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Financial Instruments And Risks (Tables)

12 Months Ended

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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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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No definition available.

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- Definition

Financial instruments and risks [Abstract].

+ References

No definition available.

+ Details

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