Bitauto (BITA) 20-F 27 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document and Entity Information
Document Type	20-F
Document Annual Report	true
Document Registration Statement	false
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	BITAUTO HOLDINGS LTD
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001499781
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Trading Symbol	BITA
Entity Common Stock, Shares Outstanding	70,952,783.5
Entity Shell Company	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	¥ 4,260,533	¥ 4,576,820
Restricted cash	3,136,926	4,344,291
Accounts receivable, net	3,792,641	3,890,712
Bills receivable	372,539	365,036
Prepayments and other receivables	2,220,724	2,039,299
Due from related parties	123,902	181,495
Uncollateralized finance receivables - current portion, net	4,451,575	5,226,642
Collateralized finance receivables - current portion, net	12,301,329	13,546,137
Other current assets	3,393	4,415
Total current assets	30,663,562	34,174,847
Non-current assets
Restricted cash	114,318	446,108
Investment in equity investees	1,912,803	1,907,171
Investment in convertible notes	2,153,790	1,789,470
Property, plant and equipment, net	205,394	449,387
Intangible assets, net	381,749	996,941
Deferred tax assets	443,912	178,563
Goodwill	861,583	532,130
Right-of-use assets	80,962	0
Uncollateralized finance receivables - non-current portion, net	2,906,280	6,609,474
Collateralized finance receivables - non-current portion, net	7,330,610	11,494,820
Other non-current assets	1,322,081	1,165,027
Total non-current assets	17,713,482	25,569,091
Total assets	48,377,044	59,743,938
Current liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the primary beneficiaries of RMB4,399,899 and RMB4,737,669 as of December 31, 2018 and 2019, respectively)
Short term borrowings	10,860,862	12,274,038
Asset-backed securitization debt	6,201,021	10,021,333
Accounts payable	3,081,405	2,909,051
Bills payable	0	32,300
Guarantee liabilities	207,716	107,614
Income tax payable	497,664	361,726
Due to related parties	104,830	106,563
Lease liabilities	46,033	0
Deferred revenue	109,564	164,867
Other payables and accruals	2,533,642	2,660,157
Total current liabilities	23,642,737	28,637,649
Non-current liabilities
Long term borrowings	2,263,614	4,626,756
Asset-backed securitization debt	1,167,910	3,764,348
Convertible debt	0	774,703
Deferred tax liabilities	30,638	27,770
Lease liabilities	23,391	0
Deferred revenue	1,344,094	1,444,920
Other non-current liabilities	148,439	159,355
Total non-current liabilities	4,978,086	10,797,852
Total liabilities	28,620,823	39,435,501
Commitments and contingencies
Redeemable noncontrolling interests	390,437	360,010
Bitauto Holdings Limited shareholders' equity
Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively)	20	19
Additional paid-in capital	12,664,018	12,782,826
Treasury shares	(241,572)	(333,985)
Statutory reserves	222,547	204,583
Accumulated other comprehensive income	650,773	601,423
Accumulated deficit	(3,312,204)	(2,124,549)
Total Bitauto Holdings Limited shareholders' equity	9,983,582	11,130,317
Noncontrolling interests	9,382,202	8,818,110
Total shareholders' equity	19,365,784	19,948,427
Total liabilities, redeemable noncontrolling interests and shareholders' equity	¥ 48,377,044	¥ 59,743,938

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)shares
Liabilities, Current | ¥	¥ 23,642,737	¥ 28,637,649
Common Stock, Shares, Outstanding	73,761,089	72,739,966
Common Stock, Shares, Issued	73,761,089	72,739,966
Common Stock, Shares Authorized	1,250,000,000	1,250,000,000
Variable Interest Entity, Primary Beneficiary [Member]
Liabilities, Current | ¥	¥ 4,737,669	¥ 4,399,899

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Revenue	¥ 10,752,917	¥ 10,579,609	¥ 8,751,259
Cost of revenue	(4,244,752)	(4,244,398)	(3,234,680)
Gross profit	6,508,165	6,335,211	5,516,579
Selling and administrative expenses	(7,160,276)	(6,370,718)	(6,059,046)
Product development expenses	(609,908)	(611,113)	(565,702)
Other gains, net	305,782	181,114	31,576
Loss from operations	(956,237)	(465,506)	(1,076,593)
Interest income	114,391	125,875	93,025
Interest expense	(147,387)	(79,090)	(92,633)
Share of results of equity investees	(74,111)	(76,810)	(71,866)
Investment loss	(28,677)	(7,889)	(75,097)
Loss before tax	(1,092,021)	(503,420)	(1,223,164)
Income tax expense	(91,019)	(175,896)	(203,824)
Net loss	(1,183,040)	(679,316)	(1,426,988)
Net loss attributable to noncontrolling interests	(13,349)	(99,021)	(147,991)
Accretion to redeemable noncontrolling interests	30,427	28,057	332,117
Net loss attributable to Bitauto Holdings Limited	¥ (1,200,118)	¥ (608,352)	¥ (1,611,114)
Net loss per share/ADS attributable to ordinary shareholders
Basic	¥ (16.92)	¥ (8.13)	¥ (23.01)
Diluted	¥ (16.92)	¥ (8.13)	¥ (23.16)
Weighted average number of shares/ADSs
Basic	71,108,532	71,305,353	70,154,910
Diluted	71,108,532	71,305,353	70,154,910
Other comprehensive (loss)/income
Foreign currency exchange (losses)/gains, net of tax of nil	¥ 67,803	¥ 153,894	¥ (353,747)
Total comprehensive loss, net of tax	(1,115,237)	(525,422)	(1,780,735)
Total comprehensive (loss)/income attributable to noncontrolling interests	5,104	(78,293)	(227,693)
Accretion to redeemable noncontrolling interests	30,427	28,057	332,117
Total comprehensive loss attributable to Bitauto Holdings Limited	¥ (1,150,768)	¥ (475,186)	¥ (1,885,159)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net loss	¥ (1,183,040)	¥ (679,316)	¥ (1,426,988)
Adjustments to reconcile net loss to net cash provided by operating activities:
Investment loss	28,677	7,889	75,097
Unrealized exchange (gains)/losses	(2,321)	15,993	(8,375)
Interest expense	412	0	31,659
Depreciation of property, plant and equipment	88,436	255,762	185,344
Amortization of intangible assets	670,953	693,761	688,572
Deferred income tax	(272,005)	(150,522)	(46,171)
Share-based compensation	426,371	896,416	1,185,839
(Gains)/Losses on disposal of property, plant and equipment	(14,911)	5,364	(14,910)
Gains on disposal of intangible assets	0	(52,673)	(1,520)
Share of results of equity investees	74,111	76,810	71,866
Gains from guarantee liabilities	(34,782)	(2,462)	0
Impairment of non-current assets	104,761	0	0
Allowance for doubtful accounts for accounts receivable and credit losses for finance receivables	1,216,681	747,254	349,185
Allowance for amounts due from related party and other receivables	66,838	4,000	15,000
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	(246,673)	(1,259,543)	(869,699)
Bills receivable	(7,503)	(34,492)	(220,308)
Prepayments and other receivables	(96,557)	(737,248)	(343,794)
Due from related parties	(75,188)	(13,185)	29,792
Other current assets	141,186	(176,740)	(17)
Other non-current assets	224,292	(104,618)	(375,823)
Accounts payable	294,429	745,184	483,312
Guarantee liabilities	134,884	110,076	0
Deferred revenue	(156,129)	(93,596)	116,347
Income tax payable	78,988	192,625	30,561
Due to related parties	(16,733)	8,322	25,194
Other payables and accruals	37,944	215,689	968,509
Other non-current liabilities	12,476	7,229	(20,446)
Net cash provided by operating activities	1,495,597	677,979	928,226
Cash flows from investing activities
Placement of time deposits	(678,205)	0	0
Proceeds from maturity of time deposits	678,205	0	2,000
Purchase of investments in equity investees	(131,000)	(754,008)	(120,429)
Disposal of investments in equity investees	0	15,328	127,120
Purchases of property, plant and equipment	(523,703)	(230,945)	(1,728,761)
Purchases of intangible assets	(10,278)	(14,143)	(26,706)
Purchase of convertible notes	(335,318)	(139,425)	0
Proceeds from disposal of property, plant and equipment	266,545	816,860	242,282
Proceeds from disposal of intangible assets	0	57,400	0
Acquisition of finance receivables	(12,605,684)	(24,705,908)	(24,608,984)
Collection of finance receivables	20,979,839	17,483,354	9,135,002
Acquisition of subsidiaries, net of cash acquired	6,606	0	(49,585)
Net cash (used in)/provided by investing activities	7,647,007	(7,471,487)	(17,028,061)
Cash flows from financing activities
Proceeds from issuance of subsidiary's ordinary shares, net of issuance costs	0	(3,165)	5,528,755
Proceeds from issuance of subsidiaries' redeemable convertible preference shares, net of issuance costs	0	0	1,317,450
Repurchase of ordinary shares	0	(326,654)	0
Repurchase of subsidiary's ordinary shares	(2,581)	(4,367)	0
Contribution from noncontrolling interests	54,429	0	2,995
Purchase of noncontrolling interests	(123,529)	0	(36,292)
Payment for redemption of convertible debt	(865,850)	0	0
Proceeds from exercise of options	2,326	1,910	26,673
Dividend paid by subsidiary	(4,018)	0	0
Proceeds from borrowings	18,386,906	23,045,346	23,306,791
Repayment of borrowings	(22,060,739)	(22,710,497)	(14,650,880)
Proceeds from asset-backed securitization debt	6,758,846	16,956,147	11,142,486
Repayment of asset-backed securitization debt	(13,175,596)	(11,947,716)	(6,795,858)
Net cash provided by/(used in) financing activities	(11,029,806)	5,011,004	19,842,120
Effect of exchange rate changes on cash and cash equivalents and restricted cash	31,760	110,364	(350,491)
Increase/(Decrease) in cash and cash equivalents and restricted cash	(1,855,442)	(1,672,140)	3,391,794
Cash and cash equivalents and restricted cash at beginning of the year	9,367,219	11,039,359	7,647,565
Cash and cash equivalents and restricted cash at end of the year	7,511,777	9,367,219	11,039,359
Supplemental cash flow disclosures:
Cash paid for income taxes	(284,036)	(133,793)	(219,434)
Cash paid for interest	(2,049,514)	(1,962,269)	(1,118,736)
Supplemental disclosures of non-cash activities:
Purchases of property, plant and equipment	2,970	10,499	9,471
Purchases of intangible assets	498	1,291	708
Amounts receivable from exercise of options	(188)	(176)	(58,415)
Investment in convertible notes in connection with business cooperation with Yusheng Holdings Limited	0	1,645,342	0
Acquisition of subsidiary	68,632	0	0
Investment in equity investees	84,762	0	0
Preferred Stock [Member]
Supplemental disclosures of non-cash activities:
Conversion of Yixin preferred shares	0	0	5,323,103
Convertible Debt [Member]
Supplemental disclosures of non-cash activities:
Conversion of convertible debt	¥ 3,408	¥ 0	¥ 158,450

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CNY (¥) ¥ in Thousands	Ordinary shares [Member]	Treasury shares [Member]	Additional Paid-in Capital [Member]	Statutory reserves [Member]	Accumulated other comprehensive income [Member]	Accumulated deficit [Member]	Total Bitauto Holdings Limited shareholders' equity [Member]	Noncontrolling Interests [Member]	Total
Balance, Beginning at Dec. 31, 2016	¥ 19	¥ (41,888)	¥ 8,903,759	¥ 89,841	¥ 742,302	¥ (150,515)	¥ 9,543,518	¥ 278,547	¥ 9,822,065
Balance, Beginning (shares) at Dec. 31, 2016	70,726,025	1,274,186.5
Issuance of ordinary shares	¥ 0	¥ 0	0	0	0	0	0	0	¥ 0
Issuance of ordinary shares (shares)	1,000,000	0
Repurchase of ordinary shares (shares)									0
Exercise of options and RSUs	¥ 0	¥ 21,477	(2,001)	0	0	0	19,476	0	¥ 19,476
Exercise of options and RSUs (shares)	0	(653,397)
Share-based compensation	¥ 0	¥ 0	1,056,653	0	0	0	1,056,653	129,186	1,185,839
Net loss	0	0	0	0	0	(1,278,997)	(1,278,997)	(147,991)	(1,426,988)
Foreign currency translation gains losses	0	0	0	0	(274,045)	0	(274,045)	(79,702)	(353,747)
Conversion of Yixin preferred shares to ordinary shares	0	0	(947,158)	0	0	0	(947,158)	6,270,261	5,323,103
Proceeds from Yixin IPO, net of issuance costs	0	0	3,321,055	0	0	0	3,321,055	2,204,022	5,525,077
Transaction with noncontrolling interests	0	0	12,554	0	0	0	12,554	59,349	71,903
Conversion of convertible debt	¥ 0	0	158,450	0	0	0	158,450	0	158,450
Conversion of convertible debt (Shares)	1,013,941
Acquisition of noncontrolling interests in subsidiaries	¥ 0	0	49,298	0	0	0	49,298	(109,671)	(60,373)
Issuance of ordinary shares by the Company's subsidiary	0	0	0	0	0	0	0	3,030	3,030
Accretion of redeemable noncontrolling interests	0	0	(332,117)	0	0	0	(332,117)	0	(332,117)
Provision of statutory reserves	0	0	0	63,697	0	(63,697)	0	0	0
Balance, Ending at Dec. 31, 2017	¥ 19	¥ (20,411)	12,220,493	153,538	468,257	(1,493,209)	11,328,687	8,607,031	19,935,718
Balance, Ending (shares) at Dec. 31, 2017	72,739,966	620,789.5
Repurchase of ordinary shares	¥ 0	¥ (329,625)	0	0	0	0	(329,625)	0	¥ (329,625)
Repurchase of ordinary shares (shares)	0	2,398,780							2,398,780
Exercise of options and RSUs	¥ 0	¥ 16,051	(14,059)	0	0	0	1,992	0	¥ 1,992
Exercise of options and RSUs (shares)		(488,321)
Repurchase of subsidiaries' ordinary shares	0	¥ 0	(1,958)	0	0	0	(1,958)	(2,409)	(4,367)
Exercise/settlement of options and RSUs in subsidiaries	0	0	(96,762)	0	0	0	(96,762)	97,237	475
Share-based compensation	0	0	701,872	0	0	0	701,872	194,544	896,416
Share of other comprehensive loss of equity method investees	0	0	1,297	0	0	0	1,297	0	1,297
Net loss	0	0	0	0	0	(580,295)	(580,295)	(99,021)	(679,316)
Foreign currency translation gains losses	0	0	0	0	133,166	0	133,166	20,728	153,894
Accretion of redeemable noncontrolling interests	0	0	(28,057)	0	0	0	(28,057)	0	(28,057)
Provision of statutory reserves	0	0	0	51,045	0	(51,045)	0	0	0
Balance, Ending at Dec. 31, 2018	¥ 19	¥ (333,985)	12,782,826	204,583	601,423	(2,124,549)	11,130,317	8,818,110	¥ 19,948,427
Balance, Ending (shares) at Dec. 31, 2018	72,739,966	2,531,248.5							72,739,966
Issuance of ordinary shares	¥ 1	¥ 0	0	0	0	0	1	0	¥ 1
Issuance of ordinary shares (shares)	1,000,000	0
Repurchase of ordinary shares (shares)									0
Exercise of options and RSUs	¥ 0	¥ 92,413	(90,109)	0	0	0	2,304	0	¥ 2,304
Exercise of options and RSUs (shares)	0	(773,311)
Repurchase of subsidiaries' ordinary shares	¥ 0	¥ 0	(1,132)	0	0	0	(1,132)	(1,449)	(2,581)
Exercise/settlement of options and RSUs in subsidiaries	0	0	(56,975)	0	0	0	(56,975)	57,240	265
Share-based compensation	0	0	297,390	0	0	0	297,390	128,981	426,371
Net loss	0	0	0	0	0	(1,169,691)	(1,169,691)	(13,349)	(1,183,040)
Foreign currency translation gains losses	0	0	0	0	49,350	0	49,350	18,453	67,803
Acquisitions of subsidiaries	0	0	47,942	0	0	0	47,942	140,095	188,037
Transaction with noncontrolling interests	0	0	(288,905)	0	0	0	(288,905)	238,139	(50,766)
Conversion of convertible debt	¥ 0	¥ 0	3,408	0	0	0	3,408	0	3,408
Conversion of convertible debt (Shares)	21,123	0
Accretion of redeemable noncontrolling interests	¥ 0	¥ 0	(30,427)	0	0	0	(30,427)	0	(30,427)
Provision of statutory reserves	0	0	0	17,964	0	(17,964)	0	0	0
Dividend paid by subsidiary	0	0	0	0	0	0	0	(4,018)	(4,018)
Balance, Ending at Dec. 31, 2019	¥ 20	¥ (241,572)	¥ 12,664,018	¥ 222,547	¥ 650,773	¥ (3,312,204)	¥ 9,983,582	¥ 9,382,202	¥ 19,365,784
Balance, Ending (shares) at Dec. 31, 2019	73,761,089	1,757,937.5							73,761,089

