FinVolution Group 6-K, filed Aug 21, 2024

FinVolution Group (FINV)

6-K 2024-08-21 For: 2024-08-21

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Added on April 07, 2026

About this 6-K

FinVolution Group filed this 6-K on August 21, 2024.

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	FinVolution Group

	By:	/s/ Jiayuan Xu
	Name:	Jiayuan Xu
	Title:	Chief Financial Officer

	For the Three Months Ended/As of
	June 30, 2023		June 30, 2024		YoY Change
Total Transaction Volume (RMB in billions)¹		47.3		48.7		3.0	%
Transaction Volume (China’s Mainland)²		45.5		46.4		2.0	%
Transaction Volume (International)³		1.8		2.3		27.8	%
Total Outstanding Loan Balance (RMB in billions)		63.7		65.6		3.0	%
Outstanding Loan Balance (China’s Mainland)⁴		62.6		64.2		2.6	%
Outstanding Loan Balance (International)⁵		1.1		1.4		27.3	%

United States (toll free):	+1-888-346-8982
Canada (toll free):	+1-855-669-9657
International:	+1-412-902-4272
Hong Kong, China (toll free):	800-905-945
Hong Kong, China:	+852-3018-4992
Mainland, China:	400-120-1203

United States (toll free):	+1-877-344-7529
Canada (toll free):	+1-855-669-9658
International:	+1-412-317-0088
Replay Access Code:	5663537

	As of December 31,			As of June 30,
	2023			2024
	RMB			RMB			USD
Assets
Cash and cash equivalents		4,969,319			5,705,919			785,161
Restricted cash		1,800,071			1,770,810			243,672
Short-term investments		2,960,821			2,432,848			334,771
Investments		1,135,133			1,157,891			159,331
Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB529,392 and RMB508,429 as of December 31, 2023 and June 30, 2024, respectively		1,755,615			1,788,655			246,127
Intangible assets		98,692			137,298			18,893
Property, equipment and software, net		140,933			641,800			88,315
Loans receivable, net of credit loss allowance for loans receivable of RMB214,550 and RMB215,148 as of December 31, 2023 and June 30, 2024, respectively		1,127,388			1,657,087			228,023
Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB310,394 and RMB273,328 as of December 31, 2023 and June 30, 2024, respectively		2,208,538			2,376,816			327,061
Deferred tax assets		1,624,325			2,177,877			299,686
Right of use assets		38,110			28,740			3,955
Prepaid expenses and other assets		3,384,317			2,027,796			279,034
Goodwill		50,411			50,411			6,937
Total assets		21,293,673			21,953,948			3,020,966
Liabilities and Shareholders’ Equity
Deferred guarantee income		1,882,036			1,709,242			235,200
Liability from quality assurance commitment		3,306,132			3,051,660			419,922
Payroll and welfare payable		261,528			202,035			27,801
Taxes payable		207,477			489,970			67,422
Short-term borrowings		5,756			5,468			752
Funds payable to investors of consolidated trusts		436,352			509,356			70,090
Contract liability		5,109			5,109			703
Deferred tax liabilities		340,608			368,209			50,667
Accrued expenses and other liabilities		941,899			1,206,821			166,064
Leasing liabilities		35,878			30,839			4,244
Total liabilities		7,422,775			7,578,709			1,042,865
Commitments and contingencies
FinVolution Group Shareholders’ equity
Ordinary shares		103			103			14
Additional paid-in capital		5,748,734			5,773,446			794,453
Treasury stock		(1,199,683	)		(1,558,855	)		(214,506	)
Statutory reserves		762,472			762,472			104,920
Accumulated other comprehensive income		80,006			43,215			5,948
Retained Earnings		8,357,153			8,994,668			1,237,708
Total FinVolution Group shareholders’ equity		13,748,785			14,015,049			1,928,537
Non-controlling interest		122,113			360,190			49,564
Total shareholders’ equity		13,870,898			14,375,239			1,978,101
Total liabilities and shareholders’ equity		21,293,673			21,953,948			3,020,966

	For the Three Months Ended June 30,									For the Six Months Ended June 30,
	2023			2024						2023			2024
	RMB			RMB			USD			RMB			RMB			USD

