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v3.23.1

Financial Instruments And Risks (Tables) | 12 Months Ended
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Dec. 31, 2022
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, |
|  | 2021 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |
5% appreciation of RMB |  |  | 699,049 |  |  |  | (124,798 | )
5% depreciation of RMB |  |  | (699,049 | ) |  |  | 124,798 |
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, 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 |
|  | As of December 31, 2022 |
|  | 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 |  |  | 33,218,805 |  |  |  | 42,142 |  |  |  | 1,602,690 |  |  |  | 3,490,181 |  |  |  | 5,528,309 |  |  |  | — |  |  |  | — |  |  |  | 43,882,127 |
Restricted cash |  |  | 24,333,782 |  |  |  | 1,544,978 |  |  |  | 482,037 |  |  |  | 147,478 |  |  |  | 356 |  |  |  | — |  |  |  | — |  |  |  | 26,508,631 |
Financial assets at fair value through profit or loss |  |  | 7,128,410 |  |  |  | 1,131,041 |  |  |  | 313,221 |  |  |  | — |  |  |  | — |  |  |  | 2,454,227 |  |  |  | 18,062,548 |  |  |  | 29,089,447 |
Financial assets at amortized cost |  |  | 2,502,673 |  |  |  | 647,026 |  |  |  | 112,128 |  |  |  | 856,808 |  |  |  | — |  |  |  | 597,813 |  |  |  | — |  |  |  | 4,716,448 |
Accounts and other receivables and contract assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,758,135 |  |  |  | 15,758,135 |
Loans to customers |  |  | 51,150,197 |  |  |  | 95,812,445 |  |  |  | 49,552,823 |  |  |  | 9,616,373 |  |  |  | 158,248 |  |  |  | 5,156,559 |  |  |  | — |  |  |  | 211,446,645 |
Total financial assets |  |  | 118,333,867 |  |  |  | 99,177,632 |  |  |  | 52,062,899 |  |  |  | 14,110,840 |  |  |  | 5,686,913 |  |  |  | 8,208,599 |  |  |  | 33,820,683 |  |  |  | 331,401,433 |
|  | As of December 31, 2022 |
|  | 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,569,367 |  |  |  | 1,569,367 |
Borrowings |  |  | 9,086,732 |  |  |  | 27,828,781 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,915,513 |
Bond payable |  |  | — |  |  |  | 2,143,348 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,143,348 |
Accounts and other payables and contract liabilities |  |  | 3,745,929 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,385,010 |  |  |  | 9,130,939 |
Payable to investors of consolidated structured entities |  |  | 42,664,737 |  |  |  | 86,300,977 |  |  |  | 44,005,269 |  |  |  | 4,111,964 |  |  |  | 64,779 |  |  |  | — |  |  |  | — |  |  |  | 177,147,726 |
Financing guarantee liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,763,369 |  |  |  | 5,763,369 |
Lease liabilities |  |  | 126,034 |  |  |  | 294,856 |  |  |  | 253,475 |  |  |  | 67,629 |  |  |  | 6,813 |  |  |  | — |  |  |  | — |  |  |  | 748,807 |
Convertible promissory note payable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,164,139 |  |  |  | — |  |  |  | — |  |  |  | 5,164,139 |
Optionally convertible promissory notes |  |  | — |  |  |  | 8,142,908 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,142,908 |
Total financial liabilities |  |  | 55,623,432 |  |  |  | 124,710,870 |  |  |  | 44,258,744 |  |  |  | 4,179,593 |  |  |  | 5,235,731 |  |  |  | — |  |  |  | 12,717,746 |  |  |  | 246,726,116 |
Nominal amount of interest rate swap |  |  | (8,984,334 | ) |  |  | 8,984,334 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total interest rate sensitivity gap |  |  | 71,694,769 |  |  |  | (34,517,572 | ) |  |  | 7,804,155 |  |  |  | 9,931,247 |  |  |  | 451,182 |  |  |  | 8,208,599 |  |  |  | 21,102,937 |  |  |  | 84,675,317 |
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, 2021 and 2022, caused by a parallel shift of 100 basis points in interest rates.
