Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the
“Company”), a Nasdaq-listed company providing technology enabled
financial and digital services to micro, small and medium
enterprises ecosystem, announced on December 28, 2023 its unaudited
financial results for the six months ended June 30, 2023 (the
“Interim Report”). In the Interim Report, the Company disclosed the
gain from disposal of its wholly owned subsidiary Sky City Holding
Limited and its subsidiaries (collectively “SCHL Group”) for
RMB6.71 million. However, when preparing the financial statements
for the year ended December 31, 2023, the Company noted the
following errors were made inadvertently: 1) the cumulative foreign
currency translation loss (recorded as accumulated other
comprehensive loss) related to SCHL Group of RMB45.59 million
should be treated as loss from disposal of SCHL Group which
increased our net loss from RMB0.71 million to a net loss of
RMB46.30 million; and 2) the non-controlling interest in a
subsidiary included in SCHL Group of RMB139.34 million should be
treated as other payable to non-controlling interest holders which
increased accrued expenses and other liabilities from RMB 30.20
million to RMB 169.54 million and decreased the non-controlling
interest from RMB 153.47 million to RMB 14.12 million.
The Company has made the correction to the
Interim Report, and the corrected press release is as follows:
PINTEC ANNOUNCES UNAUDITED FINANCIAL
RESULTS FOR THE FIRST HALF OF 2023
BEIJING, DEC. 28,
2023 /PRNewswire/ — Pintec Technology Holdings
Limited (Nasdaq: PT) (“Pintec” or the “Company”), a Nasdaq-listed
company providing technology enabled financial and digital services
to micro, small and medium enterprises ecosystem, today announced
its unaudited financial results for the six months ended June 30,
2023.
First Half 2023 Financial
Highlights
- Total revenues were RMB35.09 million (US$4.86 million) for the
first half of 2023 compared to total revenues of RMB39.82 million
for the same period of 2022.
- Gross profit decreased by 79.48% to RMB4.21 million (US$0.58
million) for the first half of 2023 from RMB20.51 million for the
same period of 2022. Gross margin was 11.99% for the first half of
2023 compared to 51.50% for the same period of 2022.
- Loss from operations decreased by 48.54% to RMB12.09 million
(US$1.67 million) for the first half of 2023 from RMB23.49 million
for the same period of 2022.
- Net loss decreased by 62.54% to RMB46.30 million (US$6.41
million) for the first half of 2023 compared to net loss of
RMB123.60 million for the same period of 2022.
First Half 2023 Operating Highlights
- Total loans facilitated decreased by 58.98% to RMB47.3 million
(US$6.55 million) for the first half of 2023 from RMB115.30 million
for the same period of 2022.
- Loan outstanding balance decreased by 35.08% to RMB 61.71
million (US$ 8.54 million) as of June 30, 2023 from RMB95.06
million as of December 31, 2022.
- The following table provides delinquency rates by balance for
all loans facilitated by the Company as of the dates
indicated:
|
|
|
|
|
Delinquent for |
| |
|
|
|
|
16-30 days |
|
|
|
31-60 days |
|
|
|
61-90 days |
|
|
|
December 31, 2020 |
|
|
|
0.77 |
% |
|
|
0.97 |
% |
|
|
0.95 |
% |
| |
December
31, 2021 |
|
|
|
1.00 |
% |
|
|
1.30 |
% |
|
|
1.18 |
% |
| |
December
31, 2022 |
|
|
|
0.23 |
% |
|
|
0.58 |
% |
|
|
0.18 |
% |
| |
June 30,
2023 |
|
|
|
0.58 |
% |
|
|
1.06 |
% |
|
|
0.22 |
% |
Mr. Zexiong Huang, Chief Executive Officer and acting Chief
Financial Officer of Pintec, commented, “Amidst the sluggish
macroeconomic recovery, during the first half of 2023, we
persistently focused on our core strategy. We continued to provide
loan services and digital solutions to micro, small and medium
enterprises (“MSME”) ecosystem, as a direct lender, facilitator and
enabler. Our business partners, financial partners, and end
customers are able to enhance the efficiency and effectiveness of
their financial services and their customers’ navigating financial
service processes driven by our digital technical services and our
financial solutions. We are also continuously devoted to initiating
innovative business models. At the same time, ongoing improvements
in operation, strengthening risk management, optimizations to cost
structures were implemented relentlessly to achieve the goal of
break-even point. We are committed to cautious and sustainable
growth, and prepare for the potential risks and uncertainty.”
