Q1 2021 CNFinance Holdings Ltd Earnings Call
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Hello, and I'd like to try and see and final earnings call players.
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Players from David Brown.
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7% was firstly and the.
63%, what's that kind of lead.
Total outstanding loan principal was.
$10.3 billion as of March 31st plenty of 'twenty 1.
8.7 billion and the collaboration model and 1.6 bidding and the is actually there of.
The facilitation model.
Interest and the financing service fees on loans decreased by 13, 7% for 422 million from.
$489.2 million, primarily due to low area of interest rate on loans and facilitate yeah. The effort will comply with the rules and the regulations you sort of by relevant the PRC the regulatory authorities, including the day there is of the Supreme People's Kurt.
The amount of the provisions are several of issues concerning the application of law and the try all private lending cases, you sort of in August of 2020.
Interest and the fees expenses decreased by.
22, 2% to 100.
The 56.
Free.
The effort to comply with the rule.
400, <unk> 9 million.
And by relevant PRC.
Moving to the lawyer average interest rate of the borrower.
The hitting the.
Brings us to repurchase and the other borrowings.
Other income.
And so the first quarter of 2020.
For ever issues.
You want collaboration costs.
Pension of.
Cost of.
Law and the trial are private.
On the sales incentive pay for sales partners.
Private and.
The increase.
Interest and fees expense.
$98.1 million.
<unk> 2 point to pursue.
Q4 dollars 3 million.
<unk> hundred 50.
And for both to the increased loan book.
<unk> compare to.
Islands from model.
And 2.9 million.
Model and for credit losses.
And the lawyer average.
Yes.
Average rate of the borrowings.
5.8%.
Borrowings to repurchase and other borrowings.
For the minutes.
During the first quarter of.
Great.
'twenty collaboration cost for sales partners.
Mainly.
<unk> sales.
And then the combined.
And in store sales partners.
And is the <unk>.
<unk> increased by.
First the increase in outstanding loan principal.
The big point.
Paul Operation model.
And 1 compared to 19.
No.
19 for.
The mitigation positions.
<unk> attributable to the increase.
<unk> sales partners and.
Increased the calibration model.
And lawyer probability of.
At losses.
Of the under the current.
Yes.
Excellent.
Bye now.
The risk model.
8%.
Model takes into account.
And <unk>.
Outlook.
<unk>.
Ill.
And from 200.
More normal.
Great.
Both of China in the first quarter of 2020.
Patrick the ore to the combined.
1 of the thin pure rate of 2020, and the the impact of I'll call. It 19 per.
<unk> and.
Under the collaboration model.
Model that was guaranteed.
And <unk>.
And by the credit.
Bye.
The risks and position.
5.2 per se.
And by the sales per.
<unk>.
Partners.
<unk> 3 million.
And.
And for.
The lower profitability of.
Of default under the current expected.
The vote to the increase of Npls.
Turning to occur.
The third to third party purchases.
<unk>.
For the repurchase.
Sales for sales part.
Paul.
Paul.
Total operating expense.
Growth.
Yes.
And.
Chris.
And compared to that of.
And <unk>.
All of the theory of 2020.
For Q4.2 million.
2019.
<unk>.
The team.
And 2.105 million.
Net.
And our sales of loans.
And.
<unk> increased by.
This is kris by 50 per.
By per.
And so.
And 240.
The 7 million.
And <unk>.
For $19.8 million.
Okay.
Primarily due to the recovery of our core.
For the increase of NPL.
And we led for the increase of promote.
<unk> T.
<unk>.
And the repurchase.
For instance.
Interest and the expenses.
Sales.
Total operating.
And the street.
<unk> ex U.
<unk> please.
Credit 6.3%.
Yes.
<unk> expenses was.
The 2 million.
And 2 million.
<unk>.
And compared to income tax benefit.
Okay.
And the fate of 16 points.
And it has.
8 million.
Okay.
And related to the fact that way.
Increased $9.7.
From before income taxes.
And in <unk> 8.
And of 'twenty 'twenty 1.
Mainly due to the recovery of our COVID-19 pandemic.
<unk> ex <unk>.
So the increase of promotion.
