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 December 2023
Commission File Number: 001-38712
Pintec Technology Holdings
Limited
(Exact name of registrant
as specified in its charter)
3rd Floor, No. 11 Building,
No. 109 Yard Tianjizhigu,
Jinghai 3rd Street, BDA,
Beijing,
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 x Form
40-F ¨
SIGNATURES
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.
Date: December 28, 2023
| |
Pintec Technology Holdings Limited |
| |
|
|
| |
By: |
/s/ Zexiong Huang |
| |
Name: |
Zexiong Huang |
| |
Title: |
Director and Chief Executive Officer |
EXHIBIT INDEX
Exhibit 99.1
PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS
FOR THE FIRST HALF OF 2023
BEIJING, DEC. 28, 2023 (PRNewswire)
— Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a Nasdaq-listed company providing
technology enabled financial and digital services to micro, small and medium enterprises ecosystem, today announced its unaudited financial
results for the six months ended June 30, 2023.
First Half 2023 Financial Highlights
| • | Total revenues were RMB35.09 million (US$4.86 million) for the first half of 2023
compared to total revenues of RMB39.82 million for the same period of 2022. |
| • | Gross profit decreased by 79.48% to RMB4.21 million (US$0.58 million) for the first
half of 2023 from RMB20.51 million for the same period of 2022. Gross margin was 11.99% for the first half of 2023 compared to 51.50%
for the same period of 2022. |
| • | Loss from operations decreased by 48.54% to RMB12.09 million (US$1.67 million)
for the first half of 2023 from RMB23.49 million for the same period of 2022. |
| • | Net loss decreased by 99.43% to RMB0.71 million (US$0.10 million) for the first
half of 2023 compared to net loss of RMB123.60 million for the same period of 2022. |
First Half 2023 Operating Highlights
| • | Total loans facilitated decreased by 58.98% to RMB47.3 million (US$6.55 million)
for the first half of 2023 from RMB115.30 million for the same period of 2022. |
| • | Loan outstanding balance decreased by 35.08% to RMB 61.71 million (US$ 8.54 million)
as of June 30, 2023 from RMB95.06 million as of December 31, 2022. |
| • | The following table provides delinquency rates by balance for all loans facilitated by the Company as
of the dates indicated: |
| | |
| Delinquent for | |
| | |
| 16-30 days | | |
| 31-60 days | | |
| 61-90 days | |
| December 31, 2020 | |
| 0.77 | % | |
| 0.97 | % | |
| 0.95 | % |
| December 31, 2021 | |
| 1.00 | % | |
| 1.30 | % | |
| 1.18 | % |
| December 31, 2022 | |
| 0.23 | % | |
| 0.58 | % | |
| 0.18 | % |
| June 30, 2023 | |
| 0.58 | % | |
| 1.06 | % | |
| 0.22 | % |
Mr. Zexiong Huang, Chief Executive Officer
and acting Chief Financial Officer of Pintec, commented, “Amidst the sluggish macroeconomic recovery, during the first half of 2023,
we persistently focused on our core strategy. We continued to provide loan services and digital solutions to micro, small and medium enterprises
(“MSME”) ecosystem, as a direct lender, facilitator and enabler. Our business partners, financial partners, and end customers
are able to enhance the efficiency and effectiveness of their financial services and their customers’ navigating financial service
processes driven by our digital technical services and our financial solutions. We are also continuously devoted to initiating innovative
business models. At the same time, ongoing improvements in operation, strengthening risk management, optimizations to cost structures
were implemented relentlessly to achieve the goal of break-even point. We are committed to cautious
and sustainable growth, and prepare for the potential risks and uncertainty.”
“Going forward, despite the market
uncertainties, we are committed to prudently execute our MSME ecosystem strategy by solidifying our competencies in technology innovation,
enhancing overall risk management, attracting customers and strengthening partnership, refining operations, expanding our business and
implementing cost-effective initiatives to ensure successful execution of our future growth plans. We believe that sustainable quality-based
development is valuable.” Mr. Huang concluded.
