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CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Current assets
Short-term financing receivables, allowance for credit losses	¥ 58,594		¥ 184,187
Short-term contract assets and service fees receivable, allowance for credit losses	436,136		216,850
Non-current assets
Long-term financing receivables, allowance for credit losses	3,087		13,220
Long-term contract assets and service fees receivable, allowance for credit losses	61,838		52,742
Other assets, allowance of credit losses	224,834		19,491
Current liabilities
Accounts payable	49,801	$ 7,014	25,970
Amounts due to related parties	2,958	417	4,669
Short-term borrowings	502,013	70,707	1,168,046
Short-term funding debts	3,483,196	490,598	4,385,253
Deferred guarantee Income	1,538,385	216,677	894,858
Contingent guarantee liabilities	1,808,540	254,728	882,107
Accruals and other current liabilities	4,434,254	624,552	3,057,469
Non-current liabilities
Long-term borrowings	524,000	73,842	150,430
Long-term funding debts	455,800	64,198	1,334,105
Deferred tax liabilities	75,340	10,611	52,559
Other long-term liabilities	¥ 50,702	$ 7,141	¥ 102,941
Treasury stock \| shares	44,369,636	44,369,636	44,369,636
Class A Ordinary Shares
Non-current liabilities
Common stock, par value \| $ / shares		$ 0.0001
Common stock, shares authorized \| shares	1,889,352,801	1,889,352,801	1,889,352,801
Common stock, shares issued \| shares	300,707,476	300,707,476	300,707,476
Common stock, shares outstanding \| shares	256,918,184	256,918,184	245,264,614
Class B Ordinary Shares
Non-current liabilities
Common stock, par value \| $ / shares		$ 0.0001
Common stock, shares authorized \| shares	110,647,199	110,647,199	110,647,199
Common stock, shares issued \| shares	71,342,227	71,342,227	80,189,163
Common stock, shares outstanding \| shares	71,342,227	71,342,227	80,189,163
VIEs
Current liabilities
Accounts payable	¥ 29,032		¥ 25,970
Amounts due to related parties	2,958		4,669
Short-term borrowings	317,888		1,138,046
Short-term funding debts	3,483,196		4,385,253
Deferred guarantee Income	1,215,490		781,633
Contingent guarantee liabilities	1,232,002		770,495
Accruals and other current liabilities	3,521,896		2,550,969
Non-current liabilities
Long-term borrowings	524,270		150,430
Long-term funding debts	455,800		1,334,105
Deferred tax liabilities	53,646		52,065
Other long-term liabilities	¥ 33,495		¥ 65,788

Property, Equipment and Software, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, Net

6. PROPERTY, EQUIPMENT AND SOFTWARE, NET


	As of December 31,
	2022			2023
	(RMB in thousands)
Computers and equipment		204,314			270,236
Furniture and fixtures		19,311			17,967
Leasehold improvement		66,618			69,235
Software		93,309			102,129
Construction in progress		149,777			295,283
Total property, equipment and software		533,329			754,850
Accumulated depreciation and amortization		(248,736	)		(308,210	)
Total property, equipment and software, net		284,593			446,640

Depreciation and amortization expenses on property, equipment and software for the years ended December 31, 2021, 2022 and 2023 were RMB56.4 million, RMB60.5 million and RMB71.0 million, respectively.

Significant Accounting Policies - Schedule of Obligations Associated with Contingent Guarantee Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Opening balances	¥ 882,107		¥ 928,840	¥ 1,738,787
Provision for contingent liabilities of guarantee	3,203,123	$ 451,150	1,468,265	622,438
Net cash payout	(2,276,690)		(1,514,998)	(1,432,385)
Ending balances	¥ 1,808,540		¥ 882,107	¥ 928,840

- 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.

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Reference 68: http://www.xbrl.org/2003/role/disclosureRef
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Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 70: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 72: http://www.xbrl.org/2003/role/disclosureRef
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Reference 73: http://www.xbrl.org/2003/role/disclosureRef
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Reference 74: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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Reference 76: http://www.xbrl.org/2003/role/disclosureRef
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Reference 77: http://www.xbrl.org/2003/role/disclosureRef
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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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Reference 85: http://www.xbrl.org/2003/role/disclosureRef
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Reference 86: http://www.xbrl.org/2003/role/disclosureRef
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Reference 87: http://www.xbrl.org/2003/role/disclosureRef
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Reference 88: http://www.xbrl.org/2003/role/disclosureRef
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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Reference 91: http://www.xbrl.org/2003/role/disclosureRef
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Reference 92: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Convertible Notes - Additional Information (Details) - Convertible Notes $ / shares in Units, ¥ in Thousands, $ in Millions		1 Months Ended			10 Months Ended	12 Months Ended
	Mar. 13, 2023 Installment $ / shares	Apr. 29, 2024 USD ($) Installment	Sep. 30, 2019 CNY (¥)	Sep. 30, 2019 USD ($)	Dec. 31, 2023 USD ($) Installment	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Sep. 30, 2019 USD ($) $ / shares
Debt Instrument [Line Items]
Principal amount \| $								$ 300.0
Term of the loan			7 years	7 years
Interest rate (as a percent)			2.00%					2.00%
Maturity date			6 months	6 months
Debt instrument percentage			100.00%	100.00%
Net proceeds			¥ 2,075,000	$ 293.0
Net of debt discount			25,500					$ 3.6
Issuance costs			¥ 24,100					$ 3.4
Interest expense \| ¥						¥ 73,800	¥ 46,900
Convertible notes \| ¥						¥ 502,872	2,089,000
Unamortized debt discount and issuance costs \| ¥							¥ 25,800
Number of monthly installments of principal	14
Notes payment term	2024-04
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument percentage	2.00%
Number of monthly installments of principal	7				10
Repayment of installment amount \| $					$ 229.0
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument percentage	10.00%
Number of monthly installments of principal	7
Debt Instrument, Redemption, Period Two \| Subsequent Events
Debt Instrument [Line Items]
Number of monthly installments of principal		4
Repayment of installment amount \| $		$ 71.0
Class A Ordinary Shares
Debt Instrument [Line Items]
Conversion price per share \| $ / shares								$ 7.0
ADS
Debt Instrument [Line Items]
Conversion price per share \| $ / shares	$ 14							$ 14.0

Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Borrowings

11. BORROWINGS

As of December 31, 2022 and 2023, the Group had short-term borrowings primarily from banks with weighted average interest rates of approximately 3.6% and 3.6% per annum, respectively. The group also had long-term borrowing from banks with average interest rate of 4.3% and 4.3% per annum as of December 31, 2022 and 2023. Such borrowings are all denominated in RMB. All of the borrowings are designated to support the Group’s general operation or construction in progress and could not be used to fund the Group's financing receivables.

The Group’s certain short-term borrowings, amounting to RMB953 million and RMB100 million, as of December 31, 2022 and 2023, respectively, are collateralized by a pledge of the Group’s time deposits. As of December 31, 2022 and 2023 the outstanding balance of short-term borrowings was secured by RMB1,062 million and RMB100 million time deposits of the Group pledged as collateral, respectively.

The Group’s long-term borrowings, amounting to RMB150 million and RMB524 million, as December 31, 2022 and 2023, are collateralized by a pledge of the Group’s land use right.

Significant Accounting Policies - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Accounting Policies [Abstract]
Cash payments for operating leases	¥ 48,943
Right-of-use assets obtained in exchange for operating lease liabilities	¥ 29,915

Significant Accounting Policies - Schedule of the Assets, Liabilities, Results of Operations and Changes in Cash and Cash Equivalents and Restricted Cash of the VIEs and their Subsidiaries (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating revenue:
Operating revenue	¥ 13,057,082	$ 1,839,052	¥ 9,865,811	¥ 11,380,525
Operating cost:
Operating cost	(8,544,012)	(1,203,398)	(6,831,095)	(5,631,251)
Gross profit	4,513,070	635,654	3,034,716	5,749,274
Operating expenses:
Total operating expenses	(2,633,972)	(370,987)	(2,700,269)	(2,678,851)
Others	7,774	1,095	61,321	113,480
Income before income tax expense	1,326,786	186,876	1,028,569	2,769,534
Income tax expenses	(260,841)	(36,739)	(202,640)	(435,418)
Net income	1,065,945	150,137	825,929	2,334,116
Less: net income attributable to non-controlling interests			6,177	193
Net income attributable to ordinary shareholders of the Company	1,065,945	150,137	819,752	2,333,923
Net cash (used in) / provided by operating activities	2,787,052	392,549	98,844	2,667,419
Net cash provided by/(used in) investing activities	2,334,452	328,800	(2,409,037)	414,615
Net cash provided by/(used in) financing activities	(3,852,432)	(542,605)	1,111,669	(1,779,534)
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,272,986	179,296	(1,188,631)	1,278,908
Cash, cash equivalents and restricted cash at beginning of the year	2,930,183	412,708	4,118,814	2,839,906
Cash, cash equivalents and restricted cash at end of the year	4,203,169	$ 592,004	2,930,183	4,118,814
VIEs
Operating revenue:
Operating revenue	11,451,500		9,298,063	11,103,407
Operating cost:
Operating cost	(7,354,390)		(6,484,693)	(5,522,630)
Gross profit	4,097,110		2,813,370	5,580,777
Operating expenses:
Total operating expenses	(3,311,442)		(3,394,713)	(4,736,778)
Others	(448,109)		617,568	(369,200)
Income before income tax expense	337,559		36,225	474,799
Income tax expenses	(100,292)		(13,950)	(142,201)
Net income	237,267		22,275	332,598
Less: net income attributable to non-controlling interests			6,177	193
Net income attributable to ordinary shareholders of the Company	237,267		16,098	332,405
Net cash (used in) / provided by operating activities	1,412,861		537,019	(298,268)
Net cash provided by/(used in) investing activities	1,337,528		(2,062,379)	622,696
Net cash provided by/(used in) financing activities	(1,992,134)		(37,777)	656,269
Net increase/(decrease) in cash, cash equivalents and restricted cash	758,255		(1,563,137)	980,697
Cash, cash equivalents and restricted cash at beginning of the year	1,992,498		3,555,635	2,574,938
Cash, cash equivalents and restricted cash at end of the year	2,750,753		1,992,498	3,555,635
VIEs \| Third-party
Operating revenue:
Operating revenue	11,264,532		9,297,734	11,091,978
Operating cost:
Operating cost	(7,354,363)		(6,484,657)	(5,520,994)
Operating expenses:
Total operating expenses	(1,766,810)		(1,764,902)	(1,689,151)
VIEs \| Inter-group
Operating revenue:
Operating revenue	186,968		329	11,429
Operating cost:
Operating cost	(27)		(36)	(1,636)
Operating expenses:
Total operating expenses	(1,544,632)		(1,629,811)	(3,047,627)
Net cash (used in) / provided by operating activities	(1,479,554)		(1,526,808)	(4,137,522)
Net cash provided by/(used in) investing activities	(50,326)		(61,831)	150,468
Transfer of Shenzhen Lexin Financing Guarantee Co., Ltd from VIE to subsidiary			585,659
Net cash provided by/(used in) financing activities	250,005		(1,507,456)	2,431,307
VIEs \| External Parties
Operating expenses:
Net cash (used in) / provided by operating activities	(2,242,139)		1,469,679	(1,775,038)
Net cash provided by/(used in) investing activities	1,387,854		(2,586,207)	472,228
Net cash provided by/(used in) financing activities	¥ 2,892,415		¥ 2,063,827	¥ 3,839,254

Share-Based Compensation - Summary of Activities for Restricted Shares Units (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-employee directors \| Restricted Share Units
SHARE-BASED COMPENSATION
Granted (in shares)	0	0	0

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies - Schedule of Operating Revenue within Scope of ASC 606 Disaggregated by Revenue Sources (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	¥ 8,392,843	¥ 6,388,535	¥ 8,873,059
Installment e-commerce platform service income
Disaggregation Of Revenue [Line Items]
Revenue	1,585,625	1,997,838	1,661,156
Other Services
Disaggregation Of Revenue [Line Items]
Revenue	164,884	58,227	564
Online direct sales and services income
Disaggregation Of Revenue [Line Items]
Revenue	1,750,509	2,056,065	1,661,720
Credit facilitation service income
Disaggregation Of Revenue [Line Items]
Revenue	5,001,881	2,486,527	4,448,344
Credit facilitation service income \| Loan Facilitation and Matching Servicing Fees-Credit Oriented
Disaggregation Of Revenue [Line Items]
Revenue	4,178,477	1,404,507	3,120,892
Credit facilitation service income \| Post-Origination Servicing Fees-Credit Oriented
Disaggregation Of Revenue [Line Items]
Revenue	823,404	1,082,020	1,327,452
Tech-empowerment service income
Disaggregation Of Revenue [Line Items]
Revenue	1,640,453	1,845,943	2,762,995
Tech-empowerment service income \| Loan Facilitation and Matching Servicing Fees-Performance Based
Disaggregation Of Revenue [Line Items]
Revenue	702,774	935,234	1,727,794
Tech-empowerment service income \| Post-Origination Servicing Fees-Performance Based
Disaggregation Of Revenue [Line Items]
Revenue	280,574	427,404	561,658
Tech-empowerment service income \| Loan facilitation and servicing fees-volume based
Disaggregation Of Revenue [Line Items]
Revenue	349,927	252,460	279,902
Tech-empowerment service income \| Membership Services
Disaggregation Of Revenue [Line Items]
Revenue	133,211	82,256	107,901
Tech-empowerment service income \| Other Services
Disaggregation Of Revenue [Line Items]
Revenue	173,967	148,589	85,740
Loan facilitation and servicing fees
Disaggregation Of Revenue [Line Items]
Revenue	¥ 6,335,156	¥ 4,101,625	¥ 7,017,698

Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Provision for credit losses	¥ 1,225,097	¥ 948,177
Deferred guarantee income and other accrued expenses	869,708	807,224
Contingent guarantee liabilities	452,135	220,527
Net operating loss carryforwards	105,653	43,237
Advertising expenses in excess of deduction limit	7,248	5,683
Investment related loss	75,440
Less: valuation allowance	(78,471)	(13,038)	¥ (6,756)	¥ (4,429)
Total deferred tax assets	2,656,810	2,011,810
Net deferred tax assets	1,232,092	1,141,761
Deferred tax liabilities
Contract assets and service fees receivable	1,009,002	636,659
Guarantee receivables	469,703	285,949
Withholding income tax	21,353	0
Total deferred tax liabilities	1,500,058	922,608
Net deferred tax liabilities	¥ 75,340	¥ 52,559

Financing Receivable, Net - Schedule of Financing Receivables, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short-term:
Short-term financing receivables	¥ 3,933,553		¥ 6,478,949
Accrued interest receivable	69,041		103,158
Allowance for credit losses	(58,594)		(184,187)
Total short-term financing receivables, net	3,944,000	$ 555,501	6,397,920
Long-term:
Long-term financing receivables	203,601		473,545
Allowance for credit losses	(3,087)		(13,220)
Total long-term financing receivables, net	¥ 200,514	$ 28,242	¥ 460,325

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

20. SHARE‑BASED COMPENSATION

Share‑based compensation was recognized in operating cost and expenses for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Processing and servicing cost		9,968		5,179		246
Sales and marketing expenses		30,508		23,142		17,454
Research and development expenses		39,413		30,386		23,547
General and administrative expenses		107,995		97,613		76,605
Total share‑based compensation expenses		187,884		156,320		117,852

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, 2021, 2022 and 2023.

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. Under the 2017 Plan, the maximum number of Class A Ordinary Shares that may be issued pursuant to all awards is 22,859,634 shares, plus an annual increase on the first day of each fiscal year of the Company during the ten-year term of the 2017 Plan commencing with the fiscal year beginning January 1, 2019, by an amount equal to 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year. 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:


	Shares Available
	(In thousands)
December 31, 2020		11,527
Additions		3,641
Granted		(13,736	)
Cancelled/forfeited		5,201
December 31, 2021		6,633
Additions		3,677
Granted		(9,219	)
Cancelled/forfeited		6,249
December 31, 2022		7,340
Additions		3,698
Granted		(23,570	)
Cancelled/forfeited		55,143
December 31, 2023		42,611

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:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2020		13,660			1.7569		7.87		189,072
Granted*		13,489			0.5000		—		—
Exercised		(2,426	)		0.4529		—		—
Cancelled/forfeited		(4,594	)		3.2215		—		—
December 31, 2021		20,129			0.7227		8.43		155,018
Granted*		8,639			0.5000		—		—
Exercised		(890	)		0.3817		—		—
Cancelled/forfeited		(6,016	)		0.6138		—		—
December 31, 2022		21,862			0.6894		7.89		69,878
Granted*		8,695			1.2697		—		—
Exercised		(1,927	)		0.4644		—		—
Cancelled/forfeited		(10,773	)		0.7456		—		—
December 31, 2023		17,857			0.8850		7.43		38,242
Vested and expected to vest as of December 31, 2023		17,258			0.8967		7.40		36,126
Exercisable as of December 31, 2023		8,717			0.6669		5.99		27,010

* No stock options were granted to non-employee directors for the years presented.

The weighted average grant date fair value of stock options granted to employees, directors and non-employee directors for the years ended December 31, 2021 2022 and 2023 was RMB23.0, RMB4.8 and RMB5.0 per share, respectively.

The total intrinsic value of stock options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB78.5 million, RMB5.1 million and RMB8.9 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, 2021, 2022, and 2023, total share-based compensation expenses recognized for stock options granted to employees, directors and non-employee directors were RMB147 million, RMB127 million and RMB96.3 million, respectively.

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 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.

As of December 31, 2023, 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 RMB98.0 million. Total unrecognized compensation cost is expected to be recognized over a weighted‑average period of 1.9 years and may be adjusted for future changes in estimated forfeitures.

In March 2023, 1,889,800 stock options granted under 2017 Plan were exchanged for new options with exercise price of US$1.53; the incremental compensation expenses of RMB0.53 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. In December 2023, 1,690,700 stock options granted under 2017 Plan were exchanged for new options with exercise price of US$0.92; 3,820,150 stock options granted under 2017 Plan were replace by the same number of restricted share units. The incremental compensation expenses of RMB13.4 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.

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:

         
        For the Year Ended December 31,

        Expected volatility

        46.68%~47.79%

        47.26%~47.52%

        45.96%~46.68%

        Risk-free interest rate (per annum)

        1.11%~1.64%

        2.41%~4.07%

        3.58%~3.97%

Exercise multiples

1.5~2.5

1.5

1.5

Expected dividend yield

—

—

—

Expected term (in years)

10

10

10

        Fair value of the underlying shares on the date of grants (US$)

        1.91~6.31

        0.32~1.48

        0.42~1.66

2) Stock options granted to non‑employees

The following table sets forth the summary of activities for stock options granted to non‑employees:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2020		410			0.0001		6.58		8,962
Granted		—			—		—		—
Exercised		(160	)		0.0001		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2021		250			0.0001		5.58		3,076
Granted		—			—		—		—
Exercised		—			—		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2022		250			0.0001		4.58		1,654
Granted		—			—		—		—
Exercised		—			—		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2023		250			0.0001		3.58		1,629
Vested and expected to vest as of December 31, 2023		250			0.0001		3.58		1,629
Exercisable as of December 31, 2023		250			0.0001		3.58		1,629

For the years ended December 31, 2021, 2022, and 2023, total share-based compensation expenses recognized for stock options granted to non-employees were RMB1.7 million, nil and nil, respectively.

As of December 31, 2023, the unrecognized compensation cost, adjusted for estimated forfeitures, related to non‑vested stock options granted to the Group’s non‑employees was nil. There is no unrecognized compensation cost to be recognized and to 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:


	Shares Outstanding			Weighted Average Grant Date Fair Value
	(In thousands)			US$
December 31, 2020		3,654			5.27
Granted*		247			3.21
Vested		(1,226	)		5.35
Cancelled/forfeited		(607	)		5.12
December 31, 2021		2,068			5.02
Granted*		580			0.93
Vested		(1,037	)		5.18
Cancelled/forfeited		(233	)		5.02
December 31, 2022		1,378			3.17
Granted*		14,875			1.00
Vested		(880	)		4.23
Cancelled/forfeited		—			—
December 31, 2023		15,373			1.01

* No restricted share units were granted to non-employee directors for the years presented.

The fair value and intrinsic value of restricted share units vested for the years ended December 31, 2021, 2022 and 2023 was RMB24.2 million, RMB23.1 million and RMB17.8 million, respectively.

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized for restricted share units were RMB39.2 million, RMB29.3 million and RMB21.6 million, respectively.

As of December 31, 2023, the unrecognized compensation cost, related to unvested restricted share units was RMB12.9 million. Total unrecognized compensation cost is expected to be recognized over a weighted average period of 3.6 years.

Significant Accounting Policies - Schedule of Operating Revenue Within Scope of ASC 606 Disaggregated by Revenue Timing (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	¥ 8,392,843	¥ 6,388,535	¥ 8,873,059
At Point-in-Time
Disaggregation Of Revenue [Line Items]
Revenue	7,155,654	4,796,855	6,876,048
Over Time
Disaggregation Of Revenue [Line Items]
Revenue	¥ 1,237,189	¥ 1,591,680	¥ 1,997,011

- 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.

+ References + Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of the Assets, Liabilities, Results of Operations and Changes in Cash and Cash Equivalents and Restricted Cash of the VIEs and their Subsidiaries


	As of December 31,
	2022		2023
	(RMB in thousands)
Consolidating Schedule of Financial Position
ASSETS
Cash and cash equivalents		1,273,823		1,834,738
Restricted cash		718,675		916,015
Restricted term deposit and short-term investments		119,678		149,678
Financing receivables, net		6,756,760		3,990,083
Amounts due from Group companies (1)		106,977		201,390
Deposits to insurance companies and guarantee companies		2,214,771		2,605,464
Contract assets and receivables, net		4,151,340		5,586,257
Property, equipment and software, net		213,610		351,688
Land use rights, net and right of use assets		1,029,258		955,250
Long‑term investments		331,560		239,244
Other assets		2,919,516		3,119,999
TOTAL ASSETS		19,835,968		19,949,806
LIABILITIES
Amounts due to Group companies (1)		6,285,111		6,546,526
Borrowings		1,288,476		842,158
Funding debts		5,719,358		3,938,996
Deferred guarantee income		781,633		1,215,490
Contingent guarantee liabilities		770,495		1,232,002
Other liabilities		2,699,461		3,641,027
TOTAL LIABILITIES		17,544,534		17,416,199
Total equity attributable to owners of the company		2,291,434		2,533,607
TOTAL SHAREHOLDERS’ EQUITY		2,291,434		2,533,607
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		19,835,968		19,949,806


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Condensed Consolidating Schedule of Results of Operations
Operating revenue:
Third-party revenues		11,091,978			9,297,734			11,264,532
Inter-group revenues (2)		11,429			329			186,968
Total Operating revenue		11,103,407			9,298,063			11,451,500
Operating cost:
Third-party costs		(5,520,994	)		(6,484,657	)		(7,354,363	)
Inter-group costs(2)		(1,636	)		(36	)		(27	)
Total operating cost		(5,522,630	)		(6,484,693	)		(7,354,390	)
Gross profit		5,580,777			2,813,370			4,097,110
Operating expense:
Third-party expenses		(1,689,151	)		(1,764,902	)		(1,766,810	)
Inter-group expenses(2)		(3,047,627	)		(1,629,811	)		(1,544,632	)
Total operating expenses		(4,736,778	)		(3,394,713	)		(3,311,442	)
Others		(369,200	)		617,568			(448,109	)
Income before income tax		474,799			36,225			337,559
Income tax expenses		(142,201	)		(13,950	)		(100,292	)
Net income		332,598			22,275			237,267
Less: net income attributable to non-controlling interests		193			6,177			—
Net income attributable to ordinary shareholders of the Company		332,405			16,098			237,267


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Net cash (used in)/provided by operating activities		(298,268	)		537,019			1,412,861
Net cash provided by transactions with external parties		3,839,254			2,063,827			2,892,415
Net cash used in transactions with inter-group entities for technical service charges and others (3)		(4,137,522	)		(1,526,808	)		(1,479,554	)
Net cash provided by/(used in) investing activities		622,696			(2,062,379	)		1,337,528
Net cash provided by/(used in) transactions with external parties		472,228			(2,586,207	)		1,387,854
Net cash (used in)/provided by funds to Group companies (4)		150,468			(61,831	)		(50,326	)
Transfer of Shenzhen Lexin Financing Guarantee Co., Ltd from VIE to subsidiary (5)		—			585,659			—
Net cash provided/(used in) by financing activities		656,269			(37,777	)		(1,992,134	)
Net cash (used in)/provided by transactions with external parties		(1,775,038	)		1,469,679			(2,242,139	)
Net cash provided by/(used in) funds from Group companies (6)		2,431,307			(1,507,456	)		250,005
Net increase/(decrease) in cash, cash equivalents and restricted cash		980,697			(1,563,137	)		758,255
Cash, cash equivalents and restricted cash at beginning of the year		2,574,938			3,555,635			1,992,498
Cash, cash equivalents and restricted cash at end of the year		3,555,635			1,992,498			2,750,753

Schedule of Obligations Associated with Deferred Guarantee Income

The following table sets forth the activities of the Group’s obligations associated with the deferred guarantee income for the years ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023
				(RMB in thousands)
Opening balances		694,582			419,843			894,858
Fair value of deferred guarantee income at inception of new loans		499,805			1,928,195			3,162,811
Release of deferred guarantee income		(774,544	)		(1,453,180	)		(2,519,284	)
Ending balances		419,843			894,858			1,538,385

Schedule of Obligations Associated with Contingent Guarantee Liabilities

The following table sets forth the activities of the Group’s obligations associated with the contingent guarantee liabilities for the year ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023
				(RMB in thousands)
Opening balances		1,738,787			928,840			882,107
Provision for contingent liabilities of guarantee		622,438			1,468,265			3,203,123
Net cash payout		(1,432,385	)		(1,514,998	)		(2,276,690	)
Ending balances		928,840			882,107			1,808,540

Schedule of Operating Revenue Within 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 revenue sources:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Installment e-commerce platform service income
Installment e-commerce platform service income		1,661,156		1,997,838		1,585,625
Other services		564		58,227		164,884
Total installment e-commerce platform service income		1,661,720		2,056,065		1,750,509
Credit facilitation service income
Loan facilitation and matching servicing fees-credit oriented		3,120,892		1,404,507		4,178,477
Post-origination servicing fees-credit oriented		1,327,452		1,082,020		823,404
Total credit facilitation service income		4,448,344		2,486,527		5,001,881
Tech-empowerment service income
Loan facilitation and matching servicing fees- performance based		1,727,794		935,234		702,774
Post-origination servicing fees- performance based		561,658		427,404		280,574
Loan facilitation and servicing fees- volume based		279,902		252,460		349,927
Membership services		107,901		82,256		133,211
Other services		85,740		148,589		173,967
Total tech-empowerment service income		2,762,995		1,845,943		1,640,453
Total revenue from loan facilitation and servicing fees		7,017,698		4,101,625		6,335,156
Total operating revenue within the scope of ASC 606		8,873,059		6,388,535		8,392,843

Schedule of Operating Revenue Within Scope of ASC 606 Disaggregated by Revenue Timing

The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by timing of revenue recognition:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Revenues recognized at point-in-time		6,876,048		4,796,855		7,155,654
Revenues recognized over time		1,997,011		1,591,680		1,237,189
Total operating revenue within scope of ASC 606		8,873,059		6,388,535		8,392,843

Schedule of Estimated Useful Lives


Category	Estimated Useful Lives
Computers and equipment	3 years
Furniture and fixtures	4 ‑ 5 years
Leasehold improvement	Over the shorter of the expected life of leasehold improvement or the lease term
Software	3 ‑ 10 years

Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases - ASC 842

Future minimum lease payments under non‑cancelable operating leases agreements are as follows:


	For the Year ended December 31, 2023
	RMB in thousands
2024		41,627
2025		36,285
2026		21,263
Total future lease payments		99,175
Impact of discounting remaining lease payments		(7,531	)
Total lease liabilities		91,644
- Short-term portion		40,942
- Long-term portion		50,702

Schedule of Supplemental Cash Flow Information Related to Operating Leases


	For the Year ended December 31, 2023
	RMB in thousands
Cash payments for operating leases		48,943
Right-of-use assets obtained in exchange for operating lease liabilities		29,915

Inventory Supplier | Supplier Concentration Risk

Schedule of Concentration Risk


	As of December 31,
	2022			2023
Inventory supplier A		—			13.9	%
Inventory supplier B		28.9	%		12.6	%
Inventory supplier C		23.4	%	*
Inventory supplier D		17.5	%	*
Inventory supplier E		11.6	%	*

* Less than 10%.

Long Term Funding Debt | Lender Concentration Risk

Schedule of Concentration Risk


	As of December 31,
	2022			2023
Institutional Funding Partner A		16.9	%		33.9	%
Institutional Funding Partner B		16.5	%		36.3	%

Deposits to Insurance and Guarantee Companies | Deposits Concentration Risk

Schedule of Concentration Risk


	As of December 31,
	2022			2023
Guarantee Company A		23.4	%		17.1	%
Guarantee Company B	*				11.3	%
Guarantee Company C	*				11.2	%

* Less than 10%.

