REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of Each Class |
Trading Symbol |
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(The Nasdaq Global Market) |
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Large accelerated filer | ☒ | |||||
Non-accelerated filer |
Emerging growth company |
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
International Financial Reporting Standards as issued | Other ☐ | |||||||
by the International Accounting Standards Board ☐ |
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• | “ADSs” are to our American depositary shares, every three of which represent two Class A common shares; |
• | “Aurora,” “we,” “us,” “our company” and “our” are to Aurora Mobile Limited, our Cayman Islands holding company, and its subsidiaries and its consolidated variable interest entity; |
• | “BVI” are to the British Virgin Islands; |
• | “China” or the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan; |
• | “Class A common shares” are to our Class A common shares of par value US$0.0001 per share; |
• | “Class B common shares” are to our Class B common shares of par value US$0.0001 per share; |
• | “common shares” are to our common shares, par value US$0.0001 per share; |
• | “cumulative app installations” as of a certain date are to the cumulative number of apps that have installed one or more of the SDKs offered as part of our developer services as of the same date; |
• | “customers” in a given period are to those that purchase at least one of our paid-for SAAS Businesses or targeted marketing during the same period. We treat each contracting party as a separate customer although it is possible that a company may have more than one contracting party to enter into contracts with us and multiple entities within one corporate group may use the same contracting party to enter into contracts with us; |
• | “monthly active SDKs” in a given period are to the number of SDKs offered as part of our developer services and integrated into apps that have been installed on mobile devices, which have established active connection with our servers in the last month of the same period; |
• | “monthly active unique mobile devices” in a given period are to the number of unique mobile devices that have at least one app establishing active connection with our servers in the last month of the same period; |
• | “our SAAS Businesses” are to our developer services and vertical applications; |
• | “our VIE” are to Shenzhen Hexun Huagu Information Technology Co., Ltd., or Hexun Huagu; |
• | “our WFOE” are to JPush Information Consultation (Shenzhen) Co., Ltd., or Shenzhen JPush; |
• | “RMB” and “Renminbi” are to the legal currency of China; |
• | “SAAS” are to Software-as-a-Service; |
• | “US$,” “U.S. dollars,” “$,” and “dollars” are to the legal currency of the United States. |
• | our goals and strategies; |
• | our future business development, financial conditions and results of operations; |
• | the expected growth of the mobile internet industry and the mobile app developer services market in China; |
• | the expected growing application of big data technology in China, including in areas such as mobile online marketing, financial risk management, market intelligence and location-based intelligence services; |
• | our expectations regarding demand for and market acceptance of our SAAS Businesses and targeted marketing; |
• | our expectations regarding our relationships with app developers, customers, strategic partners and other stakeholders; |
• | competition in our industry; and |
• | relevant government policies and regulations relating to our industry. |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
A. |
Selected Financial Data |
For the Year Ended December 31, |
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2016 |
2017 |
2018 |
2019 |
2020 |
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RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
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(in thousands, except for per share data) |
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Consolidated Statements of Operations Data: |
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Revenues |
70,322 | 284,709 | 714,141 | 906,458 | 471,614 | 72,278 | ||||||||||||||||||
Cost of revenues (1) |
(47,722 | ) | (213,370 | ) | (517,074 | ) | (649,596 | ) | (265,436 | ) | (40,680 | ) | ||||||||||||
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|
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Gross profit |
22,600 | 71,339 | 197,067 | 256,862 | 206,178 | 31,598 | ||||||||||||||||||
Operating expenses: (1) |
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Research and development expenses |
(33,717 | ) | (71,651 | ) | (134,358 | ) | (176,248 | ) | (174,597 | ) | (26,758 | ) | ||||||||||||
Sales and marketing expenses |
(33,062 | ) | (59,673 | ) | (83,853 | ) | (118,548 | ) | (102,319 | ) | (15,681 | ) | ||||||||||||
General and administrative expenses |
(13,480 | ) | (32,431 | ) | (71,641 | ) | (109,291 | ) | (119,087 | ) | (18,251 | ) | ||||||||||||
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|
|
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Total operating expenses |
(80,259 | ) | (163,755 | ) | (289,852 | ) | (404,087 | ) | (396,003 | ) | (60,690 | ) | ||||||||||||
Loss from operations |
(57,659 | ) | (92,416 | ) | (92,785 | ) | (147,225 | ) | (189,825 | ) | (29,092 | ) | ||||||||||||
Loss before income taxes |
(57,472 | ) | (94,271 | ) | (66,167 | ) | (109,679 | ) | (224,989 | ) | (34,480 | ) | ||||||||||||
Net loss |
(61,382 | ) | (90,291 | ) | (66,197 | ) | (109,841 | ) | (225,075 | ) | (34,493 | ) | ||||||||||||
Net loss attributable to Aurora Mobile Limited’s shareholders |
(61,382 | ) | (90,291 | ) | (66,197 | ) | (109,841 | ) | (225,075 | ) | (34,493 | ) | ||||||||||||
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Accretion of contingently redeemable convertible preferred shares |
(12,427 | ) | (26,391 | ) | (24,094 | ) | — | — | — | |||||||||||||||
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Net loss attributable to common shareholders |
(73,809 | ) | (116,682 | ) | (90,291 | ) | (109,841 | ) | (225,075 | ) | (34,493 | ) | ||||||||||||
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Net loss per common share: |
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Basic and diluted |
(1.73 | ) | (2.73 | ) | (1.57 | ) | (1.43 | ) | (2.91 | ) | (0.45 | ) | ||||||||||||
Weighted average number of shares used in calculating basic and diluted loss per common share: |
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Common shares — Basic and diluted |
42,666,670 | 42,666,670 | — | — | — | — | ||||||||||||||||||
Class A common share — Basic and diluted |
— | — | 40,441,999 | 59,721,341 | 60,415,978 | 60,415,978 | ||||||||||||||||||
Class B common share — Basic and diluted |
— | — | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
(1) | Share-based compensation expenses are allocated in cost of revenues and operating expenses as follows: |
For the Year Ended December 31, |
||||||||||||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||||
Cost of revenue |
— | — | — | 73 | 4 | 1 | ||||||||||||||||||
Research and development expenses |
664 | 1,408 | 9,448 | 12,819 | 7,176 | 1,100 | ||||||||||||||||||
Sales and marketing expenses |
189 | 944 | 3,347 | 6,040 | 3,965 | 608 | ||||||||||||||||||
General and administrative expenses |
1,850 | 5,923 | 11,766 | 28,352 | 17,713 | 2,715 | ||||||||||||||||||
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Total |
2,703 | 8,275 | 24,561 | 47,284 | 28,858 | 4,424 | ||||||||||||||||||
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As of December 31, |
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2016 |
2017 |
2018 |
2019 |
2020 |
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RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||||
(in thousands) |
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Consolidated Balance Sheet Data: |
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Cash and cash equivalents |
103,168 | 208,161 | 576,562 | 431,459 | 356,115 | 54,577 | ||||||||||||||||||
Accounts and notes receivable, net |
9,444 | 49,594 | 141,911 | 135,417 | 44,886 | 6,879 | ||||||||||||||||||
Prepayments and other current assets |
13,508 | 34,228 | 80,578 | 86,087 | 49,013 | 7,511 | ||||||||||||||||||
Total assets |
165,944 | 359,450 | 992,068 | 939,923 | 787,427 | 120,679 | ||||||||||||||||||
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Accounts payable |
1,110 | 8,340 | 18,811 | 19,996 | 16,592 | 2,543 | ||||||||||||||||||
Deferred revenue and customer deposits |
18,148 | 49,557 | 59,483 | 77,561 | 109,182 | 16,733 | ||||||||||||||||||
Accrued liabilities and other current liabilities |
19,737 | 52,639 | 76,666 | 96,277 | 109,136 | 16,725 | ||||||||||||||||||
Total liabilities |
53,819 | 117,197 | 390,408 | 432,135 | 466,188 | 71,446 | ||||||||||||||||||
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Total mezzanine equity |
220,539 | 466,637 | — | — | — | — | ||||||||||||||||||
Total shareholders’ equity/(deficit) |
(108,414 | ) | (224,384 | ) | 601,660 | 507,788 | 321,239 | 49,233 | ||||||||||||||||
Total liabilities, mezzanine equity and equity |
165,944 | 359,450 | 992,068 | 939,923 | 787,427 | 120,679 | ||||||||||||||||||
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For the Year Ended December 31, |
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2016 |
2017 |
2018 |
2019 |
2020 |
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RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
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(in thousands) |
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Consolidated Cash Flow Data: |
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Net cash used in operating activities |
(42,152 | ) | (75,532 | ) | (97,925 | ) | (25,758 | ) | 75,810 | 11,619 | ||||||||||||||
Net cash used in investing activities |
(29,928 | ) | (28,644 | ) | (139,206 | ) | (88,966 | ) | (144,415 | ) | (22,133 | ) | ||||||||||||
Net cash provided by financing activities |
(135,348 | ) | 217,446 | 614,884 | (33,883 | ) | 315 | 48 | ||||||||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash |
2,450 | (8,282 | ) | (9,352 | ) | 3,504 | (7,054 | ) | (1,081 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash |
65,718 | 104,988 | 368,401 | (145,103 | ) | (75,344 | ) | (11,547 | ) | |||||||||||||||
Cash and cash equivalents and restricted cash at the beginning of year |
37,570 | 103,288 | 208,276 | 576,677 | 431,574 | 66,142 | ||||||||||||||||||