“Going forward, despite the market
uncertainties, we are committed to prudently execute our MSME
ecosystem strategy by solidifying our competencies in technology
innovation, enhancing overall risk management, attracting customers
and strengthening partnership, refining operations, expanding our
business and implementing cost-effective initiatives to ensure
successful execution of our future growth plans. We believe that
sustainable quality-based development is valuable.” Mr. Huang
concluded. First Half 2023 Financial
Results
Revenues
Total revenues decreased by 11.89% to RMB35.09 million (US$4.86
million) for the first half of 2023 from RMB39.82 million for the
same period of 2022.
- Revenues from technical service fees decreased by 17.90% to
RMB19.83 million (US$2.75 million) for the first half of 2023 from
RMB24.16 million for the same period of 2022. The decrease in
revenues from technical service fees was mainly due to we ceased
the risk-sharing loan facilitation business.
- Revenues from installment service fee decreased by 16.55% to
RMB7.53 million (US$1.04 million) for the first half of 2023 from
RMB9.02 million for the same period of 2022. The decrease in
revenues from installment service fee was mainly due to the
decrease in volume of SMEs loans in the first half of 2023.
- Revenues from wealth management service fees increased by
16.32% to RMB7.73 million (US$1.07 million) for the first half of
2023 from RMB6.64 million for the same period of 2022. The increase
in revenue of the wealth management was mainly due to increased
revenue generated from our insurance brokerage service
business.
Cost of Revenues
Cost of revenues increased by 59.90% to RMB30.88
million (US$4.27 million) for the first half of 2023 from RMB19.31
million for the same period of 2022. This increase was mainly
attributable to:
- Funding cost. Funding cost mainly consists of interest
expense the Company pays in relation to the funding debts to fund
its financing receivables. Funding cost increased RMB 9.28 million
to RMB9.31 million (US$1.29 million) compared to funding cost of
RMB0.03 million in the same period of 2022. We recorded interest
expenses of RMB9.31 million during the first half of 2023, which
was mainly represents an out-of-period adjustments amount to
RMB9.30 million from prior years. In July 2018, Minheng, a
subsidiary of our variable interest entity, entered into loan
agreements with a shareholder of ours (the “Lender”), these loans
have principal amount of RMB190 million, and the annual interest
rates are 10.3%, which are similar to market interest rate. In
August 2018, Minheng and the Lender entered into a supplementary
agreement which changed the interest rates, retroactive to the
first date of each loan, to 0.6%. The differences of interest
expenses between the market interest rate and the actual rates
amount to RMB9.30 million was deemed as contribution by the
shareholder to the Company, which was an out-of-period adjustments
to correct prior period errors relating to recording the additional
paid-in capital and funding cost.
- Reversal of credit losses. Reversal of credit losses of
RMB0.38 million (US$52 thousand) in first half of 2023 compared to
provision for credit losses of RMB0.94 million in the same period
of 2022, which was mainly due to collection of financial
receivables exceeding the credit losses accrued during the first
half of 2023.
- Origination and servicing cost. Origination and servicing
cost increased by 27.76% to RMB23.86 million (US$3.30 million)
compared to RMB18.67 million in the same period of 2022, which was
mainly due to the increased cost of insurance brokerage services
and credit assessment services.
- Recover on guarantee. Recover on guarantee increased by
422.80% to RMB1.90 million (US$0.26 million) compare to RMB0.36
million in the same period of 2022, as we purposely and gradually
ceased providing credit enhancement for loans that we facilitated
with any financial partners from 2020 in order to improve the
overall quality of our off-balance-sheet loans, which lead to the
increase of reimbursement for defaulted loans being outpaced by the
recovery of reimbursement for defaulted loans in 2022 and
2023.
- Service cost charged by the related party. We had service
cost charge by the related party of RMB0.03 million and nil for the
first half of 2022 and 2023, respectively. The decrease was
primarily attributable to the expiration of the loan facilitated
under risk-sharing model with Jimu Group, a related party.