Taxation - Tax rates (Details) ¥ in Millions, $ in Millions		12 Months Ended
Taxation - Tax rates (Details) ¥ in Millions, $ in Millions	Jan. 01, 2008	Dec. 31, 2023 HKD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2023 CNY (¥)
Income Taxes [Line Items]
Statutory tax rate (as a percentage)		25.00%	25.00%	25.00%
Tax exempt income rate (as a percent)		6.50%	6.80%	10.80%
Unrecognized tax liabilities related to undistributed profits							¥ 6,268.0
Mainland China
Income Taxes [Line Items]
Statutory tax rate (as a percentage)		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%
Accrued withholding tax liabilities							21.4
Withholding income tax rate for percentage of annual profits		10.00%
Unrecognized tax liabilities related to undistributed profits							627.0
Mainland China \| VIEs
Income Taxes [Line Items]
Unrecognized tax liabilities related to undistributed profits							¥ 208.0
Mainland China \| Shenzhen Lexin Software
Income Taxes [Line Items]
Preferential tax rate (as a percentage)				12.50%	12.50%	10.00%
Preferential income tax rate (as a percentage) from 2022 to 2024		15.00%
Mainland China \| Beihai Aurora and Beihai Lexin
Income Taxes [Line Items]
Preferential tax rate (as a percentage)		15.00%
Tax exempt income rate (as a percent)		40.00%
Preferential income tax rate (as a percentage) from 2023 to 2030		15.00%
Preferential income tax rate (as a percentage) from 2021 to 2025		15.00%
Preferential income tax rate (as a percentage) from 2023 to 2028		9.00%
Mainland China \| Shenzhen Lexin Information
Income Taxes [Line Items]
Preferential income tax rate (as a percentage) from 2023 to 2025		12.50%
Hong Kong
Income Taxes [Line Items]
Statutory tax rate (as a percentage)		16.50%
Assessable profits \| $		$ 2
Withholding income tax rate for dividend paid to foreign tax resident investors (as a percentage)		8.25%
Online direct sales and services income \| Mainland China
Income Taxes [Line Items]
Value added tax rate (as a percent)		13.00%
Premium membership fees, third-party sellers' commission fees, and financial services income \| Mainland China
Income Taxes [Line Items]
Value added tax rate (as a percent)		6.00%

Share-Based Compensation - Summary of Activities for Restricted Shares Units (Details) - Restricted Share Units - Employees, Directors and Non-employee Directors - $ / shares
shares in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Options Outstanding

Balance at the beginning of the period (in shares)

1,378

2,068

3,654

Granted (in shares)

^[1]

14,875

580

247

Vested (in shares)

(880)

(1,037)

(1,226)

Cancelled/forfeited (in shares)

(233)

(607)

Balance at the end of the period (in shares)

15,373

1,378

2,068

Weighted-Average Grant Date Fair Value

Balance at the beginning of the period (in dollars per share)

$ 3.17

$ 5.02

$ 5.27

Granted (in dollars per share)

^[1]

1.00

0.93

3.21

Vested (in dollars per share)

4.23

5.18

5.35

Cancelled (in dollars per share)

5.02

5.12

Balance at the end of the period (in dollars per share)

$ 1.01

$ 3.17

$ 5.02

[1]	No restricted share units were granted to non-employee directors for the years presented.

Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets
Cash and cash equivalents	¥ 2,624,719	$ 369,684	¥ 1,494,150	$ 210,447	¥ 2,664,132	¥ 1,563,755
Amounts due from subsidiaries	6,989	984	6,602
Prepayments and other current assets	1,428,769	201,238	1,086,952
Total current assets	18,503,018	2,606,096	17,782,108
Non-current assets
Other assets	861,491	121,338	1,048,301
Total non-current assets	4,637,773	653,216	4,988,595
TOTAL ASSETS	23,140,791	3,259,312	22,770,703
Current liabilities
Amounts due to subsidiaries, the VIEs and the VIEs' subsidiaries	2,958	417	4,669
Accrued interest payable	4,389		12,354
Accruals and other current liabilities	4,434,254	624,552	3,057,469
Convertible notes	505,450	71,191	2,063,545
Total current liabilities	12,324,597	1,735,884	12,481,917
Non-current liabilities
Deferred tax liabilities	75,340	10,611	52,559
Total non-current liabilities	1,106,112	155,792	1,640,035
TOTAL LIABILITIES	13,430,709	1,891,676	14,121,952
SHAREHOLDERS’ EQUITY:
Treasury Stock	(328,764)	(46,305)	(328,764)	$ (48,000)
Additional paid-in capital	3,204,961	451,406	3,081,254
Accumulated other comprehensive income	(13,545)	(1,908)	(20,842)
Retained earnings	5,740,611	808,548	4,894,273
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	23,140,791	3,259,312	22,770,703
Class A Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	199	30	191
Class B Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	41	7	47
Parent
Current assets
Cash and cash equivalents	48,030	6,765	1,517
Prepayments and other current assets	6,717	946	8,314
Total current assets	397,838	56,034	345,765
Non-current assets
Investments in subsidiaries	12,058,899	1,698,460	10,741,234
Other assets	103	15	235
Total non-current assets	12,059,002	1,698,475	10,741,469
TOTAL ASSETS	12,456,840	1,754,509	11,087,234
Current liabilities
Accrued interest payable	2,095	295	9,385
Accruals and other current liabilities	9,198	1,296	8,511
Convertible notes	505,450	71,191	2,063,545
Total current liabilities	2,746,758	386,873	2,438,483
Non-current liabilities
TOTAL LIABILITIES	2,746,758	386,873	2,438,483
Commitments and contingencies (Note 21)
SHAREHOLDERS’ EQUITY:
Treasury Stock	(328,764)	(46,305)	(328,764)
Additional paid-in capital	3,204,961	451,406	3,081,254
Accumulated other comprehensive income	(13,545)	(1,908)	(20,842)
Retained earnings	6,847,190	964,406	5,916,865
Total equity attributable to owners of the company	9,710,082	1,367,636	8,648,751
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	12,456,840	1,754,509	11,087,234
Parent \| Class A Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	199	30	191
Parent \| Class B Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	41	7	47
Parent \| Affiliated Entity
Current assets
Amounts due from subsidiaries	343,091	48,323	335,934
Current liabilities
Amounts due to subsidiaries, the VIEs and the VIEs' subsidiaries	¥ 2,230,015	$ 314,091	¥ 357,042

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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.

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, has the obligation to absorb losses of, or the right to receive benefits from the entity that could potentially be significant to 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))

(i)

Contractual agreements with the 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 the 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 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.

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.

(ii)

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 the VIEs’ subsidiaries, has the obligation to absorb losses of, or the right to receive benefits from the VIEs and the 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 the VIEs’ subsidiaries except for registered capitals and PRC statutory reserves of the consolidated VIEs amounting to RMB4,983 million as of December 31, 2023. 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 the consolidated VIEs and the 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 the VIEs’ subsidiaries in the consolidated financial statements in the future if changes in the legal interpretation or enforcement of the PRC laws, regulations and policies occur in the future.

In March 2019, the Foreign Investment Law was approved by the National People’s Congress, effective on January 1, 2020. In December 2019, the State Council promulgated the Implementation Regulations on the Foreign Investment Law, effective on January 1, 2020, and further clarified and elaborated the relevant provisions of the Foreign Investment Law. Given that there still exist uncertainties in relation to the interpretation and implementation of the Foreign Investment Law and its implementation regulations, 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 this power of attorney is 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:

•

revoke the Group’s business and operating licenses;

•

require the Group to discontinue or restrict its operations;

•

restrict the Group’s right to collect revenues;

•

block the Group’s websites;

•

require the Group to restructure its operations, re‑apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

•

impose additional conditions or requirements with which the Group may not be able to comply; or

•

take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.

The 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 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 the VIEs is remote.

All of the consolidated VIEs are incorporated and operated in the PRC, which are effectively controlled by the Company through a series of contractual agreements entered into among the Company’s relevant PRC subsidiaries, the VIEs and their nominee shareholders. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties are remote.

Summary of Financial Information of the Consolidated 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 and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements. The financial information of the consolidated trusts and asset-backed securities (“ABS”) were also included in the following table, as the consolidated VIE companies are considered the primary beneficiary of these trusts and ABS plans:


	As of December 31,
	2022		2023
	(RMB in thousands)
Consolidating Schedule of Financial Position
ASSETS
Cash and cash equivalents		1,273,823		1,834,738
Restricted cash		718,675		916,015
Restricted term deposit and short-term investments		119,678		149,678
Financing receivables, net		6,756,760		3,990,083
Amounts due from Group companies (1)		106,977		201,390
Deposits to insurance companies and guarantee companies		2,214,771		2,605,464
Contract assets and receivables, net		4,151,340		5,586,257
Property, equipment and software, net		213,610		351,688
Land use rights, net and right of use assets		1,029,258		955,250
Long‑term investments		331,560		239,244
Other assets		2,919,516		3,119,999
TOTAL ASSETS		19,835,968		19,949,806
LIABILITIES
Amounts due to Group companies (1)		6,285,111		6,546,526
Borrowings		1,288,476		842,158
Funding debts		5,719,358		3,938,996
Deferred guarantee income		781,633		1,215,490
Contingent guarantee liabilities		770,495		1,232,002
Other liabilities		2,699,461		3,641,027
TOTAL LIABILITIES		17,544,534		17,416,199
Total equity attributable to owners of the company		2,291,434		2,533,607
TOTAL SHAREHOLDERS’ EQUITY		2,291,434		2,533,607
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		19,835,968		19,949,806


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Condensed Consolidating Schedule of Results of Operations
Operating revenue:
Third-party revenues		11,091,978			9,297,734			11,264,532
Inter-group revenues (2)		11,429			329			186,968
Total Operating revenue		11,103,407			9,298,063			11,451,500
Operating cost:
Third-party costs		(5,520,994	)		(6,484,657	)		(7,354,363	)
Inter-group costs(2)		(1,636	)		(36	)		(27	)
Total operating cost		(5,522,630	)		(6,484,693	)		(7,354,390	)
Gross profit		5,580,777			2,813,370			4,097,110
Operating expense:
Third-party expenses		(1,689,151	)		(1,764,902	)		(1,766,810	)
Inter-group expenses(2)		(3,047,627	)		(1,629,811	)		(1,544,632	)
Total operating expenses		(4,736,778	)		(3,394,713	)		(3,311,442	)
Others		(369,200	)		617,568			(448,109	)
Income before income tax		474,799			36,225			337,559
Income tax expenses		(142,201	)		(13,950	)		(100,292	)
Net income		332,598			22,275			237,267
Less: net income attributable to non-controlling interests		193			6,177			—
Net income attributable to ordinary shareholders of the Company		332,405			16,098			237,267


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Net cash (used in)/provided by operating activities		(298,268	)		537,019			1,412,861
Net cash provided by transactions with external parties		3,839,254			2,063,827			2,892,415
Net cash used in transactions with inter-group entities for technical service charges and others (3)		(4,137,522	)		(1,526,808	)		(1,479,554	)
Net cash provided by/(used in) investing activities		622,696			(2,062,379	)		1,337,528
Net cash provided by/(used in) transactions with external parties		472,228			(2,586,207	)		1,387,854
Net cash (used in)/provided by funds to Group companies (4)		150,468			(61,831	)		(50,326	)
Transfer of Shenzhen Lexin Financing Guarantee Co., Ltd from VIE to subsidiary (5)		—			585,659			—
Net cash provided/(used in) by financing activities		656,269			(37,777	)		(1,992,134	)
Net cash (used in)/provided by transactions with external parties		(1,775,038	)		1,469,679			(2,242,139	)
Net cash provided by/(used in) funds from Group companies (6)		2,431,307			(1,507,456	)		250,005
Net increase/(decrease) in cash, cash equivalents and restricted cash		980,697			(1,563,137	)		758,255
Cash, cash equivalents and restricted cash at beginning of the year		2,574,938			3,555,635			1,992,498
Cash, cash equivalents and restricted cash at end of the year		3,555,635			1,992,498			2,750,753

(1)

The amounts due from Group companies represent the funds provided by the consolidated VIEs to WFOEs, and the operating receivables resulting from the provision of goods and services to WFOEs;
The amounts due to Group companies represent the funds provided by group companies to the consolidated VIEs, and the operating payables resulting from the technical service fees charged by WFOEs.

(2)

The inter-group revenues and inter-group costs and expenses recognized by the consolidated VIEs were related to the goods and services between the consolidated VIEs and WFOEs;
The inter-group expenses incurred by the consolidated VIEs represent the technical service fees charged by WFOEs.

(3)

For the years ended December 31, 2021, 2022 and 2023, cash paid by the VIEs to WFOEs for technical service fees were RMB4,140 million, RMB1,540 million and RMB1,647 million, respectively. Cash received by the VIEs to WFOEs for the provision of goods and services were RMB2.5 million, RMB13.0 million and RMB168 million, respectively.

(4)

Net cash (used in)/provided by funds to Group companies represent the funds provided by the consolidated VIEs to WFOEs, and the collections from the WFOEs for the funds previously provided by the consolidated VIEs. The funds provided to/repayments received from Group companies are presented on a net basis in investing activities.

(5)

In 2022, the consolidated VIE, Shenzhen Fenqile Network Technology Co., Ltd., transferred all its equity interest in Shenzhen Lexin Financing Guarantee Co., Ltd to primary beneficiary of the VIEs, Shenzhen Lexin Software Technology Co., Ltd. The total consideration for the transfer of equity shares is RMB586 million.

(6)

Net cash (used in)/provided by funds from Group companies represent the funds provided by WFOEs to the consolidated VIEs. The funds received from/repayments made to Group companies are presented on a net basis in financing activities.

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) allowance for credit losses on the financial assets measured at amortized cost and financial guarantees and (iii) initial recognition and subsequent measurement of guarantee derivatives at fair value. Actual results could materially differ from these estimates.

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 on the Consolidated Statements of Changes in Shareholders’ Equity and a component of other comprehensive income on the Consolidated Statements of Comprehensive 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 Income for the years ended December 31, 2021, 2022 and 2023 were gain of RMB8.0 million, loss of RMB32.1 million and gain of RMB7.3 million respectively.

Convenience Translation

(e)

Convenience translation

Translations of balances on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.

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 partners, which primarily include: (1) the Institutional Funding Partners; and (2) third-party investors of the consolidated Trusts and asset‑backed securitized debts. Depending on the arrangements among the Group, the Borrowers and the funding partners, the underlying loans are accounted for as “on-balance sheet loans” or “off-balance sheet loans,” where applicable.

On‑balance sheet loans

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 the 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 also issues private asset-backed securities (“ABS”) to diversify its funding sources. The Group is considered the primary beneficiary of these ABS plans as it has power to direct the activities that most significantly impact economic performance of the ABS plans, and has the obligation to absorb losses of or the right to receive benefits from the ABS plans that could potentially be significant to the ABS plans. As a result, the Group consolidated the ABS plans in the consolidated financial statements 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(h)). Cash received via consolidated Trusts that has not yet been distributed is recorded as “Restricted cash.”

Off‑balance sheet loans

Loans funded by certain Institutional Funding Partners such as third-party commercial banks or consumer finance companies

For loans funded by the proceeds from certain 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 the third-party commercial bank or consumer finance company to the Borrower and a lending relationship between the Borrower and the 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 and payment processing services to the Borrowers over the term of the loan agreement. 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 Institutional Funding Partners.

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 financing income over the terms of the financing receivables using the effective interest rate method. Refer to Note 2(l) 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.

Accrued interest income on financing receivables is calculated based on the effective interest rate of the loan and recorded as financing 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.

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. Financing 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 financing income. The Group does not resume accrual of interest after a loan has been placed on non-accrual status.

Allowance for Credit Losses

(g)

Allowance for credit losses

The Group mainly has the following types of financial assets that are subject to credit losses of the customers: financing receivables, contract assets and receivables.

The Group applies Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance replaces the existing “incurred loss” methodology, and introduces a forward-looking expected loss approach referred to as a current expected credit losses (“CECL”) methodology. The CECL methodology requires that the full amount of expected credit losses for the lifetime be recorded at the time the financial asset is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses. The lifetime expected credit losses are determined using a pooled basis within respective credit risk classification levels of the underlying customers, taking into consideration the historical credit loss experience, the current credit quality of the portfolio and application of macroeconomic forecasts.

The Group’s CECL model and methodologies are based on the likelihood of customers defaulting (i.e., Probability of Default, or PD) and the resulting losses of customers’ defaults (i.e. Loss Given Default, or LGD) and Exposure at Default (“EAD”), or CECL=PD*LGD*EAD. The Group considers the PD with its historical information of customers’ payment behaviors and loan performance, and further adjusts for the impacts from observed industry experience. PDs are based on respective internal risk grades assigned to each of the customers by the Group. LGD is determined based on historical information of the extent of loss on a defaulted exposure. EAD is calculated based on the amounts the Group expected to be owed at the time of default, over the term of the loans. The Group also incorporates the forward-looking information in the CECL, taking into account a range of forecasts of macroeconomic conditions over the expected life of the loans. The macroeconomic factors used in model include variables that have historically been key drivers of increases and decreases in credit losses, such as Consumer Price Index and M2 (a measurement of broad money supply including cash and deposits, which is published by People's Bank of China on a routine basis). The expected life of each loan is determined based on the contractual term. The allowance for credit losses also includes management overlays which allow management to reflect the uncertain nature of economic forecasting and account for model imprecision and concentration risk.

The CECL methodology is applicable to estimation of credit losses of financial assets measured at amortized cost, primarily including financing receivables, contract assets and receivables of the Group.

The CECL methodology also applies to certain off-balance sheet credit exposures, such as financial guarantees not accounted for as derivatives. The financial guarantees provided for the Group’s off-balance sheet loans accounted for under ASC 460 are in the scope of ASC 326 and subject to the CECL methodology. The expected credit losses (the contingent aspect) of the guarantee shall be accounted for in addition to and separately from the guarantee liability (the noncontingent aspect) accounted for under ASC 460. Further, the contingent liability is determined using CECL lifetime methodology.

Funding Debts

(h)

Funding debts

For the proceeds received from the funding partners, including the third-party investors of the consolidated Trusts and asset-backed securitized debts, and certain Institutional Funding Partners, to fund the Group’s on-balance sheet loans, the Group records them as funding debts (“Funding Debts”) on its Consolidated Balance Sheets. Accrued interest payable is calculated based on the contractual interest rates of funding debts and convertible notes.

Guarantee Receivables and Liabilities

(i)

Guarantee receivables and liabilities

For the off-balance sheet loans funded by certain Institutional Funding Partners, the Group provides deposits and replenish such deposits from time to time to the Institutional funding partners by directly compensating them for principal and interest payment in the event of the Borrowers’ defaults, which are accounted for as guarantee liabilities under ASC 460, Guarantees.

Starting from 2019, the Group started to cooperate with third-party insurance companies and guarantee companies that directly provide guarantee services to certain Institutional Funding Partners, and no longer replenished the deposits made to these Institutional Funding Partners. According to relevant financial guarantee arrangements, third-party insurance companies and guarantee companies will provide the principal and interest payment to these Institutional Funding Partners, in case of Borrowers’ defaults. However, the Group is required to provide deposits and replenish such deposits from time to time to the bank accounts of these insurance companies and guarantee companies, in the event that such insurance companies and guarantee companies perform their guarantee obligations upon the Borrowers’ defaults. Effectively, the Group provides risk safeguard measures or a deposit to compensate the insurance companies and guarantee companies in the event that they performed their guarantee or insurance obligations upon the Borrowers’ defaults. These financial guarantee contracts are accounted for as guarantee liabilities under ASC 460, Guarantees, provided that the scope exception under ASC 815-10-15-58 is met.

For the off-balance sheet loans funded by certain other Institutional Funding Partners, these Institutional Funding Partners retain the credit exposure of the loans facilitated by the Group and do not require the Group to provide any guarantee pursuant to relevant arrangements. Therefore, the Group does not record guarantee receivables nor guarantee liabilities for the off-balance sheet loans funded by these Institutional Funding Partners.

As discussed in Note 2(g) above, the financial guarantees provided for the Group’s off-balance sheet loans accounted for under ASC 460 are in the scope of ASC 326 and subject to the CECL methodology.

The estimated fair value of the guarantee liabilities at inception of the loans is determined based on a discounted cash flow model, with reference to estimates of expected loss rates using CECL lifetime methodology. Subsequent to initial recognition, the guarantee liabilities continue to be reduced by recording a credit to net income as the guarantor is released from the guaranteed risk over the terms of the underlying loans, as “Guarantee income” on the Consolidated Statements of Operations.

The expected credit losses of the guarantee (the contingent aspect recorded as “Contingent guarantee liabilities”) are accounted for in addition to and separately from the guarantee liability (the noncontingent aspect recorded as “Deferred guarantee income”) accounted for under ASC 460. The contingent guarantee liabilities are determined using CECL lifetime methodology, and recognized in full amount at loan inceptions. At each reporting date, the Group measures the contingent guarantee liabilities of the underlying loans, on a portfolio basis, and the relevant credit losses of guarantee are recorded as “Provision for contingent guarantee liabilities” on the Consolidated Statements of Operations.

The following table sets forth the activities of the Group’s obligations associated with the deferred guarantee income for the years ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023
				(RMB in thousands)
Opening balances		694,582			419,843			894,858
Fair value of deferred guarantee income at inception of new loans		499,805			1,928,195			3,162,811
Release of deferred guarantee income		(774,544	)		(1,453,180	)		(2,519,284	)
Ending balances		419,843			894,858			1,538,385

The following table sets forth the activities of the Group’s obligations associated with the contingent guarantee liabilities for the year ended December 31, 2021, 2022 and 2023:

Loans at Fair Value

(j)

Loans at fair value

From time to time, the Group acquires the installment of loans when they are one day past due, or purchases the entire loans with certain monthly repayments that are past due over certain days consecutively or cumulatively, from certain funding partners, according to the relevant cooperation agreements with respective funding partners.

For those loans the Group acquired or purchased from the relevant funding partners, the Group accounts for them using fair value option pursuant to ASC 825, Financial Instruments, and records them as "Loans at fair value" under “Prepayments and other current assets” on the Consolidated Balance Sheets.

As the loans acquired or purchased are not traded in an active market with readily observable prices, the Group estimates the fair value of loans acquired or purchased from funding partners using a discounted cash flow valuation methodology by discounting the estimated future net cash flows using an appropriate discount rate. The future net cash flows are estimated based on the contractual cash flows, taking into consideration of estimated future credit recoveries of the loans upon acquisition or purchase. Changes in fair value of loans are reported net and recorded in “Change in fair value of loans at fair value” on the Consolidated Statements of Operations.

Guarantee Derivatives

(k)

Guarantee derivatives

In order to determine the accounting treatment of the guarantee, 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 other arrangement.

For the financial guarantee provided by the Group that does not meet the scope exception under ASC 815‑10‑15‑58, the Group accounts for the financial guarantee contracts with these Institutional Funding Partners as derivatives under ASC 815, Derivatives and Hedging, and records them on the Consolidated Balance Sheets as either assets or liabilities 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 derivatives 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 derivatives is determined by the Group based on a discounted cash flow model, with reference to estimates of cumulative loss rates and margins on cost of guarantee services.

Revenue Recognition

(l)

Revenue recognition

The Group considered relevant accounting guidance and concluded that arrangements for its on-balance sheet loans and guarantee services provided for its off-balance sheet loans are out of scope of ASC 606, Revenue from Contracts with Customers. Therefore, “Financing income” and “Guarantee income” included in “Credit facilitation service income” on the Consolidated Statements of Operations should be accounted for in accordance with ASC 310, Receivables and ASC 460, Guarantees, respectively. Other revenue streams are accounted for in accordance with ASC 606.

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 “Financing income” on the Group’s 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:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Installment e-commerce platform service income
Installment e-commerce platform service income		1,661,156		1,997,838		1,585,625
Other services		564		58,227		164,884
Total installment e-commerce platform service income		1,661,720		2,056,065		1,750,509
Credit facilitation service income
Loan facilitation and matching servicing fees-credit oriented		3,120,892		1,404,507		4,178,477
Post-origination servicing fees-credit oriented		1,327,452		1,082,020		823,404
Total credit facilitation service income		4,448,344		2,486,527		5,001,881
Tech-empowerment service income
Loan facilitation and matching servicing fees- performance based		1,727,794		935,234		702,774
Post-origination servicing fees- performance based		561,658		427,404		280,574
Loan facilitation and servicing fees- volume based		279,902		252,460		349,927
Membership services		107,901		82,256		133,211
Other services		85,740		148,589		173,967
Total tech-empowerment service income		2,762,995		1,845,943		1,640,453
Total revenue from loan facilitation and servicing fees		7,017,698		4,101,625		6,335,156
Total operating revenue within the scope of ASC 606		8,873,059		6,388,535		8,392,843

The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by timing of revenue recognition:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Revenues recognized at point-in-time		6,876,048		4,796,855		7,155,654
Revenues recognized over time		1,997,011		1,591,680		1,237,189
Total operating revenue within scope of ASC 606		8,873,059		6,388,535		8,392,843

The Group’s revenue recognition policies under ASC 606 are as follows:

Installment e-commerce platform service

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.

The income from online direct sales is 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).

Other services

The Group also operates online marketplace that enable third party sellers to provide their goods or services to customers. The Group earns 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 customers. In accordance with ASC 606-10-55-39, the Group recognizes the service fees as revenues 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 customers where the customers select the installment payment terms, 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).

Credit facilitation service and tech-empowerment service income

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 partners. The Group earns loan facilitation and servicing fees and records them under “Credit facilitation service income,” “Tech-empowerment service income” based on respective arrangements, as applicable.

Revenues from loan facilitation and matching and post-origination services-overall

The Group provides intermediary services to the Borrowers and funding partners 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, if any. 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, if any, 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.

The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised services to its customers, net of value-added tax. The transaction price includes variable service fees which is estimated using the expected value method and is limited to the amount of variable consideration that is probable not to be reversed in future periods. The Group assesses whether the estimate of variable consideration is constrained.

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 partners 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.

For the off-balance sheet loans funded by certain Institutional Funding Partners, where the Group also provides guarantee services, revenue from loan facilitation and matching and post-origination services under this business model is recorded as “Loan facilitation and matching servicing fees-credit oriented” and “Post-origination servicing fees-credit oriented” respectively under “Credit facilitation service income.” Revenue from guarantee services is recorded as “Guarantee income” under ASC 460 (Note 2(f)) under Credit facilitation service income.

For the off-balance sheet loans funded by certain other Institutional Funding Partners, where the Group does not provide guarantee services and takes no credit risks of Borrowers in respect of principal and interests due to the lenders, the Group charges the service fees for loan facilitation and servicing at predetermined rates based on the performance of the underlying off-balance sheet loans. Revenue from loan facilitation and matching and post-origination services under this business model is recorded as “Loan facilitation and matching servicing fees-performance based” and “Post-origination servicing fees-performance based” under “Tech-empowerment service income.”

The Group refer users on our platform for whom the group may temporarily not in an appropriate position to provide services to other third-party online lending platforms and charges a referral fee based on the loan origination volume, cost per-click or other criteria. Revenue from loan facilitation and matching under this business model is recognized as “Loan facilitation and servicing fees-volume based” under “Tech-empowerment service income” upon loan origination, each click or other performance obligation is satisfied.

Membership services

The Group offers 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 service fees” included in “Accruals 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 under “Tech-empowerment service income.”

Other services under tech-empowerment service income

The Group also engages in other business, which consists primarily of technical services to financial institutions. Revenues generated by the Group from these businesses are recorded under “Tech-empowerment service income” when performance obligation is satisfied.

Financing income

The Group generates financing income from its financing receivables, which comprises of interest income and others.

Interest income is recognized over the terms of financing receivables using the effective interest method. 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” on the Consolidated Statements of Operations. The Group stops accruing interest income and reverses all accrued but unpaid interest as of such date when reasonable doubt exists as to the full, timely collection of interest or principal.

Other revenues include fees collected for prepayment and late payment for on‑balance sheet loans, which are calculated as certain percentages of interest over the prepaid principal loan amount in case of prepayment or certain percentages 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 primarily 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 installment repayment. 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 and repayment coupons recognized as a reduction of revenue was RMB200 million, RMB122 million and RMB105 million for the years ended December 31, 2021, 2022 and 2023, respectively.

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 RMB27.3 million, RMB11.9 million and negative RMB3.0 million were recorded as sales and marketing expenses on the Consolidated Statements of Operations for the years ended December 31, 2021, 2022, and 2023, 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 receivables. An impairment loss, if any, is recorded as “Provision for contract assets and receivables” 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 “Accruals and other current liabilities” on the Consolidated Balance Sheets. The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the years were RMB26.7 million and RMB31.1 million for the years ended December 31, 2022 and 2023, respectively.

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, 2022 and 2023, the aggregate amount of the transaction price allocated to remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was RMB312 million and RMB339 million, respectively. 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.

