BEIJING, April 17, 2025 /PRNewswire/ -- Pintec Technology Holdings Limited (NASDAQ: PT) ("Pintec" or the "Company"), a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission ("SEC") on April 17, 2025 Eastern Time. The annual report can be accessed on the Company's investor relations web ...

Financial Position - As of December 31, 2023, total assets amounted to RMB 113,197,000, with cash and cash equivalents at RMB 40,508,000[27] - The total liabilities were reported at RMB 493,076,000, with significant amounts due to other subsidiaries and WFOEs[27] - The investment deficit in subsidiaries of the company was RMB (1,218,313,000), indicating a substantial financial burden[27] - For the year ending December 31, 2024, total assets are projected to be RMB 103,440,000, with cash and cash equivalents decreasing to RMB 26,951,000[29] - Total liabilities for 2024 are expected to be RMB 498,559,000, reflecting a slight increase from the previous year[29] - The total (deficit)/equity for the company as of December 31, 2024, is projected to be RMB (395,119,000), indicating ongoing financial challenges[29] - Financing receivables, net, were reported at RMB 61,467,000 as of December 31, 2023, showing the company's reliance on receivables for liquidity[27] - The company has significant amounts due from WFOEs, totaling RMB 808,738,000, which may impact cash flow and operational flexibility[27] Revenue and Losses - For the year ended December 31, 2022, consolidated total revenues were RMB 74,568,000, a decrease from RMB 52,717,000 in 2023, representing a decline of approximately 29.3%[31][32] - The net loss attributable to Pintec's shareholders for the year ended December 31, 2022, was RMB 190,183,000, which improved to a net loss of RMB 78,762,000 in 2023, indicating a reduction in loss of about 58.6%[31][32] - Operating expenses decreased from RMB 93,412,000 in 2022 to RMB 56,219,000 in 2023, reflecting a reduction of approximately 39.9%[31][32] - Revenues for the year ended December 31, 2024, were RMB 35,142,000, a further decline from RMB 52,717,000 in 2023, representing a decrease of about 33.0%[32][33] - The loss from operations for the year ended December 31, 2024, was RMB 14,102,000, compared to a loss of RMB 41,693,000 in 2023, indicating an improvement of approximately 66.2%[32][33] - The share of loss from subsidiaries for the year ended December 31, 2023, was RMB 81,704,000, which decreased to RMB 13,167,000 in 2024, showing a significant reduction of about 83.9%[32][33] - The income tax benefit for the year ended December 31, 2023, was RMB 13,901,000, compared to an expense of RMB 2,522,000 in 2022, indicating a positive shift in tax position[31][32] - The consolidated total for the year ended December 31, 2023, was RMB 52,717,000, down from RMB 74,568,000 in 2022, reflecting a decline of approximately 29.3%[31][32] - The cost of revenues for the year ended December 31, 2023, was RMB 38,191,000, a decrease from RMB 62,688,000 in 2022, representing a reduction of about 39.2%[31][32] - The net loss for the year ended December 31, 2024, was RMB 15,454,000, compared to a net loss of RMB 81,254,000 in 2023, indicating an improvement of approximately 81.0%[32][33] Cash Flow and Investments - For the year ended December 31, 2022, the consolidated net cash provided by operating activities was a negative RMB 10,518 thousand, while for 2023, it improved to RMB 8,611 thousand[35] - The cash and cash equivalents at the end of 2023 were RMB 45,508 thousand, a decrease from RMB 256,210 thousand at the end of 2022[35] - The net cash used in investing activities for 2023 was RMB 35,272 thousand, compared to a positive cash flow of RMB 86,690 thousand in 2022[35] - The cash received by the parent company from equity owned subsidiaries was RMB 2,018 thousand in 2022, increasing significantly to RMB 28,187 thousand in 2023, but was zero in 2024[39] - The cash paid by VIEs to equity owned subsidiaries was RMB 226,472 thousand in 2022, dropping to RMB 1,861 thousand in 2023, and slightly increasing to RMB 1,389 thousand in 2024[39] - The cash paid by WFOEs to equity owned subsidiaries was RMB 109,270 thousand in 2022, decreasing to RMB 13,350 thousand in 2023, and further to RMB 1,040 thousand in 2024[39] - The cash received by WFOEs from equity owned subsidiaries was RMB 36,489 thousand in 2022, with no cash received in 2023 and 2024[39] Regulatory Environment and Compliance - The company faces unique