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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Schedule of income (loss) before income taxes | Income (loss) before income taxes consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | (Amount in Thousands)
​ |  | 2019 |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Mainland China |  | 400,776 |  | 846,584 |  | 686,188 |  | 107,677
Hong Kong |  | 379,896 |  | 345,758 |  | 584,236 |  | 91,679
Cayman Islands | ​ | 100,232 | ​ | (1,811,849) | ​ | (66,140) | ​ | (10,379)
Others | ​ | 87,071 | ​ | 34,188 | ​ | 93,758 | ​ | 14,714
Total |  | 967,975 |  | (585,319) |  | 1,298,042 |  | 203,691
Schedule of Tax Expense (Benefit) | The tax expense (benefit) comprises: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ | ​ | (Amount in Thousands)
​ |  | 2019 |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Current Tax | ​ | 282,422 | ​ | 324,620 | ​ | 413,603 | ​ | 64,904
Deferred Tax | ​ | (62,397) | ​ | (66,160) | ​ | (119,663) | ​ | (18,778)
Total | ​ | 220,025 | ​ | 258,460 | ​ | 293,940 | ​ | 46,126
Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes | Reconciliation between the statutory tax rate to income (loss) before income taxes and the actual provision for income taxes is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31, |
​ |  | 2019 |  | 2020 |  | 2021 |
PRC income tax rate | ​ | 25.00 | % | 25.00 | % | 25.00 | %
Expenses not deductible for tax purposes | ​ | 0.04 | % | (0.33) | % | 0.18 | %
Effect of non-deductible settlement expenses | ​ | — | ​ | (78.12) | % | 0.40 | %
Effect of tax-free investment income | ​ | (1.37) | % | 1.47 | % | (0.57) | %
Effect of different tax rate of subsidiary in other jurisdiction | ​ | (5.13) | % | 6.44 | % | (4.85) | %
Effect of deferred tax asset allowance | ​ | 5.85 | % | (4.13) | % | 1.56 | %
Effect of tax holidays | ​ | (2.60) | % | 2.01 | % | (1.27) | %
Effect of income from equity in fund of fund | ​ | 1.27 | % | 0.16 | % | 2.91 | %
Effect of true-ups | ​ | (0.47) | % | 3.28 | % | (0.82) | %
Effect of others | ​ | 0.14 | % | 0.06 | % | 0.10 | %
​ | ​ | 22.73 | % | (44.16) | % | 22.64 | %
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)
​ |  | 2019 |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Aggregate | ​ | 25,146 | ​ | 11,753 | ​ | 16,422 | ​ | 2,577
Per share effect-basic | ​ | 0.82 | ​ | 0.38 | ​ | 0.49 | ​ | 0.08
Per share effect-diluted | ​ | 0.81 | ​ | 0.38 | ​ | 0.49 | ​ | 0.08
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)
​ |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | US$
Deferred tax assets: | ​ |  | ​ |  | ​ |
Accrued expenses | ​ | 2,040 | ​ | 26,271 | ​ | 4,122
Tax loss carry forward | ​ | 222,615 | ​ | 489,179 | ​ | 76,763
Unrealized other loss | ​ | 5,150 | ​ | 4,895 | ​ | 768
Provision for impairment of investments | ​ | 39,389 | ​ | 39,300 | ​ | 6,167
Provision for allowance of credit losses | ​ | 15,412 | ​ | 45,750 | ​ | 7,179
Others | ​ | 262 | ​ | 2,323 | ​ | 365
Gross deferred tax assets | ​ | 284,868 | ​ | 607,718 | ​ | 95,364
Valuation allowance | ​ | (60,628) | ​ | (271,813) | ​ | (42,653)
Net deferred tax assets | ​ | 224,240 | ​ | 335,905 | ​ | 52,711
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Unrealized investment income | ​ | 45,881 | ​ | 42,276 | ​ | 6,634
Acquired deferred tax liabilities (Note 7) | ​ | — | ​ | 191,858 | ​ | 30,107
Net deferred tax liabilities (after offsetting) | ​ | 45,881 | ​ | 234,134 | ​ | 36,741
Schedule of movements of valuation allowance of deferred tax assets | A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. The movements of valuation allowance of deferred tax assets are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2019 | ​ | 2020 | ​ | 2021
​ |  | RMB |  | RMB |  | RMB
​ | ​ | (Amount in Thousands)
Balance at beginning of the year |  | 15,651 |  | 56,653 |  | 60,628
Provided |  | 56,653 |  | 24,196 |  | 20,275
Addition due to acquisition | ​ | — | ​ | — | ​ | 193,826
Write off |  | (15,651) |  | (20,221) |  | (2,916)
Balance at end of the year |  | 56,653 |  | 60,628 |  | 271,813

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 + Details
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