Cash and Cash Equivalents

(m)

Cash and cash equivalents

Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions, which are unrestricted to withdrawal or use. As of December 31, 2022 and 2023, the Group did not have any cash equivalents.

Restricted Cash

(n)

Restricted cash

Restricted cash mainly represents: (i) cash received from the Borrowers but not yet been repaid to the funding partners or received from the funding partners but not yet been distributed to the Borrowers which is not available to fund the general liquidity needs of the Group; and (ii) security deposits set aside for partnering commercial banks in case of Borrowers’ defaults; and (iii) cash received via consolidated trust and ABS that has not been distributed.

Restricted term deposit and short-term investments

(o)

Restricted term deposit and short-term investments

Restricted term deposit include (i) time deposits securing the Group’s borrowings from financial institutions, and (ii) time deposits placed with and set aside for partnering commercial banks as Institutional Funding Partners in case of Borrowers' defaults.

Short-term investments represent bank time deposits and structured deposit which are certain deposits with variable interest rates and principal guaranteed with certain financial institutions. Their original maturities are of greater than three months but less than one year. In accordance with ASC 825, Financial Instruments, for structured deposit with the interest rate indexed to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected by the market value of the investment.

Inventories, Net

(p)

Inventories, net

Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value. Prior to September 2023, and for the years ended December 31, 2022 and 2021, cost of inventory is determined using the moving average cost method. Starting from September 2023, cost of inventory is determined using the first-in-first-out cost method. Such change did not have a material impact on the financial position and results of operations and therefore was not applied retrospectively in accordance with ASC 250-10-S99-3. 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, 2022 and 2023, all inventory balances were products available for sale.

The Group also provides fulfillment-related services in connection with the Group’s online marketplace, with revenue from the related commission fee recognized under “Installment e-commerce platform service income. Third-party sellers maintain ownership of their inventories and therefore these products are not included in the Group’s inventories.

Long-Term Investments

(q)

Long-term investments

The Group’s long-term investments consist of equity investments in privately held companies accounted for using the measurement alternative, equity investments accounted for using the equity method and a debt investment in forms of a loan.

Equity investments accounted for using the measurement alternative

The Group measures 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 are 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 under “Investment loss” on its Consolidated Statements of Operations.

Equity investments accounted for using the equity method

The Group applies the equity method of accounting to account for its equity investments, according to ASC 323 Investment-Equity Method and Joint Ventures, over which it has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records the investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investments on the Consolidated Balance Sheets. The Group subsequently adjusts the carrying amount of the investments to recognize its proportionate share of each equity investee's net income or loss into earnings and cash distributions from investees, if any, after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investment is recognized in earnings under “Investment-related impairment” when the decline in value is determined to be other-than-temporary.

Debt investment

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. The allowance for credit losses was recognized that reflects the Group’s best estimate of the amounts that will not be collected.

Property, Equipment and Software, Net

(r)

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. Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected under “Others, net” on its Consolidated Statements of Operations. The estimated useful lives are as follows:


Category	Estimated Useful Lives
Computers and equipment	3 years
Furniture and fixtures	4 ‑ 5 years
Leasehold improvement	Over the shorter of the expected life of leasehold improvement or the lease term
Software	3 ‑ 10 years

Land Use Rights, Net

(s)

Land use rights, net

Land use rights represent the land use rights obtained for the purpose of constructing offices, which was amortized on a straight-line basis over the term of the land use right period, approximately 30 years.

Impairment of Long-Lived Assets

(t)

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.

Other Assets

(u)

Other assets

Other assets on the Consolidated Balance Sheets mainly represent the long-term deposits made to the institutional funding partners, insurance companies and guarantee companies, the investment related prepayment, and other long-term assets. The Group assesses the recoverability of these assets and establishes allowances to reflect the net amounts expected to be recovered. The allowance is management’s estimate of expected credit losses after considering historical collection activity, nature of assets, current business environment and relevant forward-looking elements that may affect the recoverability.

As of December 31, 2022 and 2023, the allowances for expected credit losses for other assets were RMB19 million and RMB225 million respectively, and out of which, the allowance related to such investment related prepayment were RMB17 million and RMB223 million, respectively. The Group assessed the recoverability of RMB270 million investment related prepayment for equity interest in a domestic private bank, and recognized an additional loss of RMB206 million for the year ended December 31, 2023, considering the operating difficulties and liquidity issues of the counterparty encountered, which is recorded in “investment loss” on the Consolidated Statement of Operations.

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:

•

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

•

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model‑derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

•

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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, 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 Institutional Funding Partners, the Group accounts for financial guarantee provided at fair value. The Group uses significant unobservable inputs to measure the fair value of these guarantee liabilities. 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.

The Group’s restricted term deposit and short-term investments are measured at fair value. The fair value is determined based on the prevailing interest rates for similar products in the market (Level 2).

The Group elected the fair value option for the loans acquired or purchased from the relevant funding partners. The Group uses significant unobservable inputs to measure the fair value of these loans (Level 3).

Fair value measurements on a non-recurring basis

The Group measures certain financial assets at fair value on a non-recurring basis only if an impairment charge were to be recognized. 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.

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.

Funding Cost

(x)

Funding cost

Funding cost consists of interest expense the Group pays to 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.

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.

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, 2021, 2022 and 2023, advertising costs totaled RMB1,021 million, RMB873 million and RMB990 million, respectively.

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.

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.

Leases

(cc)

Leases

On January 1, 2019, the Group adopted ASU No. 2016-02, Leases (Topic 842). Under ASC Topic 842(leases), the Group determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement.

The Group leases certain office premises under non‑cancelable leases, which expire at various dates through August 2026. As of December 31, 2023, the Group’s operating leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 4.91%.

Future minimum lease payments under non‑cancelable operating leases agreements are as follows:


	For the Year ended December 31, 2023
	RMB in thousands
2024		41,627
2025		36,285
2026		21,263
Total future lease payments		99,175
Impact of discounting remaining lease payments		(7,531	)
Total lease liabilities		91,644
- Short-term portion		40,942
- Long-term portion		50,702

Operating lease cost for the years ended December 31, 2021, 2022 and 2023 was RMB59.7 million, RMB53.2 million and RMB45.3 million, respectively, which excluded cost of leasing contracts with original terms less than 12 months. Short-term lease cost for the years ended December 31, 2021, 2022 and 2023 was RMB 6.4million, RMB13.1 million and RMB19.8 million, respectively. Supplemental cash flow information related to operating leases was as follows:


	For the Year ended December 31, 2023
	RMB in thousands
Cash payments for operating leases		48,943
Right-of-use assets obtained in exchange for operating lease liabilities		29,915

Share-Based Compensation

(dd)

Share‑based compensation

Share-based awards granted to the Group’s employees and non-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.

Stock options and restricted share units granted generally vest over four years.

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. 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.

Taxation

(ee)

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.

Net Income Per Share

(ff)

Net income per share

Basic net income per share is computed by dividing net income attributable to ordinary shareholders. Net 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.

Diluted net income per share is calculated by dividing net 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 convertible notes 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 income per share calculation when inclusion of such shares would be anti-dilutive.

Segment Reporting

(gg)

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 business lines for the purpose of internal reports. The Group does not distinguish revenues, costs and expenses between business lines 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 segment. As most of the Group’s long lived assets are all located in the PRC and the Group’s revenues are primarily derived from the PRC, no geographical segments are presented.

Statutory Reserves

(hh)

Statutory reserves

The Company’s subsidiaries, the VIEs and the 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 consolidated VIEs and the VIEs’ 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 are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

For the years ended December 31, 2021, 2022 and 2023, profit appropriation to general reserve fund and statutory surplus fund for the Group’s entities incorporated in the PRC was approximately RMB252 million, RMB121 million and RMB84 million respectively.

Significant Risks and Uncertainties

(ii)

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 term deposit and short-term investments denominated in RMB that are subject to such government controls amounted to RMB3,159 million and RMB4,253 million as of December 31, 2022 and December 31, 2023, 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.

Operation and compliance risk

In August 2017, the State Council promulgated the Regulations on the Supervision and Administration of Financing Guarantee Companies, or the Financing Guarantee Regulations, effective October 1, 2017. In October 2019, the CBIRC and other eight PRC regulatory agencies promulgated the Supplementary Provisions on the Supervision and Administration of Financing Guarantee Companies, or the Financing Guarantee Supplementary Provisions. The Financing Guarantee Supplementary Provisions provides that, among others, institutions providing services such as client recommendation and credit assessment to various institutional funding partners shall not render any financing guarantee service, whether directly or in disguised form, without the necessary approval. Otherwise, the penalties set forth in the Financing Guarantee Regulations may be imposed by the regulatory authorities, and the Group’s existing business shall be properly settled.

Due to a lack of further interpretations, the exact definition and scope of “operating financing guarantee business” under the Financing Guarantee Regulations or “providing financing guarantee services in disguised form” under the Financing Guarantee Supplementary Provisions are still unclear. The Group provided various investor protection measures to Institutional Funding Partners through different kinds of arrangements, including providing a deposit, and risk safeguard measures to compensate the insurance companies and guarantee companies in the event that they performed their guarantee or insurance obligations upon the Borrowers’ defaults. It is uncertain whether these or certain of these arrangements would be deemed to have operated financing guarantee business or provided financing guarantee services in disguised form. If such arrangements were deemed to be in violation of any applicable laws and regulations, the Group could be subject to penalties and/or be required to change its current business model, and as a result, the Group’s business, financial condition, and results of operations would be materially and adversely affected.

In an effort to ensure compliance with applicable laws and regulations, the Group has currently conducted part of the investor protection measures through its own financial guarantee companies, which are qualified to provide financing guarantee services. The Group is continuously making efforts to adjust its business model and practice to mitigate the relevant compliance risk.

Concentration of credit risk

Credit risk is one of the most significant risks for the Group’s 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 term deposit and short-term investments, prepayments and other current assets, guarantee receivables, service fees receivable and contract assets, and deposits to insurance companies and guarantee companies. The Group holds its cash and cash equivalents, restricted cash and restricted term deposit and short-term investments at reputable financial institutions in the PRC and at international financial institutions with high ratings from internationally recognized rating agencies. As of December 31, 2023, approximately 98% of the Group’s cash and cash equivalents, restricted cash and restricted term deposit and short-term investments were held in the financial institutions in the PRC and the remaining cash and cash equivalents, restricted cash and restricted term deposit and short-term investments were held in financial institutions outside the PRC. Financing receivables, 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 partners

There was no revenue from customers which individually represented greater than 10% of the total operating revenue for any of the periods presented. There were no financing receivables or contract assets and receivables due from customers of the Group that individually accounted for greater than 10% of the Group’s carrying amount of financing receivables and contract assets and receivables as of December 31, 2022 and 2023, respectively.

There were two, nil and one inventory suppliers accounted for more than 10% of the Group’s total purchases for the years ended December 31, 2021, 2022 and 2023, respectively. Four and two suppliers accounted for more than 10% of the Group’s accounts payable as of December 31, 2022 and 2023, respectively, as follows:


	As of December 31,
	2022			2023
Inventory supplier A		—			13.9	%
Inventory supplier B		28.9	%		12.6	%
Inventory supplier C		23.4	%	*
Inventory supplier D		17.5	%	*
Inventory supplier E		11.6	%	*

* Less than 10%.

There were two Institutional Funding Partners that accounted for more than 10% of the Group’s total funding cost for the year ended December 31, 2021, 2022 and 2023. Institutional Funding Partners accounted for more than 10% of the Group’s funding debts as of December 31, 2022 and 2023 respectively as follows:


	As of December 31,
	2022			2023
Institutional Funding Partner A		16.9	%		33.9	%
Institutional Funding Partner B		16.5	%		36.3	%

There were no Institutional Funding Partner that accounted for more than 10% of the Group’s origination of off-balance sheet loans for the year ended December 31, 2022 and 2023.

As of December 31, 2022, one guarantee company accounted for more than 10% of the Group’s deposits to insurance companies and guarantee companies. As of December 31, 2023, three guarantee companies accounted for more than 10% of the Group’s deposits to insurance companies and guarantee companies.


	As of December 31,
	2022			2023
Guarantee Company A		23.4	%		17.1	%
Guarantee Company B	*				11.3	%
Guarantee Company C	*				11.2	%

* Less than 10%.

Recent Accounting Pronouncements

(a)

Recent accounting pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The adoption of this standard did not have a material impact on our consolidated financial statements.

In March, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for TDRs in ASC 310-40, Receivables - Troubled Debt Restructurings by Creditors. ASU 2022-02 also requires an issuer to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied prospectively, with one possible exception. The adoption of this standard did not have a material impact on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group is currently in the process of evaluating the impact of the new guidance on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures. ASU No. 2023-07 requires an enhanced disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of this guidance should be applied retrospectively to all prior periods presented. Early adoption is permitted. The Group is currently in the process of evaluating the impact of the new guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)- Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group is currently in the process of evaluating the impact of the new guidance on its consolidated financial statements.

Subsequent Events - Additional Information (Details) - Subsequent Events	Mar. 19, 2024 $ / shares
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.033
Dividends payable, approved and declared date	Mar. 19, 2024
Dividends payable, record date	Apr. 18, 2024
Dividends payable, date to be paid	May 24, 2024
ADS
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.066

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]

Summary of Movement of Carrying Value of Equity Investments Accounted Using Measurement Alternative

The following table summarizes the movement of the carrying value of the Group’s equity investments accounted for using the measurement alternative for the year ended December 31, 2021, 2022 and 2023:


	As of December 31,
	2021			2022		2023
	(RMB in thousands)
Long-term investment at the beginning of the year		264,151			212,700		212,700
Addition		16,700			—		—
Disposal		(67,475	)		—		—
Impairment		—			—		(92,316	)
Foreign currency translation adjustments		(676	)		—		—
Long-term investment at the end of the year		212,700			212,700		120,384

Funding Debts

12 Months Ended

Dec. 31, 2023

Funding Debts

Debt Instrument [Line Items]

Funding Debts

10. FUNDING DEBTS

The following table summarizes the Group’s outstanding funding debts as of December 31, 2022 and 2023, respectively:


	As of December 31,
	2022		2023
	(RMB in thousands)
Short-term:
Liabilities to funding partners		4,385,253		3,483,196
Total short-term funding debts		4,385,253		3,483,196
Long-term:
Liabilities to funding partners		1,334,105		455,800
Total long-term funding debts		1,334,105		455,800

For the years ended December 31, 2022 and 2023, the following significant activities took place related to the Group’s funding partners:

Liabilities to funding partners

The Group finances its on-balance sheet loans using the proceeds from funding partners, including the third-party investors of the consolidated Trusts and asset-backed securitized debts, and certain Institutional Funding Partners.

Those liabilities to funding partners were bearing weighted average interest rates of 9.3% and 9.1% as of December 31, 2022 and 2023, respectively. As of December 31, 2022 and 2023, funding partners funded an aggregate amount of RMB6,372 million and RMB3,893 million in outstanding financing receivables originated by the Group, respectively. As of December 31, 2022 and 2023, financing receivables amounting to RMB734 million and RMB190 million were pledged as collaterals to secure the underlying loans funded by funding partners, respectively. Refer to note 21. Commitments and Contingencies for maturities of funding debts.

- 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.

+ References

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+ Details

- 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.

+ References

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+ Details

Financing Receivable, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, charged-off	¥ 939,992	¥ 791,046	¥ 912,260
Financing receivables, non-accrual status	183,000	210,000
Interest and late payment fees earned from non-accrual financing receivables	74,100	107,000	¥ 136,000
Loan VII
Accounts Notes And Loans Receivable [Line Items]
Collateral amount	190,000	734,000
Installment Purchase Loans
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, charged-off	¥ 4,925,000	¥ 4,162,000
Maximum
Accounts Notes And Loans Receivable [Line Items]
Installment purchase loans and personal installment loans original term	3 years

Land Use Rights, Net - Schedule of Land Use Rights, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	¥ 1,032,000	¥ 1,032,000
Accumulated amortization	(134,733)	(100,333)
Net carrying amount	¥ 897,267	¥ 931,667

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Operating revenue:
Operating revenue	¥ 13,057,082	$ 1,839,052	¥ 9,865,811	¥ 11,380,525
Operating cost:
Cost of sales	(1,635,635)	(230,374)	(2,066,804)	(1,759,956)
Funding cost	(513,869)	(72,377)	(518,069)	(457,615)
Processing and servicing cost (including collection service fee from related parties of RMB20,493, RMB16,177 and RMB14,753 for the years ended December 31, 2021, 2022 and 2023, respectively	(1,935,016)	(272,541)	(1,875,292)	(1,858,901)
Provision for financing receivables	(627,061)	(88,320)	(437,477)	(401,104)
Provision for contract assets and receivables	(629,308)	(88,636)	(465,188)	(531,237)
Provision for contingent guarantee liabilities	(3,203,123)	(451,150)	(1,468,265)	(622,438)
Total operating cost	(8,544,012)	(1,203,398)	(6,831,095)	(5,631,251)
Gross profit	4,513,070	635,654	3,034,716	5,749,274
Operating expenses:
Sales and marketing expenses	(1,733,301)	(244,130)	(1,685,438)	(1,658,904)
Research and development expenses	(513,284)	(72,295)	(583,260)	(549,286)
General and administrative expenses	(387,387)	(54,562)	(431,571)	(470,661)
Total operating expenses	(2,633,972)	(370,987)	(2,700,269)	(2,678,851)
Change in fair value of financial guarantee derivatives, net	(267,677)	(37,701)	613,873	(458,846)
Change in fair value of loans at fair value	61,309	8,635	108,508	111,762
Interest expense, net	(50,483)	(7,110)	(55,636)	(63,125)
Investment loss	(303,235)	(42,710)	(33,944)	(4,160)
Others, net	7,774	1,095	61,321	113,480
Income before income tax expense	1,326,786	186,876	1,028,569	2,769,534
Income tax expense	(260,841)	(36,739)	(202,640)	(435,418)
Net income	1,065,945	150,137	825,929	2,334,116
Less: net income attributable to non-controlling interests \| ¥			6,177	193
Net income attributable to ordinary shareholders of the Company	¥ 1,065,945	$ 150,137	¥ 819,752	¥ 2,333,923
Net income per ordinary share attributable to ordinary shareholders of the Company
Diluted \| ¥ / shares	¥ 3.17		¥ 2.21	¥ 5.73
Weighted average number of ordinary shares outstanding
Basic \| shares	328,523,952	328,523,952	348,048,245	368,460,867
Diluted \| shares	359,820,982	359,820,982	392,756,821	414,992,716
Share-based compensation expenses included in:
Share-based compensation expenses \| ¥	¥ 117,852		¥ 156,320	¥ 187,884
Credit facilitation service income
Operating revenue:
Operating revenue	9,666,120	$ 1,361,445	5,963,803	6,955,810
Tech-empowerment service income
Operating revenue:
Operating revenue	1,640,453	231,053	1,845,943	2,762,995
Installment e-commerce platform service
Operating revenue:
Operating revenue	1,750,509	246,554	2,056,065	1,661,720
Processing and servicing cost
Share-based compensation expenses included in:
Share-based compensation expenses	246	35	5,179	9,968
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation expenses	17,454	2,458	23,142	30,508
Research and development expenses
Share-based compensation expenses included in:
Share-based compensation expenses	23,547	3,317	30,386	39,413
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation expenses	¥ 76,605	$ 10,790	¥ 97,613	¥ 107,995
Ordinary shares
Net income per ordinary share attributable to ordinary shareholders of the Company
Basic \| (per share)	¥ 3.24	$ 0.46	¥ 2.36	¥ 6.33
Diluted \| (per share)	3.17	0.45	2.21	5.73
ADS
Net income per ordinary share attributable to ordinary shareholders of the Company
Basic \| (per share)	6.49	0.91	4.71	12.67
Diluted \| (per share)	¥ 6.34	$ 0.89	¥ 4.41	¥ 11.46
Guarantee income \| Credit facilitation service income
Operating revenue:
Operating revenue	¥ 2,519,284	$ 354,834	¥ 1,453,180	¥ 774,544
Financing income \| Credit facilitation service income
Operating revenue:
Operating revenue	2,144,955	302,111	2,024,096	1,732,922
Loan facilitation and servicing fees-credit oriented \| Credit facilitation service income
Operating revenue:
Operating revenue	¥ 5,001,881	$ 704,500	¥ 2,486,527	¥ 4,448,344

Net Income Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	17,525,547	21,959,786	9,826,578

Taxation - Components of Income Before Income Tax (Benefit)/Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Components of (loss)/income before income tax expense
Income before income tax expense	¥ 1,326,786	$ 186,876	¥ 1,028,569	¥ 2,769,534
Loss from non-China operations	(86,910)		(94,806)	(30,047)
Income from China operations	1,413,696		1,123,375	2,799,581
Income tax expense applicable to China operations	239,365		202,466	428,267
Income tax expense applicable to non-China operations	123		174	7,151
PRC Withholding Tax on Dividends	21,353
Income tax expense	¥ 260,841	$ 36,739	¥ 202,640	¥ 435,418
Effective tax rate	19.70%	19.70%	19.70%	15.70%
China Operations
Components of (loss)/income before income tax expense
Effective tax rate	16.90%	16.90%	18.00%	15.30%

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Hierarchy For Assets and Liabilities Measured on Recurring Basis

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, 2022 and 2023:


December 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balances at Fair Value
	(RMB in thousands)
Assets
Restricted term deposit		—		1,061,858		—		1,061,858
Short-term investments				270,000				270,000
Loans at fair value		—		—		352,672		352,672
Total assets		—		1,331,858		352,672		1,684,530
Liabilities
Guarantee derivative liabilities		—		—		861,304		861,304
Total liabilities		—		—		861,304		861,304


December 31, 2023	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balances at Fair Value
	(RMB in thousands)
Assets
Restricted term deposit		—		105,182		—		105,182
Short-term investments		—		200,000		—		200,000
Loans at fair value		—		—		420,483		420,483
Total assets		—		305,182		420,483		725,665
Liabilities
Guarantee derivative liabilities						1,357,601		1,357,601
Total liabilities		—		—		1,357,601		1,357,601

Summary of Activities Related to Fair Value of the Guarantee Derivatives

The following table summarizes the activities related to fair value of the guarantee derivatives:


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Fair value of guarantee derivative liabilities at beginning of the year (Level 3)		252,613			1,473,853			861,304
Cash collection		3,107,316			4,436,911			5,512,818
Net cash payout		(2,344,922	)		(4,435,587	)		(5,284,198	)
Change in fair value(i)		458,846			(613,873	)		267,677
Fair value of guarantee derivative liabilities at end of the year (Level 3)		1,473,853			861,304			1,357,601

(i)

Recognized as “Change in fair value of financial guarantee derivatives, net” on the Consolidated Statements of Operations.

Summary of Activities Related to Fair Value of the Loans Acquired or Purchased

The following table summarizes the activities related to fair value of the loans acquired or purchased:


	For the Year Ended December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Fair value of loans acquired/purchased at beginning of the year (Level 3)		252,970			352,672
Fair value at inception of loans acquired/purchased		4,296,611			5,154,833
Cash collection		(4,305,417	)		(5,120,379	)
Change in fair value(i)		108,508			61,309
Disposal		—			(27,952	)
Fair value of loans acquired/purchased at end of the year (Level 3)		352,672			420,483

(i)

Recognized as “Change in fair value of loans at fair value” on the Consolidated Statements of Operations.

Schedule of Effect Adverse Change in Derivative Assets and Liabilities

The following table summarizes the effect adverse changes in estimate would have on the fair value of the guarantee derivative assets and liabilities as of December 31, 2022 and 2023, respectively, given hypothetical changes in the cumulative loss rates:


	As of December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Weighted average cumulative loss rates(i)		7.8	%		7.4	%
Increase/(decrease) in fair value of guarantee derivative liabilities if the cumulative loss rates:
Increase by 10% (ii)		443,526			544,318
Decrease by 10% (ii)		(443,526	)		(544,318	)

(i)

Expressed as a percentage of the original principal balance of the loans.

(ii)

Expressed as a percentage of the original cumulative loss rates.

Summary of Effect Adverse Changes in Estimated Fair Value of the Loans

The following table summarizes the effect adverse changes in estimate would have on the fair value of the loans at fair value as of December 31, 2022 and 2023, given hypothetical changes in the expected future recovery rates:


	For the Year Ended December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Weighted average expected future recovery rates(i)		4.8	%		4.2	%
Increase/(decrease) in fair value of loans at fair value if the expected future recovery rates:
Increase by 10% (ii)		35,267			42,048
Decrease by 10% (ii)		(35,267	)		(42,048	)

(i)

Expressed as a percentage of the principal balance of the loans acquired/purchased.

(ii)

Expressed as a percentage of the original expected future recovery rates.

Summary of Effect Adverse Changes in Estimated Fair Value of Investment

The following table summarizes the effect adverse changes in estimate would have on the fair value of the investment as of December 31, 2023, given hypothetical changes in the value to net asset multiple:


	For the Year Ended December 31,
	2023
	(RMB in thousands, except for percentages)
Value to net asset multiple		0.65
Increase/(decrease) in fair value of the investment:
Increase by 10%		10,388
Decrease by 10%		(10,388	)

Recurring Basis

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Quantitative Information About The Significant Unobservable Inputs

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, 2022 and 2023:


		Range of Inputs
		December 31, 2022									December 31, 2023
Financial Instrument	Unobservable Input	Minimum			Maximum			Weighted- Average			Minimum			Maximum			Weighted- Average
Guarantee derivatives	Cumulative loss rates(i)		1.3	%		12.1	%		7.8	%		1.4	%		11.8	%		7.4	%
	Margins on cost of guarantee services		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%
Loans at fair value	Expected future recovery rates(ii)		4.8	%		4.8	%		4.8	%		4.2	%		4.2	%		4.2	%

(i)

Expressed as a percentage of the original principal balance of the loans.

(ii)

Expressed as a percentage of the principal balance of the loans acquired/purchased.

Non-recurring Basis

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Quantitative Information About The Significant Unobservable Inputs

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, 2023:

         
        Range of Inputs

         
        December 31, 2023

        Unobservable Input

        Minimum

        Maximum

        Weighted-Average

Value to net asset multiple

0.34

0.74

0.65

Related Party Balances and Transactions - Schedule of Significant Related Party Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Provision of services to related parties	¥ 0	¥ 631	¥ 7,731
Purchases of goods/services from related parties	14,753	16,177	20,493
Aileyou
Related Party Transaction [Line Items]
Provision of services to related parties		631	7,731
Ji'an Aoxinlian
Related Party Transaction [Line Items]
Purchases of goods/services from related parties	¥ 14,753	¥ 16,177	¥ 20,493

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) Item	Dec. 31, 2023 USD ($) Item	Dec. 31, 2022 CNY (¥) Item	Dec. 31, 2021 CNY (¥) Item
Significant Accounting Policies [Line Items]
Foreign currency translation adjustments, net of tax	¥ 7,297,000	$ 1,028	¥ (32,115,000)	¥ 7,965,000
Number of major types of incentive coupons \| Item	2	2
Cash coupons and repayment coupon expense	¥ 105,000,000		122,000,000	200,000,000
Referral code incentives recorded as sales and marketing expenses	¥ 3,000,000		11,900,000	27,300,000
Remaining performance obligation is expected to be recognized as revenue (in years)	3 years	3 years
Transaction price allocated to remaining performance obligations related to customer contracts	¥ 339,000,000		312,000,000
Revenue recognized that was included in the contract liabilities balance	¥ 31,100,000		26,700,000
Practical expedients, contract duration	true	true
Practical expedients, amortization period	true	true
Cash equivalents	¥ 0		0
Straight line basis amortized over land use right period	30 years	30 years
Additional loss recognized	¥ 206,000,000
Allowanced for credit losses for other asset	225,000,000		19,000,000
Prepayment investment amount	223,000,000		17,000,000
Investment Related Prepayment For Equity Interest	270,000,000
Advertising costs	¥ 990,000,000		873,000,000	1,021,000,000
Weighted average remaining lease term	2 years 6 months
Weighted average discount rate	4.91%
Operating lease cost	¥ 45,300,000		53,200,000	59,700,000
Short-term lease cost	¥ 19,800,000		13,100,000	6,400,000
Vesting period (in years)	4 years	4 years
Minimum percentage of after-tax profit transferred by Chinese subsidiaries to general reserve fund (as a percent)	10.00%
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund (as a percent)	50.00%
Minimum percentage of after-tax profit transferred by VIEs to statutory surplus fund (as a percent)	10.00%
Maximum percentage criteria for in appropriation of after-tax profit by VIEs to certain statutory surplus funds (as a percent)	50.00%
Reserves allowed to transfer in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation	¥ 0
Appropriation to statutory reserves	¥ 84,000,000		¥ 121,000,000	¥ 252,000,000
Number of Individual Investor or Institutional Funding Partner that accounted for more than 10% of the Group's total funding cost \| Item	2	2	2
Number of institutional funding partners that accounted for more than 10% of the Group's origination of off-balance sheet loans \| Item	0	0	0
Number of guarantee company accounted for more than 10% of the Group's deposits to insurance companies and guarantee companies \| Item	3	3	1
10% or More of Total Purchases, Number of Suppliers
Significant Accounting Policies [Line Items]
Number of inventory suppliers \| Item	1	1	0	2
10% or More of Accounts Payable, Number of Suppliers
Significant Accounting Policies [Line Items]
Number of inventory suppliers \| Item	2	2	4
Geographic Concentration Risk \| Cash and Cash Equivalents, Restricted Cash and Restricted Time Deposits \| CHINA
Significant Accounting Policies [Line Items]
Cash and cash equivalents, restricted cash and restricted time deposits denominated in RMB that are subject to government controls	¥ 4,253,000,000		¥ 3,159,000,000
Concentration risk (as a percent)	98.00%	98.00%
Stock Options
Significant Accounting Policies [Line Items]
Vesting period (in years)	4 years	4 years
Restricted Share Units
Significant Accounting Policies [Line Items]
Vesting period (in years)			4 years
ASC 606
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2021-08
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2022-02
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
VIEs
Significant Accounting Policies [Line Items]
Registered capitals and PRC statutory reserves	¥ 4,983,000,000
Beijing Shijitong \| Nominee Shareholders
Significant Accounting Policies [Line Items]
Extension term of the loan	10 years	10 years

Land Use Rights, Net

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Land Use Rights, Net

7. LAND USE RIGHTS, NET


	2022			2023
	(RMB in thousands)
Gross carrying amount		1,032,000			1,032,000
Accumulated amortization		(100,333	)		(134,733	)
Net carrying amount		931,667			897,267

Land use rights represent the land use rights acquired for the purpose of constructing offices. In 2020, the Group obtained the land use rights from local authorities with a cash consideration of RMB1.0 billion, which is being amortized on a straight-line basis over the term of the land use right period, approximately 30 years. The Group has made the first installment payment of RMB516 million in February 2020, and the second installment payment of RMB516 million in February 2021.

