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 November 2022

 

Commission File Number: 001-38806

Jiayin Group Inc.

 

18th 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

 

Press Release: Jiayin Group Inc. Reports Third Quarter 2022 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: November 23, 2022


EX-99.1

 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

Jiayin Group Inc. Reports Third Quarter 2022 Unaudited Financial Results

 

-- Third Quarter Total Loan Origination Volume Grew 123.5% to RMB14.9 Billion --

-- Third Quarter Net Income Grew 98.8% to RMB248.1 Million --

 

SHANGHAI, November 23, 2022 (GLOBE NEWSWIRE) --Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

 

Third Quarter 2022 Operational and Financial Highlights:

 

Loan origination volume1 was RMB14.9 billion (US$2.1 billion), representing an increase of 123.5% from the same period of 2021.

 

Average borrowing amount per borrowing was RMB10,158 (US$1,428), representing an increase of 58.1% from the same period of 2021.

 

Repeat borrowing rate2 was 63.8%, compared with 69.1% in the same period of 2021.

 

Net revenue was RMB894.3 million (US$125.7 million), representing an increase of 55.0% from the same period of 2021.

 

Income from operations was RMB308.6 million (US$43.4 million), representing an increase of 100.7% from RMB153.8 million in the same period of 2021.

 

Net income was RMB248.1 million (US$34.9 million), representing an increase of 98.8% from RMB124.8 million in the same period of 2021.

 

Mr. Yan Dinggui, the Company’s Founder, Director and Chief Executive Officer, commented: “Our strong topline growth and the continued expansion of our partnership network in the third quarter amidst the macroeconomic headwinds demonstrated the resilience of our business as well as the value we delivered to our institutional funding partners and borrowers. Notably, we grew our net revenue by 55.0% in the third quarter, driven by a 123.5% year-over-year increase in our loan origination volume. Our margin profiles also continued to improve as we further refined our cost structure and optimized our operating efficiency.”

 

“Our robust third quarter performance attests to our commitment in strengthening our partnership network, refining our borrower base structure, and accelerating our global business expansion. Going forward, we will continue to invest in scaling up our long-term capabilities in technology development and risk management. We are confident that these efforts will enable us to better empower our financial institutions, serve our borrower base, and generate sustainable value for our shareholders in the long run.”

 

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.

“Repeat borrowers” during a certain period refers to borrowers who have borrowed in such period and have borrowed at least twice since such borrowers’ registration on our platform until the end of such period.

 


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

Third Quarter 2022 Financial Results

 

Net revenue was RMB894.3 million (US$125.7 million), representing an increase of 55.0% from the same period of 2021.

 

Revenue from loan facilitation services was RMB792.9 million (US$111.5 million), representing an increase of 47.7% from the same period of 2021. The increase was primarily due to increased loan origination volume from the Company’s institutional funding partners.

 

Other revenue was RMB101.4 million (US$14.3 million), compared with RMB40.3 million in the third quarter of 2021. The increase was mainly driven by revenue generated from individual investor referral services.

 

Origination and servicing expense was RMB148.4 million (US$20.9 million), representing an increase of 68.1% from the same period of 2021, driven by the increase in the Company’s loan origination volume.

 

Allowance for receivables and contract assets was RMB5.9 million (US$0.8 million), representing a decrease of 4.8% from the same period of 2021.

 

Sales and marketing expense was RMB323.6 million (US$45.5 million), representing an increase of 36.6% from the same period of 2021, primarily due to an increase in borrower acquisition expenses in the third quarter of 2022.

 

General and administrative expense was RMB51.4 million (US$7.2 million), representing an increase of 13.5% from the same period of 2021, primarily driven by an increase in expenditures for employee compensation and related benefits.

 

Research and development expense was RMB56.4 million (US$7.9 million), representing an increase of 52.0% from the same period of 2021, primarily due to higher employee compensation and benefit expenses as well as increased professional service fees.

