BEIJING, March 19, 2019 /PRNewswire/ -- Bitauto Holdings
Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading
provider of internet content & marketing services, and
transaction services for China's
fast-growing automotive industry, today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2018[1] .
Bitauto Fourth Quarter and Fiscal Year 2018
Highlights
- Revenue in the fourth quarter of 2018 was RMB3.12 billion (US$453.7
million), a 25.2% increase from the corresponding period in
2017, exceeding the high-end of the Company guidance. Revenue
in fiscal year 2018 was RMB10.58
billion (US$1.54 billion), a
31.0% increase from 2017.
- Gross profit in the fourth quarter of 2018 was
RMB1.69 billion (US$246.0 million), an 8.9% increase from the
corresponding period in 2017. Gross profit in fiscal year 2018 was
RMB6.34 billion (US$921.4 million), a 16.7% increase from
2017.
- Loss from operations in the fourth quarter of 2018 was
RMB325.3 million (US$47.3 million), compared to a loss from
operations of RMB645.2 million
(US$93.8 million) in the
corresponding period in 2017. Loss from operations in fiscal year
2018 was RMB465.5 million
(US$67.7 million), compared to a loss
from operations of RMB1.08 billion
(US$156.6 million) in 2017.
- Non-GAAP income from operations in the fourth quarter of
2018 was RMB265.4 million
(US$38.6 million), a 183.9% increase
from the corresponding period in 2017. Non-GAAP income from
operations in fiscal year 2018 was RMB1.11
billion (US$161.6 million), a
26.7% increase from 2017.
- Net loss in the fourth quarter of 2018 was RMB398.3 million (US$57.9
million), compared to a net loss of RMB803.4 million (US$116.8
million) in the corresponding period in 2017. Net loss in
fiscal year 2018 was RMB679.3 million
(US$98.8 million), compared to a net
loss of RMB1.43 billion (US$207.5 million) in 2017.
- Non-GAAP net income in the fourth quarter of 2018 was
RMB199.0 million (US$28.9 million), a 101.0% increase from the
corresponding period in 2017. Non-GAAP net income in fiscal year
2018 was RMB934.7 million
(US$135.9 million), a 30.1% increase
from 2017.
- Net loss attributable to Bitauto in the fourth quarter
of 2018 was RMB416.7 million
(US$60.6 million). Net loss
attributable to Bitauto in fiscal year 2018 was RMB608.4 million (US$88.5
million).
- Non-GAAP net income attributable to Bitauto in the
fourth quarter of 2018 was RMB118.6
million (US$17.2 million).
Non-GAAP net income attributable to Bitauto in fiscal year 2018 was
RMB708.9 million (US$103.1 million).
- Basic and diluted net loss per ADS in the fourth quarter
of 2018 was RMB5.38 (US$0.78) and RMB5.38 (US$0.78),
respectively. Basic and diluted net loss per ADS in fiscal year
2018 was RMB8.13 (US$1.18) and RMB8.13 (US$1.18),
respectively.
- Non-GAAP basic and diluted net income per ADS in the
fourth quarter of 2018 was RMB1.58
(US$0.23) and RMB1.45 (US$0.21),
respectively. Non-GAAP basic and diluted net income per ADS in
fiscal year 2018 was RMB9.62
(US$1.40) and RMB8.90 (US$1.29),
respectively.
Mr. Andy Zhang, chief executive officer of Bitauto,
said, "We were pleased to conclude 2018 with robust growth across
all three of our business lines, amid softer passenger vehicle
sales in China during the second
half of the year. Our full year revenues increased by 31.0% over
the previous year to RMB10.58
billion, and revenue in our advertising and subscription
business reached RMB4.07 billion,
representing 13.5% year-over-year growth. In particular, our core
advertising and subscription business, which excludes contributions
from subsidiaries in which we hold controlling interests, grew by
17.9% year-over-year for the full year. We also maintained strong
growth in our transaction services business, with full year
revenues increasing by 49.8% year-over-year to RMB5.37 billion. In our digital marketing
solutions business, we recorded healthy revenue growth of 25.7% to
RMB1.13 billion for the full
year."
"Since the introduction of our upgraded Bitauto media app in
October 2018, we have seen a
significant surge in traffic, user time spent, and the number of
sales leads generated. According to Questmobile, in February 2019 daily active users of the Bitauto
media app increased by 135% as compared to October 2018. In our subscription business, we
further improved our ARPU in the fourth quarter attributable to the
migration of more members to our premium service packages. We also
made progress in building out our independent dealer network and
covered over 22,000 independent dealers in the fourth quarter. As
of the end of this February, we had developed over 1,000 paying
customers among the independent dealers."
"In our transaction services
business, Yixin delivered steady results as its services continued
to gain traction in the market. Yixin facilitated approximately
143,000 financed automobile transactions in the fourth quarter,
while loan facilitation services contributed 60% of Yixin's total
financed automobile transactions, up significantly from 24% in the
previous quarter. We expect Yixin's loan facilitation services to
continue growing in the following quarters."
