Financial Instruments And Risks (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments And Risks [Abstract]

Summary of Illustrates the Impact of an Appreciation or Depreciation


	For the year ended December 31,
	2022			2023			2024
	RMB’000			RMB’000			RMB’000
	(Restated)			(Restated)
5% appreciation of RMB		(126	)		(173,557	)		(120,981	)
5% depreciation of RMB		126			173,557			120,981

Summary of out the Group's Financial Assets and Financial Liabilities Exposed to Interest Rate Risk

The following table sets out the Group’s financial assets and financial liabilities exposed to interest rate risk by repricing date, contractual maturity date or expected maturity

date

(whichever is the earlier):


	As of December 31, 2022 (Restated)
	Less than 3 months		3 months to 1 year		1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
ASSETS
Cash at bank		33,211,584		39,997		1,499,816		3,420,799		5,348,809		—		418,265		43,939,270
Restricted cash		24,711,956		953,792		856,696		475,101		—		—		89,176		27,086,721
Financial assets held under resale agreements		40,000		—		—		—		—		—		23		40,023
Financial assets at fair value through profit or loss		7,932,571		4,198,322		628,321		613,055		3,498,313		2,819,445		12,224,101		31,914,128
Financial assets at amortized cost		2,503,075		631,585		—		17,225		—		259,199		—		3,411,084
Accounts and other receivables and contract assets		—		—		—		—		—		—		9,585,236		9,585,236
Loans to customers		46,688,746		92,001,986		47,224,580		20,219,306		156,894		5,155,133		—		211,446,645
Other assets		—		—		—		—		—		—		447,443		447,443

Total financial assets		115,087,932		97,825,682		50,209,413		24,745,486		9,004,016		8,233,777		22,764,244		327,870,550


	As of December 31, 2022 (Restated)
	Less than 3 months			3 months to 1 year			1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000			RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
LIABILITIES
Payable to platform investors		—			—			—		—		—		—		1,569,367		1,569,367
Borrowings		9,146,660			27,471,904			—		—		—		—		296,949		36,915,513
Bonds payable		—			2,143,348			—		—		—		—		—		2,143,348
Accounts and other payables and contract liabilities		—			—			—		—		—		—		6,118,819		6,118,819
Payable to investors of consolidated structured entities		42,976,724			86,268,455			43,236,860		3,805,527		64,767		—		—		176,352,333
Financing guarantee liabilities		—			—			—		—		—		—		5,763,369		5,763,369
Lease liabilities		129,260			299,806			256,947		67,800		6,813		—		—		760,626
Convertible promissory notes payable		—			—			—		—		5,164,139		—		—		5,164,139
Optionally convertible promissory notes		—			8,142,908			—		—		—		—		—		8,142,908
Financial assets sold under repurchase agreements		3,343,950			—			—		—		—		—		—		3,343,950

Total financial liabilities		55,596,594			124,326,421			43,493,807		3,873,327		5,235,719		—		13,748,504		246,274,372

Nominal amount of interest rate swap		(8,984,334	)		8,984,334			—		—		—		—		—		—

Total interest rate sensitivity gap		68,475,672			(35,485,073	)		6,715,606		20,872,159		3,768,297		8,233,777		9,015,740		81,596,178


	As of December 31, 2023 (Restated)
	Less than 3 months		3 months to 1 year			1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
ASSETS
Cash at bank		21,674,685		3,799,379			3,860,661		3,549,486		5,848,577		—		963,126		39,695,914
Restricted cash		10,060,275		1,366,459			659,066		1,274,176		414		—		56,225		13,416,615
Financial assets held under resale agreements		28,834		—			—		—		—		—		—		28,834
Financial assets at fair value through profit or loss		7,373,132		2,231,011			851,210		287,246		2,722,181		5,022,962		6,275,463		24,763,205
Financial assets at amortized cost		1,500,195		9,068			7,785		—		—		241,035		—		1,758,083
Accounts and other receivables and contract assets		—		—			—		—		—		—		4,535,382		4,535,382
Loans to customers		29,467,099		57,658,476			26,210,707		12,822,563		408,496		3,126,613		—		129,693,954

Total financial assets		70,104,220		65,064,393			31,589,429		17,933,471		8,979,668		8,390,610		11,830,196		213,891,987

