Yiren Digital Ltd.

and thank you for standing by. And welcome to the Year in Digital First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, to Ms. Olivia Yu. Thank you. Please go ahead.

Thank you. And welcome to Year in Digital's First Quarter 2021 Earnings Conference Call. Today's call features a presentation by the founder, chairman, and CEO of Credit East, and our CEO, Mr. Ning Tong, our SVP, Ms. Mei Zhao, and our CFO, Ms. Nan Mei. Mr. Ning Tong, our director, will join the presenters in a Q&A session. Before we begin, we would like to remind you of the payments made under the safe harbor provisions of the U.S. Private Securities Litigation Act of 1995. Such statements are subject to risks, uncertainties, and factors that can cause actual results to differ materially from those containing any such statements. Further information regarding potential risks, uncertainties, or factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligations to update any forward-looking statements as required under applicable law. During the call, we will be referring to several non-GAAP financial measures and supplemental measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. GAAP. For information about these non-GAAP measures and reconciliation to the GAAP measures, please refer to our earnings press release. I'll now pass on to for opening remarks.

Thank you all for joining us today. With the completion of our business restructuring and spin-off of our legacy business, we have completed our transition to become a leading user-centric digital personal financial management platform. We delivered a solid quarter to start the year, resuming high-quality growth and returning to our normal profitability margin level. As we continue to focus on our strategic transition and business growth, we are constantly building and strengthening our key competitive edges along the way. Firstly, we have accumulated a considerable user base with over 5.3 million borrowers and 2.4 million investors whom we are reactivating. At the same time, We are also continuing to acquire new customers in our served segments through our established networks and partner channels. Secondly, we have been making efforts in technology innovation and building up our data and tech-driven IT systems, coupled with AI, blockchain, and cloud computing to better serve our users and enhance our operation efficiency. Thirdly, We are enriching and broadening our product portfolio in both credit and wealth management to forge a full spectrum of financial products and services. So, through all these moves, we are aiming to fully address our customers' financial needs in every stage of their lives, serving them through both online and offline channels. with products and services ranging from credit to investment and insurance to help them better spend, better invest, and be better protected. This is how we are differentiated, and we believe we are on the right track to continue to expand our business map. Now, I will provide the business update on our wealth management side. And then I'll pass it over to May to give an update on our credit business. Our wealth management business continues to see stable growth. Client assets for investment products reached RMB 10.7 billion as of March 31st, 2021, representing an increase of 25% quarter over quarter. Total number of active investors stood at 307K as of March 31st, 2021, representing an increase of 32% from last quarter. Meanwhile, the number of newly registered users coming from Yirenwao's referral program in the first quarter this year grew by 22% from last quarter. indicating increasing trust and loyalty from existing investors in our brand and reputation. In addition, we are making meaningful achievements in increasing our investors' LTV, In the first quarter of 2021, the number of investors who held more than two asset classes on Yiren Wealth grew by 630% from prior year and the average client asset per investor increased by 65% quarter over quarter to RMB 85K. Next onto our insurance business, He Xiang Insurance Brokers. the growth momentum remains strong. We expected our product portfolio into life insurance this quarter to fully tap into our customers' insurance needs, as well as the rollout of a new strategic platform initiative in which leveraging on our insurance tech capabilities We partner with traffic channels to provide scenario-based data-driven product design, digitize the policy administration, and the distribution services. Using our partnership with the ski and snowboard platform as an example, their platform helps users plan their next ski trip, book lessons, purchase equipment, and now sees a DAU of around We worked with our insurance partner to tailor a personal accident insurance plan specifically for sport-related incidents and digitized their entire process from customer onboarding to underwriting and claims management, helping them realize an entirely new revenue stream. We will continue to open our platform to an increasing number of channel partners. to serve different consumption scenarios. Last but not least, our digital stock brokerage platform is set for launch in the second quarter, which will offer offshore stock brokerage and financial services to retail investors, bringing additional synergies to our wealth management business. We note an ongoing trend of household assets in China increasingly being shifted from deposits to money market funds and equity assets, including stocks and futures, giving their more attractive use. In addition, global capital markets are experiencing a sizable structural shift as trading volumes are hitting new highs in 2021 with increasingly strong participation from retail investors. This retail investing phenomena has taken off and accelerating, and our new initiative will allow us to see the benefits from this market trend. Leveraging client resources and partnerships with CreditEase ecosystem, as well as our strong professional investment capabilities, The platform will target both mass output and high-net-worth customer segments and offer value-added services, including exclusive one-on-one consulting and financial information services. Now, I will turn the call over to Mei, who will highlight key updates for our credit business this quarter.