Cash and cash equivalents and restricted cash at the end of year |
103,288 | 208,276 | 576,677 | 431,574 | 356,230 | 54,595 |
B. |
Capitalization and Indebtedness |
C. |
Reasons for the Offer and Use of Proceeds |
D. |
Risk Factors |
• | attract new app developers and customers, including from diversified industry verticals, and retain and expand our relationships with existing app developers and customers on a cost-effective basis; |
• | maintain the breadth of our ad publisher network and attract new publishers; |
• | innovate and adapt our services and solutions to meet evolving needs of current and potential customers, including to address market trends; |
• | maintain and increase our access to data necessary for the development and performance of our solutions; |
• | maintain the proper functioning of SAAS Businesses which include Developer Services and Vertical Applications, and other business initiatives as we continue to collect increasing amounts of data from a growing user base; |
• | continuously improve on the algorithms underlying the products and the technologies; |
• | adapt to a changing regulatory landscape governing privacy matters; |
• | keep pace with the new technological development in the industry; |
• | invest sufficiently in our technology and infrastructure, at the pace required to support our growth; |
• | productize new solutions; |
• | introduce our services and solutions to new geographic markets; |
• | increase awareness of our brand among more businesses; and |
• | attract and retain employees. |
• | investments in our research and development team and in the development of new solutions and enhancement of our solutions; |
• | investments in sales and marketing, including expanding our sales force, increasing our customer base and increasing market awareness of our platform; |
• | expanding our operations and infrastructure, including internationally; and |
• | incurring costs associated with general administration, including legal, accounting and other expenses related to being a public company. |
• | the failure to accurately predict market or customer demands; |
• | defects, errors or failures in the design or performance of our new products or product enhancements; |
• | negative publicity about the performance or effectiveness of our SAAS Businesses; |
• | delays in developing and enhancing existing products or releasing our new products to the market; |
• | the introduction or anticipated introduction of competing products by our competitors; |
• | poor business conditions for our customers, causing them to delay purchases; and |
• | the perceived value of our services and SAAS Businesses relative to their cost. |
• | greater name recognition, longer operating histories and larger user bases; |
• | broader, deeper or otherwise more established relationships with technology, channel and business partners, including ad publishers and customers; |
• | greater resources to make acquisitions; |
• | larger and more mature intellectual property portfolios; |
• | larger sales and marketing budgets and resources and the capacity to leverage their sales efforts and marketing expenditures across a broader portfolio of products; and |
• | substantially greater financial, technical and other resources to provide support, to make acquisitions and to develop and introduce new products. |
• | difficulties in integrating the operations, technologies, services and personnel of acquired businesses, especially if those businesses operate outside of our core competency; |
• | cultural challenges associated with integrating employees from the acquired company into our organization; |
• | reputation and perception risks associated with the acquired product or technology by the general public; |
• | ineffectiveness or incompatibility of acquired technologies or services; |
• | potential loss of key employees of acquired businesses; |
• | inability to maintain the key business relationships and the reputations of acquired businesses; |
• | diversion of management’s attention from other business concerns; |
• | litigation for activities of the acquired company, including claims from terminated employees, clients, former shareholders or other third parties; |
• | failure to identify all of the problems, liabilities or other shortcomings or challenges of an acquired company, technology, or solution, including issues related to intellectual property, solution quality or architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues; |
• | in the case of foreign acquisitions, the need to integrate operations across different cultures and languages and to address the particular economic, currency, political and regulatory risks associated with specific countries; |
• | costs necessary to establish and maintain effective internal controls for acquired businesses; |
• | failure to successfully further develop the acquired technology in order to recoup our investment; and |
• | increased fixed costs. |
• | temporary closure of offices, travel restrictions or suspension of services of our customers and suppliers have negatively affected, and could continue to negatively affect, the demand for our services; |
• | our customers in industries that are negatively impacted by the outbreak of COVID-19, including healthcare, travel, auto/transportation, and financial services sectors, may reduce their budgets on advertising and marketing, which may materially adversely impact our revenue from advertisement; and |
• | our customers may require additional time to pay us or fail to pay us at all, which could significantly increase the amount of accounts receivable and require us to record additional allowances for doubtful accounts. |
• | levying fines or confiscating our income or the income of our PRC subsidiary or our VIE; |
• | revoking or suspending the business licenses or operating licenses of our PRC subsidiary or our VIE; |
• | discontinuing or placing restrictions or onerous conditions on our operations through any transactions between our WFOE and our VIE; |
• | requiring us to restructure our ownership structure or operations, including terminating the contractual arrangements with our VIE and deregistering the equity pledges of our VIE, which in turn would affect our ability to consolidate, derive economic interests from, or exert effective control over our VIE; |
• | restricting or prohibiting our use of the proceeds of our initial public offering to finance our business and operations in China; and |
• | taking other regulatory or enforcement actions that could be harmful to our business. |
• | variations in our net revenues, earnings and cash flow; |
• | announcements of new investments, acquisitions, strategic partnerships, or joint ventures by us or our competitors; |
• | announcements of new products and services and expansions by us or our competitors; |
• | changes in financial estimates by securities analysts; |
• | fluctuations in operating metrics; |
• | failure on our part to realize monetization opportunities as expected; |
• | changes in revenues generated from our significant business partners; |
• | additions or departures of key personnel; |
• | release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; |
• | detrimental negative publicity about us, our management, our competitors or our industry; |
• | any share repurchase program; |
• | regulatory developments affecting us or our industry; |
• | potential litigation or regulatory investigations; and |
• | general economic or political conditions in China or elsewhere in the world. |
ITEM 4. |
INFORMATION ON THE COMPANY |
A. |
History and Development of the Company |
B. |
Business Overview |
• | Vertical Applications |
• | Market intelligence |
• | Financial risk management |
• | Location-based intelligence iZone brick-and-mortar |
• | Targeted marketing XiaoGuoTong |
• | Volume—massive and ever-growing data pool |
• | Variety—multi-dimensional data |
• | Velocity—data timeliness |
• | Veracity—data accuracy |
• | Storage |
• | Cleansing non-usable, corrupted or redundant data. |
• | Structuring |
• | Encrypting |
• | Modeling |
• | We have optimized our data warehouse structure to make it more suitable for AI and machine learning processes. We have also designed and built our data warehouse based on the types and features of our data to allow for flexible yet secured access by our engineers and data scientists for developing and maintaining multiple solutions. |
• | Based on the features of our data sets, we constantly refine rules engines and machine learning algorithms to improve the accuracy and comprehensiveness of tags generated. |
• | We design and tailor machine learning algorithms based on the nature of our solutions. For example, to enhance our financial risk management solutions, we improve traditional deep learning algorithms by utilizing the machine learning technique of GBDT (gradient boosting decision tree), which not only preserves the correlations between variables but also maximizes the explanatory ability of patterns. |
• | Enterprise-oriented solutions |
• | Fund-oriented solutions |
• | Project-based tailor-made solutions in-depth analytics services and generate customized statistics reports based on customers’ specific requirements. |
• | Customer insights easy-to-use |
• | Customer acquisition and re-targeting re-engagement plans through our targeted marketing platform. We charge a performance-based fee for our customer acquisition and re-targeting solutions based on a CPC or CPA pricing model. |
• | Operation optimization project-by-project |
• | Developer services |
• | Market intelligence |
• | Financial risk management |
• | Location-based intelligence (“iZone”) brick-and-mortar |
• | Collaboration with media partners |
• | Offline events |
• | Online channels follow-up marketing attempts. |
• | Online customer acquisition |
• | the primary location of the day-to-day |
• | decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval of organizations or personnel in the PRC; |
• | the enterprise’s primary assets, accounting books and records, company seals and board and shareholder resolutions are located or maintained in the PRC; and |
• | 50% or more of voting board members or senior executives habitually reside in the PRC. |
• | PRC Labor Law, promulgated by the Standing Committee of the National People’s Congress on July 5, 1994, effective since January 1, 1995 and most recently amended on December 29, 2018; |
• | PRC Labor Contract Law, promulgated by the Standing Committee of the National People’s Congress on June 29, 2007 and effective since January 1, 2008 and amended on December 28, 2012; |
