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Short-Term and Long-Term Debts
 12 Months Ended
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