 

Income from operations was RMB308.6 million (US$43.4 million), representing an increase of 100.7% from RMB153.8 million in the same period of 2021.

 

Net income was RMB248.1 million (US$34.9 million), representing an increase of 98.8% from RMB124.8 million in the same period of 2021.

 

Cash and cash equivalents were RMB217.5 million (US$30.6 million) as of September 30, 2022, compared with RMB213.9 million as of June 30, 2022.

 

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


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

 

 

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

December 31, 2021

 

1.31

0.90

0.72

1.78

2.12

March 31, 2022

 

0.78

0.74

0.53

1.61

2.69

June 30, 2022

 

0.89

0.50

0.44

1.00

2.61

September 30, 2022

 

0.99

0.62

0.46

0.96

2.42

 

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.

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_1.jpg 

 

 


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

 

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%

7.76%

7.84%

7.85%

2020Q2

1.46%

2.37%

3.11%

3.68%

4.14%

4.52%

4.80%

5.08%

5.27%

5.42%

5.49%

5.51%

2020Q3

0.96%

1.70%

2.24%

2.77%

3.27%

3.73%

4.16%

4.47%

4.71%

4.87%

4.96%

4.98%

2020Q4

0.85%

1.74%

2.37%

3.00%

3.49%

3.89%

4.24%

4.50%

4.72%

4.87%

4.96%

4.99%

2021Q1

0.96%

1.83%

2.45%

3.04%

3.51%

3.95%

4.28%

4.56%

4.78%

4.93%

5.01%

5.03%

2021Q2

1.00%

1.90%

2.65%

3.30%

3.90%

4.35%

4.64%

4.89%

5.01%

5.10%

5.14%

5.15%

2021Q3

0.95%

1.86%

2.65%

3.31%

3.94%

4.33%

4.60%

4.79%

4.93%

2021Q4

0.84%

1.78%

2.43%

2.97%

3.40%

3.77%

2022Q1

0.74%

1.54%

2.21%

 

Recent Development

 

US$10 Million Share Repurchase Plan

 

On June 13, 2022, the Company’s board of directors authorized a share repurchase plan under which the Company may repurchase its ordinary shares with an aggregate value of US$10 million during the 12-month period beginning on June 13, 2022. As of September 30, 2022, the Company had repurchased approximately 0.9 million of its American depositary shares for approximately US$2.1 million under this share repurchase plan.

 

Conference Call

 

The Company will conduct a conference call to discuss its financial results on Wednesday, November 23, 2022 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time on the same day).

 

To join the conference call, all participants must use the following link to complete the online registration process in advance. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call.

 

Participant Online Registration: https://register.vevent.com/register/BIeb0f1bab4a7c4d928c727fa829273437

 

A live and archived webcast of the conference call will be available on the Company’s investors relations website at http://ir.jiayin-fintech.com/.

 

 


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

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. For more information, please visit https://ir.jiayin-fintech.com/.

 

Exchange Rate Information

 

This announcement contains 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 RMB7.1135 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2022. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

Safe Harbor / Forward-Looking Statements

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

For investor and media inquiries, please contact:

 

Jiayin Group

 

Mr. Shawn Zhang

Email: ir@jiayinfintech.cn

 

or

 

The Blueshirt Group

 

Ms. Ally Wang

Email: ally@blueshirtgroup.com

 


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

 

 

As of

December 31,

 

 

As of

September 30,

 

 

 

2021

 

 

2022

 

 

 

RMB

 

 

RMB

 

 

US$

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

182,551

 

 

 

217,453

 

 

 

30,569

 

Restricted cash

 

 

2,016

 

 

 

2,021

 

 

 

284

 

Amounts due from related parties

 

 

37,017

 

 

 

16,383

 

 

 

2,303

 

Accounts receivable and contract assets, net

 

 

502,431

 

 

 

1,439,719

 

 

 

202,392

 

Loan receivables, net

 

