Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

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 June 2021

Commission File Number: 001-38806

 

 

Jiayin Group Inc.

 

 

26th Floor, Building No. 1, Youyou Century Plaza,

428 South Yanggao Road, Pudong New Area, Shanghai 200122

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBIT INDEX

 

Exhibit No.

  

Description

Exhibit 99.1   

Jiayin Group Inc. First Quarter 2021 Unaudited Financial Results


SIGNATURE

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.

 

Jiayin Group Inc.
By:  

/s/ Dinggui Yan

Name:   Dinggui Yan
Title:   Director and Chief Executive Officer

Date: June 10, 2021

EX-99.1

Exhibit 99.1

 

LOGO

Unless otherwise indicated or unless the context otherwise requires, “Company,” or “Jiayin” refers to Jiayin Group Inc., a company incorporated under the law of Cayman Islands, its predecessor entities and its subsidiaries; “$,” “US$” and “U.S. dollars” refer to the legal currency of the United States, and “RMB” refer to the legal currency of China.

Jiayin Group Inc. First Quarter 2021 Unaudited Financial Results

First Quarter 2021 Operational and Financial Highlights :

 

   

Loan origination volume1 was RMB4,172 million (US$636.8 million), representing an increase of 44.1% from the same period of 2020.

 

   

Average borrowing amount per borrower was RMB6,198 (US$946.0), representing a decrease of 20.6% from the same period of 2020.

 

   

Repeat borrowing rate2 was 74.2%, compared with repeat borrowing rate of 85.4% in the same period of 2020.

 

   

Net revenue was RMB343.1 million (US$52.4 million), representing an increase of 9.4% from the same period of 2020

 

   

Operating income was RMB113.8 million (US$17.4 million), compared with operating income of RMB51.1 million in the same period of 2020.

 

   

Net income was RMB93.7 million (US$14.3 million), compared with net income of RMB39.5 million in the same period of 2020.

First Quarter 2021 Financial Results

Net revenue was RMB343.1 million (US$52.4 million), representing an increase of 9.4% from the same period of 2020.

Revenue from loan facilitation services was RMB320.9 million (US$49.0 million), representing an increase of 24.7% from the same period of 2020. The increase was primarily due to the increased loan origination volume from our institutional funding partners.

Revenue from post-origination services was nil, representing a decrease of 100.0% from the same period of 2020. The decrease was due to the outstanding loan balance of our legacy P2P lending business being reduced to zero in November 2020.

Other revenue was RMB22.2 million (US$3.4 million), representing an increase of 8.3% from the same period of 2020. The increase was primarily due to the development of the company’s overseas business.

Origination and servicing expense was RMB64.1 million (US$9.8 million), representing an increase of 0.3% from the same period of 2020, primarily due to the increase in credit assessment expense resulting from higher loan origination volume partially offset by reduced collection costs as the Company no longer provides such services under its new business model.

 

1 

“Loan origination volume” refers the loan origination volume facilitated in Mainland China during the period presented.

2 

“Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of our borrowers in Mainland China.


LOGO

 

Allowance for uncollectible receivables, contract assets, loans receivable and others was RMB8.0 million (US$1.2 million), representing a decrease of 73.7% from the same period of 2020, primarily due to the relatively lower credit risk of the new business model.

Sales and marketing expense was RMB91.2 million (US$13.9 million), representing a decrease of 2.4% from the same period of 2020, primarily due to the decrease in share-based compensation expense partially offset by higher borrower acquisition expenses.

General and administrative expense was RMB37.8 million (US$5.8 million), representing a decrease of 1.3% from the same period of 2020, primarily due to lower rental cost partially offset by the increase in other business-related expenses.

Research and development expense was RMB28.1 million (US$4.3 million), representing a decrease of 22.8% from the same period of 2020, primarily due to a more streamlined team in technology related departments.

Income from operations was RMB113.8 million (US$17.4 million), compared with an operating income of RMB51.1 million in the same period of 2020.

Net income was RMB93.7 million (US$14.3 million), compared with net income of RMB39.5 million in the same period of 2020.

Cash and cash equivalents were RMB123.3 million (US$18.8 million) as of March 31, 2021, compared with RMB117.3 million as of December 31, 2020.

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.

 

     Delinquent for  

As of

   1-30 days      31-60 days      61-90 days      91 -180 days      More than 180 days  
     (%)  

December 31, 2018

     1.35        2.53        2.37        5.46        9.45  

December 31, 2019

     1.27        2.20        1.68        4.79        8.39  

December 31, 2020

     1.47        0.88        0.70        1.66        1.81  

March 31, 2021

     1.17        0.85        0.71        1.56        2.53  

The following chart and table display the historical cumulative M3+ Delinquency Rate by Vintage for loan products facilitated through the Company’s platform in Mainland China.


