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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Tax Expense (Benefit)

The tax expense (benefit) comprises:

​

​	​	​	​	​	​	​	​	​
​		Years Ended December 31,
​	​	(Amount in Thousands)
​		2017		2018		2019		2019
​	​	RMB	​	RMB	​	RMB	​	US$
Current Tax	​	198,841	​	246,079	​	282,422	​	40,568
Deferred Tax	​	244	​	(23,759)	​	(62,397)	​	(8,963)
Total	​	199,085	​	222,320	​	220,025	​	31,605

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes

Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:

​

​	​	​	​	​	​	​	​
​		Years Ended December 31,
​		2017		2018		2019
PRC income tax rate	​	25.00	%	25.00	%	25.00	%
Expenses not deductible for tax purposes	​	0.14	%	0.38	%	0.04	%
Effect of tax-free investment income	​	(2.03)	%	(0.49)	%	(1.37)	%
Effect of different tax rate of subsidiary in other jurisdiction	​	(3.30)	%	(2.54)	%	(5.13)	%
Effect of deferred tax asset allowance	​	1.07	%	1.57	%	5.85	%
Effect of tax holidays	​	(0.73)	%	(1.00)	%	(2.60)	%
Effect of income from equity in Fund of Fund	​	1.92	%	0.49	%	1.27	%
Effect of true-ups	​	0.84	%	(1.51)	%	(0.47)	%
Effect of others	​	0.01	%	0.10	%	0.14	%
​	​	22.92	%	22.00	%	22.73	%

Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday

The aggregate amount and per share effect of the tax holidays (including effect of timing difference reversed in the year with different rate) are as follows:

​

​	​	​	​	​	​	​	​	​
​		Years Ended December 31,
​	​	(Amount in Thousands Except Shares Data)
​		2017		2018		2019		2019
​	​	RMB	​	RMB	​	RMB	​	US$
Aggregate	​	6,367	​	10,106	​	25,146	​	3,612
Per share effect-basic	​	0.23	​	0.35	​	0.82	​	0.12
Per share effect-diluted	​	0.21	​	0.33	​	0.81	​	0.12

Principal Components of Deferred Income Tax Asset and Liabilities

​

The principal components of the deferred income tax asset and liabilities are as follows:

​

​	​	​	​	​	​	​
​		As of December 31,
​	​	(Amount in Thousands)
​		2018		2019		2019
​	​	RMB	​	RMB	​	US$
Deferred tax assets:	​		​		​
Accrued expenses	​	5,743	​	3,240	​	465
Tax loss carry forward	​	117,978	​	215,423	​	30,944
Unrealized other income	​	2,012	​	1,226	​	176
Others	​	3,302	​	4,194	​	602
Gross deferred tax assets	​	129,035	​	224,083	​	32,187
Valuation allowance	​	(15,651)	​	(56,653)	​	(8,137)
Net deferred tax assets	​	113,384	​	167,430	​	24,050
Deferred tax liabilities:	​		​		​
Unrealized investment income	​	67,092	​	56,401	​	8,101
Net deferred tax liabilities (after offsetting)	​	67,092	​	56,401	​	8,101

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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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