Yintech Investment Holdings Limited (NASDAQ:YIN)
("Yintech" or the "Company"), the largest online
provider of spot commodity trading services in China by customer
trading volume in both 2014 and 2015, today announced its unaudited
financial results for the quarter ended September 30, 2016.
For the third quarter of 2016, Yintech’s
customer trading volume was RMB835.1 billion (US$125.2 billion), a
486.9% increase compared to the third quarter of 2015. Yintech
generated net commissions and fees of RMB700.7 million (US$105.1
million), a 223.9% increase compared to the third quarter of
2015.
|
For the three months ended |
In RMB
million, except otherwise specified |
September 30, 20161 |
September 30, 2015 |
YoY Change |
June 30, 2016 |
QoQ Change |
Customer trading volume
(in RMB billion) |
835.1 |
142.3 |
|
486.9 |
% |
414.3 |
|
101.6 |
% |
Revenues |
747.5 |
379.0 |
|
97.2 |
% |
507.4 |
|
47.3 |
% |
Net commissions and
fees |
700.7 |
216.4 |
|
223.9 |
% |
463.8 |
|
51.1 |
% |
Net income attributable
to Yintech |
242.1 |
142.8 |
|
69.5 |
% |
201.1 |
|
20.4 |
% |
EPS per ADS - diluted
(RMB) |
3.75 |
2.72 |
|
37.9 |
% |
3.38 |
|
10.9 |
% |
|
|
|
|
|
|
Non-GAAP
data |
|
|
|
|
|
Non-GAAP net income
attributable to Yintech |
248.9 |
150.5 |
|
65.4 |
% |
208.3 |
|
19.5 |
% |
Non-GAAP EPS per ADS -
diluted (RMB) |
3.86 |
2.87 |
|
34.5 |
% |
3.50 |
|
10.3 |
% |
|
|
|
|
|
|
Note1. Including Gold Master’s results of
operations since September 1, 2016. Gold Master’s customer trading
volume, revenues and net income from September 1, 2016 to September
30, 2016 were RMB202.4 billion, RMB70.3 million and RMB21.2
million, respectively. Excluding Gold Master’s contribution, the
Company’s customer trading volume, revenues and net income
attributable to Yintech for the three months ended September 30,
2016 would have been RMB632.7 billion, RMB677.2 million and
RMB220.9 million, respectively.
“We are pleased to deliver another quarter of
strong results as we continue to strengthen our position as a
market leader,” commented Mr. Wenbin Chen, Chairman and CEO of
Yintech. “We adjusted our management structure to provide each
business unit more autonomy and flexibility to rapidly respond to
market changes and emerging opportunities. Following a smooth
transition, Gold Master is now fully consolidated and integrated
under Yintech. Furthermore, we expanded our brand portfolio into
Gold Master, Yin Tian Xia, Da Xiang and Yin Ru Yi, which I am
confident will enhance our market visibility and enable us to
target a wider range of customers.”
“We continued to see excellent growth momentum
in customer trading volume, revenues and net income during the
quarter,” commented Mr. Jingbo Wang, CFO of Yintech. “On top of the
organic growth of our existing business, we began consolidating
Gold Master’s results of operations in September 2016 which
directly contributed to our top and bottom line. While we
encountered some challenges in expanding our mini account business,
we remain committed to developing it and are optimistic about its
long-term prospects.”
Third Quarter 2016 Financial Results
Revenues were RMB747.5 million (US$112.1
million), an increase of 97.2% from RMB379.0 million in the same
quarter last year and an increase of 47.3% from RMB507.4 million in
the previous quarter. The increases were mainly due to the increase
in net commissions and fees.
Net commissions and fees were RMB700.7 million
(US$105.1 million), an increase of 223.9% from RMB216.4 million in
the same quarter last year and an increase of 51.1% from RMB463.8
million in the previous quarter. The increases were primarily due
to the increase in customer trading volume, which was RMB835.1
billion (US$125.2 billion) during the third quarter of 2016, an
increase of 486.9% from RMB142.3 billion in the same quarter last
year and an increase of 101.6% from the previous quarter. The
increase in customer trading volume was mainly attributable to (i)
an expanding customer base, (ii) increased trading volume of
customers on the Tianjin and Guangdong Exchanges, and (iii) the
consolidation of Gold Master’s results of operations beginning on
September 1, 2016.
