of December 31, 2018, installment purchase loans and personal installment loans that were individually evaluated for impairment were RMB120.9 million and RMB1,296.4 million, respectively. As of December 31, 2017 and 2018, installment purchase loans and personal installment loans that were individually evaluated for impairment were all charged off, respectively, given the Group determined it was probable that the Group will be unable to collect unpaid principal amount on those loans. The following table summarizes the balances of financing receivables by due date as of December 31, 2017 and 2018:
The activities in the provision for credit losses of financing receivables for the years ended December 31, 2016, 2017 and 2018, respectively, consisted of the following:
As of December 31, 2017, allowance for credit losses of financing receivables that was collectively and individually evaluated for impairment was RMB370.2 million and RMB547.1 million, respectively. As of December 31, 2018, allowance for credit losses of financing receivables that was collectively and individually evaluated for impairment was RMB384.0 million and RMB1,417.3 million, respectively. Aging analysis of past due financing receivables as of December 31, 2017 and 2018 are as follows:
The Group evaluates the creditworthiness and collectability of its financing receivable portfolio on a pooled basis, due to its composition of small, homogeneous financing receivables with similar general credit risk characteristics. Financing receivables amounting to RMB193.0 million and RMB235.6 million as of December 31, 2017 and 2018, respectively, were in non‑accrual status. Interest and financial services income for non‑accrual financing receivables is recognized on a cash basis. Cash receipt of non‑accrual financing receivables would be first applied to any unpaid principal, late payment fees, if any, before recognizing interest and financial services income. For the years ended December 31, 2016, 2017 and 2018, interest and financial services income earned from non‑accrual financing receivables were RMB37.1 million, RMB86.0 million and RMB102.8 million, respectively. As of December 31, 2017 and 2018, financing receivables amounting to RMB75.8 million and RMB42.4 million have been pledged as collaterals pursuant to investment agreements with certain Institutional Funding Partners (Note 8) and credit facility arrangements with lending financial institutions (Note 9). For the years ended December 31, 2016, 2017 and 2018, net deferred origination fees associated with the financing receivables amounting to RMB67.4 million, RMB168.4 million and RMB14.5 million have been recognized as adjustments to interest and financial services income over the terms of the personal installment loans. Credit Quality Indicators The Group developed its credit assessment model based on the historical delinquency performance of the Borrowers as well as information submitted in the Borrowers’ credit applications. The credit assessment model is designed to predict the likelihood that a Borrower will be delinquent in the future. The Group assigns one of the seven credit risk levels to each Borrower, with risk level A representing the lowest risk, risk level F representing the highest risk and risk level N representing Borrowers who are approved for trial purposes only and will be separately tracked accordingly. The key factors the Group considers in determining the credit risk level of each Borrower include geographic location, education background, level of income, etc. The Group updates the information for each of the risk levels on a regularly basis. The following tables present the net recorded investment of financing receivables, by credit quality indicator, as of December 31, 2017 and 2018.
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PREPAID EXPENSES AND OTHER CURRENT ASSETS |
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| PREPAID EXPENSES AND OTHER CURRENT ASSETS | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS
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- Definition Entire disclosure for assets related to consideration paid in advance for costs that provide economic benefit in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. No definition available.
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PROPERTY, EQUIPMENT AND SOFTWARE, NET |
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| PROPERTY, EQUIPMENT AND SOFTWARE, NET | 5. PROPERTY, EQUIPMENT AND SOFTWARE, NET
Depreciation and amortization expenses on property, equipment and software for the years ended December 31, 2016, 2017 and 2018 were RMB4.6 million, RMB18.9 million and RMB30.4 million, respectively. |
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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LONG-TERM INVESTMENTS |
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| LONG-TERM INVESTMENTS | 6. LONG‑TERM INVESTMENTS Equity investments As of December 31, 2017 and 2018, the Group’s equity investments primarily included an investment of preferred shares in a privately held company, which operates an online consumer finance platform in India. These preferred shares invested are not considered in-substance ordinary shares and do not have readily determinable fair value. Prior to the adoption of ASU No. 2016-01, the carrying value of the Group’s cost method equity investments was RMB23.5 million as of December 31, 2017. After the adoption of ASU No. 2016-01 on January 1, 2018, these cost method equity investments were measured using the measurement alternative (Note 2(s)). The carrying value of the Group’s equity investments measured at fair value was RMB28.2 million as of December 31, 2018. Unrealized upward adjustments of fair value of equity investments for the year ended December 31, 2018 were RMB18.8 million for the observable price changes in orderly transactions for the identical or similar investment of the same issuer. In 2018, the Croup recognized RMB15.2 million impairment related to investments without readily determinable fair value and no other downward adjustment was related to investments without readily determinable fair value. The following table summarizes the total carrying value of the Group’s equity investments measured using the measurement alternative as of December 31, 2018 including cumulative unrealized upward or downward adjustments and impairment charges:
Debt investment The debt investment is in the form of an interest-bearing loan to an investee, acquired by the Group in September 2018, with a principal of RMB120.0 million that matures in July 2026. The coupon rate of the loan acquired by the Group is a floating rate linked to the benchmark rate of the PBOC. The loan was to provide the initial operating fund to the investee. The Group has the intent and ability to hold the loan to maturity or payoff. As of December 31, 2018, the Group's loan receivable recorded at amortized cost was RMB157.9 million. The interest income in relation to this loan receivable recorded was RMB1.5 million for the year ended December 31, 2018. Investment-related impairment Management regularly evaluates the impairment of long-term investments based on performance and financial position of the investee as well as other evidence of market value. For the years ended December 31, 2016, 2017 and 2018, the Group recorded impairment charges for long-term investments of RMB5.6 million, RMB0.9 million and RMB15.2 million, respectively. |
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- Definition The entire disclosure for investments, including all tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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FAIR VALUE MEASUREMENT |
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| FAIR VALUE MEASUREMENT | 7. FAIR VALUE MEASUREMENT Recurring The following table presents the fair value hierarchy for the Group’s assets and liabilities that are measured and recorded at fair value on a recurring basis as of December 31, 2017 and 2018:
The fair value of the Group’s restricted time deposits is determined based on the prevailing interest rates for similar products in the market (Level 2). For the off-balance sheet loans funded by certain third-party commercial banks or consumer finance companies, as the Group’s financial guarantee provided to the third-party commercial banks or consumer finance companies does not trade in an active market with readily observable quoted prices, the Group uses significant unobservable inputs to measure the fair value of these guarantee derivative liabilities (Level 3). Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities became unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 and Level 3 during each of the periods presented. Significant Unobservable Inputs The Group uses a discounted cash flows model to estimate fair value of the guarantee derivative liabilities. The following table presents quantitative information about the significant unobservable inputs used for the Group’s Level 3 fair value measurement as of December 31, 2017 and 2018:
The following table summarizes the activities related to fair value of the guarantee derivative liabilities:
Significant Recurring Level 3 Fair Value Liability Input Sensitivity Changes in certain of the unobservable inputs noted above may have a significant impact on the fair value of the guarantee derivative liabilities. The following table summarizes the effect adverse changes in estimate would have on the fair value of the guarantee derivative liabilities as of December 31, 2017 and 2018, respectively, given a hypothetical changes in the cumulative default rates:
Other financial instruments The followings are other financial instruments not measured at fair value on the Consolidated Balance Sheets, but for which the fair value is estimated for disclosure purposes. Cash and cash equivalents, current restricted cash and amounts due from related parties are financial assets with carrying amounts that approximate fair value due to their short‑term nature. Accounts payable and amounts due to related parties are financial liabilities with carrying amounts that approximate fair value because of their short‑term nature. Non‑recurring The Group measures certain financial assets, including the equity investments under the cost method prior to the adoption of ASU No. 2016-01, at fair value on a non-recurring basis only if an impairment charge were to be recognized. Starting on January 1, 2018, the Group’s long-term equity investments are measured at fair value on a non-recurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. The Group’s non‑financial assets, such as property, equipment and software, would be measured at fair value only if they were determined to be impaired. |
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- References No definition available.
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FUNDING DEBTS |
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| FUNDING DEBTS | 8. FUNDING DEBTS The following table summarizes the Group’s outstanding Funding Debts as of December 31, 2017 and 2018, respectively:
For the years ended December 31, 2016, 2017 and 2018, the following significant activities took place related to the Group’s funding parties: Liabilities to Individual Investors on Juzi Licai under the Old Model The Group finances its on-balance sheet loans using the proceeds from Individual Investors on Juzi Licai by offering various investment programs. As of December 31, 2017 and 2018,the terms of those programs were all within 24 months with weighted average interest rates of 7.6%. As of December 31, 2017 and 2018, Individual Investors on Juzi Licai funded an aggregate amount of RMB9,253.4 million and RMB3,341.4 million in outstanding financing receivables originated by the Group, respectively. Liabilities to other funding partners The Group finances its on-balance sheet loans using the proceeds from other funding partners, including certain Institutional Funding Partners and the third-party investors of the consolidated Trusts. As part of the arrangement with each of Institutional Funding Partners, the Group and Institutional Funding Partners typically agree on an aggregated amount of funds to be provided, maximum credit limit given to an individual Borrower, maximum borrowing term and an annualized interest rate. The Group also invests in its on-balance sheet loans using funds from the consolidated Trusts contributed by the Group and/or other third-party investors. The Trusts are administered by third-party trust companies, which act as the trustees, for the purposes of providing returns to the beneficiary of the Trusts. Those liabilities to other funding partners bearing weighted average interest rates of 7.7% and 10.0% as of December 31, 2017 and 2018, respectively. As of December 31, 2017 and 2018, other funding partners funded an aggregate amount of RMB1,157.7 million and RMB2,374.7 million in outstanding financing receivables originated by the Group, respectively. As of December 31, 2017 and 2018, financing receivables amounting to nil and RMB34.9 million were pledged as collaterals to secure the underlying loans funded by other funding partners, respectively. Asset-backed securitized debts In December 2015, the Group, through its VIE, Shenzhen Fenqile, created an ABS Plan with a final maturity of January 2018. As of December 31, 2017 and 2018, there were no financing receivables funded under the ABS Plan. Maturities of Funding Debts The following table summarizes the contractual maturity dates of the Group’s Funding Debts and associated interest payments as of December 31, 2018.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SHORT-TERM AND LONG-TERM BORROWINGS |
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| SHORT-TERM AND LONG-TERM BORROWINGS | |
| SHORT-TERM AND LONG-TERM BORROWINGS | 9. SHORT‑TERM AND LONG‑TERM BORROWINGS As of December 31, 2017 and 2018, the Group had short-term borrowings primarily from banks with weighted average interest rates of approximately 6.2% and 5.3% per annum, respectively. Such borrowings are all denominated in RMB. As of December 31, 2017, the Group had long-term borrowings from banks with weighted average interest rates of approximately 7.3% per annum. Such borrowings are all denominated in RMB. The Group had no long-term borrowings as of December 31, 2018. The Group’s certain borrowings, amounting to RMB169.1 million and RMB372.5 million, as of December 31, 2017 and 2018, respectively, are collateralized by a pledge of the Group’s time deposits and financing receivables. As of December 31, 2017, the outstanding balance of short-term and long-term borrowings was secured by RMB4.1 million time deposits and RMB75.8 million financing receivables of the Group pledged as collateral. As of December 31, 2018, the outstanding balance of short-term borrowings was secured by RMB340.0 million time deposits and RMB7.5 million financing receivables of the Group pledged as collateral. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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| ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
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- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period. No definition available.
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RELATED PARTY BALANCES AND TRANSACTIONS |
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| RELATED PARTY BALANCES AND TRANSACTIONS | 11. RELATED PARTY BALANCES AND TRANSACTIONS The table below sets forth major related parties of the Group and their relationships with the Group:
The Group believes that the terms of the transactions with the related parties are comparable to the terms of arm’s‑length transactions with third‑party vendors and Individual Investors. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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TAXATION |
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| TAXATION | 12. TAXATION
During the periods presented, the Group is subject to 17% or 16% VAT for online direct sales revenues from sales of electronic products, home appliance products and general merchandise products, and 6% for premium membership fees, third-party sellers’ commission fees, and financial services income earned from rendering services to its customers in the PRC. The Group is also subject to surcharges on VAT payments according to PRC tax law.
Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong 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. PRC The Enterprise Income Tax (“EIT”) Law generally applies a statutory income tax rate of 25% to all enterprises, but grants preferential tax treatment to qualified High and New Technology Enterprises (“HNTEs”) and Software Enterprises. Qianhai Juzi qualified as an HNTE and is entitled for a preferential income tax rate of 15% from 2017 to 2019, provided that it is qualified as an HNTE during such periods. Shenzhen Lexin Software and Shenzhen Dingsheng Technology qualify as Software Enterprises and are entitled to an income tax exemption for the two years beginning with their respective first profitable year and a preferential income tax rate of 12.5% for the subsequent three years. Mengtian Technology, qualified as a Software Enterprise, started to enjoy income tax exemption from its first profitable year in 2013 and was subject to a reduced enterprise income tax rate of 12.5% from 2015 to 2017. The Group’s other PRC subsidiaries, VIEs and VIEs’ subsidiaries are subject to the statutory income tax rate of 25%. PRC Withholding Tax on Dividends Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by FIEs in the PRC to its foreign investors who are non‑resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with the PRC. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered resident enterprises for the PRC income tax purposes if the place of effective management or control of the entity is within the PRC. The implementation rules to the EIT Law provide that non‑resident legal entities will be considered as PRC resident enterprises if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the Group’s entities organized outside of the PRC should be treated as resident enterprises for the PRC income tax purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed as resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax, at a rate of 25%. The components of the Group’s (loss )/income before income tax expense for the years ended December 31, 2016, 2017 and 2018 are as follows:
Composition of income tax expense for China operations The following table sets forth current and deferred portion of income tax expense of the Company’s China subsidiaries, VIEs, and subsidiaries of the VIEs:
The following table sets forth reconciliation between the statutory EIT rate and the effective tax rate for the Group’s China operations:
*The Group’s PRC subsidiaries completed 2017 annual tax filings with relevant tax authorities in May 2018. The tax filing results provided additional insights as to the pre-tax deduction of qualified provision for credit losses of financing receivables. Accordingly, current income tax liability of RMB78.0 million and valuation allowance of RMB114.7 million recognized as of December 31, 2017 in relation to the Group’s provision for credit losses of financing receivables were reversed in 2018. The following table sets forth the effect of tax holiday related to China operations:
Deferred tax assets and deferred tax liabilities Deferred income tax expense reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the deferred tax assets are as follows:
The components of the deferred tax liabilities are as follows:
Movement of valuation allowance
Valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. The statutory income tax rate of 25% or applicable preferential income tax rates were applied when calculating deferred tax assets. As of December 31, 2017, the Group provided full valuation allowance of RMB241.9 million for the deferred tax assets related to provision for credit losses. Given that the Group had limited successful experience in getting approval from the relevant tax authorities for the deduction of the tax allowance on provision for credit losses at that time, the Group concluded it was more-likely-than-not that these deferred tax assets would not be realized going forward. As of December 31, 2018, the Group evaluated a variety of factors including the successful experiences in pre-tax deduction of provision for credit losses in 2017 annual tax filing completed in May 2018, and concluded that the deferred tax assets arose from provision for credit losses are more-likely-than-not to be realized going forward. Therefore, no valuation allowance was provided for the provision for credit losses as of December 31, 2018. As of December 31, 2017 and 2018 the Group had net operating loss carryforwards of approximately RMB35.5 million and RMB34.7 million, respectively, which arose from the Group’s certain subsidiaries, VIEs and the VIEs’ subsidiaries established in the PRC. As of December 31, 2017 and 2018, deferred tax assets arose from the net operating loss carryforwards amounted to RMB16.8 million and RMB19.9 million was provided for full valuation allowance respectively, while the remaining RMB18.7 million and RMB14.8 million is expected to be utilized prior to expiration considering future taxable income for respective entities. As of December 31, 2018, the net operating loss carryforwards of RMB0.1 million, RMB15.3 million and RMB19.3 million will expire in 2021, 2022 and 2023, respectively, if not utilized. The Company intends to indefinitely reinvest all the undistributed earnings of the Company’s VIEs and subsidiaries of the VIEs in China, and does not plan to have any of its PRC subsidiaries to distribute any dividend; therefore no withholding tax is expected to be incurred in the foreseeable future. Accordingly, no income tax is accrued on the undistributed earnings of the Company’s VIEs and subsidiaries of the VIEs as of December 31, 2017 and 2018 Although the Company’s certain PRC subsidiaries have generated accumulated earnings as of December 31, 2018, they have not paid any dividends in the past and currently have no plans to pay any dividends. These PRC subsidiaries plan to reinvest their profits into the PRC operations. Uncertain Tax Position The Group did not identify any significant unrecognized tax benefits for each of the periods presented. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2018. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONVERTIBLE LOANS |
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Dec. 31, 2018 | |
| CONVERTIBLE LOANS | |
| CONVERTIBLE LOANS | 13. CONVERTIBLE LOANS In May 2016, the Group issued convertible loans in the aggregated principal amount of RMB654,680,000 (US$100,000,000) to four investors of the Group with compounding interest at 12% per annum, maturing two years after the issuance date. Pursuant to the convertible loans agreements, the holders of the convertible loans may (i) convert the outstanding principal of the convertible loans into a fixed percentage of the equity interest in Shenzhen Fenqile, one subsidiary of the Group’s VIE, or (ii) convert the outstanding principal of the convertible loans into a fixed number of shares of Pre-IPO Series C Convertible Redeemable Preferred Shares (“Pre-IPO Series C Preferred Shares”) of the Company at a conversion price of US$2.5105 per share. Accrued interests shall be waived if the investors elect to exercise any of the conversion options. Convertible loans in the principal amount of RMB98,202,000 (US$15,000,000) were issued by the Company (the “Convertible Loans A”) and convertible loans in the principal amount of RMB556,478,000 (US$85,000,000) were issued by Shenzhen Fenqile (the “Convertible Loans B”). The issuance costs for the convertible loans were RMB11.3 million. In conjunction with the issuance of the convertible loans, the Group entered into Pre-IPO Series C Preferred Shares purchase agreements with two Convertible Loans B investors and issued 1 share of Pre-IPO Series C Preferred Shares to each of them for no consideration. The issuance of Pre-IPO Series C Preferred Shares was to allow Convertible Loans B investors to exercise voting rights in the Company on an as-converted basis. No other rights of Pre-IPO Series C Preferred Shares could be enjoyed by Convertible Loans B investors prior to the conversion of the Convertible Loans B. Although the legal forms of the Convertible Loans B and the 2 shares of Pre-IPO Series C Preferred Shares of the Company are two separate instruments held by Convertible Loans B investors, the Group considered these two instruments are in substance one combined instrument issued to Convertible Loans B investors, that is, convertible loans, which were initially measured at par under ASC 470 and subsequently stated at amortized cost with any difference between the initial carrying value and the principal amount as interest expenses using the effective interest method over the period from the issuance date to the maturity date. The 2 shares of Pre-IPO Series C Preferred Shares were recorded at par and classified as mezzanine equity. The investors for Convertible Loans B are entitled to down round protection if the Group issues additional equity interest in the future at a lower valuation. The protection will be provided through conversion price adjustments (“Conversion Price Adjustments”) before the Convertible Loans B are converted or by issuing additional shares for free after the conversion of the loans into the equity interest of the VIE (“After Conversion Adjustments”). In the event of a lower valuation prior to the conversion of Convertible Loans B, the down round protection is provided in the form of Conversion Price Adjustment, which effectively resets the strike or conversion rate to the lower valuation. The Group considers the Conversion Price Adjustments are part of the conversion features that do not require bifurcation. The After Conversion Adjustments are considered as an embedded feature that requires bifurcation pursuant to criteria set forth under ASC 815. The Group determined the fair value of the After Conversion Adjustments was immaterial with the assistance from an independent valuation firm. No Pre-IPO Series C Preferred Shares of the Company were issued to Convertible Loans A investors, and the investors of Convertible Loans A are not entitled to the down round protection as discussed above. In October 2017, the Convertible Loans B were converted into 33,857,797 shares of Pre-IPO Series C-1 Preferred Shares and the Convertible Loans A were converted into 5,974,905 shares of Pre-IPO Series C-2 Preferred Shares. The accrued but unpaid convertible loans interests were waived by the investors upon the conversion of the convertible loans. Refer to Note 14 for further discussion on the accounting for the conversion of convertible loans into Pre-IPO Series C-1/C-2 Preferred Shares. |
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- Definition The entire disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. No definition available.
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- References No definition available.
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CONVERTIBLE REDEEMABLE PREFERRED SHARES |
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| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | 14. CONVERTIBLE REDEEMABLE PREFERRED SHARES From 2014 to 2015, the Group issued several rounds of Pre-IPO Preferred Shares to certain investors. All series of Pre-IPO Preferred Shares had the same par value of US$0.0001 per share. Upon the completion of the Company’s IPO in December 2017, all of the issued and outstanding Pre-IPO Preferred Shares were automatically converted and redesignated into Class A Ordinary Shares on a one-for-one basis. Prior to the automatic conversion into Class A Ordinary Shares, the Pre-IPO Preferred Shares were entitled to certain preferences with respect to conversion, dividend, liquidation and redemption. The holders of Pre-IPO Preferred Shares were entitled to vote together with the holders of ordinary shares on all matters submitted to a vote of the shareholders of the Company on an as-if-converted basis and not as a separate class. Immediately prior to the IPO, the Pre-IPO Preferred Shares comprised the following:
* Among total shares outstanding, 4,376,751 shares were re-designated from Pre-IPO Class A Shares in conjunction with the issuance of the Pre-IPO Series A-2 Preferred Shares. ** In May 2016, the Group repurchased 5,377,415 Pre-IPO Series B-2 Preferred Shares from one of preferred shareholders with a total repurchase price of RMB87,922,800 (US$13,500,000). The difference of the repurchase price and the carrying amount of Pre-IPO Series B-2 Preferred Shares, of RMB42,679,055, was accounted for as deemed dividend to the preferred shareholder. The Group determined that the Pre-IPO Series A-1 Preferred Shares, Pre-IPO Class B Ordinary Shares, Pre-IPO Series A-2 Preferred Shares, Pre-IPO Series B-1 Preferred Shares, Pre-IPO Series B-2 Preferred Shares, and Pre-IPO Series C Preferred Shares should be classified as mezzanine equity upon their respective issuance since the Pre-IPO Preferred Shares were contingently redeemable. Except for Pre-IPO Series C Preferred Shares discussed in Note 13, the Group accreted changes in the redemption value over the period from the date of issuance of the Pre-IPO Preferred Shares to their respective earliest redemption date using effective interest method. Changes in the redemption value should be considered to be changes in accounting estimates. The accretion were recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital was exhausted, additional charges was recorded by increasing the accumulated deficit. The accretion of Pre-IPO Preferred Shares was RMB62.3 million and RMB82.1 million for the years ended December 31, 2016 and 2017, respectively. The Group’s Pre-IPO Preferred Shares activities for the years ended December 31, 2016 and 2017 are summarized below:
*Less than 1.
Accounting for the Conversion of Convertible Loans into Pre-IPO Series C-1/C-2 Preferred Shares Pursuant to the October 2017 Resolutions, in connection with the exercise of the conversion options of the convertible loans issued in May 2016, the Group entered into share purchase agreements (“SPAs”) for Pre-IPO Series C-2 Convertible Redeemable Preferred Shares (“Pre-IPO Series C-2 Preferred Shares”) with Convertible Loans A investors and issued 5,974,905 Pre-IPO Series C-2 Preferred Shares to Convertible Loans A investors in October 2017. The accrued but unpaid interests were waived by Convertible Loans A investors upon the conversion of the Convertible Loans A. In October 2017, the Group also entered into SPAs for Pre-IPO Series C-1 Convertible Redeemable Preferred Shares (“Pre-IPO Series C-1 Preferred Shares”) with Convertible Loans B investors and issued 33,857,795 Pre-IPO Series C-1 Preferred Shares and redesignated and reclassified 2 Pre-IPO Series C Preferred Shares previously issued to Convertible Loans B investors in May 2016 as 2 Pre-IPO Series C-1 Preferred Shares. In conjunction with the issuance of Pre-IPO Series C-1 Preferred Shares, the Group entered into supplementary agreements to the convertible loans agreements with Convertible Loans B Investors (“Convertible Loans B Amendments”). Pursuant to the Convertible Loans B Amendments, the Convertible Loans B was modified to two interest-free loans (“Interest-free Loans”) payable to two Convertible Loans B investors respectively by Shenzhen Fenqile with no conversion features. The accrued but unpaid interests were waived by Convertible Loans B investors upon the conversion of the Convertible Loans B. The principal amount of the Interest-free Loans is RMB556,478,000 and shall be repaid prior to or on the date of the 5th anniversary of the date of the issuance of Pre-IPO Series C-1 Preferred Shares. At the same time, Convertible Loans B Investors issued two promissory notes (“Promissory Notes”) with principal amounts of RMB327,340,000 (US$49,443,396) and RMB229,138,000, respectively. Upon the issuance of the Promissory Notes, the purchase price of Pre-IPO Series C-1 Preferred Shares were deemed fully paid and the Convertible Loans B investors are entitled to all rights as the holder of such shares. The Pre-IPO Series C-1 Preferred Shares have the same rights and preferences as the 2 Pre-IPO Series C Preferred Shares previously issued to the Convertible Loans B investors. All series of Pre-IPO C-1/C-2 Preferred Shares had the same par value of US$0.0001 per share. The Group considered above facts and concluded that the Convertible Loans B Amendments, the Interest-free Loans and the Promissory Notes are in substance one instrument, that is, the Pre-IPO Series C-1 Preferred Shares. The carrying amount of the convertible loans, including unamortized issuance costs and accrued but unpaid interests, was credited to the capital accounts (i.e. the carrying value of Pre-IPO Series C-1/C-2 Preferred Shares on the date of issuance) upon conversion in accordance with ASC 470-20-40-4. The Group recorded the Interest-free Loans payable to the two Convertible Loans B investors by Shenzhen Fenqile in “Accrued expenses and other current liabilities” and the Promissory Notes receivable from Convertible Loans B investors by the Company in “Prepaid expenses and other current assets” respectively on its Consolidated Balance Sheets. The Group accreted changes in the redemption value over the period from the date of issuance of the Pre-IPO C-1/C-2 Preferred Shares to their respective earliest redemption date using effective interest method. Changes in the redemption value should be considered to be changes in accounting estimates. The accretion were recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital was exhausted, additional charges were recorded by increasing the accumulated deficit. The Group has determined that there was no embedded beneficial conversion feature attributable to the Pre-IPO Series C-1/C-2 Preferred Shares. All of the issued and outstanding Pre-IPO Series C1/C2 Preferred Shares were converted into Class A Ordinary Shares upon the completion of the Company’s IPO on a one-for-one basis. Amendment of the Definition of QIPO The October 2017 Resolutions amended the definition of QIPO in the then-effective memorandum and articles of association and shareholder agreement of the Company by replacing the existing definition of QIPO with the following: “an initial public offering of the Company that is completed by and prior to June 30, 2018 shall be deemed to be a QIPO.” The October 2017 Resolutions resulted in value transfer from the preferred shareholders of the Company, which would be recorded as a deemed contribution from the preferred shareholders in the fourth quarter of 2017. The Group concluded that the value transfer was not material to its consolidated financial statements. |
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- Definition The entire disclosure for redeemable convertible preferred stock. No definition available.