risks associated with its VIE structures, which may limit operational control and increase enforcement costs[24] - The contractual arrangements with VIEs have not been tested in a court of law, leading to uncertainties regarding compliance with PRC laws[25] - The Overseas Listing Trial Measures require PRC domestic companies to fulfill filing procedures with the CSRC for overseas offerings, impacting future capital raising activities[42] - Companies listed on overseas exchanges before March 31, 2023, are not required to make immediate filings but must file for subsequent offerings within three business days[42] - The SEC may prohibit trading of ordinary shares or ADSs if audit reports are filed by firms not inspected by the PCAOB for two consecutive years, posing a risk to trading[43] - The PCAOB's ability to inspect accounting firms in Mainland China and Hong Kong is subject to annual determination, which could affect the company's status as a Commission-Identified Issuer[45] - Regulatory uncertainties in the consumer finance industry in Mainland China could adversely affect the company's financial condition and results of operations[59] - The company holds several licenses, including internet micro lending and fund distribution licenses, which have limited terms and may not be renewed[60] - The evolving regulatory environment may impose additional compliance requirements, affecting the company's ability to operate and offer securities[59] - The company is subject to potential liabilities and penalties if it fails to comply with PRC laws and regulations regarding financial products, which could materially affect its financial condition and results of operations[87] - The company must comply with data privacy laws, and failure to do so could materially affect its business and financial condition[123] - The company is subject to evolving cybersecurity regulations, which may impact its operations and compliance requirements[127] - The PRC regulations regarding foreign investments in fund distribution are subject to interpretation, leading to substantial uncertainties for the company's operations[175] - The PRC Foreign Investment Law, effective January 1, 2020, introduces uncertainties regarding the corporate structure and governance of the company[177] - The PRC tax authorities may audit related party transactions, potentially leading to additional tax liabilities for the company[186] - The company may lose access to critical assets held by variable interest entities if they undergo bankruptcy or liquidation proceedings[188] Business Model and Market Risks - The company has ceased onboarding new loan facilitation customers since April 2022 and currently only serves existing loan facilitation customers[63] - The company reduced its reliance on risk-sharing models, leading to lower credit risk exposure since 2020, with a focus on digital-centric services[63] - The business model has been upgraded to provide unsecured loan services to MSMEs, which may lead to a higher customer default rate[61] - The trading price of the company's ADSs has declined significantly since listing, with potential risks of delisting from Nasdaq[54] - A credit crisis or prolonged downturn in the credit markets could lead to a material decline in the company's revenues, even if it does not bear credit risk in borrower defaults[96] - The company’s credit assessment models may inaccurately predict future loan losses, which could adversely impact its reputation and market share[93] - The company generates a significant proportion of its revenues through a limited number of business partners, and any changes in these partnerships could materially affect its operations[89] - The company faces challenges in the consumer finance industry due to negative publicity and investor confidence issues stemming from failures of other platforms[84] - Changes in the competitive landscape of Mainland China's consumer finance and wealth management industries may affect the company's business operations and partnerships[95] - The company has made substantial investments to enhance brand image, but these may not lead to immediate revenue increases[118] - If users are dissatisfied with financial products offered through the company's platforms, it could harm the company's reputation and financial performance[119] - The company faces significant competition in consumer finance, wealth management, and insurance from major platforms