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v3.20.1

Segment Information | 12 Months Ended
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Dec. 31, 2019
Segment Information |
Segment Information | 18. Segment Information The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group believes it operates in three reportable segments: wealth management, asset management and, lending and other financial service. The Group’s CODM does not review balance sheet information of the segments. ​ Segment information of the Group’s business is as follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2017 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
One-time commissions |  | 539,938 |  | 1,087 |  | — |  | 541,025
Recurring service fees |  | 577,544 |  | 27,548 |  | — |  | 605,092
Performance-based income |  | 84,105 |  | 2,389 |  | — |  | 86,494
Other service fees |  | 70,390 |  | 10,712 |  | 113,971 |  | 195,073
Total revenues from others |  | 1,271,977 |  | 41,736 |  | 113,971 |  | 1,427,684
One-time commissions |  | 560,047 |  | 1,012 |  | — |  | 561,059
Recurring service fees |  | 300,352 |  | 502,409 |  | — |  | 802,761
Performance –based income |  | 9,019 |  | 45,483 |  | — |  | 54,502
Total revenues from funds Gopher manages |  | 869,418 |  | 548,904 |  | — |  | 1,418,322
Total revenues |  | 2,141,395 |  | 590,640 |  | 113,971 |  | 2,846,006
Less: VAT related surcharges |  | (15,128) |  | (2,599) |  | (1,371) |  | (19,098)
Net revenues |  | 2,126,267 |  | 588,041 |  | 112,600 |  | 2,826,908
Operating cost and expenses: |  |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |  |
Relationship Manager Compensation |  | (611,550) |  | (4) |  | (4,510) |  | (616,064)
Performance Fee Compensation |  | — |  | (11,291) |  | — |  | (11,291)
Other Compensation |  | (463,370) |  | (190,032) |  | (126,615) |  | (780,017)
Total compensation and benefits |  | (1,074,920) |  | (201,327) |  | (131,125) |  | (1,407,372)
Selling expenses |  | (295,798) |  | (9,271) |  | (15,393) |  | (320,462)
General and administrative expenses |  | (146,122) |  | (70,618) |  | (30,045) | ​ | (246,785)
Provision for doubtful accounts | ​ | — | ​ | — | ​ | (2,093) | ​ | (2,093)
Other operating expenses |  | (77,490) |  | (27,773) |  | (42,055) |  | (147,318)
Government subsidies |  | 49,008 |  | 23,848 |  | 1,300 |  | 74,156
Total operating cost and expenses |  | (1,545,322) |  | (285,141) |  | (219,411) |  | (2,049,874)
Income (loss) from operations |  | 580,945 |  | 302,900 |  | (106,811) |  | 777,034
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2018 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Business | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
One-time commissions |  | 731,424 |  | 1,585 |  | — |  | 733,009
Recurring service fees |  | 571,782 |  | 22,074 |  | — |  | 593,856
Performance-based income |  | 42,570 |  | 531 |  | — |  | 43,101
Other service fees |  | 113,570 |  | 8,225 |  | 240,091 |  | 361,886
Total revenues from others |  | 1,459,346 |  | 32,415 |  | 240,091 |  | 1,731,852
One-time commissions |  | 292,899 |  | 2,085 |  | — |  | 294,984
Recurring service fees |  | 564,228 |  | 618,465 |  | — |  | 1,182,693
Performance –based income |  | 1,739 |  | 98,794 |  | — |  | 100,533
Total revenues from funds Gopher manages |  | 858,866 |  | 719,344 |  | — |  | 1,578,210
Total revenues |  | 2,318,212 |  | 751,759 |  | 240,091 |  | 3,310,062
Less: VAT related surcharges |  | (12,206) |  | (3,228) |  | (5,020) |  | (20,454)
Net revenues |  | 2,306,006 |  | 748,531 |  | 235,071 |  | 3,289,608
Operating cost and expenses: |  |  |  |  |  | ​ |  | ​
Compensation and benefits |  |  |  |  |  |  |  |
Relationship Manager Compensation |  | (631,234) |  | — |  | (2,365) |  | (633,599)
Performance Fee Compensation |  | — |  | (21,175) |  | — |  | (21,175)
Other Compensation |  | (534,516) |  | (251,923) |  | (122,979) |  | (909,418)
Total compensation and benefits |  | (1,165,750) |  | (273,098) |  | (125,344) |  | (1,564,192)