Principal activities and organi

Principal activities and organization	12 Months Ended
	Dec. 31, 2019
Principal activities and organization
Principal activities and organization	1. Principal activities and organization Bitauto Holdings Limited (the “Company”) is a limited liability company incorporated and domiciled in the Cayman Islands. The registered office is located at Scotia Centre, George Town, Grand Cayman, Cayman Islands. The Company does not conduct any substantial operations of its own, but conducts most of its business through its operating subsidiaries, variable interest entities (“VIEs”) and subsidiaries of VIEs established in the People’s Republic of China (the “PRC”). The Company owns the equity interest of its operating subsidiaries, VIEs and subsidiaries of VIEs through its subsidiaries established in Cayman Islands and Hong Kong. The Company, its subsidiaries, VIEs and subsidiaries of VIEs are collectively referred to as the “Group”. The Group is principally engaged in the provision of internet content and marketing services, and transaction services in the automobile industry, including advertising and subscription services, transaction services and digital marketing solutions services in the PRC. On November 16, 2017, Yixin Group Limited (“Yixin”), the Group’s subsidiary engaging in automobile transaction services, completed its initial public offering (“IPO”) on the Main Board of The Stock Exchange of Hong Kong Limited. The Group continues to take control of Yixin and consolidate Yixin as its controlling shareholder through the voting proxy agreement that the Group entered into with certain other shareholders and recognizes noncontrolling interests reflecting the shares held by the shareholders other than the Group in the consolidated financial statements. As of December 31, 2019, the Group held 44.5% (2018: 44.8%) equity interest of Yixin. As of December 31, 2019, the Company’s principal subsidiaries, VIEs and subsidiaries of VIEs are as follows: % of direct Date of or indirect incorporation or Place of economic Name acquisition operations interest Bitauto Hong Kong Limited April 27, 2010 Hong Kong 100 Beijing Bitauto Internet Information Company Limited January 20, 2006 PRC 100 Dalian Rongxin Financing Guarantees Company Limited June 6, 2016 PRC 100 Yixin Group Limited November 19, 2014 Cayman Islands 44.5 Yixin Holding Hong Kong Limited November 27, 2014 Hong Kong 44.5 Xinche Investment (Shanghai) Company Limited January 16, 2015 PRC 44.5 Shanghai Yixin Financing Lease Company Limited August 12, 2014 PRC 44.5 Tianjin Hengtong Jiahe Financing Lease Company Limited May 18, 2015 PRC 44.5 Xinjiang Wanxing Information Technology Company Limited January 24, 2018 PRC 44.5 Beijing Bitauto Information Technology Company Limited November 30, 2005 PRC 100 Beijing Easy Auto Media Company Limited March 7, 2008 PRC 100 Beijing Bitauto Interactive Advertising Company Limited December 12, 2007 PRC 100 Beijing Xinbao Information Technology Company Limited February 2, 2008 PRC 100 Tianjin Boyou Information Technology Company Limited May 16, 2014 PRC 100 Beijing Bit EP Information Technology Company Limited (“Bit EP”) June 3, 2011 PRC 100 Tianjin Bida Information Technology Company Limited January 17,2017 PRC 100 Eminent Success Holdings Group Limited June 26, 2018 British Virgin Islands 44.5 Rising Champion International Limited July 10, 2018 Hong Kong 44.5 Tanjin Kars Information Technology Company Limited June 19, 2018 PRC 44.5 Beijing Yixin Information Technology Company Limited January 9, 2015 PRC 44.5 Beijing Creative & Interactive Digital Technology Company Limited (“CIG”, formerly known as Beijing C&I Advertising Company Limited) December 30, 2002 PRC 57.1 Beijing Xinchuang Interactive Advertising Company Limited January 19, 2017 PRC 57.1 Beijing Chehui Technology Company Limited February 10, 2006 PRC 57.1 1. Principal activities and organization (continued) Variable interest entities To comply with the PRC laws and regulations that restrict foreign ownership of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and engages in such restricted businesses in the PRC through certain PRC domestic companies, whose equity interest are held by certain management members of the Company and certain PRC entities (“nominee shareholders”). The Company obtained control over these PRC domestic companies by entering into a series of contractual agreements with these PRC domestic companies and their respective nominee shareholders. These contractual agreements include loan agreements, irrevocable power of attorney, share pledge agreements, exclusive business cooperation agreements and exclusive option agreements. Through these contractual agreements, the Company is entitled to receive a majority of residual returns and is obligated to absorb a majority of the risk of losses of these PRC domestic companies. Based on these contractual agreements, management concluded that these PRC domestic companies are VIEs of the Company, of which the Company is the primary beneficiary. As such, the Group consolidated financial results of VIEs and subsidiaries of VIEs in the Group’s consolidated financial statements. The summary of these contractual agreements are further described as below. Loan Agreements Pursuant to the relevant loan agreements, the relevant PRC subsidiaries provided interest-free loans to the respective nominee shareholders of the VIEs. The purpose of the loans is to provide capital and/or registered capital to VIEs in order to develop their businesses. The loan agreements have indefinite terms or certain terms that could be extended upon mutual written consent of the parties. Irrevocable Power of Attorney Each nominee shareholder of the VIEs executed an irrevocable power of attorney, appointing the relevant PRC subsidiaries or a person designated by such PRC subsidiaries as his or her attorney-in-fact to attend shareholders’ meetings of the respective VIEs, exercise all the shareholder’s voting rights, including but not limited to the sale, transfer, pledge or disposition of the shareholder’s equity interest in the VIEs, and designate or appoint legal representatives, directors and officers of the relevant VIEs. Each power of attorney remains valid and irrevocable from the date of execution so long as the person remains as the nominee shareholder of the respective VIEs. Share Pledge Agreements Pursuant to the share pledge agreements, the nominee shareholders of the VIEs have pledged all of their equity interest in the relevant VIEs to the relevant PRC subsidiaries as collateral for all of the VIEs’ and nominee shareholders’ payments due to the relevant PRC subsidiaries and to secure their obligations under applicable contractual agreements. Each pledge of shares or equity interest is effective on the date when it is registered with the local administration for industry and commerce and remains effective until all payments due under the relevant exclusive business cooperation agreement or all the obligations under the relevant contractual agreements have been fulfilled by the relevant VIEs. During the term of a pledge, the relevant PRC subsidiaries, the pledgees, may dispose of the pledge if the VIE defaults under the exclusive business cooperation agreement. Each of the relevant PRC subsidiaries also has the right to collect dividends generated by the shares or equity interest pursuant to these pledge agreements. In addition, each nominee shareholder of the relevant VIEs agrees not to transfer or create any new encumbrance adverse to the relevant PRC subsidiaries on the shareholder’s equity interest in such VIEs without prior written consent of the relevant PRC subsidiaries. 1. Principal activities and organization (continued) Exclusive Business Cooperation Agreement The relevant PRC subsidiaries and relevant VIEs entered into exclusive business cooperation agreements under which the relevant PRC subsidiaries provide the relevant VIEs, on an exclusive basis, with technical, consulting and other services in relation to the respective VIEs’ business. The VIEs shall pay service fees to the relevant PRC subsidiaries determined based on several metrics including the type, value and market price of the services provided by the relevant PRC subsidiaries and the operating conditions of the relevant VIEs. During the terms of the agreements, the relevant VIEs have agreed not to accept any consultation and/or services provided by any third party without the relevant PRC subsidiaries’ prior written consent. The agreements have certain terms that could be extended upon the relevant PRC subsidiaries’ prior written consent, or remain effective unless the relevant PRC subsidiaries terminate them in writing or either the relevant PRC subsidiaries or the relevant VIEs fail to obtain the government’s approval for the renewal of the relevant business license. Exclusive Option Agreements Pursuant to these exclusive option agreements, each of the nominee shareholders of the VIEs irrevocably granted the relevant PRC subsidiaries an exclusive right to purchase, or designate one or more persons to purchase, the equity interest in the relevant VIEs then held by such nominee shareholder of the respective VIEs. The relevant PRC subsidiaries or their designees may purchase such equity interest at any time, once or at multiple times, in part or in whole at their own sole and absolute discretion to the extent permitted by the PRC laws. The agreements have certain terms that could be extended at the relevant PRC subsidiaries’ discretion, or remain effective until all the equity interest held by the nominee shareholders of the VIEs have been transferred or assigned to the relevant PRC subsidiaries or any other persons designated by them. Risks in relations to the VIE structure Based on the advice of the Company’s PRC legal counsel, the ownership structure and contractual agreement of the VIEs and subsidiaries in the PRC do not violate any existing PRC laws and regulations. Therefore, in the opinion of management, (i) the ownership structure of the Company and the VIEs do not violate any existing PRC laws and regulations;(ii) the contractual agreement with VIEs and their nominee shareholders are valid and binding, and will not result in any violation of PRC laws or regulations currently in effect;(iii) the Group’s business operation are in compliance with existing PRC laws and regulations in all material respects. However, there are uncertainties regarding the interpretation and application of current and future PRC laws and regulations, and the PRC government may in the future take a view that is contrary to the above opinion. If the current ownership structure of the Company and its contractual arrangements with the VIEs and their nominee shareholders were found to be in violation of any existing or future PRC laws or regulations, the Group may be subject to penalties, which may include but not to be limited to, revocation of the Group’s business and operating licenses, being required to discontinue or restrict the Group’s operations, or being required to restructure the Group’s ownership structure or operations. These penalties may result in a material and adverse effect on the Group’s ability to conduct its operations. In such cases, the Company may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs. 1. Principal activities and organization (continued) The following financial information of the VIEs and subsidiaries of VIEs in the PRC was included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of December 31, RMB RMB Total assets 8,125,756 8,023,337 Total liabilities 4,427,121 4,762,927 For the year ended December 31 RMB RMB RMB Revenue 4,419,967 4,111,341 3,835,776 Net (loss)/income (111,574) 49,738 (517,004) For the year ended December 31 RMB RMB RMB Net cash provided by/(used in) operating activities 660,690 (334,465) (93,568) Net cash provided by/(used in) investing activities 57,568 (172,280) (35,035) Net cash (used in)/provided by financing activities (426,603) 338,000 224,805 As of December 31, 2018 and 2019, total assets of the Group’s VIEs and subsidiaries of VIEs mainly consisted of cash and cash equivalents, accounts receivable, net, prepayments and other receivables, investment in equity investees, property, plant and equipment, net, and intangible assets, net. As of December 31, 2018 and 2019, total liabilities of the VIEs and subsidiaries of VIEs mainly consisted of accounts payable, other payables and accruals and short term borrowings. These balances have been reflected in the Group’s consolidated financial statements with intercompany transactions eliminated. In accordance with contractual agreements, the Company has the power to direct activities of the VIEs and subsidiaries of VIEs and can have assets transferred out of the VIEs and subsidiaries of VIEs. Therefore, the Company considers that there is no asset in any of the consolidated VIEs and subsidiaries of VIEs that can be used only to settle obligations of these entities, except for registered capital and PRC statutory reserves amounting to RMB714.5 million as of December 31, 2019 (2018: RMB641.3 million). Creditors of the VIEs and subsidiaries of VIEs do not have recourse to the general credit of the Company for any of the liabilities of the consolidated VIEs and subsidiaries of VIEs. Currently, there are no contractual arrangements that require the Company to provide any additional financial support to the VIEs and subsidiaries of VIEs. As the Company conducts its business primarily based on the licenses and approvals held by its VIEs and subsidiaries of VIEs, the Company may provide additional financial support on a discretionary basis in the future. In addition to the above variable interest entities the Company consolidated through contractual arrangements, the Company also established a number of asset-backed securitization vehicles to issue debt securities to third party investors. The vehicles are considered variable interest entities in accordance with ASC 810 and the Company are considered primary beneficiary of such variable interest entities. Accordingly, the Company consolidated these asset-backed securitization vehicles.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2019
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies (a) Basis of presentation The consolidated financial statements of the Group are prepared in accordance with accounting principles generally accepted in the United States of America (‘‘U.S. GAAP’’). (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of VIEs for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies. A VIE is an entity in which the Company, or its subsidiaries, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of VIEs have been eliminated upon consolidation. The results of subsidiaries, the VIEs and subsidiaries of VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive income/(loss) from the effective date of acquisition or up to the effective date of disposal, as appropriate. (c) Business combinations and noncontrolling interests The Group accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (‘‘ASC’’) 805 ‘‘Business Combinations’’. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the acquiree, the difference is recognized directly in the consolidated statements of comprehensive income/(loss). During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income/(loss). In a business combination considered as a step acquisition, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive income/(loss). 2. Summary of significant accounting policies (continued) For the Company’s majority-owned subsidiaries, VIEs and subsidiaries of VIEs, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. Noncontrolling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive income/(loss) to distinguish the interests from that of the Company. (d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant accounting estimates are used for, but not limited to assessment for fair value of assets and liabilities acquired in business combinations, estimating useful lives of intangible assets, assessment for impairment of long-lived assets, intangible assets and goodwill, investment in equity investees, assessment for fair value of investment in convertible notes, determining allowance for doubtful accounts for accounts receivable and other receivables, allowance for credit losses for finance receivables, assessment for fair value of guarantee liabilities, valuation and recognition of share-based compensation and realization of deferred tax assets. The Group bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. (e) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the Chief Executive Officer of the Group. The Group managed its business in three reportable segments, namely advertising and subscription business, transaction services business and digital marketing solutions business. (f) Foreign currency translation The Company, its subsidiaries, VIEs and subsidiaries of VIEs individually determine their functional currency based on the criteria of ASC 830 “Foreign Currency Matters”. The functional currencies of the Company and its subsidiaries outside China are the U.S. dollar (“US$”) and the Hong Kong dollar (“HKD”), and the functional currency of PRC subsidiaries, VIEs and subsidiaries of VIEs is the RMB. Since the Group’s operations are primarily denominated in the RMB, the Group has chosen the RMB as the reporting currency for the consolidated financial statements. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date.Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive income/(loss). The financial statements of the entities with non-RMB functional currencies are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities, average exchange rate for the year for income and expense items, and historical exchange rate for equity items. Translation gains or losses arising from the translation are recognized in accumulated other comprehensive income as a component of shareholders’ equity. 2. Summary of significant accounting policies (continued) (g) Cash and cash equivalents Cash and cash equivalents comprise cash at banks and on hand, time deposits and highly liquid investments with an original maturity of three months or less. (h) Restricted cash Cash that is restricted as to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group held restricted cash of RMB4.79 billion and RMB3.25 billion as of December 31, 2018 and 2019, respectively, which were primarily pledged for bank borrowings, guarantees, asset-backed securitization debt and bills payable. Please refer to Note 6 for further details. The Group provides loan facilitation services to facilitate loans to borrowers offered by loan facilitation financing partners. The loan facilitation financing partners offer financing solutions to borrowers. The Group provides guarantee in the event of default (please refer to Note 2 (v) for further details). As a result, the Group, as the guarantor, is required to maintain separate guarantee funds, held as an escrow account with the loan facilitation financing partners. These guarantee funds are required by different financial institutions to be maintained at a certain percentage of the balance of loans outstanding. From January 1, 2018, the Group adopted ASU No. 2016‑18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts presented in the statement of cash flows. As a result of the new accounting guidance adopted on January 1, 2018, the consolidated statements of cash flows were retrospectively adjusted to include restricted cash in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. (i) Accounts receivable, net Accounts receivable are amounts due from customers for services performed or merchandise sold in the ordinary course of business. If collection of accounts receivable is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Accounts receivable are recorded net of allowance for doubtful accounts. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, such as the accounts aging, financial conditions of the customer and industry trend. (j) Bills receivable Bills receivable represent short-term notes receivables issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity, which generally range from three to six months from the date of issuance. 2. Summary of significant accounting policies (continued) (k) Finance receivables, net The Group provides automobile financing lease services to individual customers and automobile dealers. The net investment of the lease will be recorded as a finance receivable upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenue in the consolidated statements of comprehensive income/(loss). Initial direct costs of the capital leases are amortized over the lease term by adjusting against the related lease income. The net investment in the leases, net of allowance for credit losses, is presented as finance receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. The Group’s finance receivables are typically secured by automobiles in the lease arrangements. The allowance for credit losses is based on a systematic, ongoing review and valuation performed as part of the credit-risk evaluation process. The Group estimates the balance of provision for credit losses of its finance receivables at each balance sheet date by applying an incurred loss model, mainly based on customer repayment activities, such as the historical loss rate and days past due information. The total balance of a finance receivable is considered contractually past due if the minimum required payment is not received by the contractual repayment day. If any delinquency arises, the Group will consider initiating collection process, which mainly includes making phone calls and sending collection notice to the customers, and lawsuit. The Group has not established a practice of modifying the contractual payment terms, or entering into any troubled debt restructurings of the finance receivables with its customers. For collateral automobiles collected from customers, the Group assesses fair value of the automobiles at each balance sheet date and impairment would be recorded if any. As of December 31, 2018 and 2019, provision for impairment of such automobiles was nil and RMB104.8 million, respectively. Accrued lease income on finance receivables is calculated based on the effective interest rate of the net investment. Finance receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance receivable is placed on non-accrual status, the Group stops accruing interest. The finance receivables in non-accrual status were RMB411.6 million and RMB671.2 million as of December 31, 2018 and 2019, respectively. Lease income is subsequently recognized only upon the receipt of cash payments. The Group will write off finance receivables which are uncollectible after above mentioned collection process has been administered. (l) Investment in equity investees Investment in equity investees represents the Group’s investments in privately-held companies. The Group applies the equity method to account for an equity investment, in common stock or in-substance common stock, according to ASC 323 ‘‘Investment - Equity Method and Joint Ventures’’, over which it has significant influence but does not own a majority equity interest or otherwise control. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. For other equity investments that do not have readily determinable fair values and over which the Group neither has significant influence nor control through investment in common stock or in-substance common stock, the cost method is used for the year ended December 31, 2017. From January 1, 2018, the Group adopted ASU No. 2016‑01, “Recognition and Measurement of Financial Assets and Financial Liabilities”, to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements of comprehensive income/(loss) and its share of post-acquisition movements in accumulated other comprehensive income is recognized in shareholders’ equity. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. From time to time, the rights on certain investments in which the Group has significant influence were modified with new rounds of financing. These modifications may be additions or removals of certain rights. As a result of such modification, these equity investments, which were accounted for using equity method, were reclassified as investments without readily determinable fair value, or vice versa. The carrying amount of the investments was remeasured upon the reclassification and a deemed disposal gain or loss was recognized in the investment loss in the consolidated statements of comprehensive income/(loss). The Group continually reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Group considers in its determination are the length of time that the fair value of the investment is below the carrying value; the financial condition, operating performance and the prospects of the equity investees; and other company specific information of the investees such as recent financing rounds. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity investee is written down to fair value, which is reflected in share of results of equity investees and investment loss in the consolidated statements of comprehensive income/(loss). (m) Investment in convertible notes The financial instruments guidance in ASC 825‑10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. Such fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains and losses recorded in the consolidated statements of comprehensive income/(loss). The Group has elected the fair value option to account for investment in convertible notes. The convertible notes the Group held were interest free. Please refer to Note 10 for further details. 2. Summary of significant accounting policies (continued) (n) Property, plant, and equipment, net Property, plant, and equipment are stated at cost less accumulated depreciation and impairment if any. Depreciation is computed using the straight-line method with no residual value based on the estimated useful lives of the various classes of assets, which range as follows: Computers and servers 3 – 5 years Automobiles for Group uses 5 years Automobiles for operating leases 5 years Furniture and fixtures 3 – 5 years Leasehold improvements Shorter of remaining lease period or estimated useful life Building 40 years Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in other gains, net in the consolidated statements of comprehensive income/(loss). (o) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis as of December 31, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The Group will perform the quantitative impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount. In performing the two-step quantitative impairment test, the first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying amount of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for the purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets, liabilities and goodwill to reporting units, and determining the fair value of each reporting unit. 2. Summary of significant accounting policies (continued) (p) Intangible assets, net Intangible assets are stated at cost less accumulated amortization and impairment if any. Intangible assets acquired in a business combination are recognized initially at fair value at the date of acquisition. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired in accordance with ASC subtopic 350‑30 (“ASC 350‑30”), Intangibles-Goodwill and Other: General Intangibles Other than Goodwill. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Purchased software 5 - 10 years Digital Sales Assistant system 10 years Domain names 10 years Brand name 10 - 15 years Database 10 years Customer relationship 2 - 15 years Business cooperation 5 years Trademark and lifetime membership 10 years / Indefinite Others 5 - 10 years / Indefinite (q) Impairment of long-lived assets The Group reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. (r) Borrowings Borrowings are recognized initially at fair value, net of upfront fees, debt issuance costs, and debt discounts or premiums. Upfront fees, debt issuance costs, and debt discounts or premiums are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the consolidated statements of comprehensive income/(loss) over the estimated term of the facilities and borrowings using the effective interest method. (s) Asset-backed securitization debt The Group securitizes finance receivables arising from its consumers through the transfer of those assets to asset-backed securitization vehicles. The securitization vehicles usually issue senior tranche debt securities to third party investors, collateralized by the transferred assets, and subordinate tranche debt securities to the Group. In limited circumstances, the Group may also subscribe a portion of the senior tranche debt securities. The asset-backed debt securities issued by the securitization vehicles to third party investors are recourse to the Group. The securitization vehicles are considered consolidated variable interest entities of the Group, and the asset-backed debt securities subscribed by third party investors are reported as current and non-current liabilities in the consolidated balance sheets based on their respective expected repayment dates. 2. Summary of significant accounting policies (continued) (t) Accounts payable Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. (u) Bills payable Bills payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized bills payable to settle amounts owed to the suppliers. (v) Guarantee liabilities The Group provides loan facilitation services to facilitate loans to borrowers offered by loan facilitation financing partners. The loan facilitation financing partners offer financing solutions to borrowers and the Group provides a guarantee in the event of default on the full repayment of principal and any accrued interests. The guarantee is within the scope of ASC Topic 460 “Guarantees”. The portion of the contract consideration that relates to ASC 460 must first be allocated to the guarantee, with the residual portion of the transaction price being recorded under ASC Topic 606, "Revenue from Contracts with Customers". The Group's guarantee obligations are measured in a combination of two components: (i) ASC 460 component and (ii) ASC 450 (ASC Topic 450 “Contingencies”) component. At the inception of the guarantee, the liability is recognized at fair value in accordance with ASC 460. This component is a stand ready obligation which is not subject to the probable threshold used to record a contingent obligation. Subsequent to the initial recognition, the liability recorded based on ASC 460 is reduced as the Group is released from the underlying risk, meaning as the loan is repaid by the borrowers or when the financial institutions are compensated in the event of a default. Generally, the liability is reduced by a systematic and rational amortization method, e.g. over the term of the loan. The contingent liability arising from the obligation to make future payments is measured in accordance with ASC 450, which is determined using historical experience of borrower defaults. Any gains or losses from guarantee liability is recognized in other gains, net in the consolidated statements of comprehensive income/(loss). As of December 31 2019, the amount of maximum potential future payments that the Group could be required to make under the guarantee was RMB26.79 billion (2018: RMB9.14 billion). Maximum potential future payments are approximately the total outstanding loan balance that the Group facilitated through its loan facilitation services. (w) Convertible debt The Group determines the appropriate accounting treatment of its convertible debt in accordance with the terms in relation to the conversion feature, call and put option, and beneficial conversion feature. After considering the impact of such features, the Company may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. 2. Summary of significant accounting policies (continued) The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date. Convertible debt is classified as a current liability if their due date is or will be within one year from the balance sheet date. In May 2019, the Group repurchased the outstanding convertible debt in whole prior to the scheduled maturity date. (x) Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including the investments under the equity method, and investments without readily determinable fair value, investment in convertible notes, intangible assets, goodwill and property, plant and equipment, at fair value when an impairment charge is recognized. And the fair value of the guarantee liability recorded at the inception of the loan was estimated based on the third-party appraisal’s report. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (y) Treasury shares The Company’s equity instruments that are repurchased are recognized at cost and deducted from equity as treasury shares. No gain or loss is recognized in the consolidated statements of comprehensive income/(loss) on the purchase, sale, issue or cancellation of the Company’s equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in additional paid-in capital. Voting rights related to treasury shares are nullified for the Company and no dividends are allocated to them. In 2018, the board of directors approved a US$150.0 million share repurchase plan. The share repurchase plan does not require the Company to acquire a specific number of shares and may be suspended or discontinued at any time. The share repurchased during the years ended December 31, 2017, 2018 and 2019 was nil, 2,398,780 and nil, respectively. 2. Summary of significant accounting policies (continued) (z) Statutory reserves In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Company’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their net income based on PRC accounting standards to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reach 50% of the registered capital of the entity. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the discretion of the respective entity. In addition, in accordance with the PRC Company Laws, the Company’s VIEs and subsidiaries of VIEs, registered as Chinese domestic companies, must make appropriations from

Recent accounting pronouncement

Recent accounting pronouncements	12 Months Ended
	Dec. 31, 2019
Recent accounting pronouncements
Recent accounting pronouncements	3. Recent accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326) and further issued several subsequent amendments and updates, collectively referred to as “ASC 326”. ASC 326 introduces a new “expected credit loss” model for credit losses measurement on certain financial instruments, which is different from the current “incurred loss” model. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Group will adopt ASC 326 beginning January 1, 2020 by applying the modified retrospective method with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Group noted that the new guidance would mainly have impact on credit losses in connection with finance receivables, accounts receivables, and guarantee liabilities. The cumulative effect on the opening balance of accumulated deficit upon adoption of ASC 326 would be not greater than RMB300.0 million. In August 2018, the FASB issued ASU No. 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018‑13”) which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, the Group will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted. either the entire standard or only the provisions that eliminate or modify the requirements. The Group will adopt the new standard beginning January 1, 2020. In January 2017, the FASB issued ASU No. 2017‑04, “Simplifying the Test for Goodwill Impairment”. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Group will adopt the new standard beginning January 1, 2020.

