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Organization

1. Organization

Qudian Inc. (the “Company”, and where appropriate, the term “Company” also refers to its subsidiaries, variable interest entities and subsidiaries of the variable interest entities as a whole) is a limited company incorporated in the Cayman Islands under the laws of the Cayman Islands on

November 16, 2016

. The Company, through its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs, are principally engaged in the operation of online platforms to provide small consumer credit products in the People’s Republic of China (the “PRC”). The Company does not conduct any substantive operations of its own. As PRC law and regulations prohibit foreign control of companies involved in internet value-added business, the Company conducts its primary business operations through its VIEs and the subsidiaries of the VIEs.

As of December 31, 2019, the Company’s

main

subsidiaries and VIEs are as follows:


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
Subsidiaries
QD Data Limited (“Qudian HK”)	December 2, 2016	Hong Kong (“HK”)		100	%	Investment holding
QD Technology Limited (“Qudian BVI”)	November 23, 2016	British Virgin Islands (“BVI”)		100	%	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. (“Qufenqi Ganzhou”)	September 5, 2016	PRC		100	%	Investment holding, research and development
Qudian Inc. Equity Incentive Trust (“Share Based Payment Trust”)	December 30, 2016	HK		Nil		Employee benefits
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK		100	%	Investment holding
Xiamen Qudian Financial Lease Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC		100	%	Financial lease
Tianjin Qudian Financial Lease Co., Ltd. (“Tianjin Financial Lease”)	January 19, 2018	PRC		100	%	Financial lease
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC		100	%	Technology development and service
Qu Plus Plus Inc. (“Qu Plus Plus”)	June 28, 2018	Cayman Islands		100	%	Investment holding
Qu Plus Plus ( HK ) Limited (“Qu Plus Plus HK”)	July 9, 2018	HK		100	%	Investment holding
Qu Plus Plus Limited (“Qu Plus Plus BVI”)	June 29, 2018	BVI		100	%	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”)	August 3, 2018	PRC		100	%	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Ltd. (“Xiamen Xincheng Youda”)	March 7, 2019	PRC		100	%	Financing guarantee service


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company		Principal activities
VIEs
Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”)	April 9, 2014	PRC		Nil	Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”)	November 25, 2016	PRC		Nil	Technology development and service, sale of products
Hunan Qudian Technology Development Co., Ltd. (“Hunan Qudian”)	November 2, 2016	PRC		Nil	Technology development and service, sale of products
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC		Nil	Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. (“Xiamen Weipujia”)	June 6, 2018	PRC		Nil	Household service
Xiamen Qu Plus Plus Technology Co., Ltd. (“Xiamen Qu Plus Plus”)	June 5, 2019	PRC		Nil	Technology development and service, sale of products

Additionally, Beijing Happy Time, Ganzhou Qudian, Xiamen Qudian, Xiamen Weipujia and Xiamen Qu Plus Plus have several subsidiaries incorporated in the PRC.

On November 23, 2016, the Company set up a wholly-owned subsidiary, Qudian BVI in the BVI. On December 2, 2016, the Company set up another wholly-owned subsidiary, Qudian HK in Hong Kong. On December 5, 2016, the Company transferred all of its shares of Qudian HK to Qudian BVI. On December 9, 2016, Qudian HK acquired all the equity interests of Qufenqi Ganzhou from Qufenqi HK, for a consideration of US$100,000. From December 9, 2016 to November 22, 2018, Beijing Happy Time, Hunan Qudian, Ganzhou Qudian, Xiamen Qudian and Xiamen Weipujia signed a series of contractual agreements with Qufenqi Ganzhou and

shareholders (collectively, the “

VIE

Agreements”).

On June 26, 2019, the Company acquired all the equity interests of Qu Plus Plus from VIP Plus Investment Holdings Limited, for a consideration of US$ nil. Qu Plus Plus, is a limited company incorporated in the Cayman Islands under the laws of the Cayman Island on June 28, 2018. On June 29, 2018, Qu Plus Plus set up its wholly-owned subsidiary, Qu Plus Plus BVI in the BVI. On July 9, 2018, Qu Plus Plus BVI set up its wholly-owned subsidiary, Qu Plus Plus HK. Qu Plus Plus HK set up its wholly-owned subsidiary Xiamen Youxiang Time on August 3, 2018. On July 1, 2019, Xiamen Qu Plus Plus signed a series of contractual agreements with Xiamen Youxiang Time and its shareholders (collectively, the “VIE Agreements”).

The Company, through Qufenqi Ganzhou and Xiamen Youxiang Time (collectively the “WFOEs”) entered into power of attorney and an exclusive call option agreement with the nominee shareholders of the VIEs that gave

the WFOEs the power to direct the activities that most significantly affect the economic performance of the VIEs and acquire the equity interests in the VIEs when permitted by the PRC laws, respectively. Certain exclusive agreements have been entered into with the VIEs through the WFOEs, which obligate the WFOEs to absorb a majority of the risk of loss from the VIEs’ activities and entitle the WFOEs to receive a majority of their residual returns. In addition, the Company has entered into share pledge agreements for the equity interests in the VIEs held by the nominee shareholders of the VIEs. The Company agreed to provide unlimited financial support to the VIEs for their operations. In addition, pursuant to the resolutions of all shareholders of the Company and the resolutions of the board of directors of the Company (the “Resolutions”), the board of directors of the Company (the “Board of Directors”) or any officer authorized by the Board of Directors (the “Authorized Officer”) shall cause the WFOEs to exercise the rights under the power of attorney entered into among the WFOEs, the VIEs and the nominee shareholders of the VIEs and the WFOEs’ rights under the exclusive call option agreement between the WFOEs and the VIEs. As a result of the Resolutions and the provision of unlimited financial support from the Company to the VIEs, the Company has been determined to be most closely associated with the VIEs within the group of related parties and was considered to be the Primary Beneficiary.

Despite the lack of technical majority ownership, the Company has effective control of the VIEs through the VIE Agreements and a parent-subsidiary relationship exists between the Company and the VIEs. Through the VIE Agreements, the shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interest in the VIEs to the Company. In addition, through the other exclusive agreements, which consist of exclusive option agreement, exclusive business cooperation agreement, and equity pledge agreement, the Company, through its wholly-owned subsidiaries in the PRC, has the right to receive economic benefits from the VIEs that potentially could be significant to the VIEs. Lastly, through the financial support undertaking letter, the Company has the obligation to absorb losses of the VIEs that could potentially be significant to the VIEs. Therefore, the Company is considered the primary beneficiary of the VIEs and consolidates the VIEs and its consolidated subsidiaries as required by SEC Regulation

S-X

Rule

3A-02

and ASC topic 810 (“ASC 810”),

Consolidation

The following is a summary of the VIE Agreements:

(1) Power of Attorney Agreements:

Pursuant to the power of attorney agreements signed between the VIEs’ nominee shareholders and WFOEs, each nominee shareholder irrevocably appointed WFOEs as its

attorney-in-fact

to exercise on each shareholder’s behalf any and all rights that each shareholder has in respect of its equity interest in the VIEs (including but not limited to executing the exclusive right to purchase agreements, the voting rights and the right to appoint directors and executive officers of the VIEs). The agreements are effective and irrevocable as long as the nominee shareholder remains a shareholder of the VIEs.

(2) Exclusive Call Option Agreements:

Pursuant to the exclusive call option agreements entered into between the VIEs’ nominee

shareholders

and WFOEs, the nominee shareholders irrevocably granted WFOEs a call option to request the nominee shareholders

to transfer or sell any part or all of its equity interests in the VIEs, or any or all of the assets of the VIEs, to WFOEs, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the minimum price required by PRC law. As for the assets of the VIEs, the purchase price should be equal to the book value of the assets or the minimum price as permitted by applicable PRC law, whichever is higher. Without WFOEs’ prior written consent, the VIEs and their nominee shareholders shall not amend their articles of association, increase or decrease the registered capital, sell or otherwise dispose of their assets or beneficial interests, create or allow any encumbrance on their assets or other beneficial interests and provide any loans or guarantees, etc. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders shall transfer all received distribution to WFOEs or their designees. The agreements are not terminated until all of the equity interests of the VIEs have been transferred to WFOEs or the person(s) designated by WFOEs. None of the nominee shareholders have the right to terminate or revoke the agreements under any circumstance unless otherwise regulated by law.

(3) Exclusive Business Cooperation Agreements:

Pursuant to the exclusive business cooperation agreements entered into by WFOEs and the VIEs and their subsidiaries, WFOEs provides exclusive technical support and consulting services in return for fees based on 100% of the VIEs’ profit before tax, which is adjustable at the sole discretion of WFOEs. Without WFOEs’ consent, the VIEs and their subsidiaries cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOEs. In addition, the profitable consolidated VIEs and their subsidiaries have granted WFOEs an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIEs and their subsidiaries at the lowest price permitted under PRC law. The agreements are irrevocable or can only be unilaterally revoked/amended by WFOEs.

(4) Equity Pledge Agreements:

Pursuant to the equity interest pledge agreements, each nominee shareholder of the VIEs has pledged all of its respective equity interests in the VIEs to WFOEs as continuing first priority security interest to guarantee the performance of their and the VIEs’ obligations under the power of attorney agreements, the exclusive call option agreements and the exclusive business cooperation agreements. WFOEs is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If the VIEs or any of the nominee shareholder breaches its contractual obligations, WFOEs will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of the VIEs in accordance with PRC law. None of the nominee shareholders shall, without the prior written consent of WFOEs, assign or transfer to any third party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. The agreements are not terminated until all of the

technical

support and consulting and service fees have been fully paid under the exclusive business cooperation agreements and all of VIEs’

obligations

have been terminated under the other controlling agreements.

In addition, the Company entered into following agreements:

(1) Financial support undertaking letters

Pursuant to the financial support undertaking letters, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIEs or their shareholders do not have sufficient funds or are unable to repay.

(2) Resolutions of all shareholders and resolution of the board of directors of Qudian Inc.

The shareholders and the Board of Directors resolved that the Board of Directors or any officer authorized by the Board of Directors shall cause WFOEs to exercise its rights under the power of attorney agreements and the exclusive call option agreements when the Board of Directors or the Authorized Officer determines that such exercise is in the best interests of the Company and WFOEs to do so.

In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiaries and the VIEs, both currently does not violate applicable PRC laws and regulations; (ii) each of the VIE Agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations; (iii) the financial support letters issued by the Company to the VIEs, does not violate the PRC laws and regulations (iv) the resolutions are valid in accordance with the articles of association of the Company and Cayman Island Law.

However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIEs may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIEs.

In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet financial services platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business.

Except for the deposits that were held by banks and other institutions, trust beneficiaries and other funding partners (collectively referred as the “Funding Partners”) as guarantee deposits, all assets of the consolidated trusts, and the collateralization of the land use right as described in Note 10, there was no other pledge or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the Company,

who is the primary beneficiary of the VIEs, through its 100% controlled subsidiary Qufenqi Ganzhou and Xiamen Youxiang Time. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The table sets forth the assets and liabilities of the VIEs included in the Company’s consolidated balance sheets:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Short-term loan principal and financing service fee receivables		8,417,821,413		7,788,585,617		1,118,760,324
Other current assets		3,472,629,937		7,095,745,062		1,019,240,004

Total current assets		11,890,451,350		14,884,330,679		2,138,000,328

Total non-current assets		1,066,321,556		967,471,254		138,968,550

Total assets		12,956,772,906		15,851,801,933		2,276,968,878

Total current liabilities		5,045,698,262		4,749,757,109		682,259,920
Total non-current liabilities		413,400,000		109,076,000		15,667,787

Total liabilities		5,459,098,262		4,858,833,109		697,927,707

The following table sets forth the results of operations of the VIEs included in the Company’s

consolidated

statements of comprehensive income:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Revenues		4,749,249,922		5,112,097,579		8,049,577,016		1,156,249,391
Net income		2,222,086,399		2,558,375,744		3,440,929,911		494,258,656

The table sets forth the cash flows of the VIEs included in the Company’s consolidated statements of cash flows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Net cash provided by operating activities		2,587,050,255			3,375,764,483			4,362,960,828			626,700,110
Net cash used in investing activities		(4,295,677,821	)		(1,789,268,184	)		(842,120,427	)		(120,963,031	)
Net cash (used in)/provided by financing activities		5,251,615,220			(4,568,154,072	)		(2,855,955,341	)		(410,232,316	)

The amount of the net assets of the VIEs were RMB 7,497 million and RMB 10,993 million (US$ 1,579 million) as of December 31, 2018 and 2019. The creditors of the VIEs’ third-party liabilities

did

not have recourse to the general credit of the Primary Beneficiary in the normal course of business.

Consolidated Trusts

The Company established several trusts to invest in loans through the Company’s platform using both funds from third party and the Company. Such trusts are administered by third party trust companies as the trustees. The Company provides loan facilitation service and financial guarantee to the trusts.

All assets of the consolidated trusts are collateral for the trusts’ obligations and can only be used to settle the trusts’ obligations.

Share Based Payment Trust

On December 30, 2016, the board of the Company approved and set up Qudian Inc. Equity Incentive Trust (the “Share Based Payment Trust”) for the purpose of holding options awarded to certain employees and the underlying shares before they are exercised as instructed by the employees. Upon the exercise of the options, the shares will be transferred to the relevant employees. As the Company has the power to govern the financial and operating policies of the Share Based Payment Trust and derives benefits from the contributions of the employees who have been awarded the options of the Company through their continued employment with the Company, the assets and liabilities of the Share Based Payment Trust are included in the consolidated balance sheets.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs. All inter-company transactions and balances have been eliminated.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, allowance for loan principal and financing service fee receivables, allowance for finance lease receivables, allowance for contract assets, allowance for other

assets

, incremental borrowing rates for lease liabilities, share-based compensation, valuation allowance for deferred tax assets, uncertain tax positions, estimate of variable considerations of revenue recognition, estimate of risk assurance liabilities, fair value of guarantee liabilities and fair value of investments. Actual results could differ from these estimates.

Revenue recognition

The Company generates revenues primarily by providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services and automobile financing services.

On January 1, 2018, the Company adopted ASC 606,

Revenue from Contracts with Customers,

using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605,

Revenue recognition

. Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services, net of value-added tax. The Company determines revenue recognition through the following steps:

•

Identify the contract(s) with a customer;

•

Identify the performance obligations in the contract;

•

Determine the transaction price;

•

Allocate the transaction price to the performance obligations in the contract; and

•

Recognize revenue when (or as) the entity satisfies a performance obligation.

Credit facilitation

The Company entered into credit facilitation arrangements with various Funding Partners. The Company: (i) matches borrowers with the Funding Partners which directly fund the credit drawdowns to the borrowers and (ii) provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful match, the Company receives a recurring service fee throughout the term of the loans. When borrowers make instalment repayments directly to the Funding Partners, the Funding Partners will then remit the recurring service fees to the Company on a periodic basis. In addition, the Company provides a guarantee on the principal and accrued interest repayments of the defaulted loans to the Funding Partners.

The Company considers the loan facilitation service, post-origination services and guarantee service as separate services, of which the guarantee service and the post origination service is accounted for in accordance with ASC 815,

Derivatives and Hedging, (“ASC 815”), ASC 460, Guarantees, (“ASC 460”)

(refer to “Guarantee liabilities” and “Risk Assurance Liabilities” for additional information) and ASC 860,

Transfers and servicing of financial assets,

respectively (“ASC 860”).

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price allocated to loan facilitation income and post-origination services includes variable consideration which is contingent on the borrower making timely repayments. The amount of variable consideration is limited to the amount that is probable not to be reversed in future periods. Management estimated the variable consideration using the expected value method, based on historical defaults, current and forecasted borrower repayment trends and

assessed whether variable consideration should be constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

The Company first allocates the transaction price to the guarantee liabilities or risk assurance liabilities. The remaining transaction price is then allocated to the loan facilitation services and post-origination services on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and post-origination services because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and post-origination services using the expected cost plus a margin approach.

Revenues from loan facilitation services are recognized when the Company matches borrowers with the Funding Partners and the funds are provided to the borrower. Additionally, revenues from post-origination services are recognized evenly over the term of the loans as the services are performed.

Vehicle sales with guarantee

The Company sells vehicles to buyers and provides loan facilitation services to Funding Partners who provides financing to the vehicle buyers. The buyer obtains control of the vehicle when the buyer physically possesses the vehicle and when the Company receives cash consideration for the vehicle from the buyer. The Company will receive recurring service fees from the Funding Partners for its loan facilitation services and post-origination services throughout the term of the loan. In addition, the Company provides a guarantee on the principal and accrued interest repayments of the defaulted loans to the Funding Partners.

For vehicle sales, the Company determines the buyer to be its customer. The transaction price for the vehicle sale is the amount of consideration the Company receives from the buyer for the sale of the vehicle, net of value-added tax. The Company is the principal in the vehicle sale transaction and sales income is recognized on a gross basis when the title of the vehicle is transferred to the buyer.

For the loan facilitation services, the Company determines both the Funding Partners and the buyer to be its customers. The Company considers the loan facilitation service, post-origination services and guarantee service as separate services, of which the guarantee service and the post origination service is accounted for in accordance with ASC 815 and ASC 860, respectively.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price of loan facilitation services includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained.

Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

The Company first allocates the transaction price to the guarantee liabilities at fair value in accordance with ASC 815. The remaining transaction price is then allocated to the loan facilitation services and post-origination services on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and post-origination services because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and post-origination services using the expected cost plus a margin approach.

Revenues from loan facilitation services are recognized when the Company provides loan facilitation services to Funding Partners and the buyer. Additionally, revenues from post-origination services are recognized evenly over the term of the loans as the services are performed.

Transaction services fee

The Company entered into credit transaction arrangements with certain Funding Partners. The Company refers borrowers to the Funding Partners which directly fund the credit drawdowns to the borrowers and provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful transaction, the Company typically receives a pre-agreed recurring service fee throughout the term of the loans. When borrowers make installment repayments directly to the Funding Partners, the Funding Partners will remit the recurring transaction services fees to the Company on a periodic basis.

The referral services are considered to be the performance obligations in the arrangement. The transaction price is the amount of consideration to which the Company expects to be entitled to in exchange for transferring the promised service to the customer, net of value-added tax. The transaction price allocated to the referral services and post origination services includes variable service fees which are contingent on the borrower making timely repayments to the Funding Partners. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted borrower repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. The Company will update its estimate of the variable consideration at the end of each reporting period. The estimation of variable consideration (including the amount of variable consideration constrained) involves significant judgement. Revenues from transaction services are recognized when the Company successfully refers the borrower to the Funding Partner and the Funding Partner provides the funds to the borrower. Revenues from post-origination services are recognized evenly over the term of the loans as the services are performed.

Financing income

Borrowers can withdraw cash (“cash installment credit services”) or purchase products (e.g. personal consumer electronics) (“merchandise installment credit services”) up to their approved credit limit and elect the installment repayment period, ranging from one to eighteen installments repayment period (either weekly or monthly) through the Company’s online website and application (collectively “financing platform”) or via borrowers’

Alipay accounts. The Company charges financing service fees for facilitating the financing and managing the financing platform. The financing service fees are recorded as financing income in the consolidated statement of comprehensive income in accordance with ASC 310

Receivables

(ASC 310) using the effective interest method.

Incentives are provided to certain borrowers and can only be applied as a reduction to the borrower’s repayments and cannot be withdrawn by the borrowers in cash. These incentives are recorded as a reduction in financing service fees using the effective interest method.

Sales commission fees

In addition to financing income, the Company earns a margin from its merchandise installment credit services on the products purchased from suppliers on behalf of the borrowers. The margin earned is fixed based on the retail sales price without considering the financing terms chosen by the borrower.

Sales commission fees are recognized and recorded net of the related cost on delivery date, as the Company arranges for the goods to be provided by the suppliers and is considered to be an agent in accordance with ASC 606.

Penalty fee

The Company charges borrowers and lessees penalty fee for late installment payments. The penalty fee is calculated based on the number of overdue days of unpaid outstanding balance of loan principals and lease receivables at the applicable late payment rate. The penalty fee is recognized on a cash basis, which coincides with the penalty fee being probable not to be reversed.

Revenue recognition under ASC 605

Before January 1, 2018, the Company considers the loan facilitation services and the post origination services as a multiple element revenue arrangement under ASC 605, and the Funding Partners as the sole customer in the arrangement. The Company first allocates the consideration to the guarantee liability equaling to the fair value of the guarantee liability. The remaining consideration is allocated to the loan facilitation services and post origination services. The Company does not have vendor specific objective evidence, or VSOE, of selling price for the loan facilitation services and post origination services because the Company does not provide loan facilitation services or post origination services on a standalone basis. There is also no third-party evidence of the prices charged by third-party service providers when such services are sold separately as the basis of revenue allocation. As a result, the Company uses the best estimate of selling prices of loan facilitation services and post origination services as the basis of revenue allocation. Nevertheless, the amount allocated to the delivered loan facilitation services is limited to the amount that is not contingent on the delivery of the undelivered post origination services in accordance with ASC

605-25.

The loan facilitation services and post origination services are recorded as loan facilitation income and others in the consolidated statements of comprehensive income.

For loan facilitation services, post origination services and sales commission fees, the Company recognizes revenue when the following four revenue recognition criteria are met: (i) persuasive evidence of an arrangement

exists, (ii) services have been rendered, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured, in accordance with ASC 605. As collectability is uncertain in relation to the remaining loan facilitation services income due to the potential default by borrowers such that they are not considered to be fixed or determinable, the remaining loan facilitation service income is recorded on a cash basis.

For penalty fee, as collectability is not reasonably assured, the penalty fee is recorded on a cash basis.

Leases

Sales-type leases – Lessor under ASC 842

The Company purchases cars from car dealers and leases them to car buyers. Each car buyer is required to make a down payment and pay installments throughout the term of the lease. The lease agreements include lease payments that are largely fixed, do not contain residual value guarantees or variable lease payments. The lease terms are based on the non-cancellable term of the lease and the buyer may have options to terminate the lease in advance when meets certain conditions. The buyer obtains control of the car when the buyer physically possesses the car and when the Company receives cash consideration for the car from the buyer.

A lease arrangement that transfers substantially all of the benefits and risks incident to the ownership of property and that give rise to a dealer’s profit or loss is classified as a sales-type lease. For sales-type leases, when collectability is probable at lease commencement, the Company derecognizes the underlying asset and recognizes the net investment in the lease which is the sum of the lease receivable and the unguaranteed residual asset and recognizes in net income any selling profit or loss. Initial direct costs are expensed, at the commencement date, if the fair value of the underlying asset is different from its carrying amount. Interest income is recognized in financing income over the lease term using the interest method.

Sales-type lease under ASC 840

Before January 1, 2019, the Company determines the classification of the lease in accordance with ASC 840,

Leases

. A lease arrangement that transfers substantially all of the benefits and risks incident to the ownership of property and that give rise to a dealer’s profit or loss is classified as a sales-type lease. The sales income recognized is the present value of the minimum lease payments computed at the interest rate implicit in the lease, and sales income is recognized on gross basis, as the Company acts as the principal in the transaction. The Company’s net investment in a sales-type lease consists of the gross investment minus the unearned income. The unearned income on a sales-type lease is subsequently amortized to financing income over the lease term using the interest method.