"Looking to the year ahead, we are cautiously optimistic about
the outlook for China's automobile
industry, and we remain confident in our core business strategies
to build Bitauto into China's top
online auto media and transaction services platform. First, we will
continue to improve content and user experience on the upgraded
Bitauto media app to further solidify our leading industry
position. With a wider range of engaging, user-centric content, our
Bitauto media app's ability to fulfill user needs across the entire
automobile consumption cycle including automobile research,
purchase, ownership and replacement is driving popularity among
automobile consumers. Moreover, since a majority of users log on
before they browse the app's content, we are able to optimize our
user profile database and improve the quality of the sales leads
generated. We believe our upgraded media app will continue to
enhance the value of the Bitauto brand and help reduce our customer
acquisition costs going forward. Second, we will drive incremental
revenue growth in our advertising business through data products
which provide automakers with integrated results-driven marketing
solutions. Building upon our extensive industry knowledge as well
as our AI and big data analytic capabilities, our data products
will allow automakers to roll-out highly targeted advertisements,
content and marketing campaigns to achieve higher conversion
results. Third, we will further develop our independent dealer
network and expect to start monetization in 2019. As our
subscription products already enjoy a high penetration rate in the
new car 4S dealer market, we will look to further drive
subscription revenue growth by offering tailored solutions for
independent dealers, a vast and under-tapped market segment in
China. Fourth, Yixin will remain
focused on rapidly expanding its loan facilitation business, which
is highly scalable and features a more attractive margin profile
than its self-operated financing business. We believe that Yixin is
well-positioned to gain market share in the automobile finance
industry."
Mr. Ming Xu, chief financial
officer of Bitauto, said, "We achieved solid top-line
growth in the fourth quarter of 2018, with strong results across
our advertising and subscription as well as transaction services
businesses. Yixin saw healthy top-line results driven by solid
growth in its total financed transaction volume, especially the
rapid growth in its loan facilitation business. While we incurred
additional marketing expenses during the quarter due to marketing
campaigns to support our updated media app, we still saw margin
expansion within our advertising and subscription business for the
full year. Looking forward, with these factors behind us, we are
optimistic about our margin outlook as we implement cost control
measures and as Yixin enhances profitability through accelerating
growth in its loan facilitation business."
Adoption of New Revenue Guidance ASC 606
In May 2014, the FASB issued a new
revenue guidance ASC Topic 606, "Revenue from Contracts with
Customers." Bitauto has completed its assessment and noted the most
significant impact is the change from presentation of value-added
tax ("VAT") on a gross basis to a net basis. Bitauto adopted the
new revenue guidance starting from January
1, 2018 by applying the modified retrospective approach.
Therefore, operating results for reporting periods beginning
after January 1, 2018 are presented under Topic 606,
while prior period amounts are not restated and continue to be
reported in accordance with the Company's historic accounting
method under Topic 605.
To provide investors with a meaningful year-over-year
comparison, Bitauto has provided reconciliation tables for the
impact of adopting this new revenue guidance for the fourth quarter
and fiscal year 2018 and the corresponding period in 2017. Other
than in the Company's consolidated statements of operations, the
operating results are discussed and analyzed under the new revenue
guidance, including those for the comparative period in 2017.
|
|
For the Three
Months Ended December 31, 2018
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
3,361,073
|
(241,518)
|
3,119,555
|
- Advertising
and subscription business
|
|
1,251,458
|
(88,591)
|
1,162,867
|
- Transaction
services business
|
|
1,689,402
|
(126,383)
|
1,563,019
|
- Digital
marketing solutions business
|
|
420,213
|
(26,544)
|
393,669
|
|
|
|
|
|
Cost of
revenue
|
|
(1,648,530)
|
220,287
|
(1,428,243)
|
Gross
profit
|
|
1,712,543
|
(21,231)
|
1,691,312
|
|
|
|
|
|
Loss from
operations
|
|
(325,251)
|
-
|
(325,251)
|
|
|
|
|
|
Net
loss
|
|
(398,297)
|
-
|
(398,297)
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31, 2017
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,690,316
|
(198,198)
|
2,492,118
|
- Advertising
and subscription business
|
|
1,098,598
|
(89,438)
|
1,009,160
|
- Transaction
services business
|
|
1,269,862
|
(90,542)
|
1,179,320
|
- Digital
marketing solutions business
|
|
321,856
|
(18,218)
|
303,638
|
|
|
|
|
|
Cost of
revenue
|
|
(1,111,036)
|
171,463
|
(939,573)
|
Gross
profit
|
|
1,579,280
|
(26,735)
|
1,552,545
|
|
|
|
|
|
Loss from
operations
|
|
(645,177)
|
-
|
(645,177)
|
|
|
|
|
|
Net
loss
|
|
(803,361)
|
-
|
(803,361)
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2018
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
11,384,102
|
(804,493)
|
10,579,609
|
- Advertising
and subscription business
|
|
4,384,232
|
(310,014)
|
4,074,218
|
- Transaction
services business
|
|
5,778,114
|
(407,243)
|
5,370,871
|
- Digital
marketing solutions business
|
|
1,221,756
|
(87,236)
|
1,134,520
|
|
|
|
|
|
Cost of
revenue
|
|
(4,977,386)
|
732,988
|
(4,244,398)
|
Gross
profit
|
|
6,406,716
|
(71,505)
|
6,335,211
|
|
|
|
|
|
Loss from
operations
|
|
(465,506)
|
-
|
(465,506)
|
|
|
|
|
|
Net
loss
|
|
(679,316)
|
-
|
(679,316)
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2017
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
8,751,259
|
(674,590)
|
8,076,669
|
- Advertising
and subscription business
|
|
3,922,158
|
(334,118)
|
3,588,040
|
- Transaction
services business
|
|
3,872,244
|
(286,309)
|
3,585,935
|
- Digital
marketing solutions business
|
|
956,857
|
(54,163)
|
902,694
|
|
|
|
|
|
Cost of
revenue
|
|
(3,234,680)
|
585,066
|
(2,649,614)
|
Gross
profit
|
|
5,516,579
|
(89,524)
|
5,427,055
|
|
|
|
|
|
Loss from
operations
|
|
(1,076,593)
|
-
|
(1,076,593)
|
|
|
|
|
|
Net
loss
|
|
(1,426,988)
|
-
|
(1,426,988)
|
|
|
|
|
|
Bitauto Fourth Quarter 2018 Results
Bitauto reported revenue of RMB3.12 billion (US$453.7
million) for the fourth quarter of 2018, representing a
25.2% increase from the corresponding period in 2017. The increase
in revenue was attributable to the growth of the Company's
transaction services business, advertising and subscription
business and digital marketing solutions business.
- Revenue from the advertising and subscription business
for the fourth quarter of 2018 was RMB1.16
billion (US$169.1 million),
representing a 15.2% increase from RMB1.01
billion (US$146.8 million) in
the corresponding period in 2017.
- Revenue from the transaction services business for the
fourth quarter of 2018 was RMB1.56
billion (US$227.3 million),
representing a 32.5% increase from RMB1.18
billion (US$171.5 million) in
the corresponding period in 2017, mainly attributable to the
revenue growth of self-operated financing business and loan
facilitation services.
- Revenue from the digital marketing solutions business
for the fourth quarter of 2018 was RMB393.7
million (US$57.3 million),
representing a 29.7% increase from RMB303.6
million (US$44.2 million) in
the corresponding period in 2017.
Cost of revenue for the fourth quarter of 2018 was
RMB1.43 billion (US$207.7 million), representing a year-over-year
increase of 52.0% from the corresponding period in 2017. The
increase was primarily due to increased funding costs related to
Yixin's self-operated financing business, increased commissions
associated with Yixin's loan facilitation services, and increased
costs associated with sales of automobiles. Cost of revenue as a
percentage of revenue in the fourth quarter of 2018 was 45.8%,
compared to 37.7% in the corresponding period in 2017.
Gross profit for the fourth quarter of 2018 was
RMB1.69 billion (US$246.0 million), representing an 8.9% increase
from the corresponding period in 2017.
Selling and administrative expenses were RMB1.94 billion (US$282.5
million) for the fourth quarter of 2018, representing a 7.0%
decrease from the corresponding period in 2017.
Product development expenses were RMB133.4 million (US$19.4
million) for the fourth quarter of 2018, representing an
18.2% decrease from the corresponding period in 2017.
Share-based compensation, which was allocated to related
operating expense line items, was RMB421.6
million (US$61.3 million) in
the fourth quarter of 2018, compared to RMB527.7 million (US$76.8
million) in the corresponding period in 2017. The decrease
was mainly due to the options granted by Yixin Group Limited
("Yixin") (SEHK: 2858) to its employees in the second half of
2017.
Loss from operations in the fourth quarter of 2018 was
RMB325.3 million (US$47.3 million), compared to a loss from
operations of RMB645.2 million
(US$93.8 million) in the
corresponding period in 2017.
Non-GAAP income from operations in the fourth quarter of
2018 was RMB265.4 million
(US$38.6 million), a 183.9% increase
from the corresponding period in 2017.
Income tax expense in the fourth quarter of 2018 was
RMB45.3 million (US$6.6 million), compared to an income tax
expense of RMB2.6 million
(US$0.4 million) in the corresponding
period in 2017. This increase was mainly attributable to the impact
of increased income from operations for the fourth quarter of
2018.
Net loss in the fourth quarter of 2018 was RMB398.3 million (US$57.9
million), compared to a net loss of RMB803.4 million (US$116.8
million) in the corresponding period in 2017. Net loss
attributable to Bitauto in the fourth quarter of 2018 was
RMB416.7 million (US$60.6 million). Basic and diluted net loss per
ADS, each representing one ordinary share, in the fourth quarter of
2018 amounted to RMB5.38 (US$0.78) and RMB5.38 (US$0.78),
respectively, taking into consideration of the accretion to
redeemable noncontrolling interests amounting to RMB7.1 million (US$1.0
million).
Non-GAAP net income in the fourth quarter of 2018 was
RMB199.0 million (US$28.9 million), a 101.0% increase from the
corresponding period in 2017. Non-GAAP net income attributable
to Bitauto in the fourth quarter of 2018 was RMB118.6 million (US$17.2
million). Non-GAAP basic and diluted net income per ADS in
the fourth quarter of 2018 amounted to RMB1.58 (US$0.23)
and RMB1.45 (US$0.21), respectively, taking into
consideration of the accretion to redeemable noncontrolling
interests amounting to RMB7.1 million
(US$1.0 million).
Cash provided by operating activities, cash provided by
investing activities, and cash used in financing activities in
the fourth quarter of 2018 were RMB489.2
million (US$71.2 million),
RMB1.40 billion (US$203.7 million), and RMB1.49 billion (US$217.2
million), respectively.
Bitauto Fiscal Year 2018 Results
Revenue in 2018 was RMB10.58
billion (US$1.54 billion),
representing a 31.0% increase from 2017. The increase in revenue
was attributable to the growth of the Company's transaction
services business, advertising and subscription business and
digital marketing solutions business.
- Revenue from the advertising and subscription business
in 2018 was RMB4.07 billion
(US$592.6 million), representing a
13.5% increase from RMB3.59 billion
(US$521.9 million) in 2017.
- Revenue from the transaction services business in 2018
was RMB5.37 billion (US$781.2 million), representing a 49.8% increase
from RMB3.59 billion (US$521.6 million) in 2017, mainly attributable to
the revenue growth of self-operated financing business and loan
facilitation services.
- Revenue from the digital marketing solutions business in
2018 was RMB1.13 billion
(US$165.0 million), representing a
25.7% increase from RMB902.7 million
(US$131.3 million) in 2017.
Cost of revenue in 2018 was RMB4.24 billion (US$617.3
million), representing a year-over-year increase of 60.2%
from 2017. The increase was primarily due to increased funding
costs related to Yixin's self-operated financing business,
increased commissions associated with Yixin's loan facilitation
services, and increased costs associated with sales of automobiles.
Cost of revenue as a percentage of revenue in 2018 was 40.1%,
compared to 32.8% in 2017.
Gross profit in 2018 was RMB6.34
billion (US$921.4 million),
representing a 16.7% increase from 2017.
Selling and administrative expenses were RMB6.37 billion (US$926.6
million) in 2018, representing a 5.1% increase from
2017.
Product development expenses were RMB611.1 million (US$88.9
million) in 2018, representing an 8.0% increase from
2017.
Share-based compensation, which was allocated to related
operating expense line items, was RMB896.4
million (US$130.4 million) in
2018, compared to RMB1.19 billion
(US$172.5 million) in 2017. The
decrease was mainly due to the options granted by Yixin Group
Limited ("Yixin") (SEHK: 2858) to its employees in the second half
of 2017.
Loss from operations in 2018 was RMB465.5 million (US$67.7
million), compared to a loss from operations of RMB1.08 billion (US$156.6
million) in 2017.
Non-GAAP income from operations in 2018 was RMB1.11 billion (US$161.6
million), a 26.7% increase from 2017.
Income tax expense in 2018 was RMB175.9 million (US$25.6
million), compared to an income tax expense of RMB203.8 million (US$29.6
million) in 2017. The decrease was primarily attributable to
the impact of preferential tax rate applicable to some of the
Company's subsidiaries in China.
Net loss in 2018 was RMB679.3
million (US$98.8 million),
compared to a net loss of RMB1.43
billion (US$207.5 million) in
2017. Net loss attributable to Bitauto in 2018 was
RMB608.4 million (US$88.5 million). Basic and diluted net loss per
ADS, each representing one ordinary share, in 2018 amounted to
RMB8.13 (US$1.18) and RMB8.13 (US$1.18),
respectively, taking into consideration of the accretion to
redeemable noncontrolling interests amounting to RMB28.1 million (US$4.1
million).
Non-GAAP net income in 2018 was RMB934.7 million (US$135.9
million), a 30.1% increase from 2017. Non-GAAP net income
attributable to Bitauto in 2018 was RMB708.9 million (US$103.1
million). Non-GAAP basic and diluted net income per ADS in
2018 amounted to RMB9.62 (US$1.40) and RMB8.90 (US$1.29),
respectively, taking into consideration of the accretion to
redeemable noncontrolling interests amounting to RMB28.1 million (US$4.1
million).
As of December 31, 2018, the
Company had cash and cash equivalents and restricted cash of
RMB9.37 billion (US$1.36 billion). Cash provided by operating
activities, cash used in investing activities, and cash provided by
financing activities in 2018 were RMB678.0 million (US$98.6
million), RMB7.47 billion
(US$1.09 billion), and RMB5.01 billion (US$728.8
million), respectively.
The number of employees totaled 8,316 as of December 31, 2018, including employees of
entities in which Bitauto has acquired and holds controlling
interests. This represented a 2.83% year-over-year decrease,
primarily due to the decreased headcounts in Yixin, following its
strategic de-emphasis of used automobile transaction facilitation
services.
As of December 31, 2018, the
Company had a total of 72,739,966 ordinary shares. Non-GAAP basic
and diluted per ADS figures for the fourth quarter of 2018 were
calculated using a weighted average of 70,269,652 and 76,702,982
ADSs, respectively. Non-GAAP basic and diluted per ADS figures for
fiscal year 2018 were calculated using a weighted average of
71,305,353 and 77,717,370 ADSs, respectively. Each ADS represents
one ordinary share of the Company.
Yixin Fourth Quarter and Fiscal Year 2018 Highlights
In the fourth quarter of 2018, Bitauto's controlled subsidiary
Yixin, the primary operator of the Company's transaction services
business, facilitated approximately 143,000 financed automobile
transactions, with the aggregate auto financing amount of
approximately RMB11.30 billion
(US$1.64 billion), through its loan
facilitation services and self-operated financing business. In
particular, Yixin's third-party loan facilitation transactions
continued to gain momentum, contributing 60% of the total financed
automobile transaction volume in the fourth quarter, up from 24% in
the previous quarter. In the fourth quarter of 2018, through its
loan facilitation services for partner banks, Yixin facilitated
approximately 86,000 financed automobile transactions, a
year-over-year increase of approximately 11 times from the
corresponding period in 2017.
In the fourth quarter of 2018, under U.S. GAAP, Yixin's total
revenues reached RMB1.59 billion
(US$231.3 million); gross profit
reached RMB614.7 million
(US$89.4 million); net income was
RMB17.3 million (US$2.5 million) and Non-GAAP net income was
RMB119.2 million (US$17.3 million). Yixin's Non-GAAP net income is
calculated as net income excluding share-based compensation of
RMB67.5 million (US$9.8 million), amortization of intangible
assets resulting from asset and business acquisitions of
RMB34.4 million (US$5.0 million), and offset by tax effect of
RMB0.04 million (US$0.01 million). In the fourth quarter of 2018,
Yixin entered into certain transactions with other subsidiaries of
Bitauto, which have been eliminated upon Bitauto's consolidation of
Yixin. The revenue that Yixin recorded for the services provided to
those subsidiaries of Bitauto amounted to RMB11.4 million (US$1.7
million).
For the year ended December 31,
2018, Yixin's total financed automobile transactions
increased by 21% year-over-year to approximately 484,000. The
aggregate auto financing amount facilitated through its loan
facilitation services and self-operated financing business was
approximately RMB38.00 billion
(US$5.53 billion), representing a 26%
year-over-year increase. The accumulated total financed automobile
transactions reached over 1.1
million as of December 31,
2018.
In 2018, Yixin cooperated with six banks and facilitated
approximately 144,000 financed automobile transactions through its
loan facilitation services, representing a 15 times year-over-year
increase and approximately 30% of the total financed automobile
transactions for the full year 2018.
For the year ended December 31,
2018, under U.S. GAAP, Yixin's total revenues were
RMB5.53 billion (US$804.7 million); gross profit reached
RMB2.48 billion (US$360.0 million); net loss was RMB182.9 million (US$26.6
million) and Non-GAAP net income was RMB328.0 million (US$47.7
million). Yixin's Non-GAAP net income is calculated as net
loss excluding share-based compensation of RMB348.8 million (US$50.7
million), amortization of intangible assets resulting from
asset and business acquisitions of RMB163.1
million (US$23.7 million), and
offset by tax effect of RMB1.0
million (US$0.1 million). In
2018, Yixin entered into certain transactions with other
subsidiaries of Bitauto, which were eliminated upon Bitauto's
consolidation of Yixin. The revenue that Yixin recorded for the
services provided to those subsidiaries of Bitauto amounted to
RMB96.0 million (US$14.0 million).
As of December 31, 2018, Yixin had
cash and cash equivalents and restricted cash of RMB5.65 billion (US$822.4
million), total finance receivables of RMB36.98 billion (US$5.38
billion), and total borrowings, including bank borrowings
and asset-backed securitization debt, of RMB30.20 billion (US$4.39
billion).
As of December
31, 2018, 90+ days (including 180+ days) past due ratio and
180+ days past due ratio for all the financed transactions
(including the third-party loan facilitations) were 0.92% and
0.42%, respectively; 90+ days (including 180+ days) past due ratio
and 180+ days past due ratio for Yixin's self-operated financing
business were 1.10% and 0.52%, respectively.
Under U.S. GAAP, Yixin's provision for credit losses of finance
receivables for the fourth quarter of 2018 was RMB80.8 million (US$11.8
million), and for the year ended December 31, 2018 was RMB519.0 million (US$75.5
million). The balance of provision for credit losses of
finance receivables was RMB350.8
million (US$51.0 million) as
of December 31, 2018.
As a controlled subsidiary of Bitauto listed on the Hong Kong
Stock Exchange, Yixin announced its consolidated financial
statements under IFRS for fiscal year 2018. In order to help
investors to understand the differences between IFRS and U.S. GAAP
for Yixin's operation results, a reconciliation was prepared and
presented at the end of this earnings release.
First Quarter 2019 Outlook
Bitauto currently expects to generate revenue in the range of
RMB2.47 billion (US$359.2 million) to RMB2.52 billion (US$366.5 million) in the first quarter of
2019, representing a 13.8% to 16.1% increase from the
corresponding period in 2018.
This forecast takes into consideration of seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects management's current and preliminary view,
which is subject to change.
Conference Call Information
Bitauto's management will hold an earnings conference call at
8:15 AM on March 19, 2019 U.S. Eastern Time (8:15 PM on March 19,
2019 Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-845-675-0437 or
+1-866-519-4004
|
Hong Kong:
|
+852-3018-6771 or
800-906-601
|
China:
|
800-8190-121 or
400-6208-038
|
International:
|
+65-6713-5090
|
|
|
Conference
ID:
|
9490302
|
A replay of the conference call may be accessed by phone at the
following number until March 27,
2019:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
9490302
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.bitauto.com.
[1] This announcement
contains translations of certain amounts in Renminbi into U.S.
dollars at specified rates solely for the convenience of the
readers. Unless otherwise noted, all translations from Renminbi to
U.S. dollars are made at a rate of RMB6.8755 to US$1.00, the
effective noon buying rate as of December 31, 2018 in The City of
New York for cable transfers of Renminbi as certified for customs
purposes by the Federal Reserve Bank of New York.
|
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content & marketing services, and transaction services
for China's fast-growing
automotive industry. Bitauto's business consists of three segments:
advertising and subscription business, transaction services
business and digital marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services to automakers through the
bitauto.com website and corresponding mobile apps. The website and
mobile apps provide consumers with up-to-date automobile pricing
and promotional information, specifications, reviews and consumer
feedback. Bitauto also provides transaction-focused online
advertisements and promotional services to its business partners
via Yixin's online platform for automakers, automobile dealers,
auto finance partners and insurance companies. Bitauto offers
subscription services via its SaaS platform, which provides
web-based and mobile-based integrated digital marketing solutions
to automobile dealers in China.