LIABILITIES
Payable to platform investors		—		—			—		—		—		—		985,761		985,761
Borrowings		10,066,440		25,736,669			1,827,339		952,740		—		—		240,096		38,823,284
Accounts and other payables and contract liabilities		—		—			—		—		—		—		2,791,832		2,791,832
Payable to investors of consolidated structured entities		24,380,794		39,450,117			14,436,184		1,190,436		736		—		—		79,458,267
Financing guarantee liabilities		—		—			—		—		—		—		4,185,532		4,185,532
Lease liabilities		77,028		176,662			113,811		34,688		2,329		—		—		404,518
Convertible promissory notes payable		—		—			—		5,650,268		—		—		—		5,650,268
Financial assets sold under repurchase agreements		1,306,996		—			—		—		—		—		399		1,307,395

Total financial liabilities		35,831,258		65,363,448			16,377,334		7,828,132		3,065		—		8,203,620		133,606,857

Total interest rate sensitivity gap		34,272,962		(299,055	)		15,212,095		10,105,339		8,976,603		8,390,610		3,626,576		80,285,130


	As of December 31, 2024
	Less than 3 months		3 months to 1 year			1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
ASSETS
Cash at bank		13,730,791		4,576,585			7,580,550		2,079,228		799,900		—		1,136,792		29,903,846
Restricted cash		12,606,465		468,019			953,933		49,455		—		—		54,162		14,132,034
Financial assets held under resale agreements		657,001		—			—		—		—		—		32		657,033
Financial assets at fair value through profit or loss		4,848,823		2,793,141			1,129,890		793,443		1,742,218		3,176,372		5,871,927		20,355,814
Financial assets at fair value through other comprehensive income		647,826		390,295			—		117,974		—		—		—		1,156,095
Financial assets at amortized cost		1,499,000		—			—		—		—		—		—		1,499,000
Accounts and other receivables and contract assets		—		—			—		—		—		—		4,698,008		4,698,008
Loans to customers		18,740,577		44,898,185			23,977,895		21,407,199		855,385		1,629,428		—		111,508,669

Total financial assets		52,730,483		53,126,225			33,642,268		24,447,299		3,397,503		4,805,800		11,760,921		183,910,499

LIABILITIES
Payable to platform investors		—		—			—		—		—		—		721,558		721,558
Borrowings		11,126,077		37,633,114			1,967,199		—		—		—		388,185		51,114,575
Customer deposits		2,906,107		1,026,951			—		—		—		—		692		3,933,750
Accounts and other payables and contract liabilities		—		—			—		—		—		—		2,833,692		2,833,692
Payable to investors of consolidated structured entities		12,719,274		21,581,299			7,973,593		521,458		—		—		—		42,795,624
Financing guarantee liabilities		—		—			—		—		—		—		4,217,979		4,217,979
Lease liabilities		56,162		130,705			91,030		24,766		204		—		—		302,867
Convertible promissory notes payable		—		—			6,174,050		—		—		—		—		6,174,050
Financial assets sold under repurchase agreements		782,397		—			—		—		—		—		62		782,459

Total financial liabilities		27,590,017		60,372,069			16,205,872		546,224		204		—		8,162,168		112,876,554

Total interest rate sensitivity gap		25,140,466		(7,245,844	)		17,436,396		23,901,075		3,397,299		4,805,800		3,598,753		71,033,945

Summary of Impact to Profit Before Tax on the Structure of Interest-bearing Assets and Liabilities

The table below illustrates the impact to profit before tax of the coming year as of each reporting date based on the structure of interest-bearing assets, liabilities and interest rate derivative instruments as of December 31,2022, 2023 and 2024, caused by a parallel shift of 100 basis points in interest rates.


	For the year ended December 31,
	2022			2023			2024
	RMB’000			RMB’000			RMB’000
	(Restated)			(Restated)
Change in interest rate
-100 basis points		(466,345	)		(298,767	)		(192,807	)
+100 basis points		466,345			298,767			192,807

Summary of Macro Economic Assumptions used to Estimate Expected Credit Losses

As of December 31, 2022, 2023 and 2024, the range of multiple scenario forecasts of the key macroeconomic factors used to estimate ECL are listed below.


	December 31,			December 31,			December 31,
	2022			2023			2024
	(Restated)			(Restated)
GDP – year on year percentage change		3.8%-5.5	%		4.6%-5.5	%		4.5%-5.3	%
CPI – year on year percentage change		NA			1.6%-2.0	%		0.7%-1.5	%
Broad measure of money supply (M1) – year on year percentage change		4.8%-6.4	%		NA			-0.6%-3.8	%

Summary of Changes of ECL Impairment Provision on Loans to Customers and Financing Guarantee liabilities Related to ECL Assuming the Financial Assets

The following table shows the changes of ECL impairment provision on loans to customers and financing guarantee liabilities related to ECL assuming the financial assets in stage 2 reclassified to stage 1 due to significant improvement in credit risk.


	December 31,			December 31,			December 31,
	2022			2023			2024
	RMB’000			RMB’000			RMB’000
Total ECL and financing guarantee liabilities under assumption of reclassification of financial instruments from stage 2 to stage 1		10,479,472			9,651,158			11,255,841
Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet		12,826,347			11,459,365			12,761,499

Difference-amount		(2,346,875	)		(1,808,207	)		(1,505,658	)
Difference-ratio		-18	%		-16	%		-12	%

Summary of Credit Risk Exposure of the Financial Instruments under the Scope of Expected Credit Loss

The following presents the credit risk exposure of the financial instruments under the scope of expected credit loss mentioned in measurement of ECL without considering guarantee or any other credit enhancement measures:


	As of December 31, 2022 (Restated)
	Stage I		Stage II		Stage III		Maximum Credit Risk Exposure
(in RMB’000)
Book value
On-balance sheet
Cash at bank		43,939,270		—		—		43,939,270
Restricted cash		27,086,721		—		—		27,086,721
Financial assets held under resale agreements		40,023		—		—		40,023
Financial assets at amortized cost		3,151,887		—		259,197		3,411,084
Accounts and other receivables and contract assets		9,585,236		—		—		9,585,236
Loans to customers		208,609,176		2,763,586		73,883		211,446,645
Other assets		447,443		—		—		447,443

Total		292,859,756		2,763,586		333,080		295,956,422

Off-balance sheet
Financing guarantee contracts		67,011,692		1,491,246		—		68,502,938


	As of December 31, 2023 (Restated)
	Stage I		Stage II		Stage III		Maximum Credit Risk Exposure
(in RMB’000)
Book value
On-balance sheet
Cash at bank		39,695,914		—		—		39,695,914
Restricted cash		13,416,615		—		—		13,416,615
Financial assets held under resale agreements		28,834		—		—		28,834
Financial assets at amortized cost		1,517,135		—		240,948		1,758,083
Accounts and other receivables and contract assets		4,535,117		—		265		4,535,382
Loans to customers		127,933,160		1,661,728		99,066		129,693,954

Total		187,126,775		1,661,728		340,279		189,128,782

Off-balance sheet
Financing guarantee contracts		53,889,614		1,013,873		—		54,903,487


	As of December 31, 2024
	Stage I		Stage II		Stage III		Maximum Credit Risk Exposure
(in RMB’000)
Book value
On-balance sheet
Cash at bank		29,903,846		—		—		29,903,846
Restricted cash		14,132,034		—		—		14,132,034
Financial assets held under resale agreements		657,033		—		—		657,033
Financial assets at fair value through other comprehensive income		1,156,095		—		—		1,156,095
Financial assets at amortized cost		1,499,000		—		—		1,499,000
Accounts and other receivables and contract assets		4,697,722		—		286		4,698,008
Loans to customers		110,425,071		665,187		418,411		111,508,669

Total		162,470,801		665,187		418,697		163,554,685

Off-balance sheet
Financing guarantee contracts		67,368,608		648,415		—		68,017,023

Summary of Liquidity Risk

The following table analyses the Group’s financial liabilities into relevant maturity grouping based on the remaining period at the end of each reporting period to the contractual or expected maturity date. The amounts disclosed in the table are undiscounted contractual or expected cash flows including interest payments computed using contractual rates, or, if floating, based on current rates, and interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date:


	As of December 31, 2022 (Restated)
	Repayable on demand or undated		Within 1 year		1 to 2 years		2 to 3 years		Over 3 years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Financial liabilities
Payable to platform investors		1,569,367		—		—		—		—		1,569,367
Borrowings		—		37,506,884		—		—		—		37,506,884
Bonds payable		—		2,209,274		—		—		—		2,209,274
Accounts and other payables and contract liabilities		1,742,145		4,376,674		—		—		—		6,118,819
Payable to investors of consolidated structured entities		47,351		134,267,908		44,477,983		3,871,121		65,591		182,729,954
Lease liabilities		—		471,722		251,214		67,927		6,819		797,682
Convertible promissory notes payable		—		50,177		50,177		50,177		6,867,555		7,018,086
Optionally convertible promissory notes		—		8,546,138		—		—		—		8,546,138
Financial assets sold under repurchase agreements		—		3,346,448		—		—		—		3,346,448

Total		3,358,863		190,775,225		44,779,374		3,989,225		6,939,965		249,842,652

Financing guarantee contracts		68,502,938		—		—		—		—		68,502,938


	As of December 31, 2023 (Restated)
	Repayable on demand or undated		Within 1 year		1 to 2 years		2 to 3 years		Over 3 years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Financial liabilities
Payable to platform investors		985,761		—		—		—		—		985,761
Borrowings		142,342		36,685,617		1,926,278		959,173		—		39,713,410
Accounts and other payables and contract liabilities		1,358,823		1,433,009		—		—		—		2,791,832
Payable to investors of consolidated structured entities		53,369		65,571,670		14,776,713		1,247,265		745		81,649,762
Lease liabilities		—		270,393		118,726		35,571		2,385		427,075
Convertible promissory notes payable		—		51,028		51,028		6,984,009		—		7,086,065
Financial assets sold under repurchase agreements		—		1,307,618		—		—		—		1,307,618

Total		2,540,295		105,319,335		16,872,745		9,226,018		3,130		133,961,523

Financing guarantee contracts		54,903,487		—		—		—		—		54,903,487


	As of December 31, 2024
	Repayable on demand or undated		Within 1 year		1 to 2 years		2 to 3 years		Over 3 years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Financial liabilities
Payable to platform investors		721,558		—		—		—		—		721,558
Borrowings		71,938		49,819,385		2,046,264		—		—		51,937,587
Customer deposit		469,093		3,494,698		—		—		—		3,963,791
Accounts and other payables and contract liabilities		1,489,870		1,343,822		—		—		—		2,833,692
Payable to investors of consolidated structured entities		—		34,900,519		8,343,092		545,599		—		43,789,210
Lease liabilities		705		189,663		94,648		25,980		238		311,234
Convertible promissory notes payable		—		51,790		7,088,236		—		—		7,140,026
Financial assets sold under repurchase agreements		—		782,583		—		—		—		782,583

Total		2,753,164		90,582,460		17,572,240		571,579		238		111,479,681

Financing guarantee contracts		68,017,023		—		—		—		—		68,017,023

Summary of Group's Maximum Exposure to Structured Entities

The following table shows the Group’s maximum exposure to the unconsolidated structured entities representing the Group’s maximum possible risk exposure that could occur as a result of the Group’s arrangements with structured entities.

These unconsolidated structured products mainly include asset management plans, trust plans, mutual funds, private funds and bank wealth management products which are all classified as financial assets at fair value through profit or loss.

As of December 31, 2022 (Restated)

(in RMB’000)

Size

Carrying amount
of investment in
structured entities

Group’s
maximum
exposure

Interest held by
Group

Unconsolidated structured entities managed by third parties (a)

12,137,889

Investment income

Unconsolidated structured entities managed by affiliated entities (a)

3,974,740

Investment income

Unconsolidated structured entities serviced by the Group

2,838,473

—

1,849,897

Service fee

As of December 31, 2023 (Restated)

(in RMB’000)

Size

Carrying amount
of investment in
structured entities

Group’s
maximum
exposure

Interest held by
Group

Unconsolidated structured entities managed by third parties (a)

14,735,297

Investment income

Unconsolidated structured entities managed by affiliated entities (a)

211,663

Investment income

Unconsolidated structured entities serviced by the Group

90,946

—

90,946

Service fee

As of December 31, 2024

(in RMB’000)

