Report Of Foreign Private Issuer – Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
Commission File Number 001-39025
(Registrant's name)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
First Half 2023 Financial Highlights
| ● | Total net revenues were |
| ● | Net loss was |
| ● | Adjusted net loss1 was |
| ● |
Cash and cash equivalents and term deposits remained relatively stable at Restricted cash was at |
First Half 2023 Financial Results
Total net revenues were
| ● | Sales income revenues were |
| ● | Technical services revenues were |
| ● | Post-origination services revenues were |
| ● | Other revenues were |
| 1 | "Adjusted net income (loss)" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section entitled "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. Adjusted net income (loss) excludes the effect of share-based compensation expenses, impairment loss of investments, impairment of goodwill, impairment loss of intangible asset and tax effect of adjustments. |
1
Total operating costs and expenses were
Interest income was
Income tax expense was
Net loss was
Adjusted net loss2 was
As of
Use of Non-GAAP Financial Measures
The Company uses adjusted net income (loss), a non-GAAP financial measure, in evaluating its operating results and as a supplemental measure to review and assess its financial and operational performance. The Company believes that adjusted net income (loss) provides useful information about its core operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The Company also believes that adjusted net income (loss), which excludes the effect of share-based compensation expenses, impairment loss of investments, impairment of goodwill, impairment loss of intangible asset and tax effect of adjustments, helps identify underlying trends in its business and helps the Company's management formulate business plans.
Adjusted net income (loss) is not defined under
| 2 | "Adjusted net income (loss)" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. Adjusted net income (loss) excludes the effect of share-based compensation expenses, impairment loss of investments, impairment of goodwill, impairment loss of intangible asset and tax effect of adjustments. |
2
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the most directly comparable
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
The functional currency of certain of our subsidiaries is local currency (such as
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
All information provided in this press release is as of the date of this press release, and subject to change without notice.
For investor and media enquiries, please contact:
In
E-mail: [email protected]
3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for number of shares and per share data, or otherwise noted)
2022 |
2023 |
2023 |
||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | 2,433,279 | 2,178,145 | 300,380 | |||||||||
| Restricted cash | 198,727 | 188,271 | 25,964 | |||||||||
| Term deposit | 232,432 | 437,099 | 60,279 | |||||||||
| Investment in marketable securities | 200,679 | 260,273 | 35,893 | |||||||||
| Accounts receivable, net | 92,230 | 131,876 | 18,186 | |||||||||
| Other receivables, net | 116,225 | 51,991 | 7,170 | |||||||||
| Loan receivables, net | 146,177 | 37,213 | 5,131 | |||||||||
|
Amount due from related party |
- | 5,000 | 690 | |||||||||
| Prepaid expenses and other assets | 222,736 | 211,854 | 29,217 | |||||||||
| Long-term investment, net | 530,207 | 551,703 | 76,083 | |||||||||
| Operating lease right-of-use assets, net | 8,659 | 16,360 | 2,256 | |||||||||
| Property, equipment and software, net | 69,389 | 66,993 | 9,239 | |||||||||
| 24,730 | 24,860 | 3,428 | ||||||||||
| Intangible asset, net | 35,135 | 33,007 | 4,552 | |||||||||
| Total assets | 4,310,605 | 4,194,645 | 578,468 | |||||||||
| Liabilities | ||||||||||||
| Deferred revenue | 8,955 | 8,048 | 1,110 | |||||||||
| Payroll and welfare payable | 15,745 | 3,901 | 538 | |||||||||
| Income tax payable | 303,999 | 300,523 | 41,444 | |||||||||
| Accrued expenses and other liabilities | 250,346 | 210,425 | 29,019 | |||||||||
| Operating lease liabilities | 8,316 | 16,318 | 2,250 | |||||||||
| Amounts due to related parties | 5,142 | 4,623 | 638 | |||||||||
| Deferred tax liabilities | 7,126 | 6,652 | 917 | |||||||||
| Total liabilities | 599,629 | 550,490 | 75,916 | |||||||||
| Shareholder's equity | ||||||||||||
| Preferred shares ( |
- | - | - | |||||||||
| Class A ordinary shares( |
1 | 1 | - | |||||||||
| Class B ordinary shares ( |
