Jiayin Group (JFIN) Registration Filing summary

Company overview and business model

• Operates a leading fintech platform in China, connecting underserved individual borrowers with financial institutions through a secure, data-driven online platform utilizing advanced risk assessment and big data analytics.

• Corporate structure involves a Cayman Islands holding company with operations in China via PRC subsidiaries and contractual arrangements with a consolidated VIE, due to PRC restrictions on foreign investment in certain sectors.

• Transitioned from a P2P lending model to a full institutional funding partner model since April 2020, now working exclusively with banks, consumer finance companies, trusts, and microcredit companies.

• Expanded internationally with operations in Indonesia and Nigeria, targeting developing markets with large low- to mid-income populations.

Financial performance and metrics

• Loan facilitation volume grew from RMB21.9 billion in 2021 to RMB88.1 billion (US$12.4 billion) in 2023.

• Repeat borrowers accounted for 75% of total loan volume in 2023, indicating strong customer retention.

• The consolidated VIE had accumulated deficits of RMB1,130 million, RMB965 million, and RMB636 million (US$89.6 million) as of December 31, 2021, 2022, and 2023, respectively.

• Received cash dividends from PRC subsidiaries of RMB157.7 million (US$22.2 million) in 2023.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in the applicable prospectus supplement.

• Company has an active share repurchase plan, with US$13.9 million spent to repurchase 3.3 million ADSs as of June 30, 2024.