360 DigiTech (QFIN) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 14, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the 360 DigiTech Third Quarter 2022 Earnings Conference Call. Please also note today's event is being recorded.

At this time, I’d like to turn the conference call over to Ms. Mandy Dong, IR Director. Please go ahead, Mandy.

Mandy Dong

Thank you. Hello, everyone, and welcome to our third quarter 2022 earnings conference call. Our results were issued earlier today and can be found on our IR website. Joining me today are Mr. Wu Haisheng, our CEO and Director; Mr. Alex Xu, our CFO and Director.

Before we begin the prepared remarks, I’d like to remind you of our Safe Harbor statement in our earnings press release, which also applies to this call. We may refer to forward-looking statement based on our current plans, estimates, and projections.

Also, this call includes discussions of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP ones. Last, unless otherwise stated, all figure mentioned are in RMB.

I will now turn the call over to our CEO, Mr. Wu Haisheng.

Wu Haisheng

[Foreign Language] Hello everyone. I am very happy to report another strong quarter.

[Foreign Language] First of all, let me share some recent developments in the market environment.

[Foreign Language] China’s consumer finance industry has reached [gears] [ph] from rapid extension to quality growth in the past two years. The industry has achieved substantial grants in preventing systematic risks protecting consumer rights and benefits, driving compliant business operations and promoting [fair] [ph] competition. This has created a healthy ecosystem for the development of the consumer finance market.

[Foreign Language] Over the past two years, the industry regulatory frame work gradually come into shape and the rectification project of the platform economy continued to progress. Currently regulator landscape had settled down in an article titled presenting and improving modern financial supervision published in the guide book of the 20th National Congress of the Communist Part of China Mr. Guo Shuqing, the Chairman of CBIRC said, financial innovation must be conducted under the premise of prudent supervision. We shall impose normalized supervision on the financial business of the internet platform companies and they promote the healthy, sustainable development of the platform economy. This implies that the Fintech industry enters into the state of regular supervision.