 

329

 

 

 

4,069

 

 

 

572

 

Prepaid expenses and other current assets

 

 

62,255

 

 

 

202,256

 

 

 

28,433

 

Deferred tax assets, net

 

 

48,456

 

 

 

79,700

 

 

 

11,204

 

Property and equipment, net

 

 

9,100

 

 

 

17,305

 

 

 

2,433

 

Right-of-use assets

 

 

35,507

 

 

 

26,365

 

 

 

3,706

 

Long-term investment

 

 

90,528

 

 

 

108,760

 

 

 

15,289

 

Other non-current assets

 

 

1,242

 

 

 

1,802

 

 

 

253

 

TOTAL ASSETS

 

 

971,432

 

 

 

2,115,833

 

 

 

297,438

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and welfare payable

 

 

56,056

 

 

 

72,461

 

 

 

10,186

 

Amounts due to related parties

 

 

4,485

 

 

 

3,317

 

 

 

466

 

Tax payables

 

 

409,063

 

 

 

699,631

 

 

 

98,353

 

Accrued expenses and other current liabilities

 

 

118,808

 

 

 

315,007

 

 

 

44,284

 

Other payable related to the disposal of Shanghai Caiyin

 

 

322,028

 

 

 

305,321

 

 

 

42,920

 

Lease liabilities

 

 

35,243

 

 

 

25,476

 

 

 

3,581

 

TOTAL LIABILITIES

 

 

945,683

 

 

 

1,421,213

 

 

 

199,790

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Class A ordinary shares (US$ 0.000000005 par value;

   108,100,000 shares issued as of December 31, 2021 and

   September 30, 2022;

   108,100,000 and 105,365,048 shares outstanding as of

    December 31, 2021 and September 30, 2022)3

 

 

0

 

 

 

0

 

 

 

0

 

Class B ordinary shares (US$ 0.000000005 par value;

   108,000,000 shares issued and outstanding as of

   December 31, 2021 and September 30, 2022)3

 

 

0

 

 

 

0

 

 

 

0

 

Additional paid-in capital

 

 

840,580

 

 

 

855,578

 

 

 

120,275

 

Treasury stock (nil and 2,734,952 shares as of

   December 31, 2021 and September 30, 2022, respectively)

 

 

-

 

 

 

(11,644

)

 

 

(1,637

)

Accumulated deficit

 

 

(794,762

)

 

 

(148,041

)

 

 

(20,811

)

Accumulated other comprehensive loss

 

 

(17,954

)

 

 

1,183

 

 

 

166

 

Total Jiayin Group Inc. shareholder's equity

 

 

27,864

 

 

 

697,076

 

 

 

97,993

 

Non-controlling interests

 

 

(2,115

)

 

 

(2,456

)

 

 

(345

)

TOTAL SHAREHOLDERS' EQUITY

 

 

25,749

 

 

 

694,620

 

 

 

97,648

 

TOTAL LIABILITIES AND EQUITY

 

 

971,432

 

 

 

2,115,833

 

 

 

297,438

 

 

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

 


 

 

Exhibit 99.1

 

https://cdn.kscope.io/8e54208c157331a9f3a1cac986325f93-img265794404_0.jpg 

 

 

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

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

RMB

 

 

RMB

 

 

US$

 

Net revenue (including revenue from related parties

of RMB 994 and RMB 620 for 2021Q3 and 2022Q3, respectively)

 

 

577,050

 

 

 

894,295

 

 

 

125,718

 

 

 

1,412,278

 

 

 

2,217,022

 

 

 

311,664

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Origination and servicing

 

 

(88,303

)

 

 

(148,444

)

 

 

(20,868

)

 

 

(235,626

)

 

 

(370,129

)

 

 

(52,032

)

Cost of sales

 

 

(9,405

)

 

 

-

 

 

 

-

 

 

 

(14,388

)

 

 

-

 

 

 

-

 

