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Short-Term and Long-Term Debts | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Short-Term and Long-Term Debts |
9. | SHORT-TERM AND LONG-TERM DEBTS
Short-term debts consist of the following:
Name |  | Fixed annual rate (%) |  |  | Term |  |  | As of December 31, 2020 |
|  |  |  |  |  |  |  | RMB |
Short-term borrowings |  |  | 3.40%-6.80% |  |  |  | 1-12 months |  |  |  |  |  |  |  | 355,816,940 |
Name |  | Fixed annual rate (%) |  |  | Term |  |  | As of December 31, 2021 |
|  |  |  |  |  |  |  | RMB |  |  | US$ |
Short-term borrowings |  |  | 3.75%-6.5% |  |  |  | 1-12 months |  |  |  | 579,776,131 |  |  |  | 90,979,527 |
Long-term debts consist of the following:
Name |  | Fixed annual rate (%) |  |  | Term |  |  | As of December 31, 2020 |
|  |  |  |  |  |  |  | RMB |
Securitization debt payables (i) |  |  | 4.73%-6.00% |  |  |  | 18-20 months |  |  |  |  |  |  |  | 401,761,874 |
Co-financing debt payables (ii) |  |  | 5.50%-6.60% |  |  |  | 24- 36 months |  |  |  |  |  |  |  | 1,697,757,491 |
Long-term borrowings |  |  | 4.75%-6.00% |  |  |  | 36 months |  |  |  |  |  |  |  | 107,055,556 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,206,574,921 |
Name |  | Fixed annual rate (%) |  |  | Term |  |  | As of December 31, 2021 |
|  |  |  |  |  |  |  | RMB |  |  | US$ |
Co-financing debt payables (ii) |  |  | 5.50%-6.60% |  |  |  | 24-36 months |  |  |  | 954,444,171 |  |  |  | 149,773,118 |
Long-term borrowings |  |  | 4.45%-6.00% |  |  |  | 15- 36 months |  |  |  | 469,941,863 |  |  |  | 73,744,133 |
|  |  |  |  |  |  |  |  |  |  | 1,424,386,034 |  |  |  | 223,517,251 |
(i) | In the ordinary course of business, the Company transfers finance leases to certain Funding Partners. The Company periodically securitizes its finance lease receivables through the transfer of those assets to a securitization vehicle. The securitization vehicle then issues debt securities to third-party investors and the company held all subordinated tranches. However, in accordance with ASC 860 Transfers and Servicing the finance leases (“ASC 860”), the finance lease receivables are not derecognized upon transfer as they are not legally isolated. Hence, the Company continues to report the transferred finance leases in the consolidated balance sheets and accounts for the proceeds from the transfer as a secured borrowing with pledge of collateral. As of December 31, 2020 and 2021, balance of securitization debt payables amounting to RMB401,761,874 and RMB nil (US$ nil) are derived from such finance lease transfer.
(ii) | The Company provides consumer loans to borrowers through commercial banks. The Company is required to make scheduled payments to the commercial banks regardless of borrower repayments.
Financing lease receivables amounting to RMB1,083,014,892 were collateralized for a majority of short-term borrowings and securitization debt payables as of December 31, 2020, and RMB945,403,768 (US$148,354,481) were collateralized for a majority of short-term borrowings and long-term borrowings as of December 31, 2021. The weighted average interest rate for the outstanding debts was approximately 5.92% and 5.72% as of December 31, 2020 and 2021. The aggregate amounts of unused lines of credit for short-term borrowings w e re RMB705 million and RMB615 million (US$96 million ) , and for long-term borrowings w e re RMB193 million and RMB1,012 million (US$159 million ) as of December 31, 2020 and 2021, respectively. The following table sets forth the contractual obligations of long-term debts—non-current which has not included impact of discount of time value as of December 31, 2020 and 2021:
|  | Payment due by period |
|  | Less than 1 year |  |  | 1 - 2 years |  |  | 2 -3 years |  |  | Total |
As of December 31, 2020 (RMB) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debts – non-current |  |  | 62,363,881 |  |  |  | 663,503,529 |  |  |  | 368,390,299 |  |  |  | 1,094,257,709 |
As of December 31, 2021 (RMB) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debts – non-current |  |  | 29,956,101 |  |  |  | 490,167,979 |  |  |  | 24,730,673 |  |  |  | 544,854,753 |
As of December 31, 2021 (US$) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debts – non-current |  |  | 4,700,766 |  |  |  | 76,918,052 |  |  |  | 3,880,782 |  |  |  | 85,499,600 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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