• | Implementation Rules of the PRC Labor Contract Law, promulgated by the State Council on September 18, 2008 and effective since September 18, 2008; |
• | Work-related Injury Insurance Regulations, promulgated by the State Council on April 27, 2003 and effective since January 1, 2004 and amended on December 20, 2010; |
• | Interim Provisions on Registration of Social Insurance, promulgated by the Ministry of Human Resources and Social Security (formerly the Ministry of Labor and Social Security) on March 19, 1999 and effective since March 19, 1999; |
• | Interim Regulations on the Collection and Payment of Social Insurance Fees, promulgated by the State Council on January 22, 1999 and effective since January 22, 1999; and |
• | PRC Social Insurance Law promulgated by the National People’s Congress on October 28, 2010, effective since July 1, 2011 and subsequently amended on December 29, 2018. |
C. |
Organizational Structure |
(1) | Mr. Weidong Luo, our founder, chairman of our board of directors, chief executive officer and a principal beneficial owner of the shares of our company, holds 80% equity interests in our VIE. Messrs. Xiaodao Wang and Jiawen Fang are both beneficial owners of the shares of our company and they each hold 10% equity interests in our VIE. |
• | the ownership structures of our VIE in China and our WFOE are not in violation of applicable PRC laws and regulations currently in effect; and |
• | the contractual arrangements between our company, our WFOE, our VIE and its shareholders governed by PRC laws and regulations are valid, binding and enforceable, and will not result in any violation of applicable PRC laws and regulations. |
D. |
Property, Plant and Equipment |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. |
Operating Results |
• | our ability to increase the number of customers and average spending per customer; |
• | our ability to develop new SAAS Businesses and targeted marketing that meet market demands; |
• | our ability to broaden and deepen our data pool and enhance our AI and machine learning technology; and |
• | our ability to further improve our margins. |
For the Year Ended December 31, |
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2018 |
2019 |
2020 |
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RMB |
% |
RMB |
% |
RMB |
US$ |
% |
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(in thousands, except for percentage data) |
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Targeted Marketing |
572,796 | 80.2 | 696,190 | 76.5 | 213,662 | 32,745 | 45.3 | |||||||||||||||||||||
SAAS Businesses |
141,345 | 19.8 | 210,268 | 23.5 | 257,952 | 39,533 | 54.7 | |||||||||||||||||||||
Total |
714,141 | 100.0 | 906,458 | 100.0 | 471,614 | 72,278 | 100.0 |
For the Year Ended December 31, |
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2018 |
2019 |
2020 |
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(in thousands, except for percentage data) |
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Gross profit |
RMB197,067 | RMB256,862 | RMB206,178 | US$ | 31,598 | |||||||||||
Gross margin |
27.6 | % | 28.3 | % | 43.7 | % | 43.7 | % |
For the Year Ended December 31, |
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2018 |
2019 |
2020 |
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RMB |
% |
RMB |
% |
RMB |
US$ |
% |
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(in thousands, except for percentage data) |
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Research and development expenses |
134,358 | 46.4 | 176,248 | 43.6 | 174,597 | 26,758 | 44.1 | |||||||||||||||||||||
Sales and marketing expenses |
83,853 | 28.9 | 118,548 | 29.3 | 102,319 | 15,681 | 25.8 | |||||||||||||||||||||
General and administrative expenses |
71,641 | 24.7 | 109,291 | 27.1 | 119,087 | 18,251 | 30.1 | |||||||||||||||||||||
Total |
289,852 | 100.0 | 404,087 | 100.0 | 396,003 | 60,690 | 100.0 |
For the Year Ended December 31, |
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2018 |
2019 |
2020 |
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RMB |
% |
RMB |
% |
RMB |
US$ |
% |
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(in thousands, except for percentages) |
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Revenues |
714,141 | 100.0 | 906,458 | 100.0 | 471,614 | 72,278 | 100.0 | |||||||||||||||||||||
Cost of revenues (1) |
(517,074 | ) | (72.4 | ) | (649,596 | ) | (71.7 | ) | (265,436 | ) | (40,680 | ) | (56.3 | ) | ||||||||||||||
Gross profit |
197,067 | 27.6 | 256,862 | 28.3 | 206,178 | 31,598 | 43.7 | |||||||||||||||||||||
Operating expenses:(1) |
||||||||||||||||||||||||||||
Research and development expenses |
(134,358 | ) | (18.8 | ) | (176,248 | ) | (19.4 | ) | (174,597 | ) | (26,758 | ) | (37.0 | ) | ||||||||||||||
Sales and marketing expenses |
(83,853 | ) | (11.7 | ) | (118,548 | ) | (13.1 | ) | (102,319 | ) | (15,681 | ) | (21.7 | ) | ||||||||||||||
General and administrative expenses |
(71,641 | ) | (10.0 | ) | (109,291 | ) | (12.1 | ) | (119,087 | ) | (18,251 | ) | (25.3 | ) | ||||||||||||||
Total operating expenses |
(289,852 | ) | (40.6 | ) | (404,087 | ) | (44.6 | ) | (396,003 | ) | (60,690 | ) | (84.0 | ) | ||||||||||||||
Loss from operations |
(92,785 | ) | (13.0 | ) | (147,225 | ) | (16.2 | ) | (189,825 | ) | (29,092 | ) | (40.3 | ) | ||||||||||||||
Foreign exchange (loss)/gain, net |
264 | 0.0 | 435 | 0.0 | 10 | 2 | 0.0 | |||||||||||||||||||||
Interest income |
3,657 | 0.5 | 6,300 | 0.7 | 6,131 | 940 | 1.3 | |||||||||||||||||||||
Interest expense |
(7,054 | ) | (1.0 | ) | (11,118 | ) | (1.2 | ) | (11,724 | ) | (1,797 | ) | (2.5 | ) | ||||||||||||||
Other income |
8,449 | 1.2 | 38,812 | 4.3 | (30,814 | ) | (4,722 | ) | (6.5 | ) | ||||||||||||||||||
Change in fair value of derivative asset |
— | — | 3,117 | 0.3 | 1,233 | 189 | 0.3 | |||||||||||||||||||||
Change in fair value of derivative liability |
21,302 | 3.0 | — | — | — | — | — | |||||||||||||||||||||
Loss before income taxes |
(66,167 | ) | (9.0 | ) | (109,679 | ) | (12.1 | ) | (224,989 | ) | (34,480 | ) | (47.7 | ) | ||||||||||||||
Income tax benefit/(expense) |
(30 | ) | (0.0 | ) | (162 | ) | (0.0 | ) | (86 | ) | (13 | ) | 0.0 | |||||||||||||||
Net loss |
(66,197 | ) | (9.3 | ) | (109,841 | ) | (12.1 | ) | (225,075 | ) | (34,493 | ) | (47.7 | ) |
(1) | Share-based compensation expenses are allocated in cost of revenues and operating expenses items as follows: |
For the Year Ended December 31, |
||||||||||||||||
2018 |
2019 |
2020 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Cost of revenue |
— | 73 | 4 | 1 | ||||||||||||
Research and development expenses |
9,448 | 12,819 | 7,176 | 1,100 | ||||||||||||
Sales and marketing expenses |
3,347 | 6,040 | 3,965 | 608 | ||||||||||||
General and administrative expenses |
11,766 | 28,352 | 17,713 | 2,715 | ||||||||||||
Total |
24,561 | 47,284 | 28,858 | 4,424 |
Grant Date |
Number of Restricted Share Units Granted |
Weighted- Average Grant- date Fair Value per Restricted Share Unit |
||||||
US$ |
||||||||
Various dates in 2018 |
12,550 | 7.97 | ||||||
Various dates in 2019 |
33,643 | 6.48 | ||||||
Various dates in 2020 |
95,095 | 3.13 |
Grant Date |
Number of Options Granted |
Weighted- Average Per Option Exercise Price |
Weighted- Average Grant- date Fair Value per Option |
|||||||||
US$ |
US$ |
|||||||||||
Various dates in 2018 |
1,736,390 | 3.89 | 6.66 | |||||||||
Various dates in 2019 |
333,077 | 1.29 | 7.21 | |||||||||
Various dates in 2020 |
1,578,809 | 0.04 | 2.91 |
2018 |
2019 |
2020 |
||||||||||
Risk-free interest rate (1) |
2.27% ~ 2.93% | 1.65% ~ 2.54% | 0.63 ~ 1.88% | |||||||||
Expected dividend yield (2) |
— | — | — | |||||||||
Expected volatility range (3) |
45.30% ~ 46.10% | 44.23% ~ 44.71% | 44.37% ~ 47.83% | |||||||||
Weighted average expected volatility |
45.98 | % | 44.53 | % | 46.37 | % | ||||||
Expected exercise multiple (4) |
2.5 | 2.5 | 2.5 ~ 2.8 |
(1) | The risk-free interest rate of periods within the contractual life of the share options was estimated based on the U.S. Treasury yield in effect as of the valuation dates. |
(2) | The expected dividend yield is zero as we have never declared or paid any cash dividends on our shares, and we do not anticipate any dividend payments in the foreseeable future. |
(3) | The expected volatility was estimated based on the average of historical volatilities of the common shares of comparable publicly-traded companies in the same industry as of the valuation dates. |
(4) | Expected exercise multiple is estimated based on changes in intrinsic value of the option and likelihood of early exercises by employees. |
B. |
Liquidity and Capital Resources |
For the Year Ended December 31, |
||||||||||||||||
2018 |
2019 |
2020 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Selected Consolidated Cash Flow Data: |
(in thousands) |
|||||||||||||||
Net cash used in operating activities |
(97,925 | ) | (25,758 | ) | 75,810 | 11,619 | ||||||||||
Net cash used in investing activities |
(139,206 | ) | (88,966 | ) | (144,415 | ) | (22,133 | ) | ||||||||
Net cash provided by financing activities |
614,884 | (33,883 | ) | 315 | 48 | |||||||||||
Effect of exchange rate on cash and cash equivalents and restricted cash |
(9,352 | ) | 3,504 | (7,054 | ) | (1,081 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash |
368,401 | (145,103 | ) | (75,344 | ) | (11,547 | ) | |||||||||
Cash and cash equivalents and restricted cash at the beginning of year or period |
208,276 | 576,677 | 431,574 | 66,142 | ||||||||||||
Cash and cash equivalents and restricted cash at the end of the year or period |
576,677 | 431,574 | 356,230 | 54,595 |
C. |
Research and Development, Patents and Licenses, Etc. |
D. |
Trend Information |
E. |
Off-balance Sheet Arrangements |
F. |
Tabular Disclosure of Contractual Obligations |
Total |
Less than 1 year |
1-3 years |
3-5 years |
More than 5 years |
||||||||||||||||
(in thousands of RMB) |
||||||||||||||||||||
Operating lease |
24,072 | 8,821 | 13,124 | 2,127 | — | |||||||||||||||
Short-term debt obligation |
228,372 | 228,372 | — | — | — | |||||||||||||||
Total |
252,444 | 237,193 | 13,124 | 2,172 | — |
G. |
Safe Harbor |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
A. |
Directors and Senior Management |
Directors and Executive Officers |
Age |
Position/Title | ||
Weidong Luo |
40 | Chairman of the Board of Directors and Chief Executive Officer | ||
Fei Chen |
48 | Co-founder and President | ||
Xin Huang |
32 | Chief Technology Officer | ||
Shan-Nen Bong |
48 | Chief Financial Officer | ||
Guoxiao Ben |
45 | Chief Human Officer | ||
Kwok Hin Tang |
41 | Director | ||
Hon Sang Lee |
62 | Independent Director | ||
John Tiong Lu Koh |