Losses.
<unk> and advertising.
Yes.
This is.
Uh huh.
And expenses.
Hey.
The south.
5.6.
The employees.
And to the net losses of.
The income.
<unk>.
Tom.
The <unk> 7 million in prior year.
Ex 2 million.
And how much.
Context.
For 2021.
<unk> 16.
And once they have cash.
Cash cash.
And due to the bad.
Evelyn distributed cash of.
<unk> recorded an income before income tax expenses.
Of the points.
Fences quarter of 2020.
<unk> the phone.
The 1 per 2 of.
Phone only be used.
Lewis.
Used by the new law.
Texas and peers.
Losses.
The 2000.
And so the actual delinquency rate for loans originated by the company was.
5.
And 1.3 per.
For the net losses.
Losses.
And then 31.2020.
7.
And 1 calibration and more.
So the actual.
Millions.
That's how much.
Sure.
March 30.
And was pinpoint.
For Q1.
Hi.
1 the company had cash cash.
NPL rate for <unk>.
Evelyn debt cash.
Don't see the by the company.
Of the.
For some 9%.
And 1 point.
Spilling from struck.
The.
And he.
Pump.
And the conversion model.
Of course brand new.
Model NPL rate was.
<unk>.
And was 6.6 per.
Delinquency rate for loans.
For my part.
Alongside of the company was plenty of 1.3.
I'll tell you as well kind of our CEO and Mr. Jabeen to introduce the our operational results for the first quarter of 2021.
Perfect.
Sir Jai I can start.
For us.
<unk> per cent.
The actual NPL rate for loans.
And it hit by the company.
Heart of Mr. Zhao.
And percent.
Hi.
And as of March.
Hi.
31, 'twenty 'twenty, 1 and of the conversion model the actual NPL rate was 6.6%.
Okay. That's it for my part.
And now to Israel kind of our.
And our CEO and Mr. Jobin.
Right.
And you'll see our operational results for the first quarter of 2020.
Having a bad can.
1 guy.
Section.
I can share.
And.
The Mr Jain.
Yes.
Jonathan sorry of will be a couple of minutes.
Our sales, having a bad connection.
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Go ahead please.
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And then totally and he did that gas flow to about where the began and I sort of things that could the otway.
For the city of Asia woman down sounds like the idea show somewhat and it all on the IEA and speed into the Union hotel routine pump sales.
Oh, we awaken child, so he's had we're waiting for that that the other wealthy.
On the on E L E K Giuliano.
Thank you.
Please go ahead James.
Thank you operator.
Please.
For everyone for joining us and the conference call.
<unk> vintage of today.
The call will introduce the companies.
And then again and I do think that could be of hopper.
And the results of Q1.2021.
And yes, and I read these out San Joaquin and all on the IEA.
And I was sorry, I had a bad connection just now.
Oh wait wait.
And.
And.
The.
Hello, and thank you for that and again.
The operational results.
<unk> and.
No.
Thanks.
Hum.
Thank you.
Please go ahead.
<unk> and <unk>.
And thank you operator.
And Tokoloshe again.
Our financing the.
And Lutz.
The conference call.
Jump and he the Oracle and SAP and Beckman.
The introduced the company.
And.
And I will be introducing the company's operational result.
And Pete who sold out.
As of today.
Out of a position.
<unk> taken our questions with our CFO.
And blade for the OE and M.
So and of connection just now.
The President Tequila.
Now.
And contingent of Bally cancer.
The discretionary.
1 is the Nida and banking and nobody langan.
And even though the long haul chunky throughout the year instead of the play.
And all of the digital KJ Yang.
For the 2 again Changsha.
And Carl Biologic and La County.
So taking the only counting the cash.
And so going back on day plan and should I E N and M D.
And we were able to record.
Capital.
The results for Q1.2021.
The other.
On the shift of loan origination volume beyond our expectations.
You May go.
For the loans of $2.8 billion RMB.
Raw contingent labor.
The increase of 143% and from $1.2 billion RMB from the same period of last.
E per chunky throughout the EU for anything.
The year for credit losses.
<unk>.
Both of the team and watching and natural gas from.