Effective fee rate was 0.084%, compared with
0.154% in the same quarter last year and 0.112% in the previous
quarter. The decrease was mainly attributable to (i) a significant
increase in customer trading volume on the Shanghai Gold Exchange
after the consolidation of Gold Master, which had a lower effective
fee rate due to the exchange’s order-driven trading model, and (ii)
a decrease in the effective fee rate from the Tianjin Precious
Metals Exchange due to recent modifications in its trading
model.
Expenses were RMB478.7 million
(US$71.8 million), an increase of 140.3% from RMB199.2 million in
the same quarter last year and an increase of 72.5% from RMB277.5
million in the previous quarter. The increase was primarily
attributable to the consolidation of Gold Master, as well as an
increase in advertising and promotional expenses associated with a
series of marketing initiatives.
Net income was RMB235.2 million
(US$35.3 million), an increase of 64.7% from RMB142.8 million in
the same quarter last year and an increase of 16.5% from RMB201.8
million in the previous quarter.
Net income attributable to
Yintech was RMB242.1 million (US$36.3 million), an
increase of 69.5% from RMB142.8 million in the same quarter last
year and an increase of 20.4% from RMB201.1 million in the previous
quarter.
Diluted earnings per ADS were
RMB3.75 (US$0.56), compared with diluted earnings per ADS of
RMB2.72 in the same quarter last year and diluted earnings per ADS
of RMB3.38 in the previous quarter.
Non-GAAP net income attributable to
Yintech was RMB248.9 million (US$37.3 million), an
increase of 65.4% from RMB150.5 million in the same quarter last
year and an increase of 19.5% from RMB208.3 million in the previous
quarter.
Non-GAAP diluted earnings per
ADS were RMB3.86 (US$0.58), compared with non-GAAP diluted
earnings per ADS of RMB2.87 in the same quarter last year and
non-GAAP diluted earnings per ADS of RMB3.50 in the previous
quarter.
Other comprehensive income was
RMB3.0 million (US$0.5 million), mainly resulting from foreign
currency translation adjustments on the Company’s U.S. dollar cash
reserves.
As of September 30, 2016, the Company had cash
of RMB1,279.6 million (US$191.9 million), compared with RMB362.5
million as of December 31, 2015. The increase was mainly due to (i)
net income of RMB588.0 million for the nine months ended September
30, 2016, (ii) net proceeds of US$94.2 million received from the
Company’s IPO on April 27, 2016 and net proceeds of US$10.0 million
received from a private placement to SINA Corporation (NASDAQ:SINA)
concurrent with the IPO, and partially offset by (iii) cash payment
of US$42.2 million in relation to the acquisition of Gold
Master.
As of September 30, 2016, Total
shareholders' equity of Yintech was RMB2,807.6 million
(US$421.0 million), compared with RMB363.6 million as of December
31, 2015.
Business Outlook
Based on the information available as of the
date of this press release, Yintech provides the following outlook
with the consolidation of Gold Master, which reflects the Company’s
current and preliminary view and is subject to change:
2016 Fourth Quarter Guidance
- Customer trading volume will be in the range of RMB1,100
billion to RMB1,200 billion.
- Revenues will be in the range of RMB800 million to RMB870
million.
Discussion of Non-GAAP Financial Measures
In addition to disclosing financial results
prepared in accordance with U.S. GAAP, the Company's earnings
release contains non-GAAP financial measures that exclude the
effects of all forms of share-based compensation, as well as
amortization of intangible assets in relation to the acquisition of
Gold Master. The reconciliation of these non-GAAP financial
measures to the nearest GAAP measures is set forth in the table
captioned "Reconciliation of GAAP to Non-GAAP Results" below.
The non-GAAP financial measures disclosed by the
Company should not be considered a substitute for financial
measures prepared in accordance with U.S. GAAP. The financial
results reported in accordance with U.S. GAAP and reconciliation of
GAAP to non-GAAP results should be carefully evaluated. The
non-GAAP financial measure used by the Company may be prepared
differently from, and therefore may not be comparable to, similarly
titled measures used by other companies.
When evaluating the Company's operating
performance in the periods presented, management reviewed the
non-GAAP net income results reflecting adjustments to exclude the
impact of share-based compensation as well as amortization of
intangible assets in relation to the acquisition of Gold Master to
supplement U.S. GAAP financial data. As such, the Company believes
that the presentation of the non-GAAP net income and the diluted
non-GAAP income per ADS provides important supplemental information
to investors regarding financial and business trends relating to
the Company's financial condition and results of operations in a
manner consistent with that used by management. Pursuant to U.S.