Allowance for receivables and contract assets

 

 

(6,190

)

 

 

(5,918

)

 

 

(832

)

 

 

(27,242

)

 

 

(16,980

)

 

 

(2,387

)

Sales and marketing

 

 

(236,876

)

 

 

(323,592

)

 

 

(45,490

)

 

 

(502,342

)

 

 

(707,411

)

 

 

(99,446

)

General and administrative

 

 

(45,347

)

 

 

(51,408

)

 

 

(7,226

)

 

 

(118,309

)

 

 

(134,719

)

 

 

(18,938

)

Research and development

 

 

(37,103

)

 

 

(56,357

)

 

 

(7,923

)

 

 

(97,147

)

 

 

(152,252

)

 

 

(21,403

)

Total operating costs and expenses

 

 

(423,224

)

 

 

(585,719

)

 

 

(82,339

)

 

 

(995,054

)

 

 

(1,381,491

)

 

 

(194,206

)

Income from operation

 

 

153,826

 

 

 

308,576

 

 

 

43,379

 

 

 

417,224

 

 

 

835,531

 

 

 

117,458

 

Interest (expense) income

 

 

(545

)

 

 

610

 

 

 

86

 

 

 

(433

)

 

 

1,226

 

 

 

172

 

Other income

 

 

1,910

 

 

 

13,738

 

 

 

1,931

 

 

 

14,271

 

 

 

7,122

 

 

 

1,001

 

Income before income taxes and income from

   investment in affiliates

 

 

155,191

 

 

 

322,924

 

 

 

45,396

 

 

 

431,062

 

 

 

843,879

 

 

 

118,631

 

Income tax expense

 

 

(30,296

)

 

 

(77,679

)

 

 

(10,920

)

 

 

(89,687

)

 

 

(205,393

)

 

 

(28,874

)

(Loss) income from investment in affiliates

 

 

(132

)

 

 

2,821

 

 

 

397

 

 

 

3,894

 

 

 

8,048

 

 

 

1,131

 

Net income

 

 

124,763

 

 

 

248,066

 

 

 

34,873

 

 

 

345,269

 

 

 

646,534

 

 

 

90,888

 

Less: net (loss) income attributable to noncontrolling

   interest shareholders

 

 

(3,604

)

 

 

(74

)

 

 

(10

)

 

 

(3,136

)

 

 

(187

)

 

 

(26

)

Net income attributable to Jiayin Group Inc.

 

 

128,367

 

 

 

248,140

 

 

 

34,883

 

 

 

348,405

 

 

 

646,721

 

 

 

90,914

 

Weighted average shares used in calculating

   net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Basic and diluted

 

 

216,100,000

 

 

 

215,096,072

 

 

 

215,096,072

 

 

 

216,100,000

 

 

 

215,755,078

 

 

 

215,755,078

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Basic and diluted

 

 

0.59

 

 

 

1.15

 

 

 

0.16

 

 

 

1.61

 

 

 

3.00

 

 

 

0.42

 

Net income

 

 

124,763

 

 

 

248,066

 

 

 

34,873

 

 

 

345,269

 

 

 

646,534

 

 

 

90,888

 

Other comprehensive income, net of tax of nil:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(166

)

 

 

9,888

 

 

 

1,390

 

 

 

(3,717

)

 

 

18,983

 

 

 

2,834

 

Comprehensive income

 

 

124,597

 

 

 

257,954

 

 

 

36,263

 

 

 

341,552

 

 

 

665,517

 

 

 

93,722

 

Comprehensive loss attributable to

   noncontrolling interest

 

 

(3,600

)

 

 

(162

)

 

 

(23

)

 

 

(3,259

)

 

 

(341

)

 

 

(51

)

Total comprehensive income attributable to

   Jiayin Group Inc.

 

 

128,197

 

 

 

258,116

 

 

 

36,286

 

 

 

344,811

 

 

 

665,858

 

 

 

93,773