65 | Independent Director | ||
Peter Si Ngai Yeung |
65 | Independent Director |
B. |
Compensation of Directors and Executive Officers |
Name |
Common Shares Underlying Options and Restricted Share Units |
Exercise Price (US$/Share) |
Date of Grant |
Date of Expiration | ||||||||
Fei Chen | 1,186,030 | — | October 31, 2016 | October 31, 2026 | ||||||||
Xin Huang | 908,063 | 0.00 to 6.375 | Between May 13, 2015 and January 4, 2021 | Between May 13, 2025 and January 4, 2031 | ||||||||
Shan-Nen Bong | * | 0.00 to 2.876 | November 13, 2017 and April 1, 2019 | November 13, 2027 and April 1, 2029 | ||||||||
Guoxiao Ben | * | — | January 8, 2020 | January 8, 2030 | ||||||||
Kwok Hin Tang | * (1) |
— | Between April 1, 2019 and April 1, 2020 | Between April 1, 2029 and April 1, 2030 | ||||||||
John Tiong Lu Koh | * (1) |
— | Between September 4, 2018 and November 2, 2020 | Between September 4, 2028 and November 2, 2030 | ||||||||
Peter Si Ngai Yeung | * (1) |
— | Between September 4, 2018 and November 2, 2020 | Between September 4, 2028 and November 2, 2030 | ||||||||
Hon Sang Lee |
* (1) |
— | May 7, 2020 | May 7, 2020 | ||||||||
All directors and executive officers as a group |
2,830,650 |
* | Aggregate number of shares represented by all grants of options and restricted share units to the person accounts for less than 1% of our total outstanding common shares as of the date of February 28, 2021. |
(1) | Represents restricted share units. |
C. |
Board Practices |
• | appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; |
• | reviewing with the independent auditors any audit problems or difficulties and management’s response; |
• | discussing the annual audited financial statements with management and the independent auditors; |
• | reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures; |
• | reviewing and approving all proposed related party transactions; |
• | meeting separately and periodically with management and the independent auditors; and |
• | monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance. |
• | reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers; |
• | reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors; |
• | reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and |
• | selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person’s independence from management. |
• | selecting and recommending to the board nominees for election by the shareholders or appointment by the board; |
• | reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity; |
• | making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and |
• | advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken. |
• | convening shareholders’ annual and extraordinary general meetings and reporting its work to shareholders at such meetings; |
• | declaring dividends and distributions; |
• | appointing officers and determining the term of office of the officers; |
• | exercising the borrowing powers of our company and mortgaging the property of our company; and |
• | approving the transfer of shares in our company, including the registration of such shares in our share register. |
D. |
Employees |
Number |
||||
Function: |
||||
Research and Development |
274 | |||
Sales and Marketing |
181 | |||
General and Administrative |
88 | |||
Cost of Revenue |
25 | |||
|
|
|||
Total |
568 | |||
|
|
E. |
Share Ownership |
• | each of our directors and executive officers; and |
• | each person known to us to own beneficially more than 5% of our total outstanding shares. |
Common Shares Beneficially Owned |
||||||||||||||||||||
Class A common shares |
Class A common shares |
Total common shares |
Percentage of total common shares |
Percentage of aggregate voting power† |
||||||||||||||||
Directors and Executive Officers:** |
||||||||||||||||||||
Weidong Luo (1) |
7,171,333 | 17,000,189 | 24,171,522 | 30.7 | % | 76.5 | % | |||||||||||||
Fei Chen (2) |
5,002,056 | — | 5,002,056 | 6.4 | % | 2.2 | % | |||||||||||||
Xin Huang (3) |
* | — | * | * | * | |||||||||||||||
Shan-Nen Bong (4) |
* | — | * | * | * | |||||||||||||||
Guoxiao Ben (5) |
— | — | — | — | — | |||||||||||||||
Kwok Hin Tang (6) |
— | — | — | — | — | |||||||||||||||
Hon Sang Lee |
— | — | — | — | — | |||||||||||||||
John Tiong Lu Koh (7) |
— | — | — | — | — | |||||||||||||||
Peter Si Ngai Yeung (8) |
* | — | * | * | * | |||||||||||||||
All Directors and Executive Officers as a Group |
13,249,397 | 17,000,189 | 30,249,586 | 38.5 | % | 79.1 | % | |||||||||||||
Principal Shareholders: |
||||||||||||||||||||
KK Mobile Limited (9) |
7,100,000 | 17,000,189 | 24,100,189 | 30.7 | % | 76.5 | % | |||||||||||||
Mandra iBase Limited (10) |
15,014,948 | — | 15,014,948 | 19.1 | % | 6.5 | % | |||||||||||||
Entities affiliated with IDG-Accel (11) |
4,970,972 | — | 4,970,972 | 6.3 | % | 2.1 | % | |||||||||||||
Fosun International Limited (12) |
6,585,300 | — | 6,585,300 | 8.4 | % | 2.8 | % | |||||||||||||
FIL Limited and its affiliated entities (13 ) |
5,332,524 | — | 5,332,524 | 6.8 | % | 2.3 | % |
† | For each person or group included in this column, percentage of total voting power represents voting power based on both Class A and Class B common shares held by such person or group with respect to all outstanding shares of our Class A and Class B common shares as a single class. Each holder of our Class A common shares is entitled to one vote per share. Each holder of our Class B common shares is entitled to ten votes per share. Our Class B common shares are convertible at any time by the holder into Class A common shares on a one-for-one |
* | Aggregate number of shares accounts for less than 1% of our total outstanding common shares and aggregate voting power. |
** | The business address of Messrs. Weidong Luo, Fei Chen, Xin Huang, Shan-Nen Bong, Guoxiao Ben and Hon Sang Lee is 14/F, China Certification and Inspection Building, No. 8 Keji South 12th Road, Nanshan District, Shenzhen, Guangdong 518057, People’s Republic of China. Mr. Kwok Hin Tang’s business address is 10/F, Fung House, 19-20 Connaught Road Central, Hong Kong. Mr. John Tiong Lu Koh’s business address is 279 River Valley Road, #05-01, Singapore 238320. Mr. Peter Si Ngai Yeung’s business address is 5A Block 3, The Morning Glory, 1 Lok Ha Square, Shatin, Hong Kong. |
(1) | Represents (i) 7,100,000 Class A common shares and 17,000,189 Class B common shares held by KK Mobile Limited, a British Virgin Islands company, and (ii) 107,000 ADSs, representing 71,333 Class A common shares, owned by Mr. Weidong Luo. KK Mobile Limited is wholly owned by Mr. Weidong Luo. The registered address of KK Mobile Limited is Unit 8, 3/F., Qwomar Trading Complex, Blacburne Road, Port Purcell, Road Town, Tortola, British Virgin Islands. |
(2) | Represents 3,816,026 Class A common shares held by Elite Bright International Limited, a British Virgin Islands company, and 1,186,030 Class A common shares that Mr. Fei Chen has the right to acquire upon exercise of share options within 60 days after February 28, 2021. Elite Bright International Limited is wholly owned by Mr. Fei Chen. The registered address of Elite Bright International Limited is Akara Bldg, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
(3) | Represents the Class A common shares Mr. Xin Huang has the right to acquire upon exercise of share options within 60 days after February 28, 2021. |
(4) | Represents the Class A common shares Mr. Shan-Nen Bong has the right to acquire upon exercise of share options within 60 days after February 28, 2021. |
(5) | Represents the Class A common shares Mr. Guoxiao Ben has the right to acquire upon exercise of share options within 60 days after February 28, 2021. |
(6) | Represents the Class A common shares held by and Class A common shares Mr. Kwok Hin Tang has the right to acquire upon exercise of share options within 60 days after February 28, 2021. |
(7) | Represents the Class A common shares held by Mr. John Tiong Lu Koh. |
(8) | Represents the Class A common shares held by Mr. Peter Si Ngai Yeung. |
(9) | Represents 7,100,000 Class A common shares and 17,000,189 Class B common shares held by KK Mobile Limited. |
(10) | Represents 14,306,280 Class A common shares and 425,310 ADSs, representing 283,540 Class A common shares, directly held by Mandra iBase Limited, a British Virgin Islands company and 425,128 Class A common shares issuable to Mandra iBase Limited upon the conversion of the three-year convertible note in the principal amount of US$5.0 million issued in April 2018, at an assumed initial conversion price of US$11.7612 per common share, as reported on the Schedule 13G filed by Mandra iBase Limited and affiliated parties on February 9, 2021. The registered address of Mandra iBase Limited is 3rd Floor J&C Building, PO Box 933, Road Town, Tortola, British Virgin Islands, VG1110. Mandra iBase Limited is wholly owned by Beansprouts Ltd., a British Virgin Islands company. The shareholders of Beansprouts Ltd. are Bing How Mui and Song Yi Zhang, each holding 50% of the issued and outstanding share capital of Beansprouts Ltd. |
(11) | Represents (i) 4,641,886 Class A common shares held by IDG-Accel China Growth Fund III L.P., a Cayman Islands limited partnership, and (ii) 329,086 Class A common shares held by IDG-Accel China III Investors L.P., a Cayman Islands limited partnership. The general partner of IDG-Accel China Growth Fund III L.P. is IDG-Accel China Growth Fund III Associates L.P., and the general partner of IDG-Accel China Growth Fund III Associates L.P. is IDG-Accel China Growth Fund GP III Associates Ltd. The general partner of IDG-Accel China III Investors L.P. is IDG-Accel China Growth Fund GP III Associates Ltd. IDG-Accel China Growth Fund GP III Associates Ltd. is 50% owned by Mr. Chi Sing Ho, its largest shareholder, and the current members of its board of directors are Mr. Quan Zhou and Mr. Chi Sing Ho. The registered address of IDG-Accel China Growth Fund III L.P. and IDG-Accel China III Investors L.P. is 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. |
(12) | Represents 6,584,370 Class A common shares held by Greatest Investments Limited, a British Virgin Islands company, and 1,395 ADSs, representing 930 Class A common shares, held by Fidelidade—Companhia de Seguros, S.A., as reported on the Schedule 13G filed by Greatest Investments Limited, Fidelidade—Companhia de Seguros, S.A. and Fosun International Limited on January 29, 2021. The address of the principal business office for Greatest Investments is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. The address of the principal business office for Fidelidade is Largo do Calhariz, 30, Lisbon, Portugal. The address of the principal business office for Fosun International is Room 808, ICBC Tower, 3 Garden Road, Central, Hong Kong. |
