Company Quick10K Filing
Qudian
20-F 2019-12-31 Filed 2020-04-27
20-F 2018-12-31 Filed 2019-04-15
20-F 2017-12-31 Filed 2018-04-09

QD 20F Annual Report

Part I.
Item 1. Identity of Directors, Senior Management and Advisers
Item 2. Offer Statistics and Expected Timetable
Item 3. Key Information
Item 4. Information on The Company
Item 4A. Unresolved Staff Comments
Item 5. Operating and Financial Review and Prospects
Item 6. Directors, Senior Management and Employees
Item 7. Major Shareholders and Related Party Transactions
Item 8. Financial Information
Item 9. The Offer and Listing
Item 10. Additional Information
Item 11. Quantitative and Qualitative Disclosures About Market Risk
Item 12. Description of Securities Other Than Equity Securities
Part II.
Item 13. Defaults, Dividend Arrearages and Delinquencies
Item 14. Material Modifications To The Rights of Security Holders and Use of Proceeds
Item 15. Controls and Procedures
Item 16A. Audit Committee Financial Expert
Item 16B. Code of Ethics
Item 16C. Principal Accountant Fees and Services
Item 16D. Exemptions From The Listing Standards for Audit Committees
Item 16E. Purchases of Equity Securities By The Issuer and Affiliated Purchasers
Item 16F. Change in Registrant's Certifying Accountant
Item 16G. Corporate Governance
Item 16H. Mine Safety Disclosure
Part III.
Item 17. Financial Statements
Item 18. Financial Statements
Item 19. Exhibits
EX-2.4 d882230dex24.htm
EX-4.37 d882230dex437.htm
EX-4.38 d882230dex438.htm
EX-4.39 d882230dex439.htm
EX-4.40 d882230dex440.htm
EX-4.41 d882230dex441.htm
EX-4.42 d882230dex442.htm
EX-4.43 d882230dex443.htm
EX-8.1 d882230dex81.htm
EX-12.1 d882230dex121.htm
EX-12.2 d882230dex122.htm
EX-13.1 d882230dex131.htm
EX-13.2 d882230dex132.htm
EX-15.1 d882230dex151.htm
EX-15.2 d882230dex152.htm

Qudian Earnings 2019-12-31

Balance SheetIncome StatementCash Flow

FORM 20-F
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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM
20-F
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
                    
For the transition period from
                    
to
                    
Commission file number
001-38230
 
Qudian Inc.
(Exact name of Registrant as specified in its charter)
 
Cayman Islands
(Jurisdiction of incorporation or organization)
Tower A, AVIC Zijin Plaza
Siming District, Xiamen
Fujian Province 361000,
People’s Republic of China
(Address of principal executive offices)
Min Luo, Chairman and Chief Executive Officer
Telephone: telephone:
+86-592-5911580
Email: ir@qudian.com
At the address of the Company set forth above
(Name, Telephone,
E-mail
and/or Facsimile number and Address of Company Contact Person)
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
American depositary shares, each representing
 one Class A ordinary share
 
QD
 
New York Stock Exchange
Class A ordinary shares, par value
 nominal or US$0.0001 per share
*
 
N/A
 
New York Stock Exchange
 
*
Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares.
Securities registered or to be registered pursuant to Section 12(g)
None
(Title of Class)
 
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
 
 
190,238,854 Class A ordinary shares 
63,491,172 Class B ordinary shares
 
 
 
 
 
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 
 
 Yes  
 No
 
 
 
 
 
 
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
 
 
 Yes  
 No
 
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
 
 Yes  
 No
 
 
 
 
 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
 
 Yes  
 No
 
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
 
Accelerated filer  
 
Non-accelerated
 filer  
 
Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.    
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    
U.S. GAAP  
 
International Financial Reporting Standards as issued by the International Accounting Standards Board  
 
Other  
If “Other” has been checked in response to the previous question, indicate by check mark which consolidated financial statement item the registrant has elected to follow.
 
  Item 17    
  Item 18
 
 
 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Securities Exchange Act of 1934).
 