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- References No definition available.
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ORDINARY SHARES |
12 Months Ended |
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Dec. 31, 2018 | |
| ORDINARY SHARES | |
| ORDINARY SHARES | 15. ORDINARY SHARES In November 2013, the Company was formed as a limited liability company in the Cayman Islands with issuance of 125,000,000 ordinary shares at a par value of US$0.0001 each. In July 2014, the Company became the holding company of the Group pursuant to the 2014 Reorganization described in Note 1. On December 26, 2017, the Company completed its IPO on the NASDAQ Global Market. In this offering, 12,000,000 ADSs, representing 24,000,000 Class A Ordinary Shares, were issued and sold to the public at a price of US$9.00 per ADS. The aggregate proceeds received by the Company from the IPO, net of issuance costs, were approximately RMB651.3 million ($100.1 million). Immediately prior to the completion of the IPO, the Company adopted a dual-class share structure, consisting of Class A Ordinary Shares and Class B Ordinary Shares, par value US$0.0001 per share. All of the issued and outstanding Pre-IPO Class A Ordinary Shares were automatically re-designated into Class B Ordinary Shares on a one-for-one basis, and all of the issued and outstanding Pre-IPO Preferred Shares were automatically converted and redesignated into Class A Ordinary Shares on a one-for-one basis. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except that the holders of Class A Ordinary Shares are entitled to one vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares are entitled to ten votes per share. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. The Group concluded that the adoption of dual-class share structure did not have a material impact on its consolidated financial statements. In January 2018, the underwriters of the Company’s IPO exercised the options to purchase an additional 1,800,000 ADSs, representing 3,600,000 Class A Ordinary Shares, par value US$0.0001 per share, of the Company to cover over-allotments in full. The proceeds in connection with 1,800,000 ADSs received by the Company was RMB95.1 million (US$14.7 million). In June 2018, 27,000,000 shares of Class A Ordinary Shares were issued to the Company’s depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards under the Group’s share-based incentive plans. As of December 31, 2018, 10,603,832 out of 27,000,000 shares of Class A Ordinary Shares were deemed issued but not outstanding as they have not been transferred to grantees. |
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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to common stock. No definition available.
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- References No definition available.
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NET (LOSS)/INCOME PER SHARE |
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| NET (LOSS)/INCOME PER SHARE | 16. NET (LOSS)/INCOME PER SHARE Basic net (loss)/income per share is the amount of net (loss)/income available to each share of ordinary shares outstanding during the reporting period. Diluted net (loss)/income per share is the amount of net (loss)/income available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary shares. For the years ended December 31, 2016, 2017 and 2018, stock options to purchase ordinary shares and restricted share units that were anti-dilutive and excluded from the calculation of diluted net (loss)/income per share were 22,635,281 shares, 10,851 shares and 5,785,724 shares, on a weighted average basis, respectively. For the years ended December 31, 2016 and 2017, the Pre-IPO Preferred Shares and convertible loans convertible into ordinary shares that were also anti‑dilutive and excluded from the calculation of diluted net (loss)/income per share of the Company were 178,923,801 shares and 190,426,133 shares on a weighted average basis, respectively. The following table sets forth the computation of basic and diluted net (loss)/income per share for the periods indicated:
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- References No definition available.
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- Definition The entire disclosure for earnings per share. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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EMPLOYEE BENEFIT PLAN |
12 Months Ended |
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Dec. 31, 2018 | |
| EMPLOYEE BENEFIT PLAN | |
| EMPLOYEE BENEFIT PLAN | 17. EMPLOYEE BENEFIT PLAN Full‑time employees of the Group in the PRC are entitled to welfare benefits including pension insurance, medical insurance, unemployment insurance, maternity insurance, on‑the‑job injury insurance, and housing fund plans through a PRC government‑mandated defined contribution plan. Chinese labor regulations require that the Group makes contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions. Total contributions by the Group for such employee benefits were RMB54.2 million, RMB79.7 million and RMB102.7 million for the years ended December 31, 2016, 2017 and 2018, respectively. |
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- References No definition available.
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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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STATUTORY RESERVES AND RESTRICTED NET ASSETS |
12 Months Ended |
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Dec. 31, 2018 | |
| STATUTORY RESERVES AND RESTRICTED NET ASSETS | |
| STATUTORY RESERVES AND RESTRICTED NET ASSETS | 18. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the PRC laws and regulations, the Company’s PRC subsidiaries registered as wholly foreign-owned enterprise are required to make appropriation to certain reserve funds, namely general reserve fund, enterprise expansion fund, and staff bonus and welfare fund, all of which are appropriated from the subsidiaries’ annual after‑tax profits as reported under PRC GAAP. The appropriation must be at least 10% of the annual after‑tax profits to the general reserve fund until such reserve fund has reached 50% of the subsidiaries’ registered capital. Additionally, in accordance with the PRC Company Laws, a domestic company is required to provide statutory surplus fund at least 10% of its annual after‑tax profits as reported under PRC GAAP until such statutory surplus fund has reached 50% of its registered capital. A domestic company is also required to provide discretionary surplus fund, at the discretion of the board of directors, from its annual after‑tax profits as reported under PRC GAAP. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends. As a result of the PRC laws and regulations and the requirement that distributions by the PRC entity can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entity is restricted from transferring a portion of its net assets to the Company. Amounts restricted include paid‑in capital, additional paid‑in capital and statutory reserves of the Company’s PRC entities. As of December 31, 2017 and 2018, the restricted net assets of the Group’s relevant PRC entities amounted to RMB895.8 million and RMB1,977.4 million, respectively. The restricted net assets of the Group’s relevant PRC entities accounted for 48.1% of the consolidated net assets as of December 31, 2018. As a result of the above restrictions, parent company only condensed financial information is disclosed in Note 22.
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| X | ||||||||||
- References No definition available.
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- Definition The entire disclosure for statutory reserves and restricted net assets. No definition available.
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SHARE BASED COMPENSATION |
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| SHARE-BASED COMPENSATION | 19. SHARE‑BASED COMPENSATION Share‑based compensation was recognized in operating cost and expenses for the years ended December 31, 2016, 2017 and 2018 as follows:
The Group recognizes share‑based compensation, net of estimated forfeitures, on a straight line basis over the vesting term of the awards. All the share-based awards granted by the Group are service conditions only. There was no income tax benefit recognized on the Consolidated Statements of Operations for share‑based compensation and the Group did not capitalize any of the share‑based compensation as part of the cost of any asset in the years ended December 31, 2016, 2017 and 2018. 2014 Share Incentive Plan In September 2014, the Group adopted its 2014 Share Incentive Plan (“2014 Plan”), which permits the grant of stock options, restricted shares and restricted share units of the Company to employees, directors and other eligible persons of the Company and its affiliates. Under the 2014 Plan, the maximum number of Class A Ordinary Shares that may be delivered will not exceed a total of 20,220,588 shares in the aggregate. In August 2015, the Company’s shareholders approved to newly reserve an additional of 15,235,971 Class A Ordinary Shares for future issuance. Option awards are granted with an exercise price determined by the board of directors. Those option awards generally vest over a period of four years and expire in ten years. 2017 Share Incentive Plan In October 2017, the Group adopted its 2017 Share Incentive Plan (“2017 Plan”), which permits the grant of stock options, restricted shares and restricted share units of the Company to employees, directors and other eligible persons of the Company and its affiliates. The Group planned to no longer grant share-based awards under the 2014 Plan and all future share-based shares will be granted under its 2017 Plan. Under the 2017 Plan, the maximum number of Class A Ordinary Shares that may be delivered will not exceed a total of 22,859,634 shares in the aggregate. Option awards are granted with an exercise price determined by the board of directors. Those option awards generally vest over a period of four years and expire in ten years. The following table sets forth a summary of the number of shares available for issuance:
Stock options 1) Stock options granted to employees, directors and non-employee directors The following table sets forth the summary of activities for stock options granted to employees, directors and non-employee directors under the 2014 Plan and 2017 Plan:
*Nil, 50,000 and nil stock options were granted to non-employee directors in 2016, 2017 and 2018, respectively. The weighted average grant date fair value of stock options granted to employees, directors and non-employee directors for the years ended December 31, 2016, 2017 and 2018 was RMB20.7 (US$3.0), RMB38.1 (US$5.7) and RMB27.8 (US$4.3) per share, respectively. The total intrinsic value of stock options exercised for the years ended December 31, 2016, 2017 and 2018 was nil, nil and RMB788.9 million (US$118.3 million), respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the stock options. For the years ended December 31, 2016, 2017 and 2018, total share-based compensation expenses recognized for stock options granted to employees, directors and non-employee directors were RMB24.0 million, RMB73.8 million and RMB110.8 million, respectively. As of December 31, 2018, the unrecognized compensation cost, adjusted for estimated forfeitures, related to non‑vested stock options granted to the Group’s employees, directors and non-employee directors was RMB323.9 million. Total unrecognized compensation cost is expected to be recognized over a weighted‑average period of 2.9 years and may be adjusted for future changes in estimated forfeitures. In August 2018, the Company modified the exercise price of 6,263,000 stock options granted under 2017 Plan to US$5.15. The incremental compensation expenses of RMB16.9 million (US$2.5 million) was equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. Prior to completion of the IPO, the exercise price of each granted stock option was US$0.0001, the Company used intrinsic value (approximately the fair value of each of the Company’s ordinary share) on the grant date to estimate the fair value of the stock options granted. After the IPO, the exercise price of each granted stock option is determined by the closing price of the Company’s ordinary share on the grant date, therefore, the estimated fair value of each stock option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions:
2) Stock options granted to non-employees The following table sets forth the summary of activities for stock options granted to non-employees under the 2014 Plan and 2017 Plan:
For the years ended December 31, 2017 and 2018, total share-based compensation expenses recognized for stock options granted to non-employees were RMB1.9 million and RMB2.3 million, respectively. As of December 31, 2018, the unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock options granted to the Group’s non-employees was RMB8.0 million. Total unrecognized compensation cost is expected to be recognized over a weighted average period of 2.6 years and may be adjusted for future changes in estimated forfeitures. Restricted share units The following table sets forth the summary of activities for restricted share units granted to employees, directors and non-employee directors under the 2014 Plan and 2017 Plan:
*100,000 restricted share units were granted to non-employee directors in 2018. The fair value and intrinsic value of restricted share units vested for the year ended December 31, 2018 was RMB0.2 million (US$0.03 million). For the year ended December 31, 2018, total share-based compensation expenses recognized for restricted share units was RMB9.5 million. As of December 31, 2018, the unrecognized compensation cost, related to unvested restricted share units under the 2017 Plan was RMB49.7 million. Total unrecognized compensation cost is expected to be recognized over a weighted average period of 3.4 years.
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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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COMMITMENTS AND CONTINGENCIES |
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| COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Group leases certain office premises under non‑cancelable leases. Rental expenses under operating leases for the years ended December 31, 2016, 2017 and 2018 were RMB26.2 million, RMB43.2 million and RMB47.5 million, respectively. Future minimum lease payments under non‑cancelable operating leases agreements are as follows:
Debt obligations The Group’s debt obligations are associated with 1) the Funding Debts and interest payable to Individual Investors on Juzi Licai and other funding partners; 2) the borrowings to support the Group’s general operations; and 3) the liabilities to Pre-IPO Series C-1 preferred shareholders. The expected repayment amount of the debt obligations are as follows:
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SUBSEQUENT EVENTS |
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| SUBSEQUENT EVENTS | 21. SUBSEQUENT EVENTS In January and March 2019, the Group granted 3,467,500 and 947,000 service-based restricted share units to its employees and directors under the 2017 Plan, respectively. |
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
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| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 22. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The condensed financial information of the Company has been prepared in accordance with SEC Regulation S‑X Rule 5‑04 and Rule 12‑04, using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Company uses the equity method to account for investments in its subsidiaries, VIEs and VIEs’ subsidiaries. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general‑purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Group. The Company did not have significant capital and other commitments or guarantees as of December 31, 2017 and 2018, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets (In thousands, except for share and per share data)
Condensed Statements of Operations and Comprehensive (Loss)/Income (In thousands)
Condensed Statements of Cash Flows (In thousands)
Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and VIEs’ subsidiaries. For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries, VIEs and VIEs’ subsidiaries” and shares in the subsidiaries, VIEs and VIEs’ subsidiaries’ (loss)/income are presented as “Equity in (loss)/income of subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive (Loss)/Income. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for condensed financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. Revision of previously announced unaudited financial statements for the year ended December 31, 2018 The Group revised its unaudited consolidated balance sheets as previously announced through press release filed on Form 6-K in March 2019, to reflect classification adjustments (“Classification Adjustments”) of short-term Funding Debts and long-term Funding Debts as of December 31, 2018. The Classification Adjustments had no impact on the Group’s results of operations and cash flows for the year ended December 31, 2018, or the line items of the Consolidated Balance Sheets other than short-term Funding Debts and Long-term Funding Debts as of December 31, 2018. This revision was not material to the previously announced unaudited financial statements taken as a whole based on assessment under relevant guidance. The impact of the Classification Adjustments on the line items within the Group’s Consolidated Balance Sheets as of December 31, 2018 is as follows:
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| Basis of consolidation | (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs for which the Company is the primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. VIE Companies (excluding the consolidated Trusts and asset-backed securitized debts as discussed in Note 2 (f)) a. Contractual Agreements with VIEs The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Company’s relevant PRC subsidiaries entered into with the VIEs and their nominee shareholders. Through the Contractual Agreements, the VIEs are effectively controlled by the Company. Exclusive Option Agreements. Pursuant to the Exclusive Option Agreements, the nominee shareholders of the VIEs have irrevocably granted the Group’s relevant PRC subsidiaries an exclusive option to purchase all or part of their respective equity interests in the VIEs. The purchase price shall be the lowest price permitted by law. Without prior written consent of the Group’s relevant PRC subsidiaries, the VIEs shall not, among other things, amend their articles of association, increase or decrease the registered capital, sell, dispose of or set any encumbrance on their assets and equity interests in VIEs, business or revenue, enter into any material contract outside the ordinary course of business, merge with any other persons or make any investments, distribute dividends, or enter into any transactions which have material adverse effects on their business. These agreements will remain effective until the Group’s relevant PRC subsidiaries and/or any third party designated by the Group’s relevant PRC subsidiaries have acquired all equity interests of the VIEs from their respective nominee shareholders. Power of Attorney. Pursuant to the Power of Attorney, each nominee shareholder of the VIEs irrevocably authorizes the Group’s relevant PRC subsidiaries to act as its attorney-in-fact to exercise all of such shareholder’s voting and other rights associated with the shareholder’s equity interests in the VIEs, including but not limited to, the right to attend shareholder meetings on behalf of such shareholder, the right to appoint legal representatives, directors, supervisors and chief executive officers and other senior management, and the right to sell, transfer, pledge and dispose of all or a portion of the shares held by such shareholder. The power of attorney is irrevocable and remains in force continuously upon execution. Exclusive Business Cooperation Agreements. Pursuant to these Exclusive Business Cooperation Agreements, the Group’s relevant PRC subsidiaries have the exclusive right to provide the VIEs with comprehensive business support, technical support and consulting services. Without prior written consent of the Group’s relevant PRC subsidiaries, the VIEs shall not accept any services covered by these agreements from any third party. The VIEs agree to pay service fees in an amount determined by the Group’s relevant PRC subsidiaries based on respective profits calculated as operating revenue minus operating cost of the VIEs for the relevant period on a yearly basis or other service fees for specific services as required and as otherwise agreed by both parties. The Group’s relevant PRC subsidiaries own the intellectual property rights arising out of the services performed under these agreements. Unless the Group’s relevant PRC subsidiaries terminate these agreements or pursuant to other provisions of these agreements, these agreements will remain effective indefinitely. These agreements can be terminated by the Group’s relevant PRC subsidiaries through a 30-day advance written notice, the VIEs have no right to unilaterally terminate these agreements. The Group’s relevant PRC subsidiaries are entitled to substantially all of the economic benefits of the VIEs. Loan Agreements. Pursuant to the relevant loan agreements, the Group’s relevant PRC subsidiaries have granted loans to the relevant nominee shareholders of the VIEs solely for the purpose of providing funds necessary for capital injection into the VIEs to operate their respective businesses. Pursuant to these loan agreements, the nominee shareholders can only repay the loans by the transfer of all their equity interests in the VIEs to the Group’s relevant PRC subsidiaries. The nominee shareholders of the VIEs must pay all of the proceeds from transfer of such equity interests to the Group’s relevant PRC subsidiaries. In the event that the nominee shareholders transfer their equity interests to the Group’s relevant PRC subsidiaries or their designated person(s) with a price equivalent to or less than the amount of the principal, the loans will be interest free. If the price is higher than the amount of the principal, the excess amount will be paid to the Group’s relevant PRC subsidiaries as the loan interest. The loans must be repaid immediately when permitted by PRC laws at the request of the Group’s relevant PRC subsidiaries. Term of both loans is ten years and will be extended automatically for another ten years on each expiration. Equity Pledge Agreements. Pursuant to these Equity Pledge Agreements, each nominee shareholder of the VIEs has pledged all of his, her or its respective equity interests in the VIEs to the Group’s relevant PRC subsidiaries to guarantee the performance by such nominee shareholder and the VIEs of their respective obligations under the Exclusive Option Agreements, the Power of Attorney, the Loan Agreements, where applicable, and the Exclusive Business Cooperation Agreements, and any amendment, supplement or restatement to such agreements. If the VIEs or any of their nominee shareholders breach any obligations under these agreements, the Group’s relevant PRC subsidiaries, as pledgee, will be entitled to dispose of the pledged equity and have priority to be compensated by the proceeds from the disposal of the pledged equity. Each of the nominee shareholders of the VIEs agrees that before his, her or its obligations under the Contractual Agreements are discharged, he, she or it will not dispose of the pledged equity interests, create or allow any encumbrance on the pledged equity interests, which may result in the change of the pledged equity that may have adverse effects on the pledgee’s rights under these agreements without the prior written consent of the Group’s relevant PRC subsidiaries. These Equity Pledge Agreements will remain effective until the VIEs and their nominee shareholders discharge all their respective obligations under the Contractual Agreements. In April 2015, the Contractual Agreements between Beijing Shijiton and Shenzhen Fenqile were restated to reflect the replacement of Tibet Xianfeng Huaxing with its affiliated entity, Tibet Xianfeng Changqing Start-up Investment and Management Co., Ltd. (formerly known as Tibet Xianfeng Management Consultation Co., Ltd.), as a nominee shareholder of Shenzhen Fenqile. In March 2016, the Contractual Agreements between Beijing Shijitong and Shenzhen Fenqile were restated to reflect the 2016 Reorganization. These changes had no impact on the Group’s effective control over Shenzhen Fenqile, and therefore had no impact on the consolidated financial statements. In March 2017, the Contractual Agreements between Beijing Shijitong and Qianhai Dingsheng were restated to reflect the replacement of the Founding Shareholder with two employees nominee shareholders of Qianhai Dingsheng. In April and May 2017, the Contractual Agreements between Beijing Shijitong and Qianhai Dingsheng were restated to reflect the Loan Agreements entered into between Beijing Shijitong and the nominee shareholders of Qianhai Dingsheng, and Beijing Shijitong and the nominee shareholders of Shenzhen Xinjie, respectively. These changes had no impact on the Group’s effective control over Qianhai Dingsheng and Shenzhen Xinjie, and therefore had no impact on the consolidated financial statements. b. Risks in relation to the VIE structure Under the Contractual Agreements with the VIEs, the Company has the power to direct activities of the VIEs and VIEs’ subsidiaries and can have assets transferred out of the VIEs and VIEs’ subsidiaries. Therefore, the Company considers itself the ultimate primary beneficiary of the VIEs and there is no asset of the VIEs that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries except for registered capitals and PRC statutory reserves of the Group’s consolidated VIEs amounting to RMB3,342.5 million as of December 31, 2018. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. However, as the Company is conducting certain businesses mainly through its VIEs and VIEs’ subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiaries, the VIEs and their respective nominee shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. In March 2019, the draft Foreign Investment Law was submitted to the National People’s Congress for review and was approved on March 15, 2019, which will come into effect on January 1, 2020. The approved Foreign Investment Law does not touch upon the relevant concepts and regulatory regimes that were historically suggested for the regulation of VIE structures, and thus this regulatory topic remains unclear under the Foreign Investment Law. Given that the Foreign Investment Law is new, substantial uncertainties exist with respect to its implementation and interpretation and the possibility that the VIEs will be deemed as foreign-invested enterprise and subject to relevant restrictions in the future shall not be excluded. The Company’s ability to control the VIEs also depends on the power of attorney the Group’s relevant PRC subsidiaries have to vote on all matters requiring shareholders’ approvals in the VIEs. As noted above, the Company believes these power of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:
The imposition of any of these restrictions or actions may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIEs. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIEs is remote. Summary of Financial Information of the Group’s VIEs The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the VIEs (including the consolidated Trusts and asset-backed securitized debts) and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany balances and transactions eliminated:
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| Use of estimates | (c) Use of estimates The preparation of the Group’s consolidated financial statements is in conformity with the U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statement and reported revenues and expenses during the reported periods. Significant accounting estimates include, but are not limited to (i) revenue recognition; (ii) fair value of financial guarantee derivative liabilities; (iii) valuation and recognition of share-based compensation expenses; (iv) provision for income tax and valuation allowance for deferred tax assets; (v) provision for credit losses of financing receivables, contract assets, and service fees receivable; (vi) determination of fair value of long-term investments, (vii) determination of the fair value of Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares. Actual results could materially differ from these estimates. |
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| Functional currency and foreign currency translation | (d) Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in Hong Kong is United States dollars (“US$”) and the functional currencies of the PRC entities in the Group are RMB. In the consolidated financial statements, the financial information of the Company and its subsidiaries incorporated in Hong Kong have been translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”). Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments, and are shown as a component of accumulated other comprehensive income/(loss) on the Consolidated Statements of Changes in Shareholders’ (Deficit )/Equity and a component of other comprehensive income/(loss) on the Consolidated Statements of Comprehensive (Loss)/Income. Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign currency exchange gain or loss resulting from the settlement of such transactions and from remeasurement at period‑end is recognized in “Others, net” on the Consolidated Statements of Operations. Foreign currency translation adjustments included in the Group’s Consolidated Statements of Comprehensive (Loss )/Income for the years ended December 31, 2016, 2017 and 2018 were gain of RMB1.9 million, loss of RMB31.9 million, and gain of RMB0.6 million, respectively. Foreign currency exchange gain or loss recorded was immaterial for each of the periods presented. |
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| Convenience translation | (e) Convenience translation Translations of balances on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive (Loss)/Income and Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended December 31, 2018 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8755, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2018. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, or at any other rate. |
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| Presentation for on- and off-balance sheet loans |
(f) Presentation for on- and off-balance sheet loans The Group finances the loans with the proceeds from various funding parties, which primarily include: (1) the Individual Investors on Juzi Licai; (2) the Institutional Funding Partners; (3) third-party investors of the consolidated Trusts and asset-backed securitized debts. Depending on the arrangements among the Group, the Borrowers and the funding parties, the underlying loans are accounted for as “on-balance sheet loans” or “off-balance sheet loans”, where applicable. On‑balance sheet loans (a) Loans funded by the Individual Investors on Juzi Licai under the Old Model (as defined hereinafter)or certain Institutional Funding Partners For loans funded by the proceeds from the Group’s own online investment platform Juzi Licai under the Old Model (as defined hereinafter), which offers the Individual Investors various Investment Programs with different terms and estimated rates of return, or from certain Institutional Funding Partners, the Group’s roles include: (1) collecting the investment principal from the Individual Investors or Institutional Funding Partners and lending the funds to the Borrowers, (2) collecting monthly repayment from the Borrowers and repaying the Individual Investors or Institutional Funding Partners according to the terms (i.e. interest rate and scheduled repayment dates) of respective Investment Programs or agreements (“Investment Agreements”) between the Individual Investors or Institutional Funding Partners and the Group. The Group noted that the terms of the underlying loan agreements between the Individual Investors or Institutional Funding Partners and the Borrowers (“Underlying Loan Agreements”) do not necessarily match the terms of the Investment Programs or Agreements. The mismatch is mainly due to the fact that some Individual Investors or Institutional Funding Partners may invest in the programs that have shorter investment periods than the terms of the Underlying Loan Agreements. Depending on the types of Investment Programs the Individual Investors choose or the Investment Agreements the Institutional Funding Partners entered into with the Group, the investing periods could be as short as one week and as long as thirty-six months. Pursuant to the Investment Programs or Agreements, the Individual Investors or Institutional Funding Partners agree on a rate of return with the Group which is normally lower than the coupon interest rate stipulated in the Underlying Loan Agreement, given the shorter periods of those Investment Programs or Agreements. The Group considers the terms of the Investment Programs or Agreements, which drive the return of the investments, and concludes the Group has liabilities to the Individual Investors or Institutional Funding Partners when the underlying loans are funded. Accordingly, the Group is considered as the primary obligor to the Individual Investors or Institutional Funding Partners in the lending relationship and therefore records the liabilities to the Individual Investors or Institutional Funding Partners as “Funding Debts” (Note 2(j)) on its Consolidated Balance Sheets. The underlying loans are recorded as “Financing receivables, net” on the Consolidated Balance Sheets. Quality assurance program on Juzi Licai In July 2017, the Group established a quality assurance program (“QAP”) with the purposes of providing make-up payments to the Individual Investors on Juzi Licai when the Borrowers fail to satisfy their principal or interest repayment obligations. A portion of each monthly repayment by the Borrower equal to a certain percentage of the outstanding principal balance of the loan was transferred to a third-party custody bank account. The Group reserved the right to revise this percentage upwards or downwards from time to time. The QAP only applied to loans funded by the Individual Investors under the Old Model on or after July 7, 2017. Considering that the loans covered by the QAP were accounted for as on-balance sheet loans, the Group was obligated to repay the Individual Investors for all amounts of principal and future interests regardless of whether the QAP was implemented or not. The Group determined that there were no additional liabilities to be recognized in addition to the principal and interests due to the Individual Investors recorded as “Funding Debts” (Note 2(j)) and “Accrued interest payable” on its Consolidated Balance Sheets. The quality assurance funds set aside under the QAP through custody bank accounts were recorded as “Restricted cash” on its Consolidated Balance Sheets. The Group applied the same process and methodology to evaluate the creditworthiness and collectability of the loan portfolio covered by the QAP on a pooled basis, mainly based on delinquency levels and historical charge-offs. (b) Loans funded by establishment of the consolidated Trusts and issuance of asset-backed securitized debts The Group establishes business relationships with Trusts from time to time. Pursuant to applicable arrangements, the Group invested in the financing receivables using funds from the consolidated Trusts. The Trusts are administered by third-party trust companies, which act as the trustees, with funds contributed by the Group and/or other third-party investors for the purposes of providing returns to the beneficiary of the Trusts. Since these Trusts only invest in financing receivables generated from the Group’s Platform and APP, the Group has power to direct the activities of the Trusts. The Group has the obligation to absorb losses or the right to receive benefits from the Trusts that could potentially be significant to the Trusts. As a result, the Trusts are considered consolidated VIEs of the Group under Accounting Standards Codification (“ASC”) 810, Consolidation. The Group created an asset-backed securitization plan (“ABS Plan”) with a final maturity of January 2018 in December 2015 and securitized its financing receivables arising from online direct sales through the transfer of those assets to the ABS Plan. The ABS Plan then issued debt securities to third-party investors and was considered a consolidated VIE under ASC 810, Consolidation. Therefore, loans funded by the consolidated Trusts and asset-backed securitized debts remain at the Group and are recorded as “Financing receivables, net” on the Consolidated Balance Sheets. The proceeds received from third-party investors of the consolidated Trusts and asset-backed securitized debts are recorded as Funding Debts (Note 2(j)). Cash received via consolidated Trusts that has not yet been distributed is recorded as restricted cash. Off‑balance sheet loans (a) Loans funded by the Individual Investors on Juzi Licai under the New Model (as defined hereinafter) In late April 2018, the Group made some adjustments to its business model for new loans funded by the Individual Investors on Juzi Licai (the “New Model”, and the “Old Model” refers to the business model of Juzi Licai before such adjustments). Under the New Model, the Group’s roles include: (1) matching the borrowing requests from the Borrowers with the Individual Investors on Juzi Licai, (2) processing monthly repayment from the Borrowers according to the terms of the Underlying Loan Agreements through third-party custodian bank accounts, and (3) providing ongoing management services to the Individual Investors over the terms of respective Investment Programs. Under the New Model, the Group acts as an intermediary between the Borrower and the Individual Investors. Pursuant to the Underlying Loan Agreement and the Investment Programs, the Individual Investors are entitled to all the interests generated from the underlying loans. Such interests are not generated until the lending relationship has been established between the Borrowers and the Individual Investors, as the lenders, upon entering into the Underlying Loan Agreements. The existing Individual Investor cannot exit from any lending relationship of outstanding loan unless the underlying loan is fully repaid or the outstanding loan principal with the remaining term is successfully re-matched with other Individual Investors. The Group provides ongoing matching and re-matching services to the Individual Investors over the terms of respective Investment Programs while it does not have any obligations to ensure such successful re-matching. The Group considers the terms of the Underlying Loan Agreements and the Investment Programs under the New Model and concludes that the Group is not the legal lender or borrower in the loan origination and repayment process. Accordingly, the Group does not record financing receivables arising from these loans nor Funding Debts to the Individual Investors. Risk safeguard scheme on Juzi Licai Under the New Model, the Group has ceased offering the QAP for loans funded by the Individual Investors on Juzi Licai. Instead, the Group entered into a cooperation agreement with an independent third-party guarantee company (the “Guarantee Company”), to set up a new investor protection program called the Risk Safeguard Scheme (“RSS”). The purpose of the RSS is to provide make-up payments to the Individual Investors on Juzi Licai when the Borrowers default. The RSS only applies to loans newly funded under the New Model, and requires the Borrowers to contribute to the RSS to protect the Individual Investors. By default, all Borrowers enroll in the RSS when the Underlying Loan Agreements are entered into. Pursuant to the Underlying Loan Agreement, the Borrower agrees to enroll in the RSS and pay the guarantee fee (the “Guarantee Fee”) into the guarantee fund special account (“Risk Safeguard Fund”) and the relevant guarantee service fees to the Guarantee Company. Accordingly, a certain amount of each monthly repayment from the Borrowers, equal to a certain percentage of the outstanding principal balance of each loan, shall be transferred to the Risk Safeguard Fund. The Group has the discretion in determining the percentage, i.e. the amount of the Guarantee Fee, to be paid by the participating Borrowers. The amount of make-up payments is limited to the available balance of the Risk Safeguard Fund. If the Risk Safeguard Fund become insufficient to pay back all Individual Investors with defaulted loans, these Individual Investors will be repaid on a pro rata basis, and their outstanding unpaid loans will be deferred to the next time the Risk Safeguard Fund are replenished, at which time a distribution will again be made to all Individual Investors with those defaulted loans. The participation of the Risk Safeguard Fund is not refundable, even if there is no default of loans. Therefore, the Group concluded that it is the primary obligor in providing the guarantee services and records its obligations associated with the RSS in accordance with ASC 460, Guarantees as discussed in Note 2(l). The balance of Risk Safeguard Fund is recorded as “Restricted cash” on its Consolidated Balance Sheets. (b) Loans funded by certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies For loans funded by the proceeds from certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies, each underlying loan and Borrower has to be approved by the third-party commercial banks or consumer finance companies individually. Once the loan is approved by and originated by the third-party commercial bank or consumer finance company, the fund is provided by third-party commercial bank or consumer finance company to the Borrower and a lending relationship between the Borrower and third-party commercial bank or consumer finance company is established through a loan agreement. Effectively, the Group offers loan facilitation and matching services to the Borrowers who have credit needs and the commercial banks or consumer finance companies who originate loans directly to Borrowers referred by the Group. The Group continues to provide account maintenance, collection, and payment processing services to the Borrowers over the term of the loan agreement. At the same time, the Group also provides a financial guarantee on the principal and the accrued interest repayment of the defaulted loans in case of Borrowers’ defaults, and full interest repayment under the original terms in the event that Borrowers early repay their loans. Under this scenario, the Group determines that it is not the legal lender or borrower in the loan origination and repayment process. Accordingly, the Group does not record financing receivables arising from these loans nor Funding Debts to the third-party commercial banks or consumer finance companies. Separately, the Group accounts for the financial guarantee provided as discussed in Note 2(m). Measurement of financing receivables Financing receivables are measured at amortized cost and reported on the Consolidated Balance Sheets at outstanding principal adjusted for any charge-offs, the allowance for credit losses, and net deferred origination fees on originated financing receivables. The Group recognizes interest and financial services income over the terms of the financing receivables using the effective interest rate method. Refer to Note 2(n) for details. For financing receivables initially generated from online sales with installment payment terms on the Group’s Platform or APP, if they are subsequently funded by on-balance sheet loans, the Group considers that the financing receivables are not settled or extinguished, and therefore continues to account for these financing receivables according to the installment payment terms. If the financing receivables are subsequently funded by off-balance sheet loans, the Group considers that these financing receivables are settled and extinguished with the proceeds from the off-balance sheet loans as facilitated by the Group. |
