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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of condensed financial statement balances and amounts of Company's VIEs

The following condensed financial statement balances and amounts of the Parent Company’s VIEs, were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions among the Parent Company, its subsidiaries and its VIEs.

		As of December 31,
		2018				2019
		RMB				RMB
Cash and cash equivalents			41,441				54,602
Restricted cash			41,500				—
Amounts due from related parties			—				1,651
Accounts receivable, net			336,849				110,219
Contract assets, net			203,080				—
Assets from the investor assurance program, net			5,525				—
Prepaid expenses and other current assets			88,234				66,722
Deferred tax assets			56,027				54,973
Property and equipment, net			29,011				38,303
Right-of-use assets			—				36,534
Other long-term assets			212				—
TOTAL ASSETS			801,879				363,004
Payroll and welfare payables			110,562				29,386
Amounts due to related parties			84,509				722
Liabilities from the investor assurance program			1,547,072				—
Refund liabilities			84,498				180,104
Other guarantee liabilities			4,060				—
Tax payables			422,177				164,444
Accrued expenses and other current liabilities			201,007				121,319
Other payable related to the disposal of Shanghai Caiyin			—				839,830
Lease liabilities			—				34,620
TOTAL LIABILITIES			2,453,885				1,370,425

		Year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Net revenue			2,250,850				2,881,940				2,151,165
Operating income			686,661				685,206				583,741
Net income			539,545				611,758				571,227
Net cash provided by (used in) operating activities			104,752				(228,368	)			19,465
Net cash provided by (used in) investing activities			61,215				(16,423	)			(35,505	)
Net cash provided by (used in) financing activities			13,876				(433,600	)			(12,299	)

Summary of loans under investor assurance program

The table below pertains to information related to existing unsecured loans facilitated prior to April 28, 2018:

As of December 31, 2018		Current loan products				Other online standard loan products				Offline and non- standard loan products				Loans related to other guarantee liabilities
Total outstanding loan balances			1,224,961				169,072				3,554,398				—
Maximum potential undiscounted future payments			1,265,267				180,845				3,847,072				4,060
Remaining weighted average contractual term			2.3				8.8				10.5				—
Net expected accumulative loss rate on outstanding loans			11.3	%			16.0	%			19.0	%			—

Summary of restricted cash

The balance of restricted cash as of December 31, 2018 and December 31, 2019 is comprised of the following:

		As of December 31,
		2018				2019
		RMB				RMB
Restricted cash related to:
Investor assurance program			41,000				—
Others			500				—
Total restricted cash			41,500				—

Summary of movement of restricted cash related to investor assurance program

The movement of restricted cash related to guarantee liabilities, which covers both liabilities from the investor assurance program and other guarantee liabilities for the years ended December 31, 2018 and 2019 is presented as follows:

		Year ended December 31,
		2018				2019
		RMB				RMB
Beginning balance			154,742				41,000
Service fees collected by Shanghai Caiyin and deposited directly into restricted cash (1)			2,284,291				193,632
Transfer from cash (2)			1,079,932				609,951
Gross payouts related to guarantee liabilities			(4,099,353	)			(1,002,671	)
Gross recoveries related to guarantee liabilities			621,388				160,970
Transfer out due to disposal of Shanghai Caiyin			—				(2,882	)
Ending balance			41,000				—

(1) Service fees collected from borrowers represents service fees collected by Shanghai Caiyin in the year presented that are directly deposited to the restricted cash accounts.

(2) Transfer from cash represents cash transferred by the Company into the designated deposit account when the balance of the account is not sufficient to compensate losses for all investors.