Yes    
No
 
 
 
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
 
 
 
 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
 
Yes    
No
 
 
*
Not for trading, but only in connection with the listing on the New York Stock Exchange of the American Depositary Shares
 
 

Table of Contents
Table of Contents
             
 
 
Page
 
   
ii
 
         
   
iv
 
         
   
1
 
             
ITEM 1.
     
1
 
             
ITEM 2.
     
1
 
             
ITEM 3.
     
1
 
             
ITEM 4.
     
69
 
             
ITEM 4A.
     
121
 
             
ITEM 5.
     
121
 
             
ITEM 6.
     
152
 
             
ITEM 7.
     
163
 
             
ITEM 8.
     
165
 
             
ITEM 9.
     
167
 
             
ITEM 10.
     
168
 
             
ITEM 11.
     
175
 
             
ITEM 12.
     
177
 
         
   
179
 
             
ITEM 13.
     
179
 
             
ITEM 14.
     
179
 
             
ITEM 15.
     
179
 
             
ITEM 16A.
     
180
 
             
ITEM 16B.
     
180
 
             
ITEM 16C.
     
180
 
             
ITEM 16D.
     
181
 
             
ITEM 16E.
     
181
 
             
ITEM 16F.
     
181
 
             
ITEM 16G.
     
181
 
             
ITEM 16H.
     
182
 
         
   
183
 
             
ITEM 17.
     
183
 
             
ITEM 18.
     
183
 
             
ITEM 19.
     
183
 
         
   
188
 
         
   
F-1
 
i

Table of Contents
CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM
20-F
Except where the context otherwise requires, references in this annual report to:
  “active borrowers” are to borrowers who have drawn down credit in the specified period;
  “ADSs” are to our American depositary shares, each of which represents one Class A ordinary share, and “ADRs” are to the American depositary receipts that evidence our ADSs;
  “amount of transactions” are to the aggregate principal amount of credit drawdowns that are provided to borrowers in the specified period, which are comprised of (i) credit drawdowns that are facilitated under our loan book business and (ii) credit drawdowns that are facilitated under our transaction services business;
  “Ant Financial” are to Ant Small and Micro Financial Services Group Co., Ltd., a company organized under the laws of the PRC, and its affiliates; API (Hong Kong) Investment Limited, which is wholly owned by Ant Financial, is one of our principal shareholders;
  “China” and the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region;
  “D1 delinquency rate” are to the balance of the total amount of principal and financing service fees that became overdue as of a specified date, divided by the total amount of principal and financing services fees that was due for repayment as of such date, in each case with respect to our loan book business and transaction services business;
  “loan book business” are to our business of offering small credit products to consumers; the relevant transactions may be funded by our institutional funding partners or our own capital, and we undertake credit risk for such transactions;
  “M1+ delinquency coverage ratio” are to the balance of allowance for principal and financing service fee receivables at the end of a period, divided by the total balance of outstanding principal for
on-balance
sheet transactions for which any installment payment was more than 30 calendar days past due as of the end of such period;
  “M1+ delinquency rate by vintage” are to the total outstanding principal balance of the transactions of a vintage for which any repayment is overdue for more than 30 days, divided by the total initial principal of the transactions facilitated in such vintage;
  “new borrowers” are to borrowers who drew down credit for the first time from our platform; new borrowers who have made at least two drawdowns in the relevant period are also counted as repeat borrowers;
  “number of transactions” are to the number of credit drawdowns facilitated by us to borrowers, which are comprised of (i) credit drawdowns that are facilitated under our loan book business and (ii) credit drawdowns that are facilitated under our transaction services business;
 
“off-balance
sheet transactions” are to credit drawdowns under our loan book business that are not recorded on our balance sheets; we bear credit risk for such transactions;
 
“on-balance
sheet transactions” are to credit drawdowns under our loan book business that are recorded on our balance sheets;
  “outstanding borrowers” are to borrowers who have outstanding loans under either the loan book business or the transaction services business as of a specified date;
  “provision ratio” are to the amount of provision for loan principal and financing service fee receivables incurred during a period as a percentage of the total amount of
on-balance
sheet transactions facilitated during such period;
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Table of Contents
  “P2P platforms” are to financial information intermediaries that are engaged in lending information business and directly provide peers, which can be natural persons, legal persons or other organizations, with lending information services;
  “Qudian marketplace” are to our online marketplace where consumers purchase merchandise offered by third-party merchandise suppliers with our merchandise credit products.
  “registered users” are to individuals who have registered with us;
  “repeat borrowers” are to active borrowers in the specified period who have made at least two drawdowns since such borrowers’ registration with us until the end of the specified period;
  “RMB” or “Renminbi” are to the legal currency of China;
  “small credit products” are to cash or merchandise credit products that are less than RMB5,000 in amount;
  “transaction services business” are to our business of offering loan recommendation and referral services to third-party financial service providers; we assume no credit risk for the transactions facilitated under the transaction services business;
  “transactions” are to borrowers’ credit drawdowns from our platform;
  “Wanlimu” are to our online luxury fashion products platform;
  “US$,” “U.S. dollars,” or “dollars” are to the legal currency of the United States;
  “vintage” are to the on-balance sheet transactions and off-balance sheet transactions facilitated under the loan book business during a specified time period; and
  “we,” “us,” “our company” and “our” are to Qudian Inc., its subsidiaries, its consolidated VIEs and/or their respective subsidiaries, as the context requires.
The translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB6.9618 to US$1.00, the exchange rates set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2019. We make no representation that the Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. On March 31, 2020, the noon buying rate for Renminbi was RMB7.0808 to US$1.00.
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FORWARD-LOOKING INFORMATION
This annual report on Form
20-F
contains statements of a forward-looking nature. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements relate to, among others:
  our goal and strategies;
  our expansion plans;
  our future business development, financial condition and results of operations;
  our expectations regarding demand for, and market acceptance of, our credit products and services;
  our expectations regarding keeping and strengthening our relationships with borrowers, institutional funding partners, merchandise suppliers and other parties we collaborate with; and
  general economic and business conditions.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.
You should read these statements in conjunction with the risks disclosed in “Item 3.D. Key Information — Risk Factors” of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover, we operate in an emerging and evolving environment. New risks may emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of such risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update any forward- looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that we have referred to in this annual report, completely and with the understanding that our actual future results may be materially different from what we expect.
iv

Table of Contents
PART I.
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not Applicable.
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not Applicable.
ITEM 3.
KEY INFORMATION
A.
Selected Financial Data
The following selected consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019 and selected consolidated balance sheets as of December 31, 2018 and 2019 have been derived from our audited consolidated financial statements included elsewhere in this annual report. The following selected consolidated statements of operations for the years ended December 31, 2015 and 2016 and selected consolidated balance sheets as of December 31, 2016 and 2017 have been derived from our audited consolidated financial statements not included in this annual report.
You should read the selected consolidated financial data in conjunction with the financial statements and the related notes included elsewhere in this annual report and “Item 5. Operating and Financial Review and Prospects.” Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results do not necessarily indicate our results expected for any future periods.
                                                 
 
Year Ended December 31
 
 
2015
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
(in thousands, except for share and per share data)
 
Condensed Consolidated Statement of Operations Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing income
   
153,554
     
1,271,456
     
3,642,184
     
3,535,276
     
3,510,055
     
504,188
 
Sales commission fee
   
62,182
     
126,693
     
797,167
     
307,492
     
356,812
     
51,253
 
Sales income
   
—  
     
—  
     
26,083
     
2,174,789
     
431,946
     
62,045
 
Penalty fees
   
19,271
     
22,943
     
7,922
     
28,013
     
44,354
     
6,371
 
Loan facilitation income and other related income
   
—  
     
21,754
     
302,010
     
1,646,773
     
2,297,413
     
330,003
 
Transaction services fee and other related income
   
—  
     
—  
     
—  
     
—  
     
2,199,464
     
315,933
 
Total revenues
 
 
235,007
 
 
 
1,442,846
 
 
 