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| Provision for credit losses | (g) Provision for credit losses The Group has the following types of financial assets that are subject to credit losses of the customers: financing receivables, contract assets, service fees receivable, and Risk Safeguard Fund receivable. The Group assesses the creditworthiness and collectability of the portfolios of respective financial assets, mainly based on delinquency levels and historical charge offs of respective underlying on- and off-balance sheet loans, where applicable, using an established systematic process on a pooled basis within each credit risk levels of the Borrowers. The Group considers location, education background, income level, outstanding external borrowings, and external credit references when assigning Borrowers into different credit risk levels. Also, each portfolio of respective financial asset subject to credit losses within each credit risk level consists of individually small amount of on- and off-balance sheet loans. In the consideration of above factors, the Group determines that each portfolio of respective financial asset subject to credit losses within each credit risk level is homogenous with similar credit characteristics. The Group’s provision for credit losses of financial assets is calculated separately within each credit risk level of the Borrowers, taking into considerations of flexible repayment options of the underlying on- and off-balance sheet loans, where applicable. For each credit risk level, the Group estimates the expected loss rate based on delinquency status of the respective financial assets within that level: current, 1 to 29, 30 to 59, 60 to 89, 90 to 119, 120 to 149, 150 to 179 calendar days past due. These loss rates in each delinquency status are based on average historical loss rates of financial assets subject to credit losses associated with each of the abovementioned delinquency categories. The expected loss rate of the specific delinquency status category within each risk level will be applied to the applicable outstanding balances of respective financial assets within that level to determine the provision for credit losses for each reporting period. In addition, the Group considers other general economic conditions, if any, when determining the provision for credit losses. |
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| Accrued interest receivable | (h) Accrued interest receivable Accrued interest income on financing receivables is calculated based on the contractual interest rate of the loan and recorded as interest and financial services income as earned. Financing receivables are placed on non‑accrual status upon reaching 90 days past due. When a financing receivable is placed on non‑accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. |
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| Nonaccrual financing receivables and charged-off financing receivables | (i) Nonaccrual financing receivables and charged‑off financing receivables The Group considers a financing receivable to be delinquent when a monthly payment is one day past due. When the Group determines it is probable that it will be unable to collect unpaid principal amount on the receivable, the remaining unpaid principal balance is charged off against the allowance for credit losses. Generally, charge‑offs occur after the 180th day of delinquency. Interest and financial services income for nonaccrual financing receivables is recognized on a cash basis. Cash receipt of non‑accrual financing receivables would be first applied to any unpaid principal, late payment fees, if any, before recognizing interest and financial services income. The Group does not resume accrual of interest after a loan has been placed on nonaccrual status. |
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| Funding Debts | (j) Funding Debts For the proceeds received from the Individual Investors on Juzi Licai, and other funding partners, including certain Institutional Funding Partners and the third-party investors of the consolidated Trusts, and the issuance of asset backed securitized debts, to fund the Group’s on balance sheet loans, the Group records them as funding debts (“ Funding Debts”) on its Consolidated Balance Sheets. |
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| Accrued interest payable | (k) Accrued interest payable Accrued interest payable is calculated based on the contractual interest rates of Funding Debts. |
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| Risk Safeguard Fund receivable and payable | (l) Risk Safeguard Fund receivable and payable For the off-balance sheet loans funded by the Individual Investors on Juzi Licai, the obligations associated with the Risk Safeguard Fund are comprised of two components: (i) ASC 460 component; and (ii) ASC 450 component. In accordance with ASC 460-10-25-2 and ASC 460-10-30-3, the non-contingent and contingent aspect of the financial guarantee must both be considered at initial measurement. Accordingly, the Risk Safeguard Fund payable is measured at fair value at inception and reduced as the Group is released from the underlying risk, i.e., as the underlying loan is repaid by the Borrower or when the Individual Investor is compensated in the event of a Borrower’s default. This component is a stand ready obligation which is not subject to the probable threshold used to record a contingent obligation. The fair value of the guarantee associated with the Risk Safeguard Fund recorded at inception of the loans is estimated using a discounted cash flow model to its expected net payouts from the Risk Safeguard Fund, and also by incorporating a markup margin. The other component is a contingent liability determined based on historical default rates, representing the obligation to make future payouts from the Risk Safeguard Fund, measured using the guidance in ASC 450, Contingencies. The ASC 450 contingent component considers the actual and expected performance of the loans on a pool basis when estimating the contingent liability. Subsequent to initial recognition, the Risk Safeguard Fund payable is measured at the greater of the amount determined based on ASC 460 and the amount determined based on ASC 450. ASC 460 does not prescribe a method for subsequently measuring and recording the noncontingent guarantee liability. However, as stated in ASC 460-10-35-1, the guarantee liability should generally be reduced by recording a credit to net income as the guarantor is released from the guaranteed risk. As the risk is reduced as each monthly payment is made, a systematic and rational amortization method based on when the payments are made may be appropriate. Risk Safeguard Fund payable is recognized by a systematic and rational amortization method, i.e. over the terms of the underlying loans, as “Gain on guarantee liabilities, net” on the Consolidated Statements of Operations. At the end of each reporting period on a portfolio basis, when the aggregate contingent liability required to be recognized under ASC 450 exceeds the balance of Risk Safeguard Fund payable, the Group records the excess against “Gain on guarantee liabilities, net” on its Consolidated Statements of Operations. Risk Safeguard Fund receivable is recognized and measured at inception at fair value. For loans with original terms greater than 12 months, the Group determines a significant financing component exists in the arrangements. The discount rate, which reflects the credit risk of the customers, was used in adjusting the Risk Safeguard Fund receivable at inception. Interest income resulting from the significant financing component is recorded as “Interest and financial services income” on the Consolidated Statements of Operations. At each reporting date, the Group assesses whether there is any indicator of impairment to the Risk Safeguard Fund receivable as discussed in Note 2(g). An impairment loss is recorded if the carrying amounts of the Risk Safeguard Fund receivable exceed the expected collections. The following table sets forth the activities of the Group’s obligations associated with the Risk Safeguard Fund for the year ended December 31, 2018:
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| Guarantee derivative liabilities | (m) Guarantee derivative liabilities For the off-balance sheet loans funded by certain other Institutional Funding Partners such as third-party commercial banks or consumer finance companies, the Group is obligated to compensate the commercial banks or consumer finance companies for the principal and interest repayment of the defaulted loans in case of Borrowers’ default, and full interest repayment according to the loan terms in the event that the Borrowers early repay their loans. Therefore, the Group effectively provides guarantees to the commercial banks or consumer finance companies that include credit risk and prepayment risk. In order to determine the accounting treatment of the guarantees, the Group considered the criteria of scope exception under ASC 815‑10‑15‑58. In order to qualify for this scope exception, the financial guarantee contracts must meet all three of the following criteria: (a) provide for payments to be made solely to reimburse the guaranteed party for failure of the debtor to satisfy its required payment obligations either at prescriptive payment dates or accelerated payment dates as a result of the occurrence of an event of default or notice of acceleration being made to the debtor by the creditor; (b) payment be made only if the debtor’s obligation to make payments as a result of conditions as described in (a) is past due; and (c) the guaranteed party is, as a precondition in the contract for receiving payment of any claim under the guarantee, exposed to the risk of non‑payment both at inception and throughout its term either through direct legal ownership or through a back‑to‑back arrangement. As the guarantee provided by the Group does not solely reimburse these commercial banks or consumer finance companies for failure of the Borrowers to satisfy required payment obligations, but also the future interest in the event of early repayment by the Borrowers, the scope exception under ASC 815-10-15-58(a) is not met. Therefore, these contracts are accounted for as a derivative under ASC 815, Derivatives and Hedging, and are recognized on the Consolidated Balance Sheets as either assets or liabilities and recorded at fair value.
Derivative assets and liabilities within the scope of ASC 815 are required to be recorded at fair value at inception and remeasured at fair value on an ongoing basis in accordance with ASC 820, Fair Value Measurement. Therefore, the financial guarantee derivative liabilities will be subsequently marked to market at the end of each reporting period with gains and losses recognized as change in fair value of financial guarantee derivatives. The estimated fair value of the financial guarantee derivative liabilities is determined by the Group based on a discounted cash flow model, with reference to estimates of cumulative default rates, margins on cost of comparable companies and discount rates, using industry standard valuation techniques with the assistance of an independent valuation firm. |
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| Revenue recognition | (n) Revenue recognition On January 1, 2018, the Group adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method for all contracts not completed as of the date of adoption. The Group considered relevant accounting guidance and concluded that arrangements for its on-balance sheet loans are out of scope of ASC 606. Therefore, “Interest and financial services income” and “Other revenue” included in “Financial services income” on the Consolidated Statements of Operations should continue to be accounted for in accordance with ASC 310, Receivables. Other revenue streams for the year ended December 31, 2018 were presented under ASC 606, while comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services, net of value-added tax. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. For considerations with original payment terms greater than 12 months, the Group determines a significant financing component exists in the arrangements. The discount rate, which reflects the credit risk of the customers, is used in adjusting the consideration at inception for revenue recognition. Interest income resulting from a significant financing component is recorded as “Interest and financial services income” on the Group’s Consolidated Statements of Operations. The Group recognized a cumulative effect of approximately RMB209.5 million as an increase to the opening balances of retained earnings on January 1, 2018, as a result of the initial application of ASC 606. For the year ended December 31, 2018, the adoption of ASC 606 resulted in an increase in operating revenue of approximately RMB826.1 million as compared with ASC 605, Revenue Recognition, that was in effect in prior periods. The impact primarily resulted from the earlier recognition of revenue under ASC 606 for “Loan facilitation and servicing fees” collectible in monthly installments related to the Group’s off-balance sheet loans. The Group provides the loan facilitation and matching services and post-origination services as multiple deliverable arrangements. Under ASC 605, service fees collectible in monthly installments were considered contingent and, therefore, were not allocable to different deliverables until the contingency was resolved (i.e., upon receipt of the monthly service fees). Under ASC 606, service fees collectible in monthly installments are considered variable consideration which is contingent on a future event occurring. The Group considers the constraint on variable consideration and only recognizes revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is recognized when each of the performance obligations is satisfied at a point in time or over time separately using the total estimated consideration allocated to the different performance obligations based on their relative fair value. Revenue from loan facilitation and matching services is recognized upon successful matching of the Borrowers with various funding parties, and revenue from post-origination services is recognized over the terms of the related contracts. The following table sets forth the cumulative effect of the changes on the Group's Consolidated Balance Sheet as of January 1, 2018 due to the adoption of ASC 606:
The following table sets forth the cumulative effect of the changes on the Group's Consolidated Balance Sheet as of December 31, 2018 due to the adoption of ASC 606:
The following table sets forth the impact on the Group's Consolidated Statements of Operations for the year ended December 3l, 2018 due to the adoption of ASC 606:
* RMB9.9 million of interest and financial services income was recognized resulting from significant financing components of considerations for certain loan facilitation and servicing arrangements. The Group determined that, for “Online direct sales and services income” on the Consolidated Statements of Operations, the adoption of ASC 606 did not significantly change (i) the timing and pattern of revenue recognition, and (ii) the presentation of revenue as gross versus net. The Group’s revenue recognition policies effective on the adoption date of ASC 606 are as follows: Online direct sales and services Online direct sales The Group engages in the online direct sales of electronic products, and to a lesser extent, home appliance products and general merchandise products with installment payment terms mainly through its retail website www.fenqile.com and its APP. Online direct sales revenues are recognized at point-in-time when control of promised goods or services is transferred to the customers, which generally occurs upon the acceptance of the goods or services by the customers. For arrangements where the Group controls the goods or services before they are transferred to the customers as a principal, as it is primarily responsible for fulfilling the promise to provide the goods or services, is subject to inventory risk, and has discretion in establishing prices, revenues are recorded on a gross basis. Otherwise, revenues are recorded on a net basis. The goods or services are generally sold with a right of return, which is accounted for as variable consideration when determining the amount of revenue to recognize. Return allowances are estimated based on historical experiences and insignificant for all of the periods presented. For these transactions, the Group generates financing receivables due from the Borrowers who place orders. The online direct sales revenues and related financing receivables are accounted for as sales of products or services to the Borrowers with extended payment terms and recorded at present value of the contractual cash flows when the Group’s performance obligations are satisfied. The financing receivables initially generated from online direct sales may be subsequently funded with the proceeds from on- or off-balance sheet loans as discussed in Note 2(f). Services and others The Group offers quarterly or annual membership packages to the subscribing members with access to benefits of sales of products and services on the Group’s Platform and APP that represent a single stand-ready obligation, in exchange for upfront premium membership fees. The receipt of premium membership fees is initially recorded as “Deferred services fees” included in “Accrued expenses and other current liabilities” and membership fees are recognized ratably over the terms of the membership packages as the Group’s performance obligation is satisfied over time. The Group also operates an online marketplace that enable third-party sellers to sell their products to customers with installment payment terms. The Group charges the third-party sellers a fixed rate commission fee based on the sales amount for the services rendered. Revenues are recognized at point-in-time when the underlying transactions are completed, i.e., upon acceptance of the underlying goods or services by the Borrowers. In accordance with ASC 606-10-55-39, the Group recognizes the commission fees as revenues from the third-party sellers on a net basis, as the Group is acting as an agent and does not have general inventory risk or does not have discretion to establish prices. For these transactions whereby the Group pays to the third-party sellers on behalf of the Borrowers, the Group generates financing receivables due from the Borrowers, which may be subsequently funded with the proceeds from on- or off-balance sheet loans as discussed in Note 2(f). Financial services Interest and financial services income The Group generates interest and financial services income from its financing receivables. Interest and financial services income is recognized over the terms of financing receivables using the effective interest method. Origination fees collected on the first repayment date, normally one month after the origination of personal installment loans, are recorded as a component of financing receivables, on the Consolidated Balance Sheets. Deferred origination fees are recognized over the terms of personal installment loans. Direct origination costs include costs directly attributable to originating financing receivables, including vendor costs and personnel costs directly related to the time spent by those individuals performing activities related to the origination of financing receivables. Considering the credit risk characteristics of the Borrowers as well as the relatively small amount of each individual financing receivable, the Group determined that direct origination costs incurred for originating individual financing receivables are insignificant and expensed as incurred and recorded in “Processing and servicing cost” in the Consolidated Statements of Operations. Interest and financial services income is not recorded when reasonable doubt exists as to the full, timely collection of interest or principal. Loan facilitation and servicing fees With respect to the off-balance sheet loans, the Group does not record financing receivables arising from these loans nor Funding Debts to the funding parties. The Group earns loan facilitation and servicing fees from these arrangements. Revenues from loan facilitation and matching and post-origination services The Group provides intermediary services to the Borrowers and funding parties, as the lenders. The intermediary services provided include (i) loan facilitation and matching services, (ii) post-origination services (i.e. account maintenance, collection, and payment processing), and (iii) a financial guarantee. The Group has assessed all these services and concludes that loan facilitation and matching services and post-origination services are distinct and therefore are separate performance obligations. The financial guarantee is within the scope of ASC 815, Derivatives and Hedging or ASC 460, Guarantees, where applicable, and recorded at fair value at inception of the loans. The remaining consideration is allocated to each of the performance obligations based on relative standalone selling price of each of the services being provided to customers. The Group primarily uses the expected cost plus a margin approach to determine the relative standalone selling price as a result of the adoption of ASC 606. Revenues from loan facilitation and matching services are recognized at point-in-time upon the successful matching of the borrowing requests from the Borrowers with the funding parties, as the lenders. Revenues from post-origination services are recognized ratably over the terms of the underlying loans as this performance obligation is satisfied over time. Revenues from Investment Program management services The Group provides ongoing management services to the Individual Investors pursuant to the Investment Programs under the New Model, including (i) initial matching of the investment funds from the Individual Investors and (ii) continuous re-matching of the monthly repayment from the Borrowers with any new borrowing requests to generate investment returns for the Individual Investors over the terms of the Investment Programs. The customers (i.e. the Individual Investors) simultaneously receive and consume the benefits provided by the Group’s performance throughout the terms of the Investment Programs. The Group concludes that the ongoing management services is a distinct service being provided over the time in accordance with ASC 606, therefore the revenues from Investment Program management services are recognized over the terms of the Investment Programs, using a straight-line method. The Group considers the options to the Individual Investors to renew the contract term of Investment Programs to purchase additional future services with a lower service fee rate, if any, as a material right to customers therefore is a separate performance obligation. The transaction price allocated to such options are deferred to be recognized as revenues when the relevant future services are transferred or when the options expire. The remaining consideration is allocated to each of the performance obligations based on relative standalone selling price of each of the services being provided to customers. The Group determines the relative standalone selling price of such options primarily based on historical data of the discounts that the customers obtain from exercising such options. Other revenue Other revenue includes fees collected for prepayment and late payment for on‑balance sheet loans, which is calculated as a certain percentage of interest over the prepaid principal loan amount in case of prepayment or a certain percentage of past due amounts in case of late payment. Customer incentives In order to incentivize the individual customers to use the Platform and APP, the Group provides two major types of incentive coupons: cash coupons that have a stated discount amount that reduces the selling price of a future purchase of product and repayment coupons that have a stated discount amount that reduce a future repayment on the installment purchase loans or personal installment loans. Both cash coupons and repayment coupons are given for free at the Group’s discretion, which are not linked to any transactions or previous transactions from the Platform and APP when they are given. In accordance with ASC 606-10-32-27, cash coupons and repayment coupons are accounted for as a reduction of revenue of the Group upon the future purchase or application by the customers. The amount of cash coupons recognized as a reduction of revenue was RMB125.0 million, RMB209.4 million and RMB310.5 million for the years ended December 31, 2016, 2017 and 2018, respectively. The amount of repayment coupons recognized as a reduction of revenue was not material for all the periods presented. The Group offers a referral code incentive in cash to existing Borrowers for promoting its Platform and APP. Referral code incentives are granted to existing Borrowers for each new Borrower who successfully signs up on the Platform and APP using the existing Borrowers’ referral codes and has been granted a credit line. Referral code incentives, amounting to RMB37.2 million, RMB15.0 million and RMB13.1 million, were recorded as sales and marketing expenses on the Consolidated Statements of Operations for the years ended December 31, 2016, 2017 and 2018, respectively. Contract balances The Group classifies its right to consideration in exchange for products or services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. Generally, the amount of revenue recognized from loan facilitation and matching services and Investment Program management services exceeds the amount billed to customers following the predetermined payment schedules at inception of the loans. The Group does not have an unconditional right to such exceeding amount. Service fees receivable represent the considerations for which the Group has satisfied its performance obligations and has the unconditional right to consideration. At each reporting date, the Group assesses whether there is any indicator of impairment to the contract assets and service fees receivable as discussed in Note 2(g). An impairment loss, if any, is recorded as “Provision for credit losses of contract assets and service fees receivable” on the Consolidated Statements of Operations. Contract liabilities relate to unsatisfied performance obligations at the end of each reporting period and consist of cash payment received in advance from customers in membership services and post-origination services, which is recorded as “Deferred service fees” included in “Accrued expenses and other current liabilities” (Note 10) on the Consolidated Balance Sheets. The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was RMB52.6 million for the year ended December 31, 2018. The following table provides information about the Group’s service fees receivable and contract balances with its customers:
Remaining performance obligations The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Additionally, as a practical expedient, the Group does not include contracts that have an original duration of one year or less. As of December 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was RMB601.6 million. Given the profile of contract terms, substantially all of the remaining performance obligation is expected to be recognized as revenue over the next three years. Practical expedients The Group has used the following practical expedients as allowed under ASC 606: The remaining performance obligation has not been disclosed when the performance obligation is part of a contract that has an original duration of one year or less. The Group expenses sales commissions as incurred when the amortization period is one year or less. Sales commission expenses are recorded within “Sales and marketing expenses” on the Consolidated Statements of Operations. Disaggregation of revenues within the scope of ASC 606 The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by revenue sources:
The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by timing of revenue recognition:
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| Cash and cash equivalents | (o) Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. As of December 31, 2017 and 2018, the Group did not have any cash equivalents. |
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| Restricted cash | (p) Restricted cash Restricted cash mainly represents: (i) cash received from the Borrowers but not yet been repaid to the funding parties or received from the funding parties but not yet been remitted to the Borrowers which is not available to fund the general liquidity needs of the Group; (ii) security deposits set aside for partnering commercial banks or certain Institutional Funding Partners in case of Borrowers’ defaults; and (iii) cash set aside under the QAP or RSS through third-party custody bank accounts. In November 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Group adopted the amendments on January 1, 2018 on a basis of using a retrospective transition method to each period presented. The changes in restricted cash on the Consolidated Statements of Cash Flows of RMB146.5 million, RMB435.9 million and RMB740.0 million for the years ended December 31, 2016, 2017 and 2018, respectively, were no longer presented within investing activities and were retrospectively included in the changes of cash and cash equivalents and restricted cash as required. |
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| Restricted time deposits | (q) Restricted time deposits Time deposits securing the Group’s short‑term and long‑term borrowings from financial institutions are treated as restricted time deposits on the Consolidated Balance Sheets. Short‑term and long‑term borrowings are designated to support the Group’s general operation and could not be used to fund the Group’s financing receivables. |
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| Inventories, net | (r) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value. Cost of inventory is determined using the first‑in first‑out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Adjustments are recorded to write down the cost of inventory to the net realizable value due to slow‑moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write-downs are recorded in cost of revenues in the Consolidated Statements of Operations. As of December 31, 2017 and 2018, all inventory balances were products available for sale. The Group also provides fulfillment‑related services in connection with the Group’s online marketplace. Third‑party sellers maintain ownership of their inventories and therefore these products are not included in the Group’s inventories. |
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| Long-term investments | (s) Long‑term investments The Group’s long-term investments consist of equity investments in privately held companies and a debt investment in forms of a loan for which the Group has the intent and ability to hold to maturity or payoff. Prior to adopting ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018, for those equity investments over which the Group does not have significant influence and without readily determinable fair value, the Group carried the investment at cost and only adjusted for other-than-temporary declines in fair value and for distributions of earnings that exceed the Group’s share of earnings. On January 1, 2018, the Group adopted ASU No. 2016-01 and started to measure long-term equity investments, other than equity method investments, at fair value through earnings. For those investments over which the Group does not have significant influence and without readily determinable fair value, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group also makes a qualitative assessment of whether these investments are impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group has to recognize an impairment loss equal to the difference between the carrying value and fair value on its Consolidated Statements of Operations. The loan held for long-term investment is carried at outstanding principal adjusted for any write-offs, and allowance for loan losses, any deferred fees or cost, and any unamortized premiums or discounts on the Consolidated Balance Sheets. The Group records the interest income associated with the debt investment using effective interest rate method on the Consolidated Statements of Operations. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. |
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| Property, equipment and software, net | (t) Property, equipment and software, net Property, equipment and software, net are stated at cost less accumulated depreciation, amortization and impairment, if any. Depreciation and amortization is computed using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
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| Impairment of long-lived assets | (u) Impairment of long‑lived assets Long‑lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long‑lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. |
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| Fair value measurements | (v) Fair value measurements Financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:
Fair value measurements on a recurring basis The carrying amount of cash and cash equivalents, restricted cash, amounts due from related parties, accounts payable, and amounts due to related parties approximates fair value because of their short-term nature. Financing receivables are measured at amortized cost. Funding Debts and accrued interest payable are carried at amortized cost. The carrying amount of the financing receivables, Funding Debts, accrued interest receivable, and accrued interest payable approximates their respective fair value as the interest rates applied reflect the current quoted market yield for comparable financial instruments. For the off-balance sheet loans funded by certain third-party commercial banks or consumer finance companies, the Group accounts for financial guarantee provided to the commercial banks or consumer finance companies at fair value (Note 7). The Group uses significant unobservable inputs to measure the fair value of these guarantee liabilities (Level 3). The Group considers unobservable inputs to be significant, if, by their exclusion, the estimated fair value of a Level 3 asset or liability would be impacted by a significant percentage change, or based on qualitative factors such as the nature of the instrument and significance of the unobservable inputs relative to other inputs used within the valuation. Fair value measurements on a non-recurring basis The Group measures certain financial assets, including the equity investments under the cost method prior to the adoption of ASU No. 2016-01, at fair value on a non-recurring basis only if an impairment charge were to be recognized. Starting on January 1, 2018, the Group’s long-term equity investments are measured at fair value on a nonrecurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price change in an orderly transaction for identical or similar investments of the same issuer. The Group’s non-financial assets, such as property, equipment and software, would be measured at fair value only if they were determined to be impaired.