like Lexin and 360 DigiTech, which have greater financial resources and brand recognition[97] Internal Controls and Operational Risks - A material weakness in internal control over financial reporting was identified, related to insufficient personnel knowledgeable in U.S. GAAP and SEC reporting requirements[157] - Measures have been taken to remedy the material weakness, including engaging a consulting firm with U.S. GAAP experience, but full remediation cannot be guaranteed[158] - Failure to maintain effective internal controls could lead to material misstatements in financial statements and loss of investor confidence, potentially harming access to capital markets[159] - The company relies on complex software for its operations, and undetected errors could negatively impact user experience and financial performance[148] - Disruptions in internet infrastructure in Mainland China could affect the company's operations and financial performance due to reliance on state-owned telecommunication providers[151] - Increased fraudulent activity on the company's platforms could negatively impact its operating results and brand reputation[137] - The company collaborates with external collection agents, and any illegal practices by these agents could harm its reputation and business operations[144] - Retaining qualified employees is critical for the company's success, and competition for skilled personnel may hinder its ability to maintain a strong workforce[146] - The proprietary robo-advisory engine may be flawed, potentially leading to unsuitable investment recommendations and harming the company's reputation[147] - The accuracy of the company's credit assessment models is compromised by outdated or incomplete data, which could adversely affect financial performance[140] - The company faces risks related to users' changing financial circumstances, which may lead to higher loan loss rates due to inaccurate pricing[141] - Failure to verify user information and detect fraud could result in liabilities under the Civil Code of PRC, negatively impacting financial results[142] - The company's ability to collect delinquent loans is dependent on users' financial stability, and ineffective collection methods could lead to decreased service fees and revenue[143] Future Outlook and Strategic Plans - The company does not plan to pay any cash dividends in the foreseeable future, retaining most of its available funds for business operations and expansion[37] - Plans for international expansion, such as entering the Australian market, may expose the company to additional risks, including reliance on local partners and regulatory compliance[168][171] - Future investments and acquisitions may not yield expected results and could lead to equity dilution and management distraction[167] - The company must continuously innovate and enhance its technology infrastructure to remain competitive, as failure to achieve market acceptance could harm its growth prospects[90] - The company has taken measures to improve operating efficiency and control costs, including staff downsizing, but there is no assurance these measures will be sufficient to fund ongoing capital expenditures[111]

Financial Performance - Total revenues decreased by 57.5% to RMB14.92 million (US$2.09 million) for the first half of 2024 compared to RMB35.09 million for the same period of 2023 [2][6] - Gross profit increased by 111.6% to RMB8.90 million (US$1.25 million) for the first half of 2024, with a gross margin of 59.66% compared to 11.99% in the same period of 2023 [2][12] - Net loss decreased by 82.0% to RMB8.34 million (US$1.17 million) for the first half of 2024, compared to a net loss of RMB46.30 million for the same period of 2023 [3][20] Operational Highlights - Total loans facilitated decreased by 2.4% to RMB46.17 million (US$6.48 million) for the first half of 2024 from RMB47.3 million for the same period of 2023 [4] - Loan outstanding balance decreased by 9.0% to RMB56.14 million (US$7.88 million) as of June 30, 2024, from RMB61.74 million as of December 31, 2023 [4] Revenue Breakdown - Revenues from technical service fees decreased by 86.6% to RMB2.66 million (US$0.37 million) for the first half of 2024, primarily due to a reduction in this business segment [7] - Revenues from installment service fees decreased by 13.7% to RMB6.49 million (US$0.91 million) for the first half of 2024, attributed to a decrease in loan volumes [8] - Revenues from wealth management service fees decreased by 25.3% to RMB5.77 million (US$0.81 million) for the first half of 2024, mainly due to new regulations affecting insurance brokerage [9] Cost Structure - Cost of revenues decreased by 80.51% to RMB6.02 million (US$0.85 million) for the first half of 2024, largely due to a significant reduction in funding costs [10] - Origination and servicing costs decreased by 78.8% to RMB5.05 million (US$0.71 million) compared to RMB23.86 million in the same period of 2023 [11] Operating Expenses - Total operating expenses increased by 1.3% to RMB16.51 million (US$2.32 million) for the first half of 2024 from RMB16.30 million for the same period of 2023 [13] - Sales and marketing expenses increased by 0.3% to RMB8.54 million (US$1.20 million) due to the addition of personnel for expanding Wealth Management Solutions [14] - General and administrative expenses increased by 12.8% to RMB5.71 million (US$0.80 million), primarily due to the absence of prior year adjustments [15] Balance Sheet and Cash Position - The company reported combined cash and cash equivalents and long-term restricted cash of RMB53.42 million (US$7.50 million) as of June 30, 2024, compared to RMB45.51 million as of December 31, 2023 [24] - The company acknowledged a negative working capital of RMB388.96 million (US$54.58 million) and an accumulated deficit of RMB2,520.97 million (US$353.73 million) as of June 30, 2024 [25] Management Commentary - The CEO highlighted the company's focus on financial stability and risk management amidst industry challenges, emphasizing operational efficiency and cost optimization as key strategies for future growth [5]

Core Viewpoint - Pintec Technology Holdings Limited reported a significant decrease in revenues and net loss for the first half of 2023, while also implementing cost-cutting measures and focusing on its core strategy to navigate a challenging macroeconomic environment [1][2][22]. Financial Highlights - Total revenues decreased by 11.89% to RMB35.09 million (US$4.86 million) for the first half of 2023 compared to RMB39.82 million for the same period of 2022 [5]. - Gross profit decreased by 79.48% to RMB4.21 million (US$0.58 million) with a gross margin of 11.99% for the first half of 2023, down from 51.50% in the same period of 2022 [8]. - Net loss decreased by 62.54% to RMB46.30 million (US$6.41 million) for the first half of 2023, compared to a net loss of RMB123.60 million for the same period of 2022 [14]. Operating Highlights - Total loans facilitated decreased by 58.98% to RMB47.3 million (US$6.55 million) for the first half of 2023 from RMB115.30 million for the same period of 2022 [3]. - Loan outstanding balance decreased by 35.08% to RMB61.71 million (US$8.54 million) as of June 30, 2023, from RMB95.06 million as of December 31, 2022 [3]. Revenue Breakdown - Revenues from technical service fees decreased by 17.90% to RMB19.83 million (US$2.75 million) due to the cessation of the risk-sharing loan facilitation business [6]. - Revenues from installment service fees decreased by 16.55% to RMB7.53 million (US$1.04 million) primarily due to a decrease in the volume of SME loans [6]. - Revenues from wealth management service fees increased by 16.32% to RMB7.73 million (US$1.07 million) due to increased revenue from the insurance brokerage service business [6]. Cost of Revenues - Cost of revenues increased by 59.90% to RMB30.88 million (US$4.27 million) for the first half of 2023, primarily due to increased funding costs and origination and servicing costs [7]. Operating Expenses - Total operating expenses decreased by 62.96% to RMB16.30 million (US$2.26 million) for the first half of 2023, driven by optimization of organizational structure and marketing strategies [9]. - Sales and marketing expenses decreased by 38.72% to RMB8.51 million (US$1.18 million) [10]. - General and administrative expenses decreased by 74.15% to RMB5.06 million (US$0.70 million) due to strict cost control measures [10]. Other Financial Metrics - Basic and diluted net loss per ordinary share for the first half of 2023 were both RMB0.10 (US$0.01) [15]. - The company reported a negative working capital of RMB398.90 million (US$55.20 million) as of June 30, 2023 [22]. Strategic Focus - The company is committed to cautious and sustainable growth, focusing on technology innovation, risk management, and expanding its business despite market uncertainties [4].

