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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
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, |
|  | 2019 |  |  | 2020 |
|  | RMB |  |  | RMB |
Cash and cash equivalents |  |  | 54,602 |  |  |  | 12,469 |
Restricted cash |  |  | — |  |  |  | 2,000 |
Amounts due from related parties |  |  | 1,651 |  |  |  | 3 |
Accounts receivable, net |  |  | 110,219 |  |  |  | 9 |
Prepaid expenses and other current assets |  |  | 66,722 |  |  |  | 29,676 |
Deferred tax assets, net |  |  | 54,973 |  |  |  | 17,010 |
Property and equipment, net |  |  | 38,303 |  |  |  | 3,582 |
Right-of-use assets |  |  | 36,534 |  |  |  | 341 |
TOTAL ASSETS |  |  | 363,004 |  |  |  | 65,090 |
Payroll and welfare payables |  |  | 29,386 |  |  |  | 21,755 |
Amounts due to related parties |  |  | 722 |  |  |  | 4,559 |
Refund liabilities |  |  | 180,104 |  |  | — |
Tax payables |  |  | 164,444 |  |  |  | 232,730 |
Accrued expenses and other current liabilities |  |  | 121,319 |  |  |  | 24,118 |
Other payable related to the disposal of Shanghai Caiyin |  |  | 839,830 |  |  |  | 566,532 |
Lease liabilities |  |  | 34,620 |  |  |  | 170 |
TOTAL LIABILITIES |  |  | 1,370,425 |  |  |  | 849,864 |
|  | Year ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
|  | RMB |  |  | RMB |  |  | RMB |
Net revenue |  |  | 2,881,940 |  |  |  | 2,151,165 |  |  |  | 624,868 |
Operating income |  |  | 685,206 |  |  |  | 583,741 |  |  |  | 230,415 |
Net income |  |  | 611,758 |  |  |  | 571,227 |  |  |  | 254,283 |
Net cash (used in) provided by operating activities |  |  | (228,368 | ) |  |  | 19,465 |  |  |  | (40,071 | )
Net cash used in investing activities |  |  | (16,423 | ) |  |  | (35,505 | ) |  |  | (62 | )
Net cash used in financing activities |  |  | (433,600 | ) |  |  | (12,299 | ) |  |  | — |
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 2018, 2019 and 2020, respectively:
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 |
For the year ended December 31, 2020 |  | Loan facilitation services |  |  | Post- origination services |  |  | Other revenues |  |  | Total |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Current loan products |  |  | 943,084 |  |  |  | 112,731 |  |  |  | — |  |  |  | 1,055,815 |
Offline and non-standard loan products |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other services |  |  | — |  |  |  | — |  |  |  | 244,345 |  |  |  | 244,345 |
Total |  |  | 943,084 |  |  |  | 112,731 |  |  |  | 244,345 |  |  |  | 1,300,160 |
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. The Company was released from the obligation under the refund liabilities and recognized as other revenue of amounting to RMB 77,045 in year 2020.
|  | Year ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
|  | RMB |  |  | RMB |  |  | RMB |
Incentives paid to: |  |  |  |  |  |  |  |  |  |  |  |
New investors |  |  | 89,776 |  |  |  | 92,696 |  |  |  | — |
Returning investors |  |  | 206,380 |  |  |  | 353,297 |  |  |  | 202,463 |
Total incentives paid to investors |  |  | 296,156 |  |  |  | 445,993 |  |  |  | 202,463 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5728-111685 + Details
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