The spring Fortune.
Michelle guarantees and the only counting the day.
Irrespectively.
The recovery of National economy, and the efficiency of our collaboration model, where the main driver for our growth.
The chart.
Please let me elaborate with details.
And bill and beyond our expectations, we originated loans of $2.8 billion RMB.
<unk> line.
<unk> for 143% from $1.2 billion RMB from the same period of last.
Life insurance sales.
<unk>.
The year provision for credit losses.
The GDP holdings turns.
Losses.
And the suburbia.
And was.
And finally and some of them.
<unk> net.
The RMB respectively.
No.
In May and I was hoping you can see me.
Leahy of our collaboration model were the main drivers for a girl.
Thank you.
Please let me elaborate with data.
The.
All women, who the assembly here.
Hailed from pole and we also.
And you will play for the course from Daltonian true heating and camera and the gene.
E G. The non luffy Tahoe.
Net Osage isn't bad.
And how the bill Hungary, and casual weighed all of them.
Firstly since the second half of 2020.
And then Mr <unk>.
Because they contain COVID-19, and productions have resumed the nation.
Randy and Michigan.
Right.
And our China, and Japan being aegis.
It is 3% from tier 1 and 2020.
<unk> waste and taking care.
So from Q4.2020.
The the opinion.
The rapid rebound of China's economy brings confidence in the future recovery of the world economic.
And then what's from dawn to a handful of Hay day shallow and the genius.
Tommy for the owners demand for capital.
And yet.
<unk> business recovered from the pandemic.
And that firstly since the second half of 2020.
And Andy do in housing all of the <unk> Bank line the childcare.
<unk> for the nationwide.
Yes.
Your line is 1.800 <unk>.
The losses in Q2, we know the government.
1.8 and 18 and 23% from tier 120.
All of that type of holiday and she will tabulate the video.
90 day 20.
And we hear duty bouncing.
<unk> economy, bringing his confidence in the future recovery of the world economic economy.
During the quarter.
<unk> and the Chinese MSC and <unk>.
For the banks to revise the qualification standards for loan applications.
On Earth.
<unk>.
And even more difficult for the MSE owners to me.
And the command.
To seize this opportunity.
Archaeology Kelly.
<unk> third across over 40 cities in China proactively reached out to the MSE owners.
The OE showing them the.
With our affordable and accessible products and a tablet.
How much share to tabulate and if you wait wait that leakage of the T bulging.
<unk>.
Deep shelf of being in the.
And the soon to terms and joining us at the time, they hopefully and most of the genco.
We noticed that.
Julian Mitchell and UAE banks in Hawaii and water.
Net loan.
Of the whole plant and marketing of <unk>.
Patients and more difficult for the MSE owners to meet.
Antidumping and homelessness and at that point, you are getting into <unk> and the mean.
40 cities in China proactively reached out to the MSA.
The margin.
<unk> added them with our affordable.
And of.
And and accessible products in a timely manner.
Secondly.
The.
The strong growth and loan origination volume was a proof of the efficiency of the collaboration model.
The promotion of income.
For the 19th.
The on the Eagle Nanchang, and me and show the UAE technical way and what's.
With the sales partners.
The whole plant and Mark.
The result, the outstanding loan principal under the collaboration of other has reached 9 billion RMB.
And of that that paella digging into E and M.
<unk> continue to grow and the future.
The medical Xiaomi and the more she GAAP cobalt and the.
Yeah.
Placing more of jumbo and that way.
Hi, sung Jong hee and Libre.
And in July <unk> call for silver and 3 women Changzhou.
Secondly.
Well many of you go waiting for Godot hope and package how cheaply.
And the efficiency of the collaboration.
And the Latonia and region.
Although we have kept the refining of the collaboration of motto and optimize the terms with the sales partners.
Importantly, we go Jackie.
The outstanding loan principal under the collaboration of mother has reached 9 billion RMB.
For the year with taking the total.
And b the scale and they'll continue to grow in the future.
And I'll put that plan and CTO along the zone.
Okay.
Gotcha.
In addition.
Why don't you and lubricating.
And the attributable to the long standing and support from our Trust Company partners.
