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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of (loss) income before income taxes

(Loss) income before income taxes consists of:

​

​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	(Amount in Thousands)
​		2020		2021		2022		2022
​	​	RMB	​	RMB	​	RMB	​	US$
Mainland China		846,584		686,188		588,048		85,259
Hong Kong		345,758		584,236		389,517		56,475
Cayman Islands	​	(1,811,849)	​	(66,140)	​	39,463	​	5,721
Others	​	34,188	​	93,758	​	132,521	​	19,212
Total		(585,319)		1,298,042		1,149,549		166,667

​

Schedule of tax expense

The tax expense comprises:

​

​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​	​	(Amount in Thousands)
​		2020		2021		2022		2022
​	​	RMB	​	RMB	​	RMB	​	US$
Current Tax	​	324,620	​	413,603	​	354,108	​	51,341
Deferred Tax	​	(66,160)	​	(119,663)	​	(87,000)	​	(12,614)
Total	​	258,460	​	293,940	​	267,108	​	38,727

​

Schedule of reconciliation between the statutory tax rate to (loss) income before income taxes and the actual provision for income taxes

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

​

​	​	​	​	​	​	​	​
​		Years Ended December 31,
​		2020		2021		2022
PRC income tax rate	​	25.00	%	25.00	%	25.00	%
Expenses not deductible for tax purposes	​	(0.33)	%	0.18	%	(0.07)	%
Effect of non-deductible settlement expenses	​	(78.12)	%	0.40	%	—	​
Effect of tax-free investment income	​	1.47	%	(0.57)	%	(0.72)	%
Effect of different tax rate of subsidiary in other jurisdiction	​	6.44	%	(4.85)	%	(6.61)	%
Effect of deferred tax asset allowance	​	(4.13)	%	1.56	%	7.22	%
Effect of tax holidays	​	2.01	%	(1.27)	%	(0.92)	%
Effect of income from equity in fund of fund	​	0.16	%	2.91	%	1.21	%
Effect of dividend withholding tax	​	—	​	—	​	1.74	%
Effect of true-ups	​	3.28	%	(0.82)	%	(3.36)	%
Effect of others	​	0.06	%	0.10	%	(0.25)	%
​	​	(44.16)	%	22.64	%	23.24	%

​

Schedule of aggregate amount and per share effect of the tax holidays

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:

​

​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​	​	(Amount in Thousands Except Shares Data)
​		2020		2021		2022		2022
​	​	RMB	​	RMB	​	RMB	​	US$
Aggregate	​	11,753	​	16,422	​	10,594	​	1,536
Per share effect-basic	​	0.38	​	0.49	​	0.31	​	0.04
Per share effect-diluted	​	0.38	​	0.49	​	0.31	​	0.04

​

Schedule of principal components of the 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)
​		2021		2022		2022
​	​	RMB	​	RMB	​	US$
Deferred tax assets:	​		​		​
Accrued expenses and payroll	​	26,271	​	159,817	​	23,171
Tax loss carry forward	​	489,179	​	491,311	​	71,233
Unrealized other loss	​	4,895	​	5,876	​	852
Provision for impairment of investments	​	39,300	​	39,300	​	5,698
Provision for allowance of credit losses	​	45,750	​	42,050	​	6,097
Provision for contingent liability	​	—	​	24,750	​	3,588
Others	​	2,323	​	6,804	​	986
Gross deferred tax assets	​	607,718	​	769,908	​	111,625
Valuation allowance	​	(271,813)	​	(333,467)	​	(48,347)
Net deferred tax assets	​	335,905	​	436,441	​	63,278
Deferred tax liabilities:	​	​	​	​	​	​
Unrealized investment income	​	42,276	​	44,414	​	6,439
Dividend withholding tax	​	—	​	20,000	​	2,900
Acquired deferred tax liabilities (Note 7)	​	191,858	​	185,354	​	26,874
Net deferred tax liabilities (after offsetting)	​	234,134	​	249,768	​	36,213

​

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,
​	​	2020	​	2021	​	2022
​		RMB		RMB		RMB
​	​	(Amount in Thousands)
Balance at beginning of the year		56,653		60,628		271,813
Provided		24,196		20,275		94,856
Addition due to acquisition	​	—	​	193,826	​	—
Write off		(20,221)		(2,916)		(9,472)
Reverse	​	—	​	—	​	(23,730)
Balance at ending of the year		60,628		271,813		333,467

​

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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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