Summary of property and equipment estimated useful lives

Property and equipment consist of the following and depreciation is calculated on a straight-line basis over the following estimated useful lives:

Category		Estimated useful life
Electronic equipment		3 years
Office equipment & Furniture		5 years
Motor vehicles		4 years
Leasehold improvement		Shorter of the lease term or expected useful life
Software		10 years

Summary of disaggregation of revenue by product

The following table illustrates the disaggregation of revenue by product and services the Company offered in 2017, 2018 and 2019, respectively:

For the year ended December 31, 2017		Loan facilitation services				Post-origination services				Other revenues				Total
		RMB				RMB				RMB				RMB
Current loan products			678,003				21,067				15,330				714,400
Other online standard loan products			637,860				60,070				80,225				778,155
Offline and non-standard loan products			540,721				44,301				722				585,744
Other services			—				—				172,551				172,551
Total			1,856,584				125,438				268,828				2,250,850

For the year ended December 31, 2018		Loan facilitation services				Post-origination services				Other revenues				Total
		RMB				RMB				RMB				RMB
Current loan products			2,245,941				174,370				27,021				2,447,332
Other online standard loan products			51				26,938				89,582				116,571
Offline and non-standard loan products			916				40,660				1,918				43,494
Other services			—				—				274,543				274,543
Total			2,246,908				241,968				393,064				2,881,940

For the year ended December 31, 2019		Loan facilitation services				Post-origination services				Other revenues				Total
		RMB				RMB				RMB				RMB
Current loan products			1,742,708				230,024				1,648				1,974,380
Other online standard loan products			4,357				5,854				6				10,217
Offline and non-standard loan products			—				31,169				1,177				32,346
Other services			—				—				213,233				213,233
Total			1,747,065				267,047				216,064				2,230,176

Summary of incentives paid to investors

Such incentives are recorded as a reduction of revenue over the investment period and the incentive accrued not paid are recorded as refund liabilities based on the management’s best estimate.

		Year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Incentives paid to:
New investors			69,150				89,776				92,696
Returning investors			100,000				206,380				353,297
Total incentives paid to investors			169,150				296,156				445,993

Summary of accounts receivable

The Company’s accounts receivable as of December 31, 2018 are as follows:

		Accounts Receivable				Allowance for uncollectible receivables				Accounts receivable, net
		RMB				RMB				RMB
Current loan products			364,863				(28,014	)			336,849
Other online standard loan products			—				—				—
Offline and non-standard loan products			—				—				—
Other services			—				—				—
Total			364,863				(28,014	)			336,849

The Company’s accounts receivable as of December 31, 2019 are as follows:

		Accounts Receivable				Allowance for uncollectible receivables				Accounts receivable, net
		RMB				RMB				RMB
Current loan products			196,148				(60,444	)			135,704
Other online standard loan products			3,695				(235	)			3,460
Offline and non-standard loan products			—				—				—
Other services			—				—				—
Total			199,843				(60,679	)			139,164

Summary of aging of accounts receivable

The aging of accounts receivable as of December 31, 2018 is presented as follows:

		Current loan products				Other online standard loan products				Offline and non-standard loan products				Other Services				Total
		RMB				RMB				RMB				RMB				RMB
0-30 days			351,250				—				—				—				351,250
31-60 days			6,945				—				—				—				6,945
60-90 days			6,668				—				—				—				6,668
Total			364,863				—				—				—				364,863

The aging of accounts receivable as of December 31, 2019 is presented as follows:

		Current loan products				Other online standard loan products				Offline and non-standard loan products				Other Services				Total
		RMB				RMB				RMB				RMB				RMB
0-30 days			187,575				3,690				—				—				191,265
31-60 days			2,984				—				—				—				2,984
60-90 days			4,620				5				—				—				4,619
Over 90 days1			969				—				—				—				969
Total			196,148				3,695				—				—				199,843

Summary of movement of accounts receivable

The movement of accounts receivable for the year ended December 31, 2018 is as follows:

		Opening balance as of January 1, 2018				Addition in the current year				Collection in the current year				Write off in the current year				Ending balance as of December 31, 2018
		RMB				RMB				RMB				RMB				RMB
Current loan products			—				1,517,277				(1,128,998	)			(23,416	)			364,863
Other online standard loan products			—				2				(2	)			—				—
Offline and non-standard loan products			—				18				(18	)			—				—
Other services			—				4,252				(4,252	)			—				—
Total			—				1,521,549				(1,133,270	)			(23,416	)			364,863

The movement of accounts receivable for the year ended December 31, 2019 is as follows:

