XML 74 R34.htm IDEA: XBRL DOCUMENT v3.20.1

Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income taxes

Schedule of current and deferred component of income tax expenses

		Year ended		Year ended
		December 31,		December 31,		Year ended December 31,
		2017		2018		2019		2019
		RMB		RMB		RMB		US$
Current tax		395,369,391		213,083,260		71,809,290		10,314,759
Deferred tax		(257,121,164)		(3,162,072)		(164, 911,933)		(23,688,117)
Total		138,248,227		209,921,188		(93,102,643)		(13,373,358)

Schedule of pre-tax income for different jurisdiction

		Year ended		Year ended
		December 31,		December 31,		Year ended December 31,
		2017		2018		2019		2019
		RMB		RMB		RMB		US$
Cayman Islands		86,909		(11,832,862)		(9,978,594)		(1,433,335)
Hong Kong entities		(17,470)		(2,423,249)		(140,208)		(20,140)
PRC entities		478,505,825		1,099,179,030		674,034,252		96,818,963
Total		478,575,264		1,084,922,919		663,915,450		95,365,488

Schedule of reconciliation between the income taxes expense computed by applying the PRC tax rate and the actual provision for income taxes

		Year ended		Year ended		Year ended
		December 31,		December 31,		December 31,
		2017		2018		2019		2019
		RMB		RMB		RMB		US$
Expected tax at PRC rate		119,643,817		271,230,730		165,978,862		23,841,372
Other expenses not deductible for tax purposes		119,376		226,076		27,243,710		3,913,314
Share based compensation expenses not deductible for tax purposes		18,502,393		42,959,121		39,101,140		5,616,527
Effect of tax holiday and preferential tax rate(1)		—		(104,548,726)		(279,823,276)		(40,194,099)
Effect of different tax rate of subsidiary operation in other jurisdiction		(20,242)		3,164,192		2,853,547		409,886
Research and development tax deduction		—		(32,720,713)		(12,657,389)		(1,818,120)
Adjustment on income tax of the previous periods (2)		—		(17,208,473)		961,418		138,099
Tax on undistributed earnings/(loss) of VIEs		—		46,419,145		(46,419,145)		(6,667,693)
Valuation allowance movement		2,883		399,836		4,451,281		639,387
Others		—		—		5,207,209		747,969
Total		138,248,227		209,921,188		(93,102,643)		(13,373,358)

(1) The aggregate amount and per share effect of the tax holiday and preferential tax rate are as follows:

		Year ended		Year ended
		December 31,		December 31,		Year ended December 31,
		2017		2018		2019		2019
		RMB		RMB		RMB		US$
The aggregate amount tax benefit of the tax holiday and preferential tax rate		—		104,548,726		279,823,276		40,194,099
The aggregate effect on basic and diluted net income per share:
—Basic		—		0.36		0.89		0.13
—Diluted		—		0.34		0.88		0.13

(2) Adjustment on current income tax of the previous periods represented the adjustment according to final annual income tax filing with the PRC tax authorities.

Schedule of aggregate amount and per share effect of the tax holiday and preferential tax rate

		Year ended		Year ended
		December 31,		December 31,		Year ended December 31,
		2017		2018		2019		2019
		RMB		RMB		RMB		US$
The aggregate amount tax benefit of the tax holiday and preferential tax rate		—		104,548,726		279,823,276		40,194,099
The aggregate effect on basic and diluted net income per share:
—Basic		—		0.36		0.89		0.13
—Diluted		—		0.34		0.88		0.13

Schedule of tax effects of temporary differences that give rise to the deferred tax balances

		As of
		December 31,		As of December 31,
		2018		2019		2019
Deferred tax assets:		RMB		RMB		US$
Long-term investments		1,575,000		3,455,742		496,386
Accrued expenses		3,394,533		30,867,551		4,433,846
Accounts receivables		—		105,168,108		15,106,454
Guarantee liabilities		235,329,500		210,014,843		30,166,745
Financial guarantee derivatives		54,770,514		116,363,471		16,714,567
Loan receivable from Xiaoying Housing Loans		3,886,705		7,231,727		1,038,773
Loans held for sale		853,899		—		—
Loans receivable from Xiaoying Credit Loans and Xiaoying Revolving Loans		—		10,264,710		1,474,433
Operating loss carry forwards		46,845,223		5,631,764		808,952
Lease liabilities		—		13,226,632		1,899,887
Others		395,882		149,079		21,413
Deferred tax assets, gross		347,051,256		502,373,627		72,161,456
Valuation allowance		(403,674)		(4,854,955)		(697,371)
Total deferred tax assets, net		346,647,582		497,518,672		71,464,085
Deferred tax liabilities:
Property and equipment		1,008,419		662,682		95,187
Long-term investments		—		646,786		92,905
Investment in Consolidated Trusts		—		18,953,213		2,722,459
Right-of-use assets		—		13,124,040		1,885,150
Investment in VIEs(1)		46,419,145		—		—
Total deferred tax liabilities		47,427,564		33,386,721		4,795,701

(1) A deferred tax liability was recorded for taxable temporary differences attributable to the excess of financial reporting amounts over tax basis for investments in domestic VIEs.

Schedule of movement of the valuation allowance

		As of
		December 31,		As of December 31,
		2018		2019		2019
		RMB		RMB		US$
Balance as of January 1		(3,838)		(403,674)		(57,984)
Addition		(399,836)		(4,451,281)		(639,387)
Balance as of December 31		(403,674)		(4,854,955)		(697,371)

Schedule of roll-forward of unrecognized tax benefits

		Year ended December 31,		Year ended December 31,
		2018		2019		2019
		RMB		RMB		US$
Balance at beginning of the year		—		—		—
Additions for tax positions		—		319,206,371		45,851,126
Reductions for tax position		—		(72,811,764)		(10,458,755)
Balance at end of the year		—		246,394,607		35,392,371

Schedule of accrued interest and penalties related to income taxes

		Year ended December 31,		Year ended December 31,
		2018		2019		2019
		RMB		RMB		US$
Accrued interest		—		3,805,963		546,692

As of

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=116825942&loc=d3e330215-122817

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=117330534&loc=d3e28937-109314

+ Details

Name:	us-gaap_SummaryOfIncomeTaxHolidayTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of movement of the valuation allowance.

+ References

No definition available.

+ Details

Name:	xyf_DisclosureOfMovementInValuationAllowanceTableTextBlock
Namespace Prefix:	xyf_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for accrued interest and penalties related to income taxes.

+ References

No definition available.

+ Details

Name:	xyf_ScheduleOfAccruedInterestAndPenaltiesRelatedToIncomeTaxesTableTextBlock
Namespace Prefix:	xyf_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration