360 Finance Inc (NASDAQ:QFIN) Q2 2019 Earnings Conference Call - Final Transcript

Aug 23, 2019 • 08:00 am ET


360 Finance Inc (NASDAQ:QFIN) Q2 2019 Earnings Conference Call - Final Transcript


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Hello and welcome to the conference call entitled 360 Finance Announces Second Quarter 2019 Unaudited Financial Results. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Matthew Li of 360 Finance. Please go ahead.

Matthew Li

Thank you, operator. Hello, everyone, and welcome to our second quarter 2019 earnings conference call. Our results released earlier today and can be found on our IR website. Joining me today on the call are Mr. Haisheng Wu, our CEO and Director; Mr. Alex Wu, our CFO; and Mr. Yan Zheng, our Vice President.

Before we begin our prepared remarks, I would like to remind you of the company's Safe Harbor statement in connection with today's conference call. Except for any historical information, the material discussed on this conference call may contain forward-looking statements. These statements are based on our current plans, estimates and projections, and therefore you should not face undue reliance on them.

Forward-looking statements involve inherent risks and uncertainties. We caution that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about potential risks and uncertainties, please refer to the company's filings with the SEC in its registration statement. In addition, this call will also include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

Finally, please note that unless otherwise stated all figures mentioned during this conference call are in renminbi.

With that, I would turn the call over to our CEO, Mr. Xu. Please begin.

Haisheng Wu

Okay. Thanks, Matt, and thank you, everyone, for joining our call today. This is Wu Haisheng, and we are sorry that Mr. Xu is not able to join us today since he has to leave the company for personal and family reasons. We would like to thank him for his extraordinarily services to 360 Finance as our Co-Founder and the CEO. Our business fundamentals are very strong. We will continue to execute our strategy to building our company into a financial technology company.

Our core team members have been working together very well, and we expect the transition process will be very smooth. We believe our advantage are structural and systematic. We have established a solid foundation for our business in China. We believe our structure advantage will not be impacted by the change of one management member.

Now, I will go back to my prepared remarks. We are pleased to further solidify our leading position in the industry with another solid quarter. As of June 30th, 2019, we have cumulatively it originated RMB217 billion of loans through our platform with outstanding loan balance of RMB51.3 billion. Our cumulative registered users reached 109 million. Users with credit line reached 19.2 million and cumulative borrowers with successful drawdown reached 12.5 million. We are very proud of getting such a huge