Amortization expense related to land use rights for each of the three years in the period ended December 31, 2023 is RMB34.4 million. The land use rights were pledged for the long-term borrowing of the Group. Refer to Note 11. Borrowings.

As of December 31, 2023, amortization expenses for future periods are estimated to be as follows:


	2023
	(RMB in thousands)
2024		34,400
2025		34,400
2026		34,400
2027		34,400
2028		34,400
Thereafter		725,267
Total expected amortization expenses		897,267

Commitments and Contingencies - Debt Obligations (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Expected repayment amount of debt obligation
Long-term borrowings	¥ 524,000	$ 73,842	¥ 150,430
Total debt obligations	100,000		953,000
Purchase obligations
1 – 12 months	1,101,855
Total	1,101,855
Commitment for Construction
Contractual Obligation
1 - 12 months	330,355
Total	330,355
Commitment to Purchase Delinquent Loans
Purchase obligations
1 – 12 months	771,500
Total	771,500
Funding Debts Obligations
Expected repayment amount of debt obligation
1 – 12 months	3,661,444
13 – 24 months	464,581
Total debt obligations	4,126,025
Interest payments
1 – 12 months	178,248
13 – 24 months	8,781
Total interest payments	187,029
Borrowings Obligations
Expected repayment amount of debt obligation
1 – 12 months	502,013
1 - 12 months	538,856
more than 36 months	524,270
more than 36 months	540,275
Long-term borrowings	524,270
Total debt obligations	502,013
Total borrowings obligations	1,079,131
Interest payments
1 – 12 months	36,843
more than 36 months	16,005
Total interest payments	52,848
Convertible Notes
Expected repayment amount of debt obligation
1 – 12 months	513,260
Interest payments
1 – 12 months	10,388
Total interest payments	10,388
Convertible notes	502,872		¥ 2,089,000
Total convertible notes	513,260
Liabilities to Funding Partners \| Funding Debts Obligations
Expected repayment amount of debt obligation
1 – 12 months	3,483,196
13 – 24 months	455,800
Total debt obligations	¥ 3,938,996

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepayments and Other Current Assets


	As of December 31,
	2022		2023
	(RMB in thousands)
Receivables from third-party payment service providers (i)		377,928		553,844
Deposits to Institutional Funding Partners (ii)		212,199		237,823
Prepayment to inventory suppliers		55,958		67,222
Prepaid input value-added tax		37,089		41,214
Rental deposits and other current assets		51,107		108,183
Loans at fair value(iii)		352,672		420,483
Total prepayments and other current assets		1,086,952		1,428,769

(i)

The Group opened accounts with third‑party payment service providers mainly to facilitate collection and transfer of the funds, interest and service fees from/to the Borrowers and Institutional Funding Partners. The balance of receivables from third‑party payment service providers represents amounts temporarily held in these accounts.

(ii)

The balances represent deposits made to the Institutional Funding Partners to directly satisfy the principal and interest payment obligations in case of Borrowers’ defaults.

(iii)

The Group elected the fair value option for the loans acquired or purchased from the relevant funding partners. As described in Note 2(j), the Group uses significant unobservable inputs to measure the fair value of these loans.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	CNY (¥) shares	USD ($) shares	Class A Ordinary Shares CNY (¥) shares	Class B Ordinary Shares CNY (¥) shares	Ordinary shares Class A Ordinary Shares CNY (¥) shares	Ordinary shares Class B Ordinary Shares CNY (¥) shares	Treasury Stock CNY (¥) shares	Additional Paid in Capital CNY (¥)	Statutory Reserves CNY (¥)	Accumulated Other Comprehensive Income /(Loss) CNY (¥)	Retained Earnings CNY (¥)	Non-controlling Interest CNY (¥)
Balances as at beginning of the year at Dec. 31, 2020	¥ 5,530,738				¥ 176	¥ 58		¥ 2,724,006	¥ 649,234	¥ 3,308	¥ 2,113,956	¥ 40,000
Balances as at beginning of the year (in shares) at Dec. 31, 2020 \| shares					267,356,928	96,727,057
Increase (Decrease) in Shareholders' Equity
Net income	2,334,116										2,333,923	193
Share-based compensation expenses	187,884							187,884
Exercise of share-based awards	7,106		¥ 3					7,103
Exercise of share-based awards (in shares) \| shares			3,651,808
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares			¥ 1	¥ (1)
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares (in shares) \| shares			2,261,364	(2,261,364)
Appropriation to statutory reserves	252,000								252,088		(252,088)
Foreign currency translation adjustments, net of tax	7,965									7,965
Balances as at end of the year at Dec. 31, 2021	8,067,809				¥ 180	¥ 57		2,918,993	901,322	11,273	4,195,791	40,193
Balances as at end of the year (in shares) at Dec. 31, 2021 \| shares					273,270,100	94,465,693
Increase (Decrease) in Shareholders' Equity
Net income	825,929										819,752	6,177
Share-based compensation expenses	156,320							156,320
Exercise of share-based awards	2,696		¥ 1					2,695
Exercise of share-based awards (in shares) \| shares			2,087,620
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares			¥ 10	¥ (10)
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares (in shares) \| shares			14,276,530	(14,276,530)
Appropriation to statutory reserves	121,000								121,270		(121,270)
Foreign currency translation adjustments, net of tax	(32,115)									(32,115)
Treasury Repurchases	¥ (328,764)						¥ (328,764)
Treasury Repurchases (Shares) \| shares	(22,000,000)	(22,000,000)			(44,369,636)		44,369,636
Transaction with non-controlling shareholders	¥ (2,388)							3,246				(5,634)
Disposal of a subsidiary	(40,736)											¥ (40,736)
Balances as at end of the year at Dec. 31, 2022	8,648,751				¥ 191	¥ 47	¥ (328,764)	3,081,254	1,022,592	(20,842)	4,894,273
Balances as at end of the year (in shares) at Dec. 31, 2022 \| shares			245,264,614	80,189,163	245,264,614	80,189,163	44,369,636
Increase (Decrease) in Shareholders' Equity
Net income	1,065,945	$ 150,137									1,065,945
Share-based compensation expenses	117,852							117,852
Exercise of share-based awards	5,857		¥ 2					5,855
Exercise of share-based awards (in shares) \| shares			2,806,634
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares			¥ 6	¥ (6)
Redesignation of Class B Ordinary Shares into Class A Ordinary Shares (in shares) \| shares			8,846,936	(8,846,936)
Appropriation to statutory reserves	84,000								83,987		(83,987)
Foreign currency translation adjustments, net of tax	7,297	1,028								7,297
Dividends to shareholders	(135,620)										(135,620)
Balances as at end of the year at Dec. 31, 2023	¥ 9,710,082	$ 1,367,636			¥ 199	¥ 41	¥ (328,764)	¥ 3,204,961	¥ 1,106,579	¥ (13,545)	¥ 5,740,611
Balances as at end of the year (in shares) at Dec. 31, 2023 \| shares			256,918,184	71,342,227	256,918,184	71,342,227	44,369,636

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expenses

Share‑based compensation was recognized in operating cost and expenses for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Processing and servicing cost		9,968		5,179		246
Sales and marketing expenses		30,508		23,142		17,454
Research and development expenses		39,413		30,386		23,547
General and administrative expenses		107,995		97,613		76,605
Total share‑based compensation expenses		187,884		156,320		117,852

Summary of Number of Shares Available for Issuance

The following table sets forth a summary of the number of shares available for issuance:


	Shares Available
	(In thousands)
December 31, 2020		11,527
Additions		3,641
Granted		(13,736	)
Cancelled/forfeited		5,201
December 31, 2021		6,633
Additions		3,677
Granted		(9,219	)
Cancelled/forfeited		6,249
December 31, 2022		7,340
Additions		3,698
Granted		(23,570	)
Cancelled/forfeited		55,143
December 31, 2023		42,611

Schedule of Activities for Stock Options

The following table sets forth the summary of activities for stock options granted to employees, directors and non-employee directors:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2020		13,660			1.7569		7.87		189,072
Granted*		13,489			0.5000		—		—
Exercised		(2,426	)		0.4529		—		—
Cancelled/forfeited		(4,594	)		3.2215		—		—
December 31, 2021		20,129			0.7227		8.43		155,018
Granted*		8,639			0.5000		—		—
Exercised		(890	)		0.3817		—		—
Cancelled/forfeited		(6,016	)		0.6138		—		—
December 31, 2022		21,862			0.6894		7.89		69,878
Granted*		8,695			1.2697		—		—
Exercised		(1,927	)		0.4644		—		—
Cancelled/forfeited		(10,773	)		0.7456		—		—
December 31, 2023		17,857			0.8850		7.43		38,242
Vested and expected to vest as of December 31, 2023		17,258			0.8967		7.40		36,126
Exercisable as of December 31, 2023		8,717			0.6669		5.99		27,010

* No stock options were granted to non-employee directors for the years presented.

The following table sets forth the summary of activities for stock options granted to non‑employees:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			US$		(In years)		(RMB in thousands)
December 31, 2020		410			0.0001		6.58		8,962
Granted		—			—		—		—
Exercised		(160	)		0.0001		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2021		250			0.0001		5.58		3,076
Granted		—			—		—		—
Exercised		—			—		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2022		250			0.0001		4.58		1,654
Granted		—			—		—		—
Exercised		—			—		—		—
Cancelled/forfeited		—			—		—		—
December 31, 2023		250			0.0001		3.58		1,629
Vested and expected to vest as of December 31, 2023		250			0.0001		3.58		1,629
Exercisable as of December 31, 2023		250			0.0001		3.58		1,629

Schedule of Estimated Fair Value of Stock Option Granted

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:

         
        For the Year Ended December 31,

        Expected volatility

        46.68%~47.79%

        47.26%~47.52%

        45.96%~46.68%

        Risk-free interest rate (per annum)

        1.11%~1.64%

        2.41%~4.07%

        3.58%~3.97%

Exercise multiples

1.5~2.5

1.5

1.5

Expected dividend yield

—

—

—

Expected term (in years)

10

10

10

        Fair value of the underlying shares on the date of grants (US$)

        1.91~6.31

        0.32~1.48

        0.42~1.66

Summary of Activities for Restricted Shares Units

The following table sets forth the summary of activities for restricted share units granted to employees, directors and non-employee directors:


	Shares Outstanding			Weighted Average Grant Date Fair Value
	(In thousands)			US$
December 31, 2020		3,654			5.27
Granted*		247			3.21
Vested		(1,226	)		5.35
Cancelled/forfeited		(607	)		5.12
December 31, 2021		2,068			5.02
Granted*		580			0.93
Vested		(1,037	)		5.18
Cancelled/forfeited		(233	)		5.02
December 31, 2022		1,378			3.17
Granted*		14,875			1.00
Vested		(880	)		4.23
Cancelled/forfeited		—			—
December 31, 2023		15,373			1.01

* No restricted share units were granted to non-employee directors for the years presented.

Taxation

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxation

14. TAXATION

a) Value‑added tax (“VAT”)

During the periods presented, the Group is subject to 13% VAT, when applicable, 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.

b) Income tax

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. Commencing from the year of assessment of 2018, the first HK$2 million of profits earned by the Company’s subsidiaries incorporated in Hong Kong will be taxed at half the current tax rate (i.e. 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate.

Mainland China

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 HNTEs and Software Enterprises.

Shenzhen Lexin Software qualified as Software Enterprises and was entitled to an income tax exemption for the years of 2017 and 2018, a preferential income tax rate of 10% for 2019, and was entitled to a preferential income tax rate of 12.5% for 2020 and 2021. It qualifies as HNTE from 2022 to 2024, and is entitled to a preferential income tax rate of 15% from 2022 to 2024. The relevant documents should be retained for future examination purpose.

Beihai Aurora and Beihai Lexin Information are entitled for a preferential income tax rate of 15% for China’s Western Development Strategy. Therefore, Beihai Aurora and Beihai Lexin Information applied a preferential income tax rate of 15% from 2023 to 2030. In the meantime, the local tax bureau in Guangxi exempted 40% of the income based on the preferential income tax rate of 15% from 2021 to 2025. Beihai Dulin is entitled to enjoy a preferential income tax rate of 9% from 2023 to 2028. The relevant documents should be retained for future examination purpose.

Shenzhen Lexin Information qualified as “Software Enterprises Encouraged by the State” from 2021. As a result, Shenzhen Lexin Information Service Co.,Ltd. is entitled to an income tax exemption for the years of 2021 and 2022 and a preferential income tax rate of 12.5% from 2023 to 2025. The “Software Enterprises Encouraged by the State” is subject to review by the relevant authorities every year.

The Group’s other PRC subsidiaries, the VIEs and the 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.

Starting from 2023, the Company decided to remit certain percentage of the annual profits of its PRC subsidiaries to their overseas parent company for dividend distribution purposes. The Group accrued RMB21.4 million withholding tax liabilities based on 10% withholding income tax rate for certain percentage of the annual profits. As of December 31, 2023, the unrecognized tax liabilities related to accumulated undistributed profits of RMB6,268 million from the PRC subsidiaries was RMB627 million. The Group still intends to indefinitely reinvest these remaining earnings in its PRC subsidiaries.

The Company has not accrued any tax for the outside basis difference represented by the accumulated undistributed profits of the consolidated VIEs, with the unrecognized tax liabilities amounted to RMB208 million at December 31, 2023 as, after review, it was determined that relevant tax laws and regulations provide for tax-free transfer of such amounts to the Company’s PRC subsidiaries.

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 income before income tax expense for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands, except for percentages)
Income before income tax expense		2,769,534			1,028,569			1,326,786
Loss from non-China operations		(30,047	)		(94,806	)		(86,910	)
Income from China operations		2,799,581			1,123,375			1,413,696
Income tax expense applicable to China operations		428,267			202,466			239,365
Income tax expense applicable to non-China operations		7,151			174			123
PRC Withholding Tax on Dividends		—			—			21,353
Total income tax expense		435,418			202,640			260,841
Effective tax rate for China operations		15.3	%		18.0	%		16.9	%
Effective tax rate for the Group		15.7	%		19.7	%		19.7	%

The Group did not incur any interest and penalties related to potential underpaid income tax expenses.

Composition of income tax expense for the Group

The following table sets forth current and deferred portion of income tax expense of the Company’s China subsidiaries, the VIEs, and subsidiaries of the VIEs:


	For the Year Ended December 31,
	2021			2022		2023
	(RMB in thousands)
Current income tax expense		831,675			169,299		328,391
Deferred income tax expense		(396,257	)		33,341		(67,550	)
Income tax expense		435,418			202,640		260,841

The following table sets forth reconciliation between the statutory enterprise income tax (“EIT”) rate and the effective tax rate for the Group:


	For the Year Ended December 31,
	2021			2022			2023
Statutory EIT rate		25.0	%		25.0	%		25.0	%
Effect of tax holidays		(10.8	)%		(6.8	)%		(6.5	)%
Effect of non-deductible expenses		3.0	%		4.7	%		2.5	%
Effect of research and development tax credit		(2.1	)%		(6.1	)%		(4.7	)%
Changes in valuation allowance		0.1	%		0.6	%		4.9	%
Tax rate difference from statutory rate in other jurisdictions and others		0.5	%		2.3	%		(3.1	)%
Effect of withholding income tax		0.0	%		0.0	%		1.6	%
Effective tax rates for the Group		15.7	%		19.7	%		19.7	%

The following table sets forth the effect of tax holiday related to the Group:


	For the Year Ended December 31,
	2021		2022		2023
	(In thousands, except per share amount)
Tax holiday effect		299,578		69,827		86,655
Basic net income per share effect		0.81		0.20		0.26
Diluted net income per share effect		0.72		0.18		0.24

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:


	For the Year Ended December 31,
	2022			2023
Deferred tax assets
- Provision for credit losses		948,177			1,225,097
- Deferred guarantee income and other accrued expenses		807,224			869,708
- Contingent guarantee liabilities		220,527			452,135
- Net operating loss carryforwards		43,237			105,653
- Advertising expenses in excess of deduction limit		5,683			7,248
-Investment related loss		-			75,440
Less: valuation allowance		(13,038	)		(78,471	)
Total deferred tax assets		2,011,810			2,656,810
Net deferred tax assets		1,141,761			1,232,092

The components of the deferred tax liabilities are as follows:


	For the Year Ended December 31,
	2022		2023
Deferred tax liabilities
-Contract assets and service fees receivable		636,659		1,009,002
-Guarantee receivables		285,949		469,703
-Withholding income tax		-		21,353
Total deferred tax liabilities		922,608		1,500,058
Net deferred tax liabilities		52,559		75,340

Movement of valuation allowance


	For the Year Ended December 31,
	2021			2022			2023
Balance at beginning of the year		(4,429	)		(6,756	)		(13,038	)
Additions		(2,659	)		(6,783	)		(66,967	)
Reversals		332			501			1,534
Balance at end of the year		(6,756	)		(13,038	)		(78,471	)

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.

The Group evaluates a variety of factors including the successful experiences in pre-tax deduction of provision for credit losses in previous years’ annual tax filings, and concluded that the deferred tax assets arose from provision for credit losses are more-likely-than-not to be realized. Therefore, no valuation allowance was provided for the provision for credit losses as of December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2022 and 2023, the Group had net operating loss carryforwards of approximately RMB175 million and RMB423 million, respectively, which arose from the Group’s certain subsidiaries, the VIEs and the VIEs’ subsidiaries established in the PRC. As of December 31, 2022 and 2023, deferred tax assets arose from the net operating loss carryforwards amounted to RMB48.4 million and RMB312 million was provided for full valuation allowance respectively, while the remaining RMB126 million and RMB111 million is expected to be utilized prior to expiration considering future taxable income for respective entities. As of December 31, 2023, the net operating loss carryforwards of RMB2.4 million, RMB11.3 million, RMB35.4 million, RMB82.5 million and RMB291 million will expire in 2024, 2025, 2026, 2027 and 2028, respectively, if not utilized.

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, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Share-Based Compensation - Summary of Number of Shares Available for Issuance (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares available for issuance
Balance at the beginning of the period (in shares)	7,340	6,633	11,527
Additions (in shares)	3,698	3,677	3,641
Granted (in shares)	(23,570)	(9,219)	(13,736)
Cancelled/forfeited (in shares)	55,143	6,249	5,201
Balance at the end of the period (in shares)	42,611	7,340	6,633

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

22. SUBSEQUENT EVENTS

On March 19, 2024, the board of directors of the Company has approved a dividend of US$0.033 per ordinary share, or US$0.066 per ADS, for the six-month period ended December 31, 2023 in accordance with the Company’s dividend policy, which is expected to be paid on May 24, 2024 to shareholders of record (including holders of ADSs) as of the close of business on April 18, 2024 New York time.

No other events or transactions have occurred between year-end and the date of these Consolidated Financial Statements which may significantly affect the Entity’s financial position or results of operations as of December 31, 2023.

Taxation - Reconciliation Between Statutory Enterprise Income Tax Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between the statutory EIT rate and the effective tax rate
Statutory EIT rate	25.00%	25.00%	25.00%
Effect of tax holidays	(6.50%)	(6.80%)	(10.80%)
Effect of non-deductible expenses	2.50%	4.70%	3.00%
Effect of research and development tax credit	(4.70%)	(6.10%)	(2.10%)
Changes in valuation allowance	4.90%	0.60%	0.10%
Tax rate difference from statutory rate in other jurisdictions and others	(3.10%)	2.30%	0.50%
Effect of withholding income tax	1.60%	0.00%	0.00%
Effective tax rate for the Group	19.70%	19.70%	15.70%

Financing Receivable, Net - Summary of Amortized Cost within Each Credit Quality Indicator by Year of Origination for Five Origination Years and Beyond (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing receivables credit quality indicator
Loans originated in 2020	¥ 58
Loans originated in 2021	12,844
Loans originated in 2022	312,926
Loans originated in 2023	3,811,326
Total financing receivables (excluding accrued interest receivable)	4,137,154	¥ 6,952,494
1-29 Days Past Due
Financing receivables credit quality indicator
Loans originated in 2020	2
Loans originated in 2021	393
Loans originated in 2022	9,838
Loans originated in 2023	84,215
Total financing receivables (excluding accrued interest receivable)	94,448	151,784
30-59 Days Past Due
Financing receivables credit quality indicator
Loans originated in 2020	5
Loans originated in 2021	269
Loans originated in 2022	8,031
Loans originated in 2023	68,144
Total financing receivables (excluding accrued interest receivable)	76,449	98,289
60-89 Days Past Due
Financing receivables credit quality indicator
Loans originated in 2020	7
Loans originated in 2021	272
Loans originated in 2022	8,450
Loans originated in 2023	57,087
Total financing receivables (excluding accrued interest receivable)	65,816	81,652
90-179 Days Past Due
Financing receivables credit quality indicator
Loans originated in 2020	36
Loans originated in 2021	1,255
Loans originated in 2022	34,667
Loans originated in 2023	147,096
Total financing receivables (excluding accrued interest receivable)	183,054	209,738
Total Past Due
Financing receivables credit quality indicator
Loans originated in 2020	50
Loans originated in 2021	2,189
Loans originated in 2022	60,986
Loans originated in 2023	356,542
Total financing receivables (excluding accrued interest receivable)	419,767	541,463
Current
Financing receivables credit quality indicator
Loans originated in 2020	8
Loans originated in 2021	10,655
Loans originated in 2022	251,940
Loans originated in 2023	3,454,784
Total financing receivables (excluding accrued interest receivable)	¥ 3,717,387	¥ 6,411,031

Fair Value Measurement - Summary of Activities Related to Fair Value of the Guarantee Derivatives (Details) - Guarantee Derivative Assets or Liabilities - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of guarantee derivative liabilities at beginning of the year (Level 3)	¥ 861,304	¥ 1,473,853	¥ 252,613
Cash collection	5,512,818	4,436,911	3,107,316
Net cash payout	(5,284,198)	(4,435,587)	(2,344,922)
Change in fair value	¥ 267,677	¥ (613,873)	458,846
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss)	Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss)
Fair value of guarantee derivative liabilities at end of the year (Level 3)	¥ 1,357,601	¥ 861,304	¥ 1,473,853

Accruals and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accruals and Other Current Liabilities

12. ACCRUALS AND OTHER CURRENT LIABILITIES


	As of December 31,
	2022		2023
	(RMB in thousands)
Guarantee derivative liabilities at fair value (Note 9)		861,304		1,357,601
Funds payable to Institutional Funding Partners (i)		382,545		1,071,301
Tax payable		746,563		869,529
Accrued payroll and welfare		400,886		392,176
Accrued risk management fees		186,331		220,279
Accrued marketing expenses		130,937		150,927
Other accrued expenses		65,557		83,381
Amount due to third party sellers		102,613		80,099
Other payables		24,916		67,348
Accrued professional fees and outsourcing fees		61,604		59,668
Short-term leasing liabilities		50,747		40,942
Deferred service fees		31,112		36,614
Accrued interest payable		12,354		4,389
Total accruals and other current liabilities		3,057,469		4,434,254

(i)

The payable balances mainly include repayment received from Borrowers but not yet transferred to accounts of Institutional Funding Partners due to the settlement time lag.

Share-Based Compensation - Additional Information (Details)

1 Months Ended

12 Months Ended

Dec. 31, 2023

CNY (¥)

$ / shares

Mar. 31, 2023

$ / shares

Mar. 31, 2023

CNY (¥)

Aug. 31, 2018

$ / shares

Aug. 31, 2018

CNY (¥)

Oct. 31, 2017

Dec. 31, 2023

CNY (¥)

$ / shares

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2022

CNY (¥)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

$ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

SHARE-BASED COMPENSATION

Income tax benefit

¥ 0

Expiration period (in years)

10 years

Option granted vesting period (in years)

4 years

Granted (in shares) | shares

23,570,000

9,219,000

13,736,000

Share-based compensation expenses

¥ 117,852,000

¥ 156,320,000

¥ 187,884,000

Restricted Share Units

SHARE-BASED COMPENSATION

Option granted vesting period (in years)

4 years

Share-based compensation expenses

¥ 21,600,000

¥ 29,300,000

39,200,000

Period over which remaining unrecognized stock-based compensation expense is recognized

3 years 7 months 6 days

Fair value and intrinsic value of restricted share units vested

¥ 17,800,000

¥ 23,100,000

¥ 24,200,000

Unrecognized compensation cost related to unvested restricted share units

¥ 12,900,000

Employees, Directors and Non-employee Directors

SHARE-BASED COMPENSATION

Weighted average grant date fair value of options granted (in CNY/dollars per share) | ¥ / shares

¥ 5

¥ 4.8

¥ 23

Total intrinsic value of stock options

¥ 8,900,000

¥ 5,100,000

¥ 78,500,000

Total share-based compensation expense recognized for stock options granted

¥ 96,300,000

¥ 127,000,000

¥ 147,000,000

Granted (in shares) | shares

^[1]

8,695,000

8,639,000

13,489,000

Exercised (in dollars per share) | $ / shares

¥ 0.4644

$ 0.3817

$ 0.4529

Unrecognized compensation cost to be recognized and adjusted for future changes

¥ 98,000,000

Period over which remaining unrecognized stock-based compensation expense is recognized

1 year 10 months 24 days

Non-employees

SHARE-BASED COMPENSATION

Total share-based compensation expense recognized for stock options granted

¥ 0

¥ 1,700,000

Exercised (in dollars per share) | $ / shares

$ 0.0001

Unrecognized compensation cost to be recognized and adjusted for future changes

$ 0

¥ 0

2017 Share Incentive Plan | Employees, Directors and Non-employee Directors

SHARE-BASED COMPENSATION

Granted (in shares) | shares

1,690,700

1,889,800

6,263,000

3,820,150

Exercised (in dollars per share) | $ / shares

¥ 0.92

$ 1.53

$ 5.15

Share-based compensation expenses

¥ 530,000

¥ 16,900,000

¥ 13,400,000

Class A Ordinary Shares | 2017 Share Incentive Plan

SHARE-BASED COMPENSATION

Maximum number of ordinary shares authorized for stock based compensation | shares

22,859,634

Expiration period (in years)

10 years

Annual increase percentage on number of shares issued and outstanding

1.00%

Ordinary shares issued commencing date

Jan. 01, 2019

[1]	No stock options were granted to non-employee directors for the years presented.

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, the consolidated variable interest entities (“VIEs”) and the subsidiaries of the consolidated VIEs (collectively referred to as the “Group”). The Group is engaged in matching consumers with credit needs to its financial institution partners through its proprietary platform (“Platform”), www.fenqile.com, and its mobile application (“APP”) to young generation consumers (“Borrowers”) in the People’s Republic of China (“PRC”).

The Group primarily finances the loans to Borrowers with proceeds from third-party commercial banks, consumer finance companies, our microcredit company and other licensed financial institutions (collectively “Institutional Funding Partners”). The Group also finances the loans through the establishment of consolidated trusts (“Trusts”) and issuance of asset-backed securitized debts.

