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Financial Instruments And Risks (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments And Risks [Abstract]

Summary of Illustrates the Impact of an Appreciation or Depreciation

The table below illustrates the impact of an appreciation or depreciation of RMB spot and forward rates against USD by 5% on the Group’s profit before income tax expenses.

		As of December 31,
		2020				2021
		RMB’000				RMB’000
5% appreciation of RMB			131,228				699,049
5% depreciation of RMB			(131,228	)			(699,049	)

Summary of out the Group's Financial Assets and Financial Liabilities Exposed to Interest Rate Risk

The following table sets out the Group’s financial assets and financial liabilities exposed to interest rate risk by repricing date, contractual maturity date or expected maturity date (whichever is the earlier):

		As of December 31, 2020
		Less than 3 months				3 months to 1 year				1-2 years				2-3 years				More than 3 years				Overdue				No interest				Total
		RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
ASSETS
Cash at bank			23,785,651				56,444				6,190				310,283				—				—				—				24,158,568
Restricted cash			23,029,588				—				—				—				—				—				—				23,029,588
Financial assets at fair value through profit or loss			966,000				5,421,035				9,230,584				1,399,389				848,231				1,260,315				15,298,343				34,423,897
Financial assets at amortized cost			1,204,990				1,683,332				1,816,323				803,062				—				1,056,262				—				6,563,969
Financial assets purchased under reverse repurchase agreements			700,007				—				—				—				—				—				—				700,007
Accounts and other receivables and contract assets			—				—				—				—				—				—				23,325,978				23,325,978
Loans to customers			27,757,023				54,104,955				30,195,692				6,559,344				—				1,208,800				—				119,825,814
Total financial assets			77,443,259				61,265,766				41,248,789				9,072,078				848,231				3,525,377				38,624,321				232,027,821

		As of December 31, 2021
		Less than 3 months				3 months to 1 year				1-2 years				2-3 years				More than 3 years				Overdue				No interest				Total
		RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
ASSETS
Cash at bank			29,263,128				70,579				363,691				1,538,551				3,507,239				—				—				34,743,188
Restricted cash			27,792,006				554,499				1,786,219				306,371				14,444				—				—				30,453,539
Financial assets at fair value through profit or loss			12,544,935				3,459,334				919,458				262,969				—				1,164,095				12,672,420				31,023,211
Financial assets at amortized cost			1,168,502				500,740				920,815				107,676				—				1,086,880				—				3,784,613
Financial assets purchased under reverse repurchase agreements			5,527,177				—				—				—				—				—				—				5,527,177
Accounts and other receivables and contract assets			—				—				—				—				—				—				22,344,773				22,344,773
Loans to customers			51,563,466				98,295,888				51,345,667				11,182,096				1,002				2,583,991				—				214,972,110
Total financial assets			127,859,214				102,881,040				55,335,850				13,397,663				3,522,685				4,834,966				35,017,193				342,848,611

		As of December 31, 2021
		Less than 3 months				3 months to 1 year				1-2 years				2-3 years				More than 3 years				Overdue				No interest				Total
		RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
LIABILITIES
Payable to platform investors			—				—				—				—				—				—				2,747,891				2,747,891
Borrowings			13,074,069				12,853,348				—				—				—				—				—				25,927,417
Accounts and other payables and contract liabilities			—				—				—				—				—				—				8,814,255				8,814,255
Payable to investors of consolidated structured entities			46,086,474				95,848,045				48,048,309				5,463,312				—				—				—				195,446,140
Financing guarantee liabilities			—				—				—				—				—				—				2,697,109				2,697,109
Lease liabilities			141,719				322,317				238,250				83,166				9,092				—				—				794,544
Convertible promissory note payable			—				—				10,669,498				—				—				—				—				10,669,498
Optionally convertible promissory notes			—				—				7,405,103				—				—				—				—				7,405,103
Total financial liabilities			59,302,262				109,023,710				66,361,160				5,546,478				9,092				—				14,259,255				254,501,957
Nominal amount of interest rate swap			(8,224,653	)			—				8,224,653				—				—				—				—				—
Total interest rate sensitivity gap			76,781,605				(6,142,670	)			(19,249,963	)			7,851,185				3,513,593				4,834,966				20,757,938				88,346,654

Summary of Impact to Profit Before Tax on the Structure of Interest-bearing Assets and Liabilities

The table below illustrates the impact to profit before tax of the coming year as of each reporting date based on the structure of interest-bearing assets, liabilities and interest rate derivative instruments as of December 31, 2020 and 2021, caused by a parallel shift of 100 basis points in interest rates.

