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Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Current and Deferred Portions of Income Tax Expenses

The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive income (loss) during the years ended December 31, 2017, 2018 and 2019 are as follows:

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Current income tax expenses			371,354				94,787				390,080
Deferred income tax expense (benefit)			(96,643	)			56,419				91,882
Total			274,711				151,206				481,962

Summary of Reconciliation Between the Computed Expected Tax Expenses (Benefit) Rate and the Effective Income Tax Rate

The following table sets forth reconciliation between the computed expected tax expenses (benefit) rate and the effective income tax rate:

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Statutory tax rate			25	%			25	%			25	%
Research and development tax credit			(2	)%			(2	)%			(3	)%
Effect of tax holiday*			(6	)%			(19	)%			(7	)%
Change in valuation allowance			—				—				1	%
Non-deductible expenses			2	%			2	%			1	%
Others			1	%			—				—
Effective income tax rate			20	%			6	%			17	%

Summary of Aggregate Amount and Per Share Effect of Tax Holidays

The aggregate amount and per share effect of the tax holidays are as follows

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Tax holiday effect			153,908				460,333				202,923
Net income per share effect
- Basic			0.20				0.31				0.13
- Diluted			0.20				0.29				0.13

Significant Components of Deferred Tax Assets

The following table sets forth the significant components of the deferred tax assets:

		As of December 31,
		2018				2019
		RMB				RMB
Deferred tax assets:
Timing difference in revenue recognition for transaction service fee			63,733				62,718
Provision for accounts receivable and loans receivable			52,207				49,827
Net accumulated losses-carry forward			38,851				15,166
Payroll and welfare payable and other temporary difference			8,115				8,274
Less: valuation allowance			(40,143	)			(6,245	)
Total deferred tax assets			122,763				129,740
Deferred tax liabilities:
Quality assurance payable			(41,799	)			(34,367	)
Intangible assets arisen from business combination			(15,940	)			(15,940	)
Investor reserve funds			(23,287	)			(15,523	)
Unrealized gain in consolidated trusts			—				(130,009	)
Other taxable temporary difference			(19,038	)			(3,083	)
Total deferred tax liabilities			(100,064	)			(198,922	)
Net deferred tax assets (liabilities)			22,699				(69,182	)

Movement of Valuation Allowances

Movement of valuation allowances

		For the Years Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
At beginning of year			2,906				21,538				40,143
Current year additions			18,688				22,585				741
Current year reversals			(56	)			(3,980	)			(34,639	)
At end of year			21,538				40,143				6,245

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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