As of December 31, 2023, the Company’s principal subsidiaries, the consolidated VIEs and subsidiaries of the consolidated VIEs are as follows:


	Date of Incorporation/ Establishment	Place of Incorporation/ Establishment	Percentage of Direct or Indirect Economic Interest	Principal Activities
Subsidiaries
Installment (HK) Investment Limited (“Installment HK”)	December 9, 2013	Hong Kong, PRC	100%	Investment holding
Beijing Shijitong Technology Co., Ltd. (“Beijing Shijitong”)	July 1, 2014	Beijing, PRC	100%	Technical support and consulting services
Shenzhen Lexin Software Technology Co., Ltd. (“Shenzhen Lexin Software”)	March 1, 2017	Shenzhen, PRC	100%	Software development
Shenzhen Lexin Financing Guarantee Co., Ltd. (“Shenzhen Lexin Financing Guarantee”)	September 14, 2017	Shenzhen, PRC	100%	Financing guarantee services
Beihai Dulin Information Technology Co. Ltd (“Beihai Dulin”)	November 28, 2022	Beihai, PRC	100%	Financial technology services
The VIEs
Beijing Lejiaxin Network Technology Co., Ltd. (“Beijing Lejiaxin”)	October 25, 2013	Beijing, PRC	100%	Investment holding
Shenzhen Xinjie Investment Co., Ltd. (“Shenzhen Xinjie”)	December 22, 2015	Shenzhen, PRC	100%	Investment holding
Shenzhen Qianhai Dingsheng Data Technology Co., Ltd. (“Qianhai Dingsheng”)	January 13, 2016	Shenzhen, PRC	100%	Financial technology services
Shenzhen Mengtian Technology Co., Ltd. (“Mengtian Technology”)	August 9, 2016	Shenzhen, PRC	100%	Software development
Beihai Super Egg E-Commerce Co., Ltd. (“Beihai Super Egg”)	May 31, 2018	Beihai, PRC	100%	Investment holding
Subsidiaries of the VIEs
Shenzhen Fenqile Network Technology Co., Ltd. (“Shenzhen Fenqile”)	August 15, 2013	Shenzhen, PRC	100%	Online direct sales and online consumer finance
Shenzhen Beizhipiji Technology Co., Ltd. ("Beizhipiji")	June 26, 2014	Shenzhen, PRC	100%	Online investment platform
Ji’an Fenqile Network Microcredit Co., Ltd. (“Ji’an Microcredit”)	December 2, 2016	Ji’an, PRC	100%	Online consumer credit
Shenzhen Fenqile Trading Co., Ltd. (“Shenzhen Fenqile Trading”)	December 30, 2016	Shenzhen, PRC	100%	Online direct sales
Shenzhen Dingsheng Computer Technology Co., Ltd. (“Dingsheng Computer”)	March 23, 2017	Shenzhen, PRC	100%	Financial technology services
Beihai Aurora Technology Co., Ltd. (“Beihai Aurora”)	June 19, 2018	Beihai, PRC	100%	Financial technology services
Beihai Lexin Information Technology Co., Ltd. (“Beihai Lexin Information”)	June 11, 2018	Beihai, PRC	100%	Financial technology services
Ganjiang New Area Mengtian Financing Guarantee Co., Ltd. (“Ganjiang Mengtian”)	October 24, 2019	Ganjiang, PRC	100%	Financing guarantee services

History of the Group and Basis of Presentation

The Group commenced operations through Shenzhen Fenqile in August 2013. Beijing Lejiaxin was incorporated in October 2013 and established its wholly owned subsidiary Beizhipiji (former name “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.

In November 2013, the Company was incorporated under the Laws of the Cayman Islands to be an offshore holding company for the Group. To comply with the 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 nominee shareholders in July 2014. As a result, Shenzhen Fenqile and Beijing Lejiaxin became the consolidated VIEs through the contractual arrangements. 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.

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 their nominee shareholders. As a result, Shenzhen Xinjie and Qianhai Dingsheng became the consolidated VIEs through the contractual arrangements. Shenzhen Fenqile then became one of the subsidiaries of Shenzhen Xinjie.

In August 2018, Mengtian Technology, which previously was a subsidiary of one of the consolidated VIEs, became a consolidated VIE by entering into a series of contractual arrangements with its nominee shareholders and Shenzhen Lexin Software.

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 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.

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).

Ordinary Shares - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended					12 Months Ended					37 Months Ended
	Dec. 26, 2017 Vote $ / shares shares	Jun. 30, 2021 shares	Jun. 30, 2018 shares	Jan. 31, 2018 CNY (¥) shares	Jan. 31, 2018 USD ($) $ / shares shares	Nov. 30, 2013 $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2020 shares	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Jun. 30, 2021 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Mar. 16, 2022 USD ($)
Class Of Stock [Line Items]
Number of new shares issued (in shares)						125,000,000
Par value of shares \| $ / shares						$ 0.0001
Proceeds from initial public offering, net of issuance costs				¥ 95,100						¥ 651,000	$ 100,000
Share repurchase program, authorized amount \| $															$ 50,000
Shares repurchase program, Number of shares acquired								22,000,000
Shares repurchase program, Share acquired amount							¥ 328,764	¥ 328,764					$ 46,305	$ 48,000
Class A Ordinary Shares
Class Of Stock [Line Items]
Number of new shares issued (in shares)		15,000,000	27,000,000				42,000,000	42,000,000	27,000,000			42,000,000
Par value of shares \| $ / shares	$ 0.0001
Stock conversion basis	1
Number of votes per share \| Vote	1
Number of shares deemed issued							8,226,592	11,073,226	1,578,904				8,226,592	11,073,226
Class B Ordinary Shares
Class Of Stock [Line Items]
Par value of shares \| $ / shares	$ 0.0001
Stock conversion basis	1
Number of votes per share \| Vote	10
IPO \| ADS
Class Of Stock [Line Items]
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 issuance costs				¥ 95,100	$ 14,700
IPO \| Class A Ordinary Shares
Class Of Stock [Line Items]
Number of new shares issued (in shares)	24,000,000			3,600,000	3,600,000
Par value of shares \| $ / shares					$ 0.0001

Fair Value Measurement - Summary of Activities Related to Fair Value of the Loans Acquired or Purchased (Details) - Loans At Fair Value - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of loans acquired/purchased at beginning of the year (Level 3)	¥ 352,672	¥ 252,970
Fair value at inception of loans acquired/purchased	5,154,833	4,296,611
Cash collection	(5,120,379)	(4,305,417)
Change in fair value	¥ 61,309	¥ 108,508
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss)	Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss)
Disposal	¥ (27,952)
Fair value of loans acquired/purchased at end of the year (Level 3)	¥ 420,483	¥ 352,672

Share-Based Compensation - Schedule of Activities for Stock Options (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Granted (in shares)	23,570,000	9,219,000	13,736,000
Non-employee directors
SHARE-BASED COMPENSATION
Granted (in shares)	0	0	0

- 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.

+ References

+ Details

Fair Value Measurement - Summary of Effect Adverse Changes in Estimated Fair Value of the Loans (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Weighted average expected future recovery rates	4.20%	4.80%
Increase by 10%	¥ 42,048	¥ 35,267
Decrease by 10%	¥ (42,048)	¥ (35,267)

Accruals and Other Current Liabilities - Schedule of Accruals and Other Current Liabilities (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

CNY (¥)

Payables and Accruals [Abstract]

Guarantee derivative liabilities at fair value (Note 9)

¥ 1,357,601

¥ 861,304

Funds payable to Institutional Funding Partners

^[1]

1,071,301

382,545

Tax payable

869,529

746,563

Accrued payroll and welfare

392,176

400,886

Accrued risk management fees

220,279

186,331

Accrued marketing expenses

150,927

130,937

Other accrued expenses

83,381

65,557

Amount due to third party sellers

80,099

102,613

Other payables

67,348

24,916

Accrued professional fees and outsourcing fees

59,668

61,604

Short-term leasing liabilities

¥ 40,942

¥ 50,747

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Total accruals and other current liabilities

Deferred service fees

¥ 36,614

¥ 31,112

Accrued interest payable

4,389

12,354

Total accruals and other current liabilities

¥ 4,434,254

$ 624,552

¥ 3,057,469

[1]	The payable balances mainly include repayment received from Borrowers but not yet transferred to accounts of Institutional Funding Partners due to the settlement time lag.

Employee Benefit Plan (Details) - CNY (¥) ¥ in Millions	12 Months Ended
Employee Benefit Plan (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contributions for employee benefits	¥ 168.5	¥ 181.7	¥ 146.1

Long-Term Investments

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]

Long-Term Investments

8. LONG‑TERM INVESTMENTS

Equity investments

Equity investments accounted for using the measurement alternative

The Group's equity investments that do not have readily determinable fair value are accounted for using the measurement alternative. As of December 31, 2022 and 2023, the carrying value of the Group’s equity investments accounted for using the measurement alternative was RMB213 million and RMB120 million, respectively.

In 2021, the Group disposed the shares held in a company in India and realized all the previous upward adjustment. The cumulative unrealized upward adjustments of fair value of equity investments as of December 31, 2021, 2022 and 2023 was nil.

In 2021 and 2022, no impairment charges was recorded related to investments without readily determinable fair value. In 2023, the Group recognized RMB92.3 million impairment related to investments without readily determinable fair value due to the lower-than-expected financial performance. As of December 31, 2023, the cumulative impairment charges to the equity investment accounted for using the measurement alternative method was RMB176 million.


	As of December 31,
	2021			2022		2023
	(RMB in thousands)
Long-term investment at the beginning of the year		264,151			212,700		212,700
Addition		16,700			—		—
Disposal		(67,475	)		—		—
Impairment		—			—		(92,316	)
Foreign currency translation adjustments		(676	)		—		—
Long-term investment at the end of the year		212,700			212,700		120,384

Equity investments accounted for using the equity method

As of December 31, 2022 and 2023, the carrying value of the Group’s equity investments accounted for using the equity method were RMB16.8 million and RMB15.8 million, respectively.

In 2021, the Group further invested in the joint venture in Indonesia with a cash consideration of RMB3.0 million. In 2022, the Group disposed the investment in two joint ventures in China, which resulted in the decrease of RMB80.0 million in equity investments from December 31, 2021.

For the years ended December 31, 2021, 2022 and 2023, the Group recorded investment loss of RMB4.0 million, RMB4.1 million and RMB1.5 million respectively in “Investment loss”, as a result of its proportionate share of equity investees’ net losses.

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 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 People’s Bank of China. The loan was to provide the initial operating fund to the investee.

For the years ended December 31, 2022, the Group recorded expected credit loss of RMB36.9 million and presented it in “Investment loss.” As of December 31, 2022 and 2023, the Group’s loan receivable recorded at amortized cost were RMB119 million.

The interest income in relation to this loan receivable were nil for the years ended December 31, 2021, 2022 and 2023.

Related Party Balances and Transactions - Schedule of Amounts Due from Related Parties (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Due from L.P. by the Group
Related Party Transaction [Line Items]
Funds, loan amount	$ 940,000

Convertible Notes

12 Months Ended

Dec. 31, 2023

Convertible Debt [Abstract]

Convertible Notes

15. CONVERTIBLE NOTES

In September 2019, the Company issued and sold convertible notes (the “Notes”) in an aggregate principal amount of US$300.0 million to PAG, a leading Asia-focused private equity firm, through a private placement. The Notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The Notes are convertible in whole or in part into fully paid Class A Ordinary Shares or ADSs at the holder’s option from the date that is six months after the issuance date to the third business day before the maturity date (i.e., September 16, 2026), at an initial conversion price of US$7.0 per Class A Ordinary Share or US$14.0 per ADS. The holder of the Notes may require the Company to repurchase all or part of their Notes in cash on September 16, 2023 or in the event of certain fundamental changes at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest.

The net proceeds to the Company from the issuance of the Notes were US$293.0 million (RMB2,075million), net of debt discount of US$3.6 million (RMB25.5 million) and issuance costs of US$3.4 million (RMB24.1million). The debt discount and issuance costs of the Notes were amortized to interest expense over the contractual life to the maturity date. For the years ended December 31, 2022 and 2023, the interest expense related to the Notes was RMB46.9 million and RMB73.8 million, respectively.

The Group accounted for the Notes as a single instrument as “Convertible notes” on the Consolidated Balance Sheets. The debt discount and issuance costs were recorded as an adjustment to the carrying value of the Notes and are amortized as interest expense using the effective interest method. As of December 31, 2022 and 2023, the principal amount of the debt were RMB2,089 million and RMB503 million and unamortized debt discount and issuance costs were RMB25.8 million and RMB4.3 million, respectively.

On March 13, 2023, the Company entered into a supplemental agreement with PAG regarding the original contract for the convertible bonds. The Company shall pay off the convertible bonds in 14 monthly installments before April 2024. The interest is charged at an annualized interest rate of 2% for the first 7 installments and 10% for the next 7 installments. The agreement supersedes the holder's right under the original Notes to require the Company to repurchase all or any portion of the Notes for cash in September 2023, and the Notes remain convertible into the Company's fully paid Class A ordinary shares or American Depositary Shares at a conversion price of $14 per American Depositary share at the holder's option. As of December 31,2023, the first 10 installments with totaling amount of US$229 million have been paid, and the next 4 installments with total amount of US$71 million were paid by April 2024.

Significant Accounting Policies - Schedule of the Assets, Liabilities, Results of Operations and Changes in Cash and Cash Equivalents and Restricted Cash of the VIEs and their Subsidiaries (Parenthetical) (Details) - VIEs - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Cash paid for technical service fees.	¥ 1,647.0	¥ 1,540.0	¥ 4,140.0
Consideration for transfer of equity shares		586.0
Cash received for provision of goods and services	¥ 168.0	¥ 13.0	¥ 2.5

- 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.

+ References + Details

Financing Receivable, Net - Summary of Balances of Financing Receivables by Due Date (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, after Allowance for Credit Loss [Abstract]
Due in 0-12 months	¥ 3,933,553	¥ 6,478,949
Due in 13-24 months	180,719	370,652
Due in 25-36 months	46	59,217
Due thereafter	22,836	43,676
Total financing receivables (excluding accrued interest receivable)	¥ 4,137,154	¥ 6,952,494

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Statutory Reserves and Restricted Net Assets (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statutory Reserves And Restricted Net Assets [Abstract]
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	¥ 5,054	¥ 5,001
Percentage of restricted net assets	52.00%

Land Use Rights, Net - Schedule of Amortization Expenses For Future Periods (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	¥ 34,400
2025	34,400
2026	34,400
2027	34,400
2028	34,400
Thereafter	725,267
Net carrying amount	¥ 897,267	¥ 931,667

Contract Assets and Receivables, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Contract Assets and Receivables, Net

4. CONTRACT ASSETS AND RECEIVABLES, NET

The following table provides information about the Group’s contract assets and receivables and guarantee receivables with its customers:


	As of December 31,
	2022			2023
	(RMB in thousands)
Short-term:
Contract assets		2,507,733			4,193,755
Allowance for credit losses of contract assets		(97,712	)		(278,202	)
Contract assets, net		2,410,021			3,915,553
Service fees receivable		631,641			616,617
Allowance for credit losses of service fees receivable		(68,292	)		(56,400	)
Service fees receivable, net		563,349			560,217
Guarantee receivables		971,651			1,738,745
Allowance for credit losses of guarantee receivables		(50,846	)		(101,534	)
Guarantee receivables, net		920,805			1,637,211
Long-term:
Contract assets		422,307			404,937
Allowance for credit losses of contract assets		(40,248	)		(46,721	)
Contract assets, net		382,059			358,216
Guarantee receivables		235,486			256,719
Allowance for credit losses of guarantee receivables		(12,494	)		(15,117	)
Guarantee receivables, net		222,992			241,602

The activities in the allowance for credit losses of contract assets and receivables for the years ended December 31, 2021, 2022 and 2023, respectively, consisted of the following:


	For the Year Ended December 31,
	2021			2022			2023
				(RMB in thousands)
Beginning balances		(160,342	)		(247,301	)		(269,592	)
Provisions		(531,237	)		(461,774	)		(622,564	)
Charge-offs		523,613			561,988			438,002
Recoveries from prior charge-offs		(79,335	)		(122,505	)		(43,820	)
Ending balances		(247,301	)		(269,592	)		(497,974	)

As of December 31, 2022 and 2023, the balance of contract assets and receivables past due were RMB257 million and RMB443 million, respectively. 82% of contract assets and receivables balance as of December 31, 2023 were originated in 2023.

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2023

The table below sets three major related parties of the Group and their relationships with the Group:


Entity or individual name		Relationship with the Group
Ji'an Aoxinlian Information Consulting Service Co., Ltd.(“Ji'an Aoxinlian”)		Ji’an Aoxinlian is controlled by the immediate family member of the Group's senior management.
Shenzhen Aileyou Information Technology Co., Ltd.(Aileyou)*		Aileyou is an equity investment of the Group.
L.P. Technology Holdings Limited (“L.P.”)		L.P. is an equity investment of the Group.

*In June 2022, the Company has fully disposed all its shareholding in Aileyou, and which was no longer a related party of the Company after the disposal.

Schedule of Significant Related Party Transactions

(i)

Provision of services to related parties


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Provision of services to Aileyou		7,731		631		-
Total		7,731		631		-

(ii)

Purchase of goods and services from related parties


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Purchases of goods and services from Ji'an Aoxinlian		20,493		16,177		14,753
Total		20,493		16,177		14,753

Schedule of Amounts Due from Related Parties

(i)

Amounts due from related parties


	As of December 31,
	2022		2023
	(RMB in thousands)
Due from L.P. by the Group*		6,602		6,989
Total		6,602		6,989

*The amount represents the funds provided by the Group to L.P., primarily including loan of US$940,000.

Schedule of Amounts Due to Related Parties

(ii)

Amounts due to related parties


	As of December 31,
	2022		2023
	(RMB in thousands)
Due to Ji'an Aoxinlian by the Group		4,669		2,958
Total		4,669		2,958

Significant Accounting Policies - Schedule of Obligations Associated with Deferred Guarantee Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Opening balances	¥ 894,858		¥ 419,843	¥ 694,582
Fair value of deferred guarantee income at inception of new loans	3,162,811		1,928,195	499,805
Release of deferred guarantee income	(2,519,284)		(1,453,180)	(774,544)
Ending balances	¥ 1,538,385	$ 216,677	¥ 894,858	¥ 419,843

- 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.

+ References

+ Details

Parent Company Only Condensed Financial Information - Condensed Statements of Operations and Comprehensive Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating expenses:
General and administrative expenses	¥ (387,387)	$ (54,562)	¥ (431,571)	¥ (470,661)
Total operating expenses	(2,633,972)	(370,987)	(2,700,269)	(2,678,851)
Interest expense, net	(50,483)	(7,110)	(55,636)	(63,125)
Investment loss	(303,235)	(42,710)	(33,944)	(4,160)
Others, net	7,774	1,095	61,321	113,480
Income before income tax expense	1,326,786	186,876	1,028,569	2,769,534
Income tax expense	(260,841)	(36,739)	(202,640)	(435,418)
Other comprehensive income:
Foreign currency translation adjustments, net of tax	7,297	1,028	(32,115)	7,965
Parent
Operating expenses:
General and administrative expenses	(15,749)	(2,218)	(15,082)	(19,109)
Total operating expenses	(15,749)	(2,218)	(15,082)	(19,109)
Interest expense, net	(73,750)	(10,387)	(46,912)	(44,865)
Share of income from subsidiaries	1,152,654	162,347	872,049	2,395,789
Investment loss				(1,980)
Others, net	2,790	395	9,697	11,239
Income before income tax expense	1,065,945	150,137	819,752	2,341,074
Income tax expense				(7,151)
Net income	1,065,945	150,137	819,752	2,333,923
Other comprehensive income:
Foreign currency translation adjustments, net of tax	7,297	1,028	(32,115)	7,965
Total comprehensive income attributable to ordinary shareholders	¥ 1,073,242	$ 151,165	¥ 787,637	¥ 2,341,888

Financing Receivable, Net - Summary of Activities in Allowance for Credit Losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning balances	¥ (197,407)	¥ (328,231)	¥ (529,162)
Provision for credit losses	(627,061)	(437,477)	(401,104)
Charge-offs	939,992	791,046	912,260
Recoveries from prior charge-offs	(177,204)	(222,745)	(310,225)
Ending balances	¥ (61,681)	¥ (197,407)	¥ (328,231)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Fair Value Measurement - Summary of Quantitative Information About The Significant Unobservable Inputs (Details) - Level 3 Inputs - Recurring Basis	Dec. 31, 2023	Dec. 31, 2022
Expected Future Recovery Rates \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Loans at fair value	0.042	0.048
Expected Future Recovery Rates \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Loans at fair value	0.042	0.048
Expected Future Recovery Rates \| Weighted-Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Loans at fair value	0.042	0.048
Guarantee Derivative Assets or Liabilities \| Cumulative Loss Rates \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.014	0.013
Guarantee Derivative Assets or Liabilities \| Cumulative Loss Rates \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.118	0.121
Guarantee Derivative Assets or Liabilities \| Cumulative Loss Rates \| Weighted-Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.074	0.078
Guarantee Derivative Assets or Liabilities \| Margins on Cost of Guarantee Services \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.10	0.100
Guarantee Derivative Assets or Liabilities \| Margins on Cost of Guarantee Services \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.10	0.100
Guarantee Derivative Assets or Liabilities \| Margins on Cost of Guarantee Services \| Weighted-Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Guarantee derivatives assets or liabilities	0.10	0.100

Taxation - Movement of Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of the year	¥ (13,038)	¥ (6,756)	¥ (4,429)
Additions	(66,967)	(6,783)	(2,659)
Reversals	1,534	501	332
Balance at end of the year	¥ (78,471)	¥ (13,038)	¥ (6,756)

Property, Equipment and Software, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Software, Net


	As of December 31,
	2022			2023
	(RMB in thousands)
Computers and equipment		204,314			270,236
Furniture and fixtures		19,311			17,967
Leasehold improvement		66,618			69,235
Software		93,309			102,129
Construction in progress		149,777			295,283
Total property, equipment and software		533,329			754,850
Accumulated depreciation and amortization		(248,736	)		(308,210	)
Total property, equipment and software, net		284,593			446,640

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share for the periods indicated:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands, except for share and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders		2,333,923		819,752		1,065,945
Denominator:
Weighted average number of ordinary shares outstanding—basic		368,460,867		348,048,245		328,523,952
Net income per share attributable to ordinary shareholders—basic		6.33		2.36		3.24
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders		2,333,923		819,752		1,065,945
Interest expense associated with convertible notes reversed		44,865		46,903		73,807
Net income attributable to ordinary shareholders for calculating diluted net income per share		2,378,788		866,655		1,139,752
Denominator:
Weighted average number of ordinary shares outstanding—basic		368,460,867		348,048,245		328,523,952
Ordinary shares issuable upon the exercise of outstanding stock options using the treasury stock method		3,381,510		1,792,478		2,838,399
Ordinary shares issuable upon the vesting of outstanding restricted share units using the treasury stock method		293,196		58,955		220,666
Ordinary shares issuable upon the conversion of convertible notes using the if—converted method		42,857,143		42,857,143		28,237,965
Weighted average number of ordinary shares outstanding—diluted		414,992,716		392,756,821		359,820,982
Net income per share attributable to ordinary shareholders—diluted		5.73		2.21		3.17

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

21. COMMITMENTS AND CONTINGENCIES

Debt obligations

The Group’s debt obligations are associated with 1) the funding debts and interest payable to funding partners; 2) the borrowings to support the Group’s general operations; 3) the convertible notes issued by the Company in September 2019; and 4) the commitment to purchase delinquent loans from certain Institutional Funding Partners.

The expected repayment amount of the debt obligations are as follows:


	1 – 12 months		13 – 24 months		25 – 36 months		more than 36 months		Total
	(RMB in thousands)
Funding debts obligations
Liabilities to funding partners		3,483,196		455,800		—		—		3,938,996
Interest payments (i)		178,248		8,781		—		—		187,029
Total funding debts obligations		3,661,444		464,581		—		—		4,126,025
Long–term borrowings		—		—		—		524,270		524,270
Short–term borrowings		502,013		—		—		—		502,013
Interest payments (i)		36,843		—		—		16,005		52,848
Total borrowings obligations		538,856		—		—		540,275		1,079,131
Convertible notes		502,872		—		—		—		502,872
Interest payments (i)		10,388		—		—		—		10,388
Total convertible notes obligations		513,260		—		—		—		513,260
Commitment for construction		330,355	—		—		—			330,355
Commitment to purchase delinquent loans (ii)		771,500	—		—		—			771,500
Total purchase obligations		1,101,855		—		—		—		1,101,855

(i)

Interest payments with variable interest rates are calculated using the interest rate as of December 31, 2023.

(ii)

With respect to the arrangements with certain Institutional Funding Partners, the Group is required to purchase the off-balance sheet loans funded by those Institutional Funding Partners when the loans become delinquent for a certain period of time consecutively or cumulatively. Commitment to purchase delinquent loans represents the Group’s noncancelable obligations to purchase those delinquent loans which is yet to be sold by those Institutional Funding Partners as of December 31, 2023.

Litigations

From time to time, the Group may be subject to various legal or administrative claims and proceedings arising in the ordinary course of business.

Litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any liabilities in this regard as of December 31, 2022 and 2023.

Funding Debts - Summary of the Group's Outstanding Funding Debts (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Debt Instrument [Line Items]
Short-term Funding Debts	¥ 3,483,196	$ 490,598	¥ 4,385,253
Long-term funding debts	455,800	$ 64,198	1,334,105
Liabilities to Funding Partners
Debt Instrument [Line Items]
Short-term Funding Debts	3,483,196		4,385,253
Long-term funding debts	¥ 455,800		¥ 1,334,105

- 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.

+ References

+ Details

Ordinary Shares

12 Months Ended

Dec. 31, 2023

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Ordinary Shares

16. 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 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 million ($100 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 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, 2020, 1,578,904 shares out of 27,000,000 shares of Class A Ordinary Shares respectively were deemed issued but not outstanding as they have not been transferred to grantees.

In June 2021, 15,000,000 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, totaling the shares for bulk issuance of ADSs to 42,000,000.

On March 16, 2022, the Company’s board of directors authorized a share repurchase program under which the Company could repurchase up to an aggregate of US$50 million of its shares/ADSs over the next twelve months. As of December 31, 2022, the Company had repurchased approximately 22 million ADSs for approximately US$48 million under this repurchase program aggregately.

As of December 31, 2022 and 2023, 11,073,226 shares and 8,226,592 shares out of 42,000,000 shares of Class A Ordinary Shares respectively were deemed issued but not outstanding as they have not been transferred to grantees.

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2023

Related Party Balances and Transactions

13. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets three major related parties of the Group and their relationships with the Group:


Entity or individual name		Relationship with the Group
Ji'an Aoxinlian Information Consulting Service Co., Ltd.(“Ji'an Aoxinlian”)		Ji’an Aoxinlian is controlled by the immediate family member of the Group's senior management.
Shenzhen Aileyou Information Technology Co., Ltd.(Aileyou)*		Aileyou is an equity investment of the Group.
L.P. Technology Holdings Limited (“L.P.”)		L.P. is an equity investment of the Group.

*In June 2022, the Company has fully disposed all its shareholding in Aileyou, and which was no longer a related party of the Company after the disposal.

(a)

The Group entered into the following significant related party transactions:

(i)

Provision of services to related parties


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Provision of services to Aileyou		7,731		631		-
Total		7,731		631		-

(ii)

Purchase of goods and services from related parties


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Purchases of goods and services from Ji'an Aoxinlian		20,493		16,177		14,753
Total		20,493		16,177		14,753

(b)

The Group had the following significant related party balances:

(i)

Amounts due from related parties


	As of December 31,
	2022		2023
	(RMB in thousands)
Due from L.P. by the Group*		6,602		6,989
Total		6,602		6,989

*The amount represents the funds provided by the Group to L.P., primarily including loan of US$940,000.

(ii)

Amounts due to related parties


	As of December 31,
	2022		2023
	(RMB in thousands)
Due to Ji'an Aoxinlian by the Group		4,669		2,958
Total		4,669		2,958

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 customers.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies - Schedule of Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplier Concentration Risk \| Inventories \| Inventory Supplier A
Concentration Risk [Line Items]
Concentration risk (as a percent)	13.90%
Supplier Concentration Risk \| Inventories \| Inventory Supplier B
Concentration Risk [Line Items]
Concentration risk (as a percent)	12.60%	28.90%
Supplier Concentration Risk \| Inventories \| Inventory Supplier C
Concentration Risk [Line Items]
Concentration risk (as a percent)		23.40%
Supplier Concentration Risk \| Inventories \| Inventory Supplier D
Concentration Risk [Line Items]
Concentration risk (as a percent)		17.50%
Supplier Concentration Risk \| Inventories \| Inventory Supplier E
Concentration Risk [Line Items]
Concentration risk (as a percent)		11.60%
Lender Concentration Risk \| Long-term debt \| Institutional Funding Partner A
Concentration Risk [Line Items]
Concentration risk (as a percent)	33.90%	16.90%
Lender Concentration Risk \| Long-term debt \| Institutional Funding Partner B
Concentration Risk [Line Items]
Concentration risk (as a percent)	36.30%	16.50%
Deposits Concentration Risk \| Deposits to Insurance and Guarantee Companies \| Guarantee Company A
Concentration Risk [Line Items]
Concentration risk (as a percent)	17.10%	23.40%
Deposits Concentration Risk \| Deposits to Insurance and Guarantee Companies \| Guarantee Company B
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.30%
Deposits Concentration Risk \| Deposits to Insurance and Guarantee Companies \| Guarantee Company C
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.20%

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments And Other Current Assets

5. PREPAYMENTS AND OTHER CURRENT ASSETS


	As of December 31,
	2022		2023
	(RMB in thousands)
Receivables from third-party payment service providers (i)		377,928		553,844
Deposits to Institutional Funding Partners (ii)		212,199		237,823
Prepayment to inventory suppliers		55,958		67,222
Prepaid input value-added tax		37,089		41,214
Rental deposits and other current assets		51,107		108,183
Loans at fair value(iii)		352,672		420,483
Total prepayments and other current assets		1,086,952		1,428,769

(i)

(ii)

The balances represent deposits made to the Institutional Funding Partners to directly satisfy the principal and interest payment obligations in case of Borrowers’ defaults.