First
Half 2023 Financial Results
Revenues
Total revenues decreased by 11.89% to RMB35.09 million
(US$4.86 million) for the first half of 2023 from RMB39.82 million for the same period of 2022.
| • | Revenues from technical service fees decreased by 17.90% to RMB19.83 million (US$2.75
million) for the first half of 2023 from RMB24.16 million for the same period of 2022. The decrease in revenues from technical service
fees was mainly due to we ceased the risk-sharing loan facilitation business. |
| • | Revenues from installment service fee decreased by 16.55% to RMB7.53 million (US$1.04
million) for the first half of 2023 from RMB9.02 million for the same period of 2022. The decrease in revenues from installment service
fee was mainly due to the decrease in volume of SMEs loans in the first half of 2023. |
| • | Revenues from wealth management service fees increased by 16.32% to RMB7.73 million
(US$1.07 million) for the first half of 2023 from RMB6.64 million for the same period of 2022. The increase in revenue of the wealth management
was mainly due to increased revenue generated from our insurance brokerage service business. |
Cost of Revenues
Cost of revenues increased by 59.90% to RMB30.88 million
(US$4.27million) for the first half of 2023 from RMB19.31 million for the same period of 2022. This increase was mainly attributable to:
| • | Funding cost. Funding cost mainly consists of interest expense the Company
pays in relation to the funding debts to fund its financing receivables. Funding cost increased RMB 9.28 million to RMB9.31 million (US$1.29
million) compared to funding cost of RMB0.03 million in the same period of 2022. We recorded interest expenses of RMB9.31 million during
the first half of 2023, which was mainly represents an out-of-period adjustments amount to RMB9.30 million from prior years. In July 2018,
Minheng, a subsidiary of our variable interest entity, entered into loan agreements with a shareholder of ours (the “Lender”),
these loans have principal amount of RMB190 million, and the annual interest rates are 10.3%, which are similar to market interest rate.
In August 2018, Minheng and the Lender entered into a supplementary agreement which changed the interest rates, retroactive to the first
date of each loan, to 0.6%. The differences of interest expenses between the market interest rate and the actual rates amount to RMB9.30
million was deemed as contribution by the shareholder to the Company, which was an out-of-period adjustments to correct prior period errors
relating to recording the additional paid-in capital and funding cost. |
| • | Reversal of credit losses. Reversal of credit losses of RMB0.38 million (US$52
thousand) in first half of 2023 compared to provision for credit losses of RMB0.94 million in the same period of 2022, which was mainly
due to collection of financial receivables exceeding the credit losses accrued during the first half of 2023. |
| • | Origination and servicing cost. Origination and servicing cost increased by
27.76% to RMB23.86 million (US$3.30 million) compared to RMB18.67 million in the same period of 2022, which was mainly due to the increased
cost of insurance brokerage services and credit assessment services. |
| • | Recover on guarantee. Recover on guarantee increased by 422.80% to RMB1.90
million (US$0.26 million) compare to RMB0.36 million in the same period of 2022, as we purposely and gradually ceased providing credit
enhancement for loans that we facilitated with any financial partners from 2020 in order to improve the overall quality of our off-balance-sheet
loans, which lead to the increase of reimbursement for defaulted loans being outpaced by the recovery of reimbursement for defaulted loans
in 2022 and 2023. |
| • | Service cost charged by the related party. We had service cost charge by the
related party of RMB0.03 million and nil for the first half of 2022 and 2023, respectively. The decrease was primarily attributable to
the expiration of the loan facilitated under risk-sharing model with Jimu Group, a related party. |
Gross Profit
Gross profit decreased to RMB4.21
million (US$0.58 million) for the first half of 2023 from RMB20.51 million for the same period of 2022. Gross margin was 11.99% in the
first half of 2023 compared to 51.50% in the same period of 2022.