Blake and horizontal and purchase.
Understood.
Townsville leader.
For the beneficial relationship.
Ships with our Trust company partners throughout the year.
The.
The.
<unk> given the trust companies have been reducing the total side.
And punch.
<unk> and <unk> products to comply with the regulations.
Yeah of Haisheng.
And there were still able to secure sufficient funding from our trust company partners to satisfy the growing need.
Shaun and Gordon Nacho cope with that kind of change around the total job.
Nice.
Yes.
In addition, our girl.
All of the gene.
Both the flow to the last day, Andy and support.
Gene.
For our Trust company.
And the positive.
Anders we have built long term.
Yeah Yeah.
The key to begin the documents with the.
Herb as company Pond.
The and be the Fujian.
Anders even the trust companies have been reducing the total size.
King.
And <unk> of the last under trust products to comply with the regulations.
And the way.
And so we're still able to secure sufficient funding.
<unk> potential.
And the partners.
How much within the channel.
And there's growing need.
The mobile and <unk>.
Nice.
And you don't.
And <unk> the Nancy the enemy.
And.
The cancellation really back in the.
And the again most of the Gaslog of Deadpool and that kind of the true.
And thirdly.
Good day.
The other to maintain a healthy liquidity.
Other key plaguing the.
<unk>.
The disposal of the liquid loans.
And then a bunch of deals.
Under the collaboration model.
And <unk>.
Though of partners, our uplift to guarantee the loans the sourced.
And then the Yankee that kind of clinical.
Of course.
Oh, yeah from polo women and they will ask for.
And then as the risk exposure to losses became even lower.
And the total loss with Jacobs and.
Design and mechanism for the sales partners to buyback for the respective defaulted loans.
The test, which only by the knee.
<unk> increase the efficiency and the liquid loan disposals under the collaboration model.
And in order to maintain a healthy liquidity.
440 million RMB recovered.
<unk> the polls of delinquent loans.
Word representing.
Long separation of <unk>.
And the cover of rate of over 100 per se.
Auto guaranteed alone the sourced with the credit risk mitigation.
Cent EPS algorithm.
<unk> has a result.
For the <unk>.
<unk>.
The tongue falling out.
<unk> losses.
And how he won lingo marches on and now that some of that simple.
The sales design mechanism for the sales ponders the buyback for the respective defaulted loans.
And this op.
Paul I don't think either both of the deeming when he joined.
<unk> for.
Thank you sell out of home total.
For those during the first quarter.
Yes.
<unk> and 440 million and be recovered.
As discussed.
Third.
We recorded outstanding results and this quarter.
Oscar rate of over 100%.
The momentum to tackle the challenges that may rise and the ear of 2021.
Centene cash outflow.
1 of our revolving our daily.
For the volume.
<unk> prioritized.
Iran and uncle bouts of general now, how the Donuts and Paul Magic online Union downwards at the Oklahoma.
<unk>.
<unk> joined the Union.
Oh.
And yes, we could.
Okay, and most of the digging naive and young and too.
The waiting tool.
Additionally, the Guangzhou.
And we will host of abandonment of a woman, that's easy and future 10 billion Gamba and yes, I can think of most of the fleet downtime and bring.
And the resolve and this quarter.
More.
And we plan to carry all of this momentum to tackle the challenges they may rise and the ear of 'twenty 'twenty 1.
Waiting booth share about building homes.
For sure.
The women don't want the typo can grow the team.
<unk>.
The margin both of the junket is making the backing on the card.
Spy elite.
Oh, yeah, yeah, the using the long term.
And that being naive and other and through our weighting toward.
No.
<unk> and <unk>.
The lamp and Ddos Haynesville for example banner and dual of minutes digging feature.
The ounces.
Each of them and Damien Gen Y and yeah, I can think of Olson of female turnkey greenlaw.
To provide a majority of our founding.
More for men with tissue Dr. Chang.
The <unk> met during the quarter.
Yeah.
Regulations are limiting their standard trust products are bringing risks to match our growth demand for the year.
Thank you to.
And here, we plan to strengthen our collaborations with Archrock partners.
And not.
<unk>. Meanwhile.
Book and Shelly.
I'll first defining our funding sources.
Kelly channel.
For us sufficient funds to support our rapid growth at the.
This moment.
First.
And actively imaging with commercial banks.
First of all.
And our funding source.
For the Slayer, relying on Trust company partners.
The new funding partners will fulfill the working capital demands.
The our needs were met.
<unk> kind of.
And enable us to meet our debt goal for 2020 why in term of loan origination.
Matt sure growth demand for the year.
We plan to.
<unk> found the hurdle.
2 patients with Archrock partners.
Zone.
<unk>. Meanwhile.
So kind of policy.
Your line.
The dose of <unk>.
I'll ask.
Yeah.
For the our rapid growth.
The total European power module for <unk>.
Growth for actively meeting with commercial banks.
Potential of Condor, the zinc cosmos.
Banks, we hope the collaborations with the new volume partners will fulfill the working capital.
And new approaches and collaborating with funding partner.
<unk> for it to meet our third goal for 2020 why in term of loan origination.
The service provider, but also.
So sort of a parallel structured trunk club and restaurant High Trust.
<unk> County.
And we'll continue to explore different collaborating approach approaches and the future.
A doggy day, and Washington E D.
Sure.
The edge on hedging to Australian of key Palomar share that Johan.
<unk> and cobalt and mushy quality food.
For unaudited and Colorado and Washington.
He or she Tony and opened in Colombia, and the whole light and motion.
Washington.
And cannibalization of the phone kind of reality.
The new approaches and collaborating with funding.
The <unk>.
And there's a cooperation with Blue Ocean.
King.
Bank of play service provider.
And then do you hear will get more attention.
Third trustcloud withdraw hydro.
Now, let's on Washington.
For us to continue to explore different collaborating approach of approaches and the future.
The all in new card diesel.
Sure.
Great. That's helpful. And then he owns the lunch and the backup.
The <unk> cohort and then Marcia.
And the middle of the lung.
And so without Kenya pod and <unk>.
Hope and and column on the knuckle fight and Washington.
The second.
And she had the phone line.
And to improve the service and optimize management mechanism.
And the collaboration model.
And the value.
For the collaboration model has been widely recognized by the market.
And on behalf.
<unk>.
The hope of Yang so the heightened by the book on Washington.
And up.
I shouldn't be award.
Each quarter since the inception.
The Panther.
<unk> the order to achieve high retention rate of sales partners.
That type of O&M pianka lunch and the.
<unk> centre of plans and provide various terms to our sales partners.
For the canceled Australia.
The quality of the assets they introduced but it will also invest in technology to provide sales partners with more specialized.
<unk> custom made services and every loan origination staff.
And beverage of motto has been widely recognized by the market.
Yep.
Our kit.
And you cannot do it could be the total.
And it's been going.
And thinking that engine.
Up to the since the inception.
And now sitting halfway more of them for.
Section for attention.
That is true.
Great.
No diesel and.
The fine our incentive plans.
Pete policy and in hygiene.
From the store sales partners.
And that's the Downspacing had changzhou and against that.
And the assets the.
And the women down with each other.
Thank you.
<unk>.
And again.
And with more specialized and custom made services.
And again.
As for the loan origination step.
E T cell type of 19 year, but that hopefully.
The.
The allowing.
Thank God day Cookie the Colo.
For 19, King and the lunch.
Continuing to invest in technology.
And now with alcohol.
<unk> aware.
The Apple cookies for now.
Fair amount of keep spending.
No doubt the Hong Kong.
<unk> technology to optimize our lower profile of your finishes the.
Only the downshift in Changzhou and he in fact and while.
The share of detail oriented management.
And yet it and that could get hold.
<unk> total of development.
And the Michigan.
And we plan to invest more on technology.
Yes.
<unk> the first.
And the.
First grade the approval procedure with smart technologies.
E and <unk>.
<unk> achieved higher data integration and the more advanced process visualization.
That will continue to invest in.
Literally improve the service quality and efficiency of document signing.
<unk> and.
Winning coastal zone management.
And employing technology to optimize our lower profile and finishes.
And the only highly Nancy Neil of soybeans and doing the training.
For the entered management.
John.
Some of the.
Men and filter of development.
The IEA.
And tend to invest more on technology.
And constantly county, Houston easier towards.
<unk> for procedure.
And then.
Peter.
And the income but total deal.
Risks she of higher data integration and a more advanced process visualization.
From the customer perspective.
<unk> literally improve the service quality and efficiency of document signing.
<unk> delivered solid results to the shareholders.
And believe 'twenty 'twenty, 1 and there'll be another year of challenges.
Many of you mean of Dolby and dealer training and coaching.
<unk> CRE and more funding sources.
For the.
For the spring the funding costs.
The EMEA.
Cost saves the opportunity of increasing market demand.
He got the Houston easier towards.
Around the value for our shareholders.
And then beat the incumbent traveled gateway modules shipped on the sheets.
<unk>.
<unk> and Alcon Zelda catching.
And 2020.
Sure.
The company experienced many of challenge.
For Vice President of.
And as the results to the.
The department.
Elders and believe 2021 and there'll be another year of challenges.
And to open the Q&A section.
And Jay.
Action.
Now of security and more funding of sources and lowering the funding cost.
And for.
<unk> sales the opportunity of increasing market demand.
Bonds and create higher value for our shareholders.
Operator, we would like to open the Q&A section please.
And in the office network.
And that was the.
Please and I'll begin the question and answer session.
The by our Vice President of.
And 1 on you touched on for.
Ah Okay Department.
Loan receivable.
Please pick up your answers before Darwin.
Our mental they would like to open the Q&A.
The press Star then 2.
And we'll pause momentarily to assemble the roster.
First question comes from William Gadhafi of.
Greenbrier of combo.
Go ahead.
Section operator, we would like to open the Q&A section.
Can you disclose what the total number of transactions were in the quarter and.
Please well begin the question and answer session.
What are the.
The question Press Star then 1 of you touched on zone.
In the Speakerphone, please pick up your and chassis for Darling.
And the environment and that drove the digital down drawn from going into the.
<unk> 2.
The of our fully owned for the door.
So it was some of the world.
The share tongue dose of autonomy.
So the question.
And from William Goldovsky of Greenbrier held capital.
And that's.
Awesome.
Sure.
Hey, guys.
But the EZ line, an argument the ito equal for compact line progression.
Great actions were.
Can be from.
And the cash.
I will continue.
And what duration of the loans.
Hi.
Loans.
Part of our ERP junior.
The digital area.
And for me actually from.
Yes.
And the intra and inventors of judo down drawn from the <unk>.
We will take your questions.
And the lumpy towards the door.
What are the total number of transactions was over 5000.
Sure.
Nearly 5.
And the reduction.
All of them and the total loan origination volume was $2.8 billion RMB.
And back line progression.
And B.
Cash and with.
It was a significant increase compared to the same quarter of last.
And we're sitting on Azure.
Tier 2 China light Yamaha and negotiation IOP of women for the Chicago.
For our Springer from them.
And while Mitchell's.
And.
Yeah and then.
Peter.
2 questions.
Peter.
During the first quarter.
Got it.
For this was over 5000.
And then.
And nearly 5.
Back on the U the Tianjin.
5 or 5 filed an NDA of total loan origination volume was the $2.8 billion RMB just as we noticed.
Noticed and it was a significant increase compared to the same quarter of last.
And the average duration of the loans facilitated during the quarter was a bit shorter than the expected.
Last year, and we will Miss your line.
The regulation.
The bigger chunk Peter.
And last year.
And especially the.
Peter and they're using.
Ltd on the APR.
And gardening.
Focusing on facilitating.
<unk> and <unk>.
And in loans with the duration of 1 year during the.
And Jeremy.
And she Nader champions.
And okay.
And so anything out of the unions or the shopping.
Okay and.
And then the.
The average duration of the loans were facilitated during the quarter was a bit shorter than.
The.
The <unk>.
The average rate.
Debt to the a.
Guys.
<unk> changes last year.
Name and the literature for.
And <unk>.
For the Undrawn outbid.
The APR.
And then the other George argument the pendulum.