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| Cost of sales | (w) Cost of sales Cost of sales consists of purchase price of the products, shipping charges and handling costs, as well as write-downs of inventory. Shipping charges to receive products from suppliers are included in the inventories, and recognized as cost of sales upon sale of the products to customers. For each of the periods presented, write-downs of inventory were insignificant.
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| Funding cost | (x) Funding cost Funding cost consists of interest expense the Group pays to Individual Investors on Juzi Licai, and other funding partners, including certain Institutional Funding Partners and third-party investors of the consolidated Trusts and the asset backed securitized debts, to fund its on-balance sheet loans, certain fees and amortization of deferred debt issuance costs incurred in connection with obtaining these debts, such as origination fees and legal fees.
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| Processing and servicing cost | (y) Processing and servicing cost Processing and servicing cost consists primarily of vendor costs related to credit assessment, customer and system support, payment processing services and collection services associated with originating, facilitating and servicing the loans. |
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| Sales and marketing expenses | (z) Sales and marketing expenses Sales and marketing expenses consist primarily of advertising costs and payroll and related expenses for personnel engaged in marketing and business development activities. Advertising costs, which consist primarily costs of online advertising and offline outdoor promotion activities, are expensed as incurred and are included within sales and marketing expenses on the Consolidated Statements of Operations. For the years ended December 31, 2016, 2017 and 2018, advertising costs totaled RMB104.9 million, RMB98.5 million and RMB199.5 million, respectively. |
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| Research and development expenses | (aa) Research and development expenses Research and development expenses consist primarily of payroll and related expenses for IT professionals involved in developing technology platform and website, server and other equipment depreciation, bandwidth and data center costs. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant. |
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| General and administrative expenses | (bb) General and administrative expenses General and administrative expenses consist of payroll and related expenses for employees involved in general corporate functions, including finance, legal and human resources; costs associated with use of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. |
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| Operating leases | (cc) Operating leases The Group leases office space under operating lease agreements with initial lease term up to five years. Rental expense is recognized from the date of initial possession of the leased property on a straight‑line basis over the term of the lease and charged to earnings. Certain lease agreements contain rent holidays, which are recognized on a straight‑line basis over the lease term. Lease renewal periods are considered on a lease‑by‑lease basis and are generally not included in the initial lease terms. |
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| Share-based compensation | (dd) Share‑based compensation Share-based awards granted to the Group’s employees, directors and non-employee directors, such as stock options and restricted share units, are measured at the grant date based on the fair value of the awards in accordance with ASC 718, Compensation-Stock Compensation. Share-based compensation, net of estimated forfeitures, is recognized as expenses on a straight-line basis over the requisite service period, which is the vesting period. The modification of the terms or conditions of the existing shared-based award is treated as an exchange of the original award for a new award. The incremental compensation expenses are equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For stock options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For stock options still unvested as of the modification date, the incremental compensation expenses are recognized over the remaining service period of these stock options. Share-based awards granted to non-employees are accounted for in accordance with ASC 505-50, Equity-Based Payments to Non-Employee. All transactions in which services are received in exchange for share-based awards are accounted for based on the fair value of the consideration received or the fair value of the awards issued, whichever is more reliably measurable. Share-based compensation is measured at fair value at the earlier of the commitment date or the date the services are completed. The Group remeasures the awards using the then-current fair value at each reporting date until the measurement date, generally when the services are completed and awards are vested, and attributes the changes in those fair values over the service period by straight-line method. Stock options and restricted share units granted generally vest over four years. Prior to completion of the IPO, the exercise price of each granted stock option was US$0.0001, the Company used intrinsic value (approximately the fair value of each of the Company's ordinary share) on the grant date to estimate the fair value of the stock options granted. After the IPO, the exercise price of each granted stock option is determined by the closing price of the Company’s ordinary share on the grant date. Therefore, the Company utilizes the binomial option pricing model to estimate the fair value of stock options granted after the IPO, with the assistance of an independent valuation firm. The fair value of each granted restricted share unit is determined by the closing price of the Company’s ordinary share on the grant date. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate forfeitures of share-based awards and records share‑based compensation expenses only for those awards that are expected to vest. See Note 19 for further discussion on share‑based compensation. |
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| Fair value of Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares | (ee) Fair value of Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares Shares of the Company, which did not have quoted market prices before the IPO, were valued based on the income approach. The income approach involves applying the discounted cash flow analysis based on projected cash flows using the Group’s best estimate as of the valuation dates. Estimating future cash flows requires the Group to analyze projected revenue growth, gross margins, effective tax rates, capital expenditures and working capital requirements. In determining an appropriate discount rate, the Group considered the cost of equity and the rate of return expected by venture capitalists. The Group also applied a discount for lack of marketability given that the shares underlying the award were not publicly traded at the time of grant. Determination of estimated fair value of the Group requires complex and subjective judgments due to its limited financial and operating history, unique business risks and limited public information on companies in China similar to the Group. Option-pricing method was used to allocate enterprise value to Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares. The method treats Pre-IPO Preferred Shares and Pre-IPO Class A Ordinary Shares as call options on the enterprise’s value, with exercise prices based on the liquidation preference of Pre-IPO Preferred Shares. The strike prices of the “options” based on the characteristics of the Group’s capital structure, including number of shares of each class of ordinary shares, seniority levels, liquidation preferences, and conversion values for Pre-IPO Preferred Shares. The option-pricing method also involves making estimates of the anticipated timing of a potential liquidity event, such as a sale of the Group or an IPO, and estimates of the volatility of the Group’s equity securities. The anticipated timing is based on the plans of board of directors and management of the Group. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies. |
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| Taxation | (ff) Taxation Income tax Current income tax is provided for in accordance with the laws of the relevant tax jurisdictions. Deferred income tax is provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more‑likely‑than‑not to be realized. In making such a determination, the Group considers all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more‑likely‑than‑not that some portion, or all, of the deferred tax assets will not be realized. Uncertain tax positions To assess uncertain tax positions, the Group applies a more‑likely‑than‑not threshold and a two‑step approach for the tax position measurement and financial statement recognition. Under the two‑step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more‑likely‑than‑not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likelihood of being realized upon settlement. The Group classifies interest and penalties related to income tax matters, if any, in income tax expense. |
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| (Loss)/income per share | (gg) (Loss)/income per share Basic (loss)/income per share is computed by dividing net (loss)/income attributable to ordinary shareholders, considering the accretion to redemption value of Pre-IPO Preferred Shares, allocation of net income attributable to Pre-IPO Preferred Shares and deemed dividend to a preferred shareholder, by the weighted average number of ordinary shares outstanding during the period using the two-class method. The two-class method was used to calculate the basic net (loss)/income per ordinary share for periods prior to the completion of the IPO, since the Pre-IPO Preferred Shares were entitled to participation with Pre-IPO Class A Ordinary Shares in the Company’s undistributed net income and therefore were deemed to be participating securities. After the IPO, net (loss)/income per ordinary share are computed on Class A Ordinary Shares and Class B Ordinary Shares together, because both classes have the same dividend rights in the Company’s undistributed net income. Under the two-class method, net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted (loss)/income per share is calculated by dividing net (loss)/income attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the Pre-IPO Preferred Shares and convertible loans, for periods prior to the completion of the IPO, using the if-converted method, and ordinary shares issuable upon the exercise of outstanding stock options and vesting of restricted share units, using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted (loss)/income per share calculation when inclusion of such shares would be anti-dilutive. |
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| Segment reporting | (hh) Segment reporting The Group engages primarily in online direct sales services and online consumer finance services for its customers in the PRC. The Group does not distinguish between markets or segments for the purpose of internal reports. The Group does not distinguish revenues, costs and expenses between segments in its internal reporting, and reports costs and expenses by nature as a whole. The Group’s chief operating decision maker, who has been identified as the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. As most of the Group’s long‑lived assets are all located in the PRC and all the Group’s revenues are derived from the PRC, no geographical segments are presented. |
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| Statutory reserves | (ii) Statutory reserves The Company’s subsidiaries, VIEs and VIEs’ subsidiaries established in the PRC are required to make appropriations to certain non‑distributable reserve funds. In accordance with the laws applicable to the Foreign Investment Enterprises (“FIEs”) established in the PRC, the Group’s subsidiaries registered as wholly foreign‑owned enterprises (“WFOEs”) have to make appropriations from its annual after‑tax profits as determined under Generally Accepted Accounting Principles in the PRC (“PRC GAAP”) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the annual after‑tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion. In addition, in accordance with the PRC Company Laws, the Group’s VIEs and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their annual after‑tax profits as determined under PRC GAAP to non‑distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the annual after‑tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the respective company’s discretion. The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of all employees. None of these reserves is allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2016, 2017 and 2018, profit appropriation to general reserve fund and statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB1.9 million, RMB53.9 million and RMB144.4 million respectively. No appropriation to other reserve funds was made for any of the periods presented. |
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| Significant risks and uncertainties | (jj) Significant risks and uncertainties Foreign currency risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents, restricted cash and restricted time deposits denominated in RMB that are subject to such government controls amounted to RMB1,073.4million and RMB2,818.6 million as of December 31, 2017 and 2018, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Concentration of credit risk Credit risk is one of the most significant risks for the Group’s installment purchase loans and personal installment loans businesses. The Group records provision for credit losses based on its estimated probable losses against its financing receivables. Apart from the financing receivables, financial instruments that potentially expose the Group to significant concentration of credit risk primarily included in the financial statement line items of cash and cash equivalents, restricted cash, restricted time deposits, accrued interest receivable, prepaid expenses and other current assets, risk safeguard fund receivable, service fees receivable and contract assets. The Group holds its cash and cash equivalents, restricted cash and restricted time deposits at reputable financial institutions in the PRC and at international financial institutions with high ratings from internationally recognized rating agencies. As of December 31, 2018, almost 100% of the Group’s cash and cash equivalents, restricted cash and restricted time deposits were held in the financial institutions in the PRC and the remaining cash and cash equivalents, restricted cash and restricted time deposits were held in one financial institution outside the PRC. Financing receivables, accrued interest receivable, service fees receivable and contract assets are typically unsecured and are derived from revenues earned from customers in the PRC. The risk with respect to these receivables and contract assets are mitigated by credit evaluations the Group performs on its Borrowers and the Group’s ongoing monitoring process of outstanding balances. Concentration of customers, suppliers, and funding parties There was no revenue from customers which individually represented greater than 10% of the total operating revenue for any year of the three-years period ended December 31, 2018. There was no financing receivables due from customers of the Group that individually accounted for greater than 10% of the Group’s carrying amount of financing receivables as of December 31, 2017 and 2018, respectively. There were three, two, two inventory suppliers accounted for more than 10% of the Group’s total purchases for the years ended December 31, 2016,2017 and 2018, respectively. There was no supplier accounted for more than 10% of the Group’s accounts payable as of December 31, 2017. Only one supplier accounted for more than 10% of the Group's accounts payable as of December 31, 2018 as follows:
*Less than 10%. There was no funding parties, including Individual Investor or Institutional Funding Partner, that accounted for more than 10% of the Group’s total funding cost for the years ended December 31, 2016, 2017 and 2018, respectively. There was no Individual Investor or Institutional Funding Partner that accounted for more than 10% of the Group’s Funding Debts as of December 31, 2017. Only one Institutional Funding Partner accounted for more than 10% of the Group's Funding Debts as of December 31, 2018 as follows:
*Less than 10%. |
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| Recent accounting pronouncements | (kk) Recent accounting pronouncements The Group previously qualified as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group was not required to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In 2018, the Group elected to “opt out” of such exemption afforded to an EGC and, as a result, the Group has adopted all applicable accounting standards which have been effective for public companies for the year beginning on January 1, 2018, for the preparation of the financial information for the year ended December 31, 2018. The adoption of these new accounting standards has a significant impact on the Group’s consolidated financial statements as discussed in the notes of relevant accounting policies. For the year ended December 31, 2018, the total operating revenue of the Group exceeded US$1.07 billion. Therefore, the Group no longer qualified as an EGC as of December 31, 2018, pursuant to the JOBS Act. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires that a lessee should recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expenses for such lease generally on a straight-line basis over the lease term. ASU No. 2016-02 is effective for public business entities for annual reporting periods and interim periods within those years beginning after December 15, 2018. The Group adopted ASU 2016-02 No. on January 1, 2019 using the modified retrospective method. The Group currently believes the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Group’s Consolidated Balance Sheets for certain in-scope operating leases. The Group does not expect any material impact on net assets and the Consolidated Statements of Operations as a result of adopting the new standard. In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective for the Group on January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which the Group is required to recognize an allowance based on its estimate of expected credit losses. The Group is in the process of implementing changes to its systems and processes in conjunction with the review of existing model and methodology of credit losses. The Group is currently evaluating the impact, and expects this ASU will have a material impact on the consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, which may lower their cost and reduce volatility in the income statement. The Group adopted this new standard effective on January 1, 2019. The adoption of ASU No. 2018-07 did not have a material impact on the Group’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Group is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements.
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- Definition Disclosure of accounting policy for convenience translation adjustments. No definition available.
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- Definition Disclosure of accounting policy for determining the fair value of shares prices before IPO. No definition available.
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- Definition Disclosure of accounting policy for debts to fund the Group's on balance sheet loans. No definition available.
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- Definition Disclosure of accounting policy for inclusion of significant items in the general and administrative (or similar) expense report caption. No definition available.
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- Definition Description of accounting policies and methodologies used to estimate the entity's liability for on and off-balance sheet credit exposures and related charges for those credit exposures. No definition available.
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- Definition Disclosure of accounting policy for processing and servicing costs. No definition available.
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- Definition Disclosure of accounting policy for restricted time deposits. No definition available.
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- Definition Disclosure of accounting policy for risk safeguard fund receivable and payable. No definition available.
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- Definition Disclosure of accounting policy for significant risks and uncertainties. No definition available.
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- Definition Disclosure of accounting policy for statutory reserves. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for recognizing interest expense, including the method of amortizing debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for estimating the allowance for losses on loans and lease receivables. The disclosure may include (a) how the entity determines each element of the allowance, (b) which loans are evaluated individually and which loans are evaluated as a group, (c) how the entity determines both the allocated and unallocated portions of the allowance, (d) how the entity determines the loss factors applied to graded loans in order to develop a general allowance, and (e) what self-correcting mechanism the entity uses to reduce differences between estimated and actual losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for when a loan ceases to accrue interest or other revenue because the borrower is in financial difficulty. May also describe the treatment of previously earned but uncollected interest income on loans in nonaccrual status, how cash received from borrowers is recorded on loans that are in nonaccrual status, and the policy for resuming accrual of interest. Also includes the policy for charging off uncollectible loans and trade receivables, and the policy for determining past-due or delinquency status (i.e. whether past-due status is based on how recently payments have been received or on contractual terms). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for minimum guarantees, including the nature of each guarantee given to contract holders under long-duration contracts, and the methods of determining the amounts of the guarantees reflected as liabilities in the balance sheet or disclosed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition The entire disclosure for lessor's operating leases. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for revenue from contract with customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Disclosure of accounting policy for segment reporting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) |
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| Schedule of percentage of ownership in principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | As of December 31, 2018, the Company’s principal subsidiaries, consolidated VIEs and subsidiaries of VIEs are as follows:
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- Definition Tabular disclosure of the principle subsidiaries and variable interest entities of the entity. No definition available.
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SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of impact of the Classification Adjustments |
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| Schedule of the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the VIEs and their subsidiaries |
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| Schedule of activities of the Group's obligations associated with the Risk Safeguard Fund |
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| Schedule of information about the Group's contract balances with its customers |
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| Schedule of operating revenue within the scope of ASC 606 disaggregated by revenue sources |
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| Schedule of operating revenue within the scope of ASC disaggregated by revenue timing |
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| Schedule of estimated useful lives |
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| ASC 606 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cumulative effect of the changes on the Financial position |
The following table sets forth the cumulative effect of the changes on the Group's Consolidated Balance Sheet as of December 31, 2018 due to the adoption of ASC 606:
The following table sets forth the impact on the Group's Consolidated Statements of Operations for the year ended December 3l, 2018 due to the adoption of ASC 606:
* RMB9.9 million of interest and financial services income was recognized resulting from significant financing components of considerations for certain loan facilitation and servicing arrangements. |
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| Inventory supplier A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of concentration risk |
*Less than 10%. |
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| Institutional Funding Partner A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of concentration risk |
*Less than 10%. |
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| X | ||||||||||
- Definition Tabular disclosure of the change in the risk safeguard fund payable. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of estimated useful life of property, equipment and software. No definition available.
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| X | ||||||||||
- Definition Definition: Tabular disclosure of disaggregation of revenue by timing. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of contract balances and changes in contract balances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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FINANCING RECEIVABLES, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCING RECEIVABLES, NET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financing receivables, net |
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| Summary of balances in financing receivables |
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| Schedule of activities in the provision for credit losses of financing receivables |
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| Schedule of aging analysis of past due financing receivables |
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| Summary of net recorded investment of financing receivables, by credit quality indicator |
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| X | ||||||||||
- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables. No definition available.
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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of prepaid expenses and other current assets |
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| X | ||||||||||
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property, equipment and software, net |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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LONG-TERM INVESTMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cumulative unrealized upward or downward adjustments and impairment charges |
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| X | ||||||||||
- Definition Tabular disclosure of investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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FAIR VALUE MEASUREMENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities that are measured and recorded at fair value on a recurring basis |
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| Schedule of quantitative information about the significant unobservable inputs used for the Group's Level 3 fair value measurement |
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| Summary of the activities related to fair value of the guarantee derivative liabilities |
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| Summary of the effect of adverse changes in estimate would have on the fair value of the guarantee derivative liabilities |
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| X | ||||||||||
- Definition Tabular disclosure of the effect of volatility in fair value measurements of liabilities using significant unobservable inputs (Level 3), given a hypothetical changes in the cumulative default rates. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FUNDING DEBTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FUNDING DEBTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the Group's outstanding Funding Debts |
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| Summary of the remaining contractual maturity dates of the Group's Funding Debts and associated interest payments |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accrued expenses and other current liabilities |
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| X | ||||||||||
- Definition Tabular disclosure of the components of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
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| X | ||||||||||
- References No definition available.
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RELATED PARTY BALANCES AND TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||
| RELATED PARTY BALANCES AND TRANSACTIONS | ||||||||||||||||||||||||||||||||||||
| Schedule of major related parties and their relationship with the Group |
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| Schedule of significant related party transactions |
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| Schedule of amounts due from related parties |
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| Schedule of amounts due to related parties |
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| X | ||||||||||
- Definition Tabular disclosure of due from related party transactions. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of due to related party transactions. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of major related parties and their relationship with the group. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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TAXATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TAXATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of the Group's (loss)/income before income tax expense |
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| Schedule of current and deferred portion of income tax expense of the Company's China subsidiaries, VIEs, and subsidiaries of the VIEs |
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| Schedule of reconciliation between the statutory EIT rate and the effective tax rate for the Group's China operations |
*The Group’s PRC subsidiaries completed 2017 annual tax filings with relevant tax authorities in May 2018. The tax filing results provided additional insights as to the pre-tax deduction of qualified provision for credit losses of financing receivables. Accordingly, current income tax liability of RMB78.0 million and valuation allowance of RMB114.7 million recognized as of December 31, 2017 in relation to the Group’s provision for credit losses of financing receivables were reversed in 2018. |
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| Schedule of effect of tax holiday related to China operations |
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| Schedule of components of the deferred tax assets and liabilities | The components of the deferred tax assets are as follows:
The components of the deferred tax liabilities are as follows:
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| Schedule of movement of valuation allowance |
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- References No definition available.
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Pre-IPO Preferred Shares |
* Among total shares outstanding, 4,376,751 shares were re-designated from Pre-IPO Class A Shares in conjunction with the issuance of the Pre-IPO Series A-2 Preferred Shares. ** In May 2016, the Group repurchased 5,377,415 Pre-IPO Series B-2 Preferred Shares from one of preferred shareholders with a total repurchase price of RMB87,922,800 (US$13,500,000). The difference of the repurchase price and the carrying amount of Pre-IPO Series B-2 Preferred Shares, of RMB42,679,055, was accounted for as deemed dividend to the preferred shareholder. |
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| Schedule of Group's Pre-IPO Preferred Shares activities |
*Less than 1.
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| X | ||||||||||
- Definition Tabular disclosure of Pre-IPO Preferred Shares. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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NET (LOSS)/INCOME PER SHARE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET (LOSS)/INCOME PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of basic and diluted net (loss)/income per share |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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SHARE BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share-based compensation expenses |
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| Schedule of number of shares available for issuance |
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| Schedule of stock option activity |
Stock options granted to employees, directors and non-employees directors
*Nil, 50,000 and nil stock options were granted to non-employee directors in 2016, 2017 and 2018, respectively. Stock options granted to non-employees
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| Schedule of estimated fair value of each option grant |
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| Summary of restricted share unit ("RSU") activities |
*100,000 restricted share units were granted to non-employee directors in 2018. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure for share-based compensation plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the change in restricted stock units (RSUs). No definition available.
|
COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of future minimum lease payments under non-cancelable operating leases agreements |
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| Schedule of the expected repayment amount of the debt obligations |
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheets | Condensed Balance Sheets (In thousands, except for share and per share data)
|
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| Condensed Statements of Operations and Comprehensive Loss |
Condensed Statements of Operations and Comprehensive (Loss)/Income (In thousands)
|
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| Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (In thousands)
|
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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ORGANIZATION AND PRINCIPAL ACTIVITIES - Product information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Minimum | |
| Product information | |
| Age of borrowers | 18 years |
| Minimum | Installment purchase loans | |
| Product information | |
| Term of the loan | 1 month |
| Minimum | Personal installment loans | |
| Product information | |
| Term of the loan | 1 month |
| Maximum | |
| Product information | |
| Age of borrowers | 36 years |
| Maximum | Installment purchase loans | |
| Product information | |
| Term of the loan | 36 months |
| Maximum | Personal installment loans | |
| Product information | |
| Term of the loan | 36 months |
| X | ||||||||||
- Definition Represents the age of the Borrowers. No definition available.