		As of December 31,
		2020				2021
		RMB’000				RMB’000
Change in interest rate
-100 basis points			(488,490	)			(648,804	)
+100 basis points			488,490				648,804

Summary of Credit Exposure of the Group

The following table sets forth the credit exposure of the Group as of December 31, 2020 and 2021:

		As of December 31,
		2020				2021
		RMB’000				RMB’000
On-balance sheet
Cash at bank			24,158,568				34,743,188
Restricted cash			23,029,588				30,453,539
Financial assets at fair value through profit or loss			34,423,897				31,023,211
Financial assets at amortized cost			6,563,969				3,784,613
Financial assets purchased under reverse repurchase agreements			700,007				5,527,177
Accounts and other receivables and contract assets			23,325,978				22,344,773
Loans to customers			119,825,814				214,972,110
			232,027,821				342,848,611
Off-balance sheet
Financing guarantee contracts			20,969,026				64,731,369

Summary of Macro Economic Assumptions used to Estimate Expected Credit Losses

The Group considered different macroeconomic scenarios. As of December 31, 2020 and 2021, the key macroeconomic assumptions used to estimate expected credit losses are listed below.

		As of December 31,
		2020				2021
GDP – year on year percentage change			5.0	%-7.5%			5.0%-6.2	%
CPI – year on year percentage change			1.2	%-2.8%			2.3%-2.6	%
Broad measure of money supply (M1) – year on year percentage change			3.7	%-7.9%			8.1%-9.1	%

Summary of Changes of ECL Impairment Provision on Loans to Customers and Financing Guarantee liabilities Related to ECL Assuming the Financial Assets

The following table shows the changes of ECL impairment provision on loans to customers and financing guarantee liabilities related to ECL assuming the financial assets in stage 2 reclassified to stage 1 due to significant improvement in credit risk.

		As of December 31,
		2020				2021
		RMB’000				RMB’000
Total ECL and financing guarantee liabilities under assumption of reclassification of financial instruments from stage 2 to stage 1			1,541,542				4,897,881
Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet			1,737,879				5,450,980
Difference-amount			(196,337	)			(553,099	)
Difference-ratio			-13	%			-10	%

Summary of Credit Risk Exposure of the Financial Instruments under the Scope of Expected Credit Loss

The following presents the credit risk exposure of the financial instruments under the scope of expected credit loss mentioned in Measurement of ECL without considering guarantee or any other credit enhancement measures:

		As of December 31, 2020
		Stage I				Stage II				Stage III				POCI				Maximum Credit Risk Exposure
(in RMB’000)
Book value
On-balance sheet
Financial assets at amortized cost			5,507,707				—				974,887				81,375				6,563,969
Loans to customers			119,087,728				644,478				93,608				—				119,825,814
Total			124,595,435				644,478				1,068,495				81,375				126,389,783
Off-balance sheet
Financing guarantee contracts			20,898,499				70,527				—				—				20,969,026

		As of December 31, 2021
		Stage I				Stage II				Stage III				POCI				Maximum Credit Risk Exposure
(in RMB’000)
Book value
On-balance sheet
Financial assets at amortized cost			2,697,852				—				584,739				502,022				3,784,613
Loans to customers			213,665,161				1,263,965				42,984				—				214,972,110
Total			216,363,013				1,263,965				627,723				502,022				218,756,723
Off-balance sheet
Financing guarantee contracts			64,416,918				314,451				—				—				64,731,369

Summary of Liquidity Risk

The following table analyses the Group’s financial liabilities into relevant maturity grouping based on the remaining period at the end of each reporting period to the contractual or expected maturity date. The amounts disclosed in the table are undiscounted contractual or expected cash flows including interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date:

		As of December 31, 2020
		Repayable on demand or undated				Within 1 year				1 to 2 years				2 to 3 years				Over 3 years				Total
		RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
Financial liabilities -
Payable to platform investors			9,114,906				—				—				—				—				9,114,906
Borrowings			—				2,227,487				120,537				8,462,547				—				10,810,571
Accounts and other payables and contract liabilities			5,483,757				—				—				—				—				5,483,757
Payable to investors of consolidated structured entities			14,947				79,283,191				31,007,485				5,058,213				—				115,363,836
Financing guarantee liabilities			20,969,026				—				—				—				—				20,969,026
Lease liabilities			—				573,840				330,146				106,282				17,941				1,028,209
Convertible promissory note payable			—				101,854				94,019				12,818,864				—				13,014,737
Optionally convertible promissory notes			—				453,203				453,203				8,006,590				—				8,912,996
			35,582,636				82,639,575				32,005,390				34,452,496				17,941				184,698,038