Gross Profit
Gross profit decreased to RMB4.21 million
(US$0.58 million) for the first half of 2023 from RMB20.51 million
for the same period of 2022. Gross margin was 11.99% in the first
half of 2023 compared to 51.50% in the same period of 2022.
Operating Expenses
Total operating expenses decreased by 62.96% to
RMB16.30 million (US$2.26 million) for the first half of 2023 from
RMB44.00 million for the same period of 2022. The Company has been
continuously optimizing and refining its organizational structure,
marketing strategies and product matrix to reduce expenses since
the beginning of 2023.
- Sales and marketing expenses in the first half of 2023
decreased by 38.72% to RMB8.51 million (US$1.18 million) from
RMB13.89 million in the same period of 2022. This decrease was
primarily driven by the decrease in payroll cost.
- General and administrative expenses in the first half of 2023
decreased by 74.15% to RMB5.06 million (US$0.70 million) from
RMB19.57 million in the same period of 2022. This decrease was
primarily driven by 1) the reversal of share-based compensation
expense of RMB6.87 million; and 2) strict overall cost control for
the reduction of various items including, among other things,
professional services fees and payroll cost. The reversal of
share-based compensation expense was RMB6.9 million during the
first half of 2023 based on the actual forfeiture rate, which was
an out-of-period adjustments from prior years.
- Research and development expenses in the first half of 2023
decreased by 74.13% to RMB2.73 million (US$0.38 million) from
RMB10.54 million in the same period of 2022, primarily due to
personnel structure optimization as part of the business
transformation of the Company.
Loss from operations
Loss from operations decreased by 48.54% to
RMB12.09 million (US$1.67 million) for the first half of 2023 from
RMB23.49 million for the same period of 2022.
Other income and expenses
Other expenses, net decreased by 53.81% to
RMB45.59 million (US$6.31 million) for the first half of 2023 from
RMB98.70 million for the same period of 2022. The decrease was
primarily due to the decrease in impairment loss of long-term
investments of RMB86.60 million and the increase in loss of
RMB38.88 million from disposal of Sky City Holding Limited and
eight of its subsidiaries (collectively, “SCHL Group”) in May
2023.
Income tax
(expense)/benefit
Income tax was recorded as income tax benefit of
RMB11.38 million (US$1.57 million) for the first half of 2023
compared to income tax expense of RMB1.41 million recorded for the
first half of 2022. It was primarily attributable to the income tax
benefit of RMB12.32 million (US$1.71 million) arose from the
derecognition of income tax payable accrued in 2017, which now has
passed the five-year statute of limitations and our tax filling in
2017 is no longer under examination by the PRC tax authority.
Net loss
As a result of the foregoing, net loss was
recorded RMB46.30 million (US$6.41 million) for the first half of
2023 compared to RMB123.60 million recorded for the same period of
2022.
Net loss attributable to ordinary shareholders
was recorded RMB44.86 million (US$6.21 million) for the first half
of 2023 compared to net loss attributable to ordinary shareholders
of RMB122.04 million recorded for the same period of 2022.
Adjusted net loss was RMB65.50 million (US$9.07
million) for the first half of 2023 compared to RMB119.22 million
for the same period of 2022.
Net Loss Per Share
Basic and diluted net loss per ordinary share in
the first half of 2023 were both RMB0.10 (US$0.01). Basic and
diluted net loss per American Depositary Share (“ADS”) in the first
half of 2023 were RMB3.62 (US$0.50) and RMB3.61 (US$0.50),
respectively. Each ADS represents thirty-five of the Company’s
Class A ordinary shares.
Adjusted basic and diluted net loss per ordinary
share in the first half of 2023 were both RMB0.15 (US$0.02).
Adjusted basic and diluted net loss per ADS in the first half of
2023 were RMB5.17 (US$0.72) and RMB5.16 (US$0.71),
respectively.
Balance Sheet
The Company has combined cash and cash
equivalents, short-term and long-term restricted cash of RMB19.46
million (US$2.69 million) as of June 30, 2023, compared to
RMB256.21 million as of December 31, 2022.
Out-of-period adjustment
For the year ended December 31, 2022, the
Company recorded an out-of-period adjustment to correct previous
period errors relating to accounts receivable of RMB6.05 million
(US$0.84 million). For six months ended June 30, 2023, we recorded
an out-of-period adjustment to correct previous period errors
relating to reclassification of additional paid-in capital and
accumulated deficits of RMB7.69 million (US$1.06 million). We
evaluated the impacts of the out-of-period adjustment to correct
the errors for the year ended December 31, 2022, for the six months
ended June 30, 2023, and for previous periods, both individually
and in the aggregate, and concluded that the adjustments were not
material to the consolidated financial statements for the year
ended December 31, 2022, for the six months ended June 30, 2023,
and all impacted periods.We recorded two out-of-period adjustments
to correct previous period errors relating to: (1) Cost of revenues
and additional paid-in capital of RMB9.30 million (US$1.29
million); (2) General and administration expense and additional
paid-in capital of RMB6.87 million (US$0.95 million). The net
effect on net loss is RMB2.43 million (US$0.34 million). We
evaluated the impacts of the out-of-period adjustment to correct
the errors for the year ended December 31, 2022, for the six months
ended June 30, 2023, and for previous periods, both individually
and in the aggregate, and concluded that the adjustments were not
material to the consolidated financial statements for the year
ended December 31, 2022 and material for the six months ended June
30, 2023.
Disposal of SCHL Group
On May 26, 2023, the Company entered into an
equity transfer agreement with Otov Alfa Holdings Limited (“Otov
Alfa”), a British Virgin Islands business company designated by
Ningxia Fengyin Enterprise Management Consulting LLP (“Ningxia
Fengyin”), under which the Company transferred 100% of its equity
interest in subsidiaries including Sky City Holding Limited, and
its subsidiaries (collectively “SCHL Group”) to Otov Alfa, at nil
consideration (the “Deconsolidation”), in order to settle all
outstanding convertible loan owed by the Group to Ningxia Fengyin.
SCHL Group mainly served as a holding company for a group of
investment companies with no material operations, and meanwhile, as
the obligator of the outstanding convertible loan and interest. The
Deconsolidation of SCHL Group was not a strategic shift as it has
no material impact on the Group’s business, therefore it was not
qualified as discontinued operation. Upon the completion of the
Deconsolidation, the control of SCHL Group was transferred to Otov
Alfa on May 30, 2023 (the “Closing Date”), and the assets and
liabilities of SCHL Group, including the outstanding convertible
loan and interest payable, cash in bank, property and some other
assets and liabilities with a net liability balance of RMB6.71
million were transferred to Otov Alfa, resulting in settlement of
the outstanding convertible loan and a gain from disposal of
RMB6.71 million. The cumulative foreign currency translation loss
(recorded as accumulated other comprehensive loss) related to SCHL
Group of RMB45.59 million was released as a loss, with a total loss
of RMB38.88 million recognized related to the disposal of SCHL
Group for the six months ended June 30, 2023.
The non-controlling interest in a subsidiary
included in SCHL Group of RMB139.34 million is included in the
accrued expenses and other liabilities. The investment from the
non-controlling interest holder was utilized by the Company in the
form of working capital loan to its currently consolidated
subsidiaries, VIEs and VIEs subsidiaries and was waived by SCHL
Group before Deconsolidation. As the Group is not able to ascertain
that the non-controlling interest holder will not claim from the
Group for its interest in SCHL Group after the disposal of SCHL
Group in the foreseeable future, the Group recognized balance of
noncontrolling interest as of the disposal date as other payables
due to the non-controlling interest holder upon
Deconsolidation.
On May 26, 2023, as part of the Deconsolidation,
the Company entered into a termination agreement with Otov Alfa
(“Warrant Termination Agreement”), under which the Company and Otov
Alfa agree that all terms and provisions in the warrant (which was
accounted in the convertible loan together with consideration
payable to Ningxia Fengyin) shall be terminated, and all rights and
obligations of the relevant parties under the warrant shall be
ceased and terminated with immediate effect upon the effectiveness
of the Warrant Termination Agreement. The Company had pledged 100%
equity interest of one of the consolidated VIE’s subsidiary Ganzhou
Aixin Network Micro Finance Co., Ltd to Ningxia Fengyin on December
2, 2020 to secure the convertible loan, such pledge was also
released upon the Deconsolidation and the termination of the
warrant.
Going Concern
The Company acknowledged that there were
recurring losses from operation since year 2019. For the six months
ended June 30, 2023, the Company reported a net loss of RMB46.30
million (US$6.41 million). In addition, as of June 30, 2023, the
Company reported a negative working capital of RMB398.90 million
(US$55.20 million) had an accumulated deficit of RMB2,478.84
million (US$343.05 million). The Company's operating results in
future periods are subject to numerous uncertainties, and it is
uncertain whether the Company will be able to reduce or eliminate
its net loss in the foreseeable future. In order to alleviate the
pressure on capital turnover, the Company has reached an agreement
with a third-party institution to obtain a line of credit facility
with an amount up to US$ 40 million.
Due to the unpredictable future of the capital
markets and the industry in which we operate, there can be no
assurance that the Company will be successful in achieving its
budget goals, that the Company’s future capital raising will be
sufficient to support its ongoing operations, or that any
additional financing will be available in a timely manner or with
acceptable terms, if at all. If the Company is unable to raise
sufficient financing or events or circumstances occur such that the
Company does not meet its budget goals, it may have a material
adverse effect on the Company’s financial position, results of
operations, cash flows, and ability to achieve its intended
business objectives. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern. The condensed
consolidated financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The
realization of assets and the satisfaction of liabilities in the
normal course of business are dependent on, among other things, the
Company’s ability to operate profitably, to generate cash flows
from operations, and to pursue financing arrangements to support
its working capital requirements.
Use of Non-GAAP Financial
Measures
In evaluating its business, the Company
considers and uses adjusted net income/loss as a supplemental
measure to review and assess its operating performance. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company defines adjusted net income/loss as net income/loss
excluding share-based compensation expenses and income tax benefit
recognized due to reversal of uncertain tax position.
The Company believes that this non-GAAP
financial measure can help management evaluate the Company’s
operating performance and formulate business plans. Adjusted net
income/loss enables management to assess operating results without
considering the impact of share-based compensation expenses and
income tax benefit recognized due to reversal of uncertain tax
position. The Company also believes that this non-GAAP financial
measure provides useful information about its operating results,
enhance the overall understanding of its past performance and
future prospects and allows for greater visibility with respect to
key metrics used by management in their financial and operational
decision-making.
This non-GAAP financial measure is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
This non-GAAP financial measure has limitations as an analytical
tool. One of the key limitations of using adjusted net income/loss
is that it does not reflect all items of income and expenses that
affect the Company’s operations. The Company will continue to incur
share-based compensation expenses in its business, which are
reflected in the presentation of its adjusted net income/loss.
Further, this non-GAAP financial measure may differ from non-GAAP
financial information used by other companies, including peer
companies, and therefore its comparability may be limited.
The Company compensates for these limitations by
reconciling this non-GAAP financial measure to the most directly
comparable U.S. GAAP financial measure, net income/loss, which
should be considered when evaluating the Company’s performance. The
Company encourages you to review its financial information in its
entirety and not rely on a single financial measure.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB7.2258
to US$1.00, the noon buying rate in effect on June 30, 2023, in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred to
could be converted into USD or RMB, as the case may be, at any
particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings
release. 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 U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “target,” “confident” and similar
statements. Among other things, the quotations from management in
this announcement, as well as Pintec’s strategic and operational
plans, contain forward-looking statements. Pintec may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Such statements are based upon
management’s current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company’s control.
Forward-looking statements involve inherent risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in any such statements. Potential
risks and uncertainties include, but are not limited to, the
Company’s limited operating history, regulatory uncertainties
relating to the markets and industries where the Company operates,
and the need to further diversify its financial partners, the
Company’s reliance on a limited number of business partners, the
impact of current or future PRC laws or regulations on wealth
management financial products, and the Company’s ability to meet
the standards necessary to maintain the listing of its ADSs on the
Nasdaq Global Market, including its ability to cure any
non-compliance with Nasdaq’s continued listing criteria. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the U.S.