Concentration of risks

Concentration of risks	12 Months Ended
	Dec. 31, 2019
Concentration of risks
Concentration of risks	4. Concentration of risks (a) Concentration of customers There were no customers that individually represented greater than 10% of the total revenue for the years ended December 31, 2017, 2018 and 2019, respectively. (b) Concentration of credit risks Financial instruments that potentially subject the Group to significant concentration of credit risk consist principally of cash and cash equivalents, restricted cash, accounts receivable and finance receivables. 4. Concentration of risks (continued) As of December 31, 2017, 2018 and 2019, substantially all of the Group’s cash and cash equivalents and restricted cash were held by major financial institutions located in Hong Kong and the PRC, which management believes are of high credit quality. Under the new Bankruptcy Law effective in 2007, a Chinese bank may go into bankruptcy. In the event of bankruptcy of one of the banks which holds the Group’s deposits, it is unlikely to claim its deposits bank in full since it is unlikely to be classified as a secured creditor based on PRC laws. Accounts receivable and finance receivables are typically unsecured or secured with automobiles for financing lease and derived from revenue earned from customers in the PRC, which are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balance. The Group maintains reserves for estimated credit losses and these losses have generally been within its expectations. The Group is also exposed to credit risk in relation to investment in convertible notes measured at fair value. The maximum exposure at the end of the reporting period is the carrying amount of the investment. In addition, the Group is exposed to credit risk in providing loan facilitation services, to the extent that the Group is obligated to purchase the relevant loans upon certain specified events of default by customers. (c) Interest rate risk The Group’s interest rate risk arises from the Group’s borrowings. Borrowings obtained at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash held at variable rates. (d) Liquidity risk The Group aims to maintain sufficient cash and cash equivalents. Due to the dynamic nature of the underlying businesses, the policy of the Group is to consistently monitor the Group’s liquidity risk and to maintain adequate cash and cash equivalents to meet the Group’s liquidity requirements. The remaining contractual maturities (or the earliest date a financial liability may become payable in the absence of a fixed maturity date) at the balance sheet date mainly includes the Group’s financial assets such as cash and cash equivalents, restricted cash, accounts receivable, bills receivable, finance receivables, investment in convertible notes and other financial assets; financial liabilities such as borrowings, asset-backed securitization debt, accounts payable, bills payable, convertible debt, guarantee liabilities and other financial liabilities; and operating lease commitments based on contractual undiscounted cash flows. 4. Concentration of risks (continued) (e) Foreign currency exchange rate risk Since June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future. (f) Currency convertibility risk Substantially all of the Group’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. In the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through the PBOC or other PRC foreign exchange regulatory bodies and require certain supporting documentation in order to effect the remittance. (g) Towards the end of 2019, the Group found itself facing a stricter regulatory environment following the release of some regulations which could adversely affected its loan facilitation services if proper actions are not adopted. In response the Group has commenced a number of actions to address this matter. Management has assessed that in all likelihood the financial impact of these actions will not be significant for the Group, and does not believe that it is probable there will be a material outflow of financial resources during the process of complying with the new regulations. Management will continue to assess the financial impact of these regulations on its business.

Significant equity transactions

Significant equity transactions and acquisitions	12 Months Ended
	Dec. 31, 2019
Significant equity transactions and acquisitions
Significant equity transactions and acquisitions	5. Significant equity transactions and acquisitions Acquisition of additional interest in Target Net (Beijing) Technology Company Limited (“Target Net”) As of December 31, 2016, the Group held 51% equity interest in Target Net, an unlisted entity based in the PRC and involved in the provision of internet information distribution services. In October 2017, Target Net repurchased its equity interests held by a noncontrolling shareholder for a total consideration of RMB36.3 million, which increased the Group’s ownership interest in Target Net to 74.8%. It was considered to be an equity transaction and the excess of the noncontrolling interest repurchased over the consideration was recorded in equity. Acquisition of additional interest in KKC Holdings Limited (“KKC”) As of December 31, 2016, the Group held 49.7% of ordinary shares and approximately 74.8% on a fully diluted basis in KKC, an unlisted entity based in the PRC, and KKC was consolidated as a subsidiary of the Group. The Group acquired KKC to expand its used car business. In May 2017, the Group acquired the remaining equity interest of KKC from the noncontrolling shareholders for a total consideration of RMB13.2 million, which increased the Group’s ownership interest in KKC to 100%. It was considered to be an equity transaction and the difference between the consideration paid and the carrying amount of the non-controlling interest was recorded in equity. 5. Significant equity transactions and acquisitions (continued) Acquisition of Beijing Xinchuang Interactive Advertising Company Limited (“Xinchuang”) As of December 31, 2016, the Group held 30% equity interest in Xinchuang, an unlisted entity located in the PRC and engaged in internet digital marketing services. In January 2017, the Group acquired an additional 30% of the equity interest, increasing its ownership interest to 60%. After the transaction, Xinchuang was consolidated as a subsidiary of CIG, one of the Group’s subsidiaries. The Group acquired Xinchuang to expand its digital marketing solutions business. This transaction was considered as a step acquisition under ASC 805 “Business Combinations”. A step acquisition gain of RMB36.3 million arising from revaluation of previously held equity interest was recognized in the investment income/(loss) in the consolidated statements of comprehensive income/(loss). The total purchase consideration for acquiring Xinchuang was RMB105.6 million, including a liability of RMB63.6 million for the committed purchase of the remaining 40% equity interest in the following two years equally. In October 2017, a modification of the original share purchase agreement was entered into to terminate the commitment. It was considered an equity transaction and the difference between the liability as at modification date and the carrying amount of the non-controlling interest was recorded in equity. In January 2019, in order to better enhance the synergy between the Group and Xinchuang, the Group acquired the remaining equity interest of Xinchuang from the noncontrolling shareholders for a total consideration of RMB124.0 million, which increased the Group’s ownership interest in Xinchuang to 100%. It was considered to be an equity transaction and the difference between the consideration paid and the carrying amount of the non-controlling interest was recorded in equity. Acquisition of Jingzhengu Holdings Limited (“JZG”) As of December 31, 2017 and 2018, the Group held a 50% equity interest in JZG, an unlisted entity based in Hong Kong and engaged in auto valuation and inspection services.. In January 2019, the Group acquired an additional equity interest for a total consideration of RMB68.6 million and increased its ownership interest to 59.5%. After the transaction, JZG was consolidated as a subsidiary of the Group. The Group acquired JZG to expand its advertising and subscription business. This transaction was considered as a step acquisition under ASC 805 “Business Combinations”. A step acquisition gain of RMB122.6 million arising from revaluation of previously held equity interest was recognized in the investment income/(loss) in the consolidated statements of comprehensive income/(loss). Other acquisitions For the year ended December 31, 2017, 2018 and 2019, the Group acquired equity interests in other acquirees for total purchase consideration of RMB26.5 million, nil and RMB7.5 million. 5. Significant equity transactions and acquisitions (continued) The fair values of the identifiable assets and liabilities as at the date of the acquisitions are summarized in the following table: Fair value recognized on acquisition 2018 RMB RMB RMB Cash and cash equivalents 23,072 — 14,106 Property, plant and equipment, net 292 — 2,847 Intangible assets, net 60,684 — 45,098 Other assets 61,142 — 44,596 Current liabilities (59,867) — (111,781) Deferred tax liabilities (15,171) — (9,525) Noncontrolling interest before acquisition — — 10,076 Net assets 70,152 — (4,583) Noncontrolling interests — — (116,683) Mandatorily redeemable noncontrolling interests (63,569) — — Goodwill arising on acquisitions 103,136 — 300,332 Total 109,719 — 179,066 Cash consideration 68,480 — 7,500 Non-cash consideration — 68,632 Fair value of previously held equity interests 41,239 — 102,934 Total consideration 109,719 — 179,066 The goodwill represented expected synergies arising on acquisitions. The knowledge and expertise of employees is not separable. Therefore, it does not meet the criteria for recognition as intangible asset under ASC 350 “Intangibles – Goodwill and Other”. None of the goodwill recognized was expected to be deductible for income tax purposes. The intangible assets arising from the acquisition include customer relationship, software, and brand name. The estimated useful lives were described in Note 2 (p). The noncontrolling interest has been recognized at fair value on the acquisition date. Neither the results of operations since the acquisition date nor the pro forma results of operations of the acquirees were presented because the effects of these business combinations, individually or in the aggregate, were not significant to the Group’s consolidated results of operations.

Restricted cash

Restricted cash	12 Months Ended
	Dec. 31, 2019
Restricted cash
Restricted cash	6. Restricted cash Components of restricted cash as of December 31, 2018 and 2019 are as follows: RMB RMB Time deposits pledged for bank borrowings 3,869,699 1,561,907 Cash deposits pledged for asset-backed securitization debt 371,042 142,986 Guarantee funds 537,288 1,370,348 Cash pledged for bank notes 12,370 7,600 Others — 168,403 4,790,399 3,251,244

Accounts receivable, net

Accounts receivable, net	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Accounts receivable, net	7. Accounts receivable, net Accounts receivable, net as of December 31, 2018 and 2019 are as follows: RMB RMB Accounts receivable 4,371,898 4,214,787 Less: allowance for doubtful accounts (481,186) (422,146) 3,890,712 3,792,641 As of December 31, 2019, accounts receivable at carrying value of RMB422.1 million (2018: RMB481.2 million) were impaired and fully provided for. The movements in the allowance for doubtful accounts are as follows: RMB RMB RMB Balance as of January 1 100,040 252,905 481,186 Charge for the year 152,865 228,281 354,017 Write off for the year — — (413,057) Balance as of December 31 252,905 481,186 422,146

Prepayments and other receivabl

Prepayments and other receivables	12 Months Ended
	Dec. 31, 2019
Prepayments and other receivables
Prepayments and other receivables	8. Prepayments and other receivables Components of prepayments and other receivables as of December 31, 2018 and 2019 are as follows: RMB RMB Prepaid expenses and advances to third parties 98,956 82,415 Deposits 235,662 403,662 VAT and other taxes receivables 596,494 619,484 Interest receivable 64,066 19,068 Loans to third parties 325,057 206,074 Other receivables from third parties 414,209 287,373 Loan recognized as a result of payment under the guarantee 29,060 435,293 Other receivables from disposal of assets 104,357 157,459 Others 176,530 167,246 Less: allowance for impairment of other receivables (5,092) (157,350) 2,039,299 2,220,724

Investment in equity investees

Investment in equity investees	12 Months Ended
	Dec. 31, 2019
Investment in equity investees
Investment in equity investees	9. Investment in equity investees The Group’s investment in equity investees consisted of the following: Investments without readily determinable fair value Equity method Total RMB RMB RMB Balance as of January 1, 2017 1,260,776 186,696 1,447,472 Additions 34,737 103,472 138,209 Share of loss of equity investees — (50,643) (50,643) Less: disposals and transfers (14,623) (126,512) (141,135) Less: impairment losses (143,974) (21,223) (165,197) Foreign currency translation adjustments (44,836) 326 (44,510) Balance as of December 31, 2017 1,092,080 92,116 1,184,196 Additions 60,336 713,527 773,863 Share of loss and other comprehensive income of equity investees — (57,923) (57,923) Less: disposals and transfers (6,000) (2,859) (8,859) Less: impairment losses (17,040) (17,589) (34,629) Transfer of the further share of loss of equity investee — 20,465 20,465 Foreign currency translation adjustments 30,665 (607) 30,058 Balance as of December 31, 2018 1,160,041 747,130 1,907,171 Additions 171,762 48,000 219,762 Share of loss of equity investees — (57,725) (57,725) Less: impairment losses (151,257) (16,386) (167,643) Foreign currency translation adjustments 10,029 1,209 11,238 Balance as of December 31, 2019 1,190,575 722,228 1,912,803 Investments without readily determinable fair value As of December 31, 2018 and 2019, the carrying value of the Group’s investments without readily determinable fair value were RMB1.16 billion and RMB1.19 billion, respectively. Investments that do not have readily determinable fair values are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For the years ended December 31, 2017, 2018 and 2019, the Group invested RMB34.7 million, RMB60.3 million, and RMB171.8 million in multiple private companies accounted for as investments without readily determinable fair value respectively, which management believes will lead to future operating synergies with the Group’s business in future years. Equity method As of December 31, 2018 and 2019, the carrying value of the Group’s investments accounted for under the equity method were RMB747.1 million and RMB722.2 million, respectively. The Group applies the equity method to account for its equity investments, in common stock or in-substance common stock, over which it has significant influence but does not own a majority equity interest or otherwise control. For the year ended December 31, 2017, the Group disposed of certain investments accounted for under the equity method and recorded a disposal gain of RMB43.6 million, which was recognized in the investment income/(loss) in the consolidated statements of comprehensive income/(loss). As of December 31, 2018, the Group’s share of losses in one of its equity investees exceeded its interest in this equity investee, and the Group continued to recognize further losses amounting to RMB20.5 million against its balance due from the equity investee. The condensed financial information of the Group's equity investments accounted for under the equity method were summarized as a group below in accordance with Rule 4-08 of Regulation S-X: For the year ended December 31, RMB RMB RMB Revenue 80,095 733,295 2,446,639 Gross profit 4,981 222,209 184,074 (Loss)/Income from operations (133,910) 14,779 (222,317) Net (loss)/income (133,207) 13,249 (222,401) Net (loss)/income attributable to the equity-method investees (129,223) 14,859 (221,890) As of December 31, RMB RMB Current assets 1,663,913 1,141,747 Non-current assets 1,754,208 2,316,162 Current liabilities 566,156 592,976 Non-current liabilities 9,565 14,416 Noncontrolling interests (10,076) 4,619

Investment in convertible notes

Investment in convertible notes	12 Months Ended
	Dec. 31, 2019
Investment in convertible notes
Investment in convertible notes	10. Investment in convertible notes Significant investment held in convertible notes On June 13, 2018, Yixin and Yusheng Holdings Limited ("Yusheng") entered into the convertible note purchase agreement, the business cooperation agreement and the framework agreement in relation to Yixin’s investment in Yusheng by way of subscription for the convertible note. Pursuant to the convertible note purchase agreement, Yusheng agreed to issue to Yixin interest free convertible notes with a term of 20 years in the principal amount of US$260.0 million for a consideration of (i) provision of the cooperation to Yusheng and/or its affiliates pursuant to the terms of the business cooperation agreement, and (ii) a cash consideration of US$21.0 million. The convertible notes are interest free and convertible into Series Pre-A preferred shares at the conversion price of US$20.00. The Group has elected to use the fair value option to account for the investment in convertible notes which amounted to RMB1.79 billion as at December 31, 2018. Pursuant to the business cooperation agreement, Yixin shall provide the cooperation to Yusheng and/or its affiliates for a term of 20 years from the date of the business cooperation agreement. For the avoidance of doubt, actions in connection with respect to such cooperation include (i) Yixin shall provide certain traffic support in relation to the used automobile transaction business to Yusheng and/or its affiliates; (ii) Yixin shall provide certain automobile database related services to Yusheng and/or its affiliates on a non-exclusive basis; and (iii) Yixin shall not engage in, invest in, own, manage, operate or provide assistance to businesses that may compete with the used automobile transaction business during the term of the business cooperation agreement or until Yixin holds less than 10% equity interest in Yusheng on an as converted and fully diluted basis, whichever comes earlier. Please refer to Note 21 for further details. Pursuant to the framework agreement, Yusheng agreed to purchase from Yixin, either directly or through its affiliates, certain fixed and intangible assets relating to the used automobile transaction business of Yusheng for an aggregate purchase price of US$21.0 million. In November 2019, Yixin subscribed to another convertible note issued by Yusheng for cash consideration of US$43.0 million to further strength the cooperation relationship with Yusheng in the used automobile businesses.

Property, plant and equipment,

Property, plant and equipment, net	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment, net
Property, plant and equipment, net	11. Property, plant and equipment, net Property, plant and equipment, net as of December 31, 2018 and 2019 are as follows: RMB RMB Computers and servers 175,285 202,737 Automobiles for the Group use 42,101 44,862 Automobiles for operating leases 417,793 56,282 Furniture and fixtures 17,904 20,952 Leasehold improvements 71,490 67,261 Building — 27,380 Less: accumulated depreciation (275,186) (214,080) Net book value 449,387 205,394 Depreciation expenses recognized for the years ended December 31, 2017, 2018 and 2019 were RMB185.3 million, RMB255.8 million and RMB88.4 million, respectively.

Intangible assets, net

Intangible assets, net	12 Months Ended
	Dec. 31, 2019
Intangible assets, net
Intangible assets, net	12. Intangible assets, net Intangible assets, net as of December 31, 2018 and 2019 are as follows: As of December 31, 2018 Gross carrying Accumulated Impairment Net carrying amount amortization amount amount RMB RMB RMB RMB Purchased software 58,110 (27,956) — 30,154 Digital Sales Assistant system 25,430 (18,013) — 7,417 Trademark and lifetime membership 13,095 (721) — 12,374 Domain names 25,399 (10,970) — 14,429 Customer relationships 180,610 (82,244) — 98,366 Brand name 3,630 (1,012) — 2,618 Business cooperation 3,447,689 (2,391,469) (254,873) 801,347 Others 39,113 (8,877) — 30,236 3,793,076 (2,541,262) (254,873) 996,941 As of December 31, 2019 Gross carrying Accumulated Impairment Net carrying amount amortization amount amount RMB RMB RMB RMB Purchased software 65,800 (33,821) — 31,979 Digital Sales Assistant system 25,430 (20,556) — 4,874 Trademark and lifetime membership 13,260 (1,190) — 12,070 Domain names 25,399 (13,510) — 11,889 Customer relationships 180,610 (101,139) — 79,471 Brand name 15,530 (2,440) — 13,090 Database 26,200 (2,620) — 23,580 Business cooperation 3,447,689 (3,021,349) (254,873) 171,467 Others 46,118 (12,789) — 33,329 3,846,036 (3,209,414) (254,873) 381,749 Amortization expenses for the years ended December 31, 2017, 2018 and 2019 amounted to RMB688.6 million, RMB693.8 million and RMB671.0 million, respectively. The estimated aggregate amortization expenses for each of the five succeeding fiscal years are as follows: For the year ended December 31, RMB RMB RMB RMB RMB Amortization expenses 206,873 26,426 22,362 20,818 19,988

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill
Goodwill	13. Goodwill RMB RMB RMB Balance as of January 1 444,933 543,655 532,130 Acquisition of subsidiaries 103,136 — 329,424 Disposal (4,326) (11,585) — Foreign exchange difference (88) 60 29 Balance as of December 31 543,655 532,130 861,583 The Group’s goodwill impairment is tested at the reporting unit level, i.e. advertising and subscription business, transaction services business and digital marketing solutions business. As of December 31, 2019, the fair value of each reporting unit exceeded its carrying amount and no reporting units were at risk of failing the impairment test. As a result, no impairment charge was recognized. As of December 31, 2018 Advertising and Transaction Digital subscription services marketing business business solutions Total RMB RMB RMB RMB Goodwill 327,754 105,131 99,245 532,130 As of December 31, 2019 Advertising and Transaction Digital subscription services marketing business business solutions Total RMB RMB RMB RMB Goodwill 656,678 105,631 99,274 861,583

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases
Leases	14. Leases The Group’s operating leases mainly relate to office buildings and it has no finance lease as a lessee for the year ended December 31, 2019. As of December 31, 2019, the weighted average remaining lease term was 2.1 years and weighted average discount rate was 5.9% for the Group’s operating leases. Operating lease cost for the year ended December 31, 2019 was RMB109.9 million, which excluded the cost of short-term contracts. Cost of short-term lease contracts for the year ended December 31, 2019 was RMB53.9 million. Supplemental cash flow information related to operating leases is as follows: RMB Cash payments for operating leases 156,323 ROU assets obtained in exchange for operating lease liabilities 46,007 Future lease payments under operating leases as of December 31, 2019 were as follows: Operating leases RMB Year ending December 31, 2020 44,933 2021 16,535 2022 8,685 2023 3,953 2024 177 Thereafter 14 Total future lease payments 74,297 Less: Imputed interest (4,873) Total lease liabilities balance 69,424 Future lease payments under operating leases as of December 31, 2018, prior to the adoption of new lease accounting standard as described in Note 2(hh), are as follows: RMB Within one year 119,501 After one year but not more than five years 152,273 Later than five years 5,961 277,735 For the years ended December 31, 2017 and 2018, the Group incurred rental expenses under operating leases of RMB136.6 million and RMB149.1 million, respectively. As of December 31, 2019, additional operating leases that have not yet commenced were immaterial.