The SaaS platform enables automobile dealer subscribers to create
their own online showrooms, list pricing and promotional
information, provide automobile dealer contact information, place
advertisements and manage customer relationships to help them reach
a broad set of purchase-minded customers and effectively market
their automobiles to consumers online.
Bitauto's transaction services business is primarily conducted
by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a
leading online automobile finance transaction platform in
China, which provides transaction
platform services as well as self-operated financing services.
Bitauto's digital marketing solutions business provides
automakers with one-stop digital marketing solutions, including
website creation and maintenance, online public relations, online
marketing campaigns, advertising agent services, big data
applications and digital image creation.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
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," "confident" and similar statements. Among
other things, the business outlook of the Company and the
quotations from management in this announcement, as well as
Bitauto's strategic and operational plans, contain forward-looking
statements. Bitauto may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, 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 Bitauto's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: our goals
and strategies; our future business development, financial
condition and results of operations; the expected growth of the
automobile industry and the internet marketing industry in
China; our expectations regarding
demand for and market acceptance of our services and service
delivery model; our expectations regarding enhancing our brand
recognition; our expectations regarding keeping and strengthening
our relationships with major customers, partner websites and media
vendors; relevant government policies and regulations relating to
our businesses, automobile purchases and ownership in China; our ability to attract and retain
quality employees; our ability to stay abreast of market trends and
technological advances; competition in our industry in China and internationally; general economic
and business conditions in China;
and our ability to effectively protect our intellectual property
rights and not infringe on the intellectual property rights of
others. Further information regarding these and other risks is
included in Bitauto's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F. Bitauto does
not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law. All information
provided in this press release and in the attachments is as of the
date of this press release, and Bitauto undertakes no duty to
update such information, except as required under applicable
law.
Use of Non-GAAP Financial Measures
To supplement Bitauto's consolidated financial results presented
in accordance with U.S. GAAP, Bitauto uses Non-GAAP income from
operations, Non-GAAP net income, Non-GAAP net income attributable
to Bitauto and Non-GAAP basic and diluted net income per ADS as
Non-GAAP financial measures, and uses Yixin's Non-GAAP income from
operations and Yixin's Non-GAAP net income as Non-GAAP financial
measures to supplement the disclosure of financial performance of
Yixin. Non-GAAP income from operations is defined as loss from
operations excluding (i) share-based compensation; (ii)
amortization of intangible assets resulting from asset and business
acquisitions; and (iii) professional expenses incurred for the
initial public offering of Yixin. Non-GAAP net income and Non-GAAP
net income attributable to Bitauto, respectively, are defined as
net loss and net loss attributable to Bitauto excluding (i)
share-based compensation; (ii) amortization of intangible assets
resulting from asset and business acquisitions; (iii) professional
expenses incurred for the initial public offering of Yixin; (iv)
reconciling items on the share of equity method investments; (v)
impairment on equity investees; (vi) investment loss associated
with non-cash investment matters; (vii) fair value adjustment of
contingent considerations; (viii) amortization of the BCF discount
on the convertible notes; and (ix) tax effect of Non-GAAP line
items. Non-GAAP basic and diluted net income per ADS is defined as
Non-GAAP net income attributable to ordinary shareholders of the
parent company divided by basic and diluted weighted average number
of ADS. Yixin's Non-GAAP income from operations is defined as loss
from operations excluding (i) share-based compensation; and (ii)
amortization of intangible assets resulting from asset and business
acquisitions. Yixin's Non-GAAP net income is defined as net
income/(loss) excluding (i) share-based compensation; (ii)
amortization of intangible assets resulting from asset and business
acquisitions; and (iii) tax effect of Non-GAAP line items. These
Non-GAAP financial measures provide Bitauto's management with the
ability to assess its operating results by excluding certain items
that may not be indicative of the performance of its business such
as non-cash and non-recurring items. Bitauto believes these
Non-GAAP financial measures are useful to investors by
understanding supplemental information used by management in its
assessment of operating results.
The use of Non-GAAP financial measures has certain limitations.
These Non-GAAP measures exclude certain items that have been and
will continue to be incurred in the future and are not reflected in
the presentation of the Non-GAAP financial measures. These Non-GAAP
financial measures should be considered in addition to results
prepared in accordance with U.S. GAAP, and should not be considered
a substitute for or superior to U.S. GAAP results. In addition,
these Non-GAAP financial measures may not be comparable to
similarly titled measures utilized by other companies since such
other companies may not calculate such measures in the same manner
as Bitauto or Yixin does.
Reconciliation of these Non-GAAP financial measures to the most
directly comparable U.S. GAAP financial measure is set forth at the
end of this release.