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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ORGANIZATION AND PRINCIPAL ACTIVITIES - Principal subsidiaries, consolidated VIEs and subsidiaries of VIEs (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Installment HK | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Beijing Shijitong | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Shenzhen Lexin Software | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Trust A | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| Trust B | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| Shenzhen Fenqile | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Qianhai Juzi | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Shenzhen Tiqianle | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Ji'an Microcredit | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Shenzhen Fenqile Trading | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Shenzhen Dingsheng Technology | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Shenzhen Lexin Financing Guarantee | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in Subsidiary (as a percent) | 100.00% |
| Beijing Lejiaxin | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| Shenzhen Xinjie | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| Qianhai Dingsheng | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| Mengtian Technology | |
| Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs | |
| Direct or Indirect Economic Interest in VIEs (as a percent) | 100.00% |
| X | ||||||||||
- Definition The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
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ORGANIZATION AND PRINCIPAL ACTIVITIES - Reorganization (Details) $ / shares in Units, ¥ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2017
$ / shares
shares
|
Dec. 25, 2017
USD ($)
$ / shares
shares
|
Jun. 30, 2018
shares
|
Jan. 31, 2018
USD ($)
$ / shares
shares
|
Jan. 31, 2018
CNY (¥)
shares
|
Oct. 31, 2017
shares
|
May 31, 2017
CNY (¥)
|
Apr. 30, 2017
CNY (¥)
|
Nov. 30, 2013
$ / shares
shares
|
Aug. 31, 2013
shareholder
|
Dec. 31, 2018
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2017
CNY (¥)
shares
|
Mar. 31, 2017 |
Mar. 31, 2016 |
Jan. 31, 2016 |
|
| Initial Public Offering | ||||||||||||||||
| Number of new shares issued (in shares) | 125,000,000 | |||||||||||||||
| Proceeds from initial public offering, net of offering cost | $ 14,700,000 | ¥ 95,100 | $ 100,100,000 | ¥ 651,250 | ||||||||||||
| Authorized share capital | $ | $ 50,000 | |||||||||||||||
| Par value of shares | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||
| Shares authorized | 500,000,000 | |||||||||||||||
| Class A Ordinary Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Number of new shares issued (in shares) | 27,000,000 | |||||||||||||||
| Shares issued (in shares) | 253,693,940 | 217,070,940 | 217,070,940 | |||||||||||||
| Shares outstanding (in shares) | 243,090,108 | 217,070,940 | 217,070,940 | |||||||||||||
| Par value of shares | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||
| Shares authorized | 1,889,352,801 | 1,889,352,801 | 1,889,352,801 | |||||||||||||
| Class B Ordinary Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Shares issued (in shares) | 108,147,199 | 110,647,199 | 110,647,199 | |||||||||||||
| Shares outstanding (in shares) | 108,147,199 | 110,647,199 | 110,647,199 | |||||||||||||
| Par value of shares | $ / shares | $ 0.0001 | |||||||||||||||
| Shares authorized | 110,647,199 | 110,647,199 | 110,647,199 | |||||||||||||
| Pre-IPO Class A Ordinary Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Shares issued (in shares) | 110,647,199 | |||||||||||||||
| Shares outstanding (in shares) | 110,647,199 | |||||||||||||||
| Stock Conversion basis | 1 | 1 | ||||||||||||||
| Pre-IPO Series of Preferred Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Share issuance upon the conversion and redesignation of Pre-IPO Preferred Shares into class A Ordinary Shares (in shares) | 193,070,940 | |||||||||||||||
| Stock Conversion basis | 1 | 1 | ||||||||||||||
| IPO | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Authorized share capital | $ | $ 500,000 | |||||||||||||||
| Par value of shares | $ / shares | $ 0.0001 | |||||||||||||||
| Shares authorized | 5,000,000,000 | |||||||||||||||
| IPO | ADS | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Number of new shares issued (in shares) | 12,000,000 | 1,800,000 | 1,800,000 | |||||||||||||
| Price per share | $ / shares | $ 9.00 | |||||||||||||||
| Proceeds from initial public offering, net of offering cost | $ 14,700,000 | ¥ 95,100 | ||||||||||||||
| Total gross capital raise | 16,200,000 | 105,200 | ||||||||||||||
| Net capital raise | $ 1,500,000 | ¥ 10,100 | ||||||||||||||
| IPO | Class A Ordinary Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Number of new shares issued (in shares) | 24,000,000 | 3,600,000 | 3,600,000 | |||||||||||||
| Price per share | $ / shares | $ 0.0001 | |||||||||||||||
| Shares authorized | 1,889,352,801 | |||||||||||||||
| IPO | Class B Ordinary Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Shares authorized | 110,647,199 | |||||||||||||||
| IPO | Reserved Shares | ||||||||||||||||
| Initial Public Offering | ||||||||||||||||
| Shares authorized | 3,000,000,000 | |||||||||||||||
| Shenzhen Fenqile | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Number of angel investors | shareholder | 2 | |||||||||||||||
| Ownership (in percent) | 100.00% | |||||||||||||||
| Shenzhen Tiqianle | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Ownership (in percent) | 100.00% | |||||||||||||||
| Qianhai Dingsheng | Founding Shareholder | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Ownership (in percent) | 90.00% | |||||||||||||||
| Qianhai Dingsheng | Nominee Shareholders | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Ownership (in percent) | 90.00% | |||||||||||||||
| Beijing Shijitong | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Ownership (in percent) | 100.00% | |||||||||||||||
| Beijing Shijitong | Nominee Shareholders | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Principal amount | ¥ | ¥ 1,000 | |||||||||||||||
| Term of the loan | 10 years | 10 years | ||||||||||||||
| Extension term of the loan | 10 years | 10 years | 10 years | |||||||||||||
| Shenzhen Xinjie | Shenzhen Fenqile | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Equity interest acquired (in percentage) | 73.33% | |||||||||||||||
| Shenzhen Xinjie | Qianhai Dingsheng | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Ownership percentage noncontrolling owners (in percent) | 10.00% | |||||||||||||||
| Shenzhen Xinjie | Beijing Shijitong | Nominee Shareholders | ||||||||||||||||
| Reorganization | ||||||||||||||||
| Principal amount | ¥ | ¥ 10,000 | |||||||||||||||
| X | ||||||||||
- Definition Amount of common stock share capital authorized. No definition available.
|
| X | ||||||||||
- Definition "The number of shares converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. ""Part noncash"" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. " No definition available.
|
| X | ||||||||||
- Definition Period of maturity of debt instrument, extended after each expiration, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Represents the number of angel investors. No definition available.
|
| X | ||||||||||
- Definition The gross proceeds from issuance of initial public offering before underwriting discounts and commissions. No definition available.
|
| X | ||||||||||
- Definition The net proceeds from issuance of initial public offering , net of underwriting discounts and commissions and offering expenses. No definition available.
|
| X | ||||||||||
- Definition This concept does not have any references. No definition available.
|
| X | ||||||||||
- Definition The ratio of conversion features of common stock if such stock is convertible. No definition available.
|
| X | ||||||||||
- Definition Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Face amount per share of no-par value common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity. No definition available.
|
| X | ||||||||||
- Definition The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
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SIGNIFICANT ACCOUNTING POLICIES - Basis of presentation (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
|---|---|---|---|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Short-term Funding Debts | $ 675,739 | ¥ 4,646,041 | ¥ 10,525,134 |
| Long-term Funding Debts | $ 22,964 | 157,887 | ¥ 166,629 |
| As announced in press release | |||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Short-term Funding Debts | 4,393,834 | ||
| Long-term Funding Debts | 410,094 | ||
| Revision | |||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Short-term Funding Debts | 252,207 | ||
| Long-term Funding Debts | ¥ (252,207) |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - VIE Companies (Details) ¥ in Thousands, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2017 |
Apr. 30, 2017 |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2018
CNY (¥)
|
||||||
| Risks in relation to the VIE structure | ||||||||||||
| Total assets | $ 1,813,772 | ¥ 14,729,584 | ¥ 12,470,575 | |||||||||
| Total liabilities | 1,216,463 | 13,028,058 | 8,363,783 | |||||||||
| Total operating revenue | 1,104,923 | ¥ 7,596,896 | 5,582,189 | ¥ 4,338,686 | ||||||||
| Net (loss)/income | 287,587 | 1,977,306 | 240,352 | (117,939) | ||||||||
| Net cash provided by operating activities | 406,474 | 2,794,710 | 1,662,325 | 379,839 | ||||||||
| Net cash (used in)/provided by investing activities | 524,179 | 3,603,990 | (4,987,943) | [1] | (4,355,730) | [1] | ||||||
| Net cash provided by/(used in) financing activities | (817,097) | (5,617,941) | 4,411,608 | 4,459,947 | ||||||||
| Net increase in cash and cash equivalents and restricted cash | 110,806 | 761,848 | 1,082,811 | [1] | 490,774 | [1] | ||||||
| Cash and cash equivalents and restricted cash at beginning of the year | 252,387 | 1,735,286 | [1] | 652,475 | [1] | 161,701 | [1] | |||||
| Cash and cash equivalents and restricted cash at end of the year | $ 363,193 | 2,497,134 | 1,735,286 | [1] | 652,475 | [1] | ||||||
| VIEs | ||||||||||||
| Risks in relation to the VIE structure | ||||||||||||
| Registered capitals and PRC statutory reserves | 3,342,500 | |||||||||||
| Total assets | 14,453,386 | 12,113,439 | ||||||||||
| Total liabilities | 14,730,440 | ¥ 10,261,397 | ||||||||||
| Total operating revenue | 7,596,896 | 5,582,189 | 4,338,686 | |||||||||
| Net (loss)/income | 1,088,805 | (7,905) | (89,726) | |||||||||
| Net cash provided by operating activities | 2,158,663 | 1,652,267 | 360,790 | |||||||||
| Net cash (used in)/provided by investing activities | 3,783,432 | (4,971,765) | (4,351,628) | |||||||||
| Net cash provided by/(used in) financing activities | (4,540,746) | 3,851,583 | 4,450,392 | |||||||||
| Net increase in cash and cash equivalents and restricted cash | 1,401,349 | 532,085 | 459,554 | |||||||||
| Cash and cash equivalents and restricted cash at beginning of the year | 1,060,785 | 528,700 | 69,146 | |||||||||
| Cash and cash equivalents and restricted cash at end of the year | ¥ 2,462,134 | ¥ 1,060,785 | ¥ 528,700 | |||||||||
| Nominee Shareholders | Beijing Shijitong | ||||||||||||
| Risks in relation to the VIE structure | ||||||||||||
| Extension term of the loan | 10 years | 10 years | 10 years | 10 years | ||||||||
| ||||||||||||
| X | ||||||||||
- Definition Period of maturity of debt instrument, extended after each expiration, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Amount of registered capitals and PRC statutory reserves of the group's consolidated VIEs. No definition available.
|
| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - Functional currency and foreign currency translation, Convenience translation, Financing receivables (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Functional currency and foreign currency translation | ||||
| Foreign currency translation adjustments, net of nil tax | $ 93 | ¥ 643 | ¥ (31,893) | ¥ 1,908 |
| Convenience translation | ||||
| Translation rate | 6.8755 | 6.8755 | ||
| Activities of the Group's obligations associated with the Risk Safeguard Fund | ||||
| Fair value of Risk Safeguard Fund payable at inception of new loans | ¥ 782,477 | |||
| Release of Risk Safeguard Fund payable upon the Borrowers' repayment | (196,332) | |||
| Contingent liability | 65,137 | |||
| Payouts during the year | (454,126) | |||
| Recoveries during the year | 259,120 | |||
| Ending balances | ¥ 456,276 | |||
| Minimum | ||||
| Presentation for on-and off-balance sheet loans | ||||
| Investor period term | 7 days | 7 days | ||
| Maximum | ||||
| Presentation for on-and off-balance sheet loans | ||||
| Investor period term | 36 months | 36 months | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The term of the investing period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of risk safeguard funds obligations. No definition available.
|
| X | ||||||||||
- Definition The amount of increase in risk safeguard funds obligations due to contingent liability. No definition available.
|
| X | ||||||||||
- Definition The amount of increase in risk safeguard funds obligations due to fair value payable at inception. No definition available.
|
| X | ||||||||||
- Definition The amount of decrease in risk safeguard funds obligations due to payouts during the period. No definition available.
|
| X | ||||||||||
- Definition The amount of increase in risk safeguard funds obligations due to recoveries during the period. No definition available.
|
| X | ||||||||||
- Definition The amount of decrease in risk safeguard funds obligations due to release payable upon the Borrowers' repayment. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - Adoption of ASC 606 (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2018
CNY (¥)
|
Jan. 01, 2018
CNY (¥)
|
|
| ASSETS | ||||||
| Contract assets and service fees receivable, net | ¥ 1,238,077 | ¥ 294,373 | ||||
| Service fees receivable, net | 60,997 | 2,481 | ||||
| Deferred tax assets | $ 13,759 | ¥ 38,841 | 94,598 | 20,301 | ||
| LIABILITIES | ||||||
| Accrued expenses and other current liabilities | 312,077 | 1,611,029 | 2,145,689 | 1,622,610 | ||
| Deferred tax liabilities | 27,225 | 187,183 | 54,710 | |||
| SHAREHOLDERS' EQUITY: | ||||||
| (Accumulated deficit)/Retained earnings | 231,532 | (450,551) | 1,591,896 | (241,009) | ||
| Revenues | 1,104,923 | ¥ 7,596,896 | 5,582,189 | ¥ 4,338,686 | ||
| Provision for credit losses of contract assets and service fees receivable | (5,564) | (38,254) | ||||
| Total operating cost | 666,855 | 4,584,956 | 4,262,097 | 3,736,654 | ||
| Gross Profit | 438,068 | 3,011,940 | 1,320,092 | 602,032 | ||
| (Loss)/income before income tax expense | 306,818 | 2,109,528 | 474,579 | (59,681) | ||
| Income tax benefit/(expense) | (19,231) | (132,222) | (234,227) | (58,258) | ||
| Net (loss)/income | 287,587 | 1,977,306 | 240,352 | (117,939) | ||
| Financial service income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 726,682 | 4,996,302 | 3,015,256 | 1,562,992 | ||
| Interest and financial services income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 398,901 | 2,742,643 | 2,443,761 | 1,373,559 | ||
| Loan facilitation and servicing fees | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | $ 301,915 | 2,075,817 | ¥ 378,892 | ¥ 54,201 | ||
| ASC 606 | ||||||
| Effect of adoption of ASC 606 | ||||||
| Cumulative effect recognized on opening balances of retained earnings | 209,500 | |||||
| ASC 606 | Loan facilitation and servicing fees | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 826,100 | |||||
| ASC 606 | Amounts without the adoption of ASC 606 | ||||||
| ASSETS | ||||||
| Contract assets and service fees receivable, net | 132,079 | |||||
| Deferred tax assets | 102,737 | |||||
| LIABILITIES | ||||||
| Accrued expenses and other current liabilities | 2,110,354 | |||||
| SHAREHOLDERS' EQUITY: | ||||||
| (Accumulated deficit)/Retained earnings | 716,555 | |||||
| Revenues | 6,770,771 | |||||
| Total operating cost | 4,546,702 | |||||
| Gross Profit | 2,224,069 | |||||
| (Loss)/income before income tax expense | 1,321,657 | |||||
| Income tax benefit/(expense) | (10,150) | |||||
| Net (loss)/income | 1,311,507 | |||||
| ASC 606 | Amounts without the adoption of ASC 606 | Financial service income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 4,170,177 | |||||
| ASC 606 | Amounts without the adoption of ASC 606 | Interest and financial services income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 2,732,764 | |||||
| ASC 606 | Amounts without the adoption of ASC 606 | Loan facilitation and servicing fees | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 1,259,571 | |||||
| ASC 606 | Effect of change | ||||||
| ASSETS | ||||||
| Contract assets and service fees receivable, net | 1,105,998 | 294,373 | ||||
| Deferred tax assets | (8,139) | (18,540) | ||||
| LIABILITIES | ||||||
| Accrued expenses and other current liabilities | 35,335 | 11,581 | ||||
| Deferred tax liabilities | 187,183 | 54,710 | ||||
| SHAREHOLDERS' EQUITY: | ||||||
| (Accumulated deficit)/Retained earnings | ¥ 875,341 | ¥ 209,542 | ||||
| Revenues | 826,125 | |||||
| Provision for credit losses of contract assets and service fees receivable | (38,254) | |||||
| Total operating cost | 38,254 | |||||
| Gross Profit | 787,871 | |||||
| (Loss)/income before income tax expense | 787,871 | |||||
| Income tax benefit/(expense) | (122,072) | |||||
| Net (loss)/income | 665,799 | |||||
| ASC 606 | Effect of change | Financial service income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 826,125 | |||||
| ASC 606 | Effect of change | Interest and financial services income | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | 9,879 | |||||
| ASC 606 | Effect of change | Loan facilitation and servicing fees | ||||||
| SHAREHOLDERS' EQUITY: | ||||||
| Revenues | ¥ 816,246 | |||||
| X | ||||||||||
- Definition The amount of provision for contract assets. No definition available.
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for service transferred to customer when right is conditioned on something other than passage of time, classified as current. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of the cumulative effect on retained earnings net of related income tax effect. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition and Long-term investments (Details) ¥ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Jan. 01, 2018
CNY (¥)
|
Dec. 31, 2018
CNY (¥)
item
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Revenue recognition | ||||
| Number of major types of incentive coupons | item | 2 | |||
| Cash coupons recognized as a reduction of revenue | ¥ 310,500 | ¥ 209,400 | ¥ 125,000 | |
| Referral code incentives recorded as sales and marketing expenses | 13,100 | ¥ 15,000 | ¥ 37,200 | |
| Contract balances | ||||
| Revenue recognized that was included in the contract liabilities balance | 52,600 | |||
| Service fees receivable | ¥ 4,769 | 87,439 | ||
| Allowance for service fees receivable | (2,288) | (26,442) | ||
| Service fees receivable, net | 2,481 | 60,997 | ||
| Contract assets | 292,501 | 1,181,818 | ||
| Allowance for contract assets | (609) | (4,738) | ||
| Contract assets and service fees receivable, net | 294,373 | 1,238,077 | ||
| Contract assets, net | 291,892 | 1,177,080 | ||
| Contract liabilities | ¥ 55,771 | ¥ 92,056 | ||
| Remaining performance obligations | ||||
| Practical expedients, contract duration | true | |||
| remaining performance obligation is expected to be recognized as revenue (in years) | 3 years | |||
| Transaction price allocated to remaining performance | ¥ 601,600 | |||
| Practical expedients | ||||
| Practical expedients, amortization period | true | |||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | ¥ 4,676,411 | |||
| At point in time | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 4,156,460 | |||
| Over time | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 519,951 | |||
| Online direct sales and services income | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 2,600,594 | |||
| Online direct sales | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 2,396,680 | |||
| Services and others | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 203,914 | |||
| Loan facilitation and servicing fees | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 2,075,817 | |||
| Loan facilitation and servicing fees | Loan facilitation and matching service fee | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 1,679,932 | |||
| Loan facilitation and servicing fees | Post-origination service fees | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | 304,554 | |||
| Loan facilitation and servicing fees | Investment Program Management Service Fees | ||||
| Disaggregation of revenue within the scope of ASC 606 | ||||
| Revenue | ¥ 91,331 | |||
| X | ||||||||||
- Definition The amount of allowance for service fees receivable. No definition available.
|
| X | ||||||||||
- Definition Amount of cash coupons charged against revenue for the period. No definition available.
|
| X | ||||||||||
- Definition Amount of contract assets, net. No definition available.
|
| X | ||||||||||
- Definition Represents the number of major types of incentive coupons. No definition available.
|
| X | ||||||||||
- Definition Amount of incentive cash recorded as sales and marketing expenses for the period. The Group offers an incentive in cash to an existing Customer for each new Customer who successfully signs up on the Platform using the existing Customer's referral code and has been granted a credit line. No definition available.
|
| X | ||||||||||
- Definition Period in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition The amount of service fees receivable current. No definition available.
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for service transferred to customer when right is conditioned on something other than passage of time, classified as current. No definition available.
|
| X | ||||||||||
- Definition Amount of accumulated credit loss for right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, before allowance for credit loss, of right to consideration in exchange for good or service transferred to customer, when right is conditioned on something other than passage of time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Indicates (true false) whether practical expedient was elected to recognize incremental cost of obtaining contract as expense when incurred if amortization period would have been one year or less. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Indicates (true false) whether optional exemption was applied not to disclose amount of transaction price allocated to and explanation of expected timing of revenue recognition for remaining performance obligation, when contract has expected duration of one year or less or right to consideration corresponds directly to performance completed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details) - CNY (¥) ¥ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| SIGNIFICANT ACCOUNTING POLICIES | |||
| Changes in restricted cash on the Consolidated Statements of Cash Flows | ¥ 740.0 | ¥ 435.9 | ¥ 146.5 |
| X | ||||||||||
- Definition The amount of changes in restricted cash. No definition available.
|
| X | ||||||||||
- References No definition available.
|
SIGNIFICANT ACCOUNTING POLICIES - Property, equipment and software, net (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Minimum | Computers and equipment | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 3 years |
| Minimum | Furniture and fixtures | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 3 years |
| Minimum | Software | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 3 years |
| Maximum | Computers and equipment | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 5 years |
| Maximum | Furniture and fixtures | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 5 years |
| Maximum | Software | |
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |
| Estimated Useful Lives | 10 years |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - Sales and marketing expenses, Operating Leases, Share-based compensation, Segment reporting and Statutory reserves (Details) ¥ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
$ / shares
|
Dec. 31, 2018
CNY (¥)
segment
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Sales and marketing expenses | ||||
| Advertising costs | ¥ 199,500 | ¥ 98,500 | ¥ 104,900 | |
| Segment reporting | ||||
| Number of reportable segments | segment | 1 | |||
| Statutory reserves | ||||
| Minimum percentage of after-tax profit transferred by Chinese subsidiaries to general reserve fund (as a percent) | 10.00% | 10.00% | ||
| Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund (as a percent) | 50.00% | 50.00% | ||
| Minimum percentage of after-tax profit transferred by VIEs to statutory surplus fund (as a percent) | 10.00% | 10.00% | ||
| Maximum percentage criteria for in appropriation of after-tax profit by VIEs to certain statutory surplus funds (as a percent) | 50.00% | 50.00% | ||
| Reserves allowed to transfer in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation | ¥ 0 | |||
| Appropriations to other reserve funds | ¥ 0 | 0 | 0 | |
| Stock options | ||||
| Share-based compensation | ||||
| Vesting period (in years) | 4 years | |||
| Exercise Price | $ / shares | $ 0.0001 | |||
| Restricted share units | ||||
| Share-based compensation | ||||
| Vesting period (in years) | 4 years | |||
| Maximum | ||||
| Operating leases | ||||
| Initial lease term (in years) | 5 years | 5 years | ||
| Statutory Reserves | ||||
| Statutory reserves | ||||
| Appropriation to statutory reserves | ¥ 144,401 | ¥ 53,858 | ¥ 1,900 | |
| X | ||||||||||
- Definition Represents appropriations to certain non-distributable statutory reserves in accordance with laws applicable to the countries in which the reporting entity's subsidiaries and variable interest entities operate. No definition available.
|
| X | ||||||||||
- Definition The amount of profit appropriations made to other reserve funds. No definition available.
|
| X | ||||||||||
- Definition Represents the maximum percentage criteria expressed as a percentage of registered capital for the transfer of after-tax profit by subsidiaries in China to a general reserve fund. If the reserve fund exceeds the specified threshold of the registered capital, further appropriation is not required. No definition available.
|
| X | ||||||||||
- Definition Represents the maximum percentage criteria expressed as a percentage of registered capital for the transfer of after-tax profit by VIEs in China to statutory reserve funds. If the statutory reserve fund exceeds the specified threshold of the registered capital, further appropriation is not required. No definition available.
|
| X | ||||||||||
- Definition Represents the minimum percentage of after-tax profit transferred by Chinese subsidiaries to general reserve fund. No definition available.
|
| X | ||||||||||
- Definition Represents the minimum percentage of after-tax profit transferred by VIEs to statutory reserve fund. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of reserves allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. No definition available.
|
| X | ||||||||||
- Definition Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Term of lessor's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SIGNIFICANT ACCOUNTING POLICIES - Significant risks and uncertainties and Recent accounting pronouncements (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
item
|
Dec. 31, 2018
CNY (¥)
item
|
Dec. 31, 2017
CNY (¥)
item
|
Dec. 31, 2016
CNY (¥)
item
|
|
| Significant risks and uncertainties | ||||
| Number of Individual Investor or Institutional Funding Partner that accounted for more than 10% of the Group's total funding cost | 0 | 0 | 0 | 0 |
| Number of Individual Investor or Institutional Funding Partner that accounted for more than 10% of the Group's Funding Debts | 1 | 1 | 0 | |
| Operating revenue: | ||||
| Revenues | $ 1,104,923 | ¥ 7,596,896 | ¥ 5,582,189 | ¥ 4,338,686 |
| New accounting standards | ||||
| Operating revenue: | ||||
| Revenues | $ | $ 1,070,000 | |||
| Financing receivables | ||||
| Significant risks and uncertainties | ||||
| Concentration risk (as a percent) | 0.00% | 0.00% | 0.00% | |
| 10% or more of total purchases, number of suppliers | ||||
| Significant risks and uncertainties | ||||
| Number of inventory suppliers | 2 | 2 | 2 | 3 |
| 10% or more of accounts payable, number of suppliers | ||||
| Significant risks and uncertainties | ||||
| Number of inventory suppliers | 1 | 1 | 0 | |
| Revenue concentration - number of borrowers over 10% of revenue | ||||
| Significant risks and uncertainties | ||||
| Concentration risk (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% |
| Supplier Concentration Risk | Inventory supplier A | ||||
| Significant risks and uncertainties | ||||
| Concentration risk (as a percent) | 10.20% | 10.20% | ||
| Lender Concentration Risk | Institutional Funding Partner A | ||||
| Significant risks and uncertainties | ||||
| Concentration risk (as a percent) | 16.60% | 16.60% | ||
| Geographic Concentration Risk | Cash and cash equivalents, restricted cash and restricted time deposits | PRC | ||||
| Significant risks and uncertainties | ||||
| Cash and cash equivalents, restricted cash and restricted time deposits denominated in RMB that are subject to government controls | ¥ | ¥ 2,818,600 | ¥ 1,073,400 | ||
| Concentration risk (as a percent) | 100.00% | 100.00% | ||
| X | ||||||||||
- Definition For an entity that discloses a concentration foreign currency risk on cash and cash equivalents and restricted cash and cash equivalents in quantitative amount. No definition available.
|
| X | ||||||||||
- Definition Number of major investors related to risks that arise due to the volume of funding costs. No definition available.
|
| X | ||||||||||
- Definition Number of major investors related to risks that arise due to the volume of funding debts. No definition available.
|
| X | ||||||||||
- Definition Number of major suppliers related to risks that arise due to the volume of purchase. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
FINANCING RECEIVABLES, NET (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2018
CNY (¥)
|
|
| Short term: | |||
| Short-term financing receivables | ¥ 10,170,673 | ¥ 5,464,966 | |
| Net deferred origination fees | (9,829) | (1,011) | |
| Allowance for credit losses | (313,464) | (324,332) | |
| Total short-term financing receivables, net | $ 747,674 | 9,857,209 | 5,140,634 |
| Long-term: | |||
| Long-term financing receivables | 1,841,777 | 1,342,740 | |
| Net deferred origination fees | (14,483) | (1,400) | |
| Allowance for credit losses | (56,732) | (59,704) | |
| Total long-term financing receivables, net | $ 186,610 | ¥ 1,785,045 | 1,283,036 |
| Short term and long term financing receivables | |||
| Weighted average interest rates of financing receivables (as a percent) | 24.70% | 24.50% | |
| Installment purchase loans | Maximum | |||
| Short term and long term financing receivables | |||
| Term of the loan | 36 months | ||
| Personal installment loans | Maximum | |||
| Short term and long term financing receivables | |||
| Term of the loan | 36 months | ||
| Installment purchase loans | |||
| Short term: | |||
| Short-term financing receivables | ¥ 1,020,662 | 796,312 | |
| Long-term: | |||
| Long-term financing receivables | 170,042 | 178,246 | |
| Impairment of financial receivables | |||
| Impairment of financing receivable, collectively | 1,190,700 | 974,600 | |
| Impairment of financing receivable, individually | 87,000 | 120,900 | |
| Personal installment loans | |||
| Short term: | |||
| Short-term financing receivables | 9,159,840 | 4,669,665 | |
| Long-term: | |||
| Long-term financing receivables | 1,686,218 | 1,165,894 | |
| Impairment of financial receivables | |||
| Impairment of financing receivable, collectively | 10,821,700 | 5,833,100 | |
| Impairment of financing receivable, individually | ¥ 460,100 | ¥ 1,296,400 | |
| X | ||||||||||
- Definition Net deferred origination fees relating to a written agreement to receive money (at a specified future date(s) within one year from the reporting date (or the normal operating cycle, whichever is longer). No definition available.