(13) | Represents 5,332,524 Class A common shares beneficially owned by FIL Limited, as reported on the Schedule 13G filed by FIL Limited and affiliated parties on February 5, 2021. The address of FIL Limited is Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, HM19. |
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
A. |
Major Shareholders |
B. |
Related Party Transactions |
C. |
Interests of Experts and Counsel |
ITEM 8. |
FINANCIAL INFORMATION |
A. |
Consolidated Statements and Other Financial Information |
B. |
Significant Changes |
ITEM 9. |
THE OFFER AND LISTING |
A. |
Offering and Listing Details |
B. |
Plan of Distribution |
C. |
Markets |
D. |
Selling Shareholders |
E. |
Dilution |
F. |
Expenses of the Issue |
ITEM 10. |
ADDITIONAL INFORMATION |
A. |
Share Capital |
B. |
Memorandum and Articles of Association |
• | the instrument of transfer is lodged with us, accompanied by the certificate for the common shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; |
• | the instrument of transfer is in respect of only one class of common shares; |
• | the instrument of transfer is properly stamped, if required; |
• | in the case of a transfer to joint holders, the number of joint holders to whom the common share is to be transferred does not exceed four; and |
• | a fee of such maximum sum as the Nasdaq Global Market may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof. |
• | the designation of the series; |
• | the number of shares of the series; |
• | the dividend rights, dividend rates, conversion rights, voting rights; and |
• | the rights and terms of redemption and liquidation preferences. |
• | authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and |
• | limit the ability of shareholders to requisition and convene general meetings of shareholders. |
• | does not have to file an annual return of its shareholders with the Registrar of Companies; |
• | is not required to open its register of members for inspection; |
• | does not have to hold an annual general meeting; |
• | may issue negotiable or bearer shares or shares with no par value; |
• | may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance); |
• | may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |
• | may register as a limited duration company; and |
• | may register as a segregated portfolio company. |
C. |
Material Contracts |
D. |
Exchange Controls |
E. |
Taxation |
• | banks and other financial institutions; |
• | insurance companies; |
• | pension plans; |
• | cooperatives; |
• | regulated investment companies; |
• | real estate investment trusts; |
• | broker-dealers; |
• | traders that elect to use a mark-to-market |
• | certain former U.S. citizens or long-term residents; |
• | tax-exempt entities (including private foundations); |
• | persons liable for alternative minimum tax; |
• | holders who acquire their ADSs or Class A common shares pursuant to any employee share option or otherwise as compensation; |
• | investors that will hold their ADSs or Class A common shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U.S. federal income tax purposes; |
• | investors that have a functional currency other than the U.S. dollar; or |
• | persons that actually or constructively own 10% or more of our stock (by vote or value); |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law of the United States or any state thereof or the District of Columbia; |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
• | a trust that (A) is subject to the primary supervision of a court within the United States and all substantial decisions of which one or more U.S. persons have the authority to control or (B) has a valid election in effect under applicable Regulations to be treated as a U.S. person. |
• | the excess distribution or gain will be allocated ratably over the U.S. Holder’s holding period for the ADSs or Class A common shares; |
• | the amount allocated to the current taxable year and any taxable years in the U.S. Holder’s holding period prior to the first taxable year in which we are classified as a PFIC (each, a “pre-PFIC year”), will be taxable as ordinary income; and |
• | the amount allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to such holder for that year, and such amount will be increased by an additional tax equal to the interest on the resulting tax deemed deferred with respect to each such taxable year (an “interest charge”). |
F. |
Dividends and Paying Agents |
G. |
Statement by Experts |
H. |
Documents on Display |
I. |
Subsidiary Information |
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
A. |
Debt Securities |
B. |
Warrants and Rights |
C. |
Other Securities |
D. |
American Depositary Shares |
Persons depositing or withdrawing Class A ordinary shares or ADS holders must pay: |
For: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) |
• Issuance of ADSs, including issuances resulting from a distribution of Class A common shares or rights or other property • Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
$0.05 (or less) per ADS |
• Any cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to the ADS holders had been Class A common shares and the Class A common shares had been deposited for issuance of ADSs |
• Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
$0.05 (or less) per ADS per calendar year |
• Depositary services | |
Registration or transfer fees |
• Transfer and registration of Class A common shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw Class A common shares | |
Expenses of the depositary |
• Cable and facsimile transmissions (when expressly provided in the deposit agreement) • Converting foreign currency to U.S. dollars | |
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or Class A common shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes |
• As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities |
• As necessary |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. |
CONTROLS AND PROCEDURES |
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. |
CODE OF ETHICS |
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
For the Year Ended December 31, |
||||||||
2019 |
2020 |
|||||||
(in thousands of RMB) |
||||||||
Audit fees (1) |
7,728 | 7,228 | ||||||
Tax fees (2) |
316 | 371 |
(1) | “Audit fees” means the aggregate fees billed for professional services rendered by our principal auditors for the audit of our annual financial statements and the review of our comparative interim financial statements. |
(2) | “Tax fee” means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal auditors for tax compliance, tax advice, and tax planning. In 2019 and 2020, the tax fees refer to fees paid to our principal auditors for reviewing the compliance of our tax documentation and providing tax advices. |
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 16G. |
CORPORATE GOVERNANCE |
ITEM 16H. |
MINE SAFETY DISCLOSURE |
ITEM 17. |
FINANCIAL STATEMENTS |
ITEM 18. |
FINANCIAL STATEMENTS |
ITEM 19. |
EXHIBITS |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Filed with this Annual Report on Form 20-F. |
** | Furnished with this Annual Report on Form 20-F. |
Aurora Mobile Limited | ||||||||
By: | /s/ Weidong Luo | |||||||
Name: | Weidong Luo | |||||||
Title: | Chairman of the Board of Directors and Chief Executive Officer |
Page(s) | ||||
F-2 | ||||
F-3 | ||||
F-7 | ||||
F-9 | ||||
F-12 | ||||
F-16 |
As of December 31, | ||||||||||||||||
Note | 2019 | 2020 | ||||||||||||||
RMB | RMB | US$ | ||||||||||||||
ASSETS |
||||||||||||||||
Current assets: |
||||||||||||||||
Cash and cash equivalents |
||||||||||||||||
Restricted cash |
||||||||||||||||
Derivative assets |
— | |||||||||||||||
Short-term investments |
18 |
— | ||||||||||||||
Accounts and notes receivable, net of allowances of RMB |
3 | |||||||||||||||
Prepayments and other current assets |
4 | |||||||||||||||
Amounts due from related parties |
15 | — | — | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total current assets |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Non-current assets: |
||||||||||||||||
Property and equipment, net |
5 | |||||||||||||||
Intangible assets, net |
6 | |||||||||||||||
Long-term investments |
7 | |||||||||||||||
Other non-current assets |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total non-current assets |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total assets |
||||||||||||||||
|
|
|
|
|
|
As of December 31, | ||||||||||||||||
Note | 2019 | 2020 | ||||||||||||||
RMB | RMB | US$ | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||
Current liabilities: |
||||||||||||||||
Accounts payable (including accounts payable of the variable interest entity (“VIE”) without recourse to the Company of RMB |
||||||||||||||||
Deferred revenue and customer deposits (including deferred revenue and customer deposits of the VIE without recourse to the Company of RMB |
8 | |||||||||||||||
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the VIE without recourse to the Company of RMB |
9 | |||||||||||||||
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of RMB |
15 | — | — | |||||||||||||
|
|
|
|
|
|
|||||||||||
Convertible notes |
12 |
— | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Total current liabilities |
||||||||||||||||
|
|
|
|
|
|
As of December 31, | ||||||||||||||||
Note | 2019 | 2020 | ||||||||||||||
RMB | RMB | US$ | ||||||||||||||
Non-current liabilities: |
||||||||||||||||
Other non-current liabilities (including other non-current liabilities of the VIE without recourse to the Company of RMB |
— | — | ||||||||||||||
Deferred revenue |
8 | |||||||||||||||
Convertible notes |
12 | — | — | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total non-current liabilities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total liabilities |
||||||||||||||||
|
|
|
|
|
|
As of December 31, | ||||||||||||||||
Note | 2019 | 2020 | ||||||||||||||
RMB | RMB | US$ | ||||||||||||||
Commitments and contingencies |
13 | |||||||||||||||
Shareholders’ equity |
||||||||||||||||
Class A common shares (par value of US$ |
14 | |||||||||||||||
Class B common shares (par value of US$ 2019 and 2020 ; |
14 | |||||||||||||||
Treasury shares ( |
14 | ( |
) | — | — | |||||||||||
Additional paid-in capital |
||||||||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||||||
Accumulated other comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total shareholders’ equity |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total liabilities and shareholders’ equity |
||||||||||||||||
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||||||
