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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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Schedule Of Incentives Paid To Investors

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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.

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