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Income Taxes (Tables)

12 Months Ended

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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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 income before income tax between domestic and foreign jurisdictions.

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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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