Securities and Exchange Commission. All information provided in
this press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable
law. About Pintec
Pintec is a Nasdaq-listed company providing
technology enabled financial and digital services to micro, small
and medium enterprises in China. It connects business partners and
financial partners on its open platform and enables them to provide
financial services to end users efficiently and effectively. Pintec
empowers its business partners by providing them with the
capability to add a financing option to their product offerings. It
helps its financial partners adapt to the new digital economy by
enabling them to access the online population that they could not
otherwise reach efficiently or effectively. Pintec continues to
deliver exceptional digitization services, diversified financial
products, and best-in-class solutions with innovative technology,
to solidify its relationship with its business partners and satisfy
its clients’ needs. Pintec currently holds internet micro lending
license, fund distribution license, insurance brokerage license and
enterprise credit investigation license in China. For more
information, please visit ir.pintec.com.
For further information, please contact:
Pintec Technology Holdings Ltd.Phone: +86 (10) 6506-0227E-mail:
ir@pintec.com
Pintec Technology Holdings
Ltd.Condensed Consolidated Balance
Sheets(In thousands, except for share and per
share data)
| |
|
As of December 31, |
|
|
As of June 30, |
|
| |
|
2022 |
|
|
2023 |
|
|
2023 |
|
| |
|
RMB |
|
|
RMB |
|
|
US$ |
|
| |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
|
|
|
(As restated) |
|
|
(As restated) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
249,728 |
|
|
|
14,462 |
|
|
|
2,001 |
|
|
Restricted cash |
|
|
1,482 |
|
|
|
- |
|
|
|
- |
|
|
Short-term investment |
|
|
1,001 |
|
|
|
- |
|
|
|
- |
|
|
Short-term financing receivables, net |
|
|
87,087 |
|
|
|
59,563 |
|
|
|
8,243 |
|
|
Short-term financial guarantee assets, net |
|
|
6,480 |
|
|
|
97 |
|
|
|
13 |
|
|
Accounts receivable, net |
|
|
18,627 |
|
|
|
15,049 |
|
|
|
2,083 |
|
|
Prepayments and other current assets, net |
|
|
22,628 |
|
|
|
13,944 |
|
|
|
1,928 |
|
|
Amounts due from related parties, net |
|
|
2,161 |
|
|
|
1,104 |
|
|
|
153 |
|
| Total
current assets |
|
|
389,194 |
|
|
|
104,219 |
|
|
|
14,421 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current restricted cash |
|
|
5,000 |
|
|
|
5,000 |
|
|
|
692 |
|
|
Long-term investments |
|
|
35,000 |
|
|
|
35,000 |
|
|
|
4,844 |
|
|
Property, equipment and software, net |
|
|
89,795 |
|
|
|
- |
|
|
|
- |
|
|
Intangible assets, net |
|
|
9,882 |
|
|
|
9,882 |
|
|
|
1,368 |
|
| Total
non-current assets |
|
|
139,677 |
|
|
|
49,882 |
|
|
|
6,904 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
ASSETS |
|
|
528,871 |
|
|
|
154,101 |
|
|
|
21,325 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible loan, current |
|
|
113,000 |
|
|
|
- |
|
|
|
- |
|
|
Accounts payable |
|
|
22,684 |
|
|
|
16,247 |
|
|
|
2,248 |
|
|
Amounts due to related parties, current |
|
|
294,634 |
|
|
|
296,549 |
|
|
|
41,040 |
|
|
Tax payable |
|
|
36,476 |
|
|
|
20,683 |
|
|
|
2,862 |
|
|
Financial guarantee liabilities |
|
|
6,914 |
|
|
|
97 |
|
|
|
13 |
|
|
Accrued expenses and other liabilities |
|
|
52,277 |
|
|
|
169,542 |
|
|
|
23,462 |
|
| Total
current liabilities |
|
|
525,985 |
|
|
|
503,118 |
|
|
|
69,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