And the Seo should total.
<unk> and loans with the duration of 1.
Total, which allows you to the woman figures and vigor.
And what are you.
And just the way.
Dominion.
And just from a doctor and total.
Charlotte.
The year.
Our cash balance without.
For.
What was the can you give the average rate and you.
<unk> expense mainly consist of the.
The interest rate paid to our trusted partners.
You guys were for.
Uh huh.
For the charge Android all day.
Speaking of the 12 months' duration.
And the junior loans of Fei.
And when he says the round.
And 5.5% to 9%.
And women.
And.
Women Duncan digger of women.
And then.
And she's value.
The question.
The cap told us.
The.
Uh huh.
And just from a doctor.
The other than the year is around $9.5 per cent to 10%.
Okay got you.
And <unk>.
Okay.
So the interest expense mainly consist of.
Okay and then.
And we pay to our trusted partners and the.
The corporate debt.
Sales for the position.
The 12 months' duration.
And do you think.
And so from the Trust company as the surround.
Think of.
<unk> 5 point of 5% to 9 per se.
Our day risks you guys are on the law.
And with.
Loan platform.
And for our capital that's.
There was a little blurry and could you repeat the question again.
The here is around 9 point of 5% of 10.
And then how high the corporate and sales partner position of income was and this quarter is it fair to look at.
And.
And then.
It shows how Derisked you guys are as the company.
And with the corporate.
And you go through your plan.
Operating income that you report.
For them.
<unk> do you think it's fair to look at that and.
Okay.
And Dave.
Okay.
Total Horus and died.
The all day.
The shippers around image for another version of that often door.
Okay.
The answer.
The rest of it there was a little blurry of could you repeat the question again.
For the Honeywell, you could share guarantees and women's.
And there's 90 million and <unk>.
Again the.
And your Assortments with GT the up at all.
Okay.
Many.
And the floor.
The bigger Tito and I kind of women Zika kind of bullish on China.
And maybe the TTP.
Order or is the company.
And the leader.
<unk>.
Rita.
And once you go through your.
For you Andy.
Your question.
For me chances of frontline shareholder.
<unk> the 100.
Tonight for the Iranian Loaf of sugar here on the image for novel here and that often door in.
And the initial stage.
In terms of that trial.
The provision for credit losses.
And the gene.
And if I look at it.
Yes.
If you separate the collaboration model and the traditional facilitation model you will see the provision.
The true figure Tito and I kind of woman third leg of Pink I'm bullish on Canada, Zika quite honored by.
And under the collaboration of model was around.
And the TTM.
And 8% to 1 person.
And.
And it is way lower than that under the traditional facilitation.
The beauty from the AWP.
The model. So I think of it is fair to say we are.
For on our financial statements there is a provision for credit losses.
Sure.
The if I look at the separate.
Questions you can provide.
Separate collaboration of motto and the traditional facilitation model.
Bye.
So you will see the provision the.
The NIM.
And then number now and she's going to go doctor of the.
Revenue.
Under the collaboration of motto was around.
And the tariff off all the other is already are and and don't hear from.
The ratio.
Non-GAAP EBIT easy to continue searching and traditional Daiichi.
The easy.
Do the <unk>.
Is the aware.
For it.
And thank you Alejandro.
The risks and.
Sure.
Last question here.
From the first of all of the ear over a year ago.
And Asia.
All of origination in the first quarter of 2021 and was.
Volume.
Because of.
And she's going to the Doctor the.
Yes.
The and the you Chi.
The heavily.
<unk> are the our union.
The act of the pandemic. So there was the significant increase.
And John give it the easy to continue the urgent.
The year over year.
And the international about each and the use of the EG to the Zika.
Year to from the Virginia, the Roger <unk>, our chief engineer of ours.
Part of the front line here.
But as compared to.
Year over a year of girl.
And the <unk>.
<unk> origination in the first quarter of 2021.
It's Ed.
It was.
The $2.7 billion RMB.
The latter.
And this quarter, we recorded $2.8.
And it was heavily.
And 8 Tom.
The <unk> effect of the pandemic.
Sure.
Government.
<unk>.