For investor and media inquiries, please contact:
China
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com
Clarisse Pan
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
For the Three
Months Ended
|
|
|
December 31, 2017
*
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,690,316
|
|
3,119,555
|
Cost of
revenue
|
|
(1,111,036)
|
|
(1,428,243)
|
Gross
profit
|
|
1,579,280
|
|
1,691,312
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(2,088,212)
|
|
(1,942,155)
|
Product development
expenses
|
|
(163,058)
|
|
(133,365)
|
Other gains,
net
|
|
26,813
|
|
58,957
|
Loss from
operations
|
|
(645,177)
|
|
(325,251)
|
|
|
|
|
|
Interest
income
|
|
31,941
|
|
37,227
|
Interest
expense
|
|
(37,265)
|
|
(29,442)
|
Share of results of
equity investees
|
|
(32,085)
|
|
(21,258)
|
Investment
loss
|
|
(118,208)
|
|
(14,310)
|
Loss before
tax
|
|
(800,794)
|
|
(353,034)
|
|
|
|
|
|
Income tax
expense
|
|
(2,567)
|
|
(45,263)
|
Net
loss
|
|
(803,361)
|
|
(398,297)
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to noncontrolling interests
|
|
(144,996)
|
|
11,373
|
Accretion to
redeemable noncontrolling interests
|
|
54,183
|
|
7,072
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(712,548)
|
|
(416,742)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
data
|
|
|
|
|
Non-GAAP net
income
|
|
99,002
|
|
198,970
|
Non-GAAP net
(loss)/income attributable to noncontrolling interests
|
|
(11,209)
|
|
73,336
|
Accretion to
redeemable noncontrolling interests
|
|
54,183
|
|
7,072
|
Non-GAAP net
income attributable to Bitauto Holdings Limited
|
|
56,028
|
|
118,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2017
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(645,177)
|
|
(325,251)
|
Share-based
compensation
|
|
527,694
|
|
421,552
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
170,551
|
|
169,118
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
40,418
|
|
-
|
Non-GAAP income
from operations
|
|
93,486
|
|
265,419
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(803,361)
|
|
(398,297)
|
Share-based
compensation
|
|
527,694
|
|
421,552
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
170,551
|
|
169,118
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
40,418
|
|
-
|
Reconciling items on
the share of equity method investments
|
|
11
|
|
(15,889)
|
Impairment on equity
investees
|
|
21,223
|
|
-
|
Investment loss
associated with non-cash investment matters
|
|
115,773
|
|
17,040
|
Amortization of the
BCF discount on the convertible notes
|
|
31,362
|
|
8,002
|
Tax effect of
Non-GAAP line items
|
|
(4,669)
|
|
(2,556)
|
Non-GAAP net
income
|
|
99,002
|
|
198,970
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
0.75
|
|
1.58
|
Diluted
|
|
0.72
|
|
1.45
|
|
|
|
|
|
*The operating
results for the fourth quarter of 2017 are not restated and are
presented on a gross basis
under Topic 605, while those for the fourth quarter of 2018 are
presented on a net basis under Topic 606.
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
For the Year
Ended
|
|
|
December 31, 2017
*
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
8,751,259
|
|
10,579,609
|
Cost of
revenue
|
|
(3,234,680)
|
|
(4,244,398)
|
Gross
profit
|
|
5,516,579
|
|
6,335,211
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(6,059,046)
|
|
(6,370,718)
|
Product development
expenses
|
|
(565,702)
|
|
(611,113)
|
Other gains,
net
|
|
31,576
|
|
181,114
|
Loss from
operations
|
|
(1,076,593)
|
|
(465,506)
|
|
|
|
|
|
Interest
income
|
|
93,025
|
|
125,875
|
Interest
expense
|
|
(92,633)
|
|
(79,090)
|
Share of results of
equity investees
|
|
(71,866)
|
|
(76,810)
|
Investment
loss
|
|
(75,097)
|
|
(7,889)
|
Loss before
tax
|
|
(1,223,164)
|
|
(503,420)
|
|
|
|
|
|
Income tax
expense
|
|
(203,824)
|
|
(175,896)
|
Net
loss
|
|
(1,426,988)
|
|
(679,316)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
|
(147,991)
|
|
(99,021)
|
Accretion to
redeemable noncontrolling interests
|
|
332,117
|
|
28,057
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(1,611,114)
|
|
(608,352)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
data
|
|
|
|
|
Non-GAAP net
income
|
|
718,358
|
|
934,720
|
Non-GAAP net
(loss)/income attributable to noncontrolling interests
|
|
(4,407)
|
|
197,759
|
Accretion to
redeemable noncontrolling interests
|
|
332,117
|
|
28,057
|
Non-GAAP net
income attributable to Bitauto Holdings Limited
|
|
390,648
|
|
708,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2017
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(1,076,593)
|
|
(465,506)
|
Share-based
compensation
|
|
1,185,840
|
|
896,416
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
677,343
|
|
679,857
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
90,413
|
|
-
|
Non-GAAP income
from operations
|
|
877,003
|
|
1,110,767
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(1,426,988)
|
|
(679,316)
|
Share-based
compensation
|
|
1,185,840
|
|
896,416
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
677,343
|
|
679,857
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
90,413
|
|
-
|
Reconciling items on
the share of equity method investments
|
|
692
|
|
(15,889)
|
Impairment on equity
investees
|
|
21,223
|
|
17,589
|
Investment loss
associated with non-cash investment matters
|
|
109,986
|
|
17,040
|
Fair value adjustment
of contingent considerations
|
|
8,333
|
|
-
|
Amortization of the
BCF discount on the convertible notes
|
|
57,244
|
|
30,092
|
Tax effect of
Non-GAAP line items
|
|
(5,728)
|
|
(11,069)
|
Non-GAAP net
income
|
|
718,358
|
|
934,720
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
5.45
|
|
9.62
|
Diluted
|
|
5.07
|
|
8.90
|
|
|
|
|
|
*The operating
results for the fiscal year 2017 are not restated and are presented
on a gross basis under
Topic 605, while those for the fiscal year 2018 are presented on a
net basis under Topic 606.