Operating Expenses
Total operating expenses decreased
by 62.96% to RMB16.30 million (US$2.26 million) for the first half of 2023 from RMB44.00 million for the same period of 2022. The Company
has been continuously optimizing and refining its organizational structure, marketing strategies and product matrix to reduce expenses
since the beginning of 2023.
| • | Sales and marketing expenses in the first half of 2023 decreased by 38.72% to RMB8.51
million (US$1.18 million) from RMB13.89 million in the same period of 2022. This decrease was primarily driven by the decrease in payroll
cost. |
| • | General and administrative expenses in the first half of 2023 decreased by 74.15% to RMB5.06 million (US$0.70
million) from RMB19.57 million in the same period of 2022. This decrease was primarily driven by 1) the reversal of share-based compensation
expense of RMB6.87 million; and 2) strict overall cost control for the reduction of various items including, among other things, professional
services fees and payroll cost. The reversal of share-based compensation expense was RMB6.9 million during the first half of 2023 based
on the actual forfeiture rate, which was an out-of-period adjustments from prior years. |
| • | Research and development expenses
in the first half of 2023 decreased by 74.13% to RMB2.73 million (US$0.38 million) from RMB10.54 million in the same period of 2022, primarily
due to personnel structure optimization as part of the business transformation of the Company. |
Loss from operations
Loss from operations decreased by 48.54%
to RMB12.09 million (US$1.67 million) for the first half of 2023 from RMB23.49 million for the same period of 2022.
Other income and expenses
Other expenses, net decreased by 100%
to other income, net of RMB6 thousand (US$2 thousand) for the first half of 2023 from other expenses, net of RMB98.70 million for the
same period of 2022. The decrease was primarily due to the decrease in impairment loss of long-term investments of RMB86.60 million, and
the increase in gain of RMB6.71 million from disposal of Sky City Holding Limited and eight of its subsidiaries (collectively, “SCHL
Group”) in May 2023.
Income tax (expense)/benefit
Income tax was recorded as income tax
benefit of RMB11.38 million (US$1.57 million) for the first half of 2023 compared to income tax expense of RMB1.41 million recorded for
the first half of 2022. It was primarily attributable to the income tax benefit of RMB12.32 million (US$1.71 million) arose from the derecognition
of income tax payable accrued in 2017, which now has passed the five-year statute of limitations and our tax filling in 2017 is no longer
under examination by the PRC tax authority.
Net loss
As a result of the foregoing, net loss
was recorded RMB0.71 million (US$0.10 million) for the first half of 2023 compared to RMB123.60 million recorded for the same period of
2022.
Net income attributable to ordinary shareholders
was recorded RMB0.74 million (US$0.10 million) for the first half of 2023 compared to net loss attributable to ordinary shareholders of
RMB122.04 million recorded for the same period of 2022.
Adjusted net loss was RMB19.91 million
(US$2.76 million) for the first half of 2023 compared to RMB119.22 million for the same period of 2022.
Net Loss Per Share
Basic and diluted net income per ordinary
share in the first half of 2023 were both RMB0.002 (US$0.0002). Basic and diluted net income per American Depositary Share (“ADS”)
in the first half of 2023 were both RMB0.06 (US$0.01). Each ADS represents thirty-five of the Company’s Class A ordinary shares.
Adjusted basic and diluted net loss per
ordinary share in the first half of 2023 were both RMB0.04 (US$0.01). Adjusted basic and diluted net loss per ADS in the first half of
2023 were both RMB1.49 (US$0.21).
Balance Sheet
The Company has combined cash and cash
equivalents, short-term and long-term restricted cash of RMB19.46 million (US$2.69 million) as of June 30, 2023, compared to RMB256.21
million as of December 31, 2022.
Out-of-period adjustment
For the year ended December 31, 2022, the Company
recorded an out-of-period adjustment to correct previous period errors relating to accounts receivable of RMB6.05 million (US$0.84million).
For six months ended June 30, 2023, we recorded an out-of-period adjustment to correct previous period errors relating to reclassification
of additional paid-in capital and accumulated deficits of RMB7.69 million (US$1.06million). We evaluated the impacts of the out-of-period
adjustment to correct the errors for the year ended December 31, 2022, for the six months ended June 30, 2023, and for previous periods,
both individually and in the aggregate, and concluded that the adjustments were not material to the consolidated financial statements
for the year ended December 31, 2022, for the six months ended June 30, 2023, and all impacted periods.
We recorded two out-of-period adjustments to correct
previous period errors relating to: (1) Cost of revenues and additional paid-in capital of RMB 9.30 million (US$1.29 million); (2) General
and administration expense and additional paid-in capital of RMB6.87 million (US$0.95million). The net effect on net loss is RMB2.43 million
(US$0.34 million). We evaluated the impacts of the out-of-period adjustment to correct the errors for the year ended December 31, 2022,
for the six months ended June 30, 2023, and for previous periods, both individually and in the aggregate, and concluded that the adjustments
were not material to the consolidated financial statements for the year ended December 31, 2022 and material for the six months ended
June 30, 2023.
Disposal of SCHL Group
On May 26, 2023, the Company entered into an equity transfer agreement
with Otov Alfa Holdings Limited (Otov Alfa), under which the Company transferred 100% of its equity interest in SCHL Group to Otov Alfa,
an entity designated by Ningxia Fengyin Enterprise Management Consulting LLP (“Ningxia Fengyin”), at nil consideration (the
“Deconsolidation”), in order to settle all outstanding convertible loan owed by SCHL Group to Ningxia Fengyin. SCHL Group
mainly served as a holding company for a group of investment companies with no material operations, and meanwhile, as the obligator of
the outstanding convertible loan and interest. Upon the completion of the Deconsolidation, the control of SCHL Group was transferred to
Otov Alfa on May 30, 2023 (the “Closing Date”), and the assets and liabilities of SCHL Group, including the outstanding convertible
loan and interest payable, cash in bank, property and some other assets and liabilities with a net liability balance of RMB6.71 million
were transferred to Otov Alfa, resulting in settlement of the outstanding convertible loan, and a gain from disposal of RMB6.71 million
for the Company.
On May 26, 2023, as part of the Deconsolidation,
the Company entered into a termination agreement with Otov Alfa (“Warrant Termination Agreement”), under which the Company
and Otov Alfa agree that all terms and provisions in the warrant (which was accounted in the convertible loan together with consideration
payable to Ningxia Fengyin) shall be terminated, and all rights and obligations of the relevant parties under the warrant shall be ceased
and terminated with immediate effect upon the effectiveness of the Warrant Termination Agreement. The Company had pledged 100% equity
interest of one of the consolidated VIE’s subsidiary Ganzhou Aixin Network Micro Finance Co., Ltd to Ningxia Fengyin on December
2, 2020 to secure the convertible loan, such pledge was also released upon the Deconsolidation and the termination of the warrant.
Going Concern
The Company acknowledged that there were recurring
losses from operation since year 2019. For the six months ended June 30, 2023, the Company reported a net loss of RMB0.71 million (US$0.10
million). In addition, as of June 30, 2023, the Company reported a negative working capital of RMB259.56 million (US$35.92 million) had
an accumulated deficit of RMB2,433.25 million (US$336.74 million). The Company's operating results in future periods are subject to numerous
uncertainties, and it is uncertain whether the Company will be able to reduce or eliminate its net loss in the foreseeable future. In
order to alleviate the pressure on capital turnover and guarantee going concern basis, the Company has reached an agreement with a third-party
institution to obtain a line of credit facility with an amount up to US$ 40 million.
Due to the unpredictable future of the capital
markets and the industry in which we operate, there can be no assurance that the Company will be successful in achieving its budget goals,
that the Company’s future capital raising will be sufficient to support its ongoing operations, or that any additional financing
will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events
or circumstances occur such that the Company does not meet its budget goals, it may have a material adverse effect on the Company’s
financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise
substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have
been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal
course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among
other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements
to support its working capital requirements.
Use
of Non-GAAP Financial Measures
In evaluating its business, the Company considers
and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP
financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented
in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses
and income tax benefit recognized due to reversal of uncertain tax position.
The Company believes that this non-GAAP financial
measure can help management evaluate the Company’s operating performance and formulate business plans. Adjusted net income/loss
enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit
recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information
about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility
with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool.
One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect
the Company’s operations. The Company will continue to incur share-based compensation expenses in its business, which are reflected
in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information
used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations
by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should
be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety
and not rely on a single financial measure.