Government and Im which line of the government during the 1 time limit.
Alright, and cash and no doubt of essentially.
Chris and Tony the direct hassle from the richness of the rigor of continuously the dimension of our Chi.
The huge market.
<unk> fluctuations.
And as compared to.
And for securing.
The rail tons of 'twenty.
And as we're doing now.
The facilitated.
And 3 building loan origination and every quarter.
This quarter, we recorded 2.
Water and the that's.
And that's the bottom line.
Upon.
The line.
For them to take out of their heart and show them and that's the MBR of the government and on which line of government deal with you on how and when the utility of our you can see the targeting ash and of note our friendly.
And thank you again.
But.
If you need to ask the question. Please press Star then the more.
The C huge mark.
1 question come from Rockwell and drag of KC capital. Please go.
<unk> securing sufficient found.
Net.
And as we are doing now.
And I shall range I think.
<unk> Street building loan origination every quarter.
And.
Okay and the that's the bottom.
And so I'm and.
A J that changing the John kind of that actually the SME thing you said, making sure the Changqing day.
D G to the Ddos.
And why.
And then Kosta shouldn't you have.
Please press Star then 1.
The Shinichi and Qualcomm and the kind of younger.
For the capital. Please go ahead.
And the math.
The.
Hello, Mr. Li.
I dunno, how legal hell of handling journey.
The balance sheet.
And to go kind.
Ron.
No.
On the 330 million.
And I, just ask for that down Xiaomi and the.
And that number is actually higher.
And.
For for market.
The niches and.
Kate.
The Danish and making sure.
Yep.
And the true day digital day.
For number.
The concessions you had.
The aberrate the number on the balance sheet of cash.
Sure the gene Qualcomm and the kind of young.
Cash and should I assume in the yogurt of R&R.
On the map.
<unk>.
The Li.
And the initial progress.
The.
And.
And your balance sheet.
The interactive and.
She'd have for Iran.
Sure.
Yeah.
We had the cash.
And of cash.
The equivalents.
Cash and that number is actually higher.
And renminbi.
Around $2.2 billion.
Here the number.
And that's.
<unk>.
And that's the number of its adding.
Well contact of what I think.
And you can find the balance sheet of cash.
The 20th.
And as you can see.
Cash per analyzer, and women's and should I sit and the yogurt or how are you.
Sure.
Jeremy maybe sort of open.
And maybe the sales either getting the full quarter.
And it can bring.
And in terms of Yahoo.
And.
Good day.
So the synergy with synergies.
The 1 we had the cash.
And what's your enterprise.
Cash at.
<unk>.
And when you from clients.
The lengths that in renminbi.
Got it.
The surround to apply and to build.
So the using the financial.
<unk>.
<unk> results of the quarter.
The number is that in.
<unk> for mainly introducing the.
On the rate.
And you really try and hit all of the negotiated.
Cash cash so amount of that $2.2 billion RMB of cash we had $1.3 billion actually was under lift from structured finance.
And Yahoo.
Let me use the grand new loans.
And so you shouldn't.
Loans.
Okay.
And.
And as he was.
So yes.
But from here he or she.
Yes.
And I need the them, which and the passion.
The.
And for.
And assist in our our balance of cash.
And we've had cash on all the dollars. So in my part of introducing the financial results of the quarter.
Cash.
And also had a part mainly introducing the AR.
Cash and cash equivalents and restricted cash so amount of that 2.2 billion RMB of cash.
For the management for closing remarks.
Cash building actually was under lift from structure.
And again for joining us in this conference call. If you have any further questions.
Yeah.
Feel free to reach us at IR and cash China.
Yes, and our AR balance of cash.
Anna Thank you everyone.
And.
Cash credentials.
Okay.
Yes.
Okay.
Okay.
The first time, we have no further questions and I'd like to turn the call back over the management for closing remarks.
And you may now disconnect.
And more.
And you are 1 and again for joining us in this conference call. If you have any further questions. Please feel free to reach us at IR and cash China Darcy and thank you. Thank you everyone.
Thank you.
Okay.
The goal is now concluded. Thank you for attending for integration you may now disconnect.
Okay.