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
9,555,027
|
|
4,576,820
|
Restricted
cash
|
|
811,596
|
|
4,344,291
|
Accounts
receivable, net
|
|
2,854,410
|
|
3,890,712
|
Uncollateralized finance receivables - current portion,
net
|
|
2,963,926
|
|
5,226,642
|
Collateralized
finance receivables - current portion, net
|
|
10,289,972
|
|
13,546,137
|
Other current
assets
|
|
1,642,438
|
|
2,590,245
|
|
|
28,117,369
|
|
34,174,847
|
Non-current
assets
|
|
|
|
|
Restricted
cash
|
|
672,736
|
|
446,108
|
Investments in
equity investees
|
|
1,184,196
|
|
1,907,171
|
Investment in
convertible notes
|
|
-
|
|
1,789,470
|
Property,
plant and equipment, net
|
|
1,296,196
|
|
449,387
|
Intangible
assets, net
|
|
1,726,321
|
|
996,941
|
Uncollateralized finance receivables - non-current portion,
net
|
|
4,181,627
|
|
6,609,474
|
Collateralized
finance receivables - non-current portion, net
|
|
12,356,080
|
|
11,494,820
|
Other
non-current assets
|
|
1,981,207
|
|
1,875,720
|
|
|
23,398,363
|
|
25,569,091
|
|
|
|
|
|
Total
assets
|
|
51,515,732
|
|
59,743,938
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short term
borrowings
|
|
11,243,614
|
|
12,274,038
|
Asset-backed
securitization debt
|
|
6,165,429
|
|
10,021,333
|
Accounts
payable
|
|
2,176,627
|
|
2,909,051
|
Other current
liabilities
|
|
3,113,569
|
|
3,433,227
|
|
|
22,699,239
|
|
28,637,649
|
Non-current
liabilities
|
|
|
|
|
Long term
borrowings
|
|
5,074,273
|
|
4,626,756
|
Asset-backed
securitization debt
|
|
2,611,821
|
|
3,764,348
|
Other
non-current liabilities
|
|
892,728
|
|
2,406,748
|
|
|
8,578,822
|
|
10,797,852
|
|
|
|
|
|
Total
liabilities
|
|
31,278,061
|
|
39,435,501
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
301,953
|
|
360,010
|
|
|
|
|
|
Total
equity
|
|
19,935,718
|
|
19,948,427
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests
and equity
|
|
51,515,732
|
|
59,743,938
|
|
|
|
|
|
Yixin
|
Unaudited
Condensed Consolidated Statements of Operations
|
(in
thousands)
|
|
|
For the Year
Ended
|
|
|
December 31,
2018
|
|
December 31,
2018
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
IFRS
|
|
Reconcilation
|
|
U.S.
GAAP
|
|
|
|
|
|
|
|
Revenue
|
|
5,532,632
|
|
-
|
|
5,532,632
|
Cost of
revenue
|
|
(3,057,209)
|
|
-
|
|
(3,057,209)
|
Gross
profit
|
|
2,475,423
|
|
-
|
|
2,475,423
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(2,531,490)
|
|
(19,931)
|
|
(2,551,421)
|
Product development
expenses
|
|
(239,460)
|
|
-
|
|
(239,460)
|
Other gains,
net
|
|
111,703
|
|
(2,585)
|
|
109,118
|
Loss from
operations
|
|
(183,824)
|
|
(22,516)
|
|
(206,340)
|
|
|
|
|
|
|
|
Interest
income
|
|
61,663
|
|
-
|
|
61,663
|
Interest
expense
|
|
(34,097)
|
|
-
|
|
(34,097)
|
Share of results of
equity investees
|
|
1,382
|
|
-
|
|
1,382
|
Loss before
tax
|
|
(154,876)
|
|
(22,516)
|
|
(177,392)
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(11,704)
|
|
6,211
|
|
(5,493)
|
Net
loss
|
|
(166,580)
|
|
(16,305)
|
|
(182,885)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2018
|
|
December 31,
2018
|
|
December 31,
2018
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
IFRS
|
|
Reconcilation
|
|
U.S.
GAAP
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(183,824)
|
|
(22,516)
|
|
(206,340)
|
Fair value gains on
financial assets*
|
|
(2,585)
|
|
2,585
|
|
-
|
Share-based
compensation
|
|
348,826
|
|
-
|
|
348,826
|
Amortization of
intangible assets resulting from asset and
business acquisitions
|
|
165,419
|
|
(2,329)
|
|
163,090
|
Non-GAAP income
from operations
|
|
327,836
|
|
(22,260)
|
|
305,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(166,580)
|
|
(16,305)
|
|
(182,885)
|
Fair value gains on
financial assets*
|
|
(2,585)
|
|
2,585
|
|
-
|
Share-based
compensation
|
|
348,826
|
|
-
|
|
348,826
|
Amortization of
intangible assets resulting from asset and
business acquisitions
|
|
165,419
|
|
(2,329)
|
|
163,090
|
Tax effect of
non-GAAP line items
|
|
(364)
|
|
(646)
|
|
(1,010)
|
Non-GAAP net
income
|
|
344,716
|
|
(16,695)
|
|
328,021
|
|
|
|
|
|
|
|
* This item is
only reconciled under IFRS as the financial assets are not
measured
by fair value through profit or loss under U.S.
GAAP.
|
View original
content:http://www.prnewswire.com/news-releases/bitauto-announces-fourth-quarter-and-fiscal-year-2018-results-300814642.html
SOURCE Bitauto Holdings Limited