Company Overview - Pintec Technology Holdings Limited is a Nasdaq-listed company that provides technology-enabled financial and digital services to micro, small, and medium enterprises in China [3] - The company connects business partners and financial partners on its open platform, enabling efficient and effective financial services to end users [3] - Pintec offers digitization services, diversified financial products, and innovative technology solutions to enhance relationships with business partners and meet client needs [3] Recent Developments - Pintec filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC on April 30, 2024 [1] - The annual report is accessible on the company's investor relations website and the SEC's website, with hard copies available upon request for shareholders and ADS holders [1]

Financial Reporting - Pintec Technology Holdings Limited filed its 2023 Annual Report on Form 20-F on April 30, 2024[1] - The report was signed by Chief Financial Officer Xin Yang, indicating compliance with the Securities Exchange Act of 1934[2]

Financial Performance and Capital Raising - The company raised approximately US$40.7 million in net proceeds from its initial public offering on October 24, 2018[328]. - The company acquired Ganzhou Aixin Micro Finance for RMB230 million (US$35 million) in March 2019, enhancing its service offerings and data collection capabilities[330]. - The acquisition of Yinchuan Chuanxi Technology Co., Ltd. was completed on October 22, 2020, for a total consideration of RMB400 million (US$61.3 million)[335]. - The company entered into share purchase agreements to sell 254,450,000 Class A ordinary shares for a total of US$4,000,000, with a per share price of approximately US$0.0157, representing 92% of the average closing sale price of the Company's ADSs prior to the agreement[347]. Compliance and Regulatory Matters - The company received notification from Nasdaq on December 9, 2021, for not complying with the minimum bid price requirement, having a closing price below US$1.00 for 30 consecutive trading days[341]. - The company amended the ratio of its ADS from one ADS representing seven Class A ordinary shares to one ADS representing thirty-five Class A ordinary shares on May 13, 2022[342]. - The company confirmed the deconsolidation of Pintec Australia Pty Ltd, with its financial results no longer included in consolidated statements as of May 13, 2022[343]. - The company regained compliance with Nasdaq's minimum bid price requirement on April 10, 2023, after maintaining a closing bid price of US$1.00 or greater for ten consecutive business days[345]. Business Model and Strategy - The company plans to focus on technology-based credit services and solutions for SMEs, leveraging big data and AI[340]. - The company has upgraded its business model to provide loan services and digital solutions to MSMEs as a direct lender, facilitator, and enabler since 2022[352]. - The company has shifted its business model to focus on providing loan services and digital solutions to micro, small, and medium enterprises (MSMEs) amidst a sluggish macroeconomic recovery in China[408]. Customer Engagement and Services - As of December 31, 2023, the company facilitated a cumulative total of approximately RMB49.36 billion (US$7.0 billion) in loans, with close to 15.6 million borrowers utilizing its lending solutions[364]. - The company has not engaged new customers for its loan facilitation business since April 2022, focusing solely on existing customers[352]. - The company provided point-of-sale lending solutions to 25 business partners and personal installment lending solutions to 14 business partners as of December 31, 2023[355]. - The company ceased cooperation with online consumer finance platforms since February 15, 2020, and has shifted to self-owned lending solution partners for funding[358]. Technology and Innovation - The proprietary credit assessment engine evaluates fraud and credit risks using over 10,000 data points, enabling instant credit decisions with risk-based pricing[386]. - The company aggregates data from over 50 sources, including traditional and non-traditional data, to enhance credit assessment and risk management[390]. - More than 99% of loan applications are processed and approved automatically through the credit assessment system[392]. - The automated loan application and credit approval process can be completed within 10 seconds for the majority of