Comparison of China's US-listed Fintech companies (QD, XRF, HX, YRD, PPDF)

Quick look at the US-listed P2P and Microcredit companies

YRD - Yirendai Ltd

Based on the information disclosed to us, as of December 31, 2016, our historical borrower profile was 80.2% male and 19.8% female, while 73.9% were 35 years of age or less.

In 2014, 2015 and 2016, we facilitated loans to 39,344, 146,390 and 321,019 borrowers through our platform, respectively. We do not permit borrowers to hold more than one loan that has been facilitated through our platform at a time. The total amount of funds loaned to borrowers through our platform was RMB2,228.6 million, RMB9,557.6 million and RMB20,277.9 million (US$2,920.6 million) in 2014, 2015 and 2016, respectively.

Based on the information disclosed to us, as of December 31, 2016, our historical investor profile was 56.1% male and 44.0% female, while 78.5% were 40 years of age or less.

In 2014, 2015 and 2016, 34,527, 326,055 and 597,765 investors invested through our platform, respectively. The total amount of funds invested by investors through our marketplace was RMB2.6 billion, RMB11.9 billion and RMB25.0 billion (US$3.6 billion) in 2014, 2015 and 2016, respectively.

Source: 2016 Annual Report

XRF - China Rapid Finance Ltd

Our marketplace enables investors domiciled in China to invest in loans with varying principal amounts, fees and interest rates and terms. Investors are attracted to our marketplace because of the range of loan durations available on our platform, including short-term loans, our marketplace’s risk-adjusted investment returns, our track record, the intrinsic diversification on our platform and our corporate governance standards. For the years ended December 31, 2014, 2015 and 2016, average annual investment return for lifestyle loan investors on our marketplace was 11.9%, 11.5%, and 11.3%, respectively. Annual investment return for investors of consumption loans was 12.8% and 10.4% in the years ended December 31, 2015 and 2016. As of December 31, 2016, we had approximately 9,850 investors on our marketplace.

Source: Amended Form F1 Registration Document

QD - Qudian Inc

We have experienced significant growth in the number of borrowers since inception. As of December 31, 2014, 2015 and 2016 and June 30, 2017, approximately 0.2 million, 1.5 million, 11.2 million and 17.6 million registered users were approved with credit, respectively. In 2014, 2015 and 2016 and the six months ended June 30, 2017, we arranged credit for approximately 0.2 million, 1.2 million, 6.1 million and 7.0 million active borrowers, respectively. Out of the total active borrowers in 2014, 2015, 2016 and the six months ended June 30, 2017, respectively, repeat borrowers, made up approximately 14.7%, 40.4%, 68.4% and 82.7% of our total active borrowers, respectively. We believe the increase in repeat borrowers reflects borrower loyalty and our credit products’ ability to address borrower consumption needs. On average, an active borrower drew down approximately six times in the six months ended June 30, 2017.

In the six months ended June 30, 2017, we facilitated approximately RMB38.2 billion (US$5.6 billion) in transactions to 7.0 million active borrowers.

Source: Amended Form F1 Registration Document

HX - Hexindai Inc

In the fiscal year ended March 31, 2016, we facilitated loans to 11,120 borrowers with a total amount of loans of RMB2,976 million (US$470 million), compared to 28,738 borrowers with a total amount of loans of RMB3,318 million (US$493 million) in the fiscal year ended March 31, 2017. In the three months ended June 30, 2016, we facilitated loans to 4,994 borrowers with a total amount of loans of RMB827.7 million (US$126.7 million), compared to 14,736 borrowers with a total amount of loans of RMB1,278.2 million (US$186.4 million) in the three months ended June 30, 2017. From inception of our business to June 30, 2017, we had a total of 56,230 borrowers, cumulatively.

The number of investors who invested on our marketplace increased from 17,483 in the fiscal year ended March 31, 2015 to 31,783 in the fiscal year ended March 31, 2016, and further increased to 63,335 in the fiscal year ended March 31, 2017. The number of investors who invested on our marketplace increased from 20,201 in the three months ended June 30, 2016 to 37,033 in the three months ended June 30, 2017. From inception of our business to June 30, 2017, we had a total of 110,156 investors, cumulatively.

Source: Amended Form F1 Registration Document

PPDF - PPDAI Group Inc

We have experienced fast growth in the number of unique borrowers in recent years, from over 135,000 in 2014 to over 666,000 in 2015, and further to approximately 3.4 million in 2016. In the six months ended June 30, 2017, we had approximately 4.9 million unique borrowers.

Our marketplace features a high proportion of repeat borrowers. Out of the total loan volume facilitated through our marketplace in 2015, 2016 and the six months ended June 30, 2017, 55.7%, 55.6% and 67.4%, respectively, was generated from repeat borrowers who had successfully borrowed on our platform before.

The total outstanding balance of loans invested through our platform grew from RMB607.4 million (US$89.6 million) as of December 31, 2014 to RMB2.8 billion (US$0.4 billion) as of December 31, 2015 and further to RMB10.4 billion (US$1.5 billion) as of December 31, 2016 and RMB20.6 billion (US$3.0 billion) as of June 30, 2017.

We accept investments primarily from individual investors. As of June 30, 2017, we had 461,651 cumulative individual investors. We have experienced strong growth in both the number of individual investors and the investment amount per investor in recent years. The number of individual investors invested through our marketplace increased from 134,734 in 2015 to 240,990 in 2016, and from 134,287 in the six months ended June 30, 2016 to 201,624 in the six months ended June 30, 2017. During the same periods, average investment amount per individual investor increased from RMB29,938 (US$4,416) in 2015 to RMB57,918 (US$8,543) in 2016, and from RMB37,398 (US$5,516) in the six months ended June 30, 2016 to RMB99,136 (US$14,623) in the six months ended June 30, 2017.

Source: Amended Form F1 Registration Document

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