		Opening balance as of January 1, 2019				Addition in the current year				Collection in the current year				Write off in the current year				Ending balance as of December 31, 2019
		RMB				RMB				RMB				RMB				RMB
Current loan products			364,863				2,398,006				(2,454,752	)			(111,969	)			196,148
Other online standard loan products			—				5,498				(1,801	)			(2	)			3,695
Other services			—				—				—				—				—
Total			364,863				2,403,504				(2,456,553	)			(111,971	)			199,843

Summary of movement of allowance for uncollectible receivables

The movement of allowance for uncollectible receivables for the year ended December 31, 2018 is as follows:

		Opening balance as of January 1, 2018				Current year net provision				Write off in the current year				Ending balance as of December 31, 2018
		RMB				RMB				RMB				RMB
Current loan products			—				(51,430	)			23,416				(28,014	)
Other online standard loan products			—				—				—				—
Offline and non-standard loan products			—				—				—				—
Other services			—				—				—				—
Total			—				(51,430	)			23,416				(28,014	)

The movement of allowance for uncollectible receivables for the year ended December 31, 2019 is as follows:

		Opening balance as of January 1, 2019				Current year net provision				Write off in the current year				Ending balance as of December 31, 2019
		RMB				RMB				RMB				RMB
Current loan products			(28,014	)			(144,399	)			111,969				(60,444	)
Other online standard loan products			—				(237	)			2				(235	)
Total			(28,014	)			(144,636	)			111,971				(60,679	)

Summary of movement of contract assets

The movement of contract assets for the year ended December 31, 2018 is as follows:

		Opening balance as of January 1, 2018				Addition in the current year				Collection in the current year				Write off in the current year				Ending balance as of December 31, 2018
		RMB				RMB				RMB				RMB				RMB
Current loan products			335,550				898,142				(1,001,265	)			(177,812	)			54,615
Other online standard loan products			162,942				26,987				(107,384	)			(68,443	)			14,102
Offline and non-standard loan products			376,304				41,548				(244,329	)			(10,497	)			163,026
Other services			6,500				270,291				(265,653	)			—				11,138
Total			881,296				1,236,968				(1,618,631	)			(256,752	)			242,881

The movement of contract assets for the period ended August 31, 2019 is as follows:

		Opening balance as of January 1, 2019				Addition in the current year				Collection in the current year				Write off in the current year				Transfer out due to disposal of Shanghai Caiyin				Reclass to refund liability2				Ending balance as of December 31, 2019
		RMB				RMB				RMB				RMB				RMB				RMB				RMB
Current loan products			54,615				41,747				(41,134	)			(46,306	)			(140,988	)			(132,066	)			—
Other online standard loan products			14,102				3,827				(10,398	)			(5,382	)			(6,492	)			(4,343	)			—
Offline and non-standard loan products			163,026				21,704				(107,591	)			(35,674	)			(43,011	)			(1,546	)			—
Other services			11,138				—				(11,138	)			—				—				—				—
Total			242,881				67,278				(170,261	)			(87,362	)			(190,491	)			(137,955	)			—

Summary of movement of allowance for uncollectible contract assets

The movement of allowance for uncollectible contract assets for the year ended December 31, 2018 is as follows:

		Opening balance as of January 1, 2018				Current year net provision				Current year write- off				Ending balance as of December 31, 2018
		RMB				RMB				RMB				RMB
Current loan products			(32,571	)			(179,153	)			177,812				(33,912	)
Other online standard loan products			(42,484	)			(28,957	)			68,443				(2,998	)
Offline and non-standard loan products			(6,950	)			(6,438	)			10,497				(2,891	)
Other services			—				—				—				—
Total			(82,005	)			(214,548	)			256,752				(39,801	)

The movement of allowance for uncollectible contract assets for the year ended December 31, 2019 is as follows:

		Opening balance as of January 1, 2019				Current year net provision				Current year write-off				Transfer out due to disposal of Shanghai Caiyin				Ending balance as of December 31, 2019
		RMB				RMB				RMB				RMB				RMB
Current loan products			(33,912	)			(12,758	)			46,306				364				—
Other online standard loan products			(2,998	)			(2,852	)			5,382				468				—
Offline and non-standard loan products			(2,891	)			(71,995	)			35,674				39,212				—
Other services			—
Total			(39,801	)			(87,605	)			87,362				40,044				—

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