GAAP, the Company recognized significant amounts of expenses for
the restricted shares and share options, as well as amortization of
intangible assets in relation to the acquisition of Gold Master in
the periods presented. The Company utilized the non-GAAP financial
results to make financial results comparable period to period and
to better understand its historical business operations.
Currency Conversion
This announcement contains translations of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of readers. Unless otherwise noted, all
translations from Renminbi to U.S. dollars were made at the
exchange rate of RMB6.6685 to US$1.00, as set forth in the H.10
statistical release of the Federal Reserve Board on September 30,
2016. No representation is intended to imply that these Renminbi
amounts could have been, or could be, converted, realized or
settled into U.S. dollar amounts at such rate, or at any other
rate.
Conference Call Information
The Company will host a conference call to
discuss the earnings at 8:00 a.m. Eastern Time on Tuesday, November
15, 2016 (9:00 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are as follows:
International |
|
|
|
+1 412 902 4272 |
U.S. Toll Free |
|
|
|
+1 888 346 8982 |
Mainland China Toll Free |
|
|
|
400 120 1203 |
Hong Kong |
|
|
|
+852 3018 4992 |
Hong Kong Toll Free |
|
|
|
800 905 945 |
Passcode |
|
|
|
Yintech |
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, November 22, 2016.
Dial-in numbers for the replay are as follows:
International Dial-in |
|
|
|
+1 412 317 0088 |
U.S. Toll Free |
|
|
|
+1 877 344 7529 |
Passcode |
|
|
|
10095718
|
A live and archived webcast of the conference
call will be available on the Investor Relations section of
Yintech’s website at http://ir.yintech.net/.
Safe Harbor Statement
All statements other than statements of
historical fact contained in this release, including statements
regarding future results of the operations of the Company are
forward-looking statements, which are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially. Factors that might cause or
contribute to such differences include, but are not limited to: the
Company's ability to effectively acquire and retain its customers;
the Company’s diversification of its business among different
commodity exchanges; the adjustments in commissions and other fees
set by relevant commodity exchanges; the Company’s ability to
constantly upgrade its technology platform and software; general
market conditions of online spot commodity trading industry and
stock market; intense competition among service providers in this
industry; the Company's relatively short operating history; the
price of the Company's ADSs and changing market conditions for its
ADSs; acquisition-related risks, including unknown liabilities and
integration risks; as well as those risks detailed from time to
time under the caption "Risk Factors" and elsewhere in the
Company's Securities and Exchange Commission filings and reports,
including in the prospectus filed by the Company on April 26, 2016.
In addition, the Company operates in a very competitive and rapidly
changing environment. New risks emerge from time to time. It is not
possible for the management to predict all risks, nor can the
Company assess the impact of all factors on its business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements that the Company may make. In light of
these risks, uncertainties and assumptions, the forward-looking
events and circumstances discussed in this release are inherently
uncertain and may not occur, and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. The
Company does not undertake any obligation to update publicly or
revise any forward-looking statements for any reason after the date
of this release, nor to conform these statements to actual results,
future events, or to changes in the Company's expectations.
About Yintech
Yintech (NASDAQ:YIN) is the largest online
provider of spot commodity trading services in China by customer
trading volume in both 2014 and 2015, according to Euromonitor. The
Company facilitates the trading by individual customers of gold,
silver and other precious metals and commodities on China’s three
leading exchanges: the Shanghai Gold Exchange, the Tianjin Precious
Metals Exchange and the Guangdong Precious Metals Exchange. Yintech
provides customers with comprehensive services, including account
opening, investor education, market information, research, live
market commentary, live discussion boards and real-time customer
support, the majority of which, is delivered through its
proprietary client software, instant messaging system and call
center.
Operational Highlights |
|
|
|
|
For the
three months ended |
|
For the
nine months ended |
|
|
September |
|
June |
|
September |
|
September |
|
September |
|
|
30,
2015 |
|
30,
2016 |
|
30,
20161 |
|
30,
2015 |
|
30,
20161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer trading volume (in RMB
billion) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– local
exchanges 2 |
|
142.3 |
|
|
|
316.5 |
|
|
|
534.3 |
|
|
|
507.8 |
|
|
|
1,113.0 |
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
–
Shanghai Gold Exchange 3 |
|
– |
|
|
|
37.7 |
|
|
|
262.0 |
|
|
|
– |
|
|
|
329.4 |
|
|
Mini account business
4 |
|
– |
|
|
|
60.2 |
|
|
|
38.8 |
|
|
|
– |
|
|
|
116.4 |
|
|
Total |
|
142.3 |
|
|
|
414.3 |
|
|
|
835.1 |
|
|
|
507.8 |
|
|
|
1,558.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
commissions and fees (in RMB million) |
|
|
|
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
– local
exchanges 2 |
|
216.4 |
|
|
|
416.5 |
|
|
|
583.6 |
|
|
|
769.3 |
|
|
|
1,366.60 |
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
–
Shanghai Gold Exchange 3 |
|
– |
|
|
|
12.4 |
|
|
|
91.0 |
|
|
|
– |
|
|
|
113.0 |
|
|
Mini account business
4 |
|
– |
|
|
|
34.9 |
|
|
|
26.1 |
|
|
|
– |
|
|
|
72.2 |
|
|
Total |
|
216.4 |
|
|
|
463.8 |
|
|
|
700.7 |
|
|
|
769.3 |
|
|
|
1,551.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective fee
rate |
|
|
|
|
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
– local
exchanges 2 |
|
0.154 |
% |
|
|
0.132 |
% |
|
|
0.109 |
% |
|
|
0.151 |
% |
|
|
0.123 |
% |
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
–
Shanghai Gold Exchange 3 |
|
– |
|
|
|
0.033 |
% |
|
|
0.035 |
% |
|
|
– |
|
|
|
0.034 |
% |
|
Mini account business
4 |
|
– |
|
|
|
0.058 |
% |
|
|
0.067 |
% |
|
|
– |
|
|
|
0.062 |
% |
|
Total |
|
0.154 |
% |
|
|
0.112 |
% |
|
|
0.084 |
% |
|
|
0.151 |
% |
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Active
accounts 5 |
|
|
|
|
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
– local
exchanges 2 |
|
11,639 |
|
|
|
17,176 |
|
|
|
18,547 |
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
–
Shanghai Gold Exchange 3 |
|
– |
|
|
|
1,447 |
|
|
|
22,250 |
|
|
|
|
|
|
Mini account business
4 |
|
– |
|
|
|
57,333 |
|
|
|
80,672 |
|
|
|
|
|
|
Total |
|
11,639 |
|
|
|
75,956 |
|
|
|
121,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradable
accounts 6 |
|
|
|
|
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
– local
exchanges 2 |
|
45,133 |
|
|
|
60,762 |
|
|
|
66,525 |
|
|
|
|
|
|
Regular account
business |
|
|
|
|
|
|
|
|
|
|
–
Shanghai Gold Exchange 3 |
|
– |
|
|
|
2,069 |
|
|
|
55,488 |
|
|
|
|
|
|
Mini account business
4 |
|
– |
|
|
|
179,170 |
|
|
|
314,932 |
|
|
|
|
|
|
Total |
|
45,133 |
|
|
|
242,001 |
|
|
|
436,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
1. Including Gold Master’s results of operations since September
1, 20162. Refer to our regular account business on the Tianjing
Precious Metals Exchange, the Guangdong Precious Metals Exchange
and Hengda Metals Exchange. In the third quarter of 2016, we
launched our operations on Hengda Metals Exchange, a local exchange
approved by Jiangxi Provincial Government, in order to provide our
customers with a wider range of trading products3. Refer to our
regular account business on the Shanghai Gold Exchange4. Refer to
our mini account business on the Guangdong Precious Metals
Exchange5. Refer to a customer account that executed at least one
trade through us in a given period6. Refer to a customer account
that has been activated and has remained tradable as of the end of
a given period
Combined and Consolidated Statements of
Comprehensive Income |
|
In RMB '000, except otherwise specified |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the
nine months ended |
|
|
September |
|
June |
|
September |
|
September 30, |
|
September 30, |
|
|
|
30, 2015 |
|
|
|
30, 2016 |
|
|
|
30, 20161 |
|
|
|
2015 |
|
|
|
20161 |
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Revenues |
|
Commissions and fees,
net |
|
216,363 |
|
|
|
463,841 |
|
|
|
700,744 |
|
|
|
769,258 |
|
|
|
1,551,773 |
|
|
Trading gains/(losses),
net 7 |
|
135,846 |
|
|
|
1,694 |
|
|
|
4,943 |
|
|
|
165,298 |
|
|
|
7,569 |
|
|
Interest and investment
income |
|
1,534 |
|
|
|
359 |
|
|
|
1,130 |
|
|
|
4,167 |
|
|
|
1,727 |
|
|
Other revenues |
|
25,253 |
|
|
|
41,502 |
|
|
|
40,690 |
|
|
|
45,597 |
|
|
|
96,759 |
|
|
|
|
378,996 |
|
|
|
507,396 |
|
|
|
747,507 |
|
|
|
984,320 |
|
|
|
1,657,828 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Employee
compensation |
|
|
|
|
|
|
|
|
|
|
and
benefits |
|
(104,387 |
) |
|
|
(136,903 |
) |
|
|
(186,537 |
) |
|
|
(279,943 |
) |
|
|
(454,800 |
) |
|
Advertising and
promotion |
|
(62,010 |
) |
|
|
(95,386 |
) |
|
|
(208,480 |
) |
|
|
(167,598 |
) |
|
|
(353,997 |
) |
|
Information
technology |
|
|
|
|
|
|
|
|
|
|
and
communications |
|
(6,935 |
) |
|
|
(8,922 |
) |
|
|
(8,360 |
) |
|
|
(22,033 |
) |
|
|
(27,936 |
) |
|
Occupancy
and |
|
|
|
|
|
|
|
|
|
|
equipment
rental |
|
(9,970 |
) |
|
|
(15,378 |
) |
|
|
(18,798 |
) |
|
|
(30,949 |
) |
|
|
(46,899 |
) |
|
Taxes and
surcharges |
|
(4,763 |
) |
|
|
(6,542 |
) |
|
|
(5,427 |
) |
|
|
(16,173 |
) |
|
|
(20,473 |
) |
|
Intangible assets
amortization |
|
– |
|
|
|
– |
|
|
|
(5,048 |
) |
|
|
– |
|
|
|
(5,048 |
) |
|
Other expenses |
|
(11,114 |
) |
|
|
(14,337 |
) |
|
|
(46,040 |
) |
|
|
(36,985 |
) |
|
|
(74,916 |
) |
|
|
|
(199,179 |
) |
|
|
(277,468 |
) |
|
|
(478,690 |
) |
|
|
(553,681 |
) |
|
|
(984,069 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
179,817 |
|
|
|
229,928 |
|
|
|
268,817 |
|
|
|
430,639 |
|
|
|
673,759 |
|
|
Income taxes |
|
(36,976 |
) |
|
|
(28,079 |
) |
|
|
(33,585 |
) |
|
|
(75,762 |
) |
|
|
(85,716 |
) |
|
Net
income |
|
142,841 |
|
|
|
201,849 |
|
|
|
235,232 |
|
|
|
354,877 |
|
|
|
588,043 |
|
|
Less: Non-controlling
interests |
|
– |
|
|
|
798 |
|
|
|
(6,836 |
) |
|
|
– |
|
|
|
(4,364 |
) |
|
Net income |
|
|
|
|
|
|
|
|
|
|
attributable to Yintech |
|
142,841 |
|
|
|
201,051 |
|
|
|
242,068 |
|
|
|
354,877 |
|
|
|
592,407 |
|
|
Other comprehensive
income |
|
– |
|
|
|
19,944 |
|
|
|
3,040 |
|
|
|
– |
|
|
|
22,711 |
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
|
|
attributable to Yintech |
|
142,841 |
|
|
|
220,995 |
|
|
|
245,108 |
|
|
|
354,877 |
|
|
|
615,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS 8 (RMB) |
|
|
|
|
|
|
|
|
|
|
Basic |
|
2.86 |
|
|
|
3.6 |
|
|
|
4.02 |
|
|
|
7.10 |
|
|
|
10.70 |
|
|
Diluted |
|
2.72 |
|
|
|
3.38 |
|
|
|
3.75 |
|
|
|
6.77 |
|
|
|
9.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares (‘000)
8 |
|
|
|
|
|
|
|
|
|
Basic |
|
1,000,000 |
|
|
|
1,117,725 |
|
|
|
1,204,120 |
|
|
|
1,000,000 |
|
|
|
1,107,635 |
|
|
Diluted |
|
1,049,863 |
|
|
|
1,190,738 |
|
|
|
1,289,933 |
|
|
|
1,048,856 |
|
|
|
1,185,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares outstanding |
|
|
|
|
|
|
|
|
|
|
at end of period (‘000) 8 |
|
1,000,000 |
|
|
|
1,164,815 |
|
|
|
1,365,706 |
|
|
|
1,000,000 |
|
|
|
1,365,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
1. Including Gold Master’s results of operations since September
1, 20167. Net trading gain in the first three quarters of 2015 was
mainly due to trading gain from spot commodity contracts as a
result of serving as counterparty to our customers’ trades on
Tianjin and Guangdong Exchanges. Commencing on August 23, 2015, our
gains and losses arising from spot commodity contracts with
customers are transferred to, and absorbed by a third party fund
pursuant to our risk and return transfer arrangement. We no longer
generate trading gains or losses from spot commodity contracts as
long as the risk and return transfer arrangement remains in force.