4,775,366
 
 
 
7,692,343
 
 
 
8,840,044
 
 
 
1,269,793
 
Cost of revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
   
—  
     
—  
     
(23,895
)    
(2,003,642
)    
(366,015
)    
(52,575
)
Cost of other revenues
   
(148,417
)    
(267,862
)    
(856,951
)    
(731,786
)    
(535,773
)    
(76,959
)
                                                 
Total cost of revenues
 
 
(148,417
)
 
 
(267,862
)
 
 
(880,846
)
 
 
(2,735,428
)
 
 
(901,788
)
 
 
(129,534
)
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Table of Contents
                                                 
 
Year Ended December 31
 
 
2015
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
(in thousands, except for share and per share data)
 
Operating expenses(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales and marketing
   
(192,603
)    
(182,458
)    
(431,749
)    
(540,551
)    
(280,616
)    
(40,308
)
General and administrative
   
(42,426
)    
(108,786
)    
(183,674
)    
(255,867
)    
(286,059
)    
(41,090
)
Research and development
   
(37,530
)    
(52,275
)    
(153,258
)    
(199,560
)    
(204,781
)    
(29,415
)
Changes in guarantee liabilities and risk assurance liabilities
   
—  
     
(861
)    
(150,152
)    
(116,593
)    
(1,143,427
)    
(164,242
)
Provision for receivables and other assets
   
(45,111
)    
(132,176
)    
(605,164
)    
(1,178,723
)    
(2,283,126
)    
(327,951
)
                                                 
Total operating expenses
 
 
(317,670
)
 
 
(476,556
)
 
 
(1,523,997
)
 
 
(2,291,294
)
   
(4,198,009
)  
 
(603,006
)
Other operating income
   
—  
     
14,646
     
50,703
     
23,748
     
108,508
     
15,586
 
                                                 
Income/ (loss) from operations
 
 
(231,078
)
 
 
713,074
 
 
 
2,421,226
 
 
 
2,689,369
 
 
 
3,848,755
 
 
 
552,839
 
Interest and investment income, net
   
2,889
     
1,857
     
4,211
     
35,740
     
20,872
     
2,998
 
Foreign exchange gain/(loss), net
   
752
     
(9,651
)    
(7,177
)    
(90,771
)    
6,635
     
953
 
Other income
   
779
     
47
     
2,108
     
15,231
     
24,583
     
3,531
 
Other expenses
   
(6,505
)    
(1,834
)    
(363
)    
(522
)    
(10,323
)    
(1,483
)
                                                 
Net income/ (loss) before income taxes
 
 
(233,164
)
 
 
703,493
 
 
 
2,420,005
 
 
 
2,649,047
 
 
 
3,890,522
 
 
 
558,838
 
Income tax expenses
   
—  
     
(126,840
)    
(255,546
)    
(157,731
)    
(626,234
)    
(89,953
)
                                                 
Net income /(loss)
 
 
(233,164
)
 
 
576,653
 
 
 
2,164,459
 
 
 
2,491,316
 
 
 
3,264,288
 
 
 
468,886
 
                                                 
Net Income/(loss) attributable to Qudian Inc.’s shareholders
 
 
(233,164
)
 
 
576,653
 
 
 
2,164,459
 
 
 
2,491,316
 
 
 
3,264,288
 
 
 
468,886
 
                                                 
Earnings/(loss) per share for Class A and Class B ordinary shares
   
     
     
     
     
     
 
— Basic
   
(2.94
)    
7.27
     
17.13
     
7.82
     
11.72
     
1.68
 
Earnings/(loss) per share for Class A and Class B ordinary shares
   
     
     
     
     
     
 
— Diluted
   
(2.94
)    
1.90
     
7.09
     
7.74
     
10.94
     
1.57
 
Earnings per ADS (1 Class A ordinary share equals 1 ADSs)
   
     
     
     
     
     
 
— Basic
   
     
     
17.13
     
7.82
     
11.72
     
1.68
 
Earnings per ADS (1 Class A ordinary share equals 1 ADSs)
   