(iii)

Property, Equipment and Software, Net - Schedule of Property, Equipment and Software, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	¥ 754,850		¥ 533,329
Accumulated depreciation and amortization	(308,210)		(248,736)
Total property, equipment and software, net	446,640	$ 62,908	284,593
Computers and Equipment
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	270,236		204,314
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	17,967		19,311
Leasehold Improvement
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	69,235		66,618
Software
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	102,129		93,309
Construction In Progress
Property Plant And Equipment [Line Items]
Total property, equipment and software, gross	¥ 295,283		¥ 149,777

Financing Receivable, Net - Summary of Aging Analysis of Past Due Financing Receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	¥ 4,137,154	¥ 6,952,494
1-29 Days Past Due
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	94,448	151,784
30-59 Days Past Due
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	76,449	98,289
60-89 Days Past Due
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	65,816	81,652
90-179 Days Past Due
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	183,054	209,738
Total Past Due
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	419,767	541,463
Current
Aging analysis of past due financing receivables
Total financing receivables (excluding accrued interest receivable)	¥ 3,717,387	¥ 6,411,031

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

+ Details

Contract Assets and Receivables, Net - Schedule of Activities in the Allowance for Credit Losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Activities in the provision for credit losses
Beginning balances	¥ (269,592)	¥ (247,301)	¥ (160,342)
Provisions	(622,564)	(461,774)	(531,237)
Charge-offs	438,002	561,988	523,613
Recoveries from prior charge-offs	(43,820)	(122,505)	(79,335)
Ending balances	¥ (497,974)	¥ (269,592)	¥ (247,301)

Funding Debts (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of the Group's Outstanding Funding Debts

The following table summarizes the Group’s outstanding funding debts as of December 31, 2022 and 2023, respectively:


	As of December 31,
	2022		2023
	(RMB in thousands)
Short-term:
Liabilities to funding partners		4,385,253		3,483,196
Total short-term funding debts		4,385,253		3,483,196
Long-term:
Liabilities to funding partners		1,334,105		455,800
Total long-term funding debts		1,334,105		455,800

Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,889,352,801	1,889,352,801
Common stock, shares issued	300,707,476	300,707,476
Common stock, shares outstanding	256,918,184	245,264,614
Class B Ordinary Shares
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	110,647,199	110,647,199
Common stock, shares issued	71,342,227	80,189,163
Common stock, shares outstanding	71,342,227	80,189,163
Parent \| Class A Ordinary Shares
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,889,352,801	1,889,352,801
Common stock, shares issued	300,707,476	300,707,476
Common stock, shares outstanding	256,918,184	245,264,614
Parent \| Class B Ordinary Shares
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	110,647,199	110,647,199
Common stock, shares issued	71,342,227	80,189,163
Common stock, shares outstanding	71,342,227	80,189,163

Share-Based Compensation - Schedule of Share-based Compensation Expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 117,852		¥ 156,320	¥ 187,884
Processing and servicing cost
SHARE-BASED COMPENSATION
Share-based compensation expenses	246	$ 35	5,179	9,968
Sales and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	17,454	2,458	23,142	30,508
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	23,547	3,317	30,386	39,413
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 76,605	$ 10,790	¥ 97,613	¥ 107,995

- 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.

+ References

+ Details

Taxation - Current and Deferred Portions of Income Tax (Benefit)/Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Current and deferred portion of income tax expense
Current income tax expense	¥ 328,391		¥ 169,299	¥ 831,675
Deferred income tax expense	(67,550)	$ (9,514)	33,341	(396,257)
Income tax expense	¥ 260,841	$ 36,739	¥ 202,640	¥ 435,418

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Percentage of Ownership in Principal Subsidiaries, Consolidated VIEs and Subsidiaries of VIEs

As of December 31, 2023, the Company’s principal subsidiaries, the consolidated VIEs and subsidiaries of the consolidated VIEs are as follows:


	Date of Incorporation/ Establishment	Place of Incorporation/ Establishment	Percentage of Direct or Indirect Economic Interest	Principal Activities
Subsidiaries
Installment (HK) Investment Limited (“Installment HK”)	December 9, 2013	Hong Kong, PRC	100%	Investment holding
Beijing Shijitong Technology Co., Ltd. (“Beijing Shijitong”)	July 1, 2014	Beijing, PRC	100%	Technical support and consulting services
Shenzhen Lexin Software Technology Co., Ltd. (“Shenzhen Lexin Software”)	March 1, 2017	Shenzhen, PRC	100%	Software development
Shenzhen Lexin Financing Guarantee Co., Ltd. (“Shenzhen Lexin Financing Guarantee”)	September 14, 2017	Shenzhen, PRC	100%	Financing guarantee services
Beihai Dulin Information Technology Co. Ltd (“Beihai Dulin”)	November 28, 2022	Beihai, PRC	100%	Financial technology services
The VIEs
Beijing Lejiaxin Network Technology Co., Ltd. (“Beijing Lejiaxin”)	October 25, 2013	Beijing, PRC	100%	Investment holding
Shenzhen Xinjie Investment Co., Ltd. (“Shenzhen Xinjie”)	December 22, 2015	Shenzhen, PRC	100%	Investment holding
Shenzhen Qianhai Dingsheng Data Technology Co., Ltd. (“Qianhai Dingsheng”)	January 13, 2016	Shenzhen, PRC	100%	Financial technology services
Shenzhen Mengtian Technology Co., Ltd. (“Mengtian Technology”)	August 9, 2016	Shenzhen, PRC	100%	Software development
Beihai Super Egg E-Commerce Co., Ltd. (“Beihai Super Egg”)	May 31, 2018	Beihai, PRC	100%	Investment holding
Subsidiaries of the VIEs
Shenzhen Fenqile Network Technology Co., Ltd. (“Shenzhen Fenqile”)	August 15, 2013	Shenzhen, PRC	100%	Online direct sales and online consumer finance
Shenzhen Beizhipiji Technology Co., Ltd. ("Beizhipiji")	June 26, 2014	Shenzhen, PRC	100%	Online investment platform
Ji’an Fenqile Network Microcredit Co., Ltd. (“Ji’an Microcredit”)	December 2, 2016	Ji’an, PRC	100%	Online consumer credit
Shenzhen Fenqile Trading Co., Ltd. (“Shenzhen Fenqile Trading”)	December 30, 2016	Shenzhen, PRC	100%	Online direct sales
Shenzhen Dingsheng Computer Technology Co., Ltd. (“Dingsheng Computer”)	March 23, 2017	Shenzhen, PRC	100%	Financial technology services
Beihai Aurora Technology Co., Ltd. (“Beihai Aurora”)	June 19, 2018	Beihai, PRC	100%	Financial technology services
Beihai Lexin Information Technology Co., Ltd. (“Beihai Lexin Information”)	June 11, 2018	Beihai, PRC	100%	Financial technology services
Ganjiang New Area Mengtian Financing Guarantee Co., Ltd. (“Ganjiang Mengtian”)	October 24, 2019	Ganjiang, PRC	100%	Financing guarantee services

Land Use Rights, Net - Additional Information (Details) - CNY (¥) ¥ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets, cash consideration						¥ 1,000.0
Land use right period						30 years
First installment payment		¥ 516.0
Second installment payment	¥ 516.0
Amortization expense			¥ 34.4	¥ 34.4	¥ 34.4

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income	¥ 1,065,945	$ 150,137	¥ 825,929	¥ 2,334,116
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs and discounts	41,402	5,831	6,717	6,446
Share-based compensation expenses	117,852	16,599	156,320	187,884
Amortization of right-of-use assets and interest of lease liabilities	39,733	5,596	53,199	54,552
Depreciation and amortization	105,409	14,847	94,941	90,751
Provision for financing and interest receivables	627,061	88,320	437,477	401,104
Provision for contract assets and receivables	629,308	88,636	465,188	531,237
Provision for contingent guarantee liabilities	3,203,123	451,150	1,468,265	622,438
Change in inventory provision	(602)	(85)	(468)	46
Change in fair value of financial guarantee derivatives, net	267,677	37,701	(613,873)	458,846
Change in fair value of loans at fair value	(61,309)	(8,635)	(108,508)	(111,762)
Deferred income tax	(67,550)	(9,514)	33,341	(396,257)
Investment-related impairment	301,760	42,502	36,930
Loss/(gain) on disposal of long-term investments			(7,067)	1,984
Share of results of equity investees	1,500	208	4,081	3,967
Fair value changes of other assets				(1,791)
Foreign exchange (gain)/loss	35,602	5,014	28,397	(12,666)
(Gain)/loss on disposal of loans at fair value and financing receivables	2,966	418		(2,532)
Changes in operating assets and liabilities:
Financing receivables related to online direct sales	515,074	72,547	(399,288)	205,551
Prepayments and other current assets	(247,586)	(34,872)	183,623	74,320
Deposits to insurance companies and guarantee companies	(364,249)	(51,303)	(870,533)	(312,208)
Amounts due from related parties	(387)	(55)	(265)	(5,396)
Contract assets and receivables	(2,840,791)	(400,117)	(128,116)	(180,564)
Other long-term liabilities	(52,239)	(7,358)	(34,448)	109,722
Inventories	20,914	2,946	(5,633)	(692)
Other assets	(62,016)	(8,735)	(276,182)	(140,492)
Accounts payable	23,831	3,357	12,759	(27,256)
Amounts due to related parties	(1,711)	(242)	(4,233)	1,408
Deferred guarantee income	643,527	90,639	475,015	(274,739)
Contingent guarantee liabilities	(2,276,690)	(320,665)	(1,514,998)	(1,432,385)
Other payable to Individual Investors	(1,272)	(179)	(5,560)	(56,365)
Accruals and other current liabilities	1,120,795	157,861	(214,166)	538,152
Net cash provided by operating activities	2,787,052	392,549	98,844	2,667,419
Cash flows from investing activities:
Cash proceed for disposal of loans at fair value and financing receivables	0	0	35,527	43,272
Cash paid on long-term investments				(38,657)
Proceeds from disposal of subsidiaries			43,956
Cash paid on acquisition of subsidiaries, net of cash acquired	0	0	7,958
Proceeds from disposal of investments and refund of prepayment on long-term investments			4,000	65,537
Purchases of property, equipment and software	(229,523)	(32,328)	(148,816)	(121,533)
Financing receivables originated and purchased (excluding receivables related to online direct sales)	(18,316,222)	(2,579,786)	(20,238,725)	(18,420,894)
Principal collection on financing receivables and recoveries (excluding receivables related to online direct sales)	19,887,574	2,801,106	17,374,379	18,942,385
Investments in loans at fair value	(5,154,834)	(726,043)	(4,296,611)	(3,851,997)
Collection of loans at fair value	5,120,379	721,190	4,305,417	4,051,776
Placement of restricted term deposits and short-term investments	(1,102,968)	(155,350)	(1,260,246)	(2,467,239)
Withdrawal of restricted term deposit and short-term investments	2,130,046	300,011	1,764,124	2,504,282
Loans to third parties				(292,317)
Net cash (used in)/ provided by investing activities	2,334,452	328,800	(2,409,037)	414,615
Cash flows from financing activities:
Proceeds from borrowings	1,957,888	275,763	1,384,530	2,304,068
Principal payments on borrowings	(2,265,540)	(319,095)	(1,868,010)	(2,331,390)
Proceeds from funding debts	17,938,230	2,526,547	19,836,846	18,221,528
Principal payments on funding debts	(19,718,592)	(2,777,306)	(17,929,921)	(19,980,864)
Repurchase of treasury stock			(326,942)
Proceeds from non-controlling shareholders			12,424
Exercise of share-based awards	5,880	828	2,742	7,124
Dividends to shareholders	(135,620)	(19,102)
Repayments of convertible loans	(1,634,678)	(230,240)
Net cash (used in)/provided by financing activities	(3,852,432)	(542,605)	1,111,669	(1,779,534)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,914	552	9,893	(23,592)
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,272,986	179,296	(1,188,631)	1,278,908
Cash, cash equivalents and restricted cash at beginning of the year	2,930,183	412,708	4,118,814	2,839,906
Cash, cash equivalents at beginning of the year	1,494,150	210,447	2,664,132	1,563,755
Restricted cash at beginning of the year	1,436,033	202,261	1,454,682	1,276,151
Cash, cash equivalents and restricted cash at end of the year	4,203,169	592,004	2,930,183	4,118,814
Cash and cash equivalents at the end of the year	2,624,719	369,684	1,494,150	2,664,132
Restricted cash at the end of the year	1,578,450	222,320	1,436,033	1,454,682
Supplemental disclosure of cash flows information
Cash paid for interest expense of borrowings and convertible notes	86,411	12,171	80,411	96,837
Cash paid for income tax expense	¥ 255,579	$ 35,998	¥ 614,404	522,915
Cash paid for land use rights				¥ 516,000

Financing Receivables, Net

12 Months Ended

Dec. 31, 2023

Financing Receivable, after Allowance for Credit Loss [Abstract]

Financing Receivables, Net

3. FINANCING RECEIVABLES, NET

Financing receivables, net as of December 31, 2022 and 2023 consisted of the followings:


	As of December 31,
	2022			2023
	(RMB in thousands)
Short-term:
Short-term financing receivables		6,478,949			3,933,553
Accrued interest receivable		103,158			69,041
Allowance for credit losses		(184,187	)		(58,594	)
Total short-term financing receivables, net		6,397,920			3,944,000
Long-term:
Long-term financing receivables		473,545			203,601
Allowance for credit losses		(13,220	)		(3,087	)
Total long-term financing receivables, net		460,325			200,514

These balances represent short‑term and long‑term financing receivables generated from loans transacted on the Group’s Platform and APP with an original term generally up to three years and do not have collateral.

As of December 31, 2022 and 2023, loans that were charged-off in accordance with the Group’s standard charge-off policy were RMB4,162 million and RMB4,925 million, respectively. The Group determined it was probable that the Group will be unable to collect the unpaid principal amounts on those loans.

The following table summarizes the balances of financing receivables by due date as of December 31, 2022 and 2023:


	As of December 31,
	2022		2023
	(RMB in thousands)
Due in months
0 - 12		6,478,949		3,933,553
13 - 24		370,652		180,719
25 - 36		59,217		46
Thereafter		43,676		22,836
Total financing receivables (excluding accrued interest receivable)		6,952,494		4,137,154

The activities in the allowance for credit losses of financing receivables for the years ended December 31, 2021, 2022 and 2023, respectively, consisted of the following:


	For the year ended December 31,
	2021			2022			2023
	(RMB in thousands)
Beginning balances		(529,162	)		(328,231	)		(197,407	)
Provision for credit losses		(401,104	)		(437,477	)		(627,061	)
Charge-offs		912,260			791,046			939,992
Recoveries from prior charge-offs		(310,225	)		(222,745	)		(177,204	)
Ending balances		(328,231	)		(197,407	)		(61,681	)

Aging analysis of past due financing receivables as of December 31, 2022 and 2023 are as follows:


RMB in thousands	1 - 29 Days Past Due		30 - 59 Days Past Due		60 - 89 Days Past Due		90 - 179 Days Past Due		180 Days or Greater Past Due		Total Past Due		Current		Total
December 31, 2022		151,784		98,289		81,652		209,738		—		541,463		6,411,031		6,952,494
December 31, 2023		94,448		76,449		65,816		183,054		—		419,767		3,717,387		4,137,154

Financing receivables amounting to RMB210 million and RMB183 million as of December 31, 2022 and 2023, respectively, were in non‑accrual status. Financing 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 financing income. For the years ended December 31, 2021, 2022 and 2023, interest and late payment fees earned from non‑accrual financing receivables were RMB136 million, RMB107 million and RMB74.1 million, respectively.

As of December 31, 2022 and 2023, financing receivables amounting to RMB734 million and RMB190 million have been pledged as collaterals pursuant to investment agreements with certain Institutional Funding Partners (Note 10).

Credit Quality Indicators

The following table provides information on delinquency, which is the primary credit quality indicator for financing receivables. The amortized cost of loans was presented by year of origination for five origination years and beyond, as of December 31, 2023:


	Loans originated in
RMB in thousands	1 - 29 Days Past Due		30 - 59 Days Past Due		60 - 89 Days Past Due		90 - 179 Days Past Due		180 Days or Greater Past Due		Total Past Due		Current		Total
2019 and before		—		—		—		—		—		—		—		—
2020		2		5		7		36		—		50		8		58
2021		393		269		272		1,255		—		2,189		10,655		12,844
2022		9,838		8,031		8,450		34,667		—		60,986		251,940		312,926
2023		84,215		68,144		57,087		147,096		—		356,542		3,454,784		3,811,326
Total		94,448		76,449		65,816		183,054		—		419,767		3,717,387		4,137,154

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Statement of Comprehensive Income [Abstract]
Net income	¥ 1,065,945	$ 150,137	¥ 825,929	¥ 2,334,116
Other comprehensive income
Foreign currency translation adjustments, net of tax	7,297	1,028	(32,115)	7,965
Total comprehensive income	1,073,242	151,165	793,814	2,342,081
Less: net income attributable to non-controlling interests			6,177	193
Total comprehensive income attributable to ordinary shareholders	¥ 1,073,242	$ 151,165	¥ 787,637	¥ 2,341,888

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Related Party Balances and Transactions - Schedule of Amounts Due to Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related Party Transaction [Line Items]
Amounts due to related parties	¥ 2,958	$ 417	¥ 4,669
Due to Ji'an Aoxinlian by the Group
Related Party Transaction [Line Items]
Amounts due to related parties	¥ 2,958		¥ 4,669

Borrowings - Additional Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short Term Debt [Line Items]
Weighted average interest rates of short-term borrowings	3.60%	3.60%	3.60%
Weighted average interest rates of long-term borrowings	4.30%	4.30%	4.30%
Short-term borrowings	¥ 100,000		¥ 953,000
Long-term borrowings	524,000	$ 73,842	150,430
Time deposit
Short Term Debt [Line Items]
Collateral amount	¥ 100,000		¥ 1,062,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plan

18. 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 RMB146.1 million, RMB181.7million and RMB168.5 million, for the years ended December 31, 2021, 2022 and 2023, respectively.

Related Party Balances and Transactions - Schedule of Amounts Due from Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 6,989	$ 984	¥ 6,602
Due from L.P. by the Group
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 6,989		¥ 6,602

Statutory Reserves and Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Statutory Reserves And Restricted Net Assets [Abstract]

Statutory Reserves and Restricted Net Assets

19. 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, 2022 and 2023, the restricted net assets of the Group’s relevant PRC entities amounted to RMB5,001 million and RMB5,054 million, respectively. The restricted net assets of the Group’s relevant PRC entities accounted for 52.0% of the consolidated net assets as of December 31, 2023. As a result of the above restrictions, parent company only condensed financial information is disclosed in Note 23.

Funding Debts - Liabilities to Individual Investors and Institutional Funding Partners (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Debt Instrument [Line Items]
Aggregate amount funded from funding sources	¥ 17,938,230	$ 2,526,547	¥ 19,836,846	¥ 18,221,528
Liabilities to Funding Partners
Debt Instrument [Line Items]
Weighted average interest rate	9.10%		9.30%
Aggregate amount funded from funding sources	¥ 3,893,000		¥ 6,372,000
Financing receivables, net	¥ 190,000		¥ 734,000

- 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.

+ References

+ Details

Share-Based Compensation - Schedule of Activities for Stock Options (Details)
¥ in Thousands, shares in Thousands

12 Months Ended

Dec. 31, 2023

$ / shares

Dec. 31, 2022

$ / shares

Dec. 31, 2021

$ / shares

Dec. 31, 2020

CNY (¥)

$ / shares

Dec. 31, 2023

CNY (¥)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Options Outstanding

Granted (in shares)

23,570

9,219

13,736

Cancelled/forfeited (in shares)

(55,143)

(6,249)

(5,201)

Employees, Directors and Non-employee Directors

Options Outstanding

Balance at the beginning of the period (in shares)

21,862

20,129

13,660

Granted (in shares)

^[1]

8,695

8,639

13,489

Exercised (in shares)

(1,927)

(890)

(2,426)

Cancelled/forfeited (in shares)

(10,773)

(6,016)

(4,594)

Balance at the end of the period (in shares)

17,857

21,862

20,129

13,660

Vested and expected to vest at the end of the period (in shares)

17,258

Exercisable at the end of the period (in shares)

8,717

Weighted Average Exercise Price

Balance at the beginning of the period (in dollars per share) | $ / shares

$ 0.6894

$ 0.7227

$ 1.7569

Exercise Price | $ / shares

^[1]

1.2697

0.5

0.5000

Exercised (in dollars per share) | $ / shares

0.4644

0.3817

0.4529

Cancelled/forfeited (in dollars per share) | $ / shares

0.7456

0.6138

3.2215

Balance at the end of the period (in dollars per share) | $ / shares

0.8850

$ 0.6894

$ 0.7227

$ 1.7569

Vested and expected to vest at the end of the period (in dollars per share) | $ / shares

0.8967

Exercisable at the end of the period (in dollars per share) | $ / shares

$ 0.6669

Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value

Weighted average remaining contractual life (in years)

7 years 5 months 4 days

7 years 10 months 20 days

8 years 5 months 4 days

7 years 10 months 13 days

Vested and expected to vest at the end of the period, weighted average remaining contractual life

7 years 4 months 24 days

Exercisable at the end of the period, weighted average remaining contractual life

5 years 11 months 26 days

Aggregate Intrinsic Value | ¥

$ 189,072

¥ 38,242

¥ 69,878

¥ 155,018

Vested and expected to vest at the end of the period, Aggregate intrinsic value | ¥

36,126

Exercisable at the end of the period, Aggregate intrinsic value | ¥

¥ 27,010

Non-employees

Options Outstanding

Balance at the beginning of the period (in shares)

250

410

Exercised (in shares)

(160)

Balance at the end of the period (in shares)

250

410

Vested and expected to vest at the end of the period (in shares)

250

Exercisable at the end of the period (in shares)

250

Weighted Average Exercise Price

Balance at the beginning of the period (in dollars per share) | $ / shares

$ 0.0001

Exercised (in dollars per share) | $ / shares

0.0001

Balance at the end of the period (in dollars per share) | $ / shares

$ 0.0001

Vested and expected to vest at the end of the period (in dollars per share) | $ / shares

0.0001

Exercisable at the end of the period (in dollars per share) | $ / shares

$ 0.0001

Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value

Weighted average remaining contractual life (in years)

3 years 6 months 29 days

4 years 6 months 29 days

5 years 6 months 29 days

6 years 6 months 29 days

Vested and expected to vest at the end of the period, weighted average remaining contractual life

3 years 6 months 29 days

Exercisable at the end of the period, weighted average remaining contractual life

3 years 6 months 29 days

Aggregate Intrinsic Value | ¥

$ 8,962

¥ 1,629

¥ 1,654

¥ 3,076

Vested and expected to vest at the end of the period, Aggregate intrinsic value | ¥

1,629

Exercisable at the end of the period, Aggregate intrinsic value | ¥

¥ 1,629

[1]	No stock options were granted to non-employee directors for the years presented.

Fair Value Measurement - Schedule of Effect Adverse Change in Derivative Assets and Liabilities (Details) - Guarantee Derivative Assets or Liabilities - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Weighted average cumulative loss rates	7.40%	7.80%
Increase by 10%	¥ 544,318	¥ 443,526
Decrease by 10%	¥ (544,318)	¥ (443,526)

Contract Assets and Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Contract Assets and Receivables and Guarantee Receivables

The following table provides information about the Group’s contract assets and receivables and guarantee receivables with its customers:


	As of December 31,
	2022			2023
	(RMB in thousands)
Short-term:
Contract assets		2,507,733			4,193,755
Allowance for credit losses of contract assets		(97,712	)		(278,202	)
Contract assets, net		2,410,021			3,915,553
Service fees receivable		631,641			616,617
Allowance for credit losses of service fees receivable		(68,292	)		(56,400	)
Service fees receivable, net		563,349			560,217
Guarantee receivables		971,651			1,738,745
Allowance for credit losses of guarantee receivables		(50,846	)		(101,534	)
Guarantee receivables, net		920,805			1,637,211
Long-term:
Contract assets		422,307			404,937
Allowance for credit losses of contract assets		(40,248	)		(46,721	)
Contract assets, net		382,059			358,216
Guarantee receivables		235,486			256,719
Allowance for credit losses of guarantee receivables		(12,494	)		(15,117	)
Guarantee receivables, net		222,992			241,602

Schedule of Activities in the Allowance for Credit Losses

The activities in the allowance for credit losses of contract assets and receivables for the years ended December 31, 2021, 2022 and 2023, respectively, consisted of the following:


	For the Year Ended December 31,
	2021			2022			2023
				(RMB in thousands)
Beginning balances		(160,342	)		(247,301	)		(269,592	)
Provisions		(531,237	)		(461,774	)		(622,564	)
Charge-offs		523,613			561,988			438,002
Recoveries from prior charge-offs		(79,335	)		(122,505	)		(43,820	)
Ending balances		(247,301	)		(269,592	)		(497,974	)

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Land Use Rights, Net


	2022			2023
	(RMB in thousands)
Gross carrying amount		1,032,000			1,032,000
Accumulated amortization		(100,333	)		(134,733	)
Net carrying amount		931,667			897,267

Schedule of Amortization Expenses For Future Periods

As of December 31, 2023, amortization expenses for future periods are estimated to be as follows:


	2023
	(RMB in thousands)
2024		34,400
2025		34,400
2026		34,400
2027		34,400
2028		34,400
Thereafter		725,267
Total expected amortization expenses		897,267

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Commission fee from a related party	¥ 0	¥ 631	¥ 7,731
Collection service fee from a related party	¥ 14,753	¥ 16,177	¥ 20,493

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

23. 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, the VIEs and the VIEs’ subsidiaries.

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, 2022 and 2023, 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)


	As of December 31,
	2022			2023
	RMB			RMB			US$
							Note 2(e)
ASSETS
Current assets
Cash and cash equivalents		1,517			48,030			6,765
Amounts due from subsidiaries		335,934			343,091			48,323
Prepayments and other current assets		8,314			6,717			946
Total current assets		345,765			397,838			56,034
Non-current assets
Investments in subsidiaries		10,741,234			12,058,899			1,698,460
Other assets		235			103			15
Total non-current assets		10,741,469			12,059,002			1,698,475
Total assets		11,087,234			12,456,840			1,754,509
LIABILITIES
Current liabilities
Amounts due to subsidiaries, the VIEs and the VIEs’ subsidiaries		357,042			2,230,015			314,091
Accrued interest payable		9,385			2,095			295
Accruals and other current liabilities		8,511			9,198			1,296
Convertible notes		2,063,545			505,450			71,191
Total current liabilities		2,438,483			2,746,758			386,873
Total liabilities		2,438,483			2,746,758			386,873
Commitments and contingencies (Note 21)

SHAREHOLDERS’ EQUITY:
Class A Ordinary Shares ($0.0001 par value per share; 1,889,352,801 shares authorized, 300,707,476 shares issued,245,264,614 shares outstanding as of December 31, 2022; 1,889,352,801 shares authorized, 300,707,476 shares issued 256,918,184 shares outstanding as of December 31, 2023)		191			199			30
Class B Ordinary Shares ($0.0001 par value per share; 110,647,199 shares authorized,80,189,163 shares issued and outstanding as of December 31, 2022;110,647,199 shares authorized,71,342,227 shares issued and outstanding as of December 31, 2023)		47			41			7
Treasury Stock		(328,764	)		(328,764	)		(46,305	)
Additional paid-in capital		3,081,254			3,204,961			451,406
Accumulated other comprehensive income		(20,842	)		(13,545	)		(1,908	)
Retained earnings		5,916,865			6,847,190			964,406
Total shareholders’ equity		8,648,751			9,710,082			1,367,636
Total liabilities and shareholders’ equity		11,087,234			12,456,840			1,754,509

Condensed Statements of Operations and Comprehensive Income (In thousands)


	For the Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(e)
Operating expenses:
General and administrative expenses		(19,109	)		(15,082	)		(15,749	)		(2,218	)
Total operating expenses		(19,109	)		(15,082	)		(15,749	)		(2,218	)
Interest expense, net		(44,865	)		(46,912	)		(73,750	)		(10,387	)
Share of income from subsidiaries		2,395,789			872,049			1,152,654			162,347
Investment loss		(1,980	)		—			—			—
Others, net		11,239			9,697			2,790			395
Income before income tax expense		2,341,074			819,752			1,065,945			150,137
Income tax expense		(7,151	)		—			—			—
Net income attributable to ordinary shareholders		2,333,923			819,752			1,065,945			150,137
Other comprehensive income:
Foreign currency translation adjustments, net of tax		7,965			(32,115	)		7,297			1,028
Total comprehensive income attributable to ordinary shareholders		2,341,888			787,637			1,073,242			151,165

Condensed Statements of Cash Flows (In thousands)


	For the Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(e)
Net cash (used in)/provided by operating activities		14,196			(51,139	)		(58,579	)		(8,250	)
Cash flows from investing activities:
Cash paid on long–term investments		(18,868	)		—			—			—
Cash paid on acquisition of subsidiaries, net of cash acquired		—			(676	)		—			—
Proceeds from disposal of long-term investments		65,537			—			—			—
Cash paid on loans to third parties		(22,317	)		—			—			—
Net cash used in funds to Group companies		(15,263	)		36,817			(6,040	)		(851	)
Net cash provided by investing activities		9,089			36,141			(6,040	)		(851	)
Cash flows from financing activities:
Repurchase of treasury stock		—			(326,942	)		—			—
Dividends to shareholders		—			—			(135,620	)		(19,102	)
Repayments of convertible loans		—			—			(1,634,678	)		(230,240	)
Borrowings under loan from Group companies		—			323,446			1,872,954			263,800
Exercise of share–based awards		7,124			2,742			5,880			828
Net cash provided by financing activities		7,124			(754	)		108,536			15,286
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(29,410	)		15,424			2,596			366
Net increase/(decrease) in cash, cash equivalents and restricted cash		999			(328	)		46,513			6,551
Cash, cash equivalents and restricted cash at beginning of the year		846			1,845			1,517			214
Cash, cash equivalents and restricted cash at end of the year		1,845			1,517			48,030			6,765

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.