Operating Leases – Lessee under ASC 842

The Company has operating leases for certain office rentals as a lessee. At inception of a contract, the Company determines whether that contract is, or contains a lease. For each lease arrangement identified, the Company determines its classification as an operating or finance lease.

The Company records a lease liability and corresponding operating lease right-of-use (“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, do not contain material residual value guarantees or variable lease payments.

The discount rate is determined using the Company’s incremental borrowing rate at lease commencement since the rate implicit in the lease is not readily determinable. The Company uses its unsecured borrowing rate over the lease term and adjusts the rate based on its credit risk and the effects of collateral to approximate a

collateralized

rate, which will be updated on an annual basis for measurement of new lease liabilities. The weighted average discount rate as of December 31, 2019 is

3.15

%. ROU asset represents the right to use an underlying asset for the lease term and are recognized in an amount equal to the lease liability adjusted for any lease payments made prior to commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. The weighted average remaining lease term as of December 31, 2019 is

months. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option, however none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised.

Operating lease expense is recognized as a single lease cost on a straight-line basis over the lease term and is included in general and administrative expenses, on the consolidated statements of comprehensive income. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities.

Operating leases under ASC 840

Before January 1, 2019, leases where the Company is the lessee, and substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. Certain of the operating lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term.

Foreign currency translation and transactions

The functional currency of the Company, and the subsidiaries in the Cayman Islands, British Virgin Islands and Hong Kong is US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830,

Foreign Currency

Matters

. The Company uses RMB as its reporting currency. The financial statements of the Company, and the subsidiaries in the Cayman Islands, British Virgin Islands and Hong Kong are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive loss, as a component of shareholders’ equity. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date.

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive income during the period or year in which they occur.

Cash and cash equivalents

Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use.

Time Deposits

Time deposits with financial institutions have original maturities of three to twelve months and are pledged for short-term bank

borrowings

Short-term Investments

Short-term investments consist of wealth management products and certain subordinated shares of a trust. The Company measures its short-term investments at fair value. The realized investment income of short-term investments is recognized in the consolidated statements of comprehensive income.

Guarantee deposits

In the ordinary course of business, the Company is required to guarantee the recoverability of the loan principal and interest for loans originated by the Company that are transferred to certain Funding Partners, and the recoverability of loans directly funded by certain Funding Partners. As a result, the Company may provide a cash deposit to the respective Funding Partners. The cash deposits are released only after the loan principal and interest are settled. Guarantee deposits represent cash that cannot be withdrawn without the permission of the Funding Partners. These guarantee deposits qualify as compensating balance arrangements under SEC Regulation

S-X

Rule

5-02

and are classified as current assets in the consolidated balance sheets.

Loan principal and financing service fee receivables

Loan principal and financing service fee receivables represent payments due from borrowers that utilize the Company’s credit services. Loan principal and financing service fee receivables are recorded at amortized cost, net of allowance for loan principal and financing service fee receivables. Deferred origination costs are netted against revenue and amortized over the financing term using the effective interest method.

Allowance for loan principal and financing service fee receivables

The Company considers the loans to be homogenous as they are all unsecured consumer loans of similar principal amounts. The profiles of the borrowers are also similar i.e. age, credit histories and employment status. Therefore, the Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with ASC

450-20,

Loss Contingencies

(ASC 450-20).

The allowance for loan principal and financing service fee receivables losses is calculated based on historical loss experience with the entire loan portfolio, using a roll rate-based model. The roll rate-based model stratifies the loan principal and financing service fee receivables by delinquency stages (i.e., current,

1-30

days past due, and

31-60

days past due etc.) and projected forward in

one-month

increments using historical roll rates. In each month of the simulation, losses on the loan principal and financing service fee receivables types are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a monthly rolling basis. The loss rate calculated for each delinquency stage is then applied to the respective loan principal and service fees balance. The Company adjusts the allowance that is determined by the roll rate-based model for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations. Each of these macroeconomic factors are equally weighted, and a score is applied to each factor based on

year-on-year

increases and decreases in that respective factor.

Loan principal and financing service fee receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers loan principal and financing service fee receivables meeting any of the following conditions as uncollectable and

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due.

Nonaccrual loan principal

The Company does not accrue financing service fee on loan principals that are considered impaired or are more than 90 days past due. A corresponding allowance is determined under ASC

450-20

and allocated accordingly. After an impaired financing service fee receivable is placed on nonaccrual status, financing service fee will be recognized when cash is received on a cash basis cost recovery method by applying first to reduce principal and then to financing income thereafter. Financing service fee accrued but not received is generally reversed against financing income. Financing service fee receivables may be returned to accrual status after all of the borrower’s delinquent balances of loan principal and financing service fee have been settled and the borrower remains current for an appropriate period.

Finance lease receivables

Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables.

Allowance for finance lease receivables

The Company considers the finance lease receivables to be homogenous as they are all automotive finance lease receivables collateralized by vehicle titles of similar principal amounts. Therefore, the Company applies a consistent credit risk management framework to the entire portfolio of finance lease receivables in accordance with ASC

450-20.

The allowance for finance lease receivables is calculated based on historical loss experience using probability of default (PD) and loss given default (LGD) methods. The Company stratifies probability of default and loss given default by the recovered rate under different scenarios (i.e. cash collection, repossessing the leased vehicle or

non-recovery),

and calculates allowance balance by timing exposure at default under each scenario. This process is repeated on a monthly basis. Loss given default is projected based on historical experience of actual loss and considered proceeds from recovery of the repossessed assets. The Company adjusts the allowance that is determined by the PD and LGD methods for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations. Each of these macroeconomic factors are equally weighted, and a score is applied to each factor based on

year-on-year

increases and decreases in that respective factor.

Finance lease receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers finance fee receivables meeting any of the following conditions as uncollectable and

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) all finance lease receivables that are 180 days past due are therefore deemed uncollectible and

charged-off;

(iv) the vehicle is repossessed.

Nonaccrual finance lease receivables

A finance lease receivable is considered impaired when the lease receivables are more than 90 days past due, or when it is probable that the Company will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying financing lease agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether finance lease receivables are impaired. The Company does not accrue financing lease income on net investment of finance lease receivables that are considered impaired. A corresponding allowance is determined under ASC

450-20

and allocated accordingly. Accrual of financing lease income is suspended on accounts that are impaired, accounts in bankruptcy and accounts in repossession. Payments received on

non-accrual

finance lease receivables are first applied to any fees due, then to any interest due and, finally, any remaining amounts received are recorded to principal. Interest accrual resumes once an account has received payments bringing the impaired status to current.

Contract Assets

and Account Receivables

Contract assets represent the Company’s right to consideration in exchange for loan facilitation business and transaction services business that the Company has transferred to the customer before payment is due. Account receivables represent the considerations for which the Company has satisfied its performance obligations and has

the unconditional right to consideration. The Company assesses contract assets and account receivables for impairment in accordance with ASC 310.

Contract assets as of December 31, 2018 and 2019 w

ere

RMB

919,033,354

and RMB 3,015,511,191 (US$ 433,151,080

)

respectively. Account receivables w

ere

RMB 80,877,066 and RMB 190,296,539 (US$ 27,334,388

)

as of December 31, 2018 and 2019 respectively, which is repayments the borrowers made directly to the Funding Partners and remitted to the Company on a periodic basis. The remaining unsatisfied performance obligations as of December 31, 2019, pertaining to post-origination services amounted to

RMB

180,436,296

(US$

25,918,052

The remaining unsatisfied performance obligations will be recognized

in three years

Long-term investments

Long-term investments are investments in privately held companies at fair value under ASU 2016-01. The changes in the fair value of long-term investments are recognized in net income. As of December 31, 2019, no material adjustments were made to the carrying amount because of observable price changes and impairment charges.

Inventories

Inventories are stated at the lower of cost and net realizable value using specific identification method.

Borrowings

The Company facilitates credit to borrowers and then transfers certain loan principals to certain Funding Partners. The loan principals are not derecognized when they are transferred to the Funding Partners as the loan principals are not legally isolated in accordance with ASC 860. As a result, the loan principal remains on the Company’s consolidated balance sheet and the funds received from the Funding Partners are recorded as borrowings. Borrowings are initially recognized at fair value which is the cash received from Funding Partners and measured subsequently at amortized cost using the effective interest method.

The borrowings from banks and the Company’s consolidated trusts’ payables to the third party beneficiary are initially recognized equaling to the cash received from the beneficiary and measured subsequently at amortized cost using the effective interest method.

Guarantee liabilities

As part of the Company’s cooperation with various Funding Partners, the Company provides guarantee on the principal and accrued interest repayment of the defaulted loans to the Funding Partners, even if the loans are subsequently sold by the Funding Partners.

The financial guarantee is accounted for as a credit derivative under ASC 815 because the scope exemption in ASC

815-10-15-58(c)

is not met. The guarantee liabilities are remeasured at each reporting period. The change in fair value of the guarantee liabilities is recorded as changes in guarantee liabilities in the consolidated statements of comprehensive income. When the Company settles the guarantee liabilities through performance of the guarantee by making requisite payments on the respective defaulted loans, the Company records a corresponding deduction to the guarantee liabilities. Subsequent collection from the borrower through the Funding Partners will be recognized as a reversal of the deduction to guarantee liabilities.

Risk assurance liabilities

In April 2019, the Company and various Funding Partners entered into contracts to provide risk assurance on the principal and accrued interest repayment of loans facilitated through the platform the Company operates. The risk assurance liability is exempted from being accounted for as a derivative in accordance with ASC 815-10-15-58.

The risk assurance liability consists of two components. The Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (the non-contingent aspect) is accounted for in accordance with ASC 460. The contingent obligation relating to the contingent loss arising from the arrangement is accounted for in accordance with ASC 450,

Contingencies

. At inception, the Company recognizes the risk assurance liability at fair value, which considers the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction.

Subsequent to initial recognition, the non-contingent aspect of the risk assurance liability is reduced over the term of the arrangement as the Company is released from the stand ready obligation based on the borrower’s repayment of the loan principal. The contingent loss arising from the obligation to make future payments is recognized when borrower default is probable, and the amount of loss is estimable. The contingent loss is calculated based on the expected future payouts, adjusted for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations.

Treasury shares

The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method with the residual value based on the estimated useful lives of the class of asset, which range as follows:


Category	Estimated Useful Life	Estimated Residual
Office and electronic equipment	3-5 years		Nil%-5%
Motor vehicles	4 years		5%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term		Nil%

Costs associated with the repair and maintenance of property and equipment are expensed as incurred. Construction in progress represents building construction costs, which is stated at cost and is not depreciated.

Land use rights

All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842, Leases (ASC 842). The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease right-of-use (“ROU”) asset on the consolidated balance sheet. The ROU asset is amortized over the remaining lease term – 38 years.

Before January 1, 2019, land use rights represent lease prepayments to the local government authorities. Land use rights are carried at cost less accumulated amortization and any impairment loss. Amortization is calculated on a straight-line basis over the term of the related land use right contracts.

Intangible assets

Intangible assets represent purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets, most of which varies from

1-10 years.

Research and development

Research and development expenses are primarily incurred in the development of new services, new features and general improvement of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional

functionality in the Company’s services. No research and development costs were capitalized for all years presented as the Company has not met all of the necessary capitalization requirements.

Impairment of long-lived assets and intangible assets with definite lives

Long-lived assets including intangible assets with definite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360

Property, Plant and Equipment

. The Company measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value.

impairment loss was recognized for the years ended December 31, 2017, 2018 and 2019, respectively.

Employee defined contribution plan

Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred, was RMB 35,004,467, RMB 71,413,352 and RMB 42,724,802 (US$ 6,137,034) for the years ended December 31, 2017, 2018 and 2019, respectively.

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC

720-35,

Other Expense-Advertising costs

. Advertising costs were RMB 43,470,301, RMB 9,994,935 and RMB 85,928,890 (US$ 12,342,913) for the years ended December 31, 2017, 2018 and 2019, respectively. Advertising costs are included in sales and marketing expenses in the consolidated statements of comprehensive income.

Government grants

Government grants include cash subsidies received by the Company’s entities in the PRC from local governments as incentives for investing in certain local districts and contributions to technology development and are typically granted based on the amount of investment made by the Company in the form of registered capital or taxable income generated by the Company in these local districts. Such grants allow the Company full discretion in utilizing the funds and are used by the Company for general corporate purposes. The local governments have sole discretion as to whether the Company met all of the criteria to be entitled to the subsidies.

Government grants are recognized when the entity will comply with the conditions attached to the grant received and there is reasonable assurance that the grant will be received or already received.

Value added taxes

Beijing Happy Fenqi Technology Development Co., Ltd., Hunan Happy Time Technology Development Co., Ltd., Hunan Qudian Technology Development Co., Ltd., Xiamen Youdun Technology Co., Ltd., Xiamen Youqi Technology Co., Ltd. and Xiamen Youxiang Time Technology Service Co., Ltd. are small-scale VAT taxpayers with an applicable VAT rate

of 3%.

The other subsidiaries of the VIEs are all general VAT taxpayers (applicable tax

rate:

13% or

%).

On April 4, 2018, the Ministry of Finance and the State Administration of Taxation issued the Notice on Adjustment of VAT Rates, which came into effect on May 1, 2018. According to the abovementioned notice, for general VAT payers’ sales activities previously subject to VAT rates of 17%, the applicable VAT rate was adjusted to 16% starting from May 1, 2018.

On March 20, 2019, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs issued the Announcement on Policies for Deepening the VAT Reform, or Announcement 39, which came into effect on April 2019, to further slash VAT rates. According to Announcement 39, for general VAT payers’ sales activities previously subject to VAT at an existing applicable rate of 16%, the applicable VAT rate was adjusted to 13%.

VAT is reported as a deduction to revenue when incurred and amounted to RMB

280,586,358

, RMB

810,200,790

and RMB

792,753,015

(US$

113,871,846

) for the years ended December

2017

2018

and

2019

, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Output VAT receivable net of input VAT payable is recorded in accrued expenses and other current liabilities on the consolidated balance

sheets.

Income taxes

The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is

more-likely-than-not

that a portion of or all of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The components of the deferred tax assets and liabilities are classified as

non-current.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a

two-step

process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed

more-likely-than-not

to be sustained, the tax position is then assessed to determine the

amount of benefits to recognize in the consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that more-likely-than not to be realized upon ultimate settlement. The Company’s estimated liability for unrecognized tax benefits which is included in the income tax payable in the consolidated balance sheets is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive income. The Company did not recognize any income tax due to uncertain tax position nor incurred any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2017, 2018 and 2019.

Segment information

In accordance with ASC 280

Segment Reporting

(“ASC 280”), the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company had two reportable segments in 2018, consisting of installment credit services and automobile leasing services. In 2019, the Company changed its operating segments and combined installment credit services segment and automobile leasing services segment into a single reportable segment as it winds down its automobile leasing business. The Company also began offering transaction services in 2019, which is regularly reviewed by the CODM. As the Company generates substantially all of its revenues in the PRC, no geographical segments are presented.

Fair value measurements of financial instruments

Financial instruments include cash and cash equivalents, restricted cash, time deposits, loan principal and financing service fee receivables, finance lease receivables, amounts due from related parties, long-term investments, guarantee deposits, borrowings, convertible senior notes, guarantee liabilities and risk assurance liabilities. The carrying amount of the aforementioned financial instruments included in current assets and liabilities approximate their respective fair value because of their short maturities. The carrying amount of the long-term loan principal and financing service fee receivables, long-term finance lease receivables, and long-term borrowings, approximate their fair values due to the fact that the related interest rates approximate rates currently offered by Funding Partners for similar debt instruments of comparable maturities.

Fair value of guarantee liabilities

The fair value of the guarantee liabilities was estimated using a discounted cash flow model based on expected payouts from the arrangement with the Funding Partners. The Company estimates its expected future payouts based on estimates of expected delinquency rate and a discount rate for time value.

Fair value

measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurement or assumptions that market participants would use when pricing the asset or liability.

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•

Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

•

Level 2-Include observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data

•

Level 3-Unobservable inputs which are supported by little or no market activity

Earnings per share

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period and year presented.

Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares.

Ordinary equivalent shares include ordinary shares issuable upon the conversion of convertible senior notes using the if-converted method and ordinary shares issuable upon the exercise of share options, using the treasury stock method.

Share-based payments

Share-based payment transactions with employees and independent directors, such as share options are measured based on the grant date fair value of the equity instrument. The Company recognizes the compensation costs net of estimated forfeitures using the

accelerated recognition

method, over the applicable vesting period for each separately vesting portion of the award. The estimate of forfeitures is adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures is recognized through a cumulative

catch-up

adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods.

A change in any of the terms or conditions of share options is accounted for as a modification of share options. The Company calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

Prior to January 1, 2019, the Company accounts for share options issued to

non-employees

in accordance with the provisions of ASC

505-50,

Equity: Equity-based Payments to Non-Employees

. The Company uses the Black-Scholes-Merton option pricing model method to measure the value of options granted to

non-employees

at each vesting date to determine the appropriate charge to share-based compensation. Subsequent to January 1, 2019, ASC 718 requires share-based compensation to be presented in the same manner as cash compensation rather than as a separate line item. The cumulative effect of this accounting change is immaterial.

Convenience translation for financial statements presentation

Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB 6.9618 per US$1.00 on December 31, 2019, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted into US$ at such rate.

Investment in equity method investee

The Company uses the equity method to account for an equity investment over which it has significant influence but does not own a majority equity interest or otherwise control, generally accompanying a shareholding of between 20% and 50% of the voting rights. The cost of the investment over the proportional fair value of the assets and liabilities of the investee is reflected in the Company’s memo accounts as “equity method goodwill”. The equity method goodwill is not subsequently amortized and is not tested for impairment under ASC 350. Equity method investments shall continue to be reviewed for impairment in accordance with paragraph ASC 323-10-35-32. The share of earnings or losses of the investee are recognized in the consolidated statements of comprehensive income. Equity method adjustments include the company’s proportionate share of investee income or loss and other adjustments required by the equity method.

The Company assesses its equity investment for other-than-temporary impairment by considering factors as well as relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the investees including current earning trends, the general market conditions in the investee’s industry or geographic area, factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and cash burn rate and other company-specific information.

Significant risks and uncertainties

Currency convertibility risk

Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized Funding Partners at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts.

Concentration of credit risk

Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, time deposits, guarantee deposits, short-term investment, loan principal and financing service fee receivables, finance lease receivables and other receivables.

The Company places its cash and cash equivalents and short-term investments, with reputable Funding Partners that have high-credit ratings and quality. There has been no recent history of default in relation to these Funding Partners.

The Company manages credit risk of loan principal and financing service fee receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

borrower represented 10% or more of total revenues and loan receivable and financing service fee receivable for the years ended December 31, 2017, 2018 and 2019.

Borrower default risk

Financial assets that potentially expose the Company to borrower default risk consist primarily of loan principal and financing service fee receivables, finance lease receivables, and contract assets.

Besides, the Company enters into guarantee arrangements with Funding Partners to facilitate borrowing transactions, under which the Company provides the Funding Partners protection against the borrower default risk on a set of loans invested by them. The Company will have to perform the guarantee obligation if a default event as defined under the contract occurs. The contractual or notional amounts of these liabilities represent the maximum potential amounts of future payments without consideration of possible recoveries under recourse provisions.

The Company manages borrower default risk on their payment for loan principal and financing service fee receivables, and finance lease receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

The Company manages borrower default risk of guarantee liabilities and risk assurance liabilities through self-developed risk management model. The rating scale of risk management model takes into account factors such as identity characteristics, credit history, payment overdue history, payment capacity, behavioral characteristics and online social network activity.

Interest rate risk

The Company is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Company reviews and takes appropriate steps to manage its interest rate exposures on its interest-bearing assets and liabilities. The Company has not been exposed to material risks due to changes in market interest rates, and not used any derivative financial instruments to manage the interest risk exposure during the years presented.

Business and economic risk

The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Company’s ability to attract employees necessary to support its growth. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC.

Recently Adopted Accounting Pronouncements

Leases

In February 2016, the FASB issued ASU No.

2016-02,

Leases (ASC 842), as amended which requires lessees to recognize leases

on-balance

sheet and disclose key information about leasing arrangements. ASC 842 requires most leases to be recognize a ROU asset and lease liability on the balance. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new guidance on January 1, 2019 using the modified retrospective transition method by applying the new standard to all leases existing at the date of initial application and not restating comparative periods.

The Company elected the package of practical expedients for lessors and lessees as permitted under the transition guidance within the new standard. Accordingly, the Company has adopted these practical expedients and did not reassess:

(i) whether any expired or existing contracts are or contains leases; (ii) lease classification for any expired or existing leases; (iii) initial direct costs for any existing leases. As a lessee, the Company also elected the practical expedient to account for

non-lease

components associated with leases and lease components as a single lease component.

The cumulative effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2019 for the adoption of ASC 842 is as follows:


	Balance as of December 31, 2018		Adjustments due to the adoption of ASC 842			Balance as of January 1, 2019
	RMB		RMB			RMB
Assets:
Other current assets		1,818,222,205		(1,133,930	)		1,817,088,275
Operating lease right-of-use assets		—		160,918,648			160,918,648
Land use right		106,545,362		(106,545,362	)		—
Liabilities:
Short-term lease liabilities		—		26,675,013			26,675,013
Long-term lease liabilities		—		26,564,343			26,564,343

The impact of adopting ASC 842 on the Company’s consolidated balance sheet as of December 31, 2019 is as follows:


	As reported		Balance without the adoption of ASC 842		Effect of change Higher/(lower)
	RMB		RMB		RMB
Assets:
Other current assets		1,638,904,061		1,640,307,403		(1,403,342	)
Operating lease right-of-use assets		148,851,099		—		148,851,099
Land use right		—		103,834,729		(103,834,729	)
Liabilities:
Short-term lease liabilities		21,918,649		—		21,918,649
Long-term lease liabilities		21,694,379		—		21,694,379

The impact of adopting ASC 842 on the Company’s statement of cash flows for the

year

ended December 31, 2019 is as follows:


	As reported			Amounts without the adoption of ASC 842			Effect of change Higher/(lower)
	RMB			RMB			RMB
Operating activities		5,503,389,324			5,241,320,097			262,069,227
Investing activities		(929,558,817	)		(667,489,590	)		(262,069,227	)
Financing activities		(3,372,335,137	)		(3,372,335,137	)		—
Effect of exchange rate changes		76,077,072			76,077,072			—
Net change in cash, cash equivalents, and restricted cash		1,277,572,442			1,277,572,442			—

Financial Instruments

In January 2016, the FASB issued ASU No.

2016-01,

Financial Instruments – Overall (Subtopic 825-10)

, which requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company adopted this standard update effective January 1, 2018, using the prospective method. The standard update did not have a material impact on the Company’s statement of financial position.