LOGO

 

LOGO

 

     Month on Book  

Vintage

   4th     5th     6th     7th     8th     9th     10th     11th     12th     13th     14th     15th  

2018Q1

     2.41     4.38     6.21     8.05     9.80     11.35     12.71     13.80     14.61     15.10     15.38     15.44

2018Q2

     2.43     4.43     6.15     7.87     9.47     11.02     12.30     13.50     14.25     14.70     14.94     15.00

2018Q3

     2.23     3.89     5.66     7.30     8.89     10.64     12.00     12.86     13.47     13.87     14.07     14.13

2018Q4

     2.26     4.53     6.38     8.25     9.99     11.40     12.44     13.22     13.83     14.25     14.53     14.64

2019Q1

     2.17     3.86     5.32     6.84     8.13     9.21     10.21     11.07     11.85     12.45     12.80     12.87

2019Q2

     1.83     3.40     4.59     5.85     6.98     8.21     9.35     10.33     11.08     11.54     11.73     11.74

2019Q3

     1.64     3.41     4.26     5.42     7.03     8.60     10.13     10.94     11.59     11.92     12.04     12.01

2019Q4

     1.31     3.08     4.52     6.27     7.69     8.69     9.51     9.99     10.31     10.49     10.55     10.54

2020Q1

     1.67     3.43     4.46     5.36     6.11     6.67     7.09     7.38     7.61     —         —         —    

2020Q2

     1.46     2.37     3.11     3.68     4.14     4.52     —         —         —         —         —         —    

2020Q3

     0.96     1.70     2.24     —         —         —         —         —         —         —         —         —    

About Jiayin Group Inc.

Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers.

Exchange Rate Information

The financial results contain translations of certain RMB amounts into U.S. dollars (“US$”) at a specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2021. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.


LOGO

 

JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

 

     As of
December 31,
    As of March 31,  
     2020     2021  
     RMB     RMB     US$  

ASSETS

      

Cash and cash equivalents

     117,320       123,291       18,818  

Restricted cash

     2,000       2,000       305  

Amounts due from related parties

     542       44,742       6,829  

Accounts receivable and contract assets, net

     158,064       227,689       34,752  

Loan receivables, net

     31,296       27,652       4,221  

Prepaid expenses and other current assets

     61,289       61,609       9,403  

Deferred tax assets, net

     40,935       39,497       6,028  

Property and equipment, net

     19,449       15,848       2,419  

Right-of-use assets

     6,926       12,062       1,841  

Long-term investment

     87,551       87,684       13,383  
  

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

     525,372       642,074       97,999  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

Payroll and welfare payable

     58,288       59,965       9,152  

Amounts due to related parties

     8,785       3,514       536  

Tax payables

     279,383       297,218       45,364  

Accrued expenses and other current liabilities

     70,954       67,274       10,268  

Other payable related to the disposal of Shanghai Caiyin

     566,532       566,532       86,471  

Lease liabilities

     5,195       11,479       1,752  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     989,137       1,005,982       153,543  
  

 

 

   

 

 

   

 

 

 

SHAREHOLDERS’ DEFICIT

      

Class A ordinary shares (US$ 0.000000005 par value; 108,100,000 shares issued and outstanding as of December 31, 2020 and March 31, 2021)3

     0       0       0  

Class B ordinary shares (US$ 0.000000005 par value; 108,000,000 shares issued and outstanding as of December 31, 2020 and March 31, 2021)3

     0       0       0  

Additional paid-in capital

     818,042       823,952       125,760  

Accumulated deficit

     (1,266,848     (1,173,635     (179,132

Accumulated other comprehensive loss

     (12,817     (13,684     (2,089

Total Jiayin Group Inc. shareholder’s deficit

     (461,623     (363,367     (55,461

Non-controlling interests

     (2,142     (541     (83
  

 

 

   

 

 

   

 

 

 

TOTAL SHAREHOLDERS’ DEFICIT

     (463,765     (363,908     (55,544
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND DEFICIT

     525,372       642,074       97,999  
  

 

 

   

 

 

   

 

 

 

 

3 

The total shares authorized for both Class A and Class B are 10,000,000,000,000.


LOGO

 

JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands, except for share and per share data)

 

     For the Three Months Ended
March 31,
 
     2020     2021  
     RMB     RMB     US$  

Net revenue (including revenue from related parties of RMB 1,118, and RMB 11,811 for 2020Q1 and 2021Q1, respectively)

     313,526       343,055       52,360  
  

 

 

   

 

 

   

 

 

 

Operating cost and expenses:

      

Origination and servicing

     (63,936     (64,099     (9,783

Allowance for uncollectible receivables, contract assets, loans receivable and others

     (30,405     (8,010     (1,223

Sales and marketing

     (93,437     (91,245     (13,927

General and administrative

     (38,264     (37,793     (5,768

Research and development

     (36,367     (28,121     (4,292
  

 

 

   

 

 

   

 

 

 

Total operating cost and expenses

     (262,409     (229,268     (34,993

Income from operation

     51,117       113,787       17,367  

Interest income (expense)

     1,982       (905     (138

Other income, net

     1,017       1,936       295  
  

 

 

   

 

 

   

 

 

 

Income before income taxes and income from investment in affiliates

     54,116       114,818       17,524  
  

 

 

   

 

 

   

 

 

 

Income tax expense

     (13,937     (22,169     (3,384

(Loss) income from investment in affiliates

     (729     1,025       156  
  

 

 

   

 

 

   

 

 

 

Net income

     39,450       93,674       14,296  

Less: net (loss) income attributable to noncontrolling interest shareholders

     (1,026     461       70  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Jiayin Group Inc.

     40,476       93,213       14,226  
  

 

 

   

 

 

   

 

 

 

Weighted average shares used in calculating net income per share:

      

- Basic and diluted

     216,100,000       216,100,000       216,100,000  

Net income per share:

      

- Basic and diluted

     0.19       0.43       0.07  

Net income

     39,450       93,674       14,296  

Other comprehensive income, net of tax of nil:

      

Foreign currency translation adjustments

     3,968       (964     (147
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     43,418       92,710       14,149  

Comprehensive (loss) income attributable to noncontrolling interest

     (994     364       56  
  

 

 

   

 

 

   

 

 

 

Total comprehensive income attributable to Jiayin Group Inc.

     44,412       92,346       14,093