2,470 |
|
|
|
2,470 |
|
|
|
342 |
|
|
Long-term loan |
|
|
236,755 |
|
|
|
- |
|
|
|
- |
|
|
Other non-current liabilities |
|
|
10,798 |
|
|
|
5,175 |
|
|
|
716 |
|
| Total
non-current liabilities |
|
|
250,023 |
|
|
|
7,645 |
|
|
|
1,058 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
LIABILITIES |
|
|
776,008 |
|
|
|
510,763 |
|
|
|
70,683 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary Shares (US$ 0.000125 par value per share;
1,750,000,000 shares authorized as of December 31, 2022 and June
30, 2023; 252,789,098 and 507,239,098 shares outstanding as of
December 31, 2022 and June 30, 2023) |
|
|
233 |
|
|
|
454 |
|
|
|
63 |
|
|
Class B Ordinary Shares (US$ 0.000125 par value per share;
250,000,000 shares authorized as of December 31, 2022 and June 30,
2023; 50,939,520 and 50,939,520 shares outstanding as of December
31, 2022 and June 30, 2023) |
|
|
42 |
|
|
|
42 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
|
1,998,822 |
|
|
|
2,036,473 |
|
|
|
281,834 |
|
|
Statutory reserves |
|
|
31,995 |
|
|
|
9,320 |
|
|
|
1,290 |
|
|
Accumulated other comprehensive income |
|
|
15,685 |
|
|
|
61,765 |
|
|
|
8,548 |
|
|
Accumulated deficit |
|
|
(2,448,823 |
) |
|
|
(2,478,840 |
) |
|
|
(343,054 |
) |
| Total
shareholders’ deficit |
|
|
(402,046 |
) |
|
|
(370,786 |
) |
|
|
(51,313 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
154,909 |
|
|
|
14,124 |
|
|
|
1,955 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
DEFICIT |
|
|
(247,137 |
) |
|
|
(356,662 |
) |
|
|
(49,358 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
LIABILITIES AND DEFICIT |
|
|
528,871 |
|
|
|
154,101 |
|
|
|
21,325 |
|
Pintec Technology Holdings
Ltd.Unaudited Condensed Consolidated Statements of
Operations and Comprehensive Loss(In thousands,
except for share and per share data)
| |
|
For the six months ended June 30, |
|
| |
|
2022 |
|
|
2023 |
|
|
2023 |
|
| |
|
RMB |
|
|
RMB |
|
|
US$ |
|
| |
|
|
|
|
(As
restated) |
|
|
(As
restated) |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
Technical service fees |
|
|
24,158 |
|
|
|
19,834 |
|
|
|
2,745 |
|
| Installment
service fees |
|
|
9,020 |
|
|
|
7,527 |
|
|
|
1,042 |
|
| Wealth
management service fees and others |
|
|
6,643 |
|
|
|
7,727 |
|
|
|
1,069 |
|
| Total
revenues |
|
|
39,821 |
|
|
|
35,088 |
|
|
|
4,856 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| Funding
cost |
|
|
(33 |
) |
|
|
(9,305 |
) |
|
|
(1,288 |
) |
| (Provision
of)/reversal of credit losses |
|
|
(937 |
) |
|
|
378 |
|
|
|
52 |
|
| Origination
and servicing cost |
|
|
(18,673 |
) |
|
|
(23,856 |
) |
|
|
(3,301 |
) |
| Reversal of guarantee |
|
|
364 |
|
|
|
1,903 |
|
|
|
263 |
|
| Service cost
charged by the related party |
|
|
(33 |
) |
|
|
- |
|
|
|
- |
|
| Cost of revenues |
|
|
(19,312 |
) |
|
|
(30,880 |
) |
|
|
(4,274 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Gross
profit |
|
|
20,509 |
|
|
|
4,208 |
|
|
|
582 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and
marketing expenses |
|
|
(13,886 |
) |
|
|
(8,509 |
) |
|
|
(1,178 |
) |
| General and
administrative expenses |
|
|
(19,569 |
) |
|
|
(5,059 |
) |
|
|
(700 |
) |
| Research and
development expenses |
|
|
(10,543 |
) |
|
|
(2,728 |
) |
|
|
(378 |
) |
| Total
operating expenses |
|
|
(43,998 |
) |
|
|
(16,296 |
) |
|
|
(2,256 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from
operations |
|
|
(23,489 |
) |
|
|
(12,088 |
) |
|
|
