UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2020

 

Commission File Number: 001-38806

 

 

Jiayin Group Inc.

 

 

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

428 South Yanggao Road, Pudong New Area, Shanghai 200122

People’s Republic of China

(Address of principal executive offices)

 

 

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

 

Form 20-F  

 

Form 40-F  

 

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

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

 

 


 

EXHIBIT INDEX

 

Exhibit  No.

 

Description

 

 

 

Exhibit 99.1

 

Press Release: Jiayin Group Inc. Reports First Quarter 2020 Unaudited Financial Results

 

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Jiayin Group Inc.

 

 

 

 

 

 

By:

/s/ Dinggui Yan

 

 

Name:

Dinggui Yan

 

 

Title:

Director and Chief Executive Officer

 

 

 

 

 

Date: June 11, 2020

 

jfin-ex991_6.htm

 

Exhibit 99.1

 

 

 

Jiayin Group Inc. Reports First Quarter 2020 Unaudited Financial Results

 

SHANGHAI, June 11, 2020 (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 first quarter ended March 31, 2020.

 

First Quarter 2020 Operational and Financial Highlights :

 

 

Average investment amount per individual investor was RMB91,318 (US$12,897), representing an increase of 37.6% from the same period of 2019.

 

 

Average borrowing amount per borrower was RMB7,809 (US$ 1,103), representing an increase of 8.1% from the same period of 2019.

 

 

Loan origination volume1 was RMB2,896 million (US$409 million), representing a decrease of 55.7% from the same period of 2019, and remaining stable sequentially.

 

 

Investment volume2 was RMB3,960 million (US$559 million), representing a decrease of 48.3% from the same period of 2019, and remaining stable sequentially.

 

 

Net revenue was RMB313.5 million (US$44.3 million), representing a decrease of 57.1% from the same period of 2019, and a decrease of 11.1% sequentially.

 

 

Operating income was RMB51.1 million (US$7.2 million), compared with operating income of RMB294.7 million in the same period of 2019, and operating loss of RMB28.9 million in the prior quarter.

 

 

Net income was RMB39.5 million (US$5.6 million), compared with net income of RMB254.2 million in the same period of 2019, and net income of RMB22.6 million in the prior quarter.

 

Mr. Yan Dinggui, the Founder, Director and Chief Executive Officer, commented, “Despite the unprecedented challenging conditions arising from both the global pandemic and economic uncertainties, our enhanced risk management system and solid asset quality enabled us to maintain solid financial results. In face of the COVID-19 outbreak, we have been especially vigilant on cost control which improved our operational efficiency.  Our conservative strategy helped us achieve operational profitability. Right now, China’s consumer markets are recovering and consumer demands are rebounding. We are confident that Jiayin can get through this unusual period with a strong and growing business, and achieve our long-term growth objectives.”

 

 

 

1 

“Loan origination volume” refers to the total amount of loans facilitated during the period presented.

2 

“Investment volume” refers to the total amount of all investment transactions executed by investors during the period presented.


 

 

 

 

Mr. Yan continued: “The ongoing pandemic has had a material and extended adverse impact on the Chinese and global economy, however, Jiayin has achieved a significant milestone this quarter that positioned us for strong growth in the years ahead. In March, our total loan origination volume facilitated by institutional investors reached 44.5%, compared with zero in the same period of 2019. In Q2, we successfully completed the transition from being facilitated by individual investors to being fully funded through institutional investors. This is a huge accomplishment and we are proud of our rapid expansion of our funding sources towards institutional funding, which demonstrates our strong brand recognition and solid execution capabilities.”

 

First Quarter 2020 Financial Results

 

Net revenue was RMB313.5 million (US$44.3 million), representing a decrease of 57.1% from the same period of 2019.

 

Revenue from loan facilitation services was RMB257.3 million (US$36.3 million), representing a decrease of 56.8% from the same period of 2019. The decrease was primarily due to the decreased loan origination volume. The loan facilitation service fees from loans funded by institutional funding partners were RMB77.2 million (US$10.9 million), which represented 30.0% of our total revenue from loan facilitation services, compared with nil from the same period of 2019.

 

Revenue from post-origination services was RMB35.7 million (US$5.0 million), representing a decrease of 51.3% from the same period of 2019. The decrease was due to the lower loan origination as well as the disposal of Shanghai Caiyin Asset Management Co,. Ltd (“Caiyin”) that previously provided certain post-origination loan services.