|
| X | ||||||||||
- Definition Net deferred origination fees relating to a written agreement to receive money (at a specified future date(s) more than one year from the reporting date. No definition available.
|
| X | ||||||||||
- Definition Percentage of weighted average interest rates of these financing receivables. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition A valuation allowance relating to a written agreement to receive money (at a specified future date(s) within one year from the reporting date (or the normal operating cycle, whichever is longer), consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A valuation allowance relating to a written agreement to receive money (at a specified future date(s) more than one year from the reporting date, consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The balance of financing receivables that were collectively evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The balance of financing receivables that were individually evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) within one year of the balance sheet date or the normal operating cycle, whichever is longer. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) more than one year from the balance sheet date. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
FINANCING RECEIVABLES, NET - Financing receivables by due date (Details) - CNY (¥) ¥ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| FINANCING RECEIVABLES, NET | ||
| Due in 0-12 months | ¥ 5,464,966 | ¥ 10,170,673 |
| Due in 13-24 months | 1,149,155 | 1,425,851 |
| Due in 25-36 months | 193,556 | 406,671 |
| Due thereafter | 29 | 9,255 |
| Total financing receivables | ¥ 6,807,706 | ¥ 12,012,450 |
| X | ||||||||||
- Definition Represents the gross carrying amount of financing receivables, prior to deducting the allowance for losses, receivable after three years from the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Represents the gross carrying amount of financing receivables, prior to deducting the allowance for losses, receivable within one year from the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Represents the gross carrying amount of financing receivables, prior to deducting the allowance for losses, receivable within three year from the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Represents the gross carrying amount of financing receivables, prior to deducting the allowance for losses, receivable within two years from the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
FINANCING RECEIVABLES, NET - Activities in the provision for credit losses (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Provision for credit losses | ||||
| Beginning balances | ¥ (370,196) | ¥ (174,826) | ¥ (47,667) | |
| Provisions | $ (128,581) | (884,056) | (611,869) | (236,611) |
| Charge-offs | 974,483 | 444,242 | 114,698 | |
| Recoveries from prior charge-offs | (104,267) | (27,743) | (5,246) | |
| Ending balances | (384,036) | (370,196) | ¥ (174,826) | |
| Allowance for credit losses | ||||
| Allowance for credit losses of financing receivables, collectively evaluated for impairment | 384,000 | 370,200 | ||
| Allowance for credit losses of financing receivables, individually evaluated for impairment | ¥ 1,417,300 | ¥ 547,100 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition A valuation allowance for financing receivables that are expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The valuation allowance for financing receivables that are expected to be uncollectible that were collectively evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of valuation allowance for financing receivables that are expected to be uncollectible that were individually evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of recovery of financing receivables doubtful of collection that were previously charged off. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Amount of direct write-downs of financing receivables charged against the allowance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
FINANCING RECEIVABLES, NET - Aging analysis of past due financing receivables (Details) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | ¥ 527,638 | ¥ 580,001 | |
| Financing receivables, current | 6,280,068 | 11,432,449 | |
| Total financing receivables | 6,807,706 | 12,012,450 | |
| Financing receivables, non-accrual status | 235,600 | 193,000 | |
| Interest and financial services income earned from non-accrual financing receivables | 102,800 | 86,000 | ¥ 37,100 |
| Loan VII | |||
| Aging analysis of past due financing receivables | |||
| Collateral amount | 42,400 | 75,800 | |
| Installment purchase loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 20,910 | 26,152 | |
| Financing receivables, current | 953,648 | 1,164,552 | |
| Total financing receivables | 974,558 | 1,190,704 | |
| Personal installment loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 506,728 | 553,849 | |
| Financing receivables, current | 5,326,420 | 10,267,897 | |
| Total financing receivables | 5,833,148 | 10,821,746 | |
| Net deferred origination fees recognized | 14,500 | 168,400 | ¥ 67,400 |
| 1-29 Days Past Due | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 145,930 | 230,294 | |
| 1-29 Days Past Due | Installment purchase loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 6,297 | 10,759 | |
| 1-29 Days Past Due | Personal installment loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 139,633 | 219,535 | |
| 30-59 Days Past Due | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 78,576 | 85,443 | |
| 30-59 Days Past Due | Installment purchase loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 3,469 | 3,441 | |
| 30-59 Days Past Due | Personal installment loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 75,107 | 82,002 | |
| 60-89 Days Past Due | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 67,521 | 71,226 | |
| 60-89 Days Past Due | Installment purchase loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 2,574 | 2,582 | |
| 60-89 Days Past Due | Personal installment loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 64,947 | 68,644 | |
| 90-179 Days Past Due | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 235,611 | 193,038 | |
| 90-179 Days Past Due | Installment purchase loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | 8,570 | 9,370 | |
| 90-179 Days Past Due | Personal installment loans | |||
| Aging analysis of past due financing receivables | |||
| Financing receivables, past due | ¥ 227,041 | ¥ 183,668 | |
| X | ||||||||||
- Definition Net deferred origination fees relating to the financial receivables. No definition available.
|
| X | ||||||||||
- Definition Amount of assets pledged to secure a debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Financing receivables that are current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Recorded investment in financing receivables that are on nonaccrual status as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Recorded Investment in financing receivables that are past due at the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of interest income on financing receivables, for which there is a related allowance for credit losses, recognized on a cash-basis method of accounting that the financing receivables were impaired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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FINANCING RECEIVABLES, NET - Net recorded investment of financing receivables, by credit quality indicator (Details) - CNY (¥) ¥ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | ¥ 974,558 | ¥ 1,190,704 |
| Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 5,833,148 | 10,821,746 |
| A | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 442,655 | 598,418 |
| A | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 1,101,982 | 2,480,065 |
| B | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 234,151 | 264,574 |
| B | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 1,268,530 | 1,970,978 |
| C | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 178,153 | 180,446 |
| C | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 1,269,632 | 2,709,756 |
| D | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 90,461 | 102,426 |
| D | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 1,269,521 | 2,612,084 |
| E | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 11,167 | 34,293 |
| E | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 297,361 | 772,997 |
| F | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 10,134 | 4,857 |
| F | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 308,142 | 165,478 |
| N and others | Installment purchase loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | 7,837 | 5,690 |
| N and others | Personal installment loans | ||
| Financing receivables credit quality indicator | ||
| Financing receivables, net | ¥ 317,980 | ¥ 110,388 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
|---|---|---|---|
| PREPAID EXPENSES AND OTHER CURRENT ASSETS | |||
| Receivables from Pre-IPO Series C-1 preferred shareholders (Note 14) | ¥ 347,238 | ¥ 502,211 | |
| Receivables from third-party payment service providers(i) | 225,449 | 171,788 | |
| Deposits to Institutional Funding Partners | 207,429 | 146,881 | |
| Prepayment to inventory suppliers | 61,064 | 26,597 | |
| Prepaid input value-added tax | 19,750 | 44,839 | |
| Rental deposits and other current assets | 62,897 | 52,942 | |
| Total prepaid expenses and other current assets | $ 134,365 | ¥ 923,827 | ¥ 945,258 |
| X | ||||||||||
- Definition The amount of receivables from the issuance of Pre-IPO Preferred Shares. No definition available.
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of rental deposits and other assets. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of temporarily held in the accounts with third party online payment service providers mainly to facilitate collection and transfer of the funds, interest and service fees from/to the Customers and Individual Investors or Institutional Funding Partners. No definition available.
|
| X | ||||||||||
- Definition The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of consideration paid in advance for supplies that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2018
CNY (¥)
|
|
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |||||
| Total property, equipment and software, gross | ¥ 88,165 | ¥ 135,574 | |||
| Accumulated depreciation and amortization | (25,040) | (53,154) | |||
| Total property, equipment and software, net | $ 11,987 | 63,125 | 82,420 | ||
| Depreciation and amortization expenses | $ 4,421 | ¥ 30,398 | 18,859 | ¥ 4,586 | |
| Computers and equipment | |||||
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |||||
| Total property, equipment and software, gross | 41,374 | 66,205 | |||
| Furniture and fixtures | |||||
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |||||
| Total property, equipment and software, gross | 9,972 | 10,587 | |||
| Leasehold improvement | |||||
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |||||
| Total property, equipment and software, gross | 23,005 | 25,375 | |||
| Software | |||||
| PROPERTY, EQUIPMENT AND SOFTWARE, NET | |||||
| Total property, equipment and software, gross | ¥ 13,814 | ¥ 33,407 | |||
| X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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LONG-TERM INVESTMENTS (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Sep. 30, 2018
CNY (¥)
|
|
| Equity investments | |||||
| Equity investments measured at fair value | ¥ 28,200 | ||||
| Unrealized gains (upward adjustments) | 18,800 | ||||
| Initial cost basis | 23,485 | ¥ 28,802 | |||
| Cumulative unrealized upward adjustments | 18,753 | ||||
| Cumulative impairment charges | (15,215) | (5,635) | |||
| Cumulative foreign currency translation adjustments | 1,143 | 318 | |||
| Total carrying value at end of the year | 28,166 | 23,485 | |||
| Debt investment | |||||
| Carrying amount of held-to-maturity debt investments | ¥ 120,000 | ||||
| Interest income | 1,500 | ||||
| Loan receivable recorded at amortized cost | 157,900 | ||||
| Impairment charges for long-terms investments | $ 2,213 | ¥ 15,215 | ¥ 932 | ¥ 5,635 | |
| X | ||||||||||
- Definition Amount of cumulative unrealized upward or downward adjustments of initial cost basis. No definition available.
|
| X | ||||||||||
- Definition Amount of cumulative unrealized upward or downward adjustments of cumulative foreign currency translation adjustments. No definition available.
|
| X | ||||||||||
- Definition Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of unrealized gain on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cumulative impairment loss on investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cumulative gain from upward price adjustment on investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of investment in debt security measured at amortized cost (held-to-maturity), classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on held-to-maturity securities. No definition available.
|
FAIR VALUE MEASUREMENT (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
|---|---|---|---|
| Assets | |||
| Restricted time deposits-current portion | $ 50,064 | ¥ 344,212 | ¥ 6,750 |
| Restricted time deposits-noncurrent portion | 600 | ||
| Liabilities | |||
| Guarantee derivative liabilities | 52,434 | 30,958 | |
| Fair Value | |||
| Assets | |||
| Restricted time deposits-current portion | 344,212 | 6,750 | |
| Restricted time deposits-noncurrent portion | 600 | ||
| Total assets | 344,212 | 7,350 | |
| Liabilities | |||
| Guarantee derivative liabilities | 52,434 | 30,958 | |
| Total liabilities | 52,434 | 30,958 | |
| Fair Value | Level 2 Inputs | |||
| Assets | |||
| Restricted time deposits-current portion | 344,212 | 6,750 | |
| Restricted time deposits-noncurrent portion | 600 | ||
| Total assets | 344,212 | 7,350 | |
| Fair Value | Level 3 Inputs | |||
| Liabilities | |||
| Guarantee derivative liabilities | 52,434 | 30,958 | |
| Total liabilities | ¥ 52,434 | ¥ 30,958 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Fair value portion of guarantee, including, but not limited to, financial standby letter of credit, fair value guarantee, guarantee of collection of scheduled contractual cash flows from financial assets, and contracts that contingently require the guarantor to make payments or perform services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash equivalents restricted as to withdrawal or usage. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of cash equivalents restricted as to withdrawal or usage, classified as current. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
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| X | ||||||||||
- Details
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| X | ||||||||||
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FAIR VALUE MEASUREMENT - Quantitative information about the significant unobservable inputs (Details) - Level 3 Inputs - Recurring basis - Guarantee derivative liabilities |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Cumulative default rates | Minimum | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 2.0 | 2.3 |
| Cumulative default rates | Maximum | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 2.0 | 2.3 |
| Cumulative default rates | Weighted-Average | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 2.0 | 2.3 |
| Margins on cost | Minimum | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 70.0 | 70.0 |
| Margins on cost | Maximum | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 70.0 | 70.0 |
| Margins on cost | Weighted-Average | ||
| Significant unobservable inputs used in our recurring Level 3 fair value measurements | ||
| Guarantee derivative liabilities | 70.0 | 70.0 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Value of input used to measure servicing liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
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FAIR VALUE MEASUREMENT - Activities related to fair value of the guarantee derivative liabilities (Details) - Guarantee derivative liabilities - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Activities related to fair value of the guarantee derivative liabilities | |||
| Fair value at beginning of the year (Level 3) | ¥ 30,958 | ¥ 31,191 | |
| Issuances | 449,778 | 134,881 | ¥ 38,516 |
| Cash payment | (231,275) | (87,759) | (13,267) |
| Change in fair value | (197,027) | (47,355) | 5,942 |
| Fair value at end of the year (Level 3) | ¥ 52,434 | ¥ 30,958 | ¥ 31,191 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of issuances of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of settlements of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
FAIR VALUE MEASUREMENT -Significant Recurring Level 3 Fair Value Liability Input Sensitivity (Details) - Guarantee derivative liabilities - CNY (¥) ¥ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Significant Recurring Level 3 Fair Value Liability Input Sensitivity | ||
| Weighted-average cumulative default rates | 2.00% | 2.30% |
| Increase by 10% | ¥ 29,725 | ¥ 13,222 |
| Decrease by 10% | ¥ (29,725) | ¥ (13,222) |
| X | ||||||||||
- Definition The amount of fair value decrease by the sensitivity percentage of the fair value measurements to changes in unobservable inputs and the inter-relationships between those inputs as well as how those inter-relationships might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurements. No definition available.
|
| X | ||||||||||
- Definition The amount of fair value increase by the sensitivity percentage of the fair value measurements to changes in unobservable inputs and the inter-relationships between those inputs as well as how those inter-relationships might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurements. No definition available.
|
| X | ||||||||||
- Definition The weighted average cumulative default rates related to guarantee liability. It is expressed as a percentage of the original principal balance of the loans. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
FUNDING DEBTS (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
|---|---|---|---|
| FUNDING DEBTS | |||
| Short-term Funding Debts | $ 675,739 | ¥ 4,646,041 | ¥ 10,525,134 |
| Long-term Funding Debts | $ 22,964 | 157,887 | 166,629 |
| Liabilities to Individual Investors - Juzi Licai | |||
| FUNDING DEBTS | |||
| Short-term Funding Debts | 3,014,670 | 9,627,850 | |
| Long-term Funding Debts | 81,168 | 157,321 | |
| Liabilities to other funding partners | |||
| FUNDING DEBTS | |||
| Short-term Funding Debts | 1,631,371 | 897,284 | |
| Long-term Funding Debts | ¥ 76,719 | ¥ 9,308 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
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FUNDING DEBTS - Liabilities to Individual Investors and Institutional Funding Partners (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| FUNDING DEBTS | ||||
| Weighted average interest rate | 10.00% | 7.70% | ||
| Aggregate amount funded from funding sources | $ 2,169,757 | ¥ 14,918,165 | ¥ 18,204,825 | ¥ 15,432,174 |
| Liabilities to Individual Investors - Juzi Licai | ||||
| FUNDING DEBTS | ||||
| Term | 24 months | 24 months | 24 months | |
| Weighted average interest rate | 7.60% | 7.60% | ||
| Aggregate amount funded from funding sources | ¥ 3,341,400 | ¥ 9,253,400 | ||
| Liabilities to other funding partners | ||||
| FUNDING DEBTS | ||||
| Aggregate amount funded from funding sources | 2,374,700 | 1,157,700 | ||
| Financing receivables pledged as collaterals | 34,900 | 0 | ||
| Asset-backed securitized debts | ||||
| FUNDING DEBTS | ||||
| Financing receivables pledged as collaterals | ¥ 0 | ¥ 0 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Weighted average interest rate of debt outstanding. No definition available.
|
| X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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FUNDING DEBTS - Maturities of Funding Debts (Details) ¥ in Thousands |
Dec. 31, 2018
CNY (¥)
|
|---|---|
| Maturities of Funding Debts | |
| 1 - 12 months | ¥ 4,646,041 |
| 13 - 24 months | 157,887 |
| Total Funding Debts | 4,803,928 |
| Maturities of interest payments | |
| 1 - 12 months | 204,037 |
| 13 - 24 months | 8,866 |
| Total interest payments | 212,903 |
| Liabilities to Individual Investors - Juzi Licai | |
| Maturities of Funding Debts | |
| 1 - 12 months | 3,014,670 |
| 13 - 24 months | 81,168 |
| Total Funding Debts | 3,095,838 |
| Liabilities to other funding partners | |
| Maturities of Funding Debts | |
| 1 - 12 months | 1,631,371 |
| 13 - 24 months | 76,719 |
| Total Funding Debts | ¥ 1,708,090 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of long-term debt interest payable in the next fiscal year following the latest fiscal year. No definition available.
|
| X | ||||||||||
- Definition Amount of long-term debt interest payable in the second fiscal year following the latest fiscal year. No definition available.
|
| X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SHORT-TERM AND LONG-TERM BORROWINGS (Details) - CNY (¥) ¥ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Short-term and long-term borrowings | ||
| weighted average interest rates of short-term borrowings | 5.30% | 6.20% |
| weighted average interest rates of long-term borrowings | 7.30% | |
| Long-term Debt | ¥ 0 | |
| Borrowings | 372,500 | ¥ 169,100 |
| Time deposit | ||
| Short-term and long-term borrowings | ||
| Collateral amount | 340,000 | 4,100 |
| Financing receivables | ||
| Short-term and long-term borrowings | ||
| Collateral amount | ¥ 7,500 | ¥ 75,800 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of assets pledged to secure a debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
|
| X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Weighted average interest rate of long-term debt outstanding calculated at point in time. No definition available.
|
| X | ||||||||||
- Definition Weighted average interest rate of short-term debt outstanding calculated at point in time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Jan. 01, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
|---|---|---|---|---|
| ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||
| Funds payable to Individual Investors on Juzi Licai(i) | ¥ 782,109 | |||
| Liabilities to Pre-IPO Series C-1 preferred shareholders (Note 14) | 335,238 | ¥ 506,478 | ||
| Funds payable to Institutional Funding Partners(ii) | 252,678 | 449,127 | ||
| Accrued payroll and welfare | 254,852 | 168,249 | ||
| Tax payable | 114,887 | 228,660 | ||
| Deferred interest and financial services income and others | 71,634 | 56,259 | ||
| Deferred service fees | 92,056 | 44,189 | ||
| Payable to third-party sellers | 57,637 | 33,841 | ||
| Guarantee derivative liabilities at fair value | 52,434 | 30,958 | ||
| Consideration payable for investments | 36,414 | |||
| Accrued professional fees | 19,057 | 1,114 | ||
| Security deposits from third-party sellers | 12,206 | 10,104 | ||
| Accrued IPO expenses | 38,399 | |||
| Other accrued expenses | 64,487 | 43,651 | ||
| Total accrued expenses and other current liabilities | $ 312,077 | ¥ 2,145,689 | ¥ 1,622,610 | ¥ 1,611,029 |
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for initial public offering expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
|
| X | ||||||||||
- Definition The amount of consideration payable for investments. No definition available.
|
| X | ||||||||||
- Definition Amount deferred interest and financial services income and others, due within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of deferred service fees for accrued expenses and other current liabilities. No definition available.
|
| X | ||||||||||
- Definition Amount payable to third-party sellers, due within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of funds payable to institutional funding partners, due within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of funds payable to investors, due within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition The repayment of a issuance of pre-IPO convertible redeemable preferred shares. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The current portion, due within one year or one operating cycle, if longer, of deposits held other than customer deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value portion of guarantee, including, but not limited to, financial standby letter of credit, fair value guarantee, guarantee of collection of scheduled contractual cash flows from financial assets, and contracts that contingently require the guarantor to make payments or perform services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
RELATED PARTY BALANCES AND TRANSACTIONS (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
|
| RELATED PARTY BALANCES AND TRANSACTIONS | |||||
| Amounts due from related parties | ¥ 9,447 | ||||
| Amounts due to related parties | 67,510 | $ 2,119 | ¥ 14,569 | ||
| JD Group | |||||
| RELATED PARTY BALANCES AND TRANSACTIONS | |||||
| Purchases of goods/services from related parties | ¥ 607,086 | 544,708 | ¥ 668,029 | ||
| Mr. Jay Wenjie Xiao | |||||
| RELATED PARTY BALANCES AND TRANSACTIONS | |||||
| Amounts due from related parties | 8,122 | ||||
| Others | |||||
| RELATED PARTY BALANCES AND TRANSACTIONS | |||||
| Amounts due from related parties | 1,325 | ||||
| Individual Director or Officer and his/her immediate family members under Juzi Licai investment programs as Individual Investors under the Old model | |||||
| RELATED PARTY BALANCES AND TRANSACTIONS | |||||
| Amounts due to related parties | ¥ 67,510 | ¥ 14,569 | |||
| X | ||||||||||
- Definition The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Purchases during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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TAXATION - Tax rates (Details) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 01, 2008 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| PRC | ||||||
| Income tax | ||||||
| Statutory tax rate (as a percentage) | 25.00% | 25.00% | 25.00% | |||
| Withholding income tax rate for dividend paid to foreign tax resident investors (as a percentage) | 10.00% | |||||
| Reduced withholding tax rate for beneficial owner (as a percentage) | 5.00% | |||||
| PRC | Qianhai Juzi | ||||||
| Income tax | ||||||
| Statutory tax rate (as a percentage) | 15.00% | 15.00% | 15.00% | |||
| PRC | Shenzen Lexin Software and Shenzhen Dinsheng Computer Technology | ||||||
| Income tax | ||||||
| Statutory tax rate (as a percentage) | 12.50% | |||||
| Income tax exemption (in years) | 2 years | |||||
| Income tax exemption period extension | 3 years | |||||
| PRC | Mengtian Technology | ||||||
| Income tax | ||||||
| Statutory tax rate (as a percentage) | 12.50% | 12.50% | 12.50% | |||
| Hong Kong | ||||||
| Income tax | ||||||
| Statutory tax rate (as a percentage) | 16.50% | |||||
| Online direct sales and services income | PRC | Minimum | ||||||
| Value-added tax | ||||||
| Value added tax rate (as a percent) | 16.00% | |||||
| Online direct sales and services income | PRC | Maximum | ||||||
| Value-added tax | ||||||
| Value added tax rate (as a percent) | 17.00% | |||||
| Premium membership fees, third-party sellers' commission fees, and financial services income | PRC | ||||||
| Value-added tax | ||||||
| Value added tax rate (as a percent) | 6.00% | |||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Income tax exemption period in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Represents period for extension of tax exemption. No definition available.
|
| X | ||||||||||
- Definition Represents the reduced withholding income tax rate for dividend paid to beneficial owner. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Value added tax rate. No definition available.
|
| X | ||||||||||
- Definition Represents the withholding income tax rate for dividend paid to foreign tax resident investors. No definition available.
|
| X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
TAXATION - Components of (loss)/income before income tax (benefit)/expense, Current and deferred portions of income tax (benefit)/expense (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Components of (loss)/income before income tax expense | ||||
| (Loss)/income before income tax expense | $ 306,818 | ¥ 2,109,528 | ¥ 474,579 | ¥ (59,681) |
| Loss from non-China operations | (13,479) | (11,125) | (12,943) | |
| (Loss)/income from China operations | 2,123,007 | 485,704 | (46,738) | |
| Income tax expense applicable to China operations | $ 19,231 | ¥ 132,222 | ¥ 234,227 | ¥ 58,258 |
| Effective tax rate for China operations | 6.20% | 6.20% | 48.20% | (124.60%) |
| Current and deferred portion of income tax expense | ||||
| Current income tax expense | ¥ 74,046 | ¥ 230,663 | ¥ 11,204 | |
| Deferred income tax expense | $ 8,461 | 58,176 | 3,564 | 47,054 |
| Income tax expense | $ 19,231 | ¥ 132,222 | ¥ 234,227 | ¥ 58,258 |
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to foreign operations, which is defined as Income or Loss generated from operations located outside the entity's country of domicile. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
TAXATION - Reconciliation of tax rate and Deferred tax assets and liabilities (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Reconciliation between the statutory EIT rate and the effective tax rate | ||||
| Effective tax rate for China operations | 6.20% | 48.20% | (124.60%) | |
| Current income tax liability | ¥ 74,046 | ¥ 230,663 | ¥ 11,204 | |
| Effect of tax holiday | ||||
| Tax holiday effect | ¥ 148,350 | ¥ 59,877 | ||
| Basic net income per share effect | ¥ 0.44 | ¥ 0.53 | ||
| Diluted net income per share effect | ¥ 0.41 | ¥ 0.43 | ||
| Deferred tax assets | ||||
| Provision for credit losses | ¥ 86,900 | ¥ 241,901 | ||
| Net operating loss carryforwards | 8,642 | 7,040 | ||
| Accrued expenses and others | 5,841 | 36,408 | ||
| Less: valuation allowance | (6,785) | (246,508) | ¥ (76,526) | ¥ (17,864) |
| Net deferred tax assets | 94,598 | ¥ 38,841 | ||
| Deferred tax liabilities | ||||
| Contract assets and service fees receivable | 187,183 | |||
| Net deferred tax liabilities | ¥ 187,183 | |||
| PRC | ||||
| Reconciliation between the statutory EIT rate and the effective tax rate | ||||
| Statutory EIT rate | 25.00% | 25.00% | 25.00% | |
| Change of tax position | (3.70%) | |||
| Effect of tax holidays | (7.00%) | (12.30%) | ||
| Tax effect of non-deductible expense | (0.50%) | (0.10%) | (24.20%) | |
| Changes in valuation allowance | (7.60%) | 35.60% | (125.40%) | |
| Effective tax rate for China operations | 6.20% | 48.20% | (124.60%) | |
| Current income tax liability | ¥ 78,000 | |||
| Deferred tax assets, valuation allowance | ¥ 114,700 | |||
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from contract assets and service fees receivable. No definition available.
|
| X | ||||||||||
- Definition This concept does not have any references. No definition available.
|
| X | ||||||||||
- Definition Basic net income per share effect of the income tax benefit resulting from the income tax holidays granted by taxing jurisdictions. No definition available.