applications, showcasing operational efficiency[413]. Risk Management and Performance - The risk management approach has led to a high level of automation in the underwriting process, improving overall business performance[403]. - The company has established a comprehensive fraud detection and prevention mechanism, maintaining a fraud-related database to mitigate risks[405]. - The delinquency rates for loans facilitated by the company as of December 31, 2023, show a significant improvement in loan repayment performance[407]. - The delinquency rate for balances 16-30 days past due decreased from 1.00% in December 2021 to 0.26% in December 2023, indicating improved credit performance[411]. Research and Development - The company incurred RMB0.1 million (US$0.02 million) in research and development expenses in 2023, primarily for salaries and benefits for the R&D team[415]. - As of December 31, 2023, the R&D team comprised 14 technology employees, representing approximately 17% of the total workforce[415]. Regulatory Environment - The PRC Foreign Investment Law, effective January 1, 2020, replaced previous laws and serves as the legal foundation for foreign investment in China[437]. - The Negative List (2021 version) expanded the scope of industries for foreign investment by reducing restrictions, allowing for wholly foreign-owned enterprises in non-restricted sectors[441]. - The registered capital requirement for microfinance companies is at least RMB 5 million for limited liability companies and RMB 10 million for companies limited by shares[444]. - The microfinance license for Ganzhou Aixin Micro Finance was updated in July 2023 and is valid until August 2024[452]. Consumer Protection and Compliance - The Administrative Measures for the Protection of Consumers' Rights and Interests by Banking and Insurance Institutions became effective on March 1, 2023, mandating improved consumer protection mechanisms[458]. - The NFRA's Administrative Measures Governing Insurance Sales Practices will take effect on March 1, 2024, categorizing insurance sales activities into pre-sales, in-sales, and post-sales phases with specific regulatory requirements[459]. Data Security and Privacy - The Internet Security Law mandates network operators to store personal information and important data collected within the territory of the PRC[509]. - The Data Security Law, effective September 1, 2021, establishes data security management systems and prohibits illegal acquisition of data[514]. - The Personal Information Protection Law, effective November 1, 2021, sets strict consent requirements for data processing and imposes revenue-based fines for non-compliance[515].

Core Viewpoint - Pintec Technology Holdings Limited reported significant financial adjustments and a net loss for the first half of 2023, highlighting operational challenges and a focus on restructuring and cost management to achieve sustainable growth [1][25][32]. Financial Performance - Total revenues decreased by 11.89% to RMB35.09 million (US$4.86 million) for the first half of 2023 compared to RMB39.82 million for the same period in 2022 [4][7]. - Gross profit fell by 79.48% to RMB4.21 million (US$0.58 million) with a gross margin of 11.99%, down from 51.50% in the same period of 2022 [4][11]. - Net loss decreased by 62.54% to RMB46.30 million (US$6.41 million) from RMB123.60 million in the first half of 2022 [4][17]. Operational Highlights - Total loans facilitated decreased by 58.98% to RMB47.3 million (US$6.55 million) for the first half of 2023 from RMB115.30 million in the same period of 2022 [5]. - The company focused on enhancing operational efficiency and risk management while optimizing cost structures to reach a break-even point [6]. Adjustments and Corrections - The company corrected its financial statements, noting an out-of-period adjustment that increased accrued expenses and other liabilities from RMB30.20 million to RMB169.54 million [1][21]. - A cumulative foreign currency translation loss of RMB45.59 million was reclassified as a loss from the disposal of its subsidiary, impacting the net loss significantly [1][22]. Future Outlook - The company aims to execute its MSME ecosystem strategy by enhancing technology innovation, risk management, and operational efficiency despite market uncertainties [6][25]. - Pintec has reached an agreement for a line of credit facility of up to US$40 million to alleviate capital turnover pressures [25].