Stock Compensation

In June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation-Stock Compensation (Topic 718):

Improvements to Nonemployee Share-Based Payment Accounting

. The new standard largely aligns the accounting for share-based payment awards issued to employees and nonemployees by expanding the scope of ASC 718 to apply to nonemployee share-based transactions, as long as the transaction is not effectively a form of financing. The Company adopted this standard update effective January 1, 2019. The standard update did not have a material impact on the Company’s statement of financial position.

Recent Accounting Pronouncements: Issued but not effective

In June 2016, the FASB issued ASU No.

2016-13,

Financial Instruments – Credit Losses

(ASC 326):

Measurement of Credit Losses on Financial Instruments

. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Company’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption is permitted. In addition, the FASB issued ASU No. 2018-19, ASU No. 2019-04 and ASU No. 2019-05, as the amendments related to ASU 2016-13. These updates will be effective upon adoption of ASU No. 2016-13. The Company is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements. The most significant impact of the standard relates to the accounting for allowance of loan principal and financing service fee receivables and risk assurance liabilities. The Company expect to measure the credit losses based on management’s best estimate using macroeconomic forecast assumptions applicable through the lifetime of the related assets. The Company will adopt the new standard effective December 15, 2019, using the modified retrospective transition method. Upon adoption of the standard on January 1, 2020, the Company recorded a RMB 47 million (US$ 7 million) increase to the allowance for receivables and a RMB 1,093 million

(US$ 157 million) increase to risk assurance liabilities. After adjusting for deferred taxes, a RMB 975 million (US$ 140 million) decrease was recorded in retained earnings through a cumulative-effect adjustment.

In January 2017, the FASB issued ASU No.

2017-04,

Simplifying the Test for Goodwill Impairment

, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, as opposed to determining an implied fair value in Step two to measure the impairment loss. The guidance is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates on or after January 1, 2017. The guidance should be applied on a prospective basis. The Company does not believe this standard will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU

2018-13,

Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

, which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-01,

Financial services – Depository and lending (ASC 942)

, which provides incremental industry-specific accounting and reporting guidance for depository and lending financial institutions and applies to finance companies. With the issuance of ASU 2019-01, the FASB clarified that lessors in the scope of ASC 942 must classify principal payments received under sales-type and direct financing leases in investing activities in the statement of cash flows. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The guidance should be applied on a prospective basis. The Company does not believe this standard will have a material impact on its consolidated financial statements.

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 31, 2019
Text Block [Abstract]
Restricted Cash	3. Restricted cash Restricted cash are cash and cash equivalents that are not readily available for normal disbursement and mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; and (ii) security deposits held in designated bank accounts for the provision of guarantee. Such restricted cash is not available to fund the general liquidity needs of the Company.

Loan Principal and Financing Service Fee Receivables

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loan Principal and Financing Service Fee Receivables

Loan principal and financing service fee receivables

4.1 Loan principal and financing service fee receivables consists of the following:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables		8,987,655,812			9,423,515,633			1,353,603,326
Less: allowance for loan principal and financing service fee receivables		(569,834,399	)		(1,528,818,175	)		(219,600,990	)

Short-term loan principal and financing service fee receivables, net		8,417,821,413			7,894,697,458			1,134,002,336

Long-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables		681,153,632			458,311			65,832
Less: allowance for loan principal and financing service fee receivables		(15,500,802	)		(34,726	)		(4,988	)

Long-term loan principal and financing service fee receivables, net		665,652,830			423,585			60,844

As of December 31, 2018 and 2019, loans amounting to RMB 1,511,540,000 and RMB 10,827,000 (US$ 1,555,201

respectively, were transferred to certain Funding Partners, but were not derecognized upon transfer, as the loan principal and financing service fee receivables are not legally isolated in accordance with ASC 860,

Transfers and Servicing

4.2 The following table presents nonaccrual loan principal as of December 31, 2018 and 2019, respectively.


	As of December 31,
	2018			2019
	RMB			RMB			US$
Nonaccrual loan principal		298,090,833			629,975,114			90,490,263
Less: allowance for nonaccrual loan principal		(249,337,315	)		(542,342,960	)		(77,902,692	)

Nonaccrual loan principal, net		48,753,518			87,632,154			12,587,571

.3 The following table presents the aging of past-due loan principal and financing service fee receivables as of December 31, 2018:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domestic consumer loans (uncollateralized)
– Loan principal		153,188,330		108,534,529		104,483,171		103,666,846		99,037,153		95,386,834		664,296,863		8,882,336,723		9,546,633,586
– Financing service fee receivables		4,328,154		5,544,754		7,107,525		—		—		—		16,980,433		105,195,425		122,175,858

		157,516,484		114,079,283		111,590,696		103,666,846		99,037,153		95,386,834		681,277,296		8,987,532,148		9,668,809,444

The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2019:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$
Domestic consumer loans (uncollateralized)
– Loan principal		314,329,532		212,627,071		185,994,374		187,743,328		224,256,822		217,974,964		1,342,926,091		7,927,745,442		9,270,671,533		1,331,648,644
– Financing service fee receivables		6,233,044		8,117,518		10,668,868		—		—		—		25,019,430		128,282,981		153,302,411		22,020,514

		320,562,576		220,744,589		196,663,242		187,743,328		224,256,822		217,974,964		1,367,945,521		8,056,028,423		9,423,973,944		1,353,669,158

As of December 31, 2018 and 2019, all loans which are past due 90 days or more are nonaccrual.

.4 Movement of allowance for loan principal and financing service fee receivables is as follows:


	As of December 31,
	2018								2019
	Loan principal			Financing service fee receivables		Total			Loan principal			Financing service fee receivables		Total
	RMB			RMB		RMB			RMB			RMB		RMB			US$
Balance at the beginning of the year		506,296,690			12,957,316		519,254,006			568,224,324			17,110,877		585,335,201			84,078,141
Additions/ ( r everse )		1,139,260,526			4,153,561		1,143,414,087			2,149,665,886			9,570,033		2,159,235,919			310,154,833
Charge-offs		(1,077,332,892	)		—		(1,077,332,892	)		(1,215,718,219	)		—		(1,215,718,219	)		(174,626,996	)

Balance at the end of the year		568,224,324			17,110,877		585,335,201			1,502,171,991			26,680,910		1,528,852,901			219,605,978

Evaluated for impairment on a portfolio basis		568,224,324			17,110,877		585,335,201			1,502,171,991			26,680,910		1,528,852,901			219,605,978

Finance Lease Receivables

12 Months Ended

Dec. 31, 2019

Finance Lease Receivables

. Finance lease receivables

.1 Finance lease receivables consists of the following:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Gross investment in finance lease receivables		1,381,250,930			749,932,364			107,721,044
Less: unearned income		(194,596,102	)		(72,046,860	)		(10,348,884	)

Net investment in finance lease receivables		1,186,654,828			677,885,504			97,372,160
Less: allowance for finance lease receivables		(28,765,413	)		(39,933,036	)		(5,736,021	)

Finance lease receivables, net		1,157,889,415			637,952,468			91,636,139

.2 The following table presents nonaccrual finance lease receivables as of December 31, 2018 and 2019, respectively.


	As of December 31,
	2018			2019
	RMB			RMB			US$
Nonaccrual finance lease receivables		15,486,171			8,370,040			1,202,281
Less: allowance for nonaccrual financial lease receivables		(2,399,986	)		(1,622,695	)		(233,086	)

Nonaccrual finance lease receivables, net		13,086,185			6,747,345			969,195

5.3 The following table presents the aging of past-due finance lease receivables as of December 31, 2018:

1-30

days

31-60

days

61-90

days

90-1

20 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

Finance lease receivables

28,615,122

16,647,141

11,380,743

6,484,050

6,107,653

2,894,468

72,129,177

1,114,525,651

1,186,654,828

The following table presents the aging of past-due finance lease receivables as of December 31, 2019:

1-30

days

31-60

days

61-90

days

90-

120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

US$

Finance lease receivables

33,811,033

13,502,906

8,766,976

4,325,421

2,306,750

1,737,869

64,450,955

613,434,549

677,885,504

97,372,160

As of December 31, 2018 and 2019, all finance lease receivables which are past due 90 days or more are nonaccrual.

5.4 The following table presents the future minimum lease payments to be received:

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

RMB

As of December 31, 2018

Finance lease receivables

550,315,459

496,391,986

284,434,371

50,109,114

—

1,381,250,930

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

RMB

As of December 31, 2019

Finance lease receivables

444,697,424

258,140,571

46,157,291

937,078

—

749,932,364

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

US$

As of December 31, 2019

Finance lease receivables

63,876,788

37,079,573

6,630,080

134,603

—

107,721,044

5.5

Movement of allowance for finance lease receivables for the year ended December 31, 2018 and 2019 are as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Balance at the beginning of the year		—			28,765,413			4,131,893
Additions/ ( reverse )		32,010,270			30,236,266			4,343,168
Charge-offs		(3,244,857	)		(19,068,643	)		(2,739,040	)

Balance at the end of the year		28,765,413			39,933,036			5,736,021

Evaluated for impairment on a portfolio basis		28,765,413			39,933,036			5,736,021

Other Current Assets

12 Months Ended

Dec. 31, 2018

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

6. Other current assets

Other current assets consist of the following:


		As of December 31,
		2018			2019
		RMB			RMB			US$
Prepaid expenses			68,691,524			33,079,966			4,751,640
Prepayments for vehicles			30,944,103			—			—
Inventory			128,014,636			8,915,574			1,280,642
Deposits in trust protection fund	6.1		50,276,500			72,264,547			10,380,153
Guarantee deposits held by Funding Partners			568,378,857			743,294,858			106,767,626
Receivables from third party payment service providers	6.2		821,217,132			466,035,906			66,941,869
Receivables from service providers			117,432,654			203,700,889			29,259,802
Other receivables from customers			—			75,463,305			10,839,626
Others			48,388,467			63,409,004			9,108,130

Total			1,833,343,873			1,666,164,049			239,329,488
Less: Allowance for other current assets			(15,121,668	)		(27,259,988	)		(3,915,652	)

			1,818,222,205			1,638,904,061			235,413,836

6.1 According to the relevant PRC regulations, the consolidated trusts are required to deposit 1% of the trusts’ capital to the trust protection fund, which will be released when the trusts are liquidated.

6.2 The Company has accounts with third-party payment service providers mainly to grant and collect loans. The balance of receivables from third-party payment service providers is unrestricted as to withdrawal and use and readily available to the Company on demand.

Lease

12 Months Ended

Dec. 31, 2019

Short-term and Long-term Borrowings

Lease

7. Lease

Sales-type lease

Sales-type lease income recognized consists of the following:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Financing income		32,645		83,127,614		89,872,562		12,909,386
Sales income		26,083,472		1,359,261,392		89,150,614		12,805,684

Operating lease arrangements

The Company leases certain office premises under non-cancelable leases, and an operating lease arrangement with the local government of Xiamen for land use right

Lease costs under operating leases for the years ended December 31, 2017, 2018 and 2019 were

RMB 15,931,076, RMB 66,600,515 and RMB 30,856,490 respectively.

Future minimum lease payments under non-cancelable operating leases agreements consist of the following as of December 31, 2019:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Year ending December 31,
1 year (Including 1 year)		29,504,842		23,907,380		3,434,080
1 year to 2 years (Including 2 years)		18,334,607		18,844,937		2,706,906
2 years to 3 years (Including 3 years)		13,269,047		4,388,769		630,408
Over 3 years		4,327,678		—		—

Total lease payment		65,436,174		47,141,086		6,771,394

Less: imputed interest				3,528,058		506,774

Present value of lease liabilities				43,613,028		6,264,620

The Company’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents as of December 31, 2017, 2018 and 2019.

Supplemental lease cash flow disclosures


	For the years ended December 31,
	2019
	RMB		US$
Operating cash flows used in operating leases		26,788,051		3,847,863
ROU assets obtained in exchange for new operating lease liabilities		22,606,871		3,247,274

Investment in Equity Method Investee	12 Months Ended
Investment in Equity Method Investee	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Equity Method Investee	8. Investment in equity method investee On October 17, 2016, the Company made a commitment to invest RMB 190 million in cash for 45.9% of the equity interest in Ganzhou QuCampus Technology Co., Ltd (“Ganzhou QuCampus”) which mainly operates computer services, advisory, and online merchandise services. As of December 31, 2019, the Company contributed RMB 70 million in Ganzhou QuCampus and held a 45.9% equity interest in Ganzhou QuCampus. As the Company has significant influence over Ganzhou QuCampus, Ganzhou QuCampus was accounted for as an equity method investment. The difference between the RMB 190 million and RMB 70 million is a commitment to make future contributions to Ganzhou QuCampus. The commitment generally would not be included in the initial measurement of equity method investment unless other authoritative guidance requires it. The cost of the investment over the proportional fair value of the assets and liabilities of the investee is reflected in the Company’s memo accounts as “equity method goodwill”. The equity method goodwill is not subsequently amortized and is not tested for impairment under ASC 350. Equity method investments is reviewed periodically for impairment in accordance with paragraph ASC 323-10-35-32. The Company’s share of loss in Ganzhou QuCampus for the years ended December 31 , 2017 , 2018 and 2019 was RMB 20,676,273 , RMB 11,319,279 and RMB 3,419,825 (US$ 491,227) , respectively, which was recognized in the consolidated statements of comprehensive income. The Company expects that Ganzhou QuCampus has the ability to recover the carrying amount of the investment and determined that the investment is not impaired as of December 31 , 2018 and 2019 .

Long-term Investments	12 Months Ended
Long-term Investments	Dec. 31, 2019
Disclosure Text Block [Abstract]
Long-term investments	9. Long-term investments In April 2019, the Company invested RMB 180 million for a 9% equity interest in Beijing Changba Technology Co., Ltd. In July 2019, the Company invested RMB 4,868,073 for an extra 0.2434% equity interest in Beijing Changba Technology Co., Ltd. The per share consideration was the same as the April 2019 transaction. The Company can neither control nor exercise significant influence over the investee. The equity investment does not have a readily determinable fair value and does not qualify for the practical expedient to estimate fair value using the net asset value per share. The Company elected to measure the investment at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In July 2019, the Company subscribed for 550 Series A Preferred Shares from Great Alliance Co-living Limited (“Great Alliance”) at an aggregate purchase price of US$5.5 million (RMB 38 million), which represented a 5.21% equity interest in the entity. The equity investment does not have a readily determinable fair value and does not qualify for the practical expedient to estimate fair value using the net asset value per share. The Company elected to measure the investment at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. There were no observable price changes for the long-term investments since the acquisition date.

Short-term and Long-term Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

10. Short-term and long-term borrowings

In the ordinary course of business, the Company transfers loan principals to certain Funding Partners. However, in accordance with ASC 860

Transfers and Servicing

the loan principals are not derecognized upon transfer as they are not legally isolated. Hence, the Company continues to report the transferred loan principal in the consolidated balance sheets and account for the proceeds from the transfer as a secured borrowing with pledge of collateral.

The following table presents short-term borrowings from the Funding Partners as of December 31, 2018 and 2019. Short-term borrowings include borrowings with terms shorter than one year, the current portion of the long-term borrowings and long-term borrowings with early repayment options that are exercisable by the Funding Partners on demand:


			As of December 31,
Funding Partners	Fixed annual rate (%)	Term*	2018		2019
			RMB		RMB		US$
Other institutions	8.5% - 11%	62 to 368 days		1,553,910,792		—		—
Trust beneficiaries	7% - 16%	12 to 24 months		2,250,801,743		842,977,069		121,086,080
Bank	3.92% - 12%	31 to 367 days		55,728,040		206,593,264		29,675,265

				3,860,440,575		1,049,570,333		150,761,345

*	Includes current portion of borrowings greater than 1 year.

The following table presents long-term borrowings from Funding Partners as of December 31, 2018 and 2019:


			As of December 31,
Funding Partners	Fixed annual rate (%)	Term	2018		2019
			RMB		RMB		US$
Trust beneficiaries	8% to 10%	13 to 36 months		413,400,000		—		—

				413,400,000		—		—

The weighted average interest rate for the outstanding borrowings was approximately 7.91% and 8.42% as of December 31, 2018 and 2019, respectively.

The following table sets forth the contractual obligations which has not included impact of discount of time value as of December 31, 2018. There were no long-term borrowings as of December 31, 2019:


	Payment due by period
	Less than 1 year		1 – 2 years		Greater than 2 years		Total
As of December 31, 2018 Long-term borrowings and interest payables (RMB)		36,560,000		159,548,333		289,673,333		485,781,666

In November 2019, the Company entered into a

revolving

credit

facility with

several

banks

The credit facility enables

the Company to borrow RMB1,200 million to be used

for

the construction

of the Company

’s

office buil

ding and innovation center

. The credit facility expires in

eight years and

guaranteed by

Xinjiang

Qudian

Technology Co., Ltd. and

Qufenqi

(

Ganzhou

) Information Technology Co., Ltd. and

collateralized

by the land-use-right

which has

a carrying amount of RMB

104

million (US$

million) as of December 31, 2019.

Drawdowns from the credit facility

will

incur

interest at a rate equal to the

Loan Prime Rate plus 0.295%

. The Company is required to comply with certain financial covenants, which has been met as of December 31, 2019. As of December 31, 2018, and 2019, the

Company has not drawn do

wn from the credit f

acility

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Accrued payroll		91,993,195		63,374,911		9,103,236
Tax payables		166,802,584		334,442,889		48,039,715
Payable to suppliers		57,353,842		27,252,968		3,914,644
Payable to external service providers		52,443,595		61,658,863		8,856,742
Payable to funding partner		66,198,839		74,271,550		10,668,441
Others		72,694,382		157,264,521		22,589,634

		507,486,437		718,265,702		103,172,412

Guarantee liabilities and risk assurance liabilities

12 Months Ended

Dec. 31, 2019

Guarantee Liabilities and Risk Assurance Liabilities [Abstract]

Guarantee liabilities and risk assurance liabilities

12. Guarantee liabilities and risk assurance liabilities

12.1 Guarantee liabilities

The movement of guarantee liabilities

are

as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Balance at beginning of the year		46,981,325			302,604,578			43,466,428
Fair value of guarantee liabilities upon the inception of new loans		526,265,099			444,177,836			63,802,154
Performed guarantee		(387,234,512	)		(1,423,270,618	)		(204,440,032	)
Change in fair value of guarantee liabilities		116,592,666			939,954,125			135,015,962

Balance at end of the year		302,604,578			263,465,921			37,844,512

As of December 31, 2018 and 2019, the maximum potential undiscounted future payment the Company would be required to make was RMB 10,703 million and RMB 2,223 million (US$ 319 million), respectively. The term of the guarantee is the same as the term of loans facilitated under the arrangements with the Funding Partners, which ranges from 1 month to 4 years, as of December 31, 2019.

12.2 Risk assurance liabilities

The movement of risk assurance liabilities during 2019 are as follows:


	As of December 31,
	2019
	RMB			US$
Balance at the beginning of the year		—			—
Fair value of risk assurance liabilities upon the inception of new loans		1,711,712,149			245,872,066
Payouts		(660,824,276	)		(94,921,468	)
Changes in risk assurance liabilities		203,473,526			29,227,143

Balance at end of the year		1,254,361,399			180,177,741

As of December 31,

2018 and

2019, maximum potential undiscounted future payment that the Company would be required to make was

RMB nil and RMB 11,916

million

(

US$1,712 million

)

respectively. The term of the risk assurance liability is the same as the term of loans facilitated under the arrangements with the Funding Partners, which ranges from

1 month to 18 months, as of December 31, 2019.

Convertible senior notes	12 Months Ended
Convertible senior notes	Dec. 31, 2019
Debt Instruments [Abstract]
Convertible Debt [Text Block]	13. Convertible senior notes On July 1, 2019, the Company issued US$300 million convertible senior notes (the “Notes”) to several initial purchasers and an additional US$45 million principal amount of the Notes pursuant to the initial purchaser’s option to purchase additional Notes. The Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 1.00% per annum on July 1 and January 1 of each year, beginning on January 1, 2020. The Notes will mature on July 1, 2026 unless earlier repurchased, converted, or redeemed prior to such date. The initial conversion rate of the Notes is 106.2756 of the Company’s ADS per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$9.41 per ADS) and will be subject to adjustment in certain events but will not be adjusted for accrued and unpaid interest, if any. The conversion rate will be subject to adjustment in certain events but will not be adjusted for accrued and unpaid interest, if any. In addition, following a make-whole fundamental change that occur prior to the maturity date or following the Company’s delivery of a notice of tax redemption, the Company will, under certain circumstances, increase the conversion rate for the Notes so surrendered for conversion by a number of additional ADSs. Upon conversion, the Company will be physically settled by delivering to the converting holder a number of ADSs equal to the conversion rate in effect immediately prior to the close of business on the relevant conversion date and pay cash in lieu of any fractional ADS deliverable upon conversion based on the last reported sale price of the ADSs on the relevant conversion date. The holders may require the Company to repurchase for cash all or any portion of their Notes on July 1, 2022 (the “Repurchase Date”) at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the Repurchase Date. The net proceeds from the issuance of the Notes were US$334 million (equivalent to RMB 2,290 million at the exchange rates in July 1, 2019), after deducting underwriting discounts and offering expenses of US$11 million (equivalent to RMB 73 million at the exchange rates in July 1, 2019) from the initial proceeds of US$345 million. The underwriting discounts and offering expenses are amortized at an effective interest rate of 2.07% to accrete the discounted carrying value of the Notes to its face value on July 1, 2022, the repurchase date of the Notes. As of December 31, 2019, the liability was RMB 2,402 million (US$345 million), unamortized debt discount and offering expenses was RMB 62 million (US$9 million), and net carrying amount of the liability was RMB 2,340 million (US$336 million). The liability will be accreted over a remaining period of 2.5 years. In connection with the issuance of the Notes, the Company purchased the capped call options on the Company’s ADS with certain counterparties by using US$28 million from the net proceeds of the Notes Offering to pay the cost of such transactions. A capped call is a call option purchased by the Company with a strike price equal to the conversion price but the settlement price is capped at an amount equal to what would be the strike price of the separate high strike call option. The purpose of the capped call was to effectively raise the conversion price on the Notes from US$9.4095 (strike price) to US$12.9150 (cap price) per ADS, and mitigate the potential future dilution upon conversion of the Notes. The cost of the capped call of US$28 million (equivalent to RMB 193 million) was recorded as a reduction of the Company’s additional paid-in capital on the consolidated statements of shareholders’ equity with no subsequent changes in fair value to be recorded.