|
| X | ||||||||||
- Definition Diluted net income per share amount effect of the income tax benefit resulting from the income tax holidays granted by taxing jurisdictions. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences from provisions, reserves, allowances, and accruals, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the provision for loan losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of valuation allowance of deferred tax asset attributable to deductible temporary differences and carryforwards, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences without jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the income tax rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible expenses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income exempt from income tax because of a tax holiday. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of income taxes from which a reporting entity is exempt or for which it will receive a reduction in income taxes as a result of the income tax holiday granted by the taxing jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
TAXATION - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Movement of valuation allowance | |||
| Balances at beginning of the year | ¥ (246,508) | ¥ (76,526) | ¥ (17,864) |
| Additions | (5,245) | (175,849) | (58,662) |
| Reversals | 244,968 | 5,867 | |
| Balances at end of the year | ¥ (6,785) | ¥ (246,508) | ¥ (76,526) |
| X | ||||||||||
- Definition The amount of additions to the valuation allowance for a specified deferred tax asset. No definition available.
|
| X | ||||||||||
- Definition The amount of reversals made to the valuation allowance for a specified deferred tax asset. No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
TAXATION - Others (Details) - CNY (¥) ¥ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|---|---|
| TAXATION | ||||
| Valuation allowance | ¥ 6,785 | ¥ 246,508 | ¥ 76,526 | ¥ 17,864 |
| Operating loss carryforwards | 34,700 | 35,500 | ||
| Valuation allowance for net operating loss carryforwards | 19,900 | 16,800 | ||
| Net operating loss carryforwards | 8,642 | 7,040 | ||
| Net operating loss carryforwards, expires in 2021 | 100 | |||
| Net operating loss carryforwards, expires in 2022 | 15,300 | |||
| Net operating loss carryforwards, expires in 2023 | 19,300 | |||
| Provision for credit losses | ||||
| TAXATION | ||||
| Valuation allowance | 0 | 241,900 | ||
| VIEs | ||||
| TAXATION | ||||
| Net operating loss carryforwards | 14,800 | 18,700 | ||
| Income tax accrued on the undistributed earnings | ¥ 0 | ¥ 0 |
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards, expires in year five. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards, expires in year four. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards, expires in year three. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from undistributed earnings of subsidiaries and other recognized entities not within the country of domicile of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of the valuation allowance pertaining to the deferred tax asset representing potential future taxable deductions from net operating loss carryforwards for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
CONVERTIBLE LOANS (Details) |
1 Months Ended | ||
|---|---|---|---|
|
Oct. 31, 2017
CNY (¥)
EquityInstruments
shares
|
May 31, 2016
USD ($)
item
$ / shares
shares
|
May 31, 2016
CNY (¥)
shares
|
|
| Pre-IPO Series C convertible redeemable preferred shares | |||
| Debt obligations | |||
| Conversion price per share | $ / shares | $ 2.5105 | ||
| Convertible Loans | |||
| Debt obligations | |||
| Principal amount | $ 100,000,000 | ¥ 654,680,000 | |
| Number of investors | item | 4 | ||
| Interest rate (as a percent) | 12.00% | 12.00% | |
| Term of the loan | 2 years | ||
| Issuance costs | ¥ | ¥ 11,300,000 | ||
| Convertible Loans A | |||
| Debt obligations | |||
| Principal amount | $ 15,000,000 | 98,202,000 | |
| Convertible Loans A | Pre-IPO Series C-2 convertible redeemable preferred shares | |||
| Debt obligations | |||
| Debt instrument conversion into equity | EquityInstruments | 5,974,905 | ||
| Convertible Loans B | |||
| Debt obligations | |||
| Principal amount | $ 85,000,000 | ¥ 556,478,000 | |
| Convertible Loans B | Pre-IPO Series C convertible redeemable preferred shares | |||
| Debt obligations | |||
| Number of investors | item | 2 | ||
| Number of preferred shares issued to each investor | 1 | ||
| Consideration received for issued of preferred shares | $ | $ 0 | ||
| Temporary stock, shares issued (in shares) | 2 | 2 | |
| Convertible Loans B | Pre-IPO Series C-1 convertible redeemable preferred shares | |||
| Debt obligations | |||
| Principal amount | ¥ | ¥ 556,478,000 | ||
| Temporary stock, shares issued (in shares) | 2 | ||
| Debt instrument conversion into equity | EquityInstruments | 33,857,797 | ||
| X | ||||||||||
- Definition Represents the number of investors. No definition available.
|
| X | ||||||||||
- Definition Represents number of temporary equity shares issued to each investor. No definition available.
|
| X | ||||||||||
- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of equity instruments that the holder of the debt instrument would receive if the debt was converted to equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Proceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
CONVERTIBLE REDEEMABLE PREFERRED SHARES (Details) |
1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 23, 2017
$ / shares
shares
|
Nov. 10, 2014
USD ($)
$ / shares
shares
|
Jul. 18, 2014
USD ($)
$ / shares
shares
|
May 31, 2016
USD ($)
shares
|
May 31, 2016
CNY (¥)
shares
|
Mar. 13, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2017
CNY (¥)
shares
|
Dec. 31, 2016
CNY (¥)
shares
|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
|
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Accretion on Pre-IPO Preferred Shares redemption value | ¥ | ¥ (82,117,000) | ¥ (62,299,000) | ||||||||
| Pre-IPO Series of Preferred Shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Preferred Shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
| Convertible preferred shares, conversion ratio | 1 | 1 | ||||||||
| Pre-IPO Series A-1 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 38,602,941 | |||||||||
| Issuance Price per Share | $ / shares | $ 0.0222 | |||||||||
| Proceeds from Issuance | $ | $ 857,157 | |||||||||
| Shares Outstanding | 38,602,941 | 38,602,941 | 38,602,941 | |||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | 755,455 | ¥ 687,599 | ||||||||
| Pre-IPO Class B ordinary shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 7,350,000 | |||||||||
| Issuance Price per Share | $ / shares | $ 0.0222 | |||||||||
| Proceeds from Issuance | $ | $ 163,428 | |||||||||
| Shares Outstanding | 7,350,000 | 7,350,000 | 7,350,000 | |||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | 139,412 | ¥ 127,310 | ||||||||
| Pre-IPO Series A-2 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 35,014,006 | |||||||||
| Issuance Price per Share | $ / shares | $ 0.1371 | |||||||||
| Proceeds from Issuance | $ | $ 4,800,000 | |||||||||
| Shares Outstanding | 39,390,757 | 39,390,757 | 39,390,757 | |||||||
| Number of shares re-designated | 4,376,751 | |||||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | 4,043,130 | ¥ 3,687,152 | ||||||||
| Pre-IPO Series B-1 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 4,119,294 | |||||||||
| Issuance Price per Share | $ / shares | $ 0.9710 | |||||||||
| Proceeds from Issuance | $ | $ 4,000,000 | |||||||||
| Shares Outstanding | 4,119,294 | 4,119,294 | 4,119,294 | |||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | 3,335,065 | ¥ 3,035,116 | ||||||||
| Pre-IPO Series B-2 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 69,152,661 | |||||||||
| Issuance Price per Share | $ / shares | $ 1.1424 | |||||||||
| Proceeds from Issuance | $ | $ 79,000,000 | |||||||||
| Shares Outstanding | 63,775,246 | 63,775,246 | 69,152,661 | |||||||
| Repurchase of Pre-IPO Preferred Shares (in shares) | (5,377,415) | |||||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | ¥ 58,599,600 | ¥ 54,761,693 | ||||||||
| Pre-IPO Series B-2 convertible redeemable preferred shares | Single shareholder | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Repurchase of Pre-IPO Preferred Shares (in shares) | (5,377,415) | (5,377,415) | ||||||||
| Repurchase of Preferred Shares | $ 13,500,000 | ¥ 87,922,800 | ||||||||
| Deemed dividend | ¥ | ¥ 42,679,055 | |||||||||
| Pre-IPO Series C-1 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 33,857,797 | 33,857,795 | ||||||||
| Issuance Price per Share | $ / shares | $ 2.5105 | |||||||||
| Shares Outstanding | 33,857,797 | |||||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | ¥ 12,912,925 | |||||||||
| Pre-IPO Series C-2 convertible redeemable preferred shares | ||||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | ||||||||||
| Shares Issued | 5,974,905 | 5,974,905 | ||||||||
| Issuance Price per Share | $ / shares | $ 2.5105 | |||||||||
| Shares Outstanding | 5,974,905 | |||||||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ | ¥ 2,331,846 | |||||||||
| X | ||||||||||
- Definition The number of securities classified as temporary equity that have been redesignated. No definition available.
|
| X | ||||||||||
- Definition Temporary equity difference of the repurchase price and the carrying amount accounted as deemed dividend. No definition available.
|
| X | ||||||||||
- Definition Number of temporary equity shares that have been repurchased during the period. No definition available.
|
| X | ||||||||||
- Definition Temporary equity impact of the value of stock that has been repurchased during the period. No definition available.
|
| X | ||||||||||
- Definition The amount of share issue price per share of temporary stock issued. No definition available.
|
| X | ||||||||||
- Definition The number of new stock classified as temporary equity issued during the period. No definition available.
|
| X | ||||||||||
- Definition Number of shares issued for each share of convertible preferred stock that is converted. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from issuance of callable preferred stock which is identified as being convertible to another type of financial security at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of accretion of temporary equity to its redemption value during the period. No definition available.
|
| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Per share amount of par value or stated value of stock classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
CONVERTIBLE REDEEMABLE PREFERRED SHARES - Preferred Shares activities (Details) - CNY (¥) |
4 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Oct. 23, 2017 |
Nov. 10, 2014 |
Jul. 18, 2014 |
Mar. 13, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Preferred Shares activities | ||||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (1,498,248,000) | |||||
| Pre-IPO Series A-1 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 38,602,941 | 38,602,941 | ||||
| Beginning balance | ¥ 14,484,875 | ¥ 13,797,276 | ||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 38,602,941 | |||||
| Pre-IPO Preferred Shares redemption value accretion | 755,455 | 687,599 | ||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (15,240,330) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (38,602,941) | |||||
| Ending balance | ¥ 14,484,875 | |||||
| Ending balance (in shares) | 38,602,941 | 38,602,941 | ||||
| Pre-IPO Class B ordinary shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 7,350,000 | 7,350,000 | ||||
| Beginning balance | ¥ 1,318,578 | ¥ 1,191,268 | ||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 7,350,000 | |||||
| Pre-IPO Preferred Shares redemption value accretion | 139,412 | 127,310 | ||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (1,457,990) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (7,350,000) | |||||
| Ending balance | ¥ 1,318,578 | |||||
| Ending balance (in shares) | 7,350,000 | 7,350,000 | ||||
| Pre-IPO Series A-2 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 39,390,757 | 39,390,757 | ||||
| Beginning balance | ¥ 41,809,759 | ¥ 38,122,607 | ||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 35,014,006 | |||||
| Pre-IPO Preferred Shares redemption value accretion | 4,043,130 | 3,687,152 | ||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (45,852,889) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (39,390,757) | |||||
| Ending balance | ¥ 41,809,759 | |||||
| Ending balance (in shares) | 39,390,757 | 39,390,757 | ||||
| Pre-IPO Series B-1 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 4,119,294 | 4,119,294 | ||||
| Beginning balance | ¥ 29,970,441 | ¥ 26,935,325 | ||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 4,119,294 | |||||
| Pre-IPO Preferred Shares redemption value accretion | 3,335,065 | 3,035,116 | ||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (33,305,506) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (4,119,294) | |||||
| Ending balance | ¥ 29,970,441 | |||||
| Ending balance (in shares) | 4,119,294 | 4,119,294 | ||||
| Pre-IPO Series B-2 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 63,775,246 | 69,152,661 | ||||
| Beginning balance | ¥ 537,985,682 | ¥ 528,467,734 | ||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 69,152,661 | |||||
| Pre-IPO Preferred Shares redemption value accretion | 58,599,600 | 54,761,693 | ||||
| Repurchase of Pre-IPO Preferred Shares | ¥ (45,243,745) | |||||
| Repurchase of Pre-IPO Preferred Shares (in shares) | (5,377,415) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (596,585,282) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (63,775,246) | |||||
| Ending balance | ¥ 537,985,682 | |||||
| Ending balance (in shares) | 63,775,246 | 63,775,246 | ||||
| Pre-IPO Series C convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Beginning balance (in shares) | 2 | |||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 2 | |||||
| Redesignation of Pre-IPO Series C Preferred Shares (in shares) | (2) | |||||
| Ending balance (in shares) | 2 | |||||
| Pre-IPO Series C-1 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Issuance of Pre-IPO Preferred Shares | ¥ 647,734,116 | |||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 33,857,797 | 33,857,795 | ||||
| Redesignation of Pre-IPO Series C Preferred Shares (in shares) | 2 | |||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ 12,912,925 | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (660,647,041) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (33,857,797) | |||||
| Ending balance (in shares) | 33,857,797 | |||||
| Pre-IPO Series C-2 convertible redeemable preferred shares | ||||||
| Preferred Shares activities | ||||||
| Issuance of Pre-IPO Preferred Shares | ¥ 116,969,352 | |||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 5,974,905 | 5,974,905 | ||||
| Pre-IPO Preferred Shares redemption value accretion | ¥ 2,331,846 | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares | ¥ (119,301,198) | |||||
| Conversion and redesignation of Pre-IPO Preferred Shares (in shares) | (5,974,905) | |||||
| Ending balance (in shares) | 5,974,905 | |||||
| X | ||||||||||
- Definition The value of the stock converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition "The number of shares converted and redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. ""Part noncash"" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. " No definition available.
|
| X | ||||||||||
- Definition The number of shares redesignated in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
|
| X | ||||||||||
- Definition Number of temporary equity shares that have been repurchased during the period. No definition available.
|
| X | ||||||||||
- Definition The number of new stock classified as temporary equity issued during the period. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The cash outflow to reacquire callable preferred stock which is identified as being convertible to another type of financial security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of accretion of temporary equity to its redemption value during the period. No definition available.
|
| X | ||||||||||
- Definition Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of new stock classified as temporary equity issued during the period. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
CONVERTIBLE REDEEMABLE PREFERRED SHARES - Accounting for the Conversion of Convertible Loans into Pre-IPO Series C-1/C-2 Preferred Shares (Details) |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Oct. 23, 2017
shares
|
Oct. 31, 2017
USD ($)
item
shares
|
Dec. 31, 2017
shares
|
Dec. 31, 2016
shares
|
Dec. 26, 2017
shares
|
Dec. 25, 2017
$ / shares
|
Oct. 31, 2017
CNY (¥)
shares
|
May 31, 2016
USD ($)
shares
|
May 31, 2016
CNY (¥)
shares
|
|
| Pre-IPO Series C convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 2 | ||||||||
| Convertible redeemable shares, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
| Convertible preferred shares, conversion ratio | 1 | ||||||||
| Pre-IPO Series C-1 convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 33,857,797 | 33,857,795 | |||||||
| Pre-IPO Series C-2 convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 5,974,905 | 5,974,905 | |||||||
| Convertible Loans A | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Principal amount | $ 15,000,000 | ¥ 98,202,000 | |||||||
| Convertible Loans A | Pre-IPO Series C-2 convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 5,974,905 | ||||||||
| Convertible Loans B | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Principal amount | $ 85,000,000 | ¥ 556,478,000 | |||||||
| Number of promissory notes issued | item | 2 | ||||||||
| Convertible Loans B | Pre-IPO Series C convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Convertible redeemable shares, shares issued | 2 | 2 | |||||||
| Convertible Loans B | Pre-IPO Series C-1 convertible redeemable preferred shares | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Issuance of Pre-IPO Preferred Shares (in shares) | 33,857,795 | ||||||||
| Convertible redeemable shares, shares issued | 2 | 2 | |||||||
| Principal amount | ¥ | ¥ 556,478,000 | ||||||||
| Promissory note one | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Principal amount | $ 49,443,396 | 327,340,000 | |||||||
| Promissory note two | |||||||||
| CONVERTIBLE REDEEMABLE PREFERRED SHARES | |||||||||
| Principal amount | ¥ | ¥ 229,138,000 | ||||||||
| X | ||||||||||
- Definition The number of promissory notes issued. No definition available.
|
| X | ||||||||||
- Definition The number of new stock classified as temporary equity issued during the period. No definition available.
|
| X | ||||||||||
- Definition Number of shares issued for each share of convertible preferred stock that is converted. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Per share amount of par value or stated value of stock classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2017
Vote
$ / shares
shares
|
Dec. 25, 2017
$ / shares
|
Jun. 30, 2018
shares
|
Jan. 31, 2018
USD ($)
$ / shares
shares
|
Jan. 31, 2018
CNY (¥)
shares
|
Oct. 31, 2017 |
Nov. 30, 2013
$ / shares
shares
|
Dec. 31, 2018
USD ($)
shares
|
Dec. 31, 2018
CNY (¥)
shares
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CNY (¥)
|
|
| Ordinary Shares | |||||||||||
| Number of new shares issued (in shares) | shares | 125,000,000 | ||||||||||
| Par value of shares | $ 0.0001 | $ 0.0001 | |||||||||
| Proceeds from initial public offering, net of issuance costs | $ 14,700 | ¥ 95,100 | $ 100,100 | ¥ 651,250 | |||||||
| Underwriting discounts and commissions | $ 5,585 | ¥ 38,399 | |||||||||
| Class A Ordinary Shares | |||||||||||
| Ordinary Shares | |||||||||||
| Number of new shares issued (in shares) | shares | 27,000,000 | ||||||||||
| Par value of shares | 0.0001 | $ 0.0001 | |||||||||
| Number of votes per share | Vote | 1 | ||||||||||
| Number of shares deemed issued | shares | 10,603,832 | 10,603,832 | |||||||||
| Class B Ordinary Shares | |||||||||||
| Ordinary Shares | |||||||||||
| Par value of shares | $ 0.0001 | ||||||||||
| Number of votes per share | Vote | 10 | ||||||||||
| Pre-IPO Class A Ordinary Shares | |||||||||||
| Ordinary Shares | |||||||||||
| Stock conversion basis | 1 | 1 | |||||||||
| Pre-IPO Series of Preferred Shares | |||||||||||
| Ordinary Shares | |||||||||||
| Stock conversion basis | 1 | 1 | |||||||||
| IPO | |||||||||||
| Ordinary Shares | |||||||||||
| Par value of shares | $ 0.0001 | ||||||||||
| IPO | Class A Ordinary Shares | |||||||||||
| Ordinary Shares | |||||||||||
| Number of new shares issued (in shares) | shares | 24,000,000 | 3,600,000 | 3,600,000 | ||||||||
| Price per share | $ 0.0001 | ||||||||||
| IPO | ADS | |||||||||||
| Ordinary Shares | |||||||||||
| Number of new shares issued (in shares) | shares | 12,000,000 | 1,800,000 | 1,800,000 | ||||||||
| Price per share | $ 9.00 | ||||||||||
| Proceeds from initial public offering, net of issuance costs | $ 14,700 | ¥ 95,100 | |||||||||
| Total gross capital raise | $ 16,200 | ¥ 105,200 | |||||||||
| X | ||||||||||
- Definition Description of voting rights of ordinary shares. Includes eligibility to vote and votes per share owned. No definition available.
|
| X | ||||||||||
- Definition The gross proceeds from issuance of initial public offering before underwriting discounts and commissions. No definition available.
|
| X | ||||||||||
- Definition Number of shares deemed to be issued but not outstanding. No definition available.
|
| X | ||||||||||
- Definition The ratio of conversion features of common stock if such stock is convertible. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Face amount per share of no-par value common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
NET (LOSS)/INCOME PER SHARE - Antidilutive (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Options to purchase ordinary shares and restricted share units | |||
| Antidilutive securities excluded from computation of earnings per share | |||
| Number of shares that were anti-dilutive and excluded from the calculation of diluted net (loss)/income per share | 5,785,724 | 10,851 | 22,635,281 |
| Pre-IPO Preferred Shares and convertible loans | |||
| Antidilutive securities excluded from computation of earnings per share | |||
| Number of shares that were anti-dilutive and excluded from the calculation of diluted net (loss)/income per share | 190,426,133 | 178,923,801 | |
| X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
NET (LOSS)/INCOME PER SHARE - Computation of basic and diluted net loss (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2017
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2016
CNY (¥)
¥ / shares
shares
|
|
| Numerator: | ||||
| Net (loss)/income | $ 287,587 | ¥ 1,977,306 | ¥ 240,352 | ¥ (117,939) |
| Accretion on Pre-IPO Preferred Shares redemption value | ¥ | (82,117) | (62,299) | ||
| Income allocation to participating Pre-IPO Preferred Shares | ¥ | (132,241) | |||
| Deemed dividend to a preferred shareholder | ¥ | (42,679) | |||
| Net (loss)/income attributable to ordinary shareholders | $ 287,587 | ¥ 1,977,306 | ¥ 25,994 | ¥ (222,917) |
| Denominator: | ||||
| Weighted average number of ordinary shares outstanding-basic | 337,883,964 | 337,883,964 | 113,620,774 | 110,647,199 |
| Numerator: | ||||
| Net (loss)/income attributable to ordinary shareholders | ¥ | ¥ 1,977,306 | ¥ 25,994 | ¥ (222,917) | |
| Denominator: | ||||
| Weighted average number of ordinary shares outstanding-basic | 337,883,964 | 337,883,964 | 113,620,774 | 110,647,199 |
| Weighted average number of ordinary shares outstanding-diluted | 362,762,561 | 362,762,561 | 140,852,401 | 110,647,199 |
| Net (loss)/income per share attributable to ordinary shareholders-diluted | ¥ / shares | ¥ 5.45 | ¥ 0.18 | ¥ (2.01) | |
| Stock options | ||||
| Denominator: | ||||
| Ordinary shares issuable upon the exercise of outstanding stock options and restricted share units using the treasury stock method | 24,875,327 | 24,875,327 | 27,231,627 | |
| Restricted share units | ||||
| Denominator: | ||||
| Ordinary shares issuable upon the exercise of outstanding stock options and restricted share units using the treasury stock method | 3,270,000 | 3,270,000 | ||
| Ordinary shares | ||||
| Denominator: | ||||
| Net (loss)/income per share attributable to ordinary shareholders-basic | (per share) | $ 0.85 | ¥ 5.85 | ¥ 0.23 | (2.01) |
| Denominator: | ||||
| Net (loss)/income per share attributable to ordinary shareholders-diluted | (per share) | $ 0.79 | ¥ 5.45 | ¥ 0.18 | ¥ (2.01) |
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
EMPLOYEE BENEFIT PLAN (Details) - CNY (¥) ¥ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| EMPLOYEE BENEFIT PLAN | |||
| Contributions for employee benefits | ¥ 102.7 | ¥ 79.7 | ¥ 54.2 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of contribution received by defined benefit plan from employer which increases plan assets. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - CNY (¥) ¥ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| STATUTORY RESERVES AND RESTRICTED NET ASSETS | ||
| Appropriation to the general reserve fund (as a percent) | 10.00% | |
| Required subsidiaries registered capital to avoid net profit allocation to general reserve (as a percent) | 50.00% | |
| Portion of after-tax profit to be allocated to statutory surplus fund under PRC law (as a percent) | 10.00% | |
| Required statutory surplus fund/registered capital ratio to avoid net profit allocation to statutory surplus fund (as a percent) | 50.00% | |
| Amount of net assets of the relevant PRC in the group, not available for distribution | ¥ 1,977.4 | ¥ 895.8 |
| Percentage of restricted net assets | 48.10% |
| X | ||||||||||
- Definition Represents the minimum percentage of net income from required to be appropriated towards the general reserve fund for entities incorporated in the People's Republic of China until the reserve balance reaches 50 percent of registered capital. No definition available.
|
| X | ||||||||||
- Definition Represents the minimum percentage of net income from required to be appropriated towards the statutory surplus fund for entities incorporated in the People's Republic of China until the reserve balance reaches 50 percent of registered capital. No definition available.
|
| X | ||||||||||
- Definition Represents the level of the general reserve fund balance as a percentage of registered capital for entities incorporated in the People's Republic of China which must be attained before mandatory transfers to the reserve are no longer required. No definition available.
|
| X | ||||||||||
- Definition Represents the level of the statutory surplus fund balance as a percentage of registered capital for entities incorporated in the People's Republic of China which must be attained before mandatory transfers to the reserve are no longer required. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of restricted net assets of consolidated and unconsolidated subsidiaries as of the end of the most recently completed fiscal year. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The percent of net assets of the aggregate value of all restricted investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
SHARE BASED COMPENSATION - Share-based compensation expenses (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| SHARE-BASED COMPENSATION | ||||
| Share-based compensation expenses | ¥ 122,636 | ¥ 75,736 | ¥ 23,999 | |
| Income tax benefit | 0 | 0 | 0 | |
| Processing and servicing cost | ||||
| SHARE-BASED COMPENSATION | ||||
| Share-based compensation expenses | $ 1,180 | 8,111 | 5,916 | 1,067 |
| Sales and marketing expenses | ||||
| SHARE-BASED COMPENSATION | ||||
| Share-based compensation expenses | 2,650 | 18,223 | 6,611 | 4,009 |
| Research and development expenses | ||||
| SHARE-BASED COMPENSATION | ||||
| Share-based compensation expenses | 4,824 | 33,169 | 17,089 | 9,068 |
| General and administrative expenses | ||||
| SHARE-BASED COMPENSATION | ||||
| Share-based compensation expenses | $ 9,183 | ¥ 63,133 | ¥ 46,120 | ¥ 9,855 |
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SHARE BASED COMPENSATION - Share Incentive Plan (Details) - shares |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Aug. 09, 2018 |
Aug. 31, 2015 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Oct. 31, 2017 |
Sep. 30, 2014 |
|
| SHARE-BASED COMPENSATION | |||||||
| Additional ordinary shares reserve for future issuance | 22,860,000 | ||||||
| Granted (in shares) | 7,576,000 | 7,348,000 | 5,805,000 | ||||
| Shares available for issuance | |||||||
| Balance at the beginning of the period (in shares) | 20,483,000 | 6,357,000 | 11,217,000 | ||||
| Additions (in shares) | 22,860,000 | ||||||
| Granted (in shares) | (7,576,000) | (7,348,000) | (5,805,000) | ||||
| Cancelled/forfeited (in shares) | 926,000 | 1,300,000 | 945,000 | ||||
| Expired | (2,686,000) | ||||||
| Balance at the end of the period (in shares) | 13,833,000 | 20,483,000 | 6,357,000 | ||||
| Employees, directors and non-employee directors | |||||||
| SHARE-BASED COMPENSATION | |||||||
| Granted (in shares) | 6,263,000 | 6,848,000 | 5,805,000 | ||||
| Shares available for issuance | |||||||
| Granted (in shares) | (6,263,000) | (6,848,000) | (5,805,000) | ||||
| Cancelled/forfeited (in shares) | 858,000 | 1,300,000 | 945,000 | ||||
| 2014 Share Incentive Plan | |||||||
| SHARE-BASED COMPENSATION | |||||||
| Option granted vesting period (in years) | 4 years | ||||||
| Expiration period (in years) | 10 years | ||||||
| 2017 Share Incentive Plan | |||||||
| SHARE-BASED COMPENSATION | |||||||
| Option granted vesting period (in years) | 4 years | ||||||
| Granted (in shares) | 6,263,000 | ||||||
| Expiration period (in years) | 10 years | ||||||
| Shares available for issuance | |||||||
| Granted (in shares) | (6,263,000) | ||||||
| Class A Ordinary Shares | 2014 Share Incentive Plan | |||||||
| SHARE-BASED COMPENSATION | |||||||
| Maximum number of ordinary shares authorized for stock based compensation | 20,220,588 | ||||||
| Additional ordinary shares reserve for future issuance | 15,235,971 | ||||||
| Shares available for issuance | |||||||
| Additions (in shares) | 15,235,971 | ||||||
| Class A Ordinary Shares | 2017 Share Incentive Plan | |||||||
| SHARE-BASED COMPENSATION | |||||||
| Maximum number of ordinary shares authorized for stock based compensation | 22,859,634 | ||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Number of additional shares authorized for issuance under an established share-based compensation plan. No definition available.