Financial Performance - Total revenues for the first half of 2023 were RMB35.09 million (US$4.86 million), a decrease of 11.89% compared to RMB39.82 million for the same period in 2022[2]. - Gross profit decreased by 79.48% to RMB4.21 million (US$0.58 million) for the first half of 2023, with a gross margin of 11.99% compared to 51.50% for the same period in 2022[4][9]. - Revenues from technical service fees decreased by 17.90% to RMB19.83 million (US$2.75 million) for the first half of 2023, primarily due to the cessation of the risk-sharing loan facilitation business[4]. - Revenues from wealth management service fees increased by 16.32% to RMB7.73 million (US$1.07 million) for the first half of 2023, driven by increased revenue from the insurance brokerage service business[5]. - The net loss attributable to Pintec Technology Holdings Limited shareholders for the six months ended June 30, 2023, was RMB 739 thousand, a substantial improvement compared to a net loss of RMB 122,036 thousand in the same period of 2022[36]. - Adjusted net loss for the six months ended June 30, 2023, was RMB 19,908 thousand, compared to RMB 119,219 thousand in the same period of 2022, indicating a reduction in losses[37]. - The company reported a total comprehensive loss of RMB 219 thousand for the six months ended June 30, 2023, significantly lower than the total comprehensive loss of RMB 132,200 thousand in the same period of 2022[36]. - The company reported a loss from operations of RMB 12,088 thousand for the six months ended June 30, 2023, down from a loss of RMB 23,489 thousand in the same period of 2022, showing operational improvements[36]. Expenses and Liabilities - Total operating expenses decreased by 62.96% to RMB16.30 million (US$2.26 million) for the first half of 2023 from RMB44.00 million for the same period in 2022[10]. - The company continues to incur share-based compensation expenses, which are reflected in its adjusted net income/loss[27]. - Total liabilities decreased from RMB776.01 million to RMB371.42 million during the same period[34]. - The total liabilities and deficit amounted to RMB 528,871 thousand as of June 30, 2023, compared to RMB 154,101 thousand in the previous year, indicating a significant increase in financial obligations[36]. Cash and Assets - Cash and cash equivalents, along with restricted cash, totaled RMB19.46 million (US$2.69 million) as of June 30, 2023, down from RMB256.21 million as of December 31, 2022[17]. - Total current assets decreased from RMB389.19 million to RMB104.22 million from December 31, 2022, to June 30, 2023[34]. - The Company’s total assets decreased from RMB528.87 million to RMB154.10 million from December 31, 2022, to June 30, 2023[34]. Tax and Income - The company recorded an income tax benefit of RMB11.38 million (US$1.57 million) for the first half of 2023, compared to an income tax expense of RMB1.41 million for the same period in 2022[14]. - The company recognized an income tax benefit of RMB 11,377 thousand for the six months ended June 30, 2023, compared to an expense of RMB 1,412 thousand in the same period of 2022[36]. Business Developments - The company disposed of SCHL Group on May 26, 2023, resulting in a gain from disposal of RMB6.71 million (US$0.93 million)[20]. - The Company has reached an agreement to obtain a line of credit facility of up to US$40 million to alleviate capital turnover pressure[22]. - The Company acknowledges uncertainties regarding future capital raising and its ability to meet budget goals[23]. - The Company has pledged 100% equity interest of a subsidiary to secure a convertible loan, which was released upon deconsolidation[21]. - The Company holds various licenses in China, including internet micro lending and fund distribution licenses[33]. Operational Metrics - Total loans facilitated decreased by 58.98% to RMB47.3 million (US$6.55 million) for the first half of 2023 from RMB115.30 million for the same period in 2022[3]. - The weighted average number of ordinary shares outstanding increased to 433,743,535 for the six months ended June 30, 2023, compared to 300,059,264 in the same period of 2022[37]. - The company experienced a significant increase in long-lived assets impairment, reporting RMB 3,737 thousand for the six months ended June 30, 2023, compared to no impairment in the same period of 2022[36].

Financial Reporting - Pintec Technology Holdings Limited filed its 2022 Annual Report on Form 20-F on May 15, 2023[2] - The report was signed by CEO Zexiong Huang, indicating executive endorsement of the financial disclosures[3]