(1,674 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-term
investments impairment |
|
|
(86,600 |
) |
|
|
- |
|
|
|
- |
|
| Share of
loss from equity method investments |
|
|
(934 |
) |
|
|
- |
|
|
|
- |
|
| Long-lived
assets impairment |
|
|
- |
|
|
|
(3,737 |
) |
|
|
(517 |
) |
| Loss from
disposal of subsidiaries |
|
|
(2,176 |
) |
|
|
(38,883 |
) |
|
|
(5,381 |
) |
| Financial
expenses, net |
|
|
(11,295 |
) |
|
|
(4,273 |
) |
|
|
(591 |
) |
| Other
income, net |
|
|
2,304 |
|
|
|
1,305 |
|
|
|
181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
before income tax (expense)/benefit |
|
|
(122,190 |
) |
|
|
(57,676 |
) |
|
|
(7,982 |
) |
| Income tax
(expense)/benefit |
|
|
(1,412 |
) |
|
|
11,377 |
|
|
|
1,574 |
|
| Net
loss |
|
|
(123,602 |
) |
|
|
(46,299 |
) |
|
|
(6,408 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Less: Net
loss attributable to non-controlling interest |
|
|
(1,566 |
) |
|
|
(1,444 |
) |
|
|
(200 |
) |
| Net loss
attributable to Pintec Technology Holdings Limited
shareholders |
|
|
(122,036 |
) |
|
|
(44,855 |
) |
|
|
(6,208 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other
comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign
currency translation adjustments, net of nil tax |
|
|
(8,598 |
) |
|
|
46,080 |
|
|
|
6,377 |
|
| Total
other comprehensive (loss)/income |
|
|
(8,598 |
) |
|
|
46,080 |
|
|
|
6,377 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
comprehensive loss |
|
|
(132,200 |
) |
|
|
(219 |
) |
|
|
(31 |
) |
| Total
comprehensive loss attributable to non-controlling interest |
|
|
(1,566 |
) |
|
|
(1,444 |
) |
|
|
(200 |
) |
| Total
comprehensive (loss)/income attributable to Pintec Technology
Holdings Limited shareholders |
|
|
(130,634 |
) |
|
|
1,225 |
|
|
|
169 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
(0.41 |
) |
|
|
(0.10 |
) |
|
|
(0.01 |
) |
| Diluted |
|
|
(0.41 |
) |
|
|
(0.10 |
) |
|
|
(0.01 |
) |
| Weighted average ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
300,059,264 |
|
|
|
433,743,535 |
|
|
|
433,743,535 |
|
| Diluted |
|
|
300,059,264 |
|
|
|
434,294,424 |
|
|
|
434,294,424 |
|
Pintec Technology Holdings
Ltd.Unaudited Reconciliations of GAAP and Non-GAAP
Results(In thousands, except for share and per
share data)
| |
|
For the six
months ended June 30, |
|
| |
|
2022 |
|
|
2023 |
|
|
2023 |
|
| |
|
RMB |
|
|
RMB |
|
|
US$ |
|
| |
|
|
|
|
(As
restated) |
|
|
(As
restated) |
|
|
Net loss |
|
|
(123,602 |
) |
|
|
(46,299 |
) |
|
|
(6,408 |
) |
| Add:
Share-based compensation expenses |
|
|
4,383 |
|
|
|
(6,884 |
) |
|
|
(952 |
) |
| Less: Income
tax benefit recognized due to reversal of uncertain tax
position |
|
|
- |
|
|
|
12,319 |
|
|
|
1,705 |
|
| Adjusted
net loss |
|
|
(119,219 |
) |
|
|
(65,502 |
) |
|
|
(9,065 |
) |
| Less:
Adjusted net loss attributable to non-controlling interest |
|
|
(1,566 |
) |
|
|
(1,444 |
) |
|
|
(200 |
) |
| Adjusted net
loss attributable to Pintec Technology Holdings Limited
shareholders |
|
|
(117,653 |
) |
|
|
(64,058 |
) |
|
|
(8,865 |
) |
| Adjusted
net loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
|
(0.39 |
) |
|
|
(0.15 |
) |
|
|
(0.02 |
) |
| Weighted average number of ordinary shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
|
300,059,264 |
|
|
|
433,743,535 |
|
|
|
433,743,535 |
|
Pintec Technology (NASDAQ:PT)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Pintec Technology (NASDAQ:PT)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