|
| X | ||||||||||
- Definition The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SHARE BASED COMPENSATION - Stock options (Details) ¥ / shares in Units, $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2018
$ / shares
|
Aug. 09, 2018
USD ($)
$ / shares
shares
|
Aug. 09, 2018
CNY (¥)
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2017
USD ($)
$ / shares
|
Dec. 31, 2017
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2016
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2015
CNY (¥)
$ / shares
shares
|
Dec. 31, 2018
CNY (¥)
shares
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Options Outstanding | |||||||||||||
| Granted (in shares) | shares | 7,576,000 | 7,348,000 | 5,805,000 | ||||||||||
| Cancelled/forfeited (in shares) | shares | (926,000) | (1,300,000) | (945,000) | ||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Exercisable at the end of the period, Aggregate intrinsic value | $ 118.3 | $ 0.0 | $ 0.0 | ¥ 788,900,000 | |||||||||
| Total intrinsic value of stock options | $ 118.3 | $ 0.0 | $ 0.0 | ¥ 788,900,000 | |||||||||
| Share-based compensation expenses | ¥ | ¥ 122,636,000 | ¥ 75,736,000 | ¥ 23,999,000 | ||||||||||
| Restricted share units | |||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Period over which remaining unrecognized stock-based compensation expense is recognized | 3 years 4 months 24 days | ||||||||||||
| Share-based compensation expenses | ¥ | ¥ 9,500,000 | ||||||||||||
| Minimum | |||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Weighted average grant date fair value of options granted (in dollars per share) | $ 3.70 | $ 3.82 | $ 1.40 | ||||||||||
| Expected volatility | 52.10% | ||||||||||||
| Risk-free interest rate (per annum) | 3.65% | ||||||||||||
| Exercise multiples | 2.2 | ||||||||||||
| Expected term (in years) | 9 years 9 months 18 days | ||||||||||||
| Maximum | |||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Weighted average grant date fair value of options granted (in dollars per share) | 4.57 | 7.58 | 3.82 | ||||||||||
| Expected volatility | 54.90% | ||||||||||||
| Risk-free interest rate (per annum) | 3.74% | ||||||||||||
| Exercise multiples | $ 2.8 | ||||||||||||
| Expected term (in years) | 10 years | ||||||||||||
| Employees, directors and non-employee directors | |||||||||||||
| Options Outstanding | |||||||||||||
| Balance at the beginning of the period (in shares) | shares | 34,648,000 | 29,100,000 | 24,240,000 | ||||||||||
| Granted (in shares) | shares | 6,263,000 | 6,848,000 | 5,805,000 | ||||||||||
| Exercised (in shares) | shares | (19,911,000) | ||||||||||||
| Cancelled/forfeited (in shares) | shares | (858,000) | (1,300,000) | (945,000) | ||||||||||
| Balance at the end of the period (in shares) | shares | 20,142,000 | 34,648,000 | 29,100,000 | 24,240,000 | |||||||||
| Vested and expected to vest at the end of the period (in shares) | shares | 19,107,000 | 19,107,000 | |||||||||||
| Exercisable at the end of the period (in shares) | shares | 6,661,000 | 6,661,000 | |||||||||||
| Weighted Average Exercise Price | |||||||||||||
| Balance at the beginning of the period (in dollars per share) | $ 0.0001 | 0.0001 | 0.0001 | ||||||||||
| Granted (in dollars per share) | 5.1500 | 0.0001 | 0.0001 | ||||||||||
| Exercised (in dollars per share) | 0.0001 | ||||||||||||
| Cancelled/forfeited (in dollars per share) | 1.9962 | 0.0001 | 0.0001 | ||||||||||
| Balance at the end of the period (in dollars per share) | 1.5164 | 0.0001 | 0.0001 | $ 0.0001 | |||||||||
| Vested and expected to vest at the end of the period (in dollars per share) | 1.5082 | ||||||||||||
| Exercisable at the end of the period (in dollars per share) | 0.0001 | ||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Weighted average remaining contractual life (in years) | 7 years 11 months 12 days | 7 years 5 months 9 days | 8 years 4 months 28 days | 9 years 1 month 10 days | |||||||||
| Vested and expected to vest at the end of the period, weighted average remaining contractual life | 7 years 11 months 9 days | ||||||||||||
| Exercisable at the end of the period, weighted average remaining contractual life | 6 years 9 months | ||||||||||||
| Aggregate Intrinsic Value | ¥ | $ 178,676,000 | ¥ 353,559,000 | ¥ 1,573,424,000 | ¥ 737,880,000 | |||||||||
| Vested and expected to vest at the end of the period, Aggregate intrinsic value | ¥ | 336,141,000 | ||||||||||||
| Exercisable at the end of the period, Aggregate intrinsic value | ¥ | 165,714,000 | ||||||||||||
| Weighted average grant date fair value of options granted (in dollars per share) | (per share) | 4.3 | ¥ 27.8 | 5.7 | ¥ 38.1 | 3.0 | ¥ 20.7 | |||||||
| Total intrinsic value of stock options | ¥ | 165,714,000 | ||||||||||||
| Total share-based compensation expense recognized for stock options granted | ¥ | ¥ 110,800,000 | ¥ 73,800,000 | ¥ 24,000,000 | ||||||||||
| Unrecognized share-based compensation cost related to non-vested stock options granted | ¥ | ¥ 323,900,000 | ||||||||||||
| Period over which remaining unrecognized stock-based compensation expense is recognized | 2 years 10 months 24 days | ||||||||||||
| Exercise Price | $ 5.1500 | 0.0001 | $ 0.0001 | ||||||||||
| Non-employee | |||||||||||||
| Options Outstanding | |||||||||||||
| Balance at the beginning of the period (in shares) | shares | 500,000 | ||||||||||||
| Granted (in shares) | shares | 500,000 | ||||||||||||
| Balance at the end of the period (in shares) | shares | 500,000 | 500,000 | |||||||||||
| Vested and expected to vest at the end of the period (in shares) | shares | 500,000 | 500,000 | |||||||||||
| Exercisable at the end of the period (in shares) | shares | 125,000 | 125,000 | |||||||||||
| Weighted Average Exercise Price | |||||||||||||
| Balance at the beginning of the period (in dollars per share) | $ 0.0001 | ||||||||||||
| Granted (in dollars per share) | 0.0001 | ||||||||||||
| Balance at the end of the period (in dollars per share) | 0.0001 | 0.0001 | |||||||||||
| Vested and expected to vest at the end of the period (in dollars per share) | 0.0001 | ||||||||||||
| Exercisable at the end of the period (in dollars per share) | $ 0.0001 | ||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Weighted average remaining contractual life (in years) | 8 years 6 months 29 days | 9 years 6 months 29 days | |||||||||||
| Vested and expected to vest at the end of the period, weighted average remaining contractual life | 8 years 6 months 29 days | ||||||||||||
| Exercisable at the end of the period, weighted average remaining contractual life | 8 years 6 months 29 days | ||||||||||||
| Aggregate Intrinsic Value | ¥ | ¥ 12,439,000 | ¥ 22,706,000 | |||||||||||
| Vested and expected to vest at the end of the period, Aggregate intrinsic value | ¥ | 12,439,000 | ||||||||||||
| Exercisable at the end of the period, Aggregate intrinsic value | ¥ | 3,110,000 | ||||||||||||
| Total intrinsic value of stock options | ¥ | 3,110,000 | ||||||||||||
| Total share-based compensation expense recognized for stock options granted | ¥ | ¥ 2,300,000 | ¥ 1,900,000 | |||||||||||
| Unrecognized share-based compensation cost related to non-vested stock options granted | ¥ | ¥ 8,000,000 | ||||||||||||
| Period over which remaining unrecognized stock-based compensation expense is recognized | 2 years 7 months 6 days | ||||||||||||
| Exercise Price | $ 0.0001 | ||||||||||||
| Non-employee directors | |||||||||||||
| Options Outstanding | |||||||||||||
| Granted (in shares) | shares | 0 | 50,000 | 0 | ||||||||||
| 2017 Share Incentive Plan | |||||||||||||
| Options Outstanding | |||||||||||||
| Granted (in shares) | shares | 6,263,000 | 6,263,000 | |||||||||||
| Weighted Average Exercise Price | |||||||||||||
| Granted (in dollars per share) | $ 0.0001 | ||||||||||||
| Exercised (in dollars per share) | $ 5.15 | ||||||||||||
| Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||||||||
| Share-based compensation expenses | $ 2.5 | ¥ 16,900,000 | |||||||||||
| Exercise Price | $ 0.0001 | ||||||||||||
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Unrecognized cost of unvested share-based compensation awards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award. No definition available.
|
| X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average price of options that were either forfeited or expired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount by which current fair value of underlying stock exceeds exercise price of fully vested and expected to vest options outstanding. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of fully vested and expected to vest options outstanding that can be converted into shares under option plan. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted-average exercise price, at which grantee can acquire shares reserved for issuance, for fully vested and expected to vest options outstanding. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for fully vested and expected to vest options outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value, before forfeitures, of stock or other type of equity granted of any equity-based compensation plan other than an employee stock ownership plan (ESOP). No definition available.
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SHARE BASED COMPENSATION - Restricted share units (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
CNY (¥)
shares
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Weighted-Average Grant Date Fair Value | ||||
| Share-based compensation expenses | ¥ | ¥ 122,636 | ¥ 75,736 | ¥ 23,999 | |
| Restricted share units | ||||
| Shares Outstanding | ||||
| Balance at the beginning of the period (in shares) | ||||
| Granted (in shares) | 1,313,000 | 1,313,000 | ||
| Vested (in shares) | (8,000) | (8,000) | ||
| Cancelled (in shares) | (68,000) | (68,000) | ||
| Balance at the end of the period (in shares) | 1,237,000 | 1,237,000 | ||
| Weighted-Average Grant Date Fair Value | ||||
| Balance at the beginning of the period (in dollars per share) | $ / shares | ||||
| Granted (in dollars per share) | $ / shares | $ 7.45 | |||
| Vested (in dollars per share) | $ / shares | 7.99 | |||
| Cancelled (in dollars per share) | $ / shares | 7.02 | |||
| Balance at the end of the period (in dollars per share) | $ / shares | $ 7.47 | |||
| Fair value and intrinsic value of restricted share units vested | $ 30 | ¥ 200 | ||
| Share-based compensation expenses | ¥ | 9,500 | |||
| Unrecognized compensation cost | ¥ | ¥ 49,700 | |||
| Weighted average period to recognized unrecognized compensation cost | 3 years 4 months 24 days | 3 years 4 months 24 days | ||
| Restricted share units | Non-employee directors | ||||
| Shares Outstanding | ||||
| Granted (in shares) | 100,000 | 100,000 | ||
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Intrinsic value of equity-based compensation awards vested. Excludes stock and unit options. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
COMMITMENTS AND CONTINGENCIES - Operating lease commitments (Details) - CNY (¥) ¥ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| COMMITMENTS AND CONTINGENCIES | |||
| Rental expenses under operating leases | ¥ 47,500 | ¥ 43,200 | ¥ 26,200 |
| Future minimum lease payments | |||
| 2019 | 54,709 | ||
| 2020 | 45,074 | ||
| 2021 | ¥ 26,213 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
COMMITMENTS AND CONTINGENCIES - Debt Obligations (Details) - CNY (¥) ¥ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Expected repayment amount of debt obligation | ||
| Less than 1 year | ¥ 444,259 | |
| Interest payments | ||
| Total debt obligations | 444,259 | |
| Total interest payments | 212,903 | |
| Liabilities to Pre-IPO Series C-1 preferred shareholders (Note 14) | 335,238 | ¥ 506,478 |
| Funding Debts | ||
| Expected repayment amount of debt obligation | ||
| Less than 1 year | 4,850,078 | |
| 1 - 2 years | 166,753 | |
| Interest payments | ||
| Less than 1 year | 204,037 | |
| 1 - 2 years | 8,866 | |
| Total debt obligations | 5,016,831 | |
| Total interest payments | 212,903 | |
| Short-term borrowings | ||
| Expected repayment amount of debt obligation | ||
| Less than 1 year | 438,010 | |
| Interest payments | ||
| Less than 1 year | 6,249 | |
| Total debt obligations | 438,010 | |
| Total interest payments | 6,249 | |
| Liabilities to Individual Investors - Juzi Licai | Funding Debts | ||
| Expected repayment amount of debt obligation | ||
| Less than 1 year | 3,014,670 | |
| 1 - 2 years | 81,168 | |
| Interest payments | ||
| Total debt obligations | 3,095,838 | |
| Liabilities to other funding partners | Funding Debts | ||
| Expected repayment amount of debt obligation | ||
| Less than 1 year | 1,631,371 | |
| 1 - 2 years | 76,719 | |
| Interest payments | ||
| Total debt obligations | ¥ 1,708,090 |
| X | ||||||||||
- Definition The repayment of a issuance of pre-IPO convertible redeemable preferred shares. No definition available.
|
| X | ||||||||||
- Definition Amount of long-term debt interest payable in the next rolling twelve months following the latest balance sheet. No definition available.
|
| X | ||||||||||
- Definition Amount of long-term debt interest payable in the second rolling twelve months following the latest balance sheet. No definition available.
|
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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- Details
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- Details
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- Details
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SUBSEQUENT EVENTS (Details) - shares |
1 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Jan. 31, 2019 |
|
| Service-Based Restricted Share Unit | Subsequent Event | ||
| SUBSEQUENT EVENTS | ||
| Granted (in shares) | 947,000 | 3,467,500 |
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Jan. 01, 2018
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|---|---|---|---|---|---|---|---|
| Current assets | |||||||
| Cash and cash equivalents | $ 167,012 | ¥ 1,148,292 | $ 163,839 | ¥ 1,126,475 | ¥ 479,605 | ¥ 135,371 | |
| Prepaid expenses and other current assets | 134,365 | 923,827 | 945,258 | ||||
| Total current assets | 1,498,795 | 10,304,958 | 12,738,336 | ||||
| Non-current assets | |||||||
| Long-term investments | 27,063 | 186,073 | 23,485 | ||||
| Total non-current assets | 314,977 | 2,165,617 | 1,991,248 | ||||
| TOTAL ASSETS | 1,813,772 | 12,470,575 | 14,729,584 | ||||
| Current liabilities | |||||||
| Accrued expenses and other current liabilities | 312,077 | 2,145,689 | ¥ 1,622,610 | 1,611,029 | |||
| Total current liabilities | 1,166,274 | 8,018,713 | 12,861,140 | ||||
| TOTAL LIABILITIES | 1,216,463 | 8,363,783 | 13,028,058 | ||||
| Commitments and contingencies | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Additional paid-in capital | 338,698 | 2,328,716 | 2,110,957 | ||||
| Accumulated other comprehensive loss | (2,081) | (14,308) | (14,951) | ||||
| (Accumulated deficit)/Retained Earnings | 231,532 | 1,591,896 | ¥ (241,009) | (450,551) | |||
| TOTAL SHAREHOLDERS' EQUITY | 597,309 | 4,106,792 | 1,701,526 | ¥ (611,651) | ¥ (414,641) | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,813,772 | 12,470,575 | 14,729,584 | ||||
| Class A Ordinary Shares | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Ordinary shares | 23 | 160 | 142 | ||||
| Class B Ordinary Shares | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Ordinary shares | 10 | 66 | 68 | ||||
| Parent | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 127 | 875 | 570,359 | ||||
| Amounts due from subsidiaries and other related parties | 35,423 | 243,552 | 98,734 | ||||
| Prepaid expenses and other current assets | 51,859 | 356,554 | 509,776 | ||||
| Total current assets | 87,409 | 600,981 | 1,178,869 | ||||
| Non-current assets | |||||||
| Investments in subsidiaries, VIEs and VIEs' subsidiaries | 511,523 | 3,516,976 | 549,853 | ||||
| Long-term investments | 4,097 | 28,166 | 21,008 | ||||
| Total non-current assets | 515,620 | 3,545,142 | 570,861 | ||||
| TOTAL ASSETS | 603,029 | 4,146,123 | 1,749,730 | ||||
| Current liabilities | |||||||
| Amounts due to subsidiaries, VIEs and VIEs' subsidiaries | 2,547 | 17,512 | 17,512 | ||||
| Accrued expenses and other current liabilities | 3,173 | 21,819 | 30,692 | ||||
| Total current liabilities | 5,720 | 39,331 | 48,204 | ||||
| TOTAL LIABILITIES | 5,720 | 39,331 | 48,204 | ||||
| Commitments and contingencies | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Additional paid-in capital | 338,698 | 2,328,716 | 2,110,957 | ||||
| Accumulated other comprehensive loss | (2,081) | (14,308) | (14,951) | ||||
| (Accumulated deficit)/Retained Earnings | 260,659 | 1,792,158 | (394,690) | ||||
| TOTAL SHAREHOLDERS' EQUITY | 597,309 | 4,106,792 | 1,701,526 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 603,029 | 4,146,123 | 1,749,730 | ||||
| Parent | Class A Ordinary Shares | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Ordinary shares | 23 | 160 | 142 | ||||
| Parent | Class B Ordinary Shares | |||||||
| SHAREHOLDERS' EQUITY: | |||||||
| Ordinary shares | $ 10 | ¥ 66 | ¥ 68 |
| X | ||||||||||
- Definition Amount receivable from subsidiaries and other related parties classified as other, due within one year or the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
|
| X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 25, 2017 |
|---|---|---|---|
| Condensed Balance Sheets | |||
| Common stock, shares authorized | 500,000,000 | ||
| Class A Ordinary Shares | |||
| Condensed Balance Sheets | |||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Common stock, shares authorized | 1,889,352,801 | 1,889,352,801 | |
| Common stock, shares issued | 253,693,940 | 217,070,940 | |
| Common stock, shares outstanding | 243,090,108 | 217,070,940 | |
| Class B Ordinary Shares | |||
| Condensed Balance Sheets | |||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Common stock, shares authorized | 110,647,199 | 110,647,199 | |
| Common stock, shares issued | 108,147,199 | 110,647,199 | |
| Common stock, shares outstanding | 108,147,199 | 110,647,199 | |
| Parent | Class A Ordinary Shares | |||
| Condensed Balance Sheets | |||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Common stock, shares authorized | 1,889,352,801 | 1,889,352,801 | |
| Common stock, shares issued | 253,693,940 | 217,070,940 | |
| Common stock, shares outstanding | 243,090,108 | 217,070,940 | |
| Parent | Class B Ordinary Shares | |||
| Condensed Balance Sheets | |||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Common stock, shares authorized | 110,647,199 | 110,647,199 | |
| Common stock, shares issued | 108,147,199 | 110,647,199 | |
| Common stock, shares outstanding | 108,147,199 | 110,647,199 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
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| X | ||||||||||
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Operations and Comprehensive (Loss)/Income (Details) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
|
| Operating expenses: | ||||
| General and administrative expenses | $ (40,704) | ¥ (279,859) | ¥ (203,635) | ¥ (87,364) |
| Total operating expenses | (173,079) | (1,190,007) | (844,432) | (590,994) |
| Other long-term investments related impairment | (2,213) | (15,215) | (932) | (5,635) |
| Investment income | 2,728 | 18,753 | ||
| Others, net | 258 | 1,773 | 28,013 | (10,799) |
| (Loss)/income before income tax expense | 306,818 | 2,109,528 | 474,579 | (59,681) |
| Income tax expense | (19,231) | (132,222) | (234,227) | (58,258) |
| Net (loss)/income | 287,587 | 1,977,306 | 240,352 | (117,939) |
| Pre-IPO Preferred Shares redemption value accretion | (82,117) | (62,299) | ||
| Income allocation to participating Pre-IPO Preferred Shares | (132,241) | |||
| Deemed dividend to a preferred shareholder | (42,679) | |||
| Net (loss)/income attributable to ordinary shareholders | 287,587 | 1,977,306 | 25,994 | (222,917) |
| Other comprehensive income/(loss) | ||||
| Foreign currency translation adjustments, net of nil tax | 93 | 643 | (31,893) | 1,908 |
| Total comprehensive (loss)/income | 287,680 | 1,977,949 | 208,459 | (116,031) |
| Foreign currency translation adjustments, tax | 0 | 0 | 0 | |
| Parent | ||||
| Operating expenses: | ||||
| General and administrative expenses | (2,281) | (15,686) | (1,989) | (1,611) |
| Total operating expenses | (2,281) | (15,686) | (1,989) | (1,611) |
| Interest (expense)/income, net | 626 | 4,304 | (9,134) | (7,458) |
| Equity in (loss)/income of subsidiaries, VIEs and VIEs' subsidiaries | 287,831 | 1,978,986 | 251,475 | (104,996) |
| Other long-term investments related impairment | (1,853) | (12,739) | (3,874) | |
| Investment income | 2,728 | 18,753 | ||
| Others, net | 536 | 3,688 | ||
| (Loss)/income before income tax expense | 287,587 | 1,977,306 | 240,352 | (117,939) |
| Net (loss)/income | 287,587 | 1,977,306 | 240,352 | (117,939) |
| Pre-IPO Preferred Shares redemption value accretion | (82,117) | (62,299) | ||
| Income allocation to participating Pre-IPO Preferred Shares | (132,241) | |||
| Deemed dividend to a preferred shareholder | (42,679) | |||
| Net (loss)/income attributable to ordinary shareholders | 287,587 | 1,977,306 | 25,994 | (222,917) |
| Other comprehensive income/(loss) | ||||
| Foreign currency translation adjustments, net of nil tax | 93 | 643 | (31,893) | 1,908 |
| Total comprehensive (loss)/income | $ 287,680 | 1,977,949 | 208,459 | (116,031) |
| Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 | |
| X | ||||||||||
- Definition Represents the amount of income (loss) from subsidiaries and variable interest entities. No definition available.
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate amount of income from investments (for example, dividends) not considered a component of the entity's core operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
|
| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. No definition available.
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| X | ||||||||||
- Definition Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jan. 31, 2018
USD ($)
|
Jan. 31, 2018
CNY (¥)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
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| Condensed Statements of Cash Flows | |||||||||||||
| Net cash provided by/(used in) operating activities | $ 406,474 | ¥ 2,794,710 | ¥ 1,662,325 | ¥ 379,839 | |||||||||
| Cash flows from investing activities: | |||||||||||||
| Cash paid on long-term investments | (17,453) | (120,000) | (2,832) | (13,333) | |||||||||
| Net cash used in investing activities | 524,179 | 3,603,990 | (4,987,943) | [1] | (4,355,730) | [1] | |||||||
| Cash flows from financing activities: | |||||||||||||
| Proceeds from share issuance upon the underwriters' exercise of over-allotment options, net of issuance costs | 13,835 | 95,125 | |||||||||||
| Proceeds from initial public offering, net of issuance costs | $ 14,700 | ¥ 95,100 | $ 100,100 | 651,250 | |||||||||
| Proceeds from receivables from Pre-IPO Series C-1 preferred shareholders | 24,840 | 170,790 | 49,775 | ||||||||||
| Repurchase of Pre-IPO Preferred Shares | (87,923) | ||||||||||||
| Proceeds from issuances of convertible loans | 654,680 | ||||||||||||
| Payment of debt issuance cost | (93) | (636) | (1,696) | (21,055) | |||||||||
| Payment of initial public offering expenses | (5,585) | (38,399) | |||||||||||
| Exercise of share-based awards | 2 | 14 | |||||||||||
| Net cash provided by financing activities | (817,097) | (5,617,941) | 4,411,608 | 4,459,947 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2,750) | (18,911) | (3,179) | 6,718 | |||||||||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 110,806 | 761,848 | 1,082,811 | [1] | 490,774 | [1] | |||||||
| Cash and cash equivalents and restricted cash at beginning of the year | 252,387 | 1,735,286 | [1] | 252,387 | 1,735,286 | [1] | 652,475 | [1] | 161,701 | [1] | |||
| Cash and cash equivalents and restricted cash at end of the year | 363,193 | 2,497,134 | 252,387 | 1,735,286 | [1] | 652,475 | [1] | ||||||
| Parent | |||||||||||||
| Condensed Statements of Cash Flows | |||||||||||||
| Net cash provided by/(used in) operating activities | (18,438) | (126,773) | (987) | 1,040 | |||||||||
| Cash flows from investing activities: | |||||||||||||
| Cash paid on long-term investments | (95,405) | (655,959) | (231,986) | (6,306) | |||||||||
| Net cash used in investing activities | (95,405) | (655,959) | (231,986) | (6,306) | |||||||||
| Cash flows from financing activities: | |||||||||||||
| Proceeds from share issuance upon the underwriters' exercise of over-allotment options, net of issuance costs | 13,835 | 95,125 | |||||||||||
| Proceeds from initial public offering, net of issuance costs | 654,319 | ||||||||||||
| Proceeds from receivables from Pre-IPO Series C-1 preferred shareholders | 24,840 | 170,790 | 49,775 | ||||||||||
| Repurchase of Pre-IPO Preferred Shares | (87,923) | ||||||||||||
| Proceeds from issuances of convertible loans | 98,202 | ||||||||||||
| Payment of debt issuance cost | (722) | ||||||||||||
| Payment of initial public offering expenses | (3,477) | (23,908) | |||||||||||
| Exercise of share-based awards | 2 | 14 | |||||||||||
| Net cash provided by financing activities | 35,200 | 242,021 | 704,094 | 9,557 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (4,185) | (28,773) | (3,193) | 6,094 | |||||||||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | (82,828) | (569,484) | 467,928 | 10,385 | |||||||||
| Cash and cash equivalents and restricted cash at beginning of the year | $ 82,955 | ¥ 570,359 | 82,955 | 570,359 | 102,431 | 92,046 | |||||||
| Cash and cash equivalents and restricted cash at end of the year | $ 127 | ¥ 875 | $ 82,955 | ¥ 570,359 | ¥ 102,431 | ||||||||
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| X | ||||||||||
- Definition The cash inflow during the period from the proceeds from receivables from issuance of pre-IPO convertible redeemable preferred shares. No definition available.
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow to reacquire preferred stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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