Exchange Rate
This announcement contains translations of certain
RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB7.2258 to US$1.00, the noon buying rate in effect on June 30, 2023, in the
H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could
be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated
using the numbers presented in the financial statements contained in this earnings release.
Safe
Harbor Statement
This press release contains forward-looking statements.
These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in 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,” “target,” “confident” and similar statements.
Among other things, the quotations from management in this announcement, as well as Pintec’s strategic and operational plans, contain
forward-looking statements. Pintec 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. Such statements are based upon management’s current expectations and current
market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which
are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks,
uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential
risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating
to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s
reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial
products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market,
including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and
other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of this press release, and the Company 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.
About Pintec
Pintec is
a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China. It
connects business partners and financial partners on its open platform and enables them to provide financial services to end users efficiently
and effectively. Pintec empowers its business partners by providing them with the capability to add a financing option to their product
offerings. It helps its financial partners adapt to the new digital economy by enabling them to access the online population that they
could not otherwise reach efficiently or effectively. Pintec continues to deliver exceptional digitization services, diversified financial
products, and best-in-class solutions with innovative technology, to solidify its relationship with its business partners and satisfy
its clients’ needs. Pintec currently holds internet micro lending license, fund distribution license, insurance brokerage license
and enterprise credit investigation license in China. For more information, please visit ir.pintec.com.
For further information, please contact:
Pintec Technology Holdings Ltd.
Phone: +86 (10) 6506-0227
E-mail: ir@pintec.com
Pintec
Technology Holdings Ltd.
Condensed Consolidated Balance Sheets
(In thousands, except for share and per
share data)
| | |
As
of December 31, | | |
As
of June 30, | |
| | |
2022 | | |
2023 | | |
2023 | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | |
(Unaudited) | | |
(Unaudited) | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 249,728 | | |
| 14,462 | | |
| 2,001 | |
| Restricted cash | |
| 1,482 | | |
| - | | |
| - | |
| Short-term investment | |
| 1,001 | | |
| - | | |
| - | |
| Short-term financing receivables,
net | |
| 87,087 | | |
| 59,563 | | |
| 8,243 | |
| Short-term financial guarantee assets,
net | |
| 6,480 | | |
| 97 | | |
| 13 | |
| Accounts receivable, net | |
| 18,627 | | |
| 15,049 | | |
| 2,083 | |
| Prepayments and other current assets,
net | |
| 22,628 | | |
| 13,944 | | |
| 1,928 | |
| Amounts due from
related parties, net | |
| 2,161 | | |
| 1,104 | | |
| 153 | |
| Total current
assets | |
| 389,194 | | |
| 104,219 | | |
| 14,421 | |
| | |
| | | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Non-current restricted cash | |