 

Origination and servicing expense was RMB63.9 million (US$9.0 million), representing a decrease of 46.0% from the same period of 2019, primarily due to decreased volume of loans facilitated by the Company.

 

Allowance for uncollectible receivables and contract assets was RMB30.4 million (US$4.3 million), representing a decrease of 30.6% from the same period of 2019, primarily due to the decrease in loan origination volume.

 

Sales and marketing expense was RMB93.4 million (US$13.2 million), representing a decrease of 45.5% from the same period of 2019, primarily due to the decrease in customer acquisition expenses and reduced advertisement spending for promotional activities.

 

General and administrative expense was RMB38.3 million (US$5.4 million), representing a decrease of 22.4% from the same period of 2019. The decrease was primarily due to the decreased share-based compensation expense.

 

Research and development expense was RMB36.4 million (US$5.1 million), representing a decrease of 32.3% from the same period of 2019. The decrease was primarily due to the decreased share-based compensation expense.

 


 

 

 

 

Income from operations was RMB51.1 million (US$7.2 million), compared with an operating income of RMB294.7 million in the same period of 2019, and operating loss of RMB28.9 million in the prior quarter.

 

Net income was RMB39.5 million (US$5.6 million), compared with a net income of RMB254.2 million in the same period of 2019, and net income of RMB22.6 million in the prior quarter.

 

Cash and cash equivalents were RMB66.8 million (US$9.4 million) as of March 31, 2020, compared with RMB122.1 million as of December 31, 2019.

 

Conference Call

 

The Company will host a conference call to discuss its financial results on Thursday, June 11, 2020 at 8:00 a.m. US. Eastern Time (8:00 PM Beijing/Hong Kong Time).

 

Please register in advance to join the conference using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

 

Participant Online Registration: http://apac.directeventreg.com/registration/event/8688884

 

A replay of the conference call may be accessed by phone at the following numbers until June 19, 2020. To access the replay, please reference the conference ID 8688884.

 

 

Phone Number

Toll-Free Number

United States

+1 (646) 254-3697

+1 (855) 452-5696

Hong Kong

+852 30512780

+852 800963117

Mainland China

 

+86 4006322162

+86 8008700205

 

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/.

 

About Jiayin Group Inc.

 

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

 

Exchange Rate Information

 

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 RMB7.0808 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal


 

 

 

 

Reserve System as of March 31, 2020. 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.

 

For more information, please contact:

 

In China:

 

Jiayin Group

Ms. Shelley Bai

Email: ir@niwodai.com

 

or

 

The Blueshirt Group

Ms. Susie Wang

Email: susie@blueshirtgroup.com

 

In the U.S.:

 

Ms. Julia Qian

Email: julia@blueshirtgroup.com


 

 

 

 

JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

 

 

As of

December 31,

 

 

As of March 31,

 

 

 

2019

 

 

2020

 

 

 

RMB

 

 

RMB

 

 

US$

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

122,149

 

 

 

66,832

 

 

 

9,439

 

Restricted cash

 

 

 

 

 

2,000

 

 

 

282

 

Amounts due from related parties

 

 

130,722

 

 

 

135,451

 

 

 

19,129

 

Accounts receivable, net3

 

 

139,164

 

 

 

137,987

 

 

 

19,488

 

Loan receivables, net

 

 

 

 

 

947

 

 

 

134

 

Short-term investment

 

 

69,618

 

 

 

70,808

 

 

 

10,000

 

Prepaid expenses and other current assets

 

 

91,002

 

 

 

97,490

 

 

 

13,768

 

Deferred tax assets

 

 

68,292

 

 

 

68,292

 

 

 

9,645

 

Property and equipment

 

 

39,084

 

 

 

33,560

 

 

 

4,740

 

Right-of-use assets

 

 

37,215

 

 

 

30,725

 

 

 

4,339

 

Long-term investment

 

 

3,826

 

 

 

6,461

 

 

 

912

 

TOTAL ASSETS

 

 

701,072

 

 

 

650,553

 

 

 

91,876

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and welfare payable

 

 

48,524

 

 

 

46,629

 

 

 

6,585

 

Amounts due to related parties

 

 

872

 

 

 

3,034

 

 

 

429

 

Refund liabilities

 

 

180,104

 

 

 

184,864

 

 

 

26,108

 

Tax payables

 

 

179,421

 

 

 

198,495

 

 

 

28,033

 

Accrued expenses and other current liabilities

 

 

158,705

 

 

 

159,453

 

 

 

22,519

 

Other Payable related to the disposal of Shanghai Caiyin

 