For the Company only condensed financial information, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such assets are presented on the Condensed Balance Sheets as “Investments in subsidiaries” and shares in the subsidiaries are presented as “Share of income from subsidiaries” on the Condensed Statements of Operations and Comprehensive Income. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

9. 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, 2022 and 2023:


December 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balances at Fair Value
	(RMB in thousands)
Assets
Restricted term deposit		—		1,061,858		—		1,061,858
Short-term investments				270,000				270,000
Loans at fair value		—		—		352,672		352,672
Total assets		—		1,331,858		352,672		1,684,530
Liabilities
Guarantee derivative liabilities		—		—		861,304		861,304
Total liabilities		—		—		861,304		861,304


December 31, 2023	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balances at Fair Value
	(RMB in thousands)
Assets
Restricted term deposit		—		105,182		—		105,182
Short-term investments		—		200,000		—		200,000
Loans at fair value		—		—		420,483		420,483
Total assets		—		305,182		420,483		725,665
Liabilities
Guarantee derivative liabilities						1,357,601		1,357,601
Total liabilities		—		—		1,357,601		1,357,601

The fair value of the Group’s restricted term deposit and short-term investments 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 Institutional Funding Partners, as the Group’s financial guarantee provided 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 assets or liabilities (Level 3). For the off-balance sheet loans acquired or purchased by the Group that are not traded in an active market with readily observable prices, the Group uses discounted cash flow methodology involving significant unobservable inputs to measure the fair value of these loans (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 assets or liabilities, and fair value of loans acquired or purchased. 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, 2022 and 2023:


		Range of Inputs
		December 31, 2022									December 31, 2023
Financial Instrument	Unobservable Input	Minimum			Maximum			Weighted- Average			Minimum			Maximum			Weighted- Average
Guarantee derivatives	Cumulative loss rates(i)		1.3	%		12.1	%		7.8	%		1.4	%		11.8	%		7.4	%
	Margins on cost of guarantee services		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%		10.0	%
Loans at fair value	Expected future recovery rates(ii)		4.8	%		4.8	%		4.8	%		4.2	%		4.2	%		4.2	%

(i)

Expressed as a percentage of the original principal balance of the loans.

(ii)

Expressed as a percentage of the principal balance of the loans acquired/purchased.

The following table summarizes the activities related to fair value of the guarantee derivatives:


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Fair value of guarantee derivative liabilities at beginning of the year (Level 3)		252,613			1,473,853			861,304
Cash collection		3,107,316			4,436,911			5,512,818
Net cash payout		(2,344,922	)		(4,435,587	)		(5,284,198	)
Change in fair value(i)		458,846			(613,873	)		267,677
Fair value of guarantee derivative liabilities at end of the year (Level 3)		1,473,853			861,304			1,357,601

(i)

Recognized as “Change in fair value of financial guarantee derivatives, net” on the Consolidated Statements of Operations.

The following table summarizes the activities related to fair value of the loans acquired or purchased:


	For the Year Ended December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Fair value of loans acquired/purchased at beginning of the year (Level 3)		252,970			352,672
Fair value at inception of loans acquired/purchased		4,296,611			5,154,833
Cash collection		(4,305,417	)		(5,120,379	)
Change in fair value(i)		108,508			61,309
Disposal		—			(27,952	)
Fair value of loans acquired/purchased at end of the year (Level 3)		352,672			420,483

(i)

Recognized as “Change in fair value of loans at fair value” on the Consolidated Statements of Operations.

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 assets and liabilities. The following table summarizes the effect adverse changes in estimate would have on the fair value of the guarantee derivative assets and liabilities as of December 31, 2022 and 2023, respectively, given hypothetical changes in the cumulative loss rates:


	As of December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Weighted average cumulative loss rates(i)		7.8	%		7.4	%
Increase/(decrease) in fair value of guarantee derivative liabilities if the cumulative loss rates:
Increase by 10% (ii)		443,526			544,318
Decrease by 10% (ii)		(443,526	)		(544,318	)

(i)

Expressed as a percentage of the original principal balance of the loans.

(ii)

Expressed as a percentage of the original cumulative loss rates.

Changes in certain of the unobservable inputs noted above may have a significant impact on the fair value of the loans at fair value. The following table summarizes the effect adverse changes in estimate would have on the fair value of the loans at fair value as of December 31, 2022 and 2023, given hypothetical changes in the expected future recovery rates:


	For the Year Ended December 31,
	2022			2023
	(RMB in thousands, except for percentages)
Weighted average expected future recovery rates(i)		4.8	%		4.2	%
Increase/(decrease) in fair value of loans at fair value if the expected future recovery rates:
Increase by 10% (ii)		35,267			42,048
Decrease by 10% (ii)		(35,267	)		(42,048	)

(i)

Expressed as a percentage of the principal balance of the loans acquired/purchased.

(ii)

Expressed as a percentage of the original expected future recovery 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, short-term investments, amounts due from related parties, deposits to insurance companies and guarantee companies, short-term financing receivables and short-term contract assets and receivables are financial assets with carrying amounts that approximate fair value due to their short-term nature. Accounts payable, amounts due to related parties, short‑term borrowings, short‑term funding debts and convertible notes are financial liabilities with carrying amounts that approximate fair value because of their short-term nature.

Non‑recurring

The Group measures certain financial assets at fair value on a non-recurring basis only if an impairment charge were to be recognized. 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 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.

As of December 31, 2023, the company measured one investment at fair value on a nonrecurring basis using valuation methodology under the market approach. The significant unobservable inputs (level 3) include enterprise value to net asset multiple which was determined based on the weighted average of selected comparable companies. The fair value of the long-term investment was RMB102 million as of December 31, 2023, and the Company recognized an impairment of RMB92.3 million accordingly.

Significant Unobservable Inputs

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, 2023:

         
        Range of Inputs

         
        December 31, 2023

        Unobservable Input

        Minimum

        Maximum

        Weighted-Average

Value to net asset multiple

0.34

0.74

0.65

Significant Level 3 Input Sensitivity

Changes in certain of the unobservable inputs noted above may have a significant impact on the fair value of the investment. The following table summarizes the effect adverse changes in estimate would have on the fair value of the investment as of December 31, 2023, given hypothetical changes in the value to net asset multiple:


	For the Year Ended December 31,
	2023
	(RMB in thousands, except for percentages)
Value to net asset multiple		0.65
Increase/(decrease) in fair value of the investment:
Increase by 10%		10,388
Decrease by 10%		(10,388	)

- 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.

+ References + Details

Taxation - Effect of Tax Holiday Related to Group (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax holiday effect	¥ 86,655	¥ 69,827	¥ 299,578
Basic net income per share effect	¥ 0.26	¥ 0.20	¥ 0.81
Diluted net income per share effect	¥ 0.24	¥ 0.18	¥ 0.72

Significant Accounting Policies - Schedule of Future Minimum Lease Payments - ASC 842 (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
2024	¥ 41,627
2025	36,285
2026	21,263
Total future lease payments	99,175
Impact of discounting remaining lease payments	(7,531)
Total lease liabilities	91,644
- Short-term portion	¥ 40,942	¥ 50,747
Operating Lease, Liability, Current, Statement of Financial Position	Accruals and other current liabilities(including amounts of the consolidated VIEs of RMB2,550,969 and RMB3,521,896 as of December 31, 2022 and December 31, 2023, respectively)	Accruals and other current liabilities(including amounts of the consolidated VIEs of RMB2,550,969 and RMB3,521,896 as of December 31, 2022 and December 31, 2023, respectively)
- Long-term portion	¥ 50,702
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Other long-term liabilities(including amounts of the consolidated VIEs of RMB65,788 and RMB33,495 as of December 31, 2022 and December 31, 2023, respectively)

Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2023
Computers and Equipment
Property Plant And Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Estimated Useful Lives	4 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Estimated Useful Lives	5 years
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Software \| Minimum
Property Plant And Equipment [Line Items]
Estimated Useful Lives	3 years
Software \| Maximum
Property Plant And Equipment [Line Items]
Estimated Useful Lives	10 years

Property, Equipment and Software, Net - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Property, Plant and Equipment [Line Items]
Depreciation and amortization	¥ 105,409	$ 14,847	¥ 94,941	¥ 90,751
Property, equipment and software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	¥ 71,000		¥ 60,500	¥ 56,400

Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Prepaid Expense and Other Assets, Current [Abstract]
Receivables from third-party payment service providers	¥ 553,844		¥ 377,928
Deposits to Institutional Funding Partners	237,823		212,199
Prepayment to inventory suppliers	67,222		55,958
Prepaid input value-added tax	41,214		37,089
Rental deposits and other current assets	108,183		51,107
Loans at fair value	420,483		352,672
Total prepayments and other current assets	¥ 1,428,769	$ 201,238	¥ 1,086,952

Accruals and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of accruals and other current liabilities


	As of December 31,
	2022		2023
	(RMB in thousands)
Guarantee derivative liabilities at fair value (Note 9)		861,304		1,357,601
Funds payable to Institutional Funding Partners (i)		382,545		1,071,301
Tax payable		746,563		869,529
Accrued payroll and welfare		400,886		392,176
Accrued risk management fees		186,331		220,279
Accrued marketing expenses		130,937		150,927
Other accrued expenses		65,557		83,381
Amount due to third party sellers		102,613		80,099
Other payables		24,916		67,348
Accrued professional fees and outsourcing fees		61,604		59,668
Short-term leasing liabilities		50,747		40,942
Deferred service fees		31,112		36,614
Accrued interest payable		12,354		4,389
Total accruals and other current liabilities		3,057,469		4,434,254

(i)

The payable balances mainly include repayment received from Borrowers but not yet transferred to accounts of Institutional Funding Partners due to the settlement time lag.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of presentation

(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.

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))

(i)

Contractual agreements with the VIEs

(ii)

Risks in relation to the VIE structure

•

revoke the Group’s business and operating licenses;

•

require the Group to discontinue or restrict its operations;

•

restrict the Group’s right to collect revenues;

•

block the Group’s websites;

•

require the Group to restructure its operations, re‑apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

•

impose additional conditions or requirements with which the Group may not be able to comply; or

•

take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business.

Summary of Financial Information of the Consolidated VIEs


	As of December 31,
	2022		2023
	(RMB in thousands)
Consolidating Schedule of Financial Position
ASSETS
Cash and cash equivalents		1,273,823		1,834,738
Restricted cash		718,675		916,015
Restricted term deposit and short-term investments		119,678		149,678
Financing receivables, net		6,756,760		3,990,083
Amounts due from Group companies (1)		106,977		201,390
Deposits to insurance companies and guarantee companies		2,214,771		2,605,464
Contract assets and receivables, net		4,151,340		5,586,257
Property, equipment and software, net		213,610		351,688
Land use rights, net and right of use assets		1,029,258		955,250
Long‑term investments		331,560		239,244
Other assets		2,919,516		3,119,999
TOTAL ASSETS		19,835,968		19,949,806
LIABILITIES
Amounts due to Group companies (1)		6,285,111		6,546,526
Borrowings		1,288,476		842,158
Funding debts		5,719,358		3,938,996
Deferred guarantee income		781,633		1,215,490
Contingent guarantee liabilities		770,495		1,232,002
Other liabilities		2,699,461		3,641,027
TOTAL LIABILITIES		17,544,534		17,416,199
Total equity attributable to owners of the company		2,291,434		2,533,607
TOTAL SHAREHOLDERS’ EQUITY		2,291,434		2,533,607
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		19,835,968		19,949,806


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Condensed Consolidating Schedule of Results of Operations
Operating revenue:
Third-party revenues		11,091,978			9,297,734			11,264,532
Inter-group revenues (2)		11,429			329			186,968
Total Operating revenue		11,103,407			9,298,063			11,451,500
Operating cost:
Third-party costs		(5,520,994	)		(6,484,657	)		(7,354,363	)
Inter-group costs(2)		(1,636	)		(36	)		(27	)
Total operating cost		(5,522,630	)		(6,484,693	)		(7,354,390	)
Gross profit		5,580,777			2,813,370			4,097,110
Operating expense:
Third-party expenses		(1,689,151	)		(1,764,902	)		(1,766,810	)
Inter-group expenses(2)		(3,047,627	)		(1,629,811	)		(1,544,632	)
Total operating expenses		(4,736,778	)		(3,394,713	)		(3,311,442	)
Others		(369,200	)		617,568			(448,109	)
Income before income tax		474,799			36,225			337,559
Income tax expenses		(142,201	)		(13,950	)		(100,292	)
Net income		332,598			22,275			237,267
Less: net income attributable to non-controlling interests		193			6,177			—
Net income attributable to ordinary shareholders of the Company		332,405			16,098			237,267


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands)
Net cash (used in)/provided by operating activities		(298,268	)		537,019			1,412,861
Net cash provided by transactions with external parties		3,839,254			2,063,827			2,892,415
Net cash used in transactions with inter-group entities for technical service charges and others (3)		(4,137,522	)		(1,526,808	)		(1,479,554	)
Net cash provided by/(used in) investing activities		622,696			(2,062,379	)		1,337,528
Net cash provided by/(used in) transactions with external parties		472,228			(2,586,207	)		1,387,854
Net cash (used in)/provided by funds to Group companies (4)		150,468			(61,831	)		(50,326	)
Transfer of Shenzhen Lexin Financing Guarantee Co., Ltd from VIE to subsidiary (5)		—			585,659			—
Net cash provided/(used in) by financing activities		656,269			(37,777	)		(1,992,134	)
Net cash (used in)/provided by transactions with external parties		(1,775,038	)		1,469,679			(2,242,139	)
Net cash provided by/(used in) funds from Group companies (6)		2,431,307			(1,507,456	)		250,005
Net increase/(decrease) in cash, cash equivalents and restricted cash		980,697			(1,563,137	)		758,255
Cash, cash equivalents and restricted cash at beginning of the year		2,574,938			3,555,635			1,992,498
Cash, cash equivalents and restricted cash at end of the year		3,555,635			1,992,498			2,750,753

(1)

(2)

(3)

(4)

(5)

(6)

(c)

Use of estimates

(d)

Functional currency and foreign currency translation

(e)

Convenience translation

(f)

Presentation for on- and off-balance sheet loans

On‑balance sheet loans

Loans funded by establishment of the consolidated Trusts and issuance of asset‑backed securitized debts

Off‑balance sheet loans

Loans funded by certain Institutional Funding Partners such as third-party commercial banks or consumer finance companies

Measurement of financing receivables

(g)

Allowance for credit losses

The Group mainly has the following types of financial assets that are subject to credit losses of the customers: financing receivables, contract assets and receivables.

(h)

Funding debts

(i)

Guarantee receivables and liabilities

The following table sets forth the activities of the Group’s obligations associated with the deferred guarantee income for the years ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023
				(RMB in thousands)
Opening balances		694,582			419,843			894,858
Fair value of deferred guarantee income at inception of new loans		499,805			1,928,195			3,162,811
Release of deferred guarantee income		(774,544	)		(1,453,180	)		(2,519,284	)
Ending balances		419,843			894,858			1,538,385

The following table sets forth the activities of the Group’s obligations associated with the contingent guarantee liabilities for the year ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2023
				(RMB in thousands)
Opening balances		1,738,787			928,840			882,107
Provision for contingent liabilities of guarantee		622,438			1,468,265			3,203,123
Net cash payout		(1,432,385	)		(1,514,998	)		(2,276,690	)
Ending balances		928,840			882,107			1,808,540

(j)

Loans at fair value

(k)

Guarantee derivatives

(l)

Revenue recognition

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:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Installment e-commerce platform service income
Installment e-commerce platform service income		1,661,156		1,997,838		1,585,625
Other services		564		58,227		164,884
Total installment e-commerce platform service income		1,661,720		2,056,065		1,750,509
Credit facilitation service income
Loan facilitation and matching servicing fees-credit oriented		3,120,892		1,404,507		4,178,477
Post-origination servicing fees-credit oriented		1,327,452		1,082,020		823,404
Total credit facilitation service income		4,448,344		2,486,527		5,001,881
Tech-empowerment service income
Loan facilitation and matching servicing fees- performance based		1,727,794		935,234		702,774
Post-origination servicing fees- performance based		561,658		427,404		280,574
Loan facilitation and servicing fees- volume based		279,902		252,460		349,927
Membership services		107,901		82,256		133,211
Other services		85,740		148,589		173,967
Total tech-empowerment service income		2,762,995		1,845,943		1,640,453
Total revenue from loan facilitation and servicing fees		7,017,698		4,101,625		6,335,156
Total operating revenue within the scope of ASC 606		8,873,059		6,388,535		8,392,843

The following table presents the Group’s operating revenue within the scope of ASC 606 disaggregated by timing of revenue recognition:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands)
Revenues recognized at point-in-time		6,876,048		4,796,855		7,155,654
Revenues recognized over time		1,997,011		1,591,680		1,237,189
Total operating revenue within scope of ASC 606		8,873,059		6,388,535		8,392,843

The Group’s revenue recognition policies under ASC 606 are as follows:

Installment e-commerce platform service

Online direct sales

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).

Other services

Credit facilitation service and tech-empowerment service income

Loan facilitation and servicing fees

Revenues from loan facilitation and matching and post-origination services-overall

Membership services

Other services under tech-empowerment service income

Financing income

The Group generates financing income from its financing receivables, which comprises of interest income and others.

Customer incentives

Contract balances

Remaining performance obligations

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.

(m)

Cash and cash equivalents

(n)

Restricted cash

(o)

Restricted term deposit and short-term investments

(p)

Inventories, net

(q)

Long-term investments

Equity investments accounted for using the measurement alternative

Equity investments accounted for using the equity method

Debt investment

(r)

Property, equipment and software, net


Category	Estimated Useful Lives
Computers and equipment	3 years
Furniture and fixtures	4 ‑ 5 years
Leasehold improvement	Over the shorter of the expected life of leasehold improvement or the lease term
Software	3 ‑ 10 years

(s)

Land use rights, net

(t)

Impairment of long‑lived assets

(u)

Other assets

(v)

Fair value measurements

Financial instruments

•

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

•

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value measurements on a recurring basis

Fair value measurements on a non-recurring basis

(w)

Cost of sales

(x)

Funding cost

(y)

Processing and servicing cost

(z)

Sales and marketing expenses

(aa)

Research and development expenses

(bb)

General and administrative expenses

(cc)

Leases

Future minimum lease payments under non‑cancelable operating leases agreements are as follows:


	For the Year ended December 31, 2023
	RMB in thousands
2024		41,627
2025		36,285
2026		21,263
Total future lease payments		99,175
Impact of discounting remaining lease payments		(7,531	)
Total lease liabilities		91,644
- Short-term portion		40,942
- Long-term portion		50,702


	For the Year ended December 31, 2023
	RMB in thousands
Cash payments for operating leases		48,943
Right-of-use assets obtained in exchange for operating lease liabilities		29,915

(dd)

Share‑based compensation

Stock options and restricted share units granted generally vest over four years.

(ee)

Taxation

Income tax

Current income tax is provided for in accordance with the laws of the relevant tax jurisdictions.

Uncertain tax positions

(ff)

Net income per share

(gg)

Segment reporting

(hh)

Statutory reserves

The Company’s subsidiaries, the VIEs and the VIEs’ subsidiaries established in the PRC are required to make appropriations to certain non‑distributable reserve funds.

(ii)

Significant risks and uncertainties

Foreign currency risk

Operation and compliance risk

Concentration of credit risk

Concentration of customers, suppliers, and funding partners


	As of December 31,
	2022			2023
Inventory supplier A		—			13.9	%
Inventory supplier B		28.9	%		12.6	%
Inventory supplier C		23.4	%	*
Inventory supplier D		17.5	%	*
Inventory supplier E		11.6	%	*

* Less than 10%.


	As of December 31,
	2022			2023
Institutional Funding Partner A		16.9	%		33.9	%
Institutional Funding Partner B		16.5	%		36.3	%

There were no Institutional Funding Partner that accounted for more than 10% of the Group’s origination of off-balance sheet loans for the year ended December 31, 2022 and 2023.


	As of December 31,
	2022			2023
Guarantee Company A		23.4	%		17.1	%
Guarantee Company B	*				11.3	%
Guarantee Company C	*				11.2	%

* Less than 10%.

(a)

Recent accounting pronouncements

Taxation - Others (Details) - CNY (¥)	12 Months Ended
Taxation - Others (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Statutory tax rate (as a percentage)	25.00%	25.00%	25.00%
Valuation allowance	¥ 78,471,000	¥ 13,038,000	¥ 6,756,000	¥ 4,429,000
Operating loss carryforwards	423,000,000	175,000,000
Valuation allowance for net operating loss carryforwards	312,000,000	48,400,000
Net operating loss carryforwards	105,653,000	43,237,000
Net operating loss carryforwards, expires in 2024	2,400,000
Net operating loss carryforwards, expires in 2025	11,300,000
Net operating loss carryforwards, expires in 2026	35,400,000
Net operating loss carryforwards, expires in 2027	82,500,000
Net operating loss carryforwards, expires in 2028	291,000,000
VIEs
Income Taxes [Line Items]
Net operating loss carryforwards	111,000,000	126,000,000
Provision for credit losses
Income Taxes [Line Items]
Valuation allowance	¥ 0	¥ 0	¥ 0

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

17. NET INCOME PER SHARE

Basic net income per share is the amount of net income available to each share of ordinary shares outstanding during the reporting period. Diluted net income per share is the amount of net 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 year ended December 31, 2023, the Company had potential ordinary shares, including stock options granted, outstanding restricted share units and ordinary shares issuable upon the conversion of the Notes. For the years ended December 31, 2021, 2022 and 2023, stock options to purchase ordinary shares and restricted share units that were anti‑dilutive and excluded from the calculation of diluted net income per share were 9,826,578 shares, 21,959,786 shares, and 17,525,547 shares on a weighted average basis, respectively.

The following table sets forth the computation of basic and diluted net income per share for the periods indicated:


	For the Year Ended December 31,
	2021		2022		2023
	(RMB in thousands, except for share and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders		2,333,923		819,752		1,065,945
Denominator:
Weighted average number of ordinary shares outstanding—basic		368,460,867		348,048,245		328,523,952
Net income per share attributable to ordinary shareholders—basic		6.33		2.36		3.24
Diluted net income per share calculation:
Numerator:
Net income attributable to ordinary shareholders		2,333,923		819,752		1,065,945
Interest expense associated with convertible notes reversed		44,865		46,903		73,807
Net income attributable to ordinary shareholders for calculating diluted net income per share		2,378,788		866,655		1,139,752
Denominator:
Weighted average number of ordinary shares outstanding—basic		368,460,867		348,048,245		328,523,952
Ordinary shares issuable upon the exercise of outstanding stock options using the treasury stock method		3,381,510		1,792,478		2,838,399
Ordinary shares issuable upon the vesting of outstanding restricted share units using the treasury stock method		293,196		58,955		220,666
Ordinary shares issuable upon the conversion of convertible notes using the if—converted method		42,857,143		42,857,143		28,237,965
Weighted average number of ordinary shares outstanding—diluted		414,992,716		392,756,821		359,820,982
Net income per share attributable to ordinary shareholders—diluted		5.73		2.21		3.17

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-38328
Entity Registrant Name	LexinFintech Holdings Ltd.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	27/F CES Tower
Entity Address, Address Line Two	No. 3099 Keyuan South Road
Entity Address, Address Line Three	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Postal Zip Code	518057
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Document Accounting Standard	U.S. GAAP
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001708259
Amendment Flag	false
Auditor Firm ID	1424
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Beijing
Business Contact
Entity Address, Address Line One	27/F CES Tower
Entity Address, Address Line Two	No. 3099 Keyuan South Road
Entity Address, Address Line Three	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Postal Zip Code	518057
Contact Personnel Name	James Xigui Zheng
City Area Code	86
Local Phone Number	755 3637 8888
Entity Address, Country	CN
Contact Personnel Email Address	IR@lexin.com
ADS
Title of 12(b) Security	American depositary shares (one American depositary share representing two Class A ordinary shares, par value US$0.0001 per share)
Trading Symbol	LX
Security Exchange Name	NASDAQ
Ordinary shares
Entity Common Stock, Shares Outstanding	328,260,411
Class A Ordinary Shares
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share*
Trading Symbol	LX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	256,918,184
Class B Ordinary Shares
Entity Common Stock, Shares Outstanding	71,342,227

Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets (In thousands, except for share and per share data)


	As of December 31,
	2022			2023
	RMB			RMB			US$
							Note 2(e)
ASSETS
Current assets
Cash and cash equivalents		1,517			48,030			6,765
Amounts due from subsidiaries		335,934			343,091			48,323
Prepayments and other current assets		8,314			6,717			946
Total current assets		345,765			397,838			56,034
Non-current assets
Investments in subsidiaries		10,741,234			12,058,899			1,698,460
Other assets		235			103			15
Total non-current assets		10,741,469			12,059,002			1,698,475
Total assets		11,087,234			12,456,840			1,754,509
LIABILITIES
Current liabilities
Amounts due to subsidiaries, the VIEs and the VIEs’ subsidiaries		357,042			2,230,015			314,091
Accrued interest payable		9,385			2,095			295
Accruals and other current liabilities		8,511			9,198			1,296
Convertible notes		2,063,545			505,450			71,191
Total current liabilities		2,438,483			2,746,758			386,873
Total liabilities		2,438,483			2,746,758			386,873
Commitments and contingencies (Note 21)

SHAREHOLDERS’ EQUITY:
Class A Ordinary Shares ($0.0001 par value per share; 1,889,352,801 shares authorized, 300,707,476 shares issued,245,264,614 shares outstanding as of December 31, 2022; 1,889,352,801 shares authorized, 300,707,476 shares issued 256,918,184 shares outstanding as of December 31, 2023)		191			199			30
Class B Ordinary Shares ($0.0001 par value per share; 110,647,199 shares authorized,80,189,163 shares issued and outstanding as of December 31, 2022;110,647,199 shares authorized,71,342,227 shares issued and outstanding as of December 31, 2023)		47			41			7
Treasury Stock		(328,764	)		(328,764	)		(46,305	)
Additional paid-in capital		3,081,254			3,204,961			451,406
Accumulated other comprehensive income		(20,842	)		(13,545	)		(1,908	)
Retained earnings		5,916,865			6,847,190			964,406
Total shareholders’ equity		8,648,751			9,710,082			1,367,636
Total liabilities and shareholders’ equity		11,087,234			12,456,840			1,754,509

Condensed Statements of Operations and Comprehensive Income

Condensed Statements of Operations and Comprehensive Income (In thousands)


	For the Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(e)
Operating expenses:
General and administrative expenses		(19,109	)		(15,082	)		(15,749	)		(2,218	)
Total operating expenses		(19,109	)		(15,082	)		(15,749	)		(2,218	)
Interest expense, net		(44,865	)		(46,912	)		(73,750	)		(10,387	)
Share of income from subsidiaries		2,395,789			872,049			1,152,654			162,347
Investment loss		(1,980	)		—			—			—
Others, net		11,239			9,697			2,790			395
Income before income tax expense		2,341,074			819,752			1,065,945			150,137
Income tax expense		(7,151	)		—			—			—
Net income attributable to ordinary shareholders		2,333,923			819,752			1,065,945			150,137
Other comprehensive income:
Foreign currency translation adjustments, net of tax		7,965			(32,115	)		7,297			1,028
Total comprehensive income attributable to ordinary shareholders		2,341,888			787,637			1,073,242			151,165

