QFIN
Qfing
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QFIN Profile
Qifu Technology, Inc.
A leading Credit-Tech platform in China
Consumer credit
04/27/2018
12/14/2018
NASDAQ Stock Exchange
3,527
12-31
Depository Receipts (Ordinary Shares)
7/F Lujiazui Finance Plaza, No. 1217 Dongfang Road, Pudong New Area, Shanghai 200122, People’s Republic of China
Match individual borrowers with credit needs with diversified financial institutions that provide credit through a fintech platform.
Qifu Technology Co., Ltd. established a limited liability company in the Cayman Islands on April 27, 2018. Founded in 2016, the company is a credit technology platform in China, providing a complete set of technical services to help financial institutions, consumers and SMEs acquire from borrowers, preliminary credit evaluation, during the loan life cycle, the company is committed to making it easier for consumers and SMEs to obtain credit services by providing credit technology services to financial institutions, thereby deploying the company's technical solutions, To help financial institutions identify the diverse needs of consumers and small and medium-sized enterprises, effectively contact reputable potential borrowers through multiple channels, strengthen the credit evaluation of potential borrowers, manage credit risk, and improve collection strategies and efficiency. Through artificial intelligence and data analysis, user insights are extracted from long-term contacts with users in life and business scenarios, and the company's technology solutions empower financial institutions at different stages of the loan life cycle, enabling them to expand the scope of services, meet the financing needs of consumers and SMEs, and provide users with more convenient credit services. In turn, the company receives service fees for the technology solutions the company provides to financial institutions, which are the company's main source of revenue. As of June 30, 2022, the company has provided about 1,127.5 billion yuan (US $168.3 billion) in loans to 25.6 million borrowers. As of the same day, the company had a cumulative total of 41.3 million users with approved credit lines. As of June 30, 2022, the outstanding balance of consumer loans facilitated by the company reached 131.1 billion yuan ($19.6 billion). With the focus on the consumer credit technology market, the company has gradually expanded its services to the SME credit technology market. The Company assumes credit risk under credit-driven services, under which the Company either provides guarantee services for loans funded by the Company's financial institution partners to protect against potential default risks, or funds certain loans through trusts and ABS or Fuzhou Microfinance. As of June 30, 2022, the outstanding loan balance under credit-driven services was RMB 67.9 billion. As of June 30, 2022, the company recorded off-balance sheet loan contingent guaranteed liabilities of RMB 3.32 billion (US $496 million). During the track record period, in 2019, 2020, 2021 and the six months ended June 30, 2022, the company's repayments to financial institution partners related to guarantee contingent liabilities (after deducting subsequent recoveries from borrowers) were 2.881 billion yuan, 3.938 billion yuan, 3.337 billion yuan and 2.127 billion yuan, respectively.