Size

Carrying amount
of investment in
structured entities

Group’s
maximum
exposure

Interest held by
Group

Unconsolidated structured entities managed by third parties (a)

9,126,031

Investment income

Unconsolidated structured entities managed by affiliated entities (a)

1,237,189

Investment income

Unconsolidated structured entities serviced by the Group

21,168

—

21,168

Service fee

Summary of Fair Value Estimation

The following table sets forth the financial instruments recorded at fair value by level of the fair value hierarchy:


As of December 31, 2022 (Restated)	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Financial assets at fair value through profit or loss
Asset management plans		—		198,957		—		198,957
Trust plans		—		2,505,978		186,830		2,692,808
Private funds and other equity investments		—		1,603,219		10,216		1,613,435
Mutual funds		7,177,446		—		—		7,177,446
Debt securities		—		10,917,975		—		10,917,975
Bank wealth management products		—		3,345,111		—		3,345,111
Structured deposits		—		2,406,785		—		2,406,785
Others debt investments		—		753,081		2,808,530		3,561,611

		7,177,446		21,731,106		3,005,576		31,914,128

Derivative financial assets
Interest rate swap		—		222,086		—		222,086
Foreign currency swap		—		225,357		—		225,357

		—		447,443		—		447,443

Total		7,177,446		22,178,549		3,005,576		32,361,571


As of December 31, 2023 (Restated)	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Financial assets at fair value through profit or loss
Trust plans		—		7,140,184		116,758		7,256,942
Private funds and other equity investments		—		—		659,406		659,406
Mutual funds		5,176,458		—		—		5,176,458
Debt securities		—		5,185,221		—		5,185,221
Bank wealth management products		—		963,830		—		963,830
Structured deposits		—		804,897		—		804,897
Others debt investments		—		5,661		4,710,790		4,716,451

Total		5,176,458		14,099,793		5,486,954		24,763,205


As of December 31, 2024	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Financial assets at fair value through other comprehensive income
Certificate of deposits		669,670		—		—		669,670
Exchange fund bills		486,425		—		—		486,425

		1,156,095		—		—		1,156,095

Financial assets at fair value through profit or loss
Trust plans		—		3,937,660		308,956		4,246,616
Private funds and other equity investments		—		—		598,366		598,366
Mutual funds		3,903,003		—		—		3,903,003
Debt securities		—		4,931,967		—		4,931,967
Bank wealth management products		—		1,628,417		—		1,628,417
Structured deposits		—		1,900,622		—		1,900,622
Others debt investments		—		30,706		3,116,117		3,146,823

	3,903,003		12,429,372		4,023,439		20,355,814

Total		5,059,098		12,429,372		4,023,439		21,511,909

Summary of the Changes in Level 3 Instruments

The following table presents the changes in

evel 3 instruments for the years ended December 31, 2022, 2023 and 2024:


Financial assets at fair value through profit or loss	For the year ended December 31,
	2022			2023			2024
	RMB’000			RMB’000			RMB’000
	(Restated)			(Restated)
As of beginning of the year		1,932,826			3,005,576			5,486,954
Additions		1,787,964			2,719,547			1,385,507
Transfer into Level 3		—			1,062,703			—
Disposal		(680,960	)		(1,020,562	)		(1,276,834	)
Gains or losses recognized in profit or loss		(34,254	)		(280,310	)		(1,572,188	)

As of end of the year		3,005,576			5,486,954			4,023,439

Summary of Impact to Profit/(Loss) Before Income Tax

As of December 31, 2022, 2023 and 2024, the discount rates used to determine fair value of level 3 instruments ranged from 0.66% to 16.01%. The table below illustrates the carrying amount of the level 3 instruments with the fair value determined using the discounted cash flow method as well as the impact to profit/(loss) before income tax for the years ended December 31, 2022, 2023 and 2024, if the risk-adjusted discount rate had increased/decreased by 100 basis points with all other variables held constant.


	As of December 31,
	2022			2023			2024
	RMB’000			RMB’000			RMB’000
	(Restated)			(Restated)
Discounted cash flow method		2,788,802			5,035,516			3,819,204
Expected changes in profit/(loss) before income tax
+100 basis points		(47,291	)		(172,822	)		(113,936	)
-100 basis points		49,790			182,108			119,511