     
     
     
     
     
 
— Diluted
   
     
     
7.09
     
7.74
     
10.94
     
1.57
 
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Table of Contents
                                                 
 
Year Ended December 31
 
 
2015
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
(in thousands, except for share and per share data)
 
Weighted average number of Class A and Class B ordinary shares outstanding
   
     
     
     
     
     
 
— Basic
   
79,305,191
     
79,305,191
     
126,390,196
     
318,685,836
     
278,531,382
     
278,531,382
 
Weighted average number of Class A and Class B ordinary shares outstanding
   
     
     
     
     
     
 
— Diluted
   
79,305,191
     
303,778,745
     
305,221,444
     
321,955,142
     
300,457,711
     
300,457,711
 
                                                 
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
   
—  
     
—  
     
(77,947
)    
33,089
     
31,893
     
4,581
 
                                                 
Total comprehensive income/(loss)
 
 
(233,164
)
 
 
576,653
 
 
 
2,086,512
 
 
 
2,524,405
 
 
 
3,296,181
 
 
 
473,467
 
                                                 
Total comprehensive income/(loss) attributable to Qudian Inc.’s shareholders
 
 
(233,164
)
 
 
576,653
 
 
 
2,086,512
 
 
 
2,524,405
 
 
 
3,296,181
 
 
 
473,467
 
 
(1) Share-based compensation expenses are allocated in operating expenses as follows:
                                                 
 
For the year ended December 31,
 
 
2015
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
(in thousands)
 
Sales and marketing
   
23,691
     
690
     
1,891
     
5,641
     
4,482
     
644
 
General and administrative
   
11,425
     
18,986
     
42,849
     
38,587
     
74,312
     
10,674
 
Research and development
   
20,492
     
2,457
     
19,316
     
13,753
     
8,505
     
1,222
 
                                                 
Total share-based compensation expenses
   
55,607
     
22,134
     
64,056
     
57,981
     
87,299
     
12,540
 
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As of December 31,
 
 
2015
 
 
2016
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
 
 
(in thousands)
 
Summary Consolidated Balance Sheets:
 
 
 
 
 
Cash and cash equivalents
   
210,114
     
785,770
     
6,832,306
     
2,501,188
     
2,860,938
     
410,948
 
Restricted cash
   
—  
     
—  
     
2,252,646
     
339,827
     
1,257,649
     
180,650
 
Time deposits
   
—  
     
—  
     
—  
     
—  
     
231,132
     
33,200
 
Short-term amounts due from related parties
(1)
   
34,930
     
585,906
     
551,215
     
2
     
—  
     
—  
 
Short-term loan principal and financing service fee receivables, net
   
2,060,768
     
4,826,791
     
8,758,545
     
8,417,821
     
7,894,697
     
1,134,002
 
Short-term finance lease receivables, net
   
—  
     
—  
     
8,508
     
508,647
     
398,256
     
57,206
 
Short-term contract assets
   
—  
     
—  
     
—  
     
903,436
     
2,741,914
     
393,851
 
Long-term loan principal and financing service fee receivables
   
177,582
     
87,822
     
—  
     
665,653
     
424
     
61
 
Long-term finance lease receivables, net
   
—  
     
—  
     
17,900
     
649,243
     
239,697
     
34,430
 
Long-term contract assets
   
—  
     
—  
     
—  
     
15,597
     
273,597
     
39,300
 
Total assets
   
2,675,596
     
7,117,599
     
19,380,416
     
16,253,375
     
18,361,604
     
2,637,479
 
Short-term borrowings and interest payables
   
1,562,883
     
4,183,231
     
7,979,415
     
3,860,441
     
1,049,570
     
150,761
 
Long-term borrowings and interest payables
   
89,358
     
76,052
     
510,024
     
413,400
     
—  
     
—  
 
Total liabilities
   
3,306,965
     
4,604,010
     
9,840,049
     
5,432,762
     
6,437,552
     
924,696
 
Total mezzanine equity
   
5,943,978
     
5,943,978
     
—  
     
—  
     
—