Furthermore, Tianjin Exchange modified its trading model in June
2016. Under the new trading model, we no longer serve as
counterparty to our customers’ trades. Net trading gains in first
three quarters of 2016 resulted from available-for-sale
investments.8. Each ADS represents 20 ordinary shares.
Reconciliation of GAAP to Non-GAAP
Results |
In RMB '000, except otherwise specified |
|
|
For the
three months ended |
|
For the
nine months ended |
|
September |
|
June |
|
September |
|
September |
|
September |
|
30,
2015 |
|
30,
2016 |
|
30,
2016 |
|
30,
2015 |
|
30,
2016 |
|
Net income |
|
attributable to Yintech |
142,841 |
|
201,051 |
|
242,068 |
|
354,877 |
|
592,407 |
Add: Share-based
compensation |
7,670 |
|
7,270 |
|
3,381 |
|
23,540 |
|
22,429 |
Add: Amortization of
intangible |
– |
|
– |
|
3,434 |
|
– |
|
3,434 |
assets in
relation to the |
|
|
|
|
|
|
|
|
|
acquisition of Gold Master, |
|
|
|
|
|
|
|
|
|
net of
tax effect |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
|
|
|
|
|
|
|
attributable to Yintech |
150,511 |
|
208,321 |
|
248,883 |
|
378,417 |
|
618,270 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS (RMB) |
|
|
|
|
|
|
|
|
|
Basic |
3.01 |
|
3.73 |
|
4.13 |
|
7.57 |
|
11.16 |
Diluted |
2.87 |
|
3.50 |
|
3.86 |
|
7.22 |
|
10.43 |
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
In RMB ‘000, except otherwise specified |
|
|
December 31, |
|
September 30, |
|
2015 |
|
2016 |
|
Audited |
|
Unaudited |
Assets |
|
Cash |
362,461 |
|
|
1,279,619 |
|
Derivative assets |
445 |
|
|
3 |
|
Available-for-sale
investments |
75,670 |
|
|
94,100 |
|
Deposits with clearing
organizations |
239,904 |
|
|
186,784 |
|
Equipment and leasehold
improvements |
18,315 |
|
|
26,342 |
|
Deferred tax
assets |
3,782 |
|
|
18,805 |
|
Goodwill |
– |
|
|
1,068,985 |
|
Intangible assets |
– |
|
|
430,380 |
|
Commission
receivable |
– |
|
|
83,411 |
|
Other assets |
79,180 |
|
|
126,238 |
|
Total
Assets |
779,757 |
|
|
3,314,667 |
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
Deferred tax
liabilities |
– |
|
|
102,128 |
|
Derivative
liabilities |
14,336 |
|
|
54,141 |
|
Amount due to related
parties |
118,880 |
|
|
– |
|
Income tax payable |
23,385 |
|
|
88,423 |
|
Accounts payable |
3,645 |
|
|
22,985 |
|
Accrued employee
benefits |
76,503 |
|
|
191,007 |
|
Dividends payable |
126,876 |
|
|
– |
|
Other liabilities |
52,535 |
|
|
49,784 |
|
Total
liabilities |
416,160 |
|
|
508,468 |
|
|
|
|
|
Equity attributable to
Yintech shareholders |
363,597 |
|
|
2,807,563 |
|
Equity attributable to
non-controlling interests |
– |
|
|
(1,364 |
) |
Total
shareholders' equity |
363,597 |
|
|
2,806,199 |
|
|
|
|
|
Total
liabilities and shareholders’ equity |
779,757 |
|
|
3,314,667 |
|
|
For investor and media inquiries, please contact:
Yintech
Investor Relations Department
Phone: +86 21 2028 9009 ext 8096
E-mail: ir@baidao.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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