Cost of Other Revenues

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Cost of Other Revenues

14. Cost of other revenues

Cost of other revenues consists of the following:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Interest expenses of borrowings		686,889,761		547,368,755		288,241,857		41,403,352
Other lending related costs		170,060,910		184,417,017		247,530,755		35,555,568

		856,950,671		731,785,772		535,772,612		76,958,920

Interest and Investment Income, Net

12 Months Ended

Dec. 31, 2019

Other Income And Expenses [Abstract]

Interest and Investment Income, Net

15. Interest and investment income, net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Share of loss from equity method investment		(20,676,273	)		(11,319,279	)		(3,419,825	)		(491,227	)
Investment income of short-term investments		3,526,506			11,282,694			4,108,597			590,163
Interest income		21,360,670			35,776,919			44,117,299			6,337,053
Interest expense of convertible senior notes		—			—			(23,934,289	)		(3,437,946	)

		4,210,903			35,740,334			20,871,782			2,998,043

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

16. Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company and Qu Plus Plus are not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Under the current laws of the BVI, Qudian BVI and Qu Plus Plus BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Qudian HK, Qufenqi HK and Qu Plus Plus HK are incorporated

Hong Kong and are subject to Hong Kong profits tax of

16.5

% on their activities conducted in Hong Kong.

PRC

The VIEs and their subsidiaries domiciled in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the ‘‘EIT Law’’), which was effective since January 1, 2008 except for the following entities eligible for preferential tax rates.

As stipulated by the Taxation Law of PRC, the subsidiaries in Ganzhou are qualified enterprises engaged in industry under the Western Development Strategy and are therefore entitled to preferential tax rate

of 15%.

Xinjiang Qudian Technology Co., Ltd. is a qualified enterprise engaged in industry as a company established in the special economic development zone and is therefore entitled to an exemption from income tax from January 1, 2017 to December 31, 2020.

Qufenqi (Beijing) Information Technology Co., Ltd. is qualified as High and New Technology Enterprise and is subject to the preferential statutory tax rate of 15% for three years from 2018 to 2020. Xiamen Qudian Technology Co., Ltd. is qualified as High and New Technology Enterprise and is subject to a preferential statutory tax rate of 15%

for th

ree years

from 2019 to 2021

Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to

non-PRC

resident enterprises, and proceeds from any such

non-resident

enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective

non-PRC

resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

The EIT Law of the PRC includes a provision specifying that legal entities organized outside PRC will be considered residents for Chinese income tax purposes if their place of effective management or control is within PRC. If legal entities organized outside PRC were considered residents for Chinese income tax purpose, they would become subject to the EIT Law on their worldwide income. This would cause any income from legal entities organized outside PRC earned to be subject to PRC’s 25% EIT. The Implementation Rules to the EIT Law provides that

non-resident

legal entities will be considered as PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, and properties, etc. reside within PRC.

Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside PRC should be characterized as PRC residents for EIT Law purposes.

The current and deferred component of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB		US$
Current income tax expenses		353,218,915			285,682,721			494,121,097		70,976,055
Deferred income tax expenses		(97,672,912	)		(127,952,203	)		132,112,749		18,976,809

Total income tax expenses		255,546,003			157,730,518			626,233,846		89,952,864

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables		307,612,727			451,009,681			64,783,487
Allowance for finance lease receivable		8,002,568			15,561,634			2,235,289
Allowance for other current assets		3,124,847			8,417,241			1,209,061
Guarantee liabilities		30,238,834			211,029,776			30,312,531
Risk assurance liabilities		—			188,154,210			27,026,661
Share-based compensation		13,849,997			27,686,642			3,976,937
Investment loss under equity method		9,200,184			10,055,140			1,444,330
Deferred revenue		5,091,787			—			—
Net operating loss carry forwards		96,242,160			69,462,422			9,977,653
Less: valuation allowance		(229,950,290	)		(385,481,892	)		(55,371,009	)

Total non-current deferred tax assets net of valuation allowance		243,412,814			595,894,854			85,594,940

Net non-current deferred tax assets		243,412,814			290,284,829			41,696,807

Non-current deferred tax liabilities
Contract assets		—			(411,735,303	)		(59,142,076	)
Uncollected revenue		—			(72,859,486	)		(10,465,610	)
Total non-current deferred tax liabilities		—			(484,594,789	)		(69,607,686	)
Net non-current deferred tax liabilities		—			(178,984,764	)		(25,709,553	)

The Company operates through its subsidiaries,

VIEs and subsidiaries of the VIEs and valuation allowance is considered on an individual entity basis. The Company recorded valuation allowance against deferred tax assets of those entities that were in a three-year cumulative financial loss and are not forecasting profits in the near future as of December 31, 2018 and 2019. In making such determination, the Company also evaluated a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

As of December 31, 2018 and 2019, the Company had deferred tax assets related to net operating loss carry forwards of RMB 96,242,160 and RMB 69,462,422 (US$ 9,977,653

respectively, from its subsidiaries, VIEs and subsidiaries of the VIEs registered in the PRC, which can be carried forward to offset taxable income. The net operating losses will expire

from

years 2021 to 2025 if not utilized.

Reconciliation between the income taxes expense computed by applying the PRC tax rate to profit before income taxes and the actual provision for income taxes is as follows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Profit before income tax		2,420,004,823			2,649,046,731			3,890,521,771			558,838,486
PRC statutory income tax rate		25	%		25	%		25	%		25	%
Income tax at statutory tax rate		605,001,206			662,261,683			972,630,443			139,709,622
Effect of different tax rates		(367,422,131	)		(574,131,524	)		(552,951,519	)		(79,426,516	)
Exempt income		(2,064,183	)		(2,720,020	)		(1,625,772	)		(233,528	)
Expenses not deductible for tax purposes		4,298,559			27,662,307			4,446,637			638,719
Adjustment on current income tax of the previous periods		—			(16,309,757	)		2,453,713			352,454
Financial subsidy		(32,929,930	)		(31,810,061	)		—			—
Deferred only adjustment		—			—			72,206,605			10,371,830
Research and development super-deduction		—			—			(14,587,649	)		(2,095,385	)
Tax rate change		—			5,200,618			(11,870,214	)		(1,705,049	)
Changes in valuation allowance		48,662,482			87,577,272			155,531,602			22,340,717

Income tax expenses		255,546,003			157,730,518			626,233,846			89,952,864

As of December 31, 2019, the Company intends to permanently reinvest the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2019, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs is RMB 9,596 million (US$ 1,378 million). The amount of unrecognized deferred tax liabilities for temporary differences related to investments in foreign subsidiaries is not determined because such a determination is not practicable.

Unrecognized Tax Benefit

As of December 31, 2018 and 2019, the Company had nil unrecognized tax benefit. A roll-forward of unrecognized tax benefits is as follows:


	For the years ended December 31,
	2018			2019
	RMB			RMB			US$
Balance at beginning of the year		—			—			—
Additions		74,169,005			54,637,111			7,848,130
Decreases		(74,169,005	)		(54,637,111	)		(7,848,130	)

Balance at end of the year		—			—			—

In general, the PRC tax authority has up to

five years

to conduct examinations of the Company’s tax filings. Accordingly, as of December 31, 2019, the tax years ended December 31, 201

through period ended as of the reporting date for the Company’s PRC subsidiaries remain open to examination by the PRC tax authorities.

Earnings per share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

. Earnings per share

The following table sets forth the computation of basic earnings per share for the years ended December 31, 2017, 2018 and 2019:


	For the years ended December 31,
	2017				2018				2019
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation		1,077,159,077		1,087,299,743		1,994,976,030		496,340,183		2,520,194,155		362,003,240		744,093,770		106,882,382
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Denominator used for basic earnings per share		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Earnings per share – basic		17.13		17.13		7.82		7.82		11.72		1.68		11.72		1.68

The following table sets forth the computation of diluted earnings per share for the years ended December 31, 2017, 2018 and 2019:


	For the years ended December 31,
	2017				2018				2019
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes		—		—		—		—		18,876,619		2,711,457		5,057,670		726,489
Allocation of net income attributable to Qudian Inc. for diluted computation		1,714,215,136		450,243,684		2,000,018,251		491,297,962		2,574,495,457		369,803,134		689,792,468		99,082,488
Reallocation of net income attributable to Qudian Inc. as a result of conversion of Class B to Class A shares		450,243,684		—		491,297,962		—		694,850,138		99,808,977		—		—

Allocation of net income attributable to Qudian Inc		2,164,458,820		450,243,684		2,491,316,213		491,297,962		3,288,222,214		472,323,568		694,850,138		99,808,977
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding– basic		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Dilutive effect of preferred shares		177.36		—		—		—		—		—		—		—
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		1.47		—		3.28		—		3.45		3.45		—		—
Conversion of the Convertible Senior Notes to Class A ordinary share		—		—		—		—		18.48		18.48		—		—

Denominator used for diluted earnings per share		305.22		63.49		321.96		63.49		300.46		300.46		63.49		63.49
Earnings per share – diluted		7.09		7.09		7.74		7.74		10.94		1.57		10.94		1.57

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2018 and 2019:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
	Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		41.44		113.82		184.70		184.70
Denominator used for earnings per ADS – diluted		41.44		114.99		199.24		199.24
Earnings per ADS – basic		17.13		7.82		11.72		1.68

Earnings per ADS – diluted		7.09		7.74		10.94		1.57

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

. Fair value measurements

Assets and liabilities disclosed at fair value

The Company measures its cash and cash equivalents, restricted cash,

time deposits,

loan principal and financing service fee receivables, finance lease receivables, convertible senior notes and borrowings at amortized cost. The carrying value of loan principal and financing service fee receivables approximate their fair value due to their short-term nature and are considered a level 3 measurement. The fair value was estimated by discounting the scheduled cash flows through to estimated maturity using estimated discount rates based on current offering rates of comparable institutions with similar services. The carrying value of the Company’s debt obligations approximate fair value as the borrowing rates are similar to the market rates that are currently available to the Company for financing obligations with similar terms and credit risks and represent a level 2 measurement. The guarantee liabilities are presented as a level 3 measurement, with fair value estimated by discounting expected future payouts, net charge off rates, expected collection rates and a discount rate for time value.

Assets measured at fair value on a nonrecurring basis

The Company measured its property and equipment, intangible assets and equity method investment at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. For equity investments without readily determinable fair values for which the Company elected to use the measurement alternative, the equity investment is measured at fair value on a nonrecurring basis when there is an orderly transaction for identical or similar investments of the same issuer. There were no observable price changes for equity investments since the acquisition date.

Assets and liabilities measured at fair value on a recurring basis

The Company measured its guarantee liabilities at fair value on a recurring basis. As the Company’s guarantee liabilities are not traded in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of guarantee liabilities. Guarantee liabilities are categorized in the

Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement.

The Company did

t transfer any assets or liabilities in or out of level 3 during the years ended December 31, 201

and 201

The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of December 31, 2018 and 2019:

As of December 31, 2018

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

RMB

Liabilities:

Guarantee liabilities

—

302,604,578

As of December 31, 2019

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

RMB

Liabilities:

Guarantee liabilities

—

263,465,921

As of December 31, 2019

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

US$

Liabilities:

Guarantee liabilities

—

37,844,512

At December 31, 2018 and 2019, the discounted cash flow methodology is used to estimate the fair value of guarantee liabilities. The significant unobservable inputs used in the fair value measurement of guarantee liabilities include the discount rate and expected delinquency rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of guarantee liabilities; conversely a decrease in the discount rate can significantly increase the fair value of the guarantee liabilities. The discount rate is determined based on the market rates. Increase in the expected delinquency rates can significantly increase the fair value of guarantee liabilities; conversely a decrease in the expected delinquency rates can significantly decrease the fair value of guarantee liabilities.

Significant Unobservable Inputs


		Range of Inputs Weighted - Average As of December 31,
Financial Liabilities	Unobservable Input	2018		2019
Guarantee liabilities	Discount rates		4.89 %		4.35%
	Expected delinquency rates		0.32 %- 10.47 %		7.57%-10.20%

Refer to Note 1

for additional information about Level 3 guarantee liabilities measured at fair value on a recurring basis for the years ended December 31, 2018 and 2019.

Related Party Balances and Transactions

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2019

. Related party balances and transactions


Name of related parties		Relationship with the Company
Luo Min		Founder, chief executive officer and controlling shareholder of the Company
Qufenqi Inc.		Ultimate legal holding company of Beijing Happy Time before December 31, 2015
Alipay.com Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Ganzhou QuCampus		Company’s equity method investee
Ganzhou Happy Share Capital Management LLP		Company controlled by Founder
Zhima Credit Management Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Chongqing Alibaba Small Loan Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Ant Zhixin (Hangzhou) Information Technology Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Guosheng Financial Holding Inc.		Company controlled by Director before August 24, 2018
Guosheng Securities Asset Management Co., Ltd.		Company controlled by Director before August 24, 2018
Alibaba Cloud Computing Co., Ltd.		Company controlled by the ultimate controlling individual of shareholder before December 8, 2018
Key management and their immediate families		The Company’s key management and their immediate families

Amounts due from related parties


	As of December 31,
	2018		2019
	RMB		RMB		US$
Short-term amounts due from related parties
Ganzhou Happy Share Capital Management LLP		2,071		—		—

Total short-term amounts due from related parties		2,071		—		—

Total amounts due from related parties		2,071		—		—

The movement of the loan principal and financing service fee receivables due from key management and their immediate families is as follows:


	As of December 31,
	2018			2019
	RMB			RMB		US$
Balance at beginning of the year		1,000,000			—		—
Payments		(1,000,000	)		—		—

Balance at end of the year		—			—		—

As of December 31, 2018 and 2019, the total outstanding balance, which was due on demand, interest free and uncollateralized due from these related parties, was RMB

nil

and RMB

nil

(US$

nil

), respectively.

The Company does not plan to enter into similar transactions with related parties in the future.

Transactions with related parties


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Service income
Key management and their immediate families		4,551		—		—		—

Cost of revenues
Alipay.com Co., Ltd.		114,175,547		58,835,038		—		—
Zhima Credit Management Co., Ltd.		21,435,176		9,265,375		—		—
Alibaba Cloud Computing Co., Ltd.		23,173,116		30,297,435		—		—
Chongqing Alibaba Small Loan Co., Ltd.		3,151,324		—		—		—
Ant Zhixin (Hangzhou) Information Technology Co., Ltd.		—		1,095,684		—		—
Guosheng Financial Holding Inc.		56,746,787		42,900,685		—		—
Guosheng Securities Asset Management Co., Ltd.		2,327,277		5,216,614		—		—

		221,009,227		147,610,831		—		—

Sales and marketing
Zhima Credit Management Co., Ltd.		16,033,107		—		—		—
Alipay.com Co., Ltd.		222,081,862		32,542,281		—		—

		238,114,969		32,542,281		—		—

Share-based Compensation

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

. Share-based compensation

Stock options

On December 9, 2016, as a part of the restructuring, the Board of Directors of Qudian Inc. approved the 2016 Equity Incentive Plan (the “2016 Plan”), as well as the cancelation of the 2015 Share Plan and the 2015 Incentive Plan Supplementary Agreement which were approved on December 26, 2015 and May 1, 2016, respectively. During the year ended December 31, 2016, the Company granted a total of 15,299,019 of share options for the ordinary shares of Qudian Inc. under 2016 Plan. The Company granted 12,364,319 share options under the 2016 Plan to the employees as replacement awards for the 2015 plan. All the share options granted under 2016 Plan were vested over 3 to 5 years. The 2016 Plan expires 10 years from the date of the grant.

The Company has set up the Share Based Payment Trust for the purpose of holding options awarded to certain employees and underlying shares before they are exercised as instructed by the employees. Shares options held by Share Based Payment Trust are legally outstanding upon satisfaction of vesting conditions.

As of December 31, 2016, 13,865,219 options are held by the trustee of the Share Based Payment Trust.

On May 3, 2017, the Company granted 494,904 options under the 2016 Plan. On August 17, 2017, the Company granted 200,000 options under the 2016 Plan. 20,000 of the options were granted to two independent

non-executive

directors. 25% of the options will vest upon each subsequent anniversary of the Company’s IPO.

On March 12, 2018, the Company granted 998,000 options under the 2016 Plan. On October 1, 2018, the Company granted 20,000 options under the 2016 Plan. On November 30, 2018, the Company granted 10,000

options to one independent

non-executive

director under the 2016 Plan. On December 20, 2018, the Company granted

2,608,000

options under the 2016 Plan. 25% of the options will vest upon each subsequent anniversary of the engagement date.

On June 14, 2019, the Company granted 60,000 options to three independent non-executive directors under the 2016 Plan. On September 22, 2019, the Company granted 1,992,500 options under the 2016 Plan. On December 25, 2019, the Company granted 1,090,000 options under the 2016 Plan. 25% of the options will vest upon each subsequent anniversary of the engagement date.

For the year

ended December 31,

2018 and

2019, the Company estimated the fair value of the options based on the quoted share price at grant date. Due to the options low exercise price, the various assumptions used in the binomial option pricing model will not have a material impact in the calculation of the fair value of the options. For the year ended December 31, 2017, the Company calculated the estimated fair value of the options on the respective grant dates using a binomial option pricing model with assistance from independent valuation firm. Assumptions used to determine the fair value of share options granted during 2017 are summarized in the following table:


	For the year ended December 31,
	2017
Risk-free interest rate (%)		1.56 to 2.33
Volatility (%)		50.9 to 52.4
Expected exercise multiple		2.2 to 2.8
Dividend yield		Nil
Expected life (in years)		10
Exercise price		Nil
Fair value of ordinary shares (RMB)		81.94 to 94.22

The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB 64,055,851, RMB 57,981,487 and RMB 87,299,053 (US$ 12,539,724) for the years ended December 31, 2017, 2018 and 2019, respectively.

A summary of share option activity under the 2016 Plan for the year ended December 31, 2019 is as follows:


	Number of shares			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term		Aggregated intrinsic value
				RMB		RMB		Years		RMB
Balance, December 31, 2017		15,752,273			—		28.51		8.97		1,358,130,772

Granted		3,636,000			—		53.79
Exercised		(3,590,783	)		—		43.40
Forfeited		(583,975	)		—		67.79

Balance, December 31, 2018		15,213,515			—		29.53		8.38		424,630,143

Granted		3,142,500			—		44.27
Exercised		(6,155,477	)		—		54.72
Forfeited		(144,626	)		—		83.44

Balance, December 31, 2019		12,019,912			—		19.87		8.18		578,275,151

Vested and expected to vest as of December 31, 2019		11,636,382			—		36.67		8.18		558,151,921

Exercisable, December 31, 2019		5,784,511			—		28.23		7.16		277,460,467

The aggregate intrinsic value in the table above represents the difference between the Company’s closing stock price on the last trading day in 2019 and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2017, 2018 and 2019 was RMB

nil

, RMB 155,850,409 and RMB 338,242,304 (US$ 48,585,467

)

respectively.

As of December 31, 2019, total unrecognized compensation expense relating to unvested share options was RMB 173,853,323

(US$ 24,972,467

)

. The expense is expected to be recognized over a weighted-average period of 3.41 years.

For the years ended December 31, 2017, 2018 and 2019, the Company allocated share-based compensation expense as follows:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Sales and marketing		1,890,690		5,641,771		4,482,323		643,845
General and administrative		42,848,932		38,586,741		74,311,629		10,674,198
Research and development		19,316,229		13,752,975		8,505,101		1,221,681

		64,055,851		57,981,487		87,299,053		12,539,724

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	21 . Commitments and contingencies Capital Commitments The Company’s capital commitments relate primarily to commitments in connection with its plan to build an office building and innovation center. Total capital commitments contracted but not yet reflected in the financial statements amounted to RMB 1,156,300,893 (US$ 166,092,231 ) as of December 31, 2019. All of the commitments relating to the construction will be settled in installments. Investment Commitment The Company’s investment commitment relates to its equity method investee Ganzhou QuCampus. Refer to Note 8 for additional information. For information regarding Operating lease commitments, see Note 7.

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2019
Equity [Abstract]
Ordinary Shares	22 . Ordinary shares On December 9, 2016, the Company’s shareholders approved an Amended and Restated Memorandum and Articles of Associations, pursuant to which 577,539,514 shares were authorized as ordinary shares, and 222,460,486 shares were authorized and re-designated into convertible preferred shares with a nominal or par value of US$0.0001 each share. As of December 31, 2016, there were 79,305,191 shares legally outstanding as of December 31, 2016. On April 28, 2017, the Company’s shareholders and the Board of Directors resolved that the Company accepted from Qufenqi Holding Limited the surrender of 15,814,019 of the said issued ordinary shares (the “Surrendered Shares”) at no consideration and all the Surrendered Shares were canceled. Upon completion of the IPO in October 18, 2017, 222,460,486 Class A ordinary shares were issued upon conversion of all convertible preferred shares. Meanwhile, 266,559,398 Class A ordinary shares and 63,491,172 Class B ordinary shares were issued and outstanding. In addition, immediately following the closing of the IPO, the Memorandum and Articles of Association was amended and restated such that the authorized share capital increased to 800,000,000 ordinary shares at a par value of US$ 0.0001 per share, of which 656,508,828 shares as Class A ordinary shares and 63,491,172 as Class B ordinary shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity which is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into equal number of Class A ordinary shares. As of December 31, 2019 , there were 200,711,030 and 63,491,172 Class A and Class B ordinary shares issued, 190,238,854 and 63,491,172 Class A and Class B ordinary shares outstanding respectively.

Treasury Shares	12 Months Ended
Treasury Shares	Dec. 31, 2019
Equity [Abstract]
Treasury Shares	23. Treasury shares On Nov ember 11, 2017, the Board of Directors of the Company authorized a share repurchase program (“Share Repurchase Program”), pursuant to which the Company was authorized to repurchase its own issued and outstanding American depositary shares (“ADSs”) up to an aggregate value of US$ 100 million from the open market, in negotiated transactions off the market, or through other legally permissible means in accordance with applicable securities laws from time to time. On November 25, 2017, the Board of Directors of the Company authorized an amendment to the Share Repurchase Program by increasing the maximum amount from US$ 100 million to US$300 million. As of December 31, 2017, the Company had repurchased under the Share Repurchase Program an aggregate of 4,537,115 ADSs, representing 4,537,115 Class A ordinary shares, at an average price of $14.03 per ADS, for US$63,658,143 (RMB 421,164,802 ). On December 13, 2018, the Board of Directors of the Company authorized another share repurchase program, pursuant to which the Company was authorized to repurchase its own issued and outstanding ADS up to an aggregate value of US$300 million from the open market, in negotiated transactions off the market, or through other legally permissible means in accordance with applicable securities laws from time to time. On April 12 , 2019, the Company entered into an ADS Repurchase Agreement with Kunlun Group Limited to repurchase an aggregate of 18,173,885 ADSs, representing 18,173,885 Class A ordinary shares, at an average price of $5.678 per ADS, for US$103,191,319 (RMB 693,505,683). All of the shares were repurchased and canceled subsequently. On August 23, 2019, the Company entered into a forward share repurchase agreement with Citibank, N.A. under which it will repurchase up to US$195 million worth of its outstanding American depositary shares (“ADSs”) representing its Class A ordinary shares. The forward share repurchase agreement was completed in October 2019. The Company received 26,169,241 deliveries of ADSs and all of them were cancelled. As of December 31, 201 9 , the Company repurchased an aggregate of 82,118,000 ADSs, representing 82,118,000 Class A ordinary shares under the Share Repurchase Program, at an average price of $6.96 per ADS, for US$ 571,768,510 (RMB 3,918,628,666 ). As of December 31, 201 9 , 71,645,824 shares were cancelled. The remaining balance of treasury shares represents 10,472,176 Class A ordinary shares, at an average price of $5.01 per ADS, for US$ 52,423,156 (RMB 362,130,324 ). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancel l ed as of December 31, 201 9 .

Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

. Segment reporting

The operations of the Company are organized into two segments, consisting of installment credit services and transaction services. Installment credit services represents traditional online installment credit business, including cash installment credit services and merchandise installment credit services. The Company refers borrowers to the Funding Partners which directly fund the credit drawdowns to the borrowers. For each successful transaction, the Company typically receives a pre-agreed recurring service fee throughout the term of the loans.

The Company derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on its operating results and uses these results to evaluate

the performance of, and to allocate resources to, each of the segments. The company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using assets information. The Company does not allocate any share-based compensation expenses to its segments as the CODM does not use this information to measure the performance of the operating segments. As substantially all of the Company’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented.

The table below provides a summary of the Company’s operating segment results for the years ended December 31, 2017, 2018 and 2019.


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Revenues:
Installment credit services		4,775,366,052			7,692,342,304			6,640,579,666			953,859,587
– Financing income		3,642,183,767			3,535,275,780			3,510,054,957			504,187,849
– Sales commission fee		797,167,074			307,492,444			356,811,512			51,252,767
– Penalty fee		7,922,387			28,012,630			44,354,000			6,371,053
– Sales income		26,083,472			2,174,788,821			431,945,882			62,045,144
– Loan facilitation income		302,009,352			1,618,438,688			2,097,593,931			301,300,515
– Post-origination services fee		—			28,333,941			199,819,384			28,702,259
Transaction services		—			—			2,199,463,876			315,933,218
– Transaction services fee		—			—			2,161,854,715			310,531,000
– Post-origination services fee		—			—			37,609,161			5,402,218

Total consolidated revenues		4,775,366,052			7,692,342,304			8,840,043,542			1,269,792,805
Income from operations:
Installment credit services		2,485,281,654			2,747,349,633			2,005,858,668			288,123,571
Transaction services		—			—			1,930,195,468			277,255,231

Total segment income from operations		2,485,281,654			2,747,349,633			3,936,054,136			565,378,802
Unallocated expenses		(64,055,851	)		(57,981,487	)		(87,299,053	)		(12,539,724	)

Total consolidated income from operations		2,421,225,803			2,689,368,146			3,848,755,083			552,839,078
Total other expense, net		(1,220,980	)		(40,321,415	)		41,766,688			5,999,408

Net income before income taxes		2,420,004,823			2,649,046,731			3,890,521,771			558,838,486

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2019
Receivables [Abstract]
Restricted Net Assets	25 . Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries, VIEs and subsidiaries of the VIEs incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. Under PRC regulations, the subsidiaries of the VIEs in the PRC with microloan license are required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 1.5% of its balance of loan principal to the statutory reserve. The statutory reserves can only be used for specific purposes and not distributable as cash dividends. Under PRC regulations, the Company’s subsidiary in the PRC with a license to provide financing guarantee service is required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 10% of its after tax profits to the statutory reserve. The statutory reserves can only be used for specific purposes and not distributable as cash dividends. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiaries. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. Amounts restricted that include paid-in capital and statutory reserve funds, as determined pursuant to PRC GAAP, were RMB 6,482 million and RMB 6,257 million (US$ 899 million) as of December 31, 2018 and 2019.

Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company

. Condensed financial information of the parent company

The following is the condensed financial information of the Company on a parent company only basis.

Condensed balance sheets


	As of December 31,
	2018		2019
	RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		543,307,703		977,408,741		140,395,981
Short-term amounts due from related parties		2,970,270,234		2,640,126,978		379,230,512
Other current assets		1,715,437		618,772		88,880

Total current assets		3,515,293,374		3,618,154,491		519,715,373


	As of December 31,
	2018			2019
	RMB			RMB			US$
Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		7,312,249,746			10,666,422,196			1,532,135,683

Total non-current assets		7,312,249,746			10,666,422,196			1,532,135,683

TOTAL ASSETS		10,827,543,120			14,284,576,687			2,051,851,056

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities		2,536,138			16,524,612			2,373,612
Short-term amounts due to related parties		4,393,726			4,448,876			639,041

Total current liabilities		6,929,864			20,973,488			3,012,653



Non-current liabilities
Convertible senior notes		—			2,339,551,570			336,055,556

Total non-current liabilities		—			2,339,551,570			336,055,556

TOTAL LIABILITIES		6,929,864			2,360,525,058			339,068,209

Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 243,425,092 shares issued and 232,952,916 shares outstanding, as of December 31, 2018; 656,508,828 shares authorized, 200,711,030 shares issued and 190,238,854 shares outstanding, as of December 31, 2019)		161,442			131,638			18,908
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2018 and 2019)		43,836			43,836			6,297
Treasury shares		(362,130,324	)		(362,130,324	)		(52,016,766	)
Additional paid-in capital		4,030,410,733			3,967,733,108			569,929,200
Accumulated other comprehensive loss		(44,858,239	)		(12,965,166	)		(1,862,330	)
Retained earnings		7,196,985,808			8,331,238,537			1,196,707,538

Total shareholders’ equity		10,820,613,256			11,924,051,629			1,712,782,847

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		10,827,543,120			14,284,576,687			2,051,851,056

Condensed statements of comprehensive income


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Share-based compensation expense		(66,522,766	)		(55,734,443	)		(87,299,053	)		(12,539,724	)
General and administrative		(7,263,250	)		(26,615,449	)		(43,146,732	)		(6,197,640	)
Interest and investment income, net		6,189,009			9,919,513			(10,149,429	)		(1,457,874	)
Other non-interest income		—			5,701,978			20,498,736			2,944,459
Foreign exchange loss, net		—			(92,089,724	)		9,946,070			1,428,664
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		2,315,454,720			2,549,589,488			3,374,438,333			484,707,738

Net income before income taxes		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623
Income tax expense		—			—			—			—

Net income		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623

Other comprehensive income
Foreign currency translation adjustment		(329,387,410	)		284,529,171			31,893,073			4,581,153

Total comprehensive income		1,918,470,303			2,675,300,534			3,296,180,998			473,466,776

Condensed statements of cash flows


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		(2,315,454,720	)		(2,549,589,488	)		(3,374,438,333	)		(484,707,738	)
Share-based compensation expense		66,522,766			55,734,443			87,299,053			12,539,724
Amortization of convertible senior notes		—			—			23,934,289			3,437,946
Foreign exchange (income)/loss net		—			92,089,724			(9,946,070	)		(1,428,664	)
Changes in operating assets and liabilities:
Receivables from related party		(22,577	)		(5,508,535	)		(34,551	)		(4,963	)
Payable to employees		—			—			(2,312,714	)		(332,201	)
Other current receivables		(4,564,046	)		2,848,608			1,096,665			157,526
Other current payables		1,378,058			1,158,081			4,292,086			616,520


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Net cash used in operating activities		(4,282,806	)		(12,495,804	)		(5,821,650	)		(836,227	)
Net cash provided by /(used in) investing activities		(2,033,240,388	)		(562,307,977	)		330,197,330			47,429,879
Net cash provided by/(used in) financing activities		4,881,181,230			(1,410,797,361	)		9,587,663			1,377,182
Effect of exchange rate changes on cash and cash equivalents		(331,854,326	)		17,105,135			100,137,695			14,383,880

Net increase/(decrease) in cash and cash equivalents		2,511,803,710			(1,968,496,007	)		434,101,038			62,354,714
Cash and cash equivalents at beginning of the year		—			2,511,803,710			543,307,703			78,041,268

Cash and cash equivalents at end of the year		2,511,803,710			543,307,703			977,408,741			140,395,982

Basis of

presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs.

The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323,

Investments-Equity Method and Joint Ventures

. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and VIEs” and their respective profit or loss as “Equity in profits of subsidiaries and VIEs” on the condensed statements of comprehensive income. Equity method accounting ceases when the carrying amount of the investment, including any additional financial support, in a subsidiary and VIEs is reduced to zero unless the parent company has guaranteed obligations of the subsidiary and VIEs or is otherwise committed to provide further financial support. If the subsidiary and VIEs subsequently reports net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent events	27. Subsequent events In December 2019, novel coronavirus (COVID-19) was first reported to have surfaced in Wuhan, China. Subsequent to December 31, 2019, COVID-19 has spread rapidly to many parts of China and other parts of the world. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. Substantially all of the Company’s revenue and workforce are concentrated in China. Consequently, the COVID-19 outbreak may materially adversely affect the Company’s financial condition and operating results for 2020, including but not limited to material negative impact to the Company’s total revenues, credit drawdowns, proceeds from collection of loan principal and finance lease receivables, additional allowance for loan principal and finance lease receivables, guarantee liabilities, risk assurance liabilities and significant downward adjustments or impairment to the Company’s long-term investments. Due to the significant uncertainties surrounding the COVID-19 outbreak, the extent of the business disruption and the related financial impact cannot be reasonably estimated at this time. In February and March 2019, Xiamen Qudian, our consolidated VIE, entered into two term loans with China Construction Bank with an aggregate principal amount of RMB195.0 million (US$28.0 million). Each term loan has a fixed interest rate of 3.915% per annum and a term of 12 months. As collateral for such borrowings, our subsidiary Qufenqi (HK) Limited deposited US$33.2 million in a bank account designated by China Construction Bank. We receive interest on such deposits at rates ranging from 3.279% to 3.292% per annum. We fully repaid such borrowings by end of March 2020. In March and April 2020, the Company repurchased convertible senior notes at market price, with a principal amount of US$170,000,000.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

Use of estimates

assets

Revenue recognition

On January 1, 2018, the Company adopted ASC 606,

Revenue from Contracts with Customers,

Revenue recognition

•

Identify the contract(s) with a customer;

•

Identify the performance obligations in the contract;

•

Determine the transaction price;

•

Allocate the transaction price to the performance obligations in the contract; and

•

Recognize revenue when (or as) the entity satisfies a performance obligation.

Credit facilitation

Derivatives and Hedging, (“ASC 815”), ASC 460, Guarantees, (“ASC 460”)

(refer to “Guarantee liabilities” and “Risk Assurance Liabilities” for additional information) and ASC 860,

Transfers and servicing of financial assets,

respectively (“ASC 860”).

Vehicle sales with guarantee

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price of loan facilitation services includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained.

Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

Transaction services fee

Financing income

Receivables

(ASC 310) using the effective interest method.

Sales commission fees

Penalty fee

Revenue recognition under ASC 605

605-25.

The loan facilitation services and post origination services are recorded as loan facilitation income and others in the consolidated statements of comprehensive income.

For penalty fee, as collectability is not reasonably assured, the penalty fee is recorded on a cash basis.

Leases

Sales-type leases – Lessor under ASC 842

Sales-type lease under ASC 840

Before January 1, 2019, the Company determines the classification of the lease in accordance with ASC 840,

Leases

Operating Leases – Lessee under ASC 842

collateralized

rate, which will be updated on an annual basis for measurement of new lease liabilities. The weighted average discount rate as of December 31, 2019 is

3.15

Operating leases under ASC 840

Foreign currency translation and transactions

Foreign Currency

Matters

Cash and cash equivalents

Time Deposits

Time deposits with financial institutions have original maturities of three to twelve months and are pledged for short-term bank

borrowings

Short-term Investments

Guarantee deposits

S-X

Rule

5-02

and are classified as current assets in the consolidated balance sheets.

Loan principal and financing service fee receivables

Allowance for loan principal and financing service fee receivables

450-20,

Loss Contingencies

(ASC 450-20).

1-30

days past due, and

31-60

days past due etc.) and projected forward in

one-month

year-on-year

increases and decreases in that respective factor.

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due.

Nonaccrual loan principal

The Company does not accrue financing service fee on loan principals that are considered impaired or are more than 90 days past due. A corresponding allowance is determined under ASC

450-20

Finance lease receivables

Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables.

Allowance for finance fee receivables

Allowance for finance lease receivables

450-20.

non-recovery),

year-on-year

increases and decreases in that respective factor.

charged-off:

charged-off;

(iv) the vehicle is repossessed.

Nonaccrual finance lease receivables

450-20

and allocated accordingly. Accrual of financing lease income is suspended on accounts that are impaired, accounts in bankruptcy and accounts in repossession. Payments received on

non-accrual

Contract Assets and Account Receivables

Contract Assets

and Account Receivables

the unconditional right to consideration. The Company assesses contract assets and account receivables for impairment in accordance with ASC 310.

Contract assets as of December 31, 2018 and 2019 w

ere

RMB

919,033,354

and RMB 3,015,511,191 (US$ 433,151,080

)

respectively. Account receivables w

ere

RMB 80,877,066 and RMB 190,296,539 (US$ 27,334,388

)

RMB

180,436,296

(US$

25,918,052

The remaining unsatisfied performance obligations will be recognized

in three years

Long-term investments

Inventories

Inventories are stated at the lower of cost and net realizable value using specific identification method.

Borrowings

Guarantee liabilities

The financial guarantee is accounted for as a credit derivative under ASC 815 because the scope exemption in ASC

815-10-15-58(c)

Risk assurance liabilities

Contingencies

Treasury shares

Property and equipment, net


Category	Estimated Useful Life	Estimated Residual
Office and electronic equipment	3-5 years		Nil%-5%
Motor vehicles	4 years		5%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term		Nil%

Land use rights

Intangible assets

1-10 years.

Research and development

functionality in the Company’s services. No research and development costs were capitalized for all years presented as the Company has not met all of the necessary capitalization requirements.

Impairment of long-lived assets and intangible assets with definite lives

Property, Plant and Equipment

impairment loss was recognized for the years ended December 31, 2017, 2018 and 2019, respectively.

Employee defined contribution plan

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC

720-35,

Other Expense-Advertising costs

Government grants

Government grants are recognized when the entity will comply with the conditions attached to the grant received and there is reasonable assurance that the grant will be received or already received.

Value added taxes

of 3%.

The other subsidiaries of the VIEs are all general VAT taxpayers (applicable tax

rate:

13% or

%).

VAT is reported as a deduction to revenue when incurred and amounted to RMB

280,586,358

, RMB

810,200,790

and RMB

792,753,015

(US$

113,871,846

) for the years ended December

2017

2018

and

2019

sheets.

Income taxes

more-likely-than-not

non-current.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a

two-step

more-likely-than-not

to be sustained, the tax position is then assessed to determine the

Segment information

In accordance with ASC 280

Segment Reporting

Fair value measurements of financial instruments

Fair value of guarantee liabilities

Fair value measurements

Fair value

measurements

•

Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

•

Level 3-Unobservable inputs which are supported by little or no market activity

Earnings per share

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period and year presented.

Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares.

Share-based payments

accelerated recognition

catch-up

adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods.

Prior to January 1, 2019, the Company accounts for share options issued to

non-employees

in accordance with the provisions of ASC

505-50,

Equity: Equity-based Payments to Non-Employees

. The Company uses the Black-Scholes-Merton option pricing model method to measure the value of options granted to

non-employees

Convenience translation for financial statements presentation

Investment in equity method investee

Significant risks and uncertainties

Currency convertibility risk

Concentration of credit risk

The Company manages credit risk of loan principal and financing service fee receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

borrower represented 10% or more of total revenues and loan receivable and financing service fee receivable for the years ended December 31, 2017, 2018 and 2019.

Borrower default risk

Interest rate risk

Business and economic risk

Recent Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Leases

In February 2016, the FASB issued ASU No.

2016-02,

Leases (ASC 842), as amended which requires lessees to recognize leases

on-balance

non-lease

components associated with leases and lease components as a single lease component.

The cumulative effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2019 for the adoption of ASC 842 is as follows:


	Balance as of December 31, 2018		Adjustments due to the adoption of ASC 842			Balance as of January 1, 2019
	RMB		RMB			RMB
Assets:
Other current assets		1,818,222,205		(1,133,930	)		1,817,088,275
Operating lease right-of-use assets		—		160,918,648			160,918,648
Land use right		106,545,362		(106,545,362	)		—
Liabilities:
Short-term lease liabilities		—		26,675,013			26,675,013
Long-term lease liabilities		—		26,564,343			26,564,343

The impact of adopting ASC 842 on the Company’s consolidated balance sheet as of December 31, 2019 is as follows:


	As reported		Balance without the adoption of ASC 842		Effect of change Higher/(lower)
	RMB		RMB		RMB
Assets:
Other current assets		1,638,904,061		1,640,307,403		(1,403,342	)
Operating lease right-of-use assets		148,851,099		—		148,851,099
Land use right		—		103,834,729		(103,834,729	)
Liabilities:
Short-term lease liabilities		21,918,649		—		21,918,649
Long-term lease liabilities		21,694,379		—		21,694,379

The impact of adopting ASC 842 on the Company’s statement of cash flows for the

year

ended December 31, 2019 is as follows:


	As reported			Amounts without the adoption of ASC 842			Effect of change Higher/(lower)
	RMB			RMB			RMB
Operating activities		5,503,389,324			5,241,320,097			262,069,227
Investing activities		(929,558,817	)		(667,489,590	)		(262,069,227	)
Financing activities		(3,372,335,137	)		(3,372,335,137	)		—
Effect of exchange rate changes		76,077,072			76,077,072			—
Net change in cash, cash equivalents, and restricted cash		1,277,572,442			1,277,572,442			—

Financial Instruments

In January 2016, the FASB issued ASU No.

2016-01,

Financial Instruments – Overall (Subtopic 825-10)

Stock Compensation

In June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation-Stock Compensation (Topic 718):

Improvements to Nonemployee Share-Based Payment Accounting

Recent Accounting Pronouncements: Issued but not effective

In June 2016, the FASB issued ASU No.

2016-13,

Financial Instruments – Credit Losses

(ASC 326):

Measurement of Credit Losses on Financial Instruments

In January 2017, the FASB issued ASU No.

2017-04,

Simplifying the Test for Goodwill Impairment

In August 2018, the FASB issued ASU

2018-13,

Fair Value Measurement (ASC 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

In December 2019, the FASB issued ASU 2019-01,

Financial services – Depository and lending (ASC 942)

Parent Company [Member]

Basis of presentation

Basis of

presentation

The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323,

Investments-Equity Method and Joint Ventures

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements

Organization (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE

As of December 31, 2019, the Company’s

main

subsidiaries and VIEs are as follows:


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
Subsidiaries
QD Data Limited (“Qudian HK”)	December 2, 2016	Hong Kong (“HK”)		100	%	Investment holding
QD Technology Limited (“Qudian BVI”)	November 23, 2016	British Virgin Islands (“BVI”)		100	%	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. (“Qufenqi Ganzhou”)	September 5, 2016	PRC		100	%	Investment holding, research and development
Qudian Inc. Equity Incentive Trust (“Share Based Payment Trust”)	December 30, 2016	HK		Nil		Employee benefits
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK		100	%	Investment holding
Xiamen Qudian Financial Lease Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC		100	%	Financial lease
Tianjin Qudian Financial Lease Co., Ltd. (“Tianjin Financial Lease”)	January 19, 2018	PRC		100	%	Financial lease
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC		100	%	Technology development and service
Qu Plus Plus Inc. (“Qu Plus Plus”)	June 28, 2018	Cayman Islands		100	%	Investment holding
Qu Plus Plus ( HK ) Limited (“Qu Plus Plus HK”)	July 9, 2018	HK		100	%	Investment holding
Qu Plus Plus Limited (“Qu Plus Plus BVI”)	June 29, 2018	BVI		100	%	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”)	August 3, 2018	PRC		100	%	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Ltd. (“Xiamen Xincheng Youda”)	March 7, 2019	PRC		100	%	Financing guarantee service


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company		Principal activities
VIEs
Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”)	April 9, 2014	PRC		Nil	Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”)	November 25, 2016	PRC		Nil	Technology development and service, sale of products
Hunan Qudian Technology Development Co., Ltd. (“Hunan Qudian”)	November 2, 2016	PRC		Nil	Technology development and service, sale of products
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC		Nil	Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. (“Xiamen Weipujia”)	June 6, 2018	PRC		Nil	Household service
Xiamen Qu Plus Plus Technology Co., Ltd. (“Xiamen Qu Plus Plus”)	June 5, 2019	PRC		Nil	Technology development and service, sale of products

Schedule of Financial Statements Information of VIEs

The table sets forth the assets and liabilities of the VIEs included in the Company’s consolidated balance sheets:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Short-term loan principal and financing service fee receivables		8,417,821,413		7,788,585,617		1,118,760,324
Other current assets		3,472,629,937		7,095,745,062		1,019,240,004

Total current assets		11,890,451,350		14,884,330,679		2,138,000,328

Total non-current assets		1,066,321,556		967,471,254		138,968,550

Total assets		12,956,772,906		15,851,801,933		2,276,968,878

Total current liabilities		5,045,698,262		4,749,757,109		682,259,920
Total non-current liabilities		413,400,000		109,076,000		15,667,787

Total liabilities		5,459,098,262		4,858,833,109		697,927,707

The following table sets forth the results of operations of the VIEs included in the Company’s

consolidated

statements of comprehensive income:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Revenues		4,749,249,922		5,112,097,579		8,049,577,016		1,156,249,391
Net income		2,222,086,399		2,558,375,744		3,440,929,911		494,258,656

The table sets forth the cash flows of the VIEs included in the Company’s consolidated statements of cash flows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Net cash provided by operating activities		2,587,050,255			3,375,764,483			4,362,960,828			626,700,110
Net cash used in investing activities		(4,295,677,821	)		(1,789,268,184	)		(842,120,427	)		(120,963,031	)
Net cash (used in)/provided by financing activities		5,251,615,220			(4,568,154,072	)		(2,855,955,341	)		(410,232,316	)

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Estimated Useful Lives of Class of Asset


Category	Estimated Useful Life	Estimated Residual
Office and electronic equipment	3-5 years		Nil%-5%
Motor vehicles	4 years		5%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term		Nil%

Effect of Changes in Leases Due to Adoption of New Accounting Standard on Consolidated Balance Sheet

The cumulative effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2019 for the adoption of ASC 842 is as follows:


	Balance as of December 31, 2018		Adjustments due to the adoption of ASC 842			Balance as of January 1, 2019
	RMB		RMB			RMB
Assets:
Other current assets		1,818,222,205		(1,133,930	)		1,817,088,275
Operating lease right-of-use assets		—		160,918,648			160,918,648
Land use right		106,545,362		(106,545,362	)		—
Liabilities:
Short-term lease liabilities		—		26,675,013			26,675,013
Long-term lease liabilities		—		26,564,343			26,564,343

Impact of Adopting New Accounting Standard for Leases on Consolidated Balance Sheet

The impact of adopting ASC 842 on the Company’s consolidated balance sheet as of December 31, 2019 is as follows:


	As reported		Balance without the adoption of ASC 842		Effect of change Higher/(lower)
	RMB		RMB		RMB
Assets:
Other current assets		1,638,904,061		1,640,307,403		(1,403,342	)
Operating lease right-of-use assets		148,851,099		—		148,851,099
Land use right		—		103,834,729		(103,834,729	)
Liabilities:
Short-term lease liabilities		21,918,649		—		21,918,649
Long-term lease liabilities		21,694,379		—		21,694,379

Impact of Adopting New Accounting Standard for Leases on Statement of Cash Flows

The impact of adopting ASC 842 on the Company’s statement of cash flows for the

year

ended December 31, 2019 is as follows:


	As reported			Amounts without the adoption of ASC 842			Effect of change Higher/(lower)
	RMB			RMB			RMB
Operating activities		5,503,389,324			5,241,320,097			262,069,227
Investing activities		(929,558,817	)		(667,489,590	)		(262,069,227	)
Financing activities		(3,372,335,137	)		(3,372,335,137	)		—
Effect of exchange rate changes		76,077,072			76,077,072			—
Net change in cash, cash equivalents, and restricted cash		1,277,572,442			1,277,572,442			—

Loan Principal and Financing Service Fee Receivables (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Loan Principal and Financing Service Fee Receivables

Loan principal and financing service fee receivables consists of the following:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables		8,987,655,812			9,423,515,633			1,353,603,326
Less: allowance for loan principal and financing service fee receivables		(569,834,399	)		(1,528,818,175	)		(219,600,990	)

Short-term loan principal and financing service fee receivables, net		8,417,821,413			7,894,697,458			1,134,002,336

Long-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables		681,153,632			458,311			65,832
Less: allowance for loan principal and financing service fee receivables		(15,500,802	)		(34,726	)		(4,988	)

Long-term loan principal and financing service fee receivables, net		665,652,830			423,585			60,844

Summary of Nonaccrual Loan Principal

The following table presents nonaccrual loan principal as of December 31, 2018 and 2019, respectively.


	As of December 31,
	2018			2019
	RMB			RMB			US$
Nonaccrual loan principal		298,090,833			629,975,114			90,490,263
Less: allowance for nonaccrual loan principal		(249,337,315	)		(542,342,960	)		(77,902,692	)

Nonaccrual loan principal, net		48,753,518			87,632,154			12,587,571

Schedule of Aging of Past-Due Loan Principal and Financing Service Fee Receivables

The following table presents the aging of past-due loan principal and financing service fee receivables as of December 31, 2018:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domestic consumer loans (uncollateralized)
– Loan principal		153,188,330		108,534,529		104,483,171		103,666,846		99,037,153		95,386,834		664,296,863		8,882,336,723		9,546,633,586
– Financing service fee receivables		4,328,154		5,544,754		7,107,525		—		—		—		16,980,433		105,195,425		122,175,858

		157,516,484		114,079,283		111,590,696		103,666,846		99,037,153		95,386,834		681,277,296		8,987,532,148		9,668,809,444

The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2019:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$
Domestic consumer loans (uncollateralized)
– Loan principal		314,329,532		212,627,071		185,994,374		187,743,328		224,256,822		217,974,964		1,342,926,091		7,927,745,442		9,270,671,533		1,331,648,644
– Financing service fee receivables		6,233,044		8,117,518		10,668,868		—		—		—		25,019,430		128,282,981		153,302,411		22,020,514

		320,562,576		220,744,589		196,663,242		187,743,328		224,256,822		217,974,964		1,367,945,521		8,056,028,423		9,423,973,944		1,353,669,158

Summary of Movement of Allowance for Loan Principal and Financing Service Fee Receivables

Movement of allowance for loan principal and financing service fee receivables is as follows:


	As of December 31,
	2018								2019
	Loan principal			Financing service fee receivables		Total			Loan principal			Financing service fee receivables		Total
	RMB			RMB		RMB			RMB			RMB		RMB			US$
Balance at the beginning of the year		506,296,690			12,957,316		519,254,006			568,224,324			17,110,877		585,335,201			84,078,141
Additions/ ( r everse )		1,139,260,526			4,153,561		1,143,414,087			2,149,665,886			9,570,033		2,159,235,919			310,154,833
Charge-offs		(1,077,332,892	)		—		(1,077,332,892	)		(1,215,718,219	)		—		(1,215,718,219	)		(174,626,996	)

Balance at the end of the year		568,224,324			17,110,877		585,335,201			1,502,171,991			26,680,910		1,528,852,901			219,605,978

Evaluated for impairment on a portfolio basis		568,224,324			17,110,877		585,335,201			1,502,171,991			26,680,910		1,528,852,901			219,605,978

Finance Lease Receivables (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Finance Lease Receivables

Finance lease receivables consists of the following:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Gross investment in finance lease receivables		1,381,250,930			749,932,364			107,721,044
Less: unearned income		(194,596,102	)		(72,046,860	)		(10,348,884	)

Net investment in finance lease receivables		1,186,654,828			677,885,504			97,372,160
Less: allowance for finance lease receivables		(28,765,413	)		(39,933,036	)		(5,736,021	)

Finance lease receivables, net		1,157,889,415			637,952,468			91,636,139

Summary of Nonaccrural Finance Lease Receivables

The following table presents nonaccrual finance lease receivables as of December 31, 2018 and 2019, respectively.


	As of December 31,
	2018			2019
	RMB			RMB			US$
Nonaccrual finance lease receivables		15,486,171			8,370,040			1,202,281
Less: allowance for nonaccrual financial lease receivables		(2,399,986	)		(1,622,695	)		(233,086	)

Nonaccrual finance lease receivables, net		13,086,185			6,747,345			969,195

Schedule of Aging of Past-Due Loan Financing Lease Receivables

The following table presents the aging of past-due finance lease receivables as of December 31, 2018:

1-30

days

31-60

days

61-90

days

90-1

20 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

Finance lease receivables

28,615,122

16,647,141

11,380,743

6,484,050

6,107,653

2,894,468

72,129,177

1,114,525,651

1,186,654,828

The following table presents the aging of past-due finance lease receivables as of December 31, 2019:

1-30

days

31-60

days

61-90

days

90-

120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

US$

Finance lease receivables

33,811,033

13,502,906

8,766,976

4,325,421

2,306,750

1,737,869

64,450,955

613,434,549

677,885,504

97,372,160

Schedule of Finance Receivables, Minimum Payments to be Received

The following table presents the future minimum lease payments to be received:

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

RMB

As of December 31, 2018

Finance lease receivables

550,315,459

496,391,986

284,434,371

50,109,114

—

1,381,250,930

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

RMB

As of December 31, 2019

Finance lease receivables

444,697,424

258,140,571

46,157,291

937,078

—

749,932,364

Less than

1 year

1 – 2 years

2 – 3 years

3 – 4 years

4 – 5 years

Total

US$

As of December 31, 2019

Finance lease receivables

63,876,788

37,079,573

6,630,080

134,603

—

107,721,044

Summary of Movement of Allowance for Finance Lease Receivables

Movement of allowance for finance lease receivables for the year ended December 31, 2018 and 2019 are as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Balance at the beginning of the year		—			28,765,413			4,131,893
Additions/ ( reverse )		32,010,270			30,236,266			4,343,168
Charge-offs		(3,244,857	)		(19,068,643	)		(2,739,040	)

Balance at the end of the year		28,765,413			39,933,036			5,736,021

Evaluated for impairment on a portfolio basis		28,765,413			39,933,036			5,736,021

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Summary of Other Current Assets

Other current assets consist of the following:


		As of December 31,
		2018			2019
		RMB			RMB			US$
Prepaid expenses			68,691,524			33,079,966			4,751,640
Prepayments for vehicles			30,944,103			—			—
Inventory			128,014,636			8,915,574			1,280,642
Deposits in trust protection fund	6.1		50,276,500			72,264,547			10,380,153
Guarantee deposits held by Funding Partners			568,378,857			743,294,858			106,767,626
Receivables from third party payment service providers	6.2		821,217,132			466,035,906			66,941,869
Receivables from service providers			117,432,654			203,700,889			29,259,802
Other receivables from customers			—			75,463,305			10,839,626
Others			48,388,467			63,409,004			9,108,130

Total			1,833,343,873			1,666,164,049			239,329,488
Less: Allowance for other current assets			(15,121,668	)		(27,259,988	)		(3,915,652	)

			1,818,222,205			1,638,904,061			235,413,836

Lease (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Sales-type lease income

Sales-type lease

Sales-type lease income recognized consists of the following:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Financing income		32,645		83,127,614		89,872,562		12,909,386
Sales income		26,083,472		1,359,261,392		89,150,614		12,805,684

Summary of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under non-cancelable operating leases agreements consist of the following as of December 31, 2019:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Year ending December 31,
1 year (Including 1 year)		29,504,842		23,907,380		3,434,080
1 year to 2 years (Including 2 years)		18,334,607		18,844,937		2,706,906
2 years to 3 years (Including 3 years)		13,269,047		4,388,769		630,408
Over 3 years		4,327,678		—		—

Total lease payment		65,436,174		47,141,086		6,771,394

Less: imputed interest				3,528,058		506,774

Present value of lease liabilities				43,613,028		6,264,620

Summary of Operating Lease Supplemental Cash Flow Information

Supplemental lease cash flow disclosures


	For the years ended December 31,
	2019
	RMB		US$
Operating cash flows used in operating leases		26,788,051		3,847,863
ROU assets obtained in exchange for new operating lease liabilities		22,606,871		3,247,274

Short-term and Long-term Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings


			As of December 31,
Funding Partners	Fixed annual rate (%)	Term*	2018		2019
			RMB		RMB		US$
Other institutions	8.5% - 11%	62 to 368 days		1,553,910,792		—		—
Trust beneficiaries	7% - 16%	12 to 24 months		2,250,801,743		842,977,069		121,086,080
Bank	3.92% - 12%	31 to 367 days		55,728,040		206,593,264		29,675,265

				3,860,440,575		1,049,570,333		150,761,345

*	Includes current portion of borrowings greater than 1 year.

Schedule of Long-term Borrowings

The following table presents long-term borrowings from Funding Partners as of December 31, 2018 and 2019:


			As of December 31,
Funding Partners	Fixed annual rate (%)	Term	2018		2019
			RMB		RMB		US$
Trust beneficiaries	8% to 10%	13 to 36 months		413,400,000		—		—

				413,400,000		—		—

Schedule of Contractual Obligations

The following table sets forth the contractual obligations which has not included impact of discount of time value as of December 31, 2018. There were no long-term borrowings as of December 31, 2019:


	Payment due by period
	Less than 1 year		1 – 2 years		Greater than 2 years		Total
As of December 31, 2018 Long-term borrowings and interest payables (RMB)		36,560,000		159,548,333		289,673,333		485,781,666

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2018		2019
	RMB		RMB		US$
Accrued payroll		91,993,195		63,374,911		9,103,236
Tax payables		166,802,584		334,442,889		48,039,715
Payable to suppliers		57,353,842		27,252,968		3,914,644
Payable to external service providers		52,443,595		61,658,863		8,856,742
Payable to funding partner		66,198,839		74,271,550		10,668,441
Others		72,694,382		157,264,521		22,589,634

		507,486,437		718,265,702		103,172,412

Guarantee liabilities and risk assurance liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Guarantee Liabilities and Risk Assurance Liabilities [Abstract]

Summary of movement of risk assurance liabilities

The movement of risk assurance liabilities during 2019 are as follows:


	As of December 31,
	2019
	RMB			US$
Balance at the beginning of the year		—			—
Fair value of risk assurance liabilities upon the inception of new loans		1,711,712,149			245,872,066
Payouts		(660,824,276	)		(94,921,468	)
Changes in risk assurance liabilities		203,473,526			29,227,143

Balance at end of the year		1,254,361,399			180,177,741

Summary of Movement of Guarantee Liabilities

The movement of guarantee liabilities

are

as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Balance at beginning of the year		46,981,325			302,604,578			43,466,428
Fair value of guarantee liabilities upon the inception of new loans		526,265,099			444,177,836			63,802,154
Performed guarantee		(387,234,512	)		(1,423,270,618	)		(204,440,032	)
Change in fair value of guarantee liabilities		116,592,666			939,954,125			135,015,962

Balance at end of the year		302,604,578			263,465,921			37,844,512

Cost of Other Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

Summary of Cost of Other Revenues

Cost of other revenues consists of the following:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Interest expenses of borrowings		686,889,761		547,368,755		288,241,857		41,403,352
Other lending related costs		170,060,910		184,417,017		247,530,755		35,555,568

		856,950,671		731,785,772		535,772,612		76,958,920

Interest and Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2019

Other Income And Expenses [Abstract]

Summary of Interest and Investment Income, Net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Share of loss from equity method investment		(20,676,273	)		(11,319,279	)		(3,419,825	)		(491,227	)
Investment income of short-term investments		3,526,506			11,282,694			4,108,597			590,163
Interest income		21,360,670			35,776,919			44,117,299			6,337,053
Interest expense of convertible senior notes		—			—			(23,934,289	)		(3,437,946	)

		4,210,903			35,740,334			20,871,782			2,998,043

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Current and Deferred Component of Income Tax Expense

The current and deferred component of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB		US$
Current income tax expenses		353,218,915			285,682,721			494,121,097		70,976,055
Deferred income tax expenses		(97,672,912	)		(127,952,203	)		132,112,749		18,976,809

Total income tax expenses		255,546,003			157,730,518			626,233,846		89,952,864

Summary of Principal Components of Deferred Tax Assets and Liabilities

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2018			2019
	RMB			RMB			US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables		307,612,727			451,009,681			64,783,487
Allowance for finance lease receivable		8,002,568			15,561,634			2,235,289
Allowance for other current assets		3,124,847			8,417,241			1,209,061
Guarantee liabilities		30,238,834			211,029,776			30,312,531
Risk assurance liabilities		—			188,154,210			27,026,661
Share-based compensation		13,849,997			27,686,642			3,976,937
Investment loss under equity method		9,200,184			10,055,140			1,444,330
Deferred revenue		5,091,787			—			—
Net operating loss carry forwards		96,242,160			69,462,422			9,977,653
Less: valuation allowance		(229,950,290	)		(385,481,892	)		(55,371,009	)

Total non-current deferred tax assets net of valuation allowance		243,412,814			595,894,854			85,594,940

Net non-current deferred tax assets		243,412,814			290,284,829			41,696,807

Non-current deferred tax liabilities
Contract assets		—			(411,735,303	)		(59,142,076	)
Uncollected revenue		—			(72,859,486	)		(10,465,610	)
Total non-current deferred tax liabilities		—			(484,594,789	)		(69,607,686	)
Net non-current deferred tax liabilities		—			(178,984,764	)		(25,709,553	)

Summary of Reconciliation of Income Taxes Expense

Reconciliation between the income taxes expense computed by applying the PRC tax rate to profit before income taxes and the actual provision for income taxes is as follows:


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Profit before income tax		2,420,004,823			2,649,046,731			3,890,521,771			558,838,486
PRC statutory income tax rate		25	%		25	%		25	%		25	%
Income tax at statutory tax rate		605,001,206			662,261,683			972,630,443			139,709,622
Effect of different tax rates		(367,422,131	)		(574,131,524	)		(552,951,519	)		(79,426,516	)
Exempt income		(2,064,183	)		(2,720,020	)		(1,625,772	)		(233,528	)
Expenses not deductible for tax purposes		4,298,559			27,662,307			4,446,637			638,719
Adjustment on current income tax of the previous periods		—			(16,309,757	)		2,453,713			352,454
Financial subsidy		(32,929,930	)		(31,810,061	)		—			—
Deferred only adjustment		—			—			72,206,605			10,371,830
Research and development super-deduction		—			—			(14,587,649	)		(2,095,385	)
Tax rate change		—			5,200,618			(11,870,214	)		(1,705,049	)
Changes in valuation allowance		48,662,482			87,577,272			155,531,602			22,340,717

Income tax expenses		255,546,003			157,730,518			626,233,846			89,952,864

Schedule of Unrecognized Tax Benefits

A roll-forward of unrecognized tax benefits is as follows:


	For the years ended December 31,
	2018			2019
	RMB			RMB			US$
Balance at beginning of the year		—			—			—
Additions		74,169,005			54,637,111			7,848,130
Decreases		(74,169,005	)		(54,637,111	)		(7,848,130	)

Balance at end of the year		—			—			—

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Computation of Basic Earnings per Share

The following table sets forth the computation of basic earnings per share for the years ended December 31, 2017, 2018 and 2019:


	For the years ended December 31,
	2017				2018				2019
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation		1,077,159,077		1,087,299,743		1,994,976,030		496,340,183		2,520,194,155		362,003,240		744,093,770		106,882,382
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Denominator used for basic earnings per share		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Earnings per share – basic		17.13		17.13		7.82		7.82		11.72		1.68		11.72		1.68

Computation of Diluted Earnings per Share

The following table sets forth the computation of diluted earnings per share for the years ended December 31, 2017, 2018 and 2019:


	For the years ended December 31,
	2017				2018				2019
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes		—		—		—		—		18,876,619		2,711,457		5,057,670		726,489
Allocation of net income attributable to Qudian Inc. for diluted computation		1,714,215,136		450,243,684		2,000,018,251		491,297,962		2,574,495,457		369,803,134		689,792,468		99,082,488
Reallocation of net income attributable to Qudian Inc. as a result of conversion of Class B to Class A shares		450,243,684		—		491,297,962		—		694,850,138		99,808,977		—		—

Allocation of net income attributable to Qudian Inc		2,164,458,820		450,243,684		2,491,316,213		491,297,962		3,288,222,214		472,323,568		694,850,138		99,808,977
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding– basic		62.90		63.49		255.19		63.49		215.04		215.04		63.49		63.49
Dilutive effect of preferred shares		177.36		—		—		—		—		—		—		—
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		1.47		—		3.28		—		3.45		3.45		—		—
Conversion of the Convertible Senior Notes to Class A ordinary share		—		—		—		—		18.48		18.48		—		—

Denominator used for diluted earnings per share		305.22		63.49		321.96		63.49		300.46		300.46		63.49		63.49
Earnings per share – diluted		7.09		7.09		7.74		7.74		10.94		1.57		10.94		1.57

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2018 and 2019:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
	Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		41.44		113.82		184.70		184.70
Denominator used for earnings per ADS – diluted		41.44		114.99		199.24		199.24
Earnings per ADS – basic		17.13		7.82		11.72		1.68

Earnings per ADS – diluted		7.09		7.74		10.94		1.57

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of December 31, 2018 and 2019:

As of December 31, 2018

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

RMB

Liabilities:

Guarantee liabilities

—

302,604,578

As of December 31, 2019

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

RMB

Liabilities:

Guarantee liabilities

—

263,465,921

As of December 31, 2019

Active market

(Level 1)

Observable

input (Level 2)

Non-observable

input (Level 3)

Total

US$

Liabilities:

Guarantee liabilities

—

37,844,512

Summary of Significant Unobservable Inputs


		Range of Inputs Weighted - Average As of December 31,
Financial Liabilities	Unobservable Input	2018		2019
Guarantee liabilities	Discount rates		4.89 %		4.35%
	Expected delinquency rates		0.32 %- 10.47 %		7.57%-10.20%

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Related Parties


Name of related parties		Relationship with the Company
Luo Min		Founder, chief executive officer and controlling shareholder of the Company
Qufenqi Inc.		Ultimate legal holding company of Beijing Happy Time before December 31, 2015
Alipay.com Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Ganzhou QuCampus		Company’s equity method investee
Ganzhou Happy Share Capital Management LLP		Company controlled by Founder
Zhima Credit Management Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Chongqing Alibaba Small Loan Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Ant Zhixin (Hangzhou) Information Technology Co., Ltd.		Company controlled by party that has significant influence over the Company before December 8, 2018
Guosheng Financial Holding Inc.		Company controlled by Director before August 24, 2018
Guosheng Securities Asset Management Co., Ltd.		Company controlled by Director before August 24, 2018
Alibaba Cloud Computing Co., Ltd.		Company controlled by the ultimate controlling individual of shareholder before December 8, 2018
Key management and their immediate families		The Company’s key management and their immediate families

Schedule of Amounts Due from Related Parties

Amounts due from related parties


	As of December 31,
	2018		2019
	RMB		RMB		US$
Short-term amounts due from related parties
Ganzhou Happy Share Capital Management LLP		2,071		—		—

Total short-term amounts due from related parties		2,071		—		—

Total amounts due from related parties		2,071		—		—

Schedule of Movement of Loan Principal and Financing Service Fee Receivables Due from Related Parties

The movement of the loan principal and financing service fee receivables due from key management and their immediate families is as follows:


	As of December 31,
	2018			2019
	RMB			RMB		US$
Balance at beginning of the year		1,000,000			—		—
Payments		(1,000,000	)		—		—

Balance at end of the year		—			—		—

Schedule of Transactions with Related Parties

Transactions with related parties


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Service income
Key management and their immediate families		4,551		—		—		—

Cost of revenues
Alipay.com Co., Ltd.		114,175,547		58,835,038		—		—
Zhima Credit Management Co., Ltd.		21,435,176		9,265,375		—		—
Alibaba Cloud Computing Co., Ltd.		23,173,116		30,297,435		—		—
Chongqing Alibaba Small Loan Co., Ltd.		3,151,324		—		—		—
Ant Zhixin (Hangzhou) Information Technology Co., Ltd.		—		1,095,684		—		—
Guosheng Financial Holding Inc.		56,746,787		42,900,685		—		—
Guosheng Securities Asset Management Co., Ltd.		2,327,277		5,216,614		—		—

		221,009,227		147,610,831		—		—

Sales and marketing
Zhima Credit Management Co., Ltd.		16,033,107		—		—		—
Alipay.com Co., Ltd.		222,081,862		32,542,281		—		—

		238,114,969		32,542,281		—		—

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions used to Determine Fair Value of Share Options Granted

Assumptions used to determine the fair value of share options granted during 2017 are summarized in the following table:


	For the year ended December 31,
	2017
Risk-free interest rate (%)		1.56 to 2.33
Volatility (%)		50.9 to 52.4
Expected exercise multiple		2.2 to 2.8
Dividend yield		Nil
Expected life (in years)		10
Exercise price		Nil
Fair value of ordinary shares (RMB)		81.94 to 94.22

Summary of Share Option Activity

A summary of share option activity under the 2016 Plan for the year ended December 31, 2019 is as follows:


	Number of shares			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term		Aggregated intrinsic value
				RMB		RMB		Years		RMB
Balance, December 31, 2017		15,752,273			—		28.51		8.97		1,358,130,772

Granted		3,636,000			—		53.79
Exercised		(3,590,783	)		—		43.40
Forfeited		(583,975	)		—		67.79

Balance, December 31, 2018		15,213,515			—		29.53		8.38		424,630,143

Granted		3,142,500			—		44.27
Exercised		(6,155,477	)		—		54.72
Forfeited		(144,626	)		—		83.44

Balance, December 31, 2019		12,019,912			—		19.87		8.18		578,275,151

Vested and expected to vest as of December 31, 2019		11,636,382			—		36.67		8.18		558,151,921

Exercisable, December 31, 2019		5,784,511			—		28.23		7.16		277,460,467

Summary of Allocated Share-based Compensation Expense

For the years ended December 31, 2017, 2018 and 2019, the Company allocated share-based compensation expense as follows:


	For the years ended December 31,
	2017		2018		2019
	RMB		RMB		RMB		US$
Sales and marketing		1,890,690		5,641,771		4,482,323		643,845
General and administrative		42,848,932		38,586,741		74,311,629		10,674,198
Research and development		19,316,229		13,752,975		8,505,101		1,221,681

		64,055,851		57,981,487		87,299,053		12,539,724

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Operating Segment

The table below provides a summary of the Company’s operating segment results for the years ended December 31, 2017, 2018 and 2019.


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Revenues:
Installment credit services		4,775,366,052			7,692,342,304			6,640,579,666			953,859,587
– Financing income		3,642,183,767			3,535,275,780			3,510,054,957			504,187,849
– Sales commission fee		797,167,074			307,492,444			356,811,512			51,252,767
– Penalty fee		7,922,387			28,012,630			44,354,000			6,371,053
– Sales income		26,083,472			2,174,788,821			431,945,882			62,045,144
– Loan facilitation income		302,009,352			1,618,438,688			2,097,593,931			301,300,515
– Post-origination services fee		—			28,333,941			199,819,384			28,702,259
Transaction services		—			—			2,199,463,876			315,933,218
– Transaction services fee		—			—			2,161,854,715			310,531,000
– Post-origination services fee		—			—			37,609,161			5,402,218

Total consolidated revenues		4,775,366,052			7,692,342,304			8,840,043,542			1,269,792,805
Income from operations:
Installment credit services		2,485,281,654			2,747,349,633			2,005,858,668			288,123,571
Transaction services		—			—			1,930,195,468			277,255,231

Total segment income from operations		2,485,281,654			2,747,349,633			3,936,054,136			565,378,802
Unallocated expenses		(64,055,851	)		(57,981,487	)		(87,299,053	)		(12,539,724	)

Total consolidated income from operations		2,421,225,803			2,689,368,146			3,848,755,083			552,839,078
Total other expense, net		(1,220,980	)		(40,321,415	)		41,766,688			5,999,408

Net income before income taxes		2,420,004,823			2,649,046,731			3,890,521,771			558,838,486

Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company - Condensed Balance Sheets

Condensed balance sheets


	As of December 31,
	2018		2019
	RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		543,307,703		977,408,741		140,395,981
Short-term amounts due from related parties		2,970,270,234		2,640,126,978		379,230,512
Other current assets		1,715,437		618,772		88,880

Total current assets		3,515,293,374		3,618,154,491		519,715,373


	As of December 31,
	2018			2019
	RMB			RMB			US$
Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		7,312,249,746			10,666,422,196			1,532,135,683

Total non-current assets		7,312,249,746			10,666,422,196			1,532,135,683

TOTAL ASSETS		10,827,543,120			14,284,576,687			2,051,851,056

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities		2,536,138			16,524,612			2,373,612
Short-term amounts due to related parties		4,393,726			4,448,876			639,041

Total current liabilities		6,929,864			20,973,488			3,012,653



Non-current liabilities
Convertible senior notes		—			2,339,551,570			336,055,556

Total non-current liabilities		—			2,339,551,570			336,055,556

TOTAL LIABILITIES		6,929,864			2,360,525,058			339,068,209

Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 243,425,092 shares issued and 232,952,916 shares outstanding, as of December 31, 2018; 656,508,828 shares authorized, 200,711,030 shares issued and 190,238,854 shares outstanding, as of December 31, 2019)		161,442			131,638			18,908
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2018 and 2019)		43,836			43,836			6,297
Treasury shares		(362,130,324	)		(362,130,324	)		(52,016,766	)
Additional paid-in capital		4,030,410,733			3,967,733,108			569,929,200
Accumulated other comprehensive loss		(44,858,239	)		(12,965,166	)		(1,862,330	)
Retained earnings		7,196,985,808			8,331,238,537			1,196,707,538

Total shareholders’ equity		10,820,613,256			11,924,051,629			1,712,782,847

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		10,827,543,120			14,284,576,687			2,051,851,056

Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Income

Condensed statements of comprehensive income


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Share-based compensation expense		(66,522,766	)		(55,734,443	)		(87,299,053	)		(12,539,724	)
General and administrative		(7,263,250	)		(26,615,449	)		(43,146,732	)		(6,197,640	)
Interest and investment income, net		6,189,009			9,919,513			(10,149,429	)		(1,457,874	)
Other non-interest income		—			5,701,978			20,498,736			2,944,459
Foreign exchange loss, net		—			(92,089,724	)		9,946,070			1,428,664
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		2,315,454,720			2,549,589,488			3,374,438,333			484,707,738

Net income before income taxes		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623
Income tax expense		—			—			—			—

Net income		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623

Other comprehensive income
Foreign currency translation adjustment		(329,387,410	)		284,529,171			31,893,073			4,581,153

Total comprehensive income		1,918,470,303			2,675,300,534			3,296,180,998			473,466,776

Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows

Condensed statements of cash flows


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		2,247,857,713			2,390,771,363			3,264,287,925			468,885,623
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		(2,315,454,720	)		(2,549,589,488	)		(3,374,438,333	)		(484,707,738	)
Share-based compensation expense		66,522,766			55,734,443			87,299,053			12,539,724
Amortization of convertible senior notes		—			—			23,934,289			3,437,946
Foreign exchange (income)/loss net		—			92,089,724			(9,946,070	)		(1,428,664	)
Changes in operating assets and liabilities:
Receivables from related party		(22,577	)		(5,508,535	)		(34,551	)		(4,963	)
Payable to employees		—			—			(2,312,714	)		(332,201	)
Other current receivables		(4,564,046	)		2,848,608			1,096,665			157,526
Other current payables		1,378,058			1,158,081			4,292,086			616,520


	For the years ended December 31,
	2017			2018			2019
	RMB			RMB			RMB			US$
Net cash used in operating activities		(4,282,806	)		(12,495,804	)		(5,821,650	)		(836,227	)
Net cash provided by /(used in) investing activities		(2,033,240,388	)		(562,307,977	)		330,197,330			47,429,879
Net cash provided by/(used in) financing activities		4,881,181,230			(1,410,797,361	)		9,587,663			1,377,182
Effect of exchange rate changes on cash and cash equivalents		(331,854,326	)		17,105,135			100,137,695			14,383,880

Net increase/(decrease) in cash and cash equivalents		2,511,803,710			(1,968,496,007	)		434,101,038			62,354,714
Cash and cash equivalents at beginning of the year		—			2,511,803,710			543,307,703			78,041,268

Cash and cash equivalents at end of the year		2,511,803,710			543,307,703			977,408,741			140,395,982

Organization - Additional Information (Detail) ¥ in Millions		9 Months Ended	11 Months Ended	12 Months Ended
	Jun. 26, 2019 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 09, 2016 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation				Nov. 16, 2016
Net asset of VIE, not pledged		¥ 10,993		¥ 10,993	$ 1,579,000,000	¥ 7,497
Qufenqi (Ganzhou) Information Technology Co., Ltd. ("Qufenqi Ganzhou") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Business acquisition, consideration			$ 100,000
Qu Plus Plus [member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Business acquisition, consideration	$ 0
WFOEs [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of controlled subsidiary		100.00%

Organization - Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE (Detail)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Nov. 16, 2016
QD Data Limited ("Qudian HK") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Dec. 02, 2016
Place of incorporation	Hong Kong (“HK”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
QD Technology Limited ("Qudian BVI") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Nov. 23, 2016
Place of incorporation	British Virgin Islands ("BVI")
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. ("Qufenqi Ganzhou") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Sep. 05, 2016
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding, research and development
Qudian Inc. Equity Incentive Trust ("Share Based Payment Trust") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Dec. 30, 2016
Place of incorporation	HK
Percentage of legal ownership by the Company	0.00%
Principal activities	Employee benefits
Qufenqi (HK) Limited [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Apr. 28, 2014
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Qudian Financial Lease Ltd. ("Xiamen Financial Lease") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Apr. 21, 2017
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financial lease
Tianjin Qudian Financial Lease Co., Ltd. ("Tianjin Financial Lease") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jan. 19, 2018
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financial lease
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Sep. 05, 2018
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service
Qu Plus Plus Inc. ("Qu Plus Plus") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 28, 2018
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qu Plus Plus (HK) Limited ("Qu Plus Plus HK") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jul. 09, 2018
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qu Plus Plus Limited ("Qu Plus Plus BVI") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 29, 2018
Place of incorporation	BVI
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. ("Xiamen Youxiang Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Aug. 03, 2018
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Ltd. ("Xiamen Xincheng Youda") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Mar. 07, 2019
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financing guarantee service
Beijing Happy Time Technology Development Co., Ltd. ("Beijing Happy Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Apr. 09, 2014
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. ("Ganzhou Qudian") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Nov. 25, 2016
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Hunan Qudian Technology Development Co., Ltd. ("Hunan Qudian") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Nov. 02, 2016
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Apr. 01, 2017
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. ("Xiamen Weipujia") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 06, 2018
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Household service
Xiamen Qu Plus Plus Technology Co., Ltd. ("Xiamen Qu Plus Plus") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 05, 2019
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products

Organization - Schedule of Assets and Liabilities of VIEs (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	¥ 17,023,490,766	$ 2,445,271,447	¥ 14,489,143,692
Total non-current assets	1,338,112,804	192,207,878	1,764,231,110
Total assets	18,361,603,570	2,637,479,325	16,253,374,802
Total current liabilities	3,897,321,228	559,815,166	5,019,361,546
Total non-current liabilities	2,540,230,713	364,881,312	413,400,000
Total liabilities	6,437,551,941	924,696,478	5,432,761,546
Variable Interest Entity [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	14,884,330,679	2,138,000,328	11,890,451,350
Total non-current assets	967,471,254	138,968,550	1,066,321,556
Total assets	15,851,801,933	2,276,968,878	12,956,772,906
Total current liabilities	4,749,757,109	682,259,920	5,045,698,262
Total non-current liabilities	109,076,000	15,667,787	413,400,000
Total liabilities	4,858,833,109	697,927,707	5,459,098,262
Variable Interest Entity [Member] \| Short term Loan Principal and Financing Service Fee Receivables [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	7,788,585,617	1,118,760,324	8,417,821,413
Variable Interest Entity [Member] \| Other Current Assets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	¥ 7,095,745,062	$ 1,019,240,004	¥ 3,472,629,937

Organization - Schedule of Operations of VIEs (Detail)	12 Months Ended
Organization - Schedule of Operations of VIEs (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Revenues	¥ 8,049,577,016	$ 1,156,249,391	¥ 5,112,097,579	¥ 4,749,249,922
Net income	¥ 3,440,929,911	$ 494,258,656	¥ 2,558,375,744	¥ 2,222,086,399

Organization - Schedule of Cash Flows of VIEs (Detail)	12 Months Ended
Organization - Schedule of Cash Flows of VIEs (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Variable Interest Entity [Line Items]
Net cash provided by operating activities	¥ 5,503,389,324	$ 790,512,412	¥ 3,332,318,827	¥ 2,797,808,786
Net cash used in investing activities	(929,558,817)	(133,522,769)	(2,790,734,349)	(4,422,318,732)
Net cash (used in)/provided by financing activities	(3,372,335,137)	(484,405,632)	(6,727,839,034)	10,001,639,139
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Net cash provided by operating activities	4,362,960,828	626,700,110	3,375,764,483	2,587,050,255
Net cash used in investing activities	(842,120,427)	(120,963,031)	(1,789,268,184)	(4,295,677,821)
Net cash (used in)/provided by financing activities	¥ (2,855,955,341)	$ (410,232,316)	¥ (4,568,154,072)	¥ 5,251,615,220

Summary of Significant Accounting Policies - Additional Information (Detail)						12 Months Ended
	Jan. 01, 2020 CNY (¥)	Jan. 01, 2020 USD ($)	Mar. 20, 2019	May 01, 2018	Apr. 04, 2018	Dec. 31, 2019 CNY (¥) Customer	Dec. 31, 2019 USD ($) Customer	Dec. 31, 2018 CNY (¥) Customer	Dec. 31, 2018 USD ($) Customer	Dec. 31, 2017 CNY (¥) Customer	Dec. 31, 2017 USD ($) Customer	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Contract assets						¥ 3,015,511,191		¥ 919,033,354				$ 433,151,080
Applicable tax rate						13.00%	13.00%
Change in risk assurance liabilities						¥ 1,254,361,399	$ 180,177,741
Intangible assets estimated useful lives						1-10 years	1-10 years
Account receivables						¥ 190,296,539		80,877,066				27,334,388
Remaining unsatisfied performance obligations pertaining to post-origination services						¥ 180,436,296						25,918,052
Land use right, term						38 years	38 years
Impairment loss recognized for intangible assets							$ 0		$ 0		$ 0
Legal obligation for employee benefits												$ 0
Defined contribution plan expensed incurred						¥ 42,724,802	6,137,034	71,413,352		¥ 35,004,467
Advertising costs						85,928,890	12,342,913	9,994,935		43,470,301
VAT incurred						¥ 792,753,015	$ 113,871,846	¥ 810,200,790		¥ 280,586,358
RMB/US$1.00 exchange rate						6.9618						6.9618
Operating lease weighted average discount rate						3.15%						3.15%
Weighted average remaining lease term						25 months						25 months
Sales Revenue, Net [Member] \| Concentration of Credit Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of borrower represents 10% or more \| Customer						0	0	0	0	0	0
Loan Receivable and Financing Service Fee Receivable [Member] \| Concentration of Credit Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of borrower represents 10% or more \| Customer						0	0	0	0	0	0
Beijing Happy Time [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Hunan Hapy Technology Development Co. Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Hunan Qudian Technology Development Co., Ltd. ("Hunan Qudian") [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Xiamen Youdun Technology Co. Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Xiamen Youqi Technology Co. Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Xiamen Youxiang Time Technology o., Service Ltd. ("Xiamen Youxiang Time") [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						3.00%	3.00%
Other Subsidiaries [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate			13.00%	16.00%
Computer Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development costs capitalized											$ 0	$ 0	$ 0
Minimum [Member] \| Other Subsidiaries [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						6.00%	6.00%
Maximum [Member] \| Other Subsidiaries [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate						16.00%	16.00%
Subsequent Event [Member] \| Accounting Standards Update 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in allowance for credit losses	¥ 47,000,000	$ 7,000,000
Change in risk assurance liabilities	1,093,000,000	157,000,000
Cumulative Effect on Retained Earnings, Net of Tax	¥ (975,000,000)	$ (140,000,000)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-31
Summary Of Significant Accounting Policies [Line Items]
Recognition period of performance obligation						3 years						3 years
Previously Reported [Member] \| Other Subsidiaries [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate			16.00%		17.00%

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Class of Asset (Detail)	12 Months Ended
	Dec. 31, 2019
Office and Electronic Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Estimated Residual	0.00%
Office and Electronic Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Estimated Residual	5.00%
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Residual	0.00%
Estimated Useful Life	Over the shorter of the expected lifeof leasehold improvementsor the lease term
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	4 years
Motor Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Residual	5.00%
Motor Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Residual	5.00%

Summary of Significant Accounting Policies - Schedule of the Company's Consolidated Balance Sheet for the adoption of ASC 842 (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Assets:
Other current assets	¥ 1,638,904,061	$ 235,413,836	¥ 1,817,088,275	¥ 1,818,222,205
Operating lease right-of-use assets	148,851,099	21,381,123	160,918,648
Land use right				106,545,362
Liabilities:
Short-term lease liabilities	21,918,649	3,148,417	26,675,013
Long-term lease liabilities	¥ 21,694,379	$ 3,116,203	¥ 26,564,343
ASU 2016-02
Assets:
Other current assets				(1,133,930)
Operating lease right-of-use assets				160,918,648
Land use right				(106,545,362)
Liabilities:
Short-term lease liabilities				26,675,013
Long-term lease liabilities				26,564,343
Previously Reported [Member]
Assets:
Other current assets				1,818,222,205
Land use right				¥ 106,545,362

Summary of Significant Accounting Policies - Schedule of the Impact of Adopting ASC 842 on the Company's Consolidated Balance Sheet (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Assets:
Other current assets	¥ 1,638,904,061	$ 235,413,836	¥ 1,817,088,275	¥ 1,818,222,205
Operating lease right-of-use assets	148,851,099	21,381,123	160,918,648
Land use right				¥ 106,545,362
Liabilities:
Short-term lease liabilities	21,918,649	3,148,417	26,675,013
Long-term lease liabilities	21,694,379	$ 3,116,203	¥ 26,564,343
As Reported [Member]
Assets:
Other current assets	1,638,904,061
Operating lease right-of-use assets	148,851,099
Liabilities:
Short-term lease liabilities	21,918,649
Long-term lease liabilities	21,694,379
Balance without the adoption of ASC 842 [Member]
Assets:
Other current assets	1,640,307,403
Land use right	103,834,729
Effect of change Higher/(lower) [Member]
Assets:
Other current assets	(1,403,342)
Operating lease right-of-use assets	148,851,099
Land use right	(103,834,729)
Liabilities:
Short-term lease liabilities	21,918,649
Long-term lease liabilities	¥ 21,694,379

Summary of Significant Accounting Policies - Schedule of the Impact of Adopting ASC 842 on the Company's Statement of Cash Flows (Detail)	9 Months Ended	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating activities		¥ 5,503,389,324	$ 790,512,412	¥ 3,332,318,827	¥ 2,797,808,786
Investing activities		(929,558,817)	(133,522,769)	(2,790,734,349)	(4,422,318,732)
Financing activities		(3,372,335,137)	(484,405,632)	(6,727,839,034)	10,001,639,139
Effect of exchange rate changes		76,077,072	10,927,788	(57,682,237)	(77,947,461)
Net change in cash, cash equivalents, and restricted cash		¥ 1,277,572,442	$ 183,511,799	¥ (6,243,936,793)	¥ 8,299,181,732
As Reported [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating activities	¥ 5,503,389,324
Investing activities	(929,558,817)
Financing activities	(3,372,335,137)
Effect of exchange rate changes	76,077,072
Net change in cash, cash equivalents, and restricted cash	1,277,572,442
Balance without the adoption of ASC 842 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating activities	5,241,320,097
Investing activities	(667,489,590)
Financing activities	(3,372,335,137)
Effect of exchange rate changes	76,077,072
Net change in cash, cash equivalents, and restricted cash	1,277,572,442
Effect of change Higher/(lower) [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating activities	262,069,227
Investing activities	¥ (262,069,227)

Loan Principal and Financing Service Fee Receivables - Loan Principal and Financing Service Fee Receivables (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables	¥ 9,423,515,633	$ 1,353,603,326	¥ 8,987,655,812
Less: allowance for loan principal and financing service fee receivables	(1,528,818,175)	(219,600,990)	(569,834,399)
Short-term loan principal and financing service fee receivables, net	7,894,697,458	1,134,002,336	8,417,821,413
Long-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables	458,311	65,832	681,153,632
Less: allowance for loan principal and financing service fee receivables	(34,726)	(4,988)	(15,500,802)
Long-term loan principal and financing service fee receivables, net	¥ 423,585	$ 60,844	¥ 665,652,830

Loan Principal and Financing Service Fee Receivables - Additional Information (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
Transfer to certain Funding Partners loan principal and financing service fee receivables	¥ 10,827,000	$ 1,555,201	¥ 1,511,540,000

Loan Principal and Financing Service Fee Receivables - Summary of Nonaccrual Loan Principal (Detail) - Loan principal [Member]	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loan principal	¥ 629,975,114	$ 90,490,263	¥ 298,090,833
Less: allowance for nonaccrual loan principal	(542,342,960)	(77,902,692)	(249,337,315)
Nonaccrual loan principal, net	¥ 87,632,154	$ 12,587,571	¥ 48,753,518

Loan Principal and Financing Service Fee Receivables - Schedule of Aging of Past-Due Loan Principal and Financing Service Fee Receivables (Detail) - Consumer Portfolio Segment [Member] - Uncollateralized [Member]	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 1,367,945,521		¥ 681,277,296
Current	8,056,028,423		8,987,532,148
Total	9,423,973,944	$ 1,353,669,158	9,668,809,444
Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	320,562,576		157,516,484
Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	220,744,589		114,079,283
Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	196,663,242		111,590,696
Financing Receivables, 91 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	187,743,328		103,666,846
Financing Receivables, 121 to 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	224,256,822		99,037,153
Financing Receivables, 151 to 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	217,974,964		95,386,834
Loan Principal [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	1,342,926,091		664,296,863
Current	7,927,745,442		8,882,336,723
Total	9,270,671,533	1,331,648,644	9,546,633,586
Loan Principal [Member] \| Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	314,329,532		153,188,330
Loan Principal [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	212,627,071		108,534,529
Loan Principal [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	185,994,374		104,483,171
Loan Principal [Member] \| Financing Receivables, 91 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	187,743,328		103,666,846
Loan Principal [Member] \| Financing Receivables, 121 to 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	224,256,822		99,037,153
Loan Principal [Member] \| Financing Receivables, 151 to 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	217,974,964		95,386,834
Financing Service Fee Receivables [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	25,019,430		16,980,433
Current	128,282,981		105,195,425
Total	153,302,411	$ 22,020,514	122,175,858
Financing Service Fee Receivables [Member] \| Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	6,233,044		4,328,154
Financing Service Fee Receivables [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	8,117,518		5,544,754
Financing Service Fee Receivables [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 10,668,868		¥ 7,107,525

Loan Principal and Financing Service Fee Receivables - Summary of Movement of Allowance for Loan Principal and Financing Service Fee Receivables (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2019 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	¥ 585,335,201	$ 84,078,141	¥ 519,254,006
Additions	2,159,235,919	310,154,833	1,143,414,087
Charge-offs	(1,215,718,219)	(174,626,996)	(1,077,332,892)
Balance at the end of the year	1,528,852,901	$ 219,605,978	585,335,201
Evaluated for impairment on a portfolio basis	1,528,852,901		585,335,201	$ 219,605,978
Loan Principal [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	568,224,324		506,296,690
Additions	2,149,665,886		1,139,260,526
Charge-offs	(1,215,718,219)		(1,077,332,892)
Balance at the end of the year	1,502,171,991		568,224,324
Evaluated for impairment on a portfolio basis	1,502,171,991		568,224,324
Financing Service Fee Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	17,110,877		12,957,316
Additions	9,570,033		4,153,561
Balance at the end of the year	26,680,910		17,110,877
Evaluated for impairment on a portfolio basis	¥ 26,680,910		¥ 17,110,877

Finance Lease Receivables - Schedule of Finance Lease Receivable (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Leases [Abstract]
Gross investment in finance lease receivables	¥ 749,932,364	$ 107,721,044	¥ 1,381,250,930
Less: unearned income	(72,046,860)	(10,348,884)	(194,596,102)
Net investment in finance lease receivables	677,885,504	97,372,160	1,186,654,828
Less: allowance for finance lease receivables	(39,933,036)	(5,736,021)	(28,765,413)
Finance lease receivables, net	¥ 637,952,468	$ 91,636,139	¥ 1,157,889,415