		As of December 31, 2021
		Repayable on demand or undated				Within 1 year				1 to 2 years				2 to 3 years				Over 3 years				Total
		RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
Financial liabilities -
Payable to platform investors			2,747,891				—				—				—				—				2,747,891
Borrowings			—				16,717,997				9,628,462				—				—				26,346,459
Accounts and other payables and contract liabilities			8,814,255				—				—				—				—				8,814,255
Payable to investors of consolidated structured entities			45,628				148,079,478				49,505,033				5,570,774				—				203,200,913
Financing guarantee liabilities			64,731,369				—				—				—				—				64,731,369
Lease liabilities			—				484,497				248,770				85,180				9,329				827,776
Convertible promissory note payable			—				91,869				12,502,777				—				—				12,594,646
Optionally convertible promissory notes			—				442,840				7,823,510				—				—				8,266,350
			76,339,143				165,816,681				79,708,552				5,655,954				9,329				327,529,659

Summary of Group's Maximum Exposure to Structured Entities

As of December 31, 2020

(In RMB’000)

Size

Carrying amount of investment in structured entities

Group’s maximum exposure

Interest held by Group

Unconsolidated structured products managed by third parties (a)

NA

10,367,052

10,367,052

Investment income

Unconsolidated structured products managed by affiliated entities (a)

NA

19,352,780

19,409,204

Investment income/ service fee

Unconsolidated structured products serviced by the Group

57,777,571

—

711,058

Service fee

As of December 31, 2021

(In RMB’000)

Size

Carrying amount of investment in structured entities

Group’s maximum exposure

Interest held by Group

Unconsolidated structured products managed by third parties (a)

NA

8,661,387

8,661,387

Investment income

Unconsolidated structured products managed by affiliated entities (a)

NA

12,219,226

12,219,226

Investment income

Unconsolidated structured products serviced by the Group

18,178,437

—

1,428,320

Service fee

Summary of Fair Value Estimation

The following table sets forth the financial instruments recorded at fair value by level of the fair value hierarchy:

As of December 31, 2020

Level 1

Level 2

Level 3

Total

RMB’000

RMB’000

RMB’000

RMB’000

Unlisted Securities

Financial assets at fair value through profit or loss
Asset management plans			—				9,328,168				424,082				9,752,250
Trust plans			—				9,106,125				820,912				9,927,037
Private fund and other equity investments			—				4,617,756				6,268				4,624,024
Mutual funds			3,199,106				—				—				3,199,106
Corporate bonds			—				3,029,174				15,233				3,044,407
Bank wealth management products			—				2,091,730				—				2,091,730
Structured deposits			—				961,804				—				961,804
Factoring products			—				823,539				—				823,539
Derivative instruments
Interest rate swap			—				(11,653	)			—				(11,653	)
Foreign currency swaps			—				(535,944	)			—				(535,944	)
Total			3,199,106				29,410,699				1,266,495				33,876,300

As of December 31, 2021		Level 1				Level 2				Level 3				Total
		RMB’000				RMB’000				RMB’000				RMB’000
Unlisted Securities
Asset management plans			—				7,802,270				505,503				8,307,773
Trust plans			—				2,448,373				603,716				3,052,089
Private fund and other equity investments			—				2,765,016				—				2,765,016
Mutual funds			2,486,541				—				—				2,486,541
Corporate bonds			—				3,017,849				47,023				3,064,872
Bank wealth management products			—				4,589,101				—				4,589,101
Structured deposits			—				6,640,977				—				6,640,977
Others debt investments			—				—				108,991				108,991
Listed Securities
Stock			7,851				—				—				7,851
Derivative instruments
Interest rate swap			—				38,403				—				38,403
Foreign currency swap			—				(25,772	)			—				(25,772	)
			2,494,392				27,276,217				1,265,233				31,035,842

Summary of the Changes in Level 3 Instruments

The following table presents the changes in level 3 instruments for the years ended December 31, 2019, 2020 and 2021:

		Year ended December 31,
		2019				2020				2021
		Financial assets at fair value through profit or loss
		RMB’000				RMB’000				RMB’000
As of beginning of the year			2,632,890				2,842,839				1,266,495
Additions			1,353,173				—				131,829
Disposal			(1,961,315	)			(1,266,827	)			(29,664	)
Transfer into level 3			1,477,950				—				1,035,642
Transfer out of level 3			—				—				(3,047	)
Gains or losses recognized in profit or loss			(659,859	)			(309,517	)			(1,136,022	)
As of end of the year			2,842,839				1,266,495				1,265,233

X

- Definition

The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

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