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Risk Assurance Liabilities

12 Months Ended

Dec. 31, 2021

Guarantees and Product Warranties [Abstract]

Risk Assurance Liabilities

11. RISK ASSURANCE LIABILITIES

The movement of risk assurance liabilities during the years ended December 31, 2020 and 2021 are as follows:

		As of December 31,
		2020				2021
		RMB				RMB				US$
Balance at the beginning of the year			259,952,473				460,829,299				72,314,173
Fair value of risk assurance liabilities upon the inception of new loans			348,921,174				443,831,604				69,646,863
Performed risk assurance liabilities			(150,312,528	)			(403,388,438	)			(63,300,448	)
Net loss on risk assurance liabilities			2,268,180				197,750,449				31,031,361
Balance at the end of the year			460,829,299				699,022,914				109,691,949

The maximum potential undiscounted future payment which the Company would be required to make under its risk assurance obligation is RMB14,540,230,427 and RMB31,335,737,264 (US$4,917,260,971) as of December 31, 2020 and 2021, respectively. The Company changed provisions of risk assurance with certain financial institution in 2021. The term of the risk assurance obligation ranges from 12 months to 60 months, as of December 31, 2020 and 2021.

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- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-URI http://asc.fasb.org/topic&trid=2155896

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