Operating revenue:
Loan facilitation service fees		1,115,041			1,110,528			152,814			2,283,294			2,096,468			288,484
Post-facilitation service fees		488,187			389,236			53,561			975,358			854,428			117,573
Guarantee income		1,072,913			1,298,927			178,738			2,059,433			2,645,042			363,970
Net interest income		263,047			218,803			30,108			548,679			450,110			61,937
Other Revenue		136,490			150,506			20,710			259,557			287,033			39,497
Net revenue		3,075,678			3,168,000			435,931			6,126,321			6,333,081			871,461
Operating expenses:
Origination, servicing expenses and other cost of revenue		(515,960	)		(575,231	)		(79,154	)		(1,028,388	)		(1,114,786	)		(153,400	)
Sales and marketing expenses		(468,833	)		(473,295	)		(65,128	)		(865,951	)		(922,504	)		(126,941	)
Research and development expenses		(124,577	)		(119,252	)		(16,410	)		(250,793	)		(239,747	)		(32,990	)
General and administrative expenses		(90,770	)		(101,892	)		(14,021	)		(176,172	)		(184,219	)		(25,349	)
Provision for accounts receivable and contract assets		(67,451	)		(57,237	)		(7,876	)		(130,651	)		(122,899	)		(16,911	)
Provision for loans receivable		(159,189	)		(91,988	)		(12,658	)		(302,505	)		(173,273	)		(23,843	)
Credit losses for quality assurance commitment		(1,073,451	)		(1,190,572	)		(163,828	)		(2,054,134	)		(2,388,671	)		(328,692	)
Total operating expenses		(2,500,231	)		(2,609,467	)		(359,075	)		(4,808,594	)		(5,146,099	)		(708,126	)
Operating profit		575,447			558,533			76,856			1,317,727			1,186,982			163,335
Other income, net		119,901			67,657			9,310			202,678			98,661			13,576
Profit before income tax expense		695,348			626,190			86,166			1,520,405			1,285,643			176,911
Income tax expenses		(105,230	)		(75,152	)		(10,341	)		(240,467	)		(202,629	)		(27,883	)
Net profit		590,118			551,038			75,825			1,279,938			1,083,014			149,028
Net profit attributable to non-controlling interest shareholders		35,684			(107	)		(15	)		29,620			4,168			574
Net profit attributable to FinVolution Group		554,434			551,145			75,840			1,250,318			1,078,846			148,454
Foreign currency translation adjustment, net of nil tax		80,703			(47,923	)		(6,594	)		51,535			(36,791	)		(5,063	)
Total comprehensive income attributable to FinVolution Group		635,137			503,222			69,246			1,301,853			1,042,055			143,391
Weighted average number of ordinary shares used in computing net income per share
Basic		1,387,090,179			1,298,653,314			1,298,653,314			1,398,767,090			1,305,081,766			1,305,081,766
Diluted		1,423,975,798			1,334,219,839			1,334,219,839			1,430,367,809			1,337,706,499			1,337,706,499
Net profit per share attributable to FinVolution Group’s ordinary shareholders
Basic		0.40			0.42			0.06			0.89			0.83			0.11
Diluted		0.39			0.41			0.06			0.87			0.81			0.11
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equal five ordinary shares)
Basic		2.00			2.12			0.29			4.47			4.13			0.57
Diluted		1.95			2.07			0.28			4.37			4.03			0.55

	Three Months Ended June 30,									Six Months Ended June 30,
	2023			2024						2023			2024
	RMB			RMB			USD			RMB			RMB			USD
Net cash provided by operating activities		506,617			965,313			132,831			1,178,903			1,159,778			159,591
Net cash provided by/(used in) investing activities		(880,715	)		(577,516	)		(79,469	)		925,171			348,029			47,890
Net cash used in financing activities		(518,630	)		(479,769	)		(66,018	)		(1,405,346	)		(770,917	)		(106,082	)
Effect of exchange rate changes on cash and cash equivalents		65,202			(21,347	)		(2,936	)		38,799			(29,551	)		(4,065	)
Net increase in cash, cash equivalent and restricted cash		(827,526	)		(113,319	)		(15,592	)		737,527			707,339			97,334
Cash, cash equivalent and restricted cash at beginning of period		8,044,140			7,590,048			1,044,425			6,479,087			6,769,390			931,499
Cash, cash equivalent and restricted cash at end of period		7,216,614			7,476,729			1,028,833			7,216,614			7,476,729			1,028,833