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v3.20.1

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Information |
Schedule of Segment Information | 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
Revenue from External Customers by Geographic Areas | 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

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