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Fair value of assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair value of assets and liabilities

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

								Balance at Fair
		Level 1		Level 2		Level 3		Value
December 31, 2018		(RMB)		(RMB)		(RMB)		(RMB)
Assets
Loans at fair value		—		—		33,417,119		33,417,119
Financial guarantee derivative		—		—		358,249,913		358,249,913
Total assets		—		—		391,667,032		391,667,032

								Balance at Fair
		Level 1		Level 2		Level 3		Value
December 31, 2019		(RMB)		(RMB)		(RMB)		(RMB)
Assets
Loans at fair value		—		—		2,782,332,885		2,782,332,885
Financial guarantee derivative		—		—		719,962,262		719,962,262
Total assets		—		—		3,502,295,147		3,502,295,147
Payable to investors at fair value		—		—		3,006,349,475		3,006,349,475
Total liabilities		—		—		3,006,349,475		3,006,349,475

								Balance at Fair
		Level 1		Level 2		Level 3		Value
December 31, 2019		(US$)		(US$)		(US$)		(US$)
Assets
Loans at fair value		—		—		399,657,112		399,657,112
Financial guarantee derivative		—		—		103,416,108		103,416,108
Total assets		—		—		503,073,220		503,073,220
Payable to investors at fair value		—		—		431,835,082		431,835,082
Total liabilities						431,835,082		431,835,082

Schedule of financial guarantee derivative movement activities

		2018		2018		2019		2019
		RMB		USD		RMB		USD
Balance at January 1		53,260,916		7,746,479		(358,249,913)		(51,459,380)
Estimated payment to ZhongAn based on the pre-agreed Cap(1)		1,784,817,072		259,590,877		2,270,629,689		326,155,547
Less: Initially estimated net guarantee service fee to be collected(2)		1,607,696,701		233,829,787		2,039,737,713		292,989,990
Add (Less): Subsequent changes in estimated net guarantee service fee to be collected for outstanding loans(3)		23,850,931		3,468,974		15,479,852		2,223,542
Change in fair value of financial guarantee derivative		200,971,302		29,230,064		246,371,828		35,389,099
Add: Guarantee service fee received from borrowers		1,019,863,268		148,332,960		1,877,885,497		269,741,374
Less: Compensation paid to ZhongAn		1,632,345,399		237,414,792		2,485,969,674		357,087,201
Balance at December 31		(358,249,913)		(52,105,289)		(719,962,262)		(103,416,108)
Potential maximum undiscounted amount payable (Remaining estimated payment to ZhongAn based on the pre-agreed Cap at December 31)		370,958,304		53,953,648		155,618,319		22,353,173
Changes in fair value related to balance outstanding at December 31		108,540,263		15,786,527		120,363,772		17,289,174

Note:

(1)       Amount represents estimated payment to ZhongAn which is the aggregated amount of guarantee fees, which would be the amount of loan principle multiplied by annualized guarantee fee ratio. The obligation is not influenced by default and early repayment of borrowers. 

(2)       Amount represents estimated guarantee service fees to be collected for loans newly facilitated during each vintage period according to the guarantee service agreement with the borrowers, net of estimated defaults and prepayments.

(3)       Amount represents the subsequent adjustment to update the estimated net guarantee service fees to be collected for all outstanding loans as a result of changes in estimated default or prepayment rates.

Schedule of outstanding loan balance, remaining weighted average contractual term and estimated default rate of the outstanding loans

		As of		As of		As of
		December 31,		December 31,		December 31,
		2018		2019		2019
		RMB		RMB		US$
Outstanding loan balance		12,811,666,471		12,492,069,873		1,794,373,563
Remaining weighted average contractual term (Month)		7.53		7.13		7.13
Estimated default rate		11.06	%	10.13	%	10.13	%

Schedule of significant unobservable inputs

				December 31, 2018		December 31, 2019
				Range of Inputs		Range of Inputs
Financial Instrument		Unobservable Input		Weighted-Average		Weighted-Average
Loans and payable to investors at fair value		Discount rates		7.12	%	8.28	%
		Net cumulative expected loss rates(1)		7.59	%	9.99	%

(1)    Represents the net of default rate, prepayment rate and collection rate, expressed as a percentage of the loan volume.

Schedule of loans receivable measured at fair value on recurring basis

RMB

														Changes in fair
														value related to
														balance
		Balance at										Balance at		outstanding at
		December 31,		Origination of		Collection of		Reinvestment		Change in		December		December 31,
		2017		loan principal		principal		of principal		fair value		31, 2018		2018
Xiaoying Credit Loan		427,347,002		49,498,710		(476,783,941)		—		33,355,348		33,417,119		(1,750,429)
Xiaoying Housing Loan		240,491,878		—		(267,567,946)		18,353,661		8,722,407		—		—
Total		667,838,880		49,498,710		(744,351,887)		18,353,661		42,077,755		33,417,119		(1,750,429)

RMB

Changes in fair

value related to

balance

Balance at

Balance at

outstanding at

December 31,

Origination of

Collection of

Reinvestment

Change in

December

December 31,

2018

loan principal

principal

of principal

fair value

31, 2019

2019

Xiaoying Credit Loan

33,417,119

4,938,191,061

(2,961,912,723)

708,474,895

64,162,533

2,782,332,885

62,412,104

USD

Changes in fair

value related to

balance

Balance at

Balance at

outstanding at

December 31,

Origination of

Collection of

Reinvestment

Change in

December

December 31,

2018

loan principal

principal

of principal

fair value

31, 2019

2019

Xiaoying Credit Loan

4,800,069

709,326,763

(425,452,142)

101,766,051

9,216,371

399,657,112

8,964,938

Schedule of loans payable measured at fair value on recurring basis

		Payable to investors at
		fair value of the
		Consolidated Trusts
		RMB
Balance at December 31, 2017		667,080,871
Initial contribution		—
Principal payment		(696,800,000)
Changes in fair value		29,719,129
Balance at December 31, 2018		—
Changes in fair value related to balance outstanding at  December 31, 2018		—

		Payable to investors at
		fair value of the
		Consolidated Trusts
		RMB		US$
Balance at December 31, 2018		—		—
Initial contribution		4,313,060,000		619,532,305
Principal payment		(1,306,710,525)		(187,697,223)
Changes in fair value		—		—
Balance at December 31, 2019		3,006,349,475		431,835,082
Changes in fair value related to balance outstanding at  December 31, 2019		—		—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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