1 | 1 | - | |||||||||
| Additional paid-in capital | 5,786,068 | 5,788,507 | 798,272 | |||||||||
| Statutory reserves | 465,495 | 465,495 | 64,195 | |||||||||
| Deficit | (2,686,354 | ) | (2,820,888 | ) | (389,018 | ) | ||||||
| Accumulated other comprehensive income | 90,988 | 156,295 | 21,554 | |||||||||
| Total |
3,656,199 | 3,589,411 | 495,003 | |||||||||
| Non-controlling interest | 54,777 | 54,744 | 7,549 | |||||||||
| Total shareholders' equity | 3,710,976 | 3,644,155 | 502,552 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS'' EQUITY | 4,310,605 | 4,194,645 | 578,468 |
4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for number of shares and per share data, or otherwise noted)
|
Six Months Ended |
Six Months Ended 2023 |
Six Months Ended 2023 |
||||||||||
| RMB | RMB | US$ | ||||||||||
| Revenue: | ||||||||||||
| Sales income | 87,998 | 96,415 | 13,296 | |||||||||
| Cost of goods sold | (58,377 | ) | (34,131 | ) | (4,707 | ) | ||||||
| Gross Profit | 29,621 | 62,284 | 8,589 | |||||||||
| Technical services | 185,993 | 147,873 | 20,393 | |||||||||
| Post-origination services | 28,749 | 906 | 125 | |||||||||
|
Other |
24,915 | 14,883 | 2,052 | |||||||||
| Total net revenues | 327,655 | 260,077 | 35,866 | |||||||||
| Operating costs and expenses: | ||||||||||||
| Sales and marketing | (37,619 | ) | (13,797 | ) | (1,903 | ) | ||||||
| Origination and servicing | (53,335 | ) | (32,953 | ) | (4,544 | ) | ||||||
| General and administrative | (162,753 | ) | (148,983 | ) | (20,546 | ) | ||||||
| Provision for doubtful contract assets and receivables | (184,252 | ) | (144,649 | ) | (19,948 | ) | ||||||
| Total operating costs and expenses | (496,336 | ) | (374,513 | ) | (51,648 | ) | ||||||
|
Operating (loss) |
(168,681 |
) |
(114,436 |
) |
(15,782 |
) | ||||||
| Interest income | 31,728 | 31,792 | 4,384 | |||||||||
| Impairment loss of investments | - | (26,923 | ) | (3,713 | ) | |||||||
| Unrealized loss of investment in marketable securities | (13,080 | ) | (25,820 | ) | (3,561 | ) | ||||||
| Other income (loss), net | 8,767 | 1,323 | 184 | |||||||||
| (Loss) before income tax expense and share of profit in equity method investments |
(141,266 | ) | (134,064 | ) | (18,488 | ) | ||||||
| Income tax expense | (84 | ) | (11,714 | ) | (1,615 | ) | ||||||
| Income in equity method investments, net | 12,903 | 10,075 | 1,389 | |||||||||
| Net loss | (128,447 | ) | (135,703 | ) | (18,714 | ) | ||||||
| Net loss attributed to the non-controlling interest shareholders | 3,752 | 29 | 4 | |||||||||
| Net loss attributable to |
(124,695 | ) | (135,674 | ) | (18,710 | ) | ||||||
| Net loss per ordinary share: | ||||||||||||
| Basic | (0.55 | ) | (0.58 | ) | (0.08 | ) | ||||||
| Diluted | (0.55 | ) | (0.58 | ) | (0.08 | ) | ||||||
| Weighted average number of ordinary shares used in computing net loss per ordinary share | ||||||||||||
| Basic | 231,660,130 | 234,934,057 | 234,934,057 | |||||||||
| Diluted | 231,660,130 | 234,934,057 | 234,934,057 |
5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands, except for number of shares and per share data, or otherwise noted)
| Six Months Ended 2022 |
Six Months Ended 2023 |
Six Months Ended 2023 |
||||||||||
| RMB | RMB | USD | ||||||||||
| Net loss | (128,447 | ) | (135,703 | ) | (18,714 | ) | ||||||
| Other comprehensive income (loss): | ||||||||||||
| Foreign currency translation adjustment, net of tax of nil | 56,217 | 211,405 | 29,154 | |||||||||
| Total comprehensive loss | (72,230 | ) | 75,702 | 10,440 | ||||||||
| Total comprehensive income (loss) attributable to the non-controlling interest shareholders | 3,752 | 29 | 4 | |||||||||
| Total comprehensive loss attributable to |
(68,478 | ) | 75,731 | 10,444 |
6
Reconciliations of GAAP And Non-GAAP Results
(Amounts in thousands, except for number of shares and per share data, or otherwise noted)
|
Six Months |
Six Months |
Six Months |
||||||||||
| RMB | RMB | USD | ||||||||||
| Net loss | (128,447 | ) | (135,703 | ) | (18,714 | ) | ||||||
| Add: | ||||||||||||
| Share-based compensation | - | 2,331 | 321 | |||||||||
| Impairment loss of investments | - | 26,923 | 3,713 | |||||||||
| Unrealized loss of investment in marketable securities | 13,080 | 25,820 | 3,561 | |||||||||
| Less: Tax effect of adjustments | (2,566 | ) | - | - | ||||||||
| Non-GAAP Adjusted net loss | (117,933 | ) | (80,629 | ) | (11,119 | ) |
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| By: | /s/ |
|
| Title: | Chief Executive Officer | |
| Date: |
8
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