Finance Lease Receivables - Summary of Nonaccrual Finance Lease Receivables (Detail) - Financial Lease Receivable [Member]	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Non Accrual Financial Lease Receivables [Line Items]
Nonaccrual finance lease receivables	¥ 8,370,040	$ 1,202,281	¥ 15,486,171
Less: allowance for nonaccrual financial lease receivables	(1,622,695)	(233,086)	(2,399,986)
Nonaccrual finance lease receivables, net	¥ 6,747,345	$ 969,195	¥ 13,086,185

Finance Lease Receivables - Schedule of Aging of Past-Due Finance Lease Receivable (Detail) - Financial Lease Receivable [Member]	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 64,450,955		¥ 72,129,177
Current	613,434,549		1,114,525,651
Total	677,885,504	$ 97,372,160	1,186,654,828
Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	33,811,033		28,615,122
Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	13,502,906		16,647,141
Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	8,766,976		11,380,743
Financing Receivables, 90 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	4,325,421		6,484,050
Financing Receivables 120 To 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	2,306,750		6,107,653
Financing Receivables 150 To 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 1,737,869		¥ 2,894,468

Finance Lease Receivables - Schedule of Future Minimum Lease Payments to be Received (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Leases [Abstract]
Finance lease receivables, Less than 1 year	¥ 444,697,424	$ 63,876,788	¥ 550,315,459
Finance lease receivables, 1 - 2 years	258,140,571	37,079,573	496,391,986
Finance lease receivables, 2 - 3 years	46,157,291	6,630,080	284,434,371
Finance lease receivables, 3 - 4 years	937,078	134,603	50,109,114
Finance lease receivables, Total	¥ 749,932,364	$ 107,721,044	¥ 1,381,250,930

Finance Lease Receivables - Summary of Movement of Allowance for Finance Lease Receivables (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2019 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	¥ 585,335,201	$ 84,078,141	¥ 519,254,006
Additions/ reverse	2,159,235,919	310,154,833	1,143,414,087
Charge-offs	(1,215,718,219)	(174,626,996)	(1,077,332,892)
Balance at the end of the year	1,528,852,901	219,605,978	585,335,201
Evaluated for impairment on a portfolio basis	1,528,852,901		585,335,201	$ 219,605,978
Financial Lease Receivable [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	28,765,413	4,131,893
Additions/ reverse	30,236,266	4,343,168	32,010,270
Charge-offs	(19,068,643)	(2,739,040)	(3,244,857)
Balance at the end of the year	39,933,036	$ 5,736,021	28,765,413
Evaluated for impairment on a portfolio basis	¥ 39,933,036		¥ 28,765,413	$ 5,736,021

Other Current Assets - Summary of Other Current Assets (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Other Current Assets [Abstract]
Prepaid expenses	¥ 33,079,966	$ 4,751,640		¥ 68,691,524
Prepayments for vehicles				30,944,103
Inventory	8,915,574	1,280,642		128,014,636
Deposits in trust protection fund	72,264,547	10,380,153		50,276,500
Guarantee deposits held by Funding Partners	743,294,858	106,767,626		568,378,857
Receivables from third party payment service providers	466,035,906	66,941,869		821,217,132
Receivables from service providers	203,700,889	29,259,802		117,432,654
Other receivables from customers	75,463,305	10,839,626
Others	63,409,004	9,108,130		48,388,467
Total	1,666,164,049	239,329,488		1,833,343,873
Less: Allowance for other current assets	(27,259,988)	(3,915,652)		(15,121,668)
Other assets current	¥ 1,638,904,061	$ 235,413,836	¥ 1,817,088,275	¥ 1,818,222,205

Other Current Assets - Additional Information (Detail)	12 Months Ended
Other Current Assets - Additional Information (Detail)	Dec. 31, 2018
Other Current Assets [Abstract]
Percentage of capital to deposit to trust protection fund by consolidated trusts	1.00%

Lease - Summary of Sales-Type Lease Income (Detail)	12 Months Ended
Lease - Summary of Sales-Type Lease Income (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Financing Income [Member]
Sales-type Lease, Lease Income	¥ 89,872,562	$ 12,909,386	¥ 83,127,614	¥ 32,645
Sales Income [Member]
Sales-type Lease, Lease Income	¥ 89,150,614	$ 12,805,684	¥ 1,359,261,392	¥ 26,083,472

Lease - Additional information (Detail) - CNY (¥)	12 Months Ended
Lease - Additional information (Detail) - CNY (¥)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases, Operating [Abstract]
Rental costs under operating leases	¥ 30,856,490	¥ 66,600,515	¥ 15,931,076

Lease - Summary of Future Minimum Rental Payments For Operating Leases (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Leases, Operating [Abstract]
1 year (Including 1 year)	¥ 23,907,380	$ 3,434,080	¥ 29,504,842
1 year to 2 years (Including 2 years)	18,844,937	2,706,906	18,334,607
2 years to 3 years (Including 3 years)	4,388,769	630,408	13,269,047
Over 3 years			4,327,678
Total	47,141,086	6,771,394	¥ 65,436,174
Less: imputed interest	3,528,058	506,774
Present value of lease liabilities	¥ 43,613,028	$ 6,264,620

Lease - Summary of Operating Lease Supplemental Cash Flow Information (Detail) - 12 months ended Dec. 31, 2019	CNY (¥)	USD ($)
Operating Lease Supplemental Cash Flow Information [Abstract]
Operating cash flows used in operating leases	¥ 26,788,051	$ 3,847,863
ROU assets obtained in exchange for new operating lease liabilities	¥ 22,606,871	$ 3,247,274

Investment in Equity Method Investee - Additional Information (Detail)		12 Months Ended
	Oct. 17, 2016 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Loss from equity method investments		¥ (3,419,825)	$ (491,227)	¥ (11,319,279)	¥ (20,676,273)
Ganzhou Qu Campus Technology Co., Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment commitment value	¥ 190,000,000
Equity method investment, ownership percentage	45.90%	45.90%
Equity method investment		¥ 70,000,000
Loss from equity method investments		¥ 3,419,825	$ 491,227	¥ 11,319,279	¥ 20,676,273

Long-term Investments - Additional Information (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jul. 31, 2019 CNY (¥) shares	Jul. 31, 2019 USD ($) shares	Apr. 19, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Equity method investments	¥ 44,779,440	$ 6,432,164				¥ 33,199,265
Beijing Changba Technology Co., Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			0.2434%	0.2434%	9.00%
Equity method investments \| ¥			¥ 4,868,073		¥ 180,000,000
Great Alliance Coliving Limited [Member]
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			5.21%	5.21%
Equity method investments			¥ 38,000,000	$ 5,500,000
Great Alliance Coliving Limited [Member] \| Series A Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity investments shares subscribed \| shares			550	550

Short-term and Long-term Borrowings - Schedule of Short-Term Borrowings (Detail)	12 Months Ended
	Dec. 31, 2018 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)
Short-term Debt [Line Items]
Short term borrowings	¥ 3,860,440,575	¥ 1,049,570,333	$ 150,761,345
Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term borrowings	3,860,440,575	1,049,570,333	150,761,345
Other Institutions [Member] \| 5.8% to 10% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term borrowings	1,553,910,792
Trust Beneficiaries [Member] \| 6% to 16% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term borrowings	2,250,801,743	842,977,069	121,086,080
Bank [Member] \| 5.7% to 7% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term borrowings	¥ 55,728,040	¥ 206,593,264	$ 29,675,265
Minimum [Member] \| Other Institutions [Member] \| 5.8% to 10% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	8.50%
Term	62 days
Minimum [Member] \| Trust Beneficiaries [Member] \| 6% to 16% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	7.00%
Term	12 months
Minimum [Member] \| Bank [Member] \| 5.7% to 7% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	3.92%
Term	31 months
Maximum [Member] \| Other Institutions [Member] \| 5.8% to 10% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	11.00%
Term	368 days
Maximum [Member] \| Trust Beneficiaries [Member] \| 6% to 16% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	16.00%
Term	24 months
Maximum [Member] \| Bank [Member] \| 5.7% to 7% \| Short-term Borrowings [Member]
Short-term Debt [Line Items]
Short term fixed annual rate	12.00%
Term	367 months

Short-term and Long-term Borrowings - Schedule of Long-Term Borrowings (Detail)	12 Months Ended
	Dec. 31, 2018 CNY (¥)
Debt Instrument [Line Items]
Long term borrowings	¥ 413,400,000
Trust Beneficiaries [Member] \| 7.4% to 10% \| Long-term Debt [Member]
Debt Instrument [Line Items]
Long term borrowings	¥ 413,400,000
Minimum [Member] \| Trust Beneficiaries [Member] \| 7.4% to 10% \| Long-term Debt [Member]
Debt Instrument [Line Items]
Long term fixed annual rate	8.00%
Term	13 months
Maximum [Member] \| Trust Beneficiaries [Member] \| 7.4% to 10% \| Long-term Debt [Member]
Debt Instrument [Line Items]
Long term fixed annual rate	10.00%
Term	36 months

Short-term and Long-term Borrowings - Additional Information (Detail) ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted average interest rate		8.42%	8.42%	7.91%
Term and Revolving Facility Agreement [Member]
Debt Instrument [Line Items]
Debt instrument maturity period	8 years
Line of credit, maximum capacity	¥ 1,200
Debt instrument, interest rate basis		Loan Prime Rate plus 0.295%	Loan Prime Rate plus 0.295%
Debt instrument, interest rate basis spread		0.295%	0.295%
Line of credit, collateral		¥ 104	$ 15

Short-term and Long-term Borrowings - Schedule of Contractual Obligations (Detail)	Dec. 31, 2018 CNY (¥)
Contractual Obligation Fiscal Year Maturity [Abstract]
Payment due by period, less than 1 year	¥ 36,560,000
Payment due by period, 1-2 years	159,548,333
Payment due by period, greater than 2 years	289,673,333
Total	¥ 485,781,666

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll	¥ 63,374,911	$ 9,103,236	¥ 91,993,195
Tax payables	334,442,889	48,039,715	166,802,584
Payable to suppliers	27,252,968	3,914,644	57,353,842
Payable to external service providers	61,658,863	8,856,742	52,443,595
Payable to funding partner	74,271,550	10,668,441	66,198,839
Others	157,264,521	22,589,634	72,694,382
Total	¥ 718,265,702	$ 103,172,412	¥ 507,486,437

Guarantee liabilities and risk assurance liabilities - Summary of Movement of Guarantee Liabilities (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Guarantees [Abstract]
Balance at beginning of the year	¥ 302,604,578	$ 43,466,428	¥ 46,981,325
Fair value of guarantee liabilities upon the inception of new loans	444,177,836	63,802,154	526,265,099
Performed guarantee	(1,423,270,618)	(204,440,032)	(387,234,512)
Change in fair value of guarantee liabilities	939,954,125	135,015,962	116,592,666
Balance at end of the year	¥ 263,465,921	$ 37,844,512	¥ 302,604,578

Guarantee liabilities and risk assurance liabilities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Guarantor Obligations [Line Items]
Risk Assurance Liabilities Maximum Exposure	¥ 11,916,000,000	$ 1,712,000,000	¥ 0
Maximum potential undiscounted future payment	¥ 2,223,000,000	$ 319,000,000	¥ 10,703,000,000
Minimum [Member]
Guarantor Obligations [Line Items]
Guarantee term	1 month
Maximum [Member]
Guarantor Obligations [Line Items]
Guarantee term	4 years
Risk Assurance Liabilities [Member] \| Minimum [Member]
Guarantor Obligations [Line Items]
Guarantee term	1 month
Risk Assurance Liabilities [Member] \| Maximum [Member]
Guarantor Obligations [Line Items]
Guarantee term	18 months

Guarantee liabilities and risk assurance liabilities - Summary of movement of risk assurance liabilities (Detail) - 12 months ended Dec. 31, 2019	CNY (¥)	USD ($)
Balance at the beginning of the year	¥ 0	$ 0
Fair value of risk assurance liabilities upon the inception of new loans	1,711,712,149	245,872,066
Payouts	(660,824,276)	(94,921,468)
Changes in risk assurance liabilities	203,473,526	29,227,143
Balance at end of the year	¥ 1,254,361,399	$ 180,177,741

Convertible senior notes - Additional Information (Detail)				12 Months Ended
	Jul. 01, 2022	Jul. 01, 2019 CNY (¥) ¥ / shares	Jul. 01, 2019 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) $ / shares	Jul. 31, 2019 $ / shares	Jul. 01, 2019 USD ($)
Debt Instrument [Line Items]
Proceeds from convertible debt net				¥ 2,289,629,341	$ 328,884,677
Underwriting discounts and offering expenses, interest rate effective percentage		2.07%	2.07%
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible debt								$ 300,000,000
Debt interest rate		1.00%						1.00%
Debt maturity		Jul. 01, 2026	Jul. 01, 2026
Debt principal amount for conversion			$ 1,000
Proceeds from convertible debt net		¥ 2,290,000,000	334,000,000
Debt issuance cost		¥ 73,000,000						$ 11,000,000
Proceeds from convertible debt gross			$ 345,000,000
Debt carrying amount gross				2,402,000,000		$ 345,000,000
Debt unamortized expenses				62,000,000		9,000,000
Debt carrying amount net				¥ 2,340,000,000		$ 336,000,000
Debt instrument term				2 years 6 months	2 years 6 months
Convertible Senior Notes [Member] \| Call Option [Member]
Debt Instrument [Line Items]
Cost of capped call				¥ 193,000,000	$ 28,000,000
Convertible Senior Notes [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Debt repurchase price percentage	100.00%
Convertible Senior Notes [Member] \| ADS [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| (per share)		¥ 106.2756					$ 9.41
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member]
Debt Instrument [Line Items]
Debt issuance cost paid					$ 28,000,000
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member] \| Strike Price [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| $ / shares						$ 9.4095
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member] \| Cap Price [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| $ / shares						$ 12.9150
Convertible Senior Notes [Member] \| Additional Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible debt								$ 45,000,000

Cost of Other Revenues - Summary of Cost of Other Revenues (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Cost of Revenue [Abstract]
Interest expenses of borrowings	¥ 288,241,857	$ 41,403,352	¥ 547,368,755	¥ 686,889,761
Other lending related costs	247,530,755	35,555,568	184,417,017	170,060,910
Total	¥ 535,772,612	$ 76,958,920	¥ 731,785,772	¥ 856,950,671

Interest and Investment Income, Net - Summary of Interest and Investment Income, Net (Detail)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Investment Income Interest And Dividend [Abstract]
Share of loss from equity method investment	¥ (3,419,825)	$ (491,227)	¥ (11,319,279)	¥ (20,676,273)
Investment income of short-term investments	4,108,597	590,163	11,282,694	3,526,506
Interest income	44,117,299	6,337,053	35,776,919	21,360,670
Interest expense of convertible senior notes	(23,934,289)	(3,437,946)
Net investment income	¥ 20,871,782	$ 2,998,043	¥ 35,740,334	¥ 4,210,903

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017	Dec. 31, 2019 USD ($)
Income Tax [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Enterprise income tax rate	25.00%	25.00%
Net operating loss carry forwards	¥ 69,462,422		¥ 96,242,160		$ 9,977,653
Operating losses expiration beginning year	2021	2021
Operating losses expiration ending year	2025	2025
Undistributed earnings from foreign subsidiaries	¥ 9,596,000,000	$ 1,378,000,000
Maximum [Member]
Income Tax [Line Items]
PRC tax authority to conduct examinations, term	5 years	5 years
Variable Interest Entity, Subsidiaries [Member]
Income Tax [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%
Variable Interest Entity, Subsidiaries in Ganzhou [Member]
Income Tax [Line Items]
Statutory income tax rate	15.00%	15.00%	15.00%
QD Data Limited ("Qudian HK") [Member]
Income Tax [Line Items]
Statutory income tax rate	16.50%	16.50%	16.50%
PRC Subsidiaries [Member]
Income Tax [Line Items]
Percentage of withholding tax for dividends, interest, rent and royalties payment	10.00%	10.00%
High and New Technology Enterprise [Member] \| Qufenqi Beijing Information Technology Co Ltd [Member]
Income Tax [Line Items]
Statutory income tax rate	15.00%	15.00%
High and New Technology Enterprise [Member] \| Xiamen Qudian Technology Company Limited [Member]
Income Tax [Line Items]
Statutory income tax rate	15.00%	15.00%

Income Taxes - Summary of Current and Deferred Component of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expenses	¥ 494,121,097	$ 70,976,055	¥ 285,682,721	¥ 353,218,915
Deferred income tax expenses	132,112,749	18,976,809	(127,952,203)	(97,672,912)
Income tax expenses	¥ 626,233,846	$ 89,952,864	¥ 157,730,518	¥ 255,546,003

Income Taxes - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	¥ 451,009,681	$ 64,783,487	¥ 307,612,727
Allowance for finance lease receivable	15,561,634	2,235,289	8,002,568
Allowance for other current assets	8,417,241	1,209,061	3,124,847
Guarantee liabilities	211,029,776	30,312,531	30,238,834
Risk assurance liabilities	188,154,210	27,026,661
Share-based compensation	27,686,642	3,976,937	13,849,997
Investment loss under equity method	10,055,140	1,444,330	9,200,184
Deferred revenue			5,091,787
Net operating loss carry forwards	69,462,422	9,977,653	96,242,160
Less: valuation allowance	(385,481,892)	(55,371,009)	(229,950,290)
Total non-current deferred tax assets net of valuation allowance	595,894,854	85,594,940	243,412,814
Net non-current deferred tax assets	290,284,829	41,696,807	¥ 243,412,814
Non-current deferred tax liabilities
Contract assets	(411,735,303)	(59,142,076)
Unacollected revenue	(72,859,486)	(10,465,610)
Total non-current deferred tax liabilities	(484,594,789)	(69,607,686)
Net non-current deferred tax liabilities	¥ 178,984,764	$ 25,709,553

Income Taxes - Summary of Reconciliation of Income Taxes Expenses (Details)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Profit before income tax	¥ 3,890,521,771	$ 558,838,486	¥ 2,649,046,731	¥ 2,420,004,823
PRC statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax at statutory tax rate	¥ 972,630,443	$ 139,709,622	¥ 662,261,683	¥ 605,001,206
Effect of different tax rates	(552,951,519)	(79,426,516)	(574,131,524)	(367,422,131)
Exempt income	(1,625,772)	(233,528)	(2,720,020)	(2,064,183)
Expenses not deductible for tax purposes	4,446,637	638,719	27,662,307	4,298,559
Adjustment on current income tax of the previous periods	2,453,713	352,454	(16,309,757)
Financial subsidy			(31,810,061)	(32,929,930)
Deferred only adjustment	72,206,605	10,371,830
Research and development super-deduction	(14,587,649)	(2,095,385)
Tax rate change	(11,870,214)	(1,705,049)	5,200,618
Changes in valuation allowance	155,531,602	22,340,717	87,577,272	48,662,482
Income tax expenses	¥ 626,233,846	$ 89,952,864	¥ 157,730,518	¥ 255,546,003

Income Taxes - Schedule of Unrecognized Tax Benefits (Details)	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Income Tax Disclosure [Abstract]
Balance at beginning of the year	¥ 0	$ 0	¥ 0
Additions	54,637,111	7,848,130	74,169,005
Decreases	(54,637,111)	(7,848,130)	(74,169,005)
Balance at end of the year	¥ 0	$ 0	¥ 0

Earnings Per Share - Computation of Basic Earnings per Share (Detail) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Class A Voting Ordinary Shares [Member]
Earnings per share – basic:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ 2,520,194,155	$ 362,003,240	¥ 1,994,976,030	¥ 1,077,159,077
Weighted average number of Class A and Class B ordinary shares outstanding:
Denominator used for basic earnings per share	215,040	215,040	255,190	62,900
Basic \| (per share)	¥ 11.72	$ 1.68	¥ 7.82	¥ 17.13
Class B Voting Ordinary Shares [Member]
Earnings per share – basic:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ 744,093,770	$ 106,882,382	¥ 496,340,183	¥ 1,087,299,743
Weighted average number of Class A and Class B ordinary shares outstanding:
Denominator used for basic earnings per share	63,490	63,490	63,490	63,490
Basic \| (per share)	¥ 11.72	$ 1.68	¥ 7.82	¥ 17.13

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Earnings Per Share - Computation of Diluted Earnings per Share (Detail) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Class A Voting Ordinary Shares [Member]
Earnings per share –diluted:
Interest charges applicable to the Convertible Senior Notes	¥ 18,876,619	$ 2,711,457
Allocation of net income attributable to Qudian Inc. for diluted computation	2,574,495,457	369,803,134	¥ 2,000,018,251	¥ 1,714,215,136
Reallocation of net income attributable to Qudian Inc. as a result of conversion of	694,850,138	99,808,977	491,297,962	450,243,684
Allocation of net income attributable to Qudian Inc	¥ 3,288,222,214	$ 472,323,568	¥ 2,491,316,213	¥ 2,164,458,820
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding– basic	215,040	215,040	255,190	62,900
Dilutive effect of preferred shares				177,360
Conversion of Class B to Class A ordinary shares	63,490	63,490	63,490	63,490
Adjustments for dilutive share options	3,450	3,450	3,280	1,470
Conversion of the Convertible Senior Notes to Class A ordinary share	18,480	18,480
Denominator used for diluted earnings per share	300,460	300,460	321,960	305,220
Diluted \| (per share)	¥ 10.94	$ 1.57	¥ 7.74	¥ 7.09
Class B Voting Ordinary Shares [Member]
Earnings per share –diluted:
Interest charges applicable to the Convertible Senior Notes	¥ 5,057,670	$ 726,489
Allocation of net income attributable to Qudian Inc. for diluted computation	689,792,468	99,082,488	¥ 491,297,962	¥ 450,243,684
Allocation of net income attributable to Qudian Inc	¥ 694,850,138	$ 99,808,977	¥ 491,297,962	¥ 450,243,684
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding– basic	63,490	63,490	63,490	63,490
Denominator used for diluted earnings per share	63,490	63,490	63,490	63,490
Diluted \| (per share)	¥ 10.94	$ 1.57	¥ 7.74	¥ 7.09

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Detail) - Class A Voting Ordinary Shares [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2019 ¥ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 ¥ / shares shares	Dec. 31, 2017 ¥ / shares shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic	215,040	215,040	255,190	62,900
Diluted	300,460	300,460	321,960	305,220
Basic \| (per share)	¥ 11.72	$ 1.68	¥ 7.82	¥ 17.13
Diluted \| (per share)	¥ 10.94	$ 1.57	¥ 7.74	¥ 7.09
ADS [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic	184,700	184,700	113,820	41,440
Diluted	199,240	199,240	114,990	41,440
Basic \| (per share)	¥ 11.72	$ 1.68	¥ 7.82	¥ 17.13
Diluted \| (per share)	¥ 10.94	$ 1.57	¥ 7.74	¥ 7.09

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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