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows (In thousands)


	For the Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(e)
Net cash (used in)/provided by operating activities		14,196			(51,139	)		(58,579	)		(8,250	)
Cash flows from investing activities:
Cash paid on long–term investments		(18,868	)		—			—			—
Cash paid on acquisition of subsidiaries, net of cash acquired		—			(676	)		—			—
Proceeds from disposal of long-term investments		65,537			—			—			—
Cash paid on loans to third parties		(22,317	)		—			—			—
Net cash used in funds to Group companies		(15,263	)		36,817			(6,040	)		(851	)
Net cash provided by investing activities		9,089			36,141			(6,040	)		(851	)
Cash flows from financing activities:
Repurchase of treasury stock		—			(326,942	)		—			—
Dividends to shareholders		—			—			(135,620	)		(19,102	)
Repayments of convertible loans		—			—			(1,634,678	)		(230,240	)
Borrowings under loan from Group companies		—			323,446			1,872,954			263,800
Exercise of share–based awards		7,124			2,742			5,880			828
Net cash provided by financing activities		7,124			(754	)		108,536			15,286
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(29,410	)		15,424			2,596			366
Net increase/(decrease) in cash, cash equivalents and restricted cash		999			(328	)		46,513			6,551
Cash, cash equivalents and restricted cash at beginning of the year		846			1,845			1,517			214
Cash, cash equivalents and restricted cash at end of the year		1,845			1,517			48,030			6,765

Fair Value Measurement - Summary of Quantitative Information About The Significant Unobservable Inputs of Investment (Details) - Level 3 Inputs - Value to Net Asset Multiple - Non-recurring Basis	Dec. 31, 2023
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value to net asset multiple	0.74
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value to net asset multiple	0.34
Weighted-Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value to net asset multiple	0.65

Fair Value Measurement - Schedule of Fair Value of Hierarchy For Assets and Liabilities Measured on Recurring Basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets
Restricted term deposit	¥ 105,182	$ 14,815	¥ 1,061,858
Short-term investments	200,000	$ 28,169	270,000
Loans at fair value	420,483		352,672
Recurring Basis \| Fair Value
Assets
Restricted term deposit	105,182		1,061,858
Short-term investments	200,000		270,000
Loans at fair value	420,483		352,672
Total assets	725,665		1,684,530
Liabilities
Guarantee derivative liabilities	1,357,601		861,304
Total liabilities	1,357,601		861,304
Recurring Basis \| Fair Value \| Level 2 Inputs
Assets
Restricted term deposit	105,182		1,061,858
Short-term investments	200,000		270,000
Total assets	305,182		1,331,858
Recurring Basis \| Fair Value \| Level 3 Inputs
Assets
Loans at fair value	420,483		352,672
Total assets	420,483		352,672
Liabilities
Guarantee derivative liabilities	1,357,601		861,304
Total liabilities	¥ 1,357,601		¥ 861,304

Contract Assets and Receivables, Net - Additional Information (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Contract with Customer, Asset, before Allowance for Credit Loss	¥ 443	¥ 257
Percentage of contract assets and receivables	82.00%

Long-Term Investments - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2018 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Summary Of Investment Holdings [Line Items]
Carrying value of equity investments		¥ 120,000,000		¥ 213,000,000
Unrealized gains (upward adjustment)		0		0	¥ 0
Cumulative impairment charges		176,000,000
Impairment related to investments without readily determinable fair value recognized		92,300,000		0	0
Equity method investments		15,800,000		16,800,000
Loss from equity method investments		(1,500,000)	$ (208)	(4,081,000)	(3,967,000)
Expected credit loss				36,900,000
Carrying amount of held-to-maturity debt investments		119,000,000		119,000,000
Debt investment principle amount	¥ 120,000,000
Maturity term	2026-07
Interest income		¥ 0		0	0
Indonesia
Summary Of Investment Holdings [Line Items]
Cash consideration					¥ 3,000,000
PRC
Summary Of Investment Holdings [Line Items]
Decrease in equity investments due to disposal of two joint ventures				¥ 80,000,000

Organization and Principal Activities - Schedule of Percentage of Ownership in Principal Subsidiaries, Consolidated VIEs and Subsidiaries of VIEs (Details)	12 Months Ended
	Dec. 31, 2023
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%
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%
Beihai Dulin Information Technology Co. Ltd
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
Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs
Direct or Indirect Economic Interest in Subsidiary (as a percent)	100.00%
Beizhipiji
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%
Dingsheng Computer
Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs
Direct or Indirect Economic Interest in Subsidiary (as a percent)	100.00%
Beihai Aurora
Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs
Direct or Indirect Economic Interest in Subsidiary (as a percent)	100.00%
Beihai Lexin Information
Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs
Direct or Indirect Economic Interest in Subsidiary (as a percent)	100.00%
Ganjiang New Area Mengtian 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%
Beihai Super Egg
Schedule of Company's principal subsidiaries, consolidated VIEs and subsidiaries of VIEs
Direct or Indirect Economic Interest in VIEs (as a percent)	100.00%

Long-Term Investments - Summary of Movement of Carrying Value of Equity Investments Accounted Using Measurement Alternative (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Investments [Abstract]
Long-term investment at the beginning of the year	¥ 212,700	¥ 212,700	¥ 264,151
Addition			16,700
Disposal	0	0	(67,475)
Impairment	(92,316)
Foreign currency translation adjustments			(676)
Long-term investment at the end of the year	¥ 120,384	¥ 212,700	¥ 212,700

Fair Value Measurement - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment	¥ 92,316
Non-recurring Basis \| Level 3 Inputs \| Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of long-term investment	102,000
Impairment	¥ 92,300

Significant Accounting Policies - Summary of Financial Information of the Group's VIEs (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ASSETS
Cash and cash equivalents	¥ 2,624,719	$ 369,684	¥ 1,494,150	$ 210,447	¥ 2,664,132	¥ 1,563,755
Restricted cash	1,578,450	222,320	1,436,033	$ 202,261	1,454,682	1,276,151
Restricted term deposit and short-term investments	105,182	14,815	1,061,858
Deposits to insurance companies and guarantee companies	2,613,271	368,072	2,249,022
Property, equipment and software, net	446,640	62,908	284,593
Land use rights, net and right of use assets	897,267	126,377	931,667
TOTAL ASSETS	23,140,791	3,259,312	22,770,703
Liabilities [Abstract]
Deferred guarantee income	1,538,385	216,677	894,858		419,843	694,582
Contingent guarantee liabilities	1,808,540		882,107		928,840	1,738,787
TOTAL LIABILITIES	13,430,709	1,891,676	14,121,952
SHAREHOLDERS’ EQUITY:
Total shareholders equity	9,710,082	1,367,636	8,648,751		¥ 8,067,809	¥ 5,530,738
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	23,140,791	$ 3,259,312	22,770,703
VIEs
ASSETS
Cash and cash equivalents	1,834,738		1,273,823
Restricted cash	916,015		718,675
Restricted term deposit and short-term investments	149,678		119,678
Financing receivables, net	3,990,083		6,756,760
Amounts due from Group companies	201,390		106,977
Deposits to insurance companies and guarantee companies	2,605,464		2,214,771
Contract assets and receivables, net	5,586,257		4,151,340
Property, equipment and software, net	351,688		213,610
Land use rights, net and right of use assets	955,250		1,029,258
Long-term investments	239,244		331,560
Other assets	3,119,999		2,919,516
TOTAL ASSETS	19,949,806		19,835,968
Liabilities [Abstract]
Amounts due to Group companies	6,546,526		6,285,111
Borrowings	842,158		1,288,476
Funding debts	3,938,996		5,719,358
Deferred guarantee income	1,215,490		781,633
Contingent guarantee liabilities	1,232,002		770,495
Amounts due to related parties	3,641,027		2,699,461
TOTAL LIABILITIES	17,416,199		17,544,534
SHAREHOLDERS’ EQUITY:
Total equity attributable to owners of the company	2,533,607		2,291,434
Total shareholders equity	2,533,607		2,291,434
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	¥ 19,949,806		¥ 19,835,968

Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Cash Flow Statements Captions [Line Items]
Net cash (used in) / provided by operating activities	¥ 2,787,052	$ 392,549	¥ 98,844	¥ 2,667,419
Cash flows from investing activities:
Cash paid on long-term investments				(38,657)
Cash paid on loans to third parties				(292,317)
Net cash (used in)/ provided by investing activities	2,334,452	328,800	(2,409,037)	414,615
Cash flows from financing activities:
Repurchase of treasury stock			(326,942)
Dividends to shareholders	(135,620)	(19,102)
Repayments of convertible loans	(1,634,678)	(230,240)
Exercise of share-based awards	5,880	828	2,742	7,124
Net cash (used in)/provided by financing activities	(3,852,432)	(542,605)	1,111,669	(1,779,534)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,914	552	9,893	(23,592)
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,272,986	179,296	(1,188,631)	1,278,908
Cash, cash equivalents and restricted cash at beginning of the year	2,930,183	412,708	4,118,814	2,839,906
Cash, cash equivalents and restricted cash at end of the year	4,203,169	592,004	2,930,183	4,118,814
Parent
Condensed Cash Flow Statements Captions [Line Items]
Net cash (used in) / provided by operating activities	(58,579)	(8,250)	(51,139)	14,196
Cash flows from investing activities:
Cash paid on long-term investments				(18,868)
Cash paid on acquisition of subsidiaries, net of cash acquired			(676)
Proceeds from disposal of long-term investments				65,537
Cash paid on loans to third parties				(22,317)
Net cash used in funds to Group companies	(6,040)	(851)	36,817	(15,263)
Net cash (used in)/ provided by investing activities	(6,040)	(851)	36,141	9,089
Cash flows from financing activities:
Repurchase of treasury stock			(326,942)
Dividends to shareholders	(135,620)	(19,102)
Repayments of convertible loans	(1,634,678)	(230,240)
Borrowings under loan from Group companies	1,872,954	263,800	323,446
Exercise of share-based awards	5,880	828	2,742	7,124
Net cash (used in)/provided by financing activities	108,536	15,286	(754)	7,124
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,596	366	15,424	(29,410)
Net increase/(decrease) in cash, cash equivalents and restricted cash	46,513	6,551	(328)	999
Cash, cash equivalents and restricted cash at beginning of the year	1,517	214	1,845	846
Cash, cash equivalents and restricted cash at end of the year	¥ 48,030	$ 6,765	¥ 1,517	¥ 1,845

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of the Expected Repayment Amount of the Debt Obligations

The expected repayment amount of the debt obligations are as follows:


	1 – 12 months		13 – 24 months		25 – 36 months		more than 36 months		Total
	(RMB in thousands)
Funding debts obligations
Liabilities to funding partners		3,483,196		455,800		—		—		3,938,996
Interest payments (i)		178,248		8,781		—		—		187,029
Total funding debts obligations		3,661,444		464,581		—		—		4,126,025
Long–term borrowings		—		—		—		524,270		524,270
Short–term borrowings		502,013		—		—		—		502,013
Interest payments (i)		36,843		—		—		16,005		52,848
Total borrowings obligations		538,856		—		—		540,275		1,079,131
Convertible notes		502,872		—		—		—		502,872
Interest payments (i)		10,388		—		—		—		10,388
Total convertible notes obligations		513,260		—		—		—		513,260
Commitment for construction		330,355	—		—		—			330,355
Commitment to purchase delinquent loans (ii)		771,500	—		—		—			771,500
Total purchase obligations		1,101,855		—		—		—		1,101,855

(i)

Interest payments with variable interest rates are calculated using the interest rate as of December 31, 2023.

(ii)

Fair Value Measurement - Summary of Effect Adverse Changes in Estimated Fair Value of Investment (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Fair Value Disclosures [Abstract]
Value to net asset multiple	0.65%
Increase by 10%	¥ 10,388
Decrease by 10%	¥ (10,388)

Contract Assets and Receivables, Net - Schedule of Contract Assets and Receivables and Guarantee Receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract Assets
Short-term:
Gross	¥ 4,193,755	¥ 2,507,733
Allowance	(278,202)	(97,712)
Net	3,915,553	2,410,021
Long-term:
Gross	404,937	422,307
Allowance	(46,721)	(40,248)
Net	358,216	382,059
Service Fees Receivable
Short-term:
Gross	616,617	631,641
Allowance	(56,400)	(68,292)
Net	560,217	563,349
Guarantee Receivable
Short-term:
Gross	1,738,745	971,651
Allowance	(101,534)	(50,846)
Net	1,637,211	920,805
Long-term:
Gross	256,719	235,486
Allowance	(15,117)	(12,494)
Net	¥ 241,602	¥ 222,992

Share-Based Compensation - Schedule of Estimated Fair Value of Stock Option Granted (Details) - Employees, Directors and Non-employee Directors	12 Months Ended
	Dec. 31, 2023 $ / shares ¥ / shares	Dec. 31, 2023 ¥ / shares	Dec. 31, 2022 $ / shares ¥ / shares	Dec. 31, 2022 ¥ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 $ / shares ¥ / shares
Expected volatility, minimum	45.96%	45.96%	47.26%	47.26%	46.68%	46.68%
Expected volatility, maximum	46.68%	46.68%	47.52%	47.52%	47.79%	47.79%
Risk-free interest rate, minimum (per annum)	3.58%	3.58%	2.41%	2.41%	1.11%	1.11%
Risk-free interest rate, maximum (per annum)	3.97%	3.97%	4.07%	4.07%	1.64%	1.64%
Exercise multiples \| ¥ / shares	¥ 1.5	¥ 1.5	¥ 1.5	¥ 1.5
Expected term (in years)	10 years	10 years	10 years	10 years	10 years	10 years
Fair value of the underlying shares on the date of grants (US$) \| ¥ / shares		¥ 5		¥ 4.8		¥ 23
Minimum
Exercise multiples					$ 1.5	¥ 1.5
Fair value of the underlying shares on the date of grants (US$)	¥ 0.42		¥ 0.32		1.91
Maximum
Exercise multiples					2.5	¥ 2.5
Fair value of the underlying shares on the date of grants (US$)	¥ 1.66		¥ 1.48		$ 6.31

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Group's (loss)/income Before Income Tax Expense

The components of the Group’s income before income tax expense for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Year Ended December 31,
	2021			2022			2023
	(RMB in thousands, except for percentages)
Income before income tax expense		2,769,534			1,028,569			1,326,786
Loss from non-China operations		(30,047	)		(94,806	)		(86,910	)
Income from China operations		2,799,581			1,123,375			1,413,696
Income tax expense applicable to China operations		428,267			202,466			239,365
Income tax expense applicable to non-China operations		7,151			174			123
PRC Withholding Tax on Dividends		—			—			21,353
Total income tax expense		435,418			202,640			260,841
Effective tax rate for China operations		15.3	%		18.0	%		16.9	%
Effective tax rate for the Group		15.7	%		19.7	%		19.7	%

Schedule of Current and Deferred Portion of Income Tax Expense of Company's China Subsidiaries, VIEs, and Subsidiaries of VIEs

The following table sets forth current and deferred portion of income tax expense of the Company’s China subsidiaries, the VIEs, and subsidiaries of the VIEs:


	For the Year Ended December 31,
	2021			2022		2023
	(RMB in thousands)
Current income tax expense		831,675			169,299		328,391
Deferred income tax expense		(396,257	)		33,341		(67,550	)
Income tax expense		435,418			202,640		260,841

Schedule of Reconciliation Between Statutory EIT Rate and Effective Tax Rate for Group

The following table sets forth reconciliation between the statutory enterprise income tax (“EIT”) rate and the effective tax rate for the Group:


	For the Year Ended December 31,
	2021			2022			2023
Statutory EIT rate		25.0	%		25.0	%		25.0	%
Effect of tax holidays		(10.8	)%		(6.8	)%		(6.5	)%
Effect of non-deductible expenses		3.0	%		4.7	%		2.5	%
Effect of research and development tax credit		(2.1	)%		(6.1	)%		(4.7	)%
Changes in valuation allowance		0.1	%		0.6	%		4.9	%
Tax rate difference from statutory rate in other jurisdictions and others		0.5	%		2.3	%		(3.1	)%
Effect of withholding income tax		0.0	%		0.0	%		1.6	%
Effective tax rates for the Group		15.7	%		19.7	%		19.7	%

Schedule of Effect of Tax Holiday Related to Group

The following table sets forth the effect of tax holiday related to the Group:


	For the Year Ended December 31,
	2021		2022		2023
	(In thousands, except per share amount)
Tax holiday effect		299,578		69,827		86,655
Basic net income per share effect		0.81		0.20		0.26
Diluted net income per share effect		0.72		0.18		0.24

Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities


	For the Year Ended December 31,
	2022			2023
Deferred tax assets
- Provision for credit losses		948,177			1,225,097
- Deferred guarantee income and other accrued expenses		807,224			869,708
- Contingent guarantee liabilities		220,527			452,135
- Net operating loss carryforwards		43,237			105,653
- Advertising expenses in excess of deduction limit		5,683			7,248
-Investment related loss		-			75,440
Less: valuation allowance		(13,038	)		(78,471	)
Total deferred tax assets		2,011,810			2,656,810
Net deferred tax assets		1,141,761			1,232,092

The components of the deferred tax liabilities are as follows:


	For the Year Ended December 31,
	2022		2023
Deferred tax liabilities
-Contract assets and service fees receivable		636,659		1,009,002
-Guarantee receivables		285,949		469,703
-Withholding income tax		-		21,353
Total deferred tax liabilities		922,608		1,500,058
Net deferred tax liabilities		52,559		75,340

Schedule of Movement of Valuation Allowance


	For the Year Ended December 31,
	2021			2022			2023
Balance at beginning of the year		(4,429	)		(6,756	)		(13,038	)
Additions		(2,659	)		(6,783	)		(66,967	)
Reversals		332			501			1,534
Balance at end of the year		(6,756	)		(13,038	)		(78,471	)

Financing Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financing Receivables, Net

Financing receivables, net as of December 31, 2022 and 2023 consisted of the followings:


	As of December 31,
	2022			2023
	(RMB in thousands)
Short-term:
Short-term financing receivables		6,478,949			3,933,553
Accrued interest receivable		103,158			69,041
Allowance for credit losses		(184,187	)		(58,594	)
Total short-term financing receivables, net		6,397,920			3,944,000
Long-term:
Long-term financing receivables		473,545			203,601
Allowance for credit losses		(13,220	)		(3,087	)
Total long-term financing receivables, net		460,325			200,514

Summary of Balances of Financing Receivables by Due Date

The following table summarizes the balances of financing receivables by due date as of December 31, 2022 and 2023:


	As of December 31,
	2022		2023
	(RMB in thousands)
Due in months
0 - 12		6,478,949		3,933,553
13 - 24		370,652		180,719
25 - 36		59,217		46
Thereafter		43,676		22,836
Total financing receivables (excluding accrued interest receivable)		6,952,494		4,137,154

Summary of Activities in Allowance for Credit Losses

The activities in the allowance for credit losses of financing receivables for the years ended December 31, 2021, 2022 and 2023, respectively, consisted of the following:


	For the year ended December 31,
	2021			2022			2023
	(RMB in thousands)
Beginning balances		(529,162	)		(328,231	)		(197,407	)
Provision for credit losses		(401,104	)		(437,477	)		(627,061	)
Charge-offs		912,260			791,046			939,992
Recoveries from prior charge-offs		(310,225	)		(222,745	)		(177,204	)
Ending balances		(328,231	)		(197,407	)		(61,681	)

Summary of Aging Analysis of Past Due Financing Receivables

Aging analysis of past due financing receivables as of December 31, 2022 and 2023 are as follows:


RMB in thousands	1 - 29 Days Past Due		30 - 59 Days Past Due		60 - 89 Days Past Due		90 - 179 Days Past Due		180 Days or Greater Past Due		Total Past Due		Current		Total
December 31, 2022		151,784		98,289		81,652		209,738		—		541,463		6,411,031		6,952,494
December 31, 2023		94,448		76,449		65,816		183,054		—		419,767		3,717,387		4,137,154

Summary of Amortized Cost within Each Credit Quality Indicator by Year of Origination for Five Origination Years and Beyond


	Loans originated in
RMB in thousands	1 - 29 Days Past Due		30 - 59 Days Past Due		60 - 89 Days Past Due		90 - 179 Days Past Due		180 Days or Greater Past Due		Total Past Due		Current		Total
2019 and before		—		—		—		—		—		—		—		—
2020		2		5		7		36		—		50		8		58
2021		393		269		272		1,255		—		2,189		10,655		12,844
2022		9,838		8,031		8,450		34,667		—		60,986		251,940		312,926
2023		84,215		68,144		57,087		147,096		—		356,542		3,454,784		3,811,326
Total		94,448		76,449		65,816		183,054		—		419,767		3,717,387		4,137,154

Organization and Principal Activities - Reorganization (Details) $ / shares in Units, ¥ in Millions, $ in Millions		1 Months Ended					12 Months Ended					37 Months Ended
	Dec. 26, 2017 $ / shares shares	Jun. 30, 2021 shares	Jun. 30, 2018 shares	Jan. 31, 2018 CNY (¥) shares	Jan. 31, 2018 USD ($) $ / shares shares	Nov. 30, 2013 $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2020 shares	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Jun. 30, 2021 shares
Class Of Stock [Line Items]
Number of new shares issued (in shares) \| shares						125,000,000
Par value of shares \| $ / shares						$ 0.0001
Proceeds from initial public offering, net of issuance costs				¥ 95.1						¥ 651.0	$ 100.0
Class A Ordinary Shares
Class Of Stock [Line Items]
Number of new shares issued (in shares) \| shares		15,000,000	27,000,000				42,000,000	42,000,000	27,000,000			42,000,000
Par value of shares \| $ / shares	$ 0.0001
IPO \| ADS
Class Of Stock [Line Items]
Number of new shares issued (in shares) \| shares	12,000,000			1,800,000	1,800,000
Price per share \| $ / shares	$ 9.00
Proceeds from initial public offering, net of issuance costs				¥ 95.1	$ 14.7
Total gross capital raise				105.2	16.2
Net capital raise				¥ 10.1	$ 1.5
IPO \| Class A Ordinary Shares
Class Of Stock [Line Items]
Number of new shares issued (in shares) \| shares	24,000,000			3,600,000	3,600,000
Par value of shares \| $ / shares					$ 0.0001

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 2,624,719	$ 369,684	¥ 1,494,150
Restricted cash	1,433,502	201,905	1,267,512
Restricted term deposit	105,182	14,815	1,061,858
Short-term investments	200,000	28,169	270,000
Short-term financing receivables,net of allowance for credit losses of RMB184,187 and RMB58,594 as of December 31, 2022 and December 31, 2023, respectively	3,944,000	555,501	6,397,920
Short-term contract assets and receivables, net of allowance for credit losses of RMB216,850 and RMB436,136 as of December 31, 2022 and December 31, 2023, respectively	6,112,981	860,995	3,894,175
Deposits to insurance companies and guarantee companies	2,613,271	368,072	2,249,022
Prepayments and other current assets	1,428,769	201,238	1,086,952
Amounts due from related parties	6,989	984	6,602
Inventories, net	33,605	4,733	53,917
Total current assets	18,503,018	2,606,096	17,782,108
Non-current assets
Restricted cash	144,948	20,415	168,521
Long-term financing receivables, net of allowance for credit losses of RMB13,220 and RMB3,087 as of December 31, 2022 and December 31, 2023, respectively	200,514	28,242	460,325
Long-term contract assets and receivables, net of allowance for credit losses of RMB52,742 and RMB61,838 as of December 31, 2022 and December 31, 2023, respectively	599,818	84,483	605,051
Property, equipment and software, net	446,640	62,908	284,593
Land use rights, net	897,267	126,377	931,667
Long‑term investments	255,003	35,916	348,376
Deferred tax assets	1,232,092	173,537	1,141,761
Other assets, net of allowance of credit losses of RMB19,491 and RMB 224,834 as of December 31, 2022 and December 31, 2023, respectively	861,491	121,338	1,048,301
Total non-current assets	4,637,773	653,216	4,988,595
TOTAL ASSETS	23,140,791	3,259,312	22,770,703
Current liabilities
Accounts payable (including amounts of the consolidated VIEs of RMB25,970 and RMB29,032 as of December 31, 2022 and December 31, 2023, respectively)	49,801	7,014	25,970
Amounts due to related parties	2,958	417	4,669
Short term borrowings(including amounts of the consolidated VIEs of RMB1,138,046 and RMB317,888 as of December 31, 2022 and December 31, 2023, respectively)	502,013	70,707	1,168,046
Short term funding debts (including amounts of the consolidated VIEs of RMB4,385,253 and RMB3,483,196 as of December 31, 2022 and December 31, 2023, respectively)	3,483,196	490,598	4,385,253
Deferred guarantee income (including amounts of the consolidated VIEs of RMB781,633 and RMB1,215,490 as of December 31, 2022 and December 31, 2023, respectively)	1,538,385	216,677	894,858
Contingent guarantee liabilities (including amounts of the consolidated VIEs of RMB770,495 and RMB1,232,002 as of December 31, 2022 and December 31, 2023, respectively)	1,808,540	254,728	882,107
Accruals and other current liabilities(including amounts of the consolidated VIEs of RMB2,550,969 and RMB3,521,896 as of December 31, 2022 and December 31, 2023, respectively)	4,434,254	624,552	3,057,469
Convertible notes	505,450	71,191	2,063,545
Total current liabilities	12,324,597	1,735,884	12,481,917
Non-current liabilities
Long-term borrowings(including amounts of the consolidated VIEs of RMB150,430 and RMB524,270 as of December 31, 2022 and December 31, 2023, respectively)	524,000	73,842	150,430
Long term funding debts (including amounts of the consolidated VIEs of RMB1,334,105 and RMB455,800 as of December 31, 2022 and December 31, 2023, respectively)	455,800	64,198	1,334,105
Deferred tax liabilities (including amounts of the consolidated VIEs of RMB52,065 and RMB53,646 as of December 31, 2022 and December 31, 2023, respectively)	75,340	10,611	52,559
Other long-term liabilities(including amounts of the consolidated VIEs of RMB65,788 and RMB33,495 as of December 31, 2022 and December 31, 2023, respectively)	50,702	7,141	102,941
Total non-current liabilities	1,106,112	155,792	1,640,035
TOTAL LIABILITIES	13,430,709	1,891,676	14,121,952
SHAREHOLDERS’ EQUITY:
Treasury stock (44,369,636 and 44,369,636 shares as of December31, 2022 and 2023, respectively)	(328,764)	(46,305)	(328,764)
Additional paid-in capital	3,204,961	451,406	3,081,254
Statutory reserves	1,106,579	155,858	1,022,592
Accumulated other comprehensive loss	(13,545)	(1,908)	(20,842)
Retained earnings	5,740,611	808,548	4,894,273
Total shareholders equity	9,710,082	1,367,636	8,648,751
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	23,140,791	3,259,312	22,770,703
Class A Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	199	30	191
Class B Ordinary Shares
SHAREHOLDERS’ EQUITY:
Ordinary shares	¥ 41	$ 7	¥ 47

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income attributable to ordinary shareholders	¥ 1,065,945	$ 150,137	¥ 819,752	¥ 2,333,923
Denominator:
Weighted average number of ordinary shares outstanding—basic	328,523,952	328,523,952	348,048,245	368,460,867
Numerator:
Net income attributable to ordinary shareholders	¥ 1,065,945	$ 150,137	¥ 819,752	¥ 2,333,923
Interest expense associated with convertible notes reversed \| ¥	73,807		46,903	44,865
Net income attributable to ordinary shareholders for calculating diluted net income per share \| ¥	¥ 1,139,752		¥ 866,655	¥ 2,378,788
Denominator:
Weighted average number of ordinary shares outstanding—basic	328,523,952	328,523,952	348,048,245	368,460,867
Ordinary shares issuable upon the conversion of convertible notes using the if—converted method	28,237,965	28,237,965	42,857,143	42,857,143
Weighted average number of ordinary shares outstanding—diluted	359,820,982	359,820,982	392,756,821	414,992,716
Net income per share attributable to ordinary shareholders—diluted \| ¥ / shares	¥ 3.17		¥ 2.21	¥ 5.73
Ordinary shares
Denominator:
Net income per share attributable to ordinary shareholders—basic \| (per share)	3.24	$ 0.46	2.36	6.33
Denominator:
Net income per share attributable to ordinary shareholders—diluted \| (per share)	¥ 3.17	$ 0.45	¥ 2.21	¥ 5.73
Stock Options
Denominator:
Ordinary shares issuable of outstanding using the treasury stock method	2,838,399	2,838,399	1,792,478	3,381,510
Restricted Share Units
Denominator:
Ordinary shares issuable of outstanding using the treasury stock method	220,666	220,666	58,955	293,196