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |
Change in interest rate |  |  |  |  |  |  |  |
-100 basis points |  |  | (648,804 | ) |  |  | (497,888 | )
+100 basis points |  |  | 648,804 |  |  |  | 497,888 |
Summary of Credit Exposure of the Group | The following table sets forth the credit exposure of the Group as of December 31, 2021 and 2022:
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |
On-balance sheet |  |  |  |  |  |  |  |
Cash at bank |  |  | 34,743,188 |  |  |  | 43,882,127 |
Restricted cash |  |  | 30,453,539 |  |  |  | 26,508,631 |
Financial assets at fair value through profit or loss |  |  | 31,023,211 |  |  |  | 29,089,447 |
Financial assets at amortized cost |  |  | 3,784,613 |  |  |  | 4,716,448 |
Financial assets purchased under reverse repurchase agreements |  |  | 5,527,177 |  |  |  | — |
Accounts and other receivables and contract assets |  |  | 22,344,773 |  |  |  | 15,758,135 |
Loans to customers |  |  | 214,972,110 |  |  |  | 211,446,645 |
|  |  | 342,848,611 |  |  |  | 331,401,433 |
Off-balance sheet |  |  |  |  |  |  |  |
Financing guarantee contracts |  |  | 64,731,369 |  |  |  | 68,502,938 |
Summary of Macro Economic Assumptions used to Estimate Expected Credit Losses | The Group considered different macroeconomic scenarios. As of December 31, 2021 and 2022, the key macroeconomic assumptions used to estimate expected credit losses are listed below.
|  | As of December 31, |
|  | 2021 |  | 2022 |
GDP – year on year percentage change |  | 5.0%-6.2% |  |  | 3.8%-5.5% |
CPI – year on year percentage change |  | 2.3%-2.6% |  |  | 2.0%-2.4% |
Broad measure of money supply (M1) – year on year percentage change |  | 8.1%-9.1% |  |  | 7.3%-8.6% |
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, |
|  | 2021 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |
Total ECL and financing guarantee liabilities under assumption of reclassification of financial instruments from stage 2 to stage 1 |  |  | 4,897,881 |  |  |  | 10,479,472 |
Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet |  |  | 5,450,980 |  |  |  | 12,826,347 |
Difference-amount |  |  | (553,099 | ) |  |  | (2,346,875 | )
Difference-ratio |  |  | -10 | % |  |  | -18 | %
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, 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 |
|  | As of December 31, 2022 |
|  | Stage I |  |  | Stage II |  |  | Stage III |  |  | POCI |  |  | Maximum Credit Risk Exposure |
(in RMB’000)
Book value
On-balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortized cost |  |  | 4,118,635 |  |  |  | — |  |  |  | 281,531 |  |  |  | 316,282 |  |  |  | 4,716,448 |
Loans to customers |  |  | 208,609,176 |  |  |  | 2,763,586 |  |  |  | 73,883 |  |  |  | — |  |  |  | 211,446,645 |
Total |  |  | 212,727,811 |  |  |  | 2,763,586 |  |  |  | 355,414 |  |  |  | 316,282 |  |  |  | 216,163,093 |
Off-balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing guarantee contracts |  |  | 67,011,692 |  |  |  | 1,491,246 |  |  |  | — |  |  |  | — |  |  |  | 68,502,938 |
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 interest payments computed using contractual rates, or, if floating, based on current rates, and interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date:
|  | 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 |
|  | As of December 31, 2022 |
|  | 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 |  |  | 1,569,367 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,569,367 |
Borrowings |  |  | — |  |  |  | 37,506,884 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,506,884 |
Bond payable |  |  | — |  |  |  | 2,209,274 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,209,274 |
Accounts and other payables and contract liabilities |  |  | 5,385,010 |  |  |  | 3,745,929 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,130,939 |
Payable to investors of consolidated structured entities |  |  | 47,351 |  |  |  | 133,933,056 |  |  |  | 45,293,609 |  |  |  | 4,182,362 |  |  |  | 65,607 |  |  |  | 183,521,985 |