 

839,830

 

 

 

717,364

 

 

 

101,311

 

Lease liabilities

 

 

35,215

 

 

 

28,512

 

 

 

4,027

 

TOTAL LIABILITIES

 

 

1,442,671

 

 

 

1,338,351

 

 

 

189,012

 

SHAREHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

Class A ordinary shares (US$ 0.000000005 par value;

   100,100,000 shares issued and outstanding as of

   December 31, 2019 and March 31, 2020) 4

 

 

0

 

 

 

0

 

 

 

0

 

Class B ordinary shares (US$ 0.000000005 par value;

   116,000,000 shares issued and outstanding as of

   December 31, 2019 and March 31, 2020)4

 

 

0

 

 

 

0

 

 

 

0

 

Additional paid-in capital

 

 

777,408

 

 

 

787,292

 

 

 

111,187

 

Accumulated deficit

 

 

(1,519,731

)

 

 

(1,479,255

)

 

 

(208,911

)

Other comprehensive income

 

 

469

 

 

 

4,405

 

 

 

622

 

Total Jiayin Group shareholder's deficit

 

 

(741,854

)

 

 

(687,558

)

 

 

(97,102

)

Non-controlling interests

 

 

255

 

 

 

(240

)

 

 

(34

)

TOTAL SHAREHOLDERS' DEFICIT

 

 

(741,599

)

 

 

(687,798

)

 

 

(97,136

)

TOTAL LIABILITIES AND DEFICIT

 

 

701,072

 

 

 

650,553

 

 

 

91,876

 

 

 

3 The Company has adopted “ASC 326, Financial Instruments — Credit Losses” beginning January 1, 2020 . As of  now, the adoption of the new guidance did not have material impacts on the Company’s results of operations, financial condition or liquidity.

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


 

 

 

 

JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

 

 

 

For the Three Months Ended

March 31,

 

 

 

2019

 

 

2020

 

 

 

RMB

 

 

RMB

 

 

US$

 

Net revenue  (including revenue from related parties of nil,

   and RMB 1,118 for 2019Q1 and 2020Q1, respectively)

 

 

731,331

 

 

 

313,526

 

 

 

44,278

 

Operating cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Origination and servicing

 

 

(118,434

)

 

 

(63,936

)

 

 

(9,030

)

Allowance for uncollectible account receivable and

   contract assets

 

 

(43,794

)

 

 

(30,405

)

 

 

(4,294

)

Sales and marketing

 

 

(171,434

)

 

 

(93,437

)

 

 

(13,195

)

General and administrative

 

 

(49,290

)

 

 

(38,264

)

 

 

(5,404

)

Research and development

 

 

(53,722

)

 

 

(36,367

)

 

 

(5,136

)

Total operating cost and expenses

 

 

(436,674

)

 

 

(262,409

)

 

 

(37,059

)

Income from operation

 

 

294,657

 

 

 

51,117

 

 

 

7,219

 

Interest income (expense)

 

 

(482

)

 

 

1,982

 

 

 

280

 

Other income, net

 

 

3,519

 

 

 

1,017

 

 

 

144

 

Income before income taxes

 

 

297,694

 

 

 

54,116

 

 

 

7,643

 

Income tax expense

 

 

(43,479

)

 

 

(13,937

)

 

 

(1,968

)

Loss from investment in affiliates

 

 

 

 

 

(729

)

 

 

(104

)

Net income

 

 

254,215

 

 

 

39,450

 

 

 

5,571

 

Less: net loss attributable to noncontrolling interest

   shareholders

 

 

 

 

 

(1,026

)

 

 

(145

)

Net income attributable to Jiayin Group Inc.

 

 

254,215

 

 

 

40,476

 

 

 

5,716

 

Weighted average shares used in calculating net

   income per share:

 

 

 

 

 

 

 

 

 

 

 

 

- Basic and diluted

 

 

200,000,000

 

 

 

216,100,000

 

 

 

216,100,000

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

- Basic and diluted

 

 

1.27

 

 

 

0.19

 

 

 

0.03

 

Other comprehensive income, net of tax of nil:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

3,968

 

 

 

560

 

Comprehensive income

 

 

254,215

 

 

 

43,418

 

 

 

6,131

 

Comprehensive loss attributable to noncontrolling interest

 

 

 

 

 

(994

)

 

 

(140

)

Total comprehensive income attributable to

   Jiayin Group Inc.

 

 

254,215

 

 

 

44,412

 

 

 

6,271