Note | 2018 | 2019 | 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||||||
Revenues |
16 | |||||||||||||||||||
Cost of revenues nil for the years ended December 31, 2018, 2019 and 2020, respectively) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Gross profit |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Operating expenses |
||||||||||||||||||||
Research and development (including related party amounts of RMB |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Sales and marketing (including related party amounts of RMB |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
General and administrative (including related party amounts of RMB |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Foreign exchange gain |
||||||||||||||||||||
Interest income |
||||||||||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Other income / (expenses) |
17 | ( |
) | ( |
) | |||||||||||||||
Change in fair value of derivative asset |
— | |||||||||||||||||||
Change in fair value of derivative liability |
18 | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Loss before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income tax expense |
11 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||||||
Note | 2018 | 2019 | 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||||||
Net loss attributable to Aurora Mobile Limited’s shareholders |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Accretion of contingently redeemable convertible preferred shares |
( |
) | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net loss attributable to common/ordinary shareholders |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net loss per share for class A and class B common shares: |
14 | |||||||||||||||||||
Class A common shares - basic and diluted |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Class B common shares - basic and diluted |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Shares used in net loss per share computation: |
||||||||||||||||||||
Class A common shares - basic and diluted |
||||||||||||||||||||
Class B common shares - basic and diluted |
||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||
Foreign currency translation adjustments |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total other comprehensive income (loss), net of tax |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive loss attributable to Aurora Mobile Limited |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
Common shares |
Treasury shares |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit |
Total shareholders’ (deficit)/equity |
|||||||||||||||||||||||
Number of shares |
Amount |
|||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||
Balance as of January 1, 2018 |
— | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Translation adjustments |
— | — | — | — | — | |||||||||||||||||||||||
Issuance of Class A common shares in connection with initial public offering |
— | — | — | |||||||||||||||||||||||||
Conversion of all outstanding contingently redeemable convertible preferred shares to Class A common shares |
— | — | ||||||||||||||||||||||||||
Redemption of contingently redeemable convertible preferred shares |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Accretion of contingently redeemable convertible preferred shares |
— | — | — | — | ( |
) | — | |||||||||||||||||||||
Repurchased shares |
( |
) | ( |
) | — | — | — | ( |
) | |||||||||||||||||||
Share-based compensation (Note 10 ) |
— | — | — | — | — | |||||||||||||||||||||||
Balance as of December 31, 2018 |
( |
) |
( |
) |
||||||||||||||||||||||||
Common shares |
Treasury shares |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit |
Total shareholders’ equity |
|||||||||||||||||||||||
Number of shares |
Amount |
|||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||
Balance as of January 1, 2019 |
( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Cumulative effect of adoption of ASC 606 (Note 2) |
— | — | — | — | — | |||||||||||||||||||||||
Translation adjustments |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Exercise and vesting of share-based awards |
— | ( |
) | — | — | |||||||||||||||||||||||
Repurchased shares |
( |
) | — | ( |
) | — | — | — | ( |
) | ||||||||||||||||||
Share-based compensation (Note 10) |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of December 31, 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
Treasury shares |
Additional paid-in capital |
Accumulated other comprehensive income |
Accumulated deficit |
Total shareholders’ equity |
|||||||||||||||||||||||
Number of shares |
Amount |
|||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||||||||||||||
Balance as of January 1, 2020 |
( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Translation adjustments |
— | — | — | — | — | |||||||||||||||||||||||
Exercise and vesting of share-based awards |
— | — | ||||||||||||||||||||||||||
Share-based compensation (Note 10) |
— | — | — | — | — | |||||||||||||||||||||||
Balance as of December 31, 2020 |
— |
( |
) |
|||||||||||||||||||||||||
Balance as of December 31, 2020 in US$ |
— |
( |
) |
|||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||||||
Depreciation of property and equipment |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Unrealized exchange (gain) loss |
( |
) | ( |
) | ( |
) | ||||||||||
Allowance for doubtful accounts |
||||||||||||||||
Interest expenses, net |
— | |||||||||||||||
Impairment of long-term investments |
— | — | ||||||||||||||
Impairment of property and equipment |
— | — | ||||||||||||||
Impairment of amount due from related companies |
— | — | ||||||||||||||
Impairment of loans |
— | — | ||||||||||||||
Loss on disposal of property and equipment |
— | |||||||||||||||
Gain on an equity investment sold |
— | ( |
) | — | — | |||||||||||
Unrealized gain on equity investments held |
— | ( |
) | — | — | |||||||||||
Gain on fair value change from derivative assets |
— | ( |
) | ( |
) | ( |
) | |||||||||
Share-based compensation expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in operating assets and liabilities, |
||||||||||||||||
Accounts and notes receivable |
( |
) | ( |
) | ||||||||||||
Prepayments and other current assets |
( |
) | ||||||||||||||
Amounts due from related parties |
( |
) | ||||||||||||||
Other non-current assets |
( |
) | ||||||||||||||
Accounts payable |
( |
) | ( |
) | ||||||||||||
Deferred revenue and customer deposits |
||||||||||||||||
Tax payable |
— | ( |
) | ( |
) | |||||||||||
Accrued liabilities and other current liabilities |
||||||||||||||||
Amounts due to related parties |
( |
) | ( |
) | ( |
) | ||||||||||
Change in deferred tax liabilities |
( |
) | — | — | — | |||||||||||
Other non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash (used in)/provided by operating activities |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Cash flows from investing activities: |
||||||||||||||||
Purchase of short-term investment |
— | ( |
) | ( |
) | ( |
) | |||||||||
Proceeds short-term investment |
— | — | ||||||||||||||
Proceeds from maturity of structured deposits |
— | — | — | |||||||||||||
Increase in long-term prepayments |
( |
) | — | — | — | |||||||||||
Purchase of long-term investments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from an equity investment sold |
— | — | — | |||||||||||||
Investment in loans |
— | ( |
) | ( |
) | |||||||||||
Investment in a convertible loan |
— | ( |
) | — | — | |||||||||||
Purchase of property and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from disposal of property and equipment |
— | |||||||||||||||
Purchase of intangible assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Proceeds from issuance of convertible notes, net of issuance cost |
— | — | — | |||||||||||||
Proceeds from initial public offering, net of issuance cost |
— | — | — | |||||||||||||
Redemption of contingently redeemable convertible preferred shares |
( |
) | — | — | — | |||||||||||
Repurchase of ordinary shares |
( |
) | ( |
) | — | — | ||||||||||
Proceeds from exercise of share options |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by/ (used in) financing activities |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Effect of exchange rate on cash and cash equivalents and restricted cash |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase/ (decrease) in cash and cash equivalents and restricted cash |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Net increase/ (decrease) in cash and cash equivalents and restricted cash |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash, cash equivalents and restricted cash at the beginning of year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Including: |
||||||||||||||||
Cash and cash equivalents at the beginning of the year |
||||||||||||||||
Restricted cash at the beginning of the year |
||||||||||||||||
Cash, cash equivalents and restricted cash at the end of year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Including: |
||||||||||||||||
Cash and cash equivalents at the end of the year |
||||||||||||||||
Restricted cash at the end of the year |
||||||||||||||||
Supplemental disclosures of cash flow information: |
||||||||||||||||
Income tax paid |
— | — | ||||||||||||||
Non-cash investing and financing activities: |
||||||||||||||||
Acquisition of long-term investments |
— | |||||||||||||||
Purchase of property and equipment included in accrued liabilities and other current liabilities |
||||||||||||||||
Purchase of intangible assets included in accrued liabilities and other current liabilities |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
1 |
Organization and principal activities |
1 |
Organization and principal activities (continued) |
1 |
Organization and principal activities (continued) |
1 |
Organization and principal activities (continued) |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS: |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
||||||||||||
Restricted cash |
||||||||||||
Short-term investment |
— | |||||||||||
Accounts and notes receivable |
||||||||||||
Prepayments and other current assets |
||||||||||||
Amounts due from the Company and its subsidiaries |
||||||||||||
Amounts due from related parities |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current assets: |
||||||||||||
Property and equipment, net |
||||||||||||
Intangible assets, net |
||||||||||||
Long-term investments |
||||||||||||
Other-non current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total assets |
||||||||||||
|
|
|
|
|
|
|||||||
LIABILITIES: |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
||||||||||||