Financing guarantee liabilities |  |  | 68,502,938 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 68,502,938 |
Lease liabilities |  |  | — |  |  |  | 462,785 |  |  |  | 247,494 |  |  |  | 67,737 |  |  |  | 6,819 |  |  |  | 784,835 |
Convertible promissory note payable |  |  | — |  |  |  | 50,177 |  |  |  | 50,177 |  |  |  | 50,177 |  |  |  | 6,867,555 |  |  |  | 7,018,086 |
Optionally convertible promissory notes |  |  | — |  |  |  | 8,546,138 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,546,138 |
|  |  | 75,504,666 |  |  |  | 186,454,243 |  |  |  | 45,591,280 |  |  |  | 4,300,276 |  |  |  | 6,939,981 |  |  |  | 318,790,446 |
Summary of Group's Maximum Exposure to Structured Entities |
|  | 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 fees |
|  | As of December 31, 2022 |
(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 |  |  |  | 17,312,195 |  |  |  | 17,312,195 |  |  |  | Investment income |
Unconsolidated structured products managed by affiliated entities (a) |  |  | NA |  |  |  | 8,321,066 |  |  |  | 8,321,066 |  |  |  | Investment income |
Unconsolidated structured products serviced by the Group. |  |  | 2,581,999 |  |  |  | — |  |  |  | 1,849,897 |  |  |  | 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, 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 | )
Total |  |  | 2,494,392 |  |  |  | 27,276,217 |  |  |  | 1,265,233 |  |  |  | 31,035,842 |
As of December 31, 2022 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Unlisted Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset management plans |  |  | — |  |  |  | 4,667,559 |  |  |  | 342,154 |  |  |  | 5,009,713 |
Trust plans |  |  | — |  |  |  | 3,268,709 |  |  |  | 621,840 |  |  |  | 3,890,549 |
Private fund and other equity investments |  |  | — |  |  |  | 1,603,219 |  |  |  | 440,832 |  |  |  | 2,044,051 |
Mutual funds |  |  | 7,125,498 |  |  |  | — |  |  |  | — |  |  |  | 7,125,498 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 46,435 |  |  |  | 46,435 |
Bank wealth management products |  |  | — |  |  |  | 7,563,450 |  |  |  | — |  |  |  | 7,563,450 |
Structured deposits |  |  | — |  |  |  | 2,406,785 |  |  |  | — |  |  |  | 2,406,785 |
Others debt investments |  |  | — |  |  |  | — |  |  |  | 1,002,966 |  |  |  | 1,002,966 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | — |  |  |  | 222,086 |  |  |  | — |  |  |  | 222,086 |
Foreign currency swap |  |  | — |  |  |  | 225,357 |  |  |  | — |  |  |  | 225,357 |
Total |  |  | 7,125,498 |  |  |  | 19,957,165 |  |  |  | 2,454,227 |  |  |  | 29,536,890 |
Summary of the Changes in Level 3 Instruments | The following table presents the changes in level 3 instruments for the years ended December 31, 2020, 2021 and 2022:
|  | Year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | Financial assets at fair value through profit or loss |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
As of beginning of the year |  |  | 2,842,839 |  |  |  | 1,266,495 |  |  |  | 1,265,233 |
Additions |  |  | — |  |  |  | 131,829 |  |  |  | 1,548,065 |
Disposal |  |  | (1,266,827 | ) |  |  | (29,664 | ) |  |  | (300,136 | )
Transfer into level 3 |  |  | — |  |  |  | 1,035,642 |  |  |  | — |
Transfer out of level 3 |  |  | — |  |  |  | (3,047 | ) |  |  | — |
Gains or losses recognized in profit or loss |  |  | (309,517 | ) |  |  | (1,136,022 | ) |  |  | (58,935 | )
As of end of the year |  |  | 1,266,495 |  |  |  | 1,265,233 |  |  |  | 2,454,227 |
Summary of Impact to Profit/(Loss) Before Income Tax | The table below illustrates the impact to profit/(loss) before income tax for the years ended December 31, 2020, 2021 and 2022, if the risk-adjusted discount rate had increased/decreased by 100 basis points with all other variables held constant.
|  | As of December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Expected changes in profit/(loss) before income tax |  |  |  |  |  |  |  |  |  |  |  |
+100 basis points |  |  | (28,078 | ) |  |  | (42,509 | ) |  |  | (42,824 | )
-100 basis points |  |  | 29,023 |  |  |  | 45,553 |  |  |  | 45,826 |

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