The Group


	As of December 31,
	2021			2022
	RMB’000			RMB’000
Unlisted securities
Debt Investments		5,002,174			6,471,987

Interest receivable		121,415			122,799

		5,123,589			6,594,786
Less: Provision for impairment losses		(1,338,976	)		(1,878,338	)

		3,784,613			4,716,448

Expected credit loss rate		26.13	%		28.48	%

(a)

As of December 31, 2021 and 2022, the principal amount of financial assets at amortized cost amounting to RMB1,795 million and RMB2,000 million were past due. An impairment loss of RMB300 million and RMB565 million was recognized for the years ended December 31, 2021 and 2022 based on the discounted future recoverable amount estimated at the balance sheet date.

(b)	The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2020:


	Year ended December 31, 2020
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2		Stage 3			POCI			Total
As of January 1, 2020		7,223,195			—		2,655,132			132,632			10,010,959
New financial assets originated or purchase d		8,590,588			—		—			59,084			8,649,672
Write-offs		—			—		(221,754	)		(12,521	)		(234,275	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(10,300,916	)		—		(318,143	)		(71,463	)		(10,690,522	)

As of December 31, 2020		5,512,867			—		2,115,235			107,732			7,735,834

(c)	The following table sets forth the movement of ECL allowance for the year ended December 31, 2020:


	Year ended December 31, 2020
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2		Stage 3			POCI			Total
As of January 1, 2020		13,997			—		1,321,133			52,817			1,387,947
New financial assets originated or purchase d		8,593			—		—			—			8,593
Write-offs		—			—		(221,754	)		(12,521	)		(234,275	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(4,160	)		—		(15,444	)		(117	)		(19,721	)
Change in parameters of expected credit loss model		(13,270	)		—		56,413			(13,822	)		29,321

As of December 31, 2020		5,160			—		1,140,348			26,357			1,171,865

(d)	The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2021:


	Year ended December 31, 2021
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2		Stage 3			POCI			Total
As of January 1, 2021		5,512,867			—		2,115,235			107,732			7,735,834
New financial assets originated or purchase d		7,437,143			—		—			604,418			8,041,561
Write-offs		—			—		(17,651	)		(8,694	)		(26,345	)
Disposal in the current period		—			—		(226,843	)		—			(226,843	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(10,240,254	)		—		(5,500	)		(154,864	)		(10,400,618	)

As of December 31, 2021		2,709,756			—		1,865,241			548,592			5,123,589

(e)	The following table sets forth the movement of ECL allowance for the year ended December 31, 2021:


	Year ended December 31, 2021
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2		Stage 3			POCI			Total
As of January 1, 2021		5,160			—		1,140,348			26,357			1,171,865
New financial assets originated or purchase d		10,808			—		—			—			10,808
Write-offs		—			—		(17,651	)		(8,694	)		(26,345	)
Disposal in the current period		—			—		(144,320	)		—			(144,320	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(4,531	)		—		(10,366	)		48,184			33,287
Change in parameters of expected credit loss model		467			—		312,491			(19,277	)		293,681

As of December 31, 2021		11,904			—		1,280,502			46,570			1,338,976

(f)	The following table sets forth the movement of gross carrying amount of financial assets at amortized cost for the year ended December 31, 2022:


	Year ended December 31, 2022
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2			Stage 3			POCI			Total
As of January 1, 2022		2,709,756			—			1,865,241			548,592			5,123,589
New financial assets originated or purchase d		5,635,886			—			—			79,456			5,715,342
Transfer		(363,927	)		—			363,927			—			—
— From stage 1 to stage 2		(363,927	)		363,927			—			—			—
— From stage 2 to stage 3		—			(363,927	)		363,927			—			—
Write-offs		—			—			(38,858	)		(11,854	)		(50,712	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(3,822,562	)		—			(102,087	)		(268,784	)		(4,193,433	)

As of December 31, 2022		4,159,153			—			2,088,223			347,410			6,594,786

(g)	The following table sets forth the movement of ECL allowance for the year ended December 31, 2022:


	Year ended December 31, 2022
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
	Stage 1			Stage 2			Stage 3			POCI			Total
As of January 1, 2022		11,904			—			1,280,502			46,570			1,338,976
New financial assets originated or purchase d		19,733			—			—			—			19,733
Transfer		(3,622	)		—			236,007			—			232,385
— From stage 1 to stage 2		(3,622	)		3,622			—			—			—
— From stage 2 to stage 3		—			(63,386	)		63,386			—			—
Net impact on expected credit loss by stage transfer		—			59,764			172,621			—			232,385
Write-offs		—			—			(38,858	)		(11,854	)		(50,712	)
Financial assets de-recognized and other adjustments in the current period (including repayments of financial assets)		(5,395	)		—			(74,124	)		3,238			(76,281	)
Change in parameters of expected credit loss model		17,898			—			403,165			(6,826	)		414,237

As of December 31, 2022		40,518			—			1,806,692			31,128			1,878,338

The Company


	As of December 31,
	2021			2022
	RMB’000			RMB’000
Unlisted securities
Loans to subsidiaries		8,781,896			137,662

Interest receivable		72,434			18,387

		8,854,330			156,049
Less: Provision for impairment losses		(7,707	)		(447	)

		8,846,623			155,602