360 Finance Inc (NASDAQ:QFIN) Q4 2019 Earnings Conference Call - Final Transcript

Mar 27, 2020 • 08:00 am ET


360 Finance Inc (NASDAQ:QFIN) Q4 2019 Earnings Conference Call - Final Transcript


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Thank you for standing by and welcome to the 360 Finance Fourth Quarter 2019 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Ms. Mandy Dole [Phonetic]. Please go ahead.

Mandy Dole

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

Before we begin our prepared remarks, I would like to remind you of the company's Safe Harbor statements in connection with today's earnings 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. Therefore you should not place 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 statements. For more information about potential risks and uncertainties, please refer to the company's filings with the SEC in the registration statements.

In addition, this call will also include a discussion of certain non-GAAP financial matters. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measure to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I will now turn the call over to our CEO, Mr. Wu Haisheng.

Haisheng Wu

Thank you, Mandy. Hi, everyone. Thanks, for joining us on the call today. We delivered another quarter of strong results to finish the year on a high note. During the full year of 2019, our loan origination volume reached RMB198.67 billion. Cumulative registered users reached 135 million at the end of 2019. Users with approved credit lines increased by 12.18 million throughout the year. Total revenue reached RMB9.23 billion which is a quite strong pick to our guidance at the beginning of 2019.

During the fourth quarter, we continue to adopt stable and prudent management approach. Taking the ongoing regulatory trend into consideration led to activities throughout the cloud business developments. Despite the challenging environments, we still achieved a good quarter with loan on leasing volume reaching RMB53.12 billion. The fourth quarter translation is typical to China's Fintech industry, a series of regulatory requirements were read out. All of this presents significant change, becoming relatively weak in maintaining compliance standards. The measure has also affected much stress on loan borrowers [Indecipherable]. Fortunately, we quickly and successfully adapted to this changing environment. I believe we mainly benefits from two factors.

Firstly, there is a close communication with regulators on a regular basis as we are one of the leading Fintech platforms in China. Secondly,