We commenced our online consumer finance marketplace business in June 2007 through Shanghai Daifeng. In January 2011, we relocated to Zhangjiang Hi-Tech Park in Pudong, Shanghai and starting then, our business operations gradually migrated from Shanghai Daifeng to another operating entity located in Zhangjiang Hi-Tech Park, Shanghai Xiazhong Information Technology Co., Ltd., which later changed its name to Shanghai PPDai Financial Information Service Co., Ltd.
During the period between June and August 2012, we formed our offshore corporate structure to facilitate offshore financing. In June 2012, we incorporated PPDAI Group Inc. under the laws of the Cayman Islands as our holding company and incorporated PPDAI (HK) LIMITED, or PPDAI Hong Kong, as its wholly-owned subsidiary. In August 2012, Beijing Prosper Investment Consulting Co., Ltd., or Beijing Prosper, was incorporated as a wholly-owned PRC subsidiary of PPDAI Hong Kong, through which we obtained control over Shanghai PPDai and Beijing Paipairongxin Investment Consulting Co., Ltd., or Beijing Paipairongxin, a company incorporated in June 2012, based on two separate sets of contractual arrangements, including the equity pledge agreements, the business operation agreements, the power of attorneys, the option agreements, and the exclusive technology consulting and service agreements. In July 2014, following a restructuring, Shanghai PPDai became a wholly-owned subsidiary of Beijing Paipairongxin. We then subsequently terminated our contractual arrangements with Shanghai PPDai and its shareholders, and entered into an amended and restated exclusive technology consulting and service agreement with Shanghai PPDai and Beijing Paipairongxin.
In August 2015, we established Wuxi PPDai Financial Information Service Co., Ltd. to provide customer services. In January 2016, we established Shanghai Paifenle Internet Technology Co., Ltd. to operate business related to our consumption loan products. In December 2016, we established Hefei PPDai Information Technology Co., Ltd. as another entity to provide customer services with a focus on loan collection.
|Comps ($MM TTM)||Market Cap||Gross Margin||EV/EBITDA||Ret on Assets||Assets||Liabilities||Revenue||G Profit||Net Income||EBITDA||EV|
|Credit Acceptance (CACC)||9,025||0%||8.6||9%||6,908||4,693||1,399||0||632||1,006||8,677|
|Santander Consumer USA (SC)||8,271||1.4||2%||46,416||39,079||0||0||952||4,363||5,899|
|PPDAI Group (PPDF)||5,855||0%||13,142||7,157||0||0||0||0||561|
|Dun & Bradstreet (DNB)||5,302||0%||13.9||12%||1,931||2,662||1,792||0||238||461||6,392|
|360 Finance (QFIN)||4,528||0%||7,350||2,910||0||0||0||0||2,514|
|Sallie Mae (SLM)||4,056||3.4||2%||29,585||26,488||0||0||560||1,408||4,779|
|Green Dot (GDOT)||3,214||0%||11.2||5%||2,502||1,580||1,087||0||118||189||2,113|
|PennyMac Financial Services (PFSI)||1,747||0%||3.3||3%||8,398||6,619||752||0||228||456||1,515|
|Wins Finance (WINS)||1,587||0%||309||35||0||0||0||0||1,545|
|Walker & Dunlop (WD)||1,580||0%||4.1||6%||2,994||2,030||787||0||170||367||1,486|
|World Acceptance (WRLD)||1,504||0%||12.1||6%||1,041||491||560||0||67||123||1,495|
|PRA Group (PRAA)||1,221||0%||4.3||2%||4,165||3,010||729||0||67||258||1,116|
|Curo Group Holdings (CURO)||722||53%||15.0||-1%||1,085||1,028||641||338||-7||91||1,364|
|Balance Sheet ($MM)||2017-12-31||2018-12-31|
|Income Statement ($MM)||2017-12-31||2018-12-31|
|Cost of Revenue|
|Cash Flow ($MM)||2017-12-31||2018-12-31|