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Prepaid expenses and other assets (Tables)
 12 Months Ended
Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Receivables, Prepayments and Other Assets
Receivables, prepayments and other assets consist of the following:
                 
 
As of December 31,
 
 
2018
   
2019
 
 
RMB
   
RMB
 
Security deposits
1
    
60,052
     
1,108,146
 
Prepaid rental deposits
    
92,922
     
100,125
 
Prepaid online marketing expenses
    
25,975
     
17,701
 
Advances
    
19,517
     
14,220
 
Convertible loan
2
 
 
 
—  
 
 
 
20,000
 
Others
   
23,327
     
130,831
 
                 
   
221,793
     
1,391,023
 
                 
 
 
 
1
The balances represent security deposits set aside as requested by certain institutional funding partners, held in deposit accounts with the institutional funding partners.
 
 
 
 
 
2
In 2019, the Group agrees to grant a RMB20,000 loan, which can be extend to RMB40,000, to Shanghai Qiaopan Technology Company Limited (“Qiaopan”), a third party company founded by a former employee of the Group. Together with the loan agreement, the Group agrees to lent certain equipment amounting to RMB8,000 to Qiaopan. The loan and equipment are convertible into a minority interest in Qiaopan upon occurrence of certain events in 2020. If Qiaopan fails to fulfill such events, Qiaopan is obligated to repay loan at a 8% interest rate and pay a rental fee of certain percentage on the equipment amount for its usage of the equipment. The Group considered this arrangement and concluded although Qiaopan meets the definition of VIE, the Group does not need to consolidate Qiaopan in its consolidated financial statements as the Group does not have power to direct the activities of Qiaopan.