Selling expenses |  | (367,589) |  | (22,200) |  | (22,931) |  | (412,720)
General and administrative expenses |  | (164,802) |  | (80,873) |  | (34,400) | ​ | (280,075)
Provision for doubtful accounts | ​ | — | ​ | — | ​ | 688 | ​ | 688
Other operating expenses |  | (54,291) |  | (25,310) |  | (89,767) |  | (169,368)
Government subsidies |  | 53,620 |  | 6,148 |  | 2,815 |  | 62,583
Total operating cost and expenses |  | (1,698,812) |  | (395,333) |  | (268,939) |  | (2,363,084)
Income (loss) from operations |  | 607,194 |  | 353,198 |  | (33,868) |  | 926,524
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
One-time commissions |  | 688,652 | ​ | 2,208 | ​ | — | ​ | 690,860
Recurring service fees |  | 520,013 | ​ | 4,679 | ​ | — | ​ | 524,692
Performance-based income |  | 23,333 | ​ | 104 | ​ | — | ​ | 23,437
Other service fees |  | 222,912 | ​ | 4,274 | ​ | 295,772 | ​ | 522,958
Total revenues from others |  | 1,454,910 | ​ | 11,265 | ​ | 295,772 | ​ | 1,761,947
One-time commissions |  | 239,409 | ​ | 1,399 | ​ | — | ​ | 240,808
Recurring service fees |  | 635,437 | ​ | 685,336 | ​ | — | ​ | 1,320,773
Performance –based income |  | 97 | ​ | 89,551 | ​ | — | ​ | 89,648
Total revenues from funds Gopher manages |  | 874,943 | ​ | 776,286 | ​ | — | ​ | 1,651,229
Total revenues |  | 2,329,853 | ​ | 787,551 | ​ | 295,772 | ​ | 3,413,176
Less: VAT related surcharges |  | (10,574) | ​ | (3,971) | ​ | (6,819) | ​ | (21,364)
Net revenues |  | 2,319,279 | ​ | 783,580 | ​ | 288,953 | ​ | 3,391,812
Operating cost and expenses: |  |  |  |  |  | ​ |  | ​
Compensation and benefits |  |  |  |  |  |  |  |
Relationship Manager Compensation |  | (625,044) | ​ | — | ​ | — | ​ | (625,044)
Performance Fee Compensation |  | — | ​ | (31,283) | ​ | — | ​ | (31,283)
Other Compensation |  | (607,336) | ​ | (248,612) | ​ | (98,495) | ​ | (954,443)
Total compensation and benefits |  | (1,232,380) | ​ | (279,895) | ​ | (98,495) | ​ | (1,610,770)
Selling expenses |  | (287,541) | ​ | (26,661) | ​ | (17,144) | ​ | (331,346)
General and administrative expenses |  | (194,908) | ​ | (71,805) | ​ | (29,779) | ​ | (296,492)
Provision for doubtful accounts | ​ | (121,572) | ​ | (3,800) | ​ | (5,351) | ​ | (130,723)
Other operating expenses |  | (103,846) | ​ | (25,978) | ​ | (66,969) | ​ | (196,793)
Government subsidies |  | 58,704 | ​ | 15,878 | ​ | 14,696 | ​ | 89,278
Total operating cost and expenses |  | (1,881,543) | ​ | (392,261) | ​ | (203,042) | ​ | (2,476,846)
Income from operations |  | 437,736 | ​ | 391,319 | ​ | 85,911 | ​ | 914,966
​ The following table summarizes the Group’s revenues generated by the different geographic location. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2017 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Mainland of China |  | 1,788,135 | ​ | 398,428 | ​ | 113,971 | ​ | 2,300,534
Hong Kong |  | 353,260 | ​ | 192,212 | ​ | — | ​ | 545,472
Total revenues |  | 2,141,395 | ​ | 590,640 | ​ | 113,971 | ​ | 2,846,006
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2018 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Mainland of China |  | 1,750,754 | ​ | 565,137 | ​ | 240,091 | ​ | 2,555,982
Hong Kong |  | 565,061 | ​ | 185,990 | ​ | — | ​ | 751,051
Others |  | 2,397 | ​ | 632 | ​ | — | ​ | 3,029
Total revenues |  | 2,318,212 | ​ | 751,759 | ​ | 240,091 | ​ | 3,310,062
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 (Amount in Thousands)
​ | ​ | ​ | ​ | ​ | ​ | Lending | ​ | ​
​ | ​ | Wealth Management | ​ | Assets Management | ​ | and Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Mainland of China |  | 1,494,742 | ​ | 676,837 | ​ | 295,772 | ​ | 2,467,351
Hong Kong |  | 633,168 | ​ | 99,957 | ​ | — | ​ | 733,125
Others |  | 201,943 | ​ | 10,757 | ​ | — | ​ | 212,700
Total revenues |  | 2,329,853 | ​ | 787,551 | ​ | 295,772 | ​ | 3,413,176
​ Substantially all of the Group’s revenues are derived from, and its assets are located in the mainland of China and Hong Kong.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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