Finance receivables, net

Finance receivables, net	12 Months Ended
	Dec. 31, 2019
Finance receivables, net
Finance receivables, net	15. Finance receivables, net The Group provides automobile financial leasing services to individual customers and automobile dealers. Detailed information of finance receivables as of December 31, 2018 and 2019 are as follows: RMB RMB Finance receivables, gross - Within one year 22,661,850 19,465,688 - After one year but not more than five years 22,047,127 12,689,412 44,708,977 32,155,100 Unearned finance income (7,481,088) (4,598,908) 37,227,889 27,556,192 Allowance for credit losses (350,816) (566,398) Finance receivables, net 36,877,073 26,989,794 Aging analysis of finance receivables are as follows: RMB RMB Not past due 35,788,625 25,068,164 Past due - Up to 3 months 1,027,691 1,816,830 - Over 3 months 411,573 671,198 37,227,889 27,556,192 Allowance for credit losses (350,816) (566,398) Finance receivables, net 36,877,073 26,989,794 Finance receivables due from related parties for the years ended December 31, 2018 and 2019 were RMB105.9 million and RMB27.7 million, which are presented as due from related parties. 15. Finance receivables, net (continued) Management assesses the allowance for credit losses of finance receivables collectively based on its historical experience and on various other assumptions that are believed to be reasonable, including estimated loss percentages of contracts that are not collectable, the historical migration pattern of past due balances, other information gathered through collection efforts and general economic conditions. Management reassesses the provision at each balance sheet date. As of December 31 2017, 2018 and 2019, the allowance for credit losses was RMB134.2 million, RMB350.8 million and RMB566.4million, respectively. The movements in the allowance for credit losses are as follows: RMB RMB RMB Balance as of January 1 22,486 134,169 350,816 Charge for the year 196,320 528,824 871,231 Reversal of impairment for the year — (9,851) (8,567) Write off for the year (84,637) (312,177) (655,649) Recovery of finance receivables written off — 9,851 8,567 Balance as of December 31 134,169 350,816 566,398 The Group securitizes finance receivables arising from its consumers through transfer of those assets to asset-backed securitization vehicles. The securitization vehicles usually issue senior tranche debt securities to third party investors, collateralized by the transferred assets, and subordinate tranche debt securities to the Group. As of December 31, 2018 and 2019, the collateralized finance receivables transferred to the securitization vehicles were RMB16.20 billion and RMB10.14 billion, respectively. Please refer to Note 2 (s) for details. The Group also secures certain borrowings from financial institutions with the cash proceeds of certain of the Group’s finance receivables. As of December 31, 2018 and 2019, the finance receivables collateralized for borrowings from financial institutions were RMB8.84 billion and RMB9.50 billion, respectively.

Other non-current assets

Other non-current assets	12 Months Ended
	Dec. 31, 2019
Other non-current assets
Other non-current assets	16. Other non-current assets RMB RMB Prepayment for automobiles 149,215 10,957 Automobiles purchased for future leases 359,760 31,532 Property not available for use — 422,207 Long-term receivables from loan facilitation services 53,973 373,711 Automobiles collected from financing lease customers — 323,351 Long-term prepaid expenses 74,113 13,059 Deposits and others 527,966 252,025 Less: provision for impairment of automobiles collected from financing lease customers — (104,761) 1,165,027 1,322,081

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2019
Borrowings
Borrowings	17. Borrowings The Group’s short term borrowings represent the borrowings which were payable within one year or on demand. During 2019, the Group entered into revolving line of credit agreements with some commercial banks located in China. As of December 31, 2019, the total revolving line of credit was RMB1.47 billion (2018: RMB512.3 million) and available within one year from the respective agreement date. There are no commitment fees associated with the unused portion of the line of credit. The major revolving line of credit is guaranteed by the Company or other entities within the Group. The weighted average interest rate on borrowings outstanding as of December 31, 2018 and 2019 was approximately 6.5% and 7.0%, respectively. As of December 31, 2019, the borrowings will be due according to the following schedule: Between 1 to Between 2 to Between 3 to Between 4 to Within 1 year 2 years 3 years 4 years 5 years RMB RMB RMB RMB RMB Principal amounts 10,888,194 1,918,274 240,538 23,200 23,200

Asset-backed securitization deb

Asset-backed securitization debt	12 Months Ended
	Dec. 31, 2019
Asset-backed securitization debt
Asset-backed securitization debt	18. Asset-backed securitization debt As of December 31, 2018 and 2019, the asset-backed securitization securities were RMB13.79 billion and RMB7.37 billion, respectively. The weighted average interest rate for the outstanding asset-backed securitization debt as of December 31, 2018 and 2019 were approximately 8.1% and 6.9%. The amount of interest charges recognized for the years ended December 31, 2018 and 2019 were RMB967.4 million and RMB806.3 million, respectively. As of December 31, 2019, the asset-backed securitization debt will be due according to the following schedule: Between 1 to Between 2 to Between 3 to Between 4 to Within 1 year 2 years 3 years 4 years 5 years RMB RMB RMB RMB RMB Principal amounts 6,278,472 1,173,227 — — —

Guarantee liabilities

Guarantee liabilities	12 Months Ended
	Dec. 31, 2019
Guarantee liabilities
Guarantee liabilities	19. Guarantee liabilities The movement of guarantee liabilities is as follows: RMB RMB Balance as of January 1 — 107,614 Fair value of guarantee liabilities upon the inception of new guarantees 119,672 217,638 Guarantee settled (9,596) (82,754) Gains from guarantee liabilities (2,462) (34,782) Balance as of December 31 107,614 207,716 The terms of the guarantee range from 1 year to 5 years, as of December 31, 2018 and 2019.

Convertible debt

Convertible debt	12 Months Ended
	Dec. 31, 2019
Convertible debt
Convertible debt	20. Convertible debt On August 2, 2016, the Company issued convertible notes (the “PAG Notes”) for an aggregate principal amount of US$150.0 million to PA Grand Opportunity Limited (PAG). The PAG Notes are due on August 1, 2021 and bear interest of 2% annually which will be paid semi-annually beginning on February 2, 2017. The PAG Notes can be converted, at the holder’s option, into the Company’s fully paid American Depositary Shares (“ADSs”) or ordinary shares with an initial conversion price of approximately US$23.67 per ADS, representing an initial conversion rate of 4,224.7671 ADSs per US$100,000 principal amount of the PAG Notes. The issuance costs of the PAG Notes were US$0.18 million and are being amortized to interest expense, using the effective interest method, until the maturity date of the PAG Notes. The Company has accounted for the PAG Notes in accordance with ASC 470, as a single instrument classified as a long-term debt within the consolidated financial statements. The value of the PAG Notes is measured by the cash received. The Company recorded the interest expenses according to its annual interest rate. The Company evaluated the embedded conversion features contained in the PAG Notes in accordance with ASC 815‑10‑15 to determine if the conversion option requires bifurcation. In accordance with ASC 815‑10‑15‑83, the conversion option meets the definition of a derivative. However, bifurcation of conversion option from the PAG Notes is not required as the scope exception prescribed in ASC 815‑10‑15‑74 is met as the conversion option is considered indexed to the entity’s own stock and classified in stockholders’ equity. As the conversion option was not bifurcated, the Company then assessed if there was any beneficial conversion feature (“BCF”) in accordance with ASC 470‑20. The Company recognized a BCF of US$27.9 million (RMB185.7 million) through a credit to additional paid-in capital because the fair value per ordinary share of US$28.08 exceeded the conversion price of US$23.67 at the commitment date on August 2, 2016. The resulting discount of US$27.9 million to the PAG Notes is then accreted to the redemption value as interest expense using the effective interest method through the consolidated statement of comprehensive income/(loss) over the term of the PAG Notes. The Company evaluated the embedded contingent redemption features contained in the PAG Notes in accordance with ASC 815‑15‑25‑42 and ASC 815‑15‑25‑26. The contingent redemption features were not required to be bifurcated because they are considered to be clearly and closely related to the debt host contract, as the PAG Notes were not issued at a substantial discount and are puttable at par. In November 2017 and January 2019, US$24.0 million and US$0.5 million principal amount of the PAG Notes were converted to 1,013,941 and 21,123 ordinary shares of the Company, respectively. Upon conversion, the balance of the PAG Notes converted and related unamortized discounts and issuance costs, which amounted to RMB158.5 million and RMB3.4 million, were recorded as the Company’s shareholders’ equity in 2017 and 2019, respectively. The unamortized BCF associated with the PAG Notes converted, which amounted to RMB23.3 million and RMB0.4 million, was expensed immediately in 2017 and 2019, respectively. In May 2019, the Company repurchased the outstanding US$125.5 million aggregate principal amount of the PAG Notes prior to the scheduled maturity date of the notes. The total purchase price of US$126.8 million, including the interest of US$1.3 million on the notes, was paid and settled on May 22, 2019. The PAG Notes were then cancelled and no longer outstanding. The unamortized BCF associated with the PAG Notes repurchased, which amounted to RMB77.4 million, was expensed immediately. Before the PAG Notes repurchase, the effective interest rate for PAG Notes was 6.5% and the amount of interest charges recognized was RMB53.8 million, RMB46.8 million and RMB21.9 million for the year ended December 31,2017, 2018 and 2019, respectively.

Deferred revenue

Deferred revenue	12 Months Ended
	Dec. 31, 2019
Deferred revenue
Deferred Revenue	21. Deferred revenue RMB RMB Deferred revenue 1,609,787 1,453,658 Pursuant to the business cooperation agreement, Yixin shall provide the cooperation to Yusheng and/or its affiliates for a term of 20 years from the date of the business cooperation agreement. Deferred revenue related to Yusheng amounting to US$227.8 million was initially recognized at fair value of the services in the business cooperation agreement. As of December 31, 2018 and 2019, the carrying amount of the related deferred revenue amounted to RMB1.51 billion and RMB1.42 billion, respectively.

Other payables and accruals

Other payables and accruals	12 Months Ended
	Dec. 31, 2019
Other payables and accruals
Other payables and accruals	22. Other payables and accruals Components of other payables and accruals as of December 31, 2018 and 2019 are as follows: RMB RMB Accrued payroll 262,590 246,714 Accrued expenses 78,610 95,977 Advances from customers 1,035,090 1,052,416 Other payables 657,832 633,442 Other tax payables 389,483 358,579 Interest payable 236,552 146,514 2,660,157 2,533,642 The above balances are non-interest-bearing and are normally settled under the terms of 120 to 150 days. Included in advances from customers are amounts received from dealer subscriptions and listing customers prior to revenue recognition, amounting to RMB845.0 million and RMB864.1 million, and from leasing customers prior to revenue recognition, amounting to RMB168.6 million and RMB152.9 million as of December 31, 2018 and 2019, respectively.

Redeemable noncontrolling inter

Redeemable noncontrolling interests	12 Months Ended
	Dec. 31, 2019
Redeemable noncontrolling interests
Redeemable noncontrolling interests	23. RMB RMB Balance as of January 1 301,953 360,010 Issuance of shares of the Group's subsidiary 30,000 — Accretion to redeemable noncontrolling interests 28,057 30,427 360,010 390,437 23. Redeemable noncontrolling interests (continued) In 2017, one subsidiary of the Group issued ordinary shares with redemption features to certain third-party investors. The Group classifies redeemable noncontrolling interests as mezzanine equity and records accretion of redemption value in accordance with ASC 480 “Distinguishing Liabilities from Equity”. The Group elects to use the effective interest method for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the noncontrolling interests.

Other gains, net

Other gains, net	12 Months Ended
	Dec. 31, 2019
Other gains, net
Other gains, net	24. Other gains, net RMB RMB RMB Foreign currency exchange (losses)/gains (1,721) (22,103) 3,546 Gains on disposal of property, plant and equipment and intangible assets, net 16,430 47,309 14,911 Government grants 28,946 60,449 66,050 Other income from business cooperation arrangements with Yusheng — 48,102 109,864 Gains from guarantee liabilities — 2,462 34,782 VAT refund — 71,505 82,107 Others (12,079) (26,610) (5,478) 31,576 181,114 305,782 The Group adopted ASC 606, from January 1, 2018, using the modified retrospective method. In accordance with ASC 606, VAT was presented on a net basis instead of on a gross basis under ASC 605, and VAT refund was recorded as other gains, net instead of revenue in the consolidated statements of comprehensive income/(loss) for the years ended December 31, 2018 and 2019.

Income tax expense

Income tax expense	12 Months Ended
	Dec. 31, 2019
Income tax expense
Income tax expense	25. Income tax expense Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands do not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they may be exempted from income tax on their foreign-derived income and there is no withholding tax in Hong Kong on remittance of dividends. PRC Under the PRC Enterprise Income Tax Law (“EIT Law”), EIT rate is 25% for enterprises incorporated in the PRC. Preferential EIT rates are available for enterprises qualified as High and New Technology Enterprises (“HNTEs”) and Software Enterprises (“SEs”). Entities qualified as HNTEs enjoy a reduced tax rate of 15% within three years after obtaining the HNTE certificate. An entity could re-apply for the HNTE certificate when the prior certificate expires. Historically, all of HNTEs of the Group successfully re-applied for the certificates when the prior ones expired. Entities qualified as SEs enjoy a two-year exemption for EIT from the first profitable year followed by a three-year half reduction in tax rate. In addition, in accordance with relevant PRC tax regulations, qualified entities established in specific geographical areas are exempt from EIT for five years, commencing from the first year of operation. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2015 through 2019 remain open to examination by the respective tax authorities. The Company may also be subject to the examinations of the tax filings in other jurisdictions, which are not material to the consolidated financial statements. Further, pursuant to the EIT Law, a 10% withholding tax is levied on dividends declared by PRC enterprises to their foreign non-resident enterprise investors. A lower withholding tax rate will be applied if tax treaty or arrangement benefits are available. According to the tax arrangement between the PRC and Hong Kong, withholding tax rate of 5% is applicable if direct foreign non-resident enterprise investors own directly at least 25% equity interest in the PRC enterprises and meet the relevant requirements. Composition of income tax expense: RMB RMB RMB Current income tax 249,995 326,418 363,024 Deferred income tax (46,171) (150,522) (272,005) 203,824 175,896 91,019 Composition of deferred tax assets and liabilities: RMB RMB Deferred tax assets Amortization of intangible assets 757 — Tax losses carried forward 19,030 246,834 Allowance for credit losses 170,527 401,646 Others 507 976 Less: valuation allowance (12,258) (205,544) 178,563 443,912 Deferred tax liabilities Intangible assets arising from business combinations (27,770) (30,638) (27,770) (30,638) Net deferred tax assets 150,793 413,274 Movement of valuation allowance: RMB RMB RMB Balance as of January 1 18,170 18,511 12,258 Additions 2,319 24,523 200,500 Reversals (1,978) (30,776) (7,214) Balance as of December 31 18,511 12,258 205,544 As of December 31, 2019, the Group had net operating losses carried forward of approximately RMB1.08 billion which arose from the subsidiaries, VIEs and subsidiaries of VIEs established in the PRC. The losses carried forward will expire during the period from 2020 to 2024. The Group did not provide for deferred taxes on the undistributed earnings of its subsidiaries, VIEs and subsidiaries of VIEs registered in the PRC as of December 31, 2018 and 2019 on the basis of its intent to reinvest the earnings. As of December 31, 2018 and 2019, the total amount of undistributed earnings from the subsidiaries, VIEs and subsidiaries of VIEs registered in the PRC was RMB2.84 billion and RMB3.28 billion, respectively. As of December 31, 2018 and 2019, determination of the amount of unrecognized deferred tax liability related to the earnings that are indefinitely reinvested is not practical. Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Group: RMB RMB RMB Loss before tax (1,223,164) (503,420) (1,092,021) Income tax computed at statutory EIT rate (25%) (305,791) (125,855) (273,005) Effect of preferential tax rates for certain entities comprising the Group (112,684) (137,124) (116,461) Effect of differing tax rates in different jurisdictions 422,677 260,441 218,204 Non-deductible expenses and non-taxable income, net 188,069 218,830 199,425 Tax savings from additional deductions on certain research and development expenses available for subsidiaries incorporated in the PRC (3,822) (4,623) (18,885) Change in valuation allowances 1,933 (23,572) 128,665 Others 13,442 (12,201) (46,924) Income tax expense 203,824 175,896 91,019 Effective income tax rate (16.7) % (34.9) % (8.3) %

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2019
Share-based compensation
Share-based compensation	26. Share-based compensation For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized were RMB1.19 billion, RMB896.4 million and RMB426.4 million, respectively. Share incentive plan On December 31, 2006, the Company implemented an Employee Stock Incentive Plan (“2006 Plan”) under which the Company has reserved 1,028,512.5 ordinary shares for employees. The Board of Directors of the Company may invite employees of the Group to subscribe for options over the Company’s ordinary shares. On February 8, 2010, the Company implemented an Employee Stock Incentive Plan (“2010 Plan”) under which the Company has reserved 3,089,887.5 ordinary shares for employees. The 2010 Plan stipulates that if options are forfeited, the forfeited options can be added back to the option pool to be granted to other employees. The board of the Company may invite employees of the Company to subscribe for options over the Company’s ordinary shares. On August 7, 2012, the Company implemented an Employee Stock Incentive Plan (“2012 Plan”) under which the Company has reserved 1,908,180.0 ordinary shares to motivate, attract and retain employees, and directors. The 2012 Plan permits the awards of options and RSUs. On November 17, 2016, the Company implemented an Employee Stock Incentive Plan (“2016 Plan”) under which the Company has reserved 2,500,000.0 ordinary shares to attract and retain the best available personnel and provide additional incentives to employees, officers, directors and advisors of the Company. The 2016 Plan permits the awards of options and RSUs. In March 2018, the Company amended the 2016 Plan and increased the maximum number of ordinary shares to 6,200,000.0 shares. 26. Share-based compensation (continued) Share options The Company granted share options on December 31, 2006, February 8, 2010, December 28, 2010 and August 7, 2012, respectively. Options granted typically expire in ten years from the respective grant dates, except for options granted on December 31, 2006 whose expiration date was extended to December 31, 2026. The options have graded vesting terms, and vest in equal tranches from the grant date over three or four years, on the condition that employees remain in service without any performance requirements. The activities of share options for the year ended December 31, 2019 is summarized as below: Aggregate Weighted Weighted intrinsic average average value remaining Number of exercise prices US$ in contractual shares US$/Share thousands life Outstanding as of January 1, 2019 341,830.0 7.05 6,057 2.70 years Granted during the year — — Exercised during the year (90,803.0) 3.70 Forfeited during the year — — Outstanding as of December 31, 2019 251,027.0 8.27 1,649 1.54 years Exercisable as of December 31, 2019 251,027.0 8.27 1,649 1.54 years The aggregate intrinsic value in the table above represents the difference between the Company’s closing stock price on the last trading day of the year and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2017, 2018 and 2019 was RMB93.2 million, RMB8.8 million and RMB5.8 million, respectively. There were no options vested for the years ended December 31, 2017, 2018 and 2019. Restricted shares units Starting from 2013, the Company granted RSUs under share incentive plans. The RSUs granted would vest (i) on the anniversary of the grant date, or in equal tranches from the grant date over three to five years, on the condition that employees remain in service without any performance requirements; or (ii) on specific dates, or in equal tranches from the grant date over four years, if the grantees’ key performance indicators were achieved on each vest date. Once the vesting conditions underlying the respective RSUs are met, the RSUs are considered duly and validly issued to the holder, and free of restrictions on transfer. 26. Share-based compensation (continued) The activities of RSUs for the year ended December 31, 2019 is summarized as below: Weighted-average fair value per RSU granted Number of RSUs (US$) Outstanding as of January 1, 2019 4,537,332.0 25.14 Granted during the year 775,800.0 14.04 Vested and sold during the year (1,205,919.0) 25.34 Forfeited during the year (95,100.0) 28.04 Outstanding as of December 31, 2019 4,012,113.0 22.86 Vested as of December 31, 2019 664,255.0 21.72 The weighted-average grant-date fair value during the years ended December 31, 2017, 2018 and 2019 was US$22.44, US$26.20 and US$14.04, respectively. The total fair value of the RSUs vested during the years ended December 31, 2017, 2018 and 2019 was RMB209.5 million, RMB95.2 million, RMB169.2 million, respectively. For the years ended December 31, 2017, 2018 and 2019, share-based compensation recognized associated with the RSUs was RMB268.5 million, RMB219.4 million and RMB194.3 million, respectively. As of December 31, 2019, there was RMB198.3 million of unrecognized share-based compensation expense related to RSUs. The compensation expenses are expected to be recognized over a weighted-average period of 2.97 years. Subsidiaries-Yixin In November 2017, Yixin implemented a share recapitalization to effect a 7-for-1 share split for all ordinary shares then issued and outstanding. All information related to Yixin’s ordinary shares and stock options have been retroactively adjusted to give effect to the share split. On May 26, 2017, Yixin approved the establishment of the Pre-IPO Share Option Scheme which was amended on September 1, 2017, the purpose of which is to provide an incentive for employees and persons contributing to Yixin. The Pre-IPO Share Option Scheme shall be valid and effective for 10 years from the grant date. The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under 2017 Share Incentive Plan shall be 418,464,263 shares. On May 26, 2017, Yixin approved the establishment of the First Share Award Scheme which was amended on September 1, 2017, the purpose of which is to provide an incentive for employees and persons contributing to Yixin. The First Share Award Scheme shall be valid and effective for 10 years from the grant date. The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under First Share Award Scheme shall be 70,830,417 shares. On September 1, 2017, Yixin approved the establishment of the Second Share Award Scheme with the purpose of which is to provide an incentive for employees and persons contributing to Yixin. The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under Second Share Award Scheme shall be 5% of the total number of issued shares without Shareholders’ approval, subject to an annual limit of 3% of the total number of issued shares at the relevant time. 26. Share-based compensation (continued) - Share options The exercise price of the granted options to employees shall be US$0.0014. The options have graded vesting terms determined in the grant letter, on the condition that employees remain in service without any performance requirements. The vesting dates should be determined by the Company and grantees for each option agreement. The granted options have a contractual option term of ten years. The Group has no legal or constructive obligation to repurchase or settle the options in cash. The activities of Yixin’s share options for the year ended December 31, 2019 is summarized as below: Weighted Aggregate Weighted average intrinsic average exercise value remaining Number of prices US$ in contractual shares US$/Share thousands life Outstanding as of January 1, 2019 333,228,714 0.0014 73,982 8.56 Granted during the year — 0.0014 Exercised during the year (27,732,848) 0.0014 Forfeited during the year (1,878,126) 0.0014 Outstanding as of December 31, 2019 303,617,740 0.0014 67,021 7.56 Exercisable as of December 31, 2019 226,553,172 0.0014 50,010 7.55 The aggregate intrinsic value in the table above represents the difference between Yixin’s closing stock price on the last trading day of the year and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2018 and 2019 was RMB160.5 million and RMB45.2 million, respectively. The total fair value of options vested during the years ended December 31, 2018 and 2019 was RMB254.6 million and RMB179.2 million, respectively. For the years ended December 31, 2017, 2018 and 2019, share-based compensation expenses recognized were RMB891.7 million, RMB307.8 million and RMB144.2 million, respectively. As of December 31, 2019, there was RMB87.8 million of unrecognized share-based compensation expense related to share options granted by Yixin. The compensation expenses are expected to be recognized over a weighted-average period of 1.58 years. The estimate of the fair values of the options were measured based on the binomial option pricing model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used on the date of grant and weighted-average fair value per option granted: July 3, 2017 October 1, 2017 Fair value per share US$ 0.53 US$ 0.70 Exercise price US$ 0.0014 US$ 0.0014 Risk-free interest rate 2.50 % 2.46 % Dividend yield 0.00 % 0.00 % Weighted-average fair value per option granted US$ 0.53 US$ 0.70 Expected volatility 51 % 56 % Expected terms 10 years 10 years 26. Share-based compensation (continued) - Restricted shares units Starting from 2018, Yixin granted RSUs to Yixin’s employees under the share award schemes. The RSUs granted would vest on specific dates, or in equal tranches from the grant date over two to four years, on condition that employees remain in service without any performance requirements. Once the vesting conditions underlying the respective RSUs are met, the RSUs are considered duly and validly issued to the holder, and free of restrictions on transfer. The activities of RSUs for the year ended December 31, 2019 is summarized as below: Weighted-average fair value per RSU granted Number of RSUs (US$) Outstanding as of January 1, 2019 99,737,126 0.30 Granted during the year 7,773,895 0.23 Vested and sold during the year (24,325,020) 0.30 Forfeited during the year (7,575,214) 0.31 Outstanding as of December 31, 2019 75,610,787 0.29 Vested as of December 31, 2019 26,946,272 0.31 The weighted-average grant-date fair value during the year ended December 31, 2018 and 2019 were US$0.31 and US$0.23. The total fair value of the RSUs vested during the year ended December 31, 2018 and 2019 were RMB6.1 million and RMB51.1 million. For the years ended December 31, 2018 and 2019, share-based compensation recognized associated with the RSUs granted by Yixin was RMB39.6 million and RMB88.9 million, respectively. As of December 31, 2019, there was RMB59.1 million of unrecognized share-based compensation expense related to RSUs. The compensation expenses are expected to be recognized over a weighted-average period of 2.40 years. Subsidiaries-Others Other subsidiary of the Company also has equity incentive plans granting options. For the years ended December 31, 2017, 2018 and 2019, total share-based compensation expenses recognized were RMB23.3 million and RMB329.6 million and nil, respectively. As of December 31, 2019, there were no unrecognized compensation expenses related to options granted by other subsidiary.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2019
Earnings per share
Earnings per share	27. Earnings per share The following table sets forth the computation of basic and diluted net loss per share for the following periods: Numerator: Net loss attributable to Bitauto Holdings Limited (1,611,114) (608,352) (1,200,118) (Loss)/Income allocation to participating securities of subsidiaries (2,936) 28,336 (3,030) Numerator for basic net loss per share (1,614,050) (580,016) (1,203,148) Dilutive effect of redeemable convertible preference shares and share options of subsidiaries (11,036) — — Numerator for diluted net loss per share (1,625,086) (580,016) (1,203,148) Denominator: Weighted average number of shares - basic 70,154,910 71,305,353 71,108,532 Dilutive effect of potentially issuable ordinary shares — — — Weighted average number of shares - diluted 70,154,910 71,305,353 71,108,532 Net loss per ordinary share - basic (23.01) (8.13) (16.92) Net loss per ordinary share - diluted (23.16) (8.13) (16.92) The weighted average number of shares, that could potentially dilute basic net loss per share in the future including incremental shares of ordinary shares issuable upon the exercise of share options and RSUs, and conversion of convertible debt, but were not included in the computation of diluted net loss per share because they were anti-dilutive for the years presented, are 8,126,552, 6,412,017 and 3,003,599 for the years ended December 31, 2017, 2018 and 2019.

Fair value measurement

Fair value measurement	12 Months Ended
	Dec. 31, 2019
Fair value measurement
Fair value measurement	28. Fair value measurement Assets and liabilities measured at fair value on a recurring basis As of December 31, 2018 and 2019, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured and recorded at fair value on a recurring basis in periods is as follows: As of December 31, 2018 Level 1 Level 2 Level 3 RMB RMB RMB Investment in convertible notes — — 1,789,470 Guarantee liabilities — — (107,614) As of December 31, 2019 Level 1 Level 2 Level 3 RMB RMB RMB Investment in convertible notes — — 2,153,790 Guarantee liabilities — — (207,716) These instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. The Group did not transfer any assets or liabilities in or out of level 3 during the year ended December 31, 2018 and 2019. 28. Fair value measurement (continued) The fair value of guarantee liabilities at the inception of the guarantee is estimated based on the third-party appraisal report using discount cash flow method. Key inputs and parameters default probability and loss rate of principal and interest which based on management best estimation by making reference to historical record for similar loan products, margin on expected loss which is determined by making reference to the average gross profit margin of comparable companies, and discount rate which is mainly determined by making reference to the average cost of debt for automobile financing lease services. Investment in convertible notes is classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the binomial option pricing model. Key inputs and parameters includes volatility which is an expected rate based on the historical stock price of comparable companies, risk free rate which is based on the yield of US strip bond with a maturity life equal to the remaining maturity life of the convertible notes and discount rate which is based on yield of comparable bonds with similar credit ratings applicable for the Group. Assets and liabilities measured at fair value on a nonrecurring basis The Group holds investments in equity investees of privately-held companies that are accounted for the investments under equity method or the investments without readily determinable fair value. The Group performs impairment assessments of these investments whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. The Group determined certain investments in equity investees were impaired after evaluated the business prospects, operational data and financial results of the investees. Impairment charges were recorded in connection with the investment in equity investees of RMB165.2 million, RMB34.6 million and RMB167.6 million for the years ended December 31, 2017, 2018 and 2019, respectively. The fair value of the investments were measured using significant unobservable inputs as Level 3, including revenue growth rate, terminal growth rate and discount rate. Other financial instruments The following are other financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. Cash and cash equivalents, restricted cash, accounts receivable, bills receivable, finance receivables, other receivables and due from related parties are financial assets with carrying values that approximate fair value due to their short-term nature. Accounts payable, bills payable, other payables and due to related parties are financial liabilities with carrying values that approximate fair value due to their short-term nature. For borrowings, interest rates under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 fair value measurement. The carrying value of borrowings approximate fair value.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2019
Related party transactions
Related party transactions	29. Related party transactions The table below sets forth the related parties and their relationships with the Group as of December 31, 2019: Name of related parties Relationship with the Group Chetuan E-Commerce Ltd. and its subsidiaries (“Chetuan”) An investee of the Group Shanghai Eclicks Network Co. Ltd. (“Eclicks”) An investee of the Group TTP CAR INC. and its subsidiaries (“TTP”) An investee of the Group Beijing Anxinbao Insurance Brokerage Co., Ltd. (“Anxinbao”) An investee of the Group JZG An investee of the Group NIO.INC and its subsidiaries (“NIO”) Affiliate JD.com, Inc and its subsidiaries (“JD”) Ordinary shareholder of the Group As of December 31, 2017 and 2018, JZG was a related party as an investee of the Group. In January 2019, the Group acquired additional equity interests of JZG to obtain control of it. Please refer to Note 5 for more details. The Group entered into the following transactions for the years ended December 31, 2017, 2018 and 2019 with related parties: RMB RMB RMB Services provided to related parties: Automobile transaction services provided to Chetuan 9,830 — — Advertising services provided to TTP 15,260 — 4,016 Advertising services provided to NIO 27,360 30,629 83,066 Other transaction services provided to Anxinbao 14,183 6,000 768 Others 381 160 781 67,014 36,789 88,631 Services and automobiles purchased from related parties: Advertising services purchased from Eclicks 98,530 36,434 30,516 Marketing and promotion services purchased from JD 40,411 57,063 53,033 Used car valuation services purchased from JZG 14,400 20,656 — Automobiles purchased from NIO — 5,184 1,742 Others 31,155 17,708 26,675 184,496 137,045 111,966 29. Related party transactions (continued) The Group had the following balances as of December 31, 2018 and 2019 with related parties: RMB RMB Due from Chetuan 105,919 27,694 Due from Anxinbao 231 21,407 Due from NIO 21,109 74,192 Due from JZG 54,106 — Others 130 609 181,495 123,902 Due to Chetuan 57,469 57,469 Due to Eclicks 38,840 20,676 Due to JZG 2,182 — Others 8,072 26,685 106,563 104,830 The transactions with other related parties and balance with other related parties are individually and aggregately insignificant.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and contingencies
Commitments and contingencies	30. Commitments and contingencies Capital commitments Capital expenditure contracted for at the end of the year but not yet incurred is as follows: RMB RMB Purchase of automobiles for future leases 7,007 — 7,007 — Legal proceedings From time to time, the Group is subject to legal proceedings, investigations and claims incidental to the conduct of our business. The Group is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, balance sheets, results of operations or cash flows. From time to time, the Group may be subject to legal proceedings, investigations and claims incidental to our business conduct.

Operating segment information

Operating segment information	12 Months Ended
	Dec. 31, 2019
Operating segment information
Operating segment information	31. Operating segment information As disclosed in Note 2(e), the Group manages its business in three reportable segments, namely advertising and subscription business, transaction services business and digital marketing solutions business. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. As the Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from external customers within the PRC, no geographical segments are presented. For the purpose of preparing segment information, all the intersegment transactions have been eliminated and only revenue from external customers are presented as segment revenue. The Group does not allocate non-operating income and expenses to each reportable segment. Accordingly, the measure of profit and loss for each reportable segment as reported to the chief operating decision maker is operating profit. A reconciliation of operating profit to profit before tax is presented in the consolidated statements of comprehensive income/(loss). Advertising Digital and Transaction marketing subscription services solutions business business business Total Year ended December 31, 2017 Revenue 3,922,158 3,872,244 956,857 8,751,259 Gross profit 3,076,332 1,902,614 537,633 5,516,579 Income/(Loss) from operations 444,564 (1,525,073) 3,916 (1,076,593) Year ended December 31, 2018 Revenue 4,074,218 5,370,871 1,134,520 10,579,609 Gross profit 3,414,173 2,318,790 602,248 6,335,211 Income/(Loss) from operations 666,257 (838,477) (293,286) (465,506) Year ended December 31, 2019 Revenue 3,897,044 5,753,533 1,102,340 10,752,917 Gross profit 3,310,789 2,720,524 476,852 6,508,165 Loss from operations (329,929) (582,293) (44,015) (956,237) The income/(loss) from operations for the year ended December 31, 2017 for advertising and subscription business, transaction services business, and digital marketing solutions included depreciation and amortization expenses of RMB58.5 million, RMB788.7 million and RMB26.7 million, respectively. The income/(loss) from operations for the year ended December 31, 2018 for advertising and subscription business, transaction services business, and digital marketing solutions included depreciation and amortization expenses of RMB54.7 million, RMB862.1 million and RMB32.7 million, respectively. The loss from operations for the year ended December 31, 2019 for advertising and subscription business, transaction services business, and digital marketing solutions included depreciation and amortization expenses of RMB63.0 million, RMB686.9 million and RMB9.5 million, respectively. 31. Operating segment information (continued) For the years ended December 31, 2017 ,2018 and 2019, the leasing revenue, which was interest revenue earned from automobile financing lease services, were RMB3.03 billion, RMB4.09 billion and RMB3.77 billion, and funding costs, which was interest expenses incurred for automobile financing lease and operating lease services, were RMB1.14 billion, RMB2.05 billion and RMB1.90 billion, respectively.

Restricted net assets

Restricted net assets	12 Months Ended
	Dec. 31, 2019
Restricted net assets
Restricted net assets	32. Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries, VIEs and subsidiaries of VIEs registered in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Company’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their net income based on PRC accounting standards to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reach 50% of the registered capital of the entity. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the discretion of the respective entity. In addition, in accordance with the PRC Company Laws, the Company’s VIEs and subsidiaries of VIEs, registered as Chinese domestic companies, must make appropriations from their net income based on PRC accounting standards to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reached 50% of the registered capital of the entity. Appropriation to the discretionary surplus fund is made at the discretion of the respective entity. In addition, registered capital is also restricted from withdrawal in the PRC. As of December 31, 2019, the Company’s subsidiaries, VIEs and subsidiaries of VIEs registered in the PRC had registered capital and reserve funds appropriated of RMB24.60 billion. As a result of these PRC laws and regulations that require annual appropriations of 10% of net income to be set aside, prior to payments of dividends as general reserve fund or statutory reserve fund, the Company’s subsidiaries, VIEs and subsidiaries of VIEs registered in the PRC are restricted in their ability to transfer a portion of their net assets to the Company in the form of dividends, loans and advances. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, funding of future acquisitions and development, or merely to declare and pay dividends or distributions to its shareholders.

Parent company only condensed f

Parent company only condensed financial information	12 Months Ended
	Dec. 31, 2019
Parent company only condensed financial information
Parent company only condensed financial information	33. Parent company only condensed financial information The Company performed a test on the restricted net assets of consolidated subsidiaries, VIEs and subsidiaries of VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4‑08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2019. 33. Parent company only condensed financial information (continued) Condensed balance sheets As of December 31, RMB RMB Assets Current assets Cash and cash equivalents 44,056 4,206 Prepayments and other receivables 44,969 35,645 Total current assets 89,025 39,851 Non-current assets Investments in subsidiaries, VIEs and subsidiaries of VIEs 6,860,452 6,261,629 Investment in equity investees 25,914 — Intangible assets, net 801,347 171,467 Due from subsidiaries, VIEs and subsidiaries of VIEs 6,165,296 5,437,103 Total non-current assets 13,853,009 11,870,199 Total assets 13,942,034 11,910,050 Liabilities Current liabilities Accruals and other payables 57,874 50,640 Total current liabilities 57,874 50,640 Non-current liabilities Due to subsidiaries, VIEs and subsidiaries of VIEs 1,979,140 1,875,828 Convertible debt 774,703 — Total non-current liabilities 2,753,843 1,875,828 Total liabilities 2,811,717 1,926,468 Shareholders’ Equity Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively) 19 20 Additional paid-in capital 12,782,826 12,664,018 Treasury shares (333,985) (241,572) Statutory reserve 204,583 222,547 Accumulated other comprehensive income 601,423 650,773 Accumulated deficit (2,124,549) (3,312,204) Total shareholders’ equity 11,130,317 9,983,582 Total liabilities and shareholders’ equity 13,942,034 11,910,050 33. Parent company only condensed financial information (continued) Condensed statements of comprehensive loss For the year ended December 31, RMB RMB RMB Selling and administrative expenses (910,515) (854,104) (834,660) Other gains 38,948 400 881 Loss from operations (871,567) (853,704) (833,779) Interest income 1,592 10 5 Interest expense (77,158) (46,767) (99,622) Share of results of equity investees (52,055) (40,502) — Equity in (loss)/profit of subsidiaries, VIEs and subsidiaries of VIEs (611,926) 332,611 (363,255) Investment income — — 96,533 Loss before tax (1,611,114) (608,352) (1,200,118) Net loss (1,611,114) (608,352) (1,200,118) Other comprehensive income/(loss) Foreign currency exchange (losses)/gains, net of tax of nil (274,045) 133,166 49,350 Total comprehensive loss, net of tax (1,885,159) (475,186) (1,150,768) Condensed statements of cash flows For the year ended December 31, RMB RMB RMB Net cash provided by operating activities 104,295 110,517 155,083 Net cash (used in)/provided by investing activities (238,475) 92,800 545,399 Net cash provided by/(used in) financing activities 354,821 (296,719) (833,128) Effect of exchange rate changes on cash and cash equivalents (307,999) 70,796 92,796 Decrease in cash and cash equivalents (87,358) (22,606) (39,850) Cash and cash equivalents at beginning of the year 154,020 66,662 44,056 Cash and cash equivalents at end of the year 66,662 44,056 4,206 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and subsidiaries of VIEs. For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and subsidiaries of VIEs under the equity method of accounting as prescribed in ASC 323 “Investments-Equity Method and Joint Ventures”. Such investments are presented on the condensed balance sheets as “investment in subsidiaries, VIEs and subsidiaries of VIEs” and shares in the subsidiaries, VIEs and subsidiaries of VIEs’ profit are presented as “equity in profit of subsidiaries, VIEs and subsidiaries of VIEs” on the condensed statements of comprehensive income/(loss). The cash flows used in the investing activities are primarily associated with the loans to the subsidiaries, VIEs and subsidiaries of VIEs. The parent company only condensed financial information should be read in conjunction with the Group’

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2019
Subsequent events
Subsequent events	33. Since the beginning of 2020, outbreak of COVID-19 has resulted in the temporary closure of many corporate offices, retail stores, and manufacturing facilities across China. As substantially all of the Group’s revenue and workforce are concentrated in China, the Group’s business operations and financial condition, results of operations and cash flows for 2020 have been and will likely continue to be adversely affected by the COVID-19 outbreak, including but not limited to negative impact to revenues, slower collection of receivables and potential additional credit loss for receivables or impairment for investment. Given the uncertainty surrounding the outbreak of COVID-19, the extent of the business disruption and the related financial impact cannot be reasonably estimated at this time.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2019
Summary of significant accounting policies
Basis of presentation	(a) Basis of presentation The consolidated financial statements of the Group are prepared in accordance with accounting principles generally accepted in the United States of America (‘‘U.S. GAAP’’).
Principles of consolidation	(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of VIEs for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies. A VIE is an entity in which the Company, or its subsidiaries, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of VIEs have been eliminated upon consolidation. The results of subsidiaries, the VIEs and subsidiaries of VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive income/(loss) from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Business combinations and non-controlling interests	(c) Business combinations and noncontrolling interests The Group accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (‘‘ASC’’) 805 ‘‘Business Combinations’’. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the acquiree, the difference is recognized directly in the consolidated statements of comprehensive income/(loss). During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income/(loss). In a business combination considered as a step acquisition, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive income/(loss). 2. Summary of significant accounting policies (continued) For the Company’s majority-owned subsidiaries, VIEs and subsidiaries of VIEs, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. Noncontrolling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive income/(loss) to distinguish the interests from that of the Company.
Use of estimates	(d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant accounting estimates are used for, but not limited to assessment for fair value of assets and liabilities acquired in business combinations, estimating useful lives of intangible assets, assessment for impairment of long-lived assets, intangible assets and goodwill, investment in equity investees, assessment for fair value of investment in convertible notes, determining allowance for doubtful accounts for accounts receivable and other receivables, allowance for credit losses for finance receivables, assessment for fair value of guarantee liabilities, valuation and recognition of share-based compensation and realization of deferred tax assets. The Group bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Segment reporting	(e) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the Chief Executive Officer of the Group. The Group managed its business in three reportable segments, namely advertising and subscription business, transaction services business and digital marketing solutions business.
Foreign currency translation	(f) Foreign currency translation The Company, its subsidiaries, VIEs and subsidiaries of VIEs individually determine their functional currency based on the criteria of ASC 830 “Foreign Currency Matters”. The functional currencies of the Company and its subsidiaries outside China are the U.S. dollar (“US$”) and the Hong Kong dollar (“HKD”), and the functional currency of PRC subsidiaries, VIEs and subsidiaries of VIEs is the RMB. Since the Group’s operations are primarily denominated in the RMB, the Group has chosen the RMB as the reporting currency for the consolidated financial statements. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date.Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive income/(loss). The financial statements of the entities with non-RMB functional currencies are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities, average exchange rate for the year for income and expense items, and historical exchange rate for equity items. Translation gains or losses arising from the translation are recognized in accumulated other comprehensive income as a component of shareholders’ equity.
Cash and cash equivalents	(g) Cash and cash equivalents Cash and cash equivalents comprise cash at banks and on hand, time deposits and highly liquid investments with an original maturity of three months or less.
Restricted cash	(h) Restricted cash Cash that is restricted as to withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group held restricted cash of RMB4.79 billion and RMB3.25 billion as of December 31, 2018 and 2019, respectively, which were primarily pledged for bank borrowings, guarantees, asset-backed securitization debt and bills payable. Please refer to Note 6 for further details. The Group provides loan facilitation services to facilitate loans to borrowers offered by loan facilitation financing partners. The loan facilitation financing partners offer financing solutions to borrowers. The Group provides guarantee in the event of default (please refer to Note 2 (v) for further details). As a result, the Group, as the guarantor, is required to maintain separate guarantee funds, held as an escrow account with the loan facilitation financing partners. These guarantee funds are required by different financial institutions to be maintained at a certain percentage of the balance of loans outstanding. From January 1, 2018, the Group adopted ASU No. 2016‑18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts presented in the statement of cash flows. As a result of the new accounting guidance adopted on January 1, 2018, the consolidated statements of cash flows were retrospectively adjusted to include restricted cash in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.
Accounts receivable, net	(i) Accounts receivable, net Accounts receivable are amounts due from customers for services performed or merchandise sold in the ordinary course of business. If collection of accounts receivable is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Accounts receivable are recorded net of allowance for doubtful accounts. An allowance for doubtful accounts is recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, such as the accounts aging, financial conditions of the customer and industry trend.
Bills receivable	(j) Bills receivable Bills receivable represent short-term notes receivables issued by reputable financial institutions that entitle the Group to receive the full face amount from the financial institutions at maturity, which generally range from three to six months from the date of issuance.
Finance receivables, net	(k) Finance receivables, net The Group provides automobile financing lease services to individual customers and automobile dealers. The net investment of the lease will be recorded as a finance receivable upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenue in the consolidated statements of comprehensive income/(loss). Initial direct costs of the capital leases are amortized over the lease term by adjusting against the related lease income. The net investment in the leases, net of allowance for credit losses, is presented as finance receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. The Group’s finance receivables are typically secured by automobiles in the lease arrangements. The allowance for credit losses is based on a systematic, ongoing review and valuation performed as part of the credit-risk evaluation process. The Group estimates the balance of provision for credit losses of its finance receivables at each balance sheet date by applying an incurred loss model, mainly based on customer repayment activities, such as the historical loss rate and days past due information. The total balance of a finance receivable is considered contractually past due if the minimum required payment is not received by the contractual repayment day. If any delinquency arises, the Group will consider initiating collection process, which mainly includes making phone calls and sending collection notice to the customers, and lawsuit. The Group has not established a practice of modifying the contractual payment terms, or entering into any troubled debt restructurings of the finance receivables with its customers. For collateral automobiles collected from customers, the Group assesses fair value of the automobiles at each balance sheet date and impairment would be recorded if any. As of December 31, 2018 and 2019, provision for impairment of such automobiles was nil and RMB104.8 million, respectively. Accrued lease income on finance receivables is calculated based on the effective interest rate of the net investment. Finance receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance receivable is placed on non-accrual status, the Group stops accruing interest. The finance receivables in non-accrual status were RMB411.6 million and RMB671.2 million as of December 31, 2018 and 2019, respectively. Lease income is subsequently recognized only upon the receipt of cash payments. The Group will write off finance receivables which are uncollectible after above mentioned collection process has been administered.
Investment in equity investees	(l) Investment in equity investees Investment in equity investees represents the Group’s investments in privately-held companies. The Group applies the equity method to account for an equity investment, in common stock or in-substance common stock, according to ASC 323 ‘‘Investment - Equity Method and Joint Ventures’’, over which it has significant influence but does not own a majority equity interest or otherwise control. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. For other equity investments that do not have readily determinable fair values and over which the Group neither has significant influence nor control through investment in common stock or in-substance common stock, the cost method is used for the year ended December 31, 2017. From January 1, 2018, the Group adopted ASU No. 2016‑01, “Recognition and Measurement of Financial Assets and Financial Liabilities”, to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements of comprehensive income/(loss) and its share of post-acquisition movements in accumulated other comprehensive income is recognized in shareholders’ equity. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. From time to time, the rights on certain investments in which the Group has significant influence were modified with new rounds of financing. These modifications may be additions or removals of certain rights. As a result of such modification, these equity investments, which were accounted for using equity method, were reclassified as investments without readily determinable fair value, or vice versa. The carrying amount of the investments was remeasured upon the reclassification and a deemed disposal gain or loss was recognized in the investment loss in the consolidated statements of comprehensive income/(loss). The Group continually reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Group considers in its determination are the length of time that the fair value of the investment is below the carrying value; the financial condition, operating performance and the prospects of the equity investees; and other company specific information of the investees such as recent financing rounds. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity investee is written down to fair value, which is reflected in share of results of equity investees and investment loss in the consolidated statements of comprehensive income/(loss).
Investment in convertible notes	(m) Investment in convertible notes The financial instruments guidance in ASC 825‑10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. Such fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains and losses recorded in the consolidated statements of comprehensive income/(loss). The Group has elected the fair value option to account for investment in convertible notes. The convertible notes the Group held were interest free. Please refer to Note 10 for further details.
Property, plant, and equipment, net	2. Summary of significant accounting policies (continued) (n) Property, plant, and equipment, net Property, plant, and equipment are stated at cost less accumulated depreciation and impairment if any. Depreciation is computed using the straight-line method with no residual value based on the estimated useful lives of the various classes of assets, which range as follows: Computers and servers 3 – 5 years Automobiles for Group uses 5 years Automobiles for operating leases 5 years Furniture and fixtures 3 – 5 years Leasehold improvements Shorter of remaining lease period or estimated useful life Building 40 years Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in other gains, net in the consolidated statements of comprehensive income/(loss).
Goodwill	(o) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis as of December 31, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. The Group will perform the quantitative impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount. In performing the two-step quantitative impairment test, the first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying amount of a reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for the purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets, liabilities and goodwill to reporting units, and determining the fair value of each reporting unit.
Intangible assets, net	(p) Intangible assets, net Intangible assets are stated at cost less accumulated amortization and impairment if any. Intangible assets acquired in a business combination are recognized initially at fair value at the date of acquisition. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired in accordance with ASC subtopic 350‑30 (“ASC 350‑30”), Intangibles-Goodwill and Other: General Intangibles Other than Goodwill. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Purchased software 5 - 10 years Digital Sales Assistant system 10 years Domain names 10 years Brand name 10 - 15 years Database 10 years Customer relationship 2 - 15 years Business cooperation 5 years Trademark and lifetime membership 10 years / Indefinite Others 5 - 10 years / Indefinite
Impairment of long-lived assets	(q) Impairment of long-lived assets The Group reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Borrowings	(r) Borrowings Borrowings are recognized initially at fair value, net of upfront fees, debt issuance costs, and debt discounts or premiums. Upfront fees, debt issuance costs, and debt discounts or premiums are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the consolidated statements of comprehensive income/(loss) over the estimated term of the facilities and borrowings using the effective interest method.
Asset-backed securitization debt	(s) Asset-backed securitization debt The Group securitizes finance receivables arising from its consumers through the transfer of those assets to asset-backed securitization vehicles. The securitization vehicles usually issue senior tranche debt securities to third party investors, collateralized by the transferred assets, and subordinate tranche debt securities to the Group. In limited circumstances, the Group may also subscribe a portion of the senior tranche debt securities. The asset-backed debt securities issued by the securitization vehicles to third party investors are recourse to the Group. The securitization vehicles are considered consolidated variable interest entities of the Group, and the asset-backed debt securities subscribed by third party investors are reported as current and non-current liabilities in the consolidated balance sheets based on their respective expected repayment dates.
Accounts payable	2. Summary of significant accounting policies (continued) (t) Accounts payable Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Bills payable	(u) Bills payable Bills payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized bills payable to settle amounts owed to the suppliers.
Guarantee liabilities	(v) Guarantee liabilities The Group provides loan facilitation services to facilitate loans to borrowers offered by loan facilitation financing partners. The loan facilitation financing partners offer financing solutions to borrowers and the Group provides a guarantee in the event of default on the full repayment of principal and any accrued interests. The guarantee is within the scope of ASC Topic 460 “Guarantees”. The portion of the contract consideration that relates to ASC 460 must first be allocated to the guarantee, with the residual portion of the transaction price being recorded under ASC Topic 606, "Revenue from Contracts with Customers". The Group's guarantee obligations are measured in a combination of two components: (i) ASC 460 component and (ii) ASC 450 (ASC Topic 450 “Contingencies”) component. At the inception of the guarantee, the liability is recognized at fair value in accordance with ASC 460. This component is a stand ready obligation which is not subject to the probable threshold used to record a contingent obligation. Subsequent to the initial recognition, the liability recorded based on ASC 460 is reduced as the Group is released from the underlying risk, meaning as the loan is repaid by the borrowers or when the financial institutions are compensated in the event of a default. Generally, the liability is reduced by a systematic and rational amortization method, e.g. over the term of the loan. The contingent liability arising from the obligation to make future payments is measured in accordance with ASC 450, which is determined using historical experience of borrower defaults. Any gains or losses from guarantee liability is recognized in other gains, net in the consolidated statements of comprehensive income/(loss). As of December 31 2019, the amount of maximum potential future payments that the Group could be required to make under the guarantee was RMB26.79 billion (2018: RMB9.14 billion). Maximum potential future payments are approximately the total outstanding loan balance that the Group facilitated through its loan facilitation services.
Convertible debt	(w) Convertible debt The Group determines the appropriate accounting treatment of its convertible debt in accordance with the terms in relation to the conversion feature, call and put option, and beneficial conversion feature. After considering the impact of such features, the Company may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. 2. Summary of significant accounting policies (continued) The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date. Convertible debt is classified as a current liability if their due date is or will be within one year from the balance sheet date. In May 2019, the Group repurchased the outstanding convertible debt in whole prior to the scheduled maturity date.
Fair value	(x) Fair value Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures certain financial assets, including the investments under the equity method, and investments without readily determinable fair value, investment in convertible notes, intangible assets, goodwill and property, plant and equipment, at fair value when an impairment charge is recognized. And the fair value of the guarantee liability recorded at the inception of the loan was estimated based on the third-party appraisal’s report. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
Treasury shares	(y) Treasury shares The Company’s equity instruments that are repurchased are recognized at cost and deducted from equity as treasury shares. No gain or loss is recognized in the consolidated statements of comprehensive income/(loss) on the purchase, sale, issue or cancellation of the Company’s equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in additional paid-in capital. Voting rights related to treasury shares are nullified for the Company and no dividends are allocated to them. In 2018, the board of directors approved a US$150.0 million share repurchase plan. The share repurchase plan does not require the Company to acquire a specific number of shares and may be suspended or discontinued at any time. The share repurchased during the years ended December 31, 2017, 2018 and 2019 was nil, 2,398,780 and nil, respectively.
Statutory reserves	(z) Statutory reserves In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Company’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their net income based on PRC accounting standards to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reach 50% of the registered capital of the entity. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the discretion of the respective entity. In addition, in accordance with the PRC Company Laws, the Company’s VIEs and subsidiaries of VIEs, registered as Chinese domestic companies, must make appropriations from their net income based on PRC accounting standards to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reach 50% of the registered capital of the entity. Appropriation to the discretionary surplus fund is made at the discretion of the respective entity. None of these reserves are allowed to be transferred to the Company in terms of dividends, loans or advances, nor can they be distributed except under liquidation.
Revenue recognition	(aa) Revenue recognition Starting from January 1, 2018, the Group adopted ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method to contracts that were not completed as of the date of adoption. As such, the comparative information for periods prior to January 1, 2018 has not been restated and continues to be reported under ASC Topic 605 Revenue Recognition (“ASC 605”). In accordance with ASC 606, VAT was presented on a net basis instead of on the gross basis adopted under ASC 605, which meant VAT was classified from cost of revenues to net against revenues and VAT refunds were presented as other gains, net. Other than the presentation of VAT, the impact from adopting ASC 606 was not material to the Group’s consolidated financial statements as of and for the year ended December 31, 2018. There was no cumulative effect on the opening balance of accumulated deficit upon adoption of ASC 606. 2. Summary of significant accounting policies (continued) Under ASC 606, revenue is recognized when control of the promised goods or services was transferred to the customers, in an amount that reflects the consideration the Group expected to be entitled to in exchange for those goods or services. The recognition of revenue involves certain management judgments including identification of performance obligations, standalone selling price for each performance obligation, etc. Also revenue arrangements are assessed to determine if it is acting as principal or agent. Revenue is recognized at a point in time or over time when the Group satisfies a performance obligation. The amount of revenue recognized is the amount allocated to the satisfied performance obligation. The Group determines revenue recognition through the following steps: Step 1: identification of the contract, or contracts, with a customer; Step 2: identification of the performance obligations in the contract; Step 3: determination of the transaction price; Step 4: allocation of the transaction price to the performance obligations in the contract; and Step 5: recognition of revenue when, or as, the Group satisfies a performance obligation. Advertising and subscription services Advertising services The Group provides advertising services and also organizes promotional events to help customers to promote their products. Revenue is recognized when the performance obligation is satisfied. Revenue from advertising services is recognized when the advertisements are published over the stated display period. Revenue from organizing promotional events is recognized at a point in time when the performance obligation is satisfied. Revenues from advertising services are reported at a gross amount. Subscription services The Group provides web-based and mobile-based integrated digital marketing solutions, via SaaS platform, to dealer customers in China. Such SaaS platform enables dealer subscribers to create their own online showrooms, list pricing and promotional information, provide dealer contact information, place advertisements and manage customer relationships, which help them effectively market their automobiles to consumers. The revenue is recognized on a straight-line basis over the subscription or listing period when the performance obligation is satisfied. Revenues from dealer subscription and listing services are reported at a gross amount. Transaction services Automobile financing lease and operating lease services The Group provides automobile financing lease services to individual customers and automobile dealers through two models: direct financing lease and sales-and-leaseback. In a direct financing lease arrangement, revenue is recognized over the lease period on a systematic and rational basis so as to produce a constant periodic rate of return on the net investment in the financing leases. In a sales-and-leaseback arrangement, the transaction is in substance a collateral financing and revenue is recognized over the lease period using the effective interest rate method. The Group also provides automobile operating lease services to individual and corporate customers. Revenue from these services is recognized on a straight-line basis over the lease period. This revenue is not subject to the revenue standard for contracts with customers and remains separately accounted for under existing lease accounting guidance. Please refer to Note2 (k)&(hh) for further details. 2. Summary of significant accounting policies (continued) Loan facilitation services The Group provides loan facilitation services to facilitate loans to borrowers offered by loan facilitation financing partners. The Group recognizes revenue from loan facilitation services when assisting the customers to complete an financing transaction. The Group recognizes revenue when performance obligation has been satisfied at a point in time, being when a transaction is fulfilled and completed. Other transaction services The Group recognizes revenue from direct automobile sales to individuals, automobile dealers and institutional customers. The revenue is recorded on a gross basis as the Group acts as the principal, is primarily responsible for the sales arrangements and is subject to inventory risk. Revenue from direct automobile sales is recognized when a sales contract has been executed and the automobiles have been delivered and control is transferred. Digital marketing solutions services The Group receives commissions for assisting customers in placing advertisements on media vendor websites (“advertising agent services”), and receives performance-based rebates from the media vendors, equal to a percentage of the purchase price for qualifying advertising space purchased and utilized by the customers the Group represents. The Group also provides project-based services such as public relations, marketing campaign and digital image creation. Revenue is recognized when the performance obligation is satisfied. The net commission revenue from advertising agent services is recognized when the advertisements are published over the stated display period. Revenue from performance-based rebates is recognized when the amount of these rebates are probable and reasonably estimable. Revenues from other services are recognized when the performance obligations are satisfied. Cost to obtain a contract The incremental direct costs of obtaining a contract primarily consist of commissions associated with loan facilitation services, which recognized as cost of revenue when incurred. Contract balances Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. Timing of revenue recognition may differ from the timing of invoicing to customers, and the Group generally does not provide significant financing terms. Accounts receivable represents amounts invoiced, and revenue recognized prior to invoicing when the Group has satisfied its performance obligations and has the unconditional right to consideration. Receipts in advance relates to unsatisfied performance obligations at the end of the year. The Group invoices its customers based on the payment terms stipulated in the executed subscription agreements, which generally ranges from several months to one year. The Group records amounts received prior to revenue recognition in advances from customers, which is included in the other payables and accruals line item in the Group’s consolidated balance sheets. The beginning balance of advances from customers of RMB845.0 million in relation to dealer subscriptions and listing services was fully recognized as revenue for the year ended December 31, 2019 (2018: RMB898.7 million).
Cost of revenue	2. Summary of significant accounting policies (continued) (bb) Cost of revenue Cost of revenue mainly includes fees paid to business partners, direct service cost, funding costs, commissions associated with loan facilitation services, cost of automobiles sold and turnover taxes and related surcharges.
Selling and administrative expenses	(cc) Selling and administrative expenses Selling and administrative expenses consist primarily of salaries and benefits for the sales and marketing personnel and administrative personnel, sales and marketing expenses, share-based compensation expense, depreciation and amortization of assets, allowance for doubtful accounts for accounts receivable and other receivables, allowance for credit losses for finance receivables and other expenses for daily operations. Advertising expenditures are expensed as incurred and are included in selling and administrative expenses. Total advertising expenditures were RMB631.7 million, RMB631.3 million and RMB956.6 million for the years ended December 31, 2017, 2018 and 2019.
Product development expenses	(dd) Product development expenses Product development expenses consist primarily of staff costs related to personnel involved in the development and enhancement of the Group’s service offerings on its websites, mobile application and related software. The Group recognizes these costs as expenses when incurred, unless they result in significant additional functionality, in which case they are capitalized.
Share-based compensation	(ee) Share-based compensation The Group’s share-based awards mainly comprise share options and restricted share units (“RSUs”). In accordance with ASC 718 “Compensation – Stock Compensation”, share-based awards granted to employees are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the graded vesting method, net of estimated forfeitures, over the requisite service period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. If a share-based award is modified after the grant date, additional compensation expenses are recognized in an amount equal to the excess of the fair value of the modified equity instrument over the fair value of the original equity instrument immediately before modification. The additional compensation expenses are recognized immediately on the date of the modification or over the remaining requisite service period, depending on the vesting status of the award. The Group determined the fair value of share options with the assistance of independent third-party valuation firms. The binomial option pricing model was applied in determining the fair value of share options. The fair value of RSUs granted subsequent to the initial public offering will be the price of publicly traded shares on the date of grant. The Group determined the fair value of share options granted by its subsidiaries with the assistance of independent third-party valuation firms. The binomial option pricing model or discount cash flow model were applied in determining the fair value of share options. Yixin also granted RSUs subsequent to the initial public offering. The fair value of such RSUs will be the price of publicly traded shares on the date of grant.
Employee Benefits - PRC contribution scheme	(ff) Employee Benefits - PRC contribution scheme Full-time employees of the Group in the PRC participate in a government mandated contribution scheme pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Group makes contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal or constructive obligations for further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to their current and past services. The total expenses for the scheme were RMB364.5 million, RMB424.3 million and RMB422.7 million for the years ended December 31, 2017, 2018 and 2019, respectively.
Income taxes	(gg) Income taxes The Group accounts for income taxes using the asset and liability method, under which deferred income taxes are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that the asset will not be realizable in the foreseeable future. The Group adopts ASC 740‑10‑25 ‘‘Income Taxes’’ which prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. The Group did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2017, 2018 and 2019.
Leases	(hh) Leases The Group adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) from January 1, 2019 by applying the modified retrospective method to those contracts that are not completed as of January 1, 2019, with the comparative information not being adjusted and continues to be reported under historic accounting standards. There is no impact to retained earnings at adoption. The Group has elected to utilize the package of practical expedients at the time of adoption, which allows the Group to (1) not reassess whether any expired or existing contracts are or contain leases, (2) not reassess the lease classification of any expired or existing leases, and (3) not reassess initial direct costs for any existing leases. The Company also has elected to utilize the short-term lease recognition exemption for all contracts with lease terms of 12 months or less. The Group determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. Right-of-use(“ROU”) assets and lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date. As the Group’s leases do not provide an implicit rate, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. 2. Summary of significant accounting policies (continued) The ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Upon adoption, the Group recognized ROU assets of RMB196.4 million and total lease liabilities (including current and non-current) of RMB184.6 million for operating leases as of January 1, 2019.
Government grants	(ii) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.
Earnings per share	(jj) Earnings per share Basic earnings per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per ordinary share is computed by dividing the net loss attributable to ordinary shareholders for the year by the weighted average number of ordinary and potential ordinary shares outstanding during the year, if the effect of potential ordinary shares is dilutive. Potential ordinary shares for the Company include incremental shares of ordinary shares issuable upon the exercise of share options and RSUs, and conversion of convertible debt. Additionally, for the purposes of calculating basic and diluted earnings per share, the following adjustments were made: For the purpose of calculating basic earnings per share, Yixin’s net income/(loss) attributable to Bitauto Holdings Limited was determined using the two-class method by allocating Yixin’s net income/(loss) to each class of participating shares issued by Yixin, including the outstanding ordinary shares and redeemable convertible preference shares, prior to the IPO of Yixin. For the purpose of calculating diluted earnings per share, the potentially issuable shares of Yixin, namely (i) the redeemable convertible preference shares, prior to the IPO of Yixin, and (ii) the share options and RSUs granted by Yixin, are assessed for dilutive impact. The diluted earnings per share will be adjusted if the impact is deemed dilutive.

Principal activities and orga_2

Principal activities and organization (Tables)	12 Months Ended
	Dec. 31, 2019
Principal activities and organization
Schedule of principal subsidiaries, VIEs and subsidiaries of VIEs	As of December 31, 2019, the Company’s principal subsidiaries, VIEs and subsidiaries of VIEs are as follows: % of direct Date of or indirect incorporation or Place of economic Name acquisition operations interest Bitauto Hong Kong Limited April 27, 2010 Hong Kong 100 Beijing Bitauto Internet Information Company Limited January 20, 2006 PRC 100 Dalian Rongxin Financing Guarantees Company Limited June 6, 2016 PRC 100 Yixin Group Limited November 19, 2014 Cayman Islands 44.5 Yixin Holding Hong Kong Limited November 27, 2014 Hong Kong 44.5 Xinche Investment (Shanghai) Company Limited January 16, 2015 PRC 44.5 Shanghai Yixin Financing Lease Company Limited August 12, 2014 PRC 44.5 Tianjin Hengtong Jiahe Financing Lease Company Limited May 18, 2015 PRC 44.5 Xinjiang Wanxing Information Technology Company Limited January 24, 2018 PRC 44.5 Beijing Bitauto Information Technology Company Limited November 30, 2005 PRC 100 Beijing Easy Auto Media Company Limited March 7, 2008 PRC 100 Beijing Bitauto Interactive Advertising Company Limited December 12, 2007 PRC 100 Beijing Xinbao Information Technology Company Limited February 2, 2008 PRC 100 Tianjin Boyou Information Technology Company Limited May 16, 2014 PRC 100 Beijing Bit EP Information Technology Company Limited (“Bit EP”) June 3, 2011 PRC 100 Tianjin Bida Information Technology Company Limited January 17,2017 PRC 100 Eminent Success Holdings Group Limited June 26, 2018 British Virgin Islands 44.5 Rising Champion International Limited July 10, 2018 Hong Kong 44.5 Tanjin Kars Information Technology Company Limited June 19, 2018 PRC 44.5 Beijing Yixin Information Technology Company Limited January 9, 2015 PRC 44.5 Beijing Creative & Interactive Digital Technology Company Limited (“CIG”, formerly known as Beijing C&I Advertising Company Limited) December 30, 2002 PRC 57.1 Beijing Xinchuang Interactive Advertising Company Limited January 19, 2017 PRC 57.1 Beijing Chehui Technology Company Limited February 10, 2006 PRC 57.1
Schedule of financial information of VIEs and subsidiaries of VIEs	The following financial information of the VIEs and subsidiaries of VIEs in the PRC was included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of December 31, RMB RMB Total assets 8,125,756 8,023,337 Total liabilities 4,427,121 4,762,927 For the year ended December 31 RMB RMB RMB Revenue 4,419,967 4,111,341 3,835,776 Net (loss)/income (111,574) 49,738 (517,004) For the year ended December 31 RMB RMB RMB Net cash provided by/(used in) operating activities 660,690 (334,465) (93,568) Net cash provided by/(used in) investing activities 57,568 (172,280) (35,035) Net cash (used in)/provided by financing activities (426,603) 338,000 224,805

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of significant accounting policies
Schedule of estimated useful lives of property, plant and equipment	Depreciation is computed using the straight-line method with no residual value based on the estimated useful lives of the various classes of assets, which range as follows: Computers and servers 3 – 5 years Automobiles for Group uses 5 years Automobiles for operating leases 5 years Furniture and fixtures 3 – 5 years Leasehold improvements Shorter of remaining lease period or estimated useful life Building 40 years
Schedule of estimated useful lives of intangible assets	Purchased software 5 - 10 years Digital Sales Assistant system 10 years Domain names 10 years Brand name 10 - 15 years Database 10 years Customer relationship 2 - 15 years Business cooperation 5 years Trademark and lifetime membership 10 years / Indefinite Others 5 - 10 years / Indefinite

Significant equity transactio_2

Significant equity transactions and acquisitions (Tables)	12 Months Ended
	Dec. 31, 2019
Significant equity transactions and acquisitions
Schedule of fair values of the identifiable assets and liabilities at acquisition dates	5. Significant equity transactions and acquisitions (continued) The fair values of the identifiable assets and liabilities as at the date of the acquisitions are summarized in the following table: Fair value recognized on acquisition 2018 RMB RMB RMB Cash and cash equivalents 23,072 — 14,106 Property, plant and equipment, net 292 — 2,847 Intangible assets, net 60,684 — 45,098 Other assets 61,142 — 44,596 Current liabilities (59,867) — (111,781) Deferred tax liabilities (15,171) — (9,525) Noncontrolling interest before acquisition — — 10,076 Net assets 70,152 — (4,583) Noncontrolling interests — — (116,683) Mandatorily redeemable noncontrolling interests (63,569) — — Goodwill arising on acquisitions 103,136 — 300,332 Total 109,719 — 179,066 Cash consideration 68,480 — 7,500 Non-cash consideration — 68,632 Fair value of previously held equity interests 41,239 — 102,934 Total consideration 109,719 — 179,066

Restricted cash (Tables)

Restricted cash (Tables)	12 Months Ended
	Dec. 31, 2019
Restricted cash
Schedule of Components of restricted cash	Components of restricted cash as of December 31, 2018 and 2019 are as follows: RMB RMB Time deposits pledged for bank borrowings 3,869,699 1,561,907 Cash deposits pledged for asset-backed securitization debt 371,042 142,986 Guarantee funds 537,288 1,370,348 Cash pledged for bank notes 12,370 7,600 Others — 168,403 4,790,399 3,251,244

Accounts receivable, net (Table

Accounts receivable, net (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts receivable, net
Schedule of accounts receivable, net	Accounts receivable, net as of December 31, 2018 and 2019 are as follows: RMB RMB Accounts receivable 4,371,898 4,214,787 Less: allowance for doubtful accounts (481,186) (422,146) 3,890,712 3,792,641
Schedule of analysis of allowance for doubtful accounts	As of December 31, 2019, accounts receivable at carrying value of RMB422.1 million (2018: RMB481.2 million) were impaired and fully provided for. The movements in the allowance for doubtful accounts are as follows: RMB RMB RMB Balance as of January 1 100,040 252,905 481,186 Charge for the year 152,865 228,281 354,017 Write off for the year — — (413,057) Balance as of December 31 252,905 481,186 422,146

Prepayments and other receiva_2

Prepayments and other receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Prepayments and other receivables
Schedule of prepayments and other receivables	Components of prepayments and other receivables as of December 31, 2018 and 2019 are as follows: RMB RMB Prepaid expenses and advances to third parties 98,956 82,415 Deposits 235,662 403,662 VAT and other taxes receivables 596,494 619,484 Interest receivable 64,066 19,068 Loans to third parties 325,057 206,074 Other receivables from third parties 414,209 287,373 Loan recognized as a result of payment under the guarantee 29,060 435,293 Other receivables from disposal of assets 104,357 157,459 Others 176,530 167,246 Less: allowance for impairment of other receivables (5,092) (157,350) 2,039,299 2,220,724

Investment in equity investees

Investment in equity investees (Tables)	12 Months Ended
	Dec. 31, 2019
Investment in equity investees.
Schedule of investment in equity investees	The Group’s investment in equity investees consisted of the following: Investments without readily determinable fair value Equity method Total RMB RMB RMB Balance as of January 1, 2017 1,260,776 186,696 1,447,472 Additions 34,737 103,472 138,209 Share of loss of equity investees — (50,643) (50,643) Less: disposals and transfers (14,623) (126,512) (141,135) Less: impairment losses (143,974) (21,223) (165,197) Foreign currency translation adjustments (44,836) 326 (44,510) Balance as of December 31, 2017 1,092,080 92,116 1,184,196 Additions 60,336 713,527 773,863 Share of loss and other comprehensive income of equity investees — (57,923) (57,923) Less: disposals and transfers (6,000) (2,859) (8,859) Less: impairment losses (17,040) (17,589) (34,629) Transfer of the further share of loss of equity investee — 20,465 20,465 Foreign currency translation adjustments 30,665 (607) 30,058 Balance as of December 31, 2018 1,160,041 747,130 1,907,171 Additions 171,762 48,000 219,762 Share of loss of equity investees — (57,725) (57,725) Less: impairment losses (151,257) (16,386) (167,643) Foreign currency translation adjustments 10,029 1,209 11,238 Balance as of December 31, 2019 1,190,575 722,228 1,912,803
Schedule of Condensed financial information of the Company's equity investments accounted for under the equity method	For the year ended December 31, RMB RMB RMB Revenue 80,095 733,295 2,446,639 Gross profit 4,981 222,209 184,074 (Loss)/Income from operations (133,910) 14,779 (222,317) Net (loss)/income (133,207) 13,249 (222,401) Net (loss)/income attributable to the equity-method investees (129,223) 14,859 (221,890) As of December 31, RMB RMB Current assets 1,663,913 1,141,747 Non-current assets 1,754,208 2,316,162 Current liabilities 566,156 592,976 Non-current liabilities 9,565 14,416 Noncontrolling interests (10,076) 4,619

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment, net
Schedule of Property, plant and equipment, net	Property, plant and equipment, net as of December 31, 2018 and 2019 are as follows: RMB RMB Computers and servers 175,285 202,737 Automobiles for the Group use 42,101 44,862 Automobiles for operating leases 417,793 56,282 Furniture and fixtures 17,904 20,952 Leasehold improvements 71,490 67,261 Building — 27,380 Less: accumulated depreciation (275,186) (214,080) Net book value 449,387 205,394

Intangible assets, net (Tables)

Intangible assets, net (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible assets, net
Schedule of Intangible assets	Intangible assets, net as of December 31, 2018 and 2019 are as follows: As of December 31, 2018 Gross carrying Accumulated Impairment Net carrying amount amortization amount amount RMB RMB RMB RMB Purchased software 58,110 (27,956) — 30,154 Digital Sales Assistant system 25,430 (18,013) — 7,417 Trademark and lifetime membership 13,095 (721) — 12,374 Domain names 25,399 (10,970) — 14,429 Customer relationships 180,610 (82,244) — 98,366 Brand name 3,630 (1,012) — 2,618 Business cooperation 3,447,689 (2,391,469) (254,873) 801,347 Others 39,113 (8,877) — 30,236 3,793,076 (2,541,262) (254,873) 996,941 As of December 31, 2019 Gross carrying Accumulated Impairment Net carrying amount amortization amount amount RMB RMB RMB RMB Purchased software 65,800 (33,821) — 31,979 Digital Sales Assistant system 25,430 (20,556) — 4,874 Trademark and lifetime membership 13,260 (1,190) — 12,070 Domain names 25,399 (13,510) — 11,889 Customer relationships 180,610 (101,139) — 79,471 Brand name 15,530 (2,440) — 13,090 Database 26,200 (2,620) — 23,580 Business cooperation 3,447,689 (3,021,349) (254,873) 171,467 Others 46,118 (12,789) — 33,329 3,846,036 (3,209,414) (254,873) 381,749
Schedule of estimated aggregate amortization expenses	The estimated aggregate amortization expenses for each of the five succeeding fiscal years are as follows: For the year ended December 31, RMB RMB RMB RMB RMB Amortization expenses 206,873 26,426 22,362 20,818 19,988

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill
Schedule of Goodwill	RMB RMB RMB Balance as of January 1 444,933 543,655 532,130 Acquisition of subsidiaries 103,136 — 329,424 Disposal (4,326) (11,585) — Foreign exchange difference (88) 60 29 Balance as of December 31 543,655 532,130 861,583 The Group’s goodwill impairment is tested at the reporting unit level, i.e. advertising and subscription business, transaction services business and digital marketing solutions business. As of December 31, 2019, the fair value of each reporting unit exceeded its carrying amount and no reporting units were at risk of failing the impairment test. As a result, no impairment charge was recognized. As of December 31, 2018 Advertising and Transaction Digital subscription services marketing business business solutions Total RMB RMB RMB RMB Goodwill 327,754 105,131 99,245 532,130 As of December 31, 2019 Advertising and Transaction Digital subscription services marketing business business solutions Total RMB RMB RMB RMB Goodwill 656,678 105,631 99,274 861,583

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases
Schedule of supplemental cash flow information	Supplemental cash flow information related to operating leases is as follows: RMB Cash payments for operating leases 156,323 ROU assets obtained in exchange for operating lease liabilities 46,007
Schedule of future lease payments under operating leases	Future lease payments under operating leases as of December 31, 2019 were as follows: Operating leases RMB Year ending December 31, 2020 44,933 2021 16,535 2022 8,685 2023 3,953 2024 177 Thereafter 14 Total future lease payments 74,297 Less: Imputed interest (4,873) Total lease liabilities balance 69,424
Schedule of future lease payments under operating leases prior to adoption	RMB Within one year 119,501 After one year but not more than five years 152,273 Later than five years 5,961 277,735

Finance receivables, net (Table

Finance receivables, net (Tables)	12 Months Ended
	Dec. 31, 2019
Finance receivables, net
Schedule of finance receivables	The Group provides automobile financial leasing services to individual customers and automobile dealers. Detailed information of finance receivables as of December 31, 2018 and 2019 are as follows: RMB RMB Finance receivables, gross - Within one year 22,661,850 19,465,688 - After one year but not more than five years 22,047,127 12,689,412 44,708,977 32,155,100 Unearned finance income (7,481,088) (4,598,908) 37,227,889 27,556,192 Allowance for credit losses (350,816) (566,398) Finance receivables, net 36,877,073 26,989,794
Schedule of Aging analysis of finance receivables	Aging analysis of finance receivables are as follows: RMB RMB Not past due 35,788,625 25,068,164 Past due - Up to 3 months 1,027,691 1,816,830 - Over 3 months 411,573 671,198 37,227,889 27,556,192 Allowance for credit losses (350,816) (566,398) Finance receivables, net 36,877,073 26,989,794
Schedule of movements in the allowance for credit losses	The movements in the allowance for credit losses are as follows: RMB RMB RMB Balance as of January 1 22,486 134,169 350,816 Charge for the year 196,320 528,824 871,231 Reversal of impairment for the year — (9,851) (8,567) Write off for the year (84,637) (312,177) (655,649) Recovery of finance receivables written off — 9,851 8,567 Balance as of December 31 134,169 350,816 566,398

Other non-current assets (Table

Other non-current assets (Tables)	12 Months Ended
	Dec. 31, 2019
Other non-current assets
Schedule of other non-current assets	RMB RMB Prepayment for automobiles 149,215 10,957 Automobiles purchased for future leases 359,760 31,532 Property not available for use — 422,207 Long-term receivables from loan facilitation services 53,973 373,711 Automobiles collected from financing lease customers — 323,351 Long-term prepaid expenses 74,113 13,059 Deposits and others 527,966 252,025 Less: provision for impairment of automobiles collected from financing lease customers — (104,761) 1,165,027 1,322,081

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Borrowings [Member]
Schedule of borrowings	As of December 31, 2019, the borrowings will be due according to the following schedule: Between 1 to Between 2 to Between 3 to Between 4 to Within 1 year 2 years 3 years 4 years 5 years RMB RMB RMB RMB RMB Principal amounts 10,888,194 1,918,274 240,538 23,200 23,200

Asset-backed securitization d_2

Asset-backed securitization debt (Tables)	12 Months Ended
	Dec. 31, 2019
Asset-backed securitization debt
Schedule of asset-backed securitization debt, due	As of December 31, 2019, the asset-backed securitization debt will be due according to the following schedule: Between 1 to Between 2 to Between 3 to Between 4 to Within 1 year 2 years 3 years 4 years 5 years RMB RMB RMB RMB RMB Principal amounts 6,278,472 1,173,227 — — —

Guarantee liabilities (Tables)

Guarantee liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Guarantee liabilities
Schedule of movement of guarantee liabilities	The movement of guarantee liabilities is as follows: RMB RMB Balance as of January 1 — 107,614 Fair value of guarantee liabilities upon the inception of new guarantees 119,672 217,638 Guarantee settled (9,596) (82,754) Gains from guarantee liabilities (2,462) (34,782) Balance as of December 31 107,614 207,716

Deferred revenue (Tables)

Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred revenue
Schedule of Deferred revenue	RMB RMB Deferred revenue 1,609,787 1,453,658

Other payables and accruals (Ta

Other payables and accruals (Tables)	12 Months Ended
	Dec. 31, 2019
Other payables and accruals
Schedule of components of other payables and accruals	Components of other payables and accruals as of December 31, 2018 and 2019 are as follows: RMB RMB Accrued payroll 262,590 246,714 Accrued expenses 78,610 95,977 Advances from customers 1,035,090 1,052,416 Other payables 657,832 633,442 Other tax payables 389,483 358,579 Interest payable 236,552 146,514 2,660,157 2,533,642

Redeemable noncontrolling int_2

Redeemable noncontrolling interests (Tables)	12 Months Ended
	Dec. 31, 2019
Redeemable noncontrolling interests
Schedule of Redeemable noncontrolling interests	RMB RMB Balance as of January 1 301,953 360,010 Issuance of shares of the Group's subsidiary 30,000 — Accretion to redeemable noncontrolling interests 28,057 30,427 360,010 390,437

Other gains, net (Tables)

Other gains, net (Tables)	12 Months Ended
	Dec. 31, 2019
Other gains, net
Schedule of Other gains, net	RMB RMB RMB Foreign currency exchange (losses)/gains (1,721) (22,103) 3,546 Gains on disposal of property, plant and equipment and intangible assets, net 16,430 47,309 14,911 Government grants 28,946 60,449 66,050 Other income from business cooperation arrangements with Yusheng — 48,102 109,864 Gains from guarantee liabilities — 2,462 34,782 VAT refund — 71,505 82,107 Others (12,079) (26,610) (5,478) 31,576 181,114 305,782

Income tax expense (Tables)

Income tax expense (Tables)	12 Months Ended
	Dec. 31, 2019
Income tax expense
Schedule of Composition of income tax expense	Composition of income tax expense: RMB RMB RMB Current income tax 249,995 326,418 363,024 Deferred income tax (46,171) (150,522) (272,005) 203,824 175,896 91,019
Schedule of Composition of deferred tax assets and liabilities	Composition of deferred tax assets and liabilities: RMB RMB Deferred tax assets Amortization of intangible assets 757 — Tax losses carried forward 19,030 246,834 Allowance for credit losses 170,527 401,646 Others 507 976 Less: valuation allowance (12,258) (205,544) 178,563 443,912 Deferred tax liabilities Intangible assets arising from business combinations (27,770) (30,638) (27,770) (30,638) Net deferred tax assets 150,793 413,274
Schedlue of Movement of valuation allowance	Movement of valuation allowance: RMB RMB RMB Balance as of January 1 18,170 18,511 12,258 Additions 2,319 24,523 200,500 Reversals (1,978) (30,776) (7,214) Balance as of December 31 18,511 12,258 205,544
Schedule of Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Group	Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Group: RMB RMB RMB Loss before tax (1,223,164) (503,420) (1,092,021) Income tax computed at statutory EIT rate (25%) (305,791) (125,855) (273,005) Effect of preferential tax rates for certain entities comprising the Group (112,684) (137,124) (116,461) Effect of differing tax rates in different jurisdictions 422,677 260,441 218,204 Non-deductible expenses and non-taxable income, net 188,069 218,830 199,425 Tax savings from additional deductions on certain research and development expenses available for subsidiaries incorporated in the PRC (3,822) (4,623) (18,885) Change in valuation allowances 1,933 (23,572) 128,665 Others 13,442 (12,201) (46,924) Income tax expense 203,824 175,896 91,019 Effective income tax rate (16.7) % (34.9) % (8.3) %

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule of share options activity	The activities of share options for the year ended December 31, 2019 is summarized as below: Aggregate Weighted Weighted intrinsic average average value remaining Number of exercise prices US$ in contractual shares US$/Share thousands life Outstanding as of January 1, 2019 341,830.0 7.05 6,057 2.70 years Granted during the year — — Exercised during the year (90,803.0) 3.70 Forfeited during the year — — Outstanding as of December 31, 2019 251,027.0 8.27 1,649 1.54 years Exercisable as of December 31, 2019 251,027.0 8.27 1,649 1.54 years
Schedule of restricted shares or restricted share units activity	The activities of RSUs for the year ended December 31, 2019 is summarized as below: Weighted-average fair value per RSU granted Number of RSUs (US$) Outstanding as of January 1, 2019 4,537,332.0 25.14 Granted during the year 775,800.0 14.04 Vested and sold during the year (1,205,919.0) 25.34 Forfeited during the year (95,100.0) 28.04 Outstanding as of December 31, 2019 4,012,113.0 22.86 Vested as of December 31, 2019 664,255.0 21.72
Yixin [Member]
Schedule of share options activity	The activities of Yixin’s share options for the year ended December 31, 2019 is summarized as below: Weighted Aggregate Weighted average intrinsic average exercise value remaining Number of prices US$ in contractual shares US$/Share thousands life Outstanding as of January 1, 2019 333,228,714 0.0014 73,982 8.56 Granted during the year — 0.0014 Exercised during the year (27,732,848) 0.0014 Forfeited during the year (1,878,126) 0.0014 Outstanding as of December 31, 2019 303,617,740 0.0014 67,021 7.56 Exercisable as of December 31, 2019 226,553,172 0.0014 50,010 7.55
Schedule of restricted shares or restricted share units activity	The activities of RSUs for the year ended December 31, 2019 is summarized as below: Weighted-average fair value per RSU granted Number of RSUs (US$) Outstanding as of January 1, 2019 99,737,126 0.30 Granted during the year 7,773,895 0.23 Vested and sold during the year (24,325,020) 0.30 Forfeited during the year (7,575,214) 0.31 Outstanding as of December 31, 2019 75,610,787 0.29 Vested as of December 31, 2019 26,946,272 0.31
Schedule of share options valuation assumptions	The estimate of the fair values of the options were measured based on the binomial option pricing model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used on the date of grant and weighted-average fair value per option granted: July 3, 2017 October 1, 2017 Fair value per share US$ 0.53 US$ 0.70 Exercise price US$ 0.0014 US$ 0.0014 Risk-free interest rate 2.50 % 2.46 % Dividend yield 0.00 % 0.00 % Weighted-average fair value per option granted US$ 0.53 US$ 0.70 Expected volatility 51 % 56 % Expected terms 10 years 10 years

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings per share
Schedule of computation of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share for the following periods: Numerator: Net loss attributable to Bitauto Holdings Limited (1,611,114) (608,352) (1,200,118) (Loss)/Income allocation to participating securities of subsidiaries (2,936) 28,336 (3,030) Numerator for basic net loss per share (1,614,050) (580,016) (1,203,148) Dilutive effect of redeemable convertible preference shares and share options of subsidiaries (11,036) — — Numerator for diluted net loss per share (1,625,086) (580,016) (1,203,148) Denominator: Weighted average number of shares - basic 70,154,910 71,305,353 71,108,532 Dilutive effect of potentially issuable ordinary shares — — — Weighted average number of shares - diluted 70,154,910 71,305,353 71,108,532 Net loss per ordinary share - basic (23.01) (8.13) (16.92) Net loss per ordinary share - diluted (23.16) (8.13) (16.92)

Fair value measurement (Tables)

Fair value measurement (Tables)	12 Months Ended
	Dec. 31, 2019
Fair value measurement
Schedule of fair value measurement of the assets and liabilities that are measured and recorded on a recurring basis in periods subsequent to their initial recognition	As of December 31, 2018 and 2019, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured and recorded at fair value on a recurring basis in periods is as follows: As of December 31, 2018 Level 1 Level 2 Level 3 RMB RMB RMB Investment in convertible notes — — 1,789,470 Guarantee liabilities — — (107,614) As of December 31, 2019 Level 1 Level 2 Level 3 RMB RMB RMB Investment in convertible notes — — 2,153,790 Guarantee liabilities — — (207,716)

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related party transactions
Schedule of the major related parties and their relationships with the Group	The table below sets forth the related parties and their relationships with the Group as of December 31, 2019: Name of related parties Relationship with the Group Chetuan E-Commerce Ltd. and its subsidiaries (“Chetuan”) An investee of the Group Shanghai Eclicks Network Co. Ltd. (“Eclicks”) An investee of the Group TTP CAR INC. and its subsidiaries (“TTP”) An investee of the Group Beijing Anxinbao Insurance Brokerage Co., Ltd. (“Anxinbao”) An investee of the Group JZG An investee of the Group NIO.INC and its subsidiaries (“NIO”) Affiliate JD.com, Inc and its subsidiaries (“JD”) Ordinary shareholder of the Group
Schedule of related party transactions	The Group entered into the following transactions for the years ended December 31, 2017, 2018 and 2019 with related parties: RMB RMB RMB Services provided to related parties: Automobile transaction services provided to Chetuan 9,830 — — Advertising services provided to TTP 15,260 — 4,016 Advertising services provided to NIO 27,360 30,629 83,066 Other transaction services provided to Anxinbao 14,183 6,000 768 Others 381 160 781 67,014 36,789 88,631 Services and automobiles purchased from related parties: Advertising services purchased from Eclicks 98,530 36,434 30,516 Marketing and promotion services purchased from JD 40,411 57,063 53,033 Used car valuation services purchased from JZG 14,400 20,656 — Automobiles purchased from NIO — 5,184 1,742 Others 31,155 17,708 26,675 184,496 137,045 111,966
Schedule of balances with related parties	The Group had the following balances as of December 31, 2018 and 2019 with related parties: RMB RMB Due from Chetuan 105,919 27,694 Due from Anxinbao 231 21,407 Due from NIO 21,109 74,192 Due from JZG 54,106 — Others 130 609 181,495 123,902 Due to Chetuan 57,469 57,469 Due to Eclicks 38,840 20,676 Due to JZG 2,182 — Others 8,072 26,685 106,563 104,830

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and contingencies
Schedule of capital expenditure contracted for at the end of the year but not yet incurred	Capital expenditure contracted for at the end of the year but not yet incurred is as follows: RMB RMB Purchase of automobiles for future leases 7,007 — 7,007 —

Operating segment information (

Operating segment information (Tables)	12 Months Ended
	Dec. 31, 2019
Operating segment information
Schedule of operating segment information	Advertising Digital and Transaction marketing subscription services solutions business business business Total Year ended December 31, 2017 Revenue 3,922,158 3,872,244 956,857 8,751,259 Gross profit 3,076,332 1,902,614 537,633 5,516,579 Income/(Loss) from operations 444,564 (1,525,073) 3,916 (1,076,593) Year ended December 31, 2018 Revenue 4,074,218 5,370,871 1,134,520 10,579,609 Gross profit 3,414,173 2,318,790 602,248 6,335,211 Income/(Loss) from operations 666,257 (838,477) (293,286) (465,506) Year ended December 31, 2019 Revenue 3,897,044 5,753,533 1,102,340 10,752,917 Gross profit 3,310,789 2,720,524 476,852 6,508,165 Loss from operations (329,929) (582,293) (44,015) (956,237)

Parent company only condensed_2

Parent company only condensed financial information (Tables)	12 Months Ended
	Dec. 31, 2019
Parent company only condensed financial information
Schedule of Condensed balance sheets	Condensed balance sheets As of December 31, RMB RMB Assets Current assets Cash and cash equivalents 44,056 4,206 Prepayments and other receivables 44,969 35,645 Total current assets 89,025 39,851 Non-current assets Investments in subsidiaries, VIEs and subsidiaries of VIEs 6,860,452 6,261,629 Investment in equity investees 25,914 — Intangible assets, net 801,347 171,467 Due from subsidiaries, VIEs and subsidiaries of VIEs 6,165,296 5,437,103 Total non-current assets 13,853,009 11,870,199 Total assets 13,942,034 11,910,050 Liabilities Current liabilities Accruals and other payables 57,874 50,640 Total current liabilities 57,874 50,640 Non-current liabilities Due to subsidiaries, VIEs and subsidiaries of VIEs 1,979,140 1,875,828 Convertible debt 774,703 — Total non-current liabilities 2,753,843 1,875,828 Total liabilities 2,811,717 1,926,468 Shareholders’ Equity Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively) 19 20 Additional paid-in capital 12,782,826 12,664,018 Treasury shares (333,985) (241,572) Statutory reserve 204,583 222,547 Accumulated other comprehensive income 601,423 650,773 Accumulated deficit (2,124,549) (3,312,204) Total shareholders’ equity 11,130,317 9,983,582 Total liabilities and shareholders’ equity 13,942,034 11,910,050
Schedule of Condensed statements of comprehensive loss	Condensed statements of comprehensive loss For the year ended December 31, RMB RMB RMB Selling and administrative expenses (910,515) (854,104) (834,660) Other gains 38,948 400 881 Loss from operations (871,567) (853,704) (833,779) Interest income 1,592 10 5 Interest expense (77,158) (46,767) (99,622) Share of results of equity investees (52,055) (40,502) — Equity in (loss)/profit of subsidiaries, VIEs and subsidiaries of VIEs (611,926) 332,611 (363,255) Investment income — — 96,533 Loss before tax (1,611,114) (608,352) (1,200,118) Net loss (1,611,114) (608,352) (1,200,118) Other comprehensive income/(loss) Foreign currency exchange (losses)/gains, net of tax of nil (274,045) 133,166 49,350 Total comprehensive loss, net of tax (1,885,159) (475,186) (1,150,768)
Schedule of Condensed statements of cash flows	Condensed statements of cash flows For the year ended December 31, RMB RMB RMB Net cash provided by operating activities 104,295 110,517 155,083 Net cash (used in)/provided by investing activities (238,475) 92,800 545,399 Net cash provided by/(used in) financing activities 354,821 (296,719) (833,128) Effect of exchange rate changes on cash and cash equivalents (307,999) 70,796 92,796 Decrease in cash and cash equivalents (87,358) (22,606) (39,850) Cash and cash equivalents at beginning of the year 154,020 66,662 44,056 Cash and cash equivalents at end of the year 66,662 44,056 4,206

Principal activities and orga_3

Principal activities and organization - Summary of principal subsidiaries, VIEs and subsidiaries of VIEs (Details)	12 Months Ended
	Dec. 31, 2019
Bitauto Hong Kong Limited [Member]
Date of incorporation or acquisition	Apr. 27, 2010
Place of operations	Hong Kong
% of direct or indirect economic interest	100.00%
Beijing Bitauto Internet Information Company Limited [Member]
Date of incorporation or acquisition	Jan. 20, 2006
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Dalian Rongxin Financing Guarantees Company Limited [Member]
Date of incorporation or acquisition	Jun. 6, 2016
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Yixin Group Limited [Member]
Date of incorporation or acquisition	Nov. 19, 2014
Place of operations	Cayman Islands
% of direct or indirect economic interest	44.50%
Yixin Holding Hong Kong Limited [Member]
Date of incorporation or acquisition	Nov. 27, 2014
Place of operations	Hong Kong
% of direct or indirect economic interest	44.50%
Xinche Investment (Shanghai) Company Limited [Member]
Date of incorporation or acquisition	Jan. 16, 2015
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Shanghai Yixin Financing Lease Company Limited [Member]
Date of incorporation or acquisition	Aug. 12, 2014
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Tianjin Hengtong Jiahe Financing Lease Company Limited [Member]
Date of incorporation or acquisition	May 18, 2015
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Xinjiang Wanxing Information Technology Company Limited [Member]
Date of incorporation or acquisition	Jan. 24, 2018
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Beijing Bitauto Information Technology Company Limited [Member]
Date of incorporation or acquisition	Nov. 30, 2005
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Beijing Easy Auto Media Company Limited [Member]
Date of incorporation or acquisition	Mar. 7, 2008
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Beijing Bitauto Interactive Advertising Company Limited [Member]
Date of incorporation or acquisition	Dec. 12, 2007
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Beijing Xinbao Information Technology Company Limited [Member]
Date of incorporation or acquisition	Feb. 2, 2008
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Tianjin Boyou Information Technology Company Limited [Member]
Date of incorporation or acquisition	May 16, 2014
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Beijing Bit EP Information Technology Company Limited ("Bit EP") [Member]
Date of incorporation or acquisition	Jun. 3, 2011
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Tianjin Bida Information Technology Company Limited [Member]
Date of incorporation or acquisition	Jan. 17, 2017
Place of operations	PRC
% of direct or indirect economic interest	100.00%
Eminent Success Holdings Group Limited [Member]
Date of incorporation or acquisition	Jun. 26, 2018
Place of operations	British Virgin Islands
% of direct or indirect economic interest	44.50%
Rising Champion International Limited [Member]
Date of incorporation or acquisition	Jul. 10, 2018
Place of operations	Hong Kong
% of direct or indirect economic interest	44.50%
Tanjin Kars Information Technology Company Limited [Member]
Date of incorporation or acquisition	Jun. 19, 2018
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Beijing Yixin Information Technology Company Limited [Member]
Date of incorporation or acquisition	Jan. 9, 2015
Place of operations	PRC
% of direct or indirect economic interest	44.50%
Beijing Creative & Interactive Digital Technology Company Limited ("CIG", formerly known as Beijing C&I Advertising Company Limited) [Member]
Date of incorporation or acquisition	Dec. 30, 2002
Place of operations	PRC
% of direct or indirect economic interest	57.10%
Beijing Xinchuang Interactive Advertising Company Limited [Member]
Date of incorporation or acquisition	Jan. 19, 2017
Place of operations	PRC
% of direct or indirect economic interest	57.10%
Beijing Chehui Technology Company Limited [Member]
Date of incorporation or acquisition	Feb. 10, 2006
Place of operations	PRC
% of direct or indirect economic interest	57.10%

Principal activities and orga_4

Principal activities and organization - Summary of financial information of VIEs and subsidiaries of VIEs (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total assets	¥ 48,377,044	¥ 59,743,938
Total liabilities	28,620,823	39,435,501
Revenue	10,752,917	10,579,609	¥ 8,751,259
Net (loss)/income	(1,183,040)	(679,316)	(1,426,988)
Net cash provided by/(used in) operating activities	1,495,597	677,979	928,226
Net cash provided by/(used in) by investing activities	7,647,007	(7,471,487)	(17,028,061)
Net cash (used in)/provided by financing activities	(11,029,806)	5,011,004	19,842,120
Variable Interest Entity, Primary Beneficiary [Member]
Total assets	8,023,337	8,125,756
Total liabilities	4,762,927	4,427,121
Revenue	3,835,776	4,111,341	4,419,967
Net (loss)/income	(517,004)	49,738	(111,574)
Net cash provided by/(used in) operating activities	(93,568)	(334,465)	660,690
Net cash provided by/(used in) by investing activities	(35,035)	(172,280)	57,568
Net cash (used in)/provided by financing activities	¥ 224,805	¥ 338,000	¥ (426,603)

Principal activities and orga_5

Principal activities and organization - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity, Primary Beneficiary [Member]
Registered Capital and PRC Statutory Reserves	¥ 714.5	¥ 641.3
Yixin Group Limited (Yixin) [Member]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	44.50%	44.80%

Summary of significant accoun_4

Summary of significant accounting policies - Summary of estimated useful lives of property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2019
Computers and servers [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Computers and servers [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Automobiles for the Group use [Member]
Property, Plant and Equipment, Useful Life	5 years
Automobiles for operating leases [Member]
Property, Plant and Equipment, Useful Life	5 years
Furniture and fixtures [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Furniture and fixtures [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of remaining lease period or estimated useful life
Building [Member]
Property, Plant and Equipment, Useful Life	40 years

Summary of significant accoun_5

Summary of significant accounting policies - Summary of estimated useful lives of intangible assets (Details)	12 Months Ended
	Dec. 31, 2019
Purchased software [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Purchased software [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Digital Sales Assistant System [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Domain names [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Brand name [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Brand name [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Database [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Customer relationships [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Customer relationships [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Business cooperation [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Trademark And Lifetime Membership [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Trademark And Lifetime Membership [Member] | Maximum [Member]
Intangible Assets, Estimated Useful Life	Indefinite
Others [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Others [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Intangible Assets, Estimated Useful Life	Indefinite

Summary of significant accoun_6

Summary of significant accounting policies - Additional Information (Details) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)shares	Dec. 31, 2017CNY (¥)shares	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)
Summary of significant accounting policies
Advertising expenditures	¥ 956,600	¥ 631,300	¥ 631,700
Total expenses for employee benefits	¥ 422,700	424,300	¥ 364,500
Restricted Cash		¥ 4,790,399			¥ 3,251,244
Repurchase of ordinary shares (shares) | shares	0	2,398,780	0
Provision for impairment	¥ 104,800	¥ 0
Financing Receivable, Recorded Investment, Nonaccrual Status		411,600			671,200
Revenue related to the beginning balance of advances from customers	¥ 845,000	898,700
Stock Repurchase Program, Authorized Amount | $				$ 150
Maximum potential future payments		¥ 9,140,000			¥ 26,790,000

Recent accounting pronounceme_2

Recent accounting pronouncements (Details) ¥ in Millions	Jan. 01, 2020CNY (¥)
Accumulated deficit [Member] | ASU 2016-13
Recent accounting pronouncements
Cumulative Effect on adoption of new accounting standard	¥ 300

Concentration of risks (Details

Concentration of risks (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Concentration of risks
Concentration Risk, Percentage	10.00%	10.00%	10.00%

Significant equity transactio_3

Significant equity transactions and acquisitions - Summary of fair values of the identifiable assets and liabilities at acquisition dates (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair values of identifiable assets and liabilities as at acquisition dates
Cash and cash equivalents	¥ 14,106	¥ 0	¥ 23,072
Property, plant and equipment, net	2,847	0	292
Intangible assets, net	45,098	0	60,684
Other assets	44,596	0	61,142
Current liabilities	(111,781)	0	(59,867)
Deferred tax liabilities	(9,525)	0	(15,171)
Noncontrolling interest before acquisition	10,076	0	0
Net assets	(4,583)	0	70,152
Noncontrolling interests	(116,683)	0	0
Mandatorily redeemable noncontrolling interests	0	0	(63,569)
Goodwill arising on acquisitions	300,332	0	103,136
Total	179,066	0	109,719
Cash consideration	7,500	0	68,480
Non-cash consideration	68,632	0	0
Fair value of previously held equity interests	102,934	0	41,239
Total consideration	¥ 179,066	¥ 0	¥ 109,719

Significant equity transactio_4

Significant equity transactions and acquisitions - Additional Information (Details) - CNY (¥) ¥ in Millions	1 Months Ended			12 Months Ended			13 Months Ended
	Jan. 31, 2019	Oct. 31, 2017	May 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016
Target Net [Member]
Business Acquisition, Acquired Entity, Percentage of Equity Interest Held		74.80%						51.00%
Consideration to Purchase Equity Interest Held by Noncontrolling Interest		¥ 36.3
KKC [Member]
Business Acquisition, Acquired Entity, Percentage of Equity Interest Held			100.00%					74.80%
Ownership Percentage In Ordinary Shares Outstanding								49.70%
Consideration to Purchase Equity Interest Held by Noncontrolling Interest			¥ 13.2
Xinchuang [Member]
Business Acquisition, Equity interest acquired							30.00%	30.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net						¥ 36.3
Business Acquisition, Acquired Entity, Percentage of Equity Interest Held	100.00%						60.00%
Business Combination, Consideration Transferred							¥ 105.6
Business Combination, Consideration Transferred, Liabilities Incurred							¥ 63.6
Business Acquisition, Committed Acquisition Of Voting Interests, Percentage							40.00%
Consideration to Purchase Equity Interest Held by Noncontrolling Interest	¥ 124
JZG [Member]
Business Acquisition, Equity interest acquired					50.00%	50.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net	¥ 122.6
Business Acquisition, Acquired Entity, Percentage of Equity Interest Held	59.50%
Business Combination, Consideration Transferred	¥ 68.6
Other Acquirees [Member]
Business Combination, Consideration Transferred				¥ 7.5	¥ 0	¥ 26.5

Restricted cash (Details)

Restricted cash (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	¥ 3,251,244	¥ 4,790,399
Time deposits pledged for bank borrowings [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	1,561,907	3,869,699
Cash Deposits Pledged for Asset Backed Securitization Debt [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	142,986	371,042
Guarantee Funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	1,370,348	537,288
Cash Pledged For Bank Note [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	7,600	12,370
Other Restricted Cash [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	¥ 168,403	¥ 0

Accounts receivable, net - Summ

Accounts receivable, net - Summary of accounts receivable, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, net
Accounts receivable	¥ 4,214,787	¥ 4,371,898
Less: allowance for doubtful accounts	(422,146)	(481,186)	¥ (252,905)	¥ (100,040)
Accounts Receivable, Net, Current	¥ 3,792,641	¥ 3,890,712

Accounts receivable, net - Su_2

Accounts receivable, net - Summary of analysis of allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable, net
Balance at beginning	¥ 481,186	¥ 252,905	¥ 100,040