Deferred revenue and customer deposits |
||||||||||||
Accrued liabilities and other current liabilities |
||||||||||||
Amounts due to the Company and its subsidiaries |
||||||||||||
Amounts due to related parties |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities: |
||||||||||||
Amounts due to the Company and its subsidiaries |
||||||||||||
Deferred Revenue |
— | |||||||||||
Other non-current liabilities |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
||||||||||||
|
|
|
|
|
|
1 |
Organization and principal activities (continued) |
For the years ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Revenues |
||||||||||||||||
Cost of revenues |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net cash (used in)/provided by operating activities |
( |
) | ||||||||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net cash provided by/(used in) financing activities |
( |
) | ( |
) |
2 |
Summary of Significant Accounting Policies |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
Computer equipment and servers | – | |
Office furniture and equipment | – | |
Leasehold improvements |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
As of December 31, 2019 | As of December 31, 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Contract liabilities |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
2 |
Summary of Significant Accounting Policies (continued) |
3 |
Accounts and notes receivable, net |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Accounts and notes receivable |
||||||||||||
Less: allowance for doubtful accounts |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total accounts and notes receivable, net |
||||||||||||
|
|
|
|
|
|
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Balance at beginning of year |
||||||||||||
Provisions |
||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Balance at end of year |
||||||||||||
|
|
|
|
|
|
4 |
Prepayments and other current assets |
As of December 31, | ||||||||||||||||
2019 | 2020 | |||||||||||||||
RMB | RMB | US$ | ||||||||||||||
Prepaid media cost |
|
|
|
|
— | — | ||||||||||
Prepaid service fee |
|
|
|
|
||||||||||||
VAT and other surcharges |
|
|
|
|
||||||||||||
Investment in a convertible loan |
|
|
|
|
— | — | ||||||||||
Office rental deposit |
|
|
|
|
||||||||||||
Receivables from sales of shares on behalf of employees |
— | |||||||||||||||
Refund from prepaid media cost |
|
|
|
|
— | |||||||||||
Others |
|
|
(i | ) | |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Total prepayments and other current assets |
|
|
|
|
||||||||||||
|
|
|
|
|
|
(i) |
Others under prepayments and other current asset include the impairment charges of RMB . |
5 |
Property and equipment, net |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Office furniture and equipment |
||||||||||||
Computer equipment and servers |
||||||||||||
Leasehold improvements |
||||||||||||
Construction-in progress |
— | |||||||||||
Less: Accumulated depreciation and impairment |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total property and equipment, net |
||||||||||||
|
|
|
|
|
|
6 |
Intangible assets, net |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Computer software, systems and acquired technology |
||||||||||||
Less: Accumulated amortization |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total intangible assets, net |
||||||||||||
|
|
|
|
|
|
6 |
Intangible assets,net (continued) |
RMB | US$ | |||||||
For the year ending December 31, 2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
7 |
Long-term investments |
7 |
Long-term investments (continued) |
For the years ended December 31 |
||||||||||||
2019 |
2020 |
|||||||||||
RMB |
RMB |
US$ |
||||||||||
Gross unrealized gains (upward adjustments) |
— |
— |
||||||||||
Gross unrealized losses (downward adjustments including impairment) |
— |
( |
) |
( |
) | |||||||
|
|
|
|
|
|
|||||||
Net unrealized gains/losses on equity investments held |
( |
) |
( |
) | ||||||||
Net realized gains on equity investments sold |
— |
— |
||||||||||
|
|
|
|
|
|
|||||||
Total net gains/losses recognized in other income, net |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
7 |
Long-term investments (continued) |
8 |
Deferred revenue and customer deposits |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Deferred revenue |
||||||||||||
Customer deposits |
||||||||||||
|
|
|
|
|
|
|||||||
Total deferred revenue and customer deposits - current |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred revenue - non-current |
||||||||||||
|
|
|
|
|
|
Year ended December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Balance at beginning of year |
||||||||||||
Cash received from customers during the year |
||||||||||||
Revenue recognized during the year |
( |
) | ( |
) | ( |
) | ||||||
Refunds paid during the year |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Balance at end of the year |
||||||||||||
|
|
|
|
|
|
9 |
Accrued liabilities and other current liabilities |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Accrued payroll and welfare payables |
||||||||||||
Other taxes and surcharge |
||||||||||||
Service fees |
||||||||||||
Acquisition of property and equipment |
||||||||||||
Government grant |
||||||||||||
Rental and property management fee |
||||||||||||
Payables for sales of employees’ shares |
— | |||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total accrued liabilities and other current liabilities |
||||||||||||
|
|
|
|
|
|
10 |
Share-based compensation |
10 |
Share-based compensation (continued) |
Options Granted to Employees and Directors | Number of Options |
Weighted- Average Exercise Price |
Weighted- Average grant-date Fair Value per Option |
Weighted Average Remaining Contractual Term (Years) |
Aggregate Intrinsic Value |
|||||||||||||||
RMB | RMB | RMB | ||||||||||||||||||
Outstanding, December 31, 2019 |
||||||||||||||||||||
|
|
|||||||||||||||||||
Granted |
— | — | ||||||||||||||||||
Forfeited |
— | — | ||||||||||||||||||
Expired |
— | — | — | — | — | |||||||||||||||
Exercised |
— | — | ||||||||||||||||||
Cancelled |
— | — | — | — | — | |||||||||||||||
|
|
|||||||||||||||||||
Outstanding, December 31, 2020 |
||||||||||||||||||||
|
|
|||||||||||||||||||
Vested and expected to vest at December 31, 2020 |
||||||||||||||||||||
|
|
|||||||||||||||||||
Vested at December 31, 2020 |
||||||||||||||||||||
|
|
10 |
Share-based compensation (continued) |
2018 | 2019 | 2020 | ||||
Risk-free interest rate |
||||||
Dividend yield |
||||||
Expected volatility |
||||||
Weighted average expected volatility |
||||||
Expected exercise multiple |
(i) | Risk-free interest ra t e – The risk-free interest rate for periods within the contractual life of the options is based on the US Treasury yield curve in effect at the time of the grant for a term consistent with the contractual term of the awards. |
(ii) | Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. |
(iii) | Expected volatility – Expected volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry. |
(iv) | Expected exercise multiple – Expected exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees. |
10 |
Share-based compensation (continued) |
Restricted Share Units Granted to Employees and Directors | Number of Share Units |
Weighted- Average Exercise Price |
Weighted- Average grant-date Fair Value per Option |
Weighted Average Remaining Contractual Term (Years) |
Aggregate Intrinsic Value |
|||||||||||||||
RMB | RMB | RMB | ||||||||||||||||||
Outstanding, December 31, 2019 |
— | |||||||||||||||||||
|
|
|||||||||||||||||||
Granted |
— | — | ||||||||||||||||||
Forfeited |
— | — | — | — | — | |||||||||||||||
Expired |
— | — | — | — | — | |||||||||||||||
Exercised |
— | — | — | |||||||||||||||||
Cancelled |
— | — | — | — | — | |||||||||||||||
|
|
|||||||||||||||||||
Outstanding, December 31, 2020 |
— | |||||||||||||||||||
|
|
|||||||||||||||||||
Vested and expected to vest at December 31, 2020 |
— | |||||||||||||||||||
|
|
|||||||||||||||||||
Exercisable at December 31, 2020 |
— | — | — | — | — | |||||||||||||||
|
|
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Cost of Revenue |
— | |||||||||||||||
Research and development |
||||||||||||||||
Sales and marketing |
||||||||||||||||
General and administrative |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
11 |
Income taxes |
As of December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Cayman Islands |
( |
) | ( |
) | ( |
) | ||||||||||
British Virgin Islands |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Hong Kong |
( |
) | ( |
) | ( |
) | ||||||||||
China |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total loss before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
11 |
Income taxes (continued) |
As of December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Current income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Deferred tax benefit |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Loss before income tax |
( |
) | ( |
) | ( |
) | ||||||
Income tax expense computed at PRC statutory rate ( |
( |
) | ( |
) | ( |
) | ||||||
International tax rate differential |
||||||||||||
Preferential tax rate |
||||||||||||
Deferred tax items tax rate differential |
( |
) | ( |
) | ( |
) | ||||||
Research and development super-deduction |
( |
) | ( |
) | ( |
) | ||||||
Non-deductible expenses |
||||||||||||
Deferred tax expenses |
— | |||||||||||
Recognition of prior year tax loss/ Expired prior year tax loss |
( |
) | ||||||||||
Changes in valuation allowance |
||||||||||||
|
|
|
|
|
|
|||||||
Income tax expense |
||||||||||||
|
|
|
|
|
|
11 |
Income taxes (continued) |
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Deferred tax assets, net |
||||||||||||
Provision for doubtful debts |
||||||||||||
Accrued expense |
||||||||||||
Net operating loss carry forward |
||||||||||||
Government grant related to assets |
||||||||||||
Property and equipment depreciation |
||||||||||||
Estimated liabilities |
— | |||||||||||
Net unrealized gain on equity investments held |
( |
) | ( |
) | ( |
) | ||||||
Unrealized loan interest income |
— | ( |
) | ( |
) | |||||||
Valuation allowance |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total deferred tax assets, net |
— | — | — | |||||||||
|
|
|
|
|
|
12 |
Convertible notes |
12 |
Convertible notes (continued) |
As of December 31, 2019 |
Charge to profit and loss |
Foreign currency translation adjustment |
As of December 31, 2020 | |||||||||||||||||
RMB | RMB | RMB | RMB | US$ | ||||||||||||||||
Principal amount |
— | ( |
) | |||||||||||||||||
Contingent redemption feature, contingent interest feature and debt issuance costs |
( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
RMB | US$ | |||||||
1 year (including 1 year) |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
13 |
Commitments and contingencies |
RMB |
US$ | |||||||
2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
14 |
Share capital |
14 |
Share capital (continued) |
For the year ended December 31, 2018 |
For the year ended December 31, 2019 |
For the year ended December 31, 2020 | ||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | US$ | RMB | US$ | |||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Net loss attributable to Class A and Class B common shareholders |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Deduct: Accretion of redeemable convertible preferred shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net loss attributable to common shareholders |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Weighted average number of shares used in calculating basic and diluted loss per share |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic and diluted loss per share |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
14 |
Share capital (continued) |
15 |
Related party transactions |
Name of related parties |
Relationship | |
Weidong Luo |
Founder, Chief Executive Officer | |
Shenzhen Weixunyitong Information Technology Co., Ltd. |
Company that is significantly influenced by Weidong Luo | |
Guangzhou Tianlang Network Technology Co., Ltd. |
Company that is significantly influenced by Weidong Luo |
15 |
Related party transactions (continued) |
|
As of December 31, | ||||||||||||
|
2019 | 2020 | |||||||||||
|
RMB | RMB | US$ | ||||||||||
Shenzhen Weixunyitong Information Technology Co., Ltd. |
|
||||||||||||
|
|
|
|
|
|
|
|||||||
Total amounts due from related parties |
(iii) |
|
|||||||||||
|
|
|
|
|
|
|
As of December 31, | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Shenzhen Weixunyitong Information Technology Co., Ltd. |
||||||||||||
|
|
|
|
|
|
|||||||
Total amounts due to related parties |
||||||||||||
|
|
|
|
|
|
For the year ended December 31, | ||||||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||||||
Services provided to: |
(i | ) | ||||||||||||||||||
Shenzhen Weixunyitong Information Technology Co., Ltd. |
||||||||||||||||||||
Guangzhou Tianlang Network Technology Co., Ltd. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total |
||||||||||||||||||||
Services received from: |
(ii | ) | ||||||||||||||||||
Shenzhen Weixunyitong Information Technology Co., Ltd. |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Office premises leased from: |
||||||||||||||||||||
Shenzhen Weixunyitong Information Technology Co., Ltd. |
— |
— |
— |
|||||||||||||||||
|
|
|
|
|
|
|
|
15 |
Related party transactions (continued) |
(i) | The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd. to provide targeted marketing services. The Company entered into an agreement with Guangzhou Tianlang Network Technology Co., Ltd. to provide certain data solutions and targeted marketing services. |
(ii) | The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd to purchase ad inventory. |
(iii) | For the year ended as of December 31, 2020, the Company does not have any related party transactions. |
16 |
Revenues |
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Targeted Marketing |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
SAAS Businesses |
||||||||||||||||
Developer Services |
||||||||||||||||
Vertical Applications |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total SAAS Businesses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues |
||||||||||||||||
|
|
|
|
|
|
|
|
17 |
Other income (expenses) |
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Government grants |
||||||||||||||||
Gain on an equity investment sold (Note 7) |
— | — | — | |||||||||||||
Unrealized gain on equity investments held (Note 7) |
— | — | — | |||||||||||||
Impairment for long-term investments (Note 7) |
— | — | ( |
) | ( |
) | ||||||||||
Impairment for loan receivables (Note 4) |
— | — | ( |
) | ( |
) | ||||||||||
Income from ADR profit-sharing progra m |
||||||||||||||||
Others |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
18 |
Short-term investments |
As of December 31, 2020 |
||||||||||||||||||||||||||||||||
Cost or Amortized cost |
|
Gross unrecognized holding gains |
Gross unrecognized holding losses |
Gross unrecognized gains |
Gross unrecognized losses |
Fair value |
|
|||||||||||||||||||||||||
RMB |
USD |
RMB |
USD |
|||||||||||||||||||||||||||||
Held-to-maturity |
— |
— |
— |
— |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
Short-term investments (continued) |
1 9 |
Fair value measurements |
19 |
Fair value measurements (continued) |
1 9 |
Fair value measurements (continued) |
Fair value measurement or disclosure at December 31, 2019 using |
||||||||||||||||||||
Total Fair Value at December 31, 2019 |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Fair value adjustment |
||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
||||||||||||||||
Fair value measurement — Non-Recurring: |
||||||||||||||||||||
Equity investments accounted for at fair value using the alternative measurement |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets and liabilities measured at fair value |
— | — |
1 9 |
Fair value measurements (continued) |
Fair value measurement or disclosure at December 31, 2020 using |
||||||||||||||||||||||||
Total Fair Value at December 31, 2020 |
Total Fair Value at December 31, 2020 |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Fair value adjustment |
|||||||||||||||||||
RMB |
US$ |
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||
Fair value measurements on a Recurring basis |
||||||||||||||||||||||||
Derivative assets |
— |
— |
— |
|||||||||||||||||||||
Fair value measurement — Non-Recurring: |
— |
— |
— |
— |
||||||||||||||||||||
Equity investments accounted for at fair value using the alternative measurement (i) |
— | — | — | — | — | ( |
) | |||||||||||||||||
Property and equipment, net (ii) |
— | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets and liabilities measured at fair value |
— | — | ( |
) |
1 9 |
Fair value measurements (continued) |
(i) |
For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The Company recognized impairment charges of long-term investments during the year ended December 31, 2020. |
(ii) |
The property and equipment impairment loss was a result of the “Going -Cloud” project undertaken, and was included in the consolidated statement of comprehensive income for the year ended December, 2020. The Company’s “Going-Cloud” project is a transition to use cloud based servers for a portion of our infrastructure needs, whereas the Company completely operated and maintained self-owned servers previously. |
20 |
Restricted net assets |
2 1 |
Condensed financial information of the parent company |
21 |
Condensed financial information of the parent company (continued) |
As of December 31 | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS: |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
||||||||||||
Due from the entities within the Group |
||||||||||||
Prepayments and other current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current assets: |
||||||||||||
Long-term investments |
||||||||||||
Intangible assets, net |
||||||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total assets |
||||||||||||
|
|
|
|
|
|
|||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accrued liabilities and other current liabilities |
||||||||||||
Due to the entities within the Group |
||||||||||||
Convertible notes |
— | |||||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities: |
||||||||||||
Deferred revenue - non-current |
||||||||||||
Convertible notes |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
||||||||||||
|
|
|
|
|
|
21 |
Condensed financial information of the parent company (continued) |
As of December 31 | ||||||||||||
2019 | 2020 | |||||||||||
RMB | RMB | US$ | ||||||||||
Shareholders’ equity |
||||||||||||
Class A common shares (par value of US$ and issued and outstanding as of December 31, 2019 and 2020, respectively) |
||||||||||||
Class B common shares |
||||||||||||
Treasury shares ( and class A common shares as of December 31, 2019 and 2020, respectively) |
( |
) | — | — | ||||||||
Additional paid-in capital |
||||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
Accumulated other comprehensive income |
||||||||||||
Total shareholders’ equity |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities and shareholders’ equity |
||||||||||||
|
|
|
|
|
|
21 |
Condensed financial information of the parent company (continued) |
Years ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Revenues |
— | — | — | — | ||||||||||||
Cost of Revenues |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating expenses |
||||||||||||||||
Research and development |
— | — | — | — | ||||||||||||
Sales and marketing |
— | — | — | — | ||||||||||||
General and administrative |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Share of losses of subsidiaries and VIE |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign exchange loss, ne t |
( |
) | — | |||||||||||||
Interest income |
||||||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (loss) |
( |
) | ( |
) | ||||||||||||
Change in fair value of derivative liability |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income tax expenses |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Accretion of contingently redeemable convertible preferred shares |
( |
) | — | — | — | |||||||||||
|
|
|
|
|
|
|
|
21 |
Condensed financial information of the parent company (continued) |
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Net loss attributable to common share holders |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss) |
||||||||||||||||
Foreign currency translation adjustment s |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other comprehensive income (loss), net of tax |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
Year ended December 31, | ||||||||||||||||
2018 | 2019 | 2020 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Net cash provided by/ (used in) operating activities |
( |
) | ( |
) | ||||||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net cash provided by/ (used in) financing activities |
( |
) | ||||||||||||||
Effect of exchange rate changes |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase/ (decrease) in cash and cash equivalents |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents at the beginning of year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents at the end of year |
||||||||||||||||
|
|
|
|
|
|
|
|