| 5,000 | | |
| 5,000 | | |
| 692 | |
| Long-term investments | |
| 35,000 | | |
| 35,000 | | |
| 4,844 | |
| Property, equipment and software,
net | |
| 89,795 | | |
| - | | |
| - | |
| Intangible assets,
net | |
| 9,882 | | |
| 9,882 | | |
| 1,368 | |
| Total non-current
assets | |
| 139,677 | | |
| 49,882 | | |
| 6,904 | |
| | |
| | | |
| | | |
| | |
| TOTAL ASSETS | |
| 528,871 | | |
| 154,101 | | |
| 21,325 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Convertible loan, current | |
| 113,000 | | |
| - | | |
| - | |
| Accounts payable | |
| 22,684 | | |
| 16,247 | | |
| 2,248 | |
| Amounts due to related parties, current | |
| 294,634 | | |
| 296,549 | | |
| 41,040 | |
| Tax payable | |
| 36,476 | | |
| 20,683 | | |
| 2,862 | |
| Financial guarantee liabilities | |
| 6,914 | | |
| 97 | | |
| 13 | |
| Accrued expenses and other liabilities | |
| 52,277 | | |
| 30,201 | | |
| 4,179 | |
| Total current
liabilities | |
| 525,985 | | |
| 363,777 | | |
| 50,342 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Deferred tax liabilities | |
| 2,470 | | |
| 2,470 | | |
| 342 | |
| Long-term loan | |
| 236,755 | | |
| - | | |
| - | |
| Other non-current liabilities | |
| 10,798 | | |
| 5,175 | | |
| 716 | |
| Total non-current
liabilities | |
| 250,023 | | |
| 7,645 | | |
| 1,058 | |
| | |
| | | |
| | | |
| | |
| TOTAL LIABILITIES | |
| 776,008 | | |
| 371,422 | | |
| 51,400 | |
| | |
| | | |
| | | |
| | |
| DEFICIT | |
| | | |
| | | |
| | |
| Class A Ordinary Shares (US$ 0.000125
par value per share; 1,750,000,000 shares authorized as of December 31, 2022 and June 30, 2023; 252,789,098 and 507,239,098 shares
outstanding as of December 31, 2022 and June 30, 2023) | |
| 233 | | |
| 454 | | |
| 63 | |
| Class B Ordinary Shares (US$ 0.000125
par value per share; 250,000,000 shares authorized as of December 31, 2022 and June 30, 2023; 50,939,520 and 50,939,520 shares outstanding
as of December 31, 2022 and June 30, 2023) | |
| 42 | | |
| 42 | | |
| 6 | |
| Additional paid-in capital | |
| 1,998,822 | | |
| 2,036,473 | | |
| 281,834 | |
| Statutory reserves | |
| 31,995 | | |
| 9,320 | | |
| 1,290 | |
| Accumulated other comprehensive income | |
| 15,685 | | |
| 16,171 | | |
| 2,238 | |
| Accumulated deficit | |
| (2,448,823 | ) | |
| (2,433,246 | ) | |
| (336,744 | ) |
| Total shareholders’
deficit | |
| (402,046 | ) | |
| (370,786 | ) | |
| (51,313 | ) |
| | |
| | | |
| | | |
| | |
| Non-controlling interests | |
| 154,909 | | |
| 153,465 | | |
| 21,238 | |
| | |
| | | |
| | | |
| | |
| TOTAL DEFICIT | |
| (247,137 | ) | |
| (217,321 | ) | |
| (30,075 | ) |
| | |
| | | |
| | | |
| | |
| TOTAL LIABILITIES
AND DEFICIT | |
| 528,871 | | |
| 154,101 | | |
| 21,325 | |
Pintec
Technology Holdings Ltd.
Unaudited Condensed Consolidated Statements
of Operations and Comprehensive Loss
(In thousands, except for share and
per share data)
| | |
For the six months ended June 30, | |
| | |
2022 | | |
2023 | | |
2023 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | |
| | |
| |
| Technical service fees | |
| 24,158 | | |
| 19,834 | | |
| 2,745 | |
| Installment service fees | |
| 9,020 | | |
| 7,527 | | |
| 1,042 | |
| Wealth management service fees and others | |
| 6,643 | | |
| 7,727 | | |
| 1,069 | |
| Total revenues | |
| 39,821 | | |
| 35,088 | | |
| 4,856 | |
| | |
| | | |
| | | |
| | |
| Cost of revenues: | |
| | | |
| | | |
| | |
| Funding cost | |
| (33 | ) | |
| (9,305 | ) | |
| (1,288 | ) |
| (Provision of)/reversal of credit losses | |
| (937 | ) | |
| 378 | | |
| 52 | |
| Origination and servicing cost | |
| (18,673 | ) | |
| (23,856 | ) | |
| (3,301 | ) |
| Reversal of guarantee | |
| 364 | | |
| 1,903 | | |
| 263 | |
| Service cost charged by the related party | |
| (33 | ) | |
| - | | |
| - | |
| Cost of revenues | |
| (19,312 | ) | |
| (30,880 | ) | |
| (4,274 | ) |
| | |
| | | |
| | | |
| | |
| Gross profit | |
| 20,509 | | |
| 4,208 | | |
| 582 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (13,886 | ) | |
| (8,509 | ) | |
| (1,178 | ) |
| General and administrative expenses | |
| (19,569 | ) | |
| (5,059 | ) | |
| (700 | ) |
| Research and development expenses | |
| (10,543 | ) | |
| (2,728 | ) | |
| (378 | ) |
| Total operating expenses | |
| (43,998 | ) | |
| (16,296 | ) | |
| (2,256 | ) |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
| (23,489 | ) | |
| (12,088 | ) | |
| (1,674 | ) |
| | |
| | | |
| | | |
| | |
| Long-term investments impairment | |
| (86,600 | ) | |
| - | | |
| - | |
| Share of loss from equity method investments | |
| (934 | ) | |
| - | | |
| - | |
| Long-lived assets impairment | |
| - | | |
| (3,737 | ) | |
| (517 | ) |
| (Loss)/Gain from disposal of subsidiaries | |
| (2,176 | ) | |
| 6,711 | | |
| 929 | |
| Financial expenses, net | |
| (11,295 | ) | |
| (4,273 | ) | |
| (591 | ) |
| Other income, net | |
| 2,304 | | |
| 1,305 | | |
| 181 | |
| | |
| | | |
| | | |
| | |
| Loss before income tax (expense)/benefit | |
| (122,190 | ) | |
| (12,082 | ) | |
| (1,672 | ) |
| Income tax (expense)/benefit | |
| (1,412 | ) | |
| 11,377 | | |
| 1,574 | |
| Net loss | |
| (123,602 | ) | |
| (705 | ) | |
| (98 | ) |
| | |
| | | |
| | | |
| | |
| Net loss attributable to non-controlling interest | |
| (1,566 | ) | |
| (1,444 | ) | |
| (200 | ) |
| Net (loss)/income attributable to Pintec Technology Holdings Limited shareholders | |
| (122,036 | ) | |
| 739 | | |
| 102 | |
| | |
| | | |
| | | |
| | |
| Other comprehensive (loss)/income: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments, net of nil tax | |
| (8,598 | ) | |
| 486 | | |
| 67 | |
| Total other comprehensive (loss)/income | |
| (8,598 | ) | |
| 486 | | |
| 67 | |
| | |
| | | |
| | | |
| | |
| Total comprehensive loss | |
| (132,200 | ) | |
| (219 | ) | |
| (31 | ) |
| Total comprehensive loss attributable to non-controlling interest | |
| (1,566 | ) | |
| (1,444 | ) | |
| (200 | ) |
| Total comprehensive (loss)/income attributable to Pintec Technology Holdings Limited shareholders | |
| (130,634 | ) | |
| 1,225 | | |
| 169 | |
| | |
| | | |
| | | |
| | |
| Net (loss)/income per ordinary share | |
| | | |
| | | |
| | |
| Basic | |
| (0.41 | ) | |
| 0.00 | | |
| 0.00 | |
| Diluted | |
| (0.41 | ) | |
| 0.00 | | |
| 0.00 | |
| Weighted average ordinary shares outstanding | |
| | | |
| | | |
| | |
| Basic | |
| 300,059,264 | | |
| 433,743,535 | | |
| 433,743,535 | |
| Diluted | |
| 300,059,264 | | |
| 434,294,424 | | |
| 434,294,424 | |
Pintec
Technology Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP
Results
(In thousands, except for share and
per share data)
| Net loss | |
| (123,602 | ) | |
| (705 | ) | |
| (98 | ) |
| Add: Share-based compensation expenses | |
| 4,383 | | |
| (6,884 | ) | |
| (952 | ) |
| Less: Income tax benefit recognized due to reversal of uncertain tax position | |
| - | | |
| 12,319 | | |
| 1,705 | |
| Adjusted net loss | |
| (119,219 | ) | |
| (19,908 | ) | |
| (2,755 | ) |
| Net loss attributable to non-controlling interest | |
| (1,566 | ) | |
| (1,444 | ) | |
| (200 | ) |
| Adjusted net loss attributable to Pintec Technology Holdings Limited shareholders | |
| (117,653 | ) | |
| (18,464 | ) | |
| (2,555 | ) |
| Adjusted net loss per ordinary share | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.39 | ) | |
| (0.04 | ) | |
| (0.01 | ) |
| Weighted average number of ordinary shares outstanding | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 300,059,264 | | |
| 433,743,535 | | |
| 433,743,535 | |
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