Pursuant to an agreement between Chuanbang and the Company, beginning August 2013, Chuanbang provides cash collection service on the Company’s accounts receivable. The fee for the service is calculated based on 2%~12% of the amount collected. Employees of Chuanbang include former employees of the Company who worked in the credit evaluation department. Chuanbang also provides similar cash collection service to financial institutions in the PRC. The cash collection service fee which is included in general and administrative expenses in the consolidated statement of comprehensive income was RMB2,053, RMB6,445, and RMB3,230 for the years ended December 31, 2015, 2016 and 2017, respectively.

 

 

 

 

 

There was a receivable balance of RMB447 resulted from being a guarantor of historical student loans as of December 31, 2016 and December 31, 2017. There was no new transactions occurred during 2015, 2016 and 2017 as the guarantee business was terminated before the year of 2015.

 

 

 

 

 

There was a payable balance of RMB526 and RMB216 resulted from Chuanbang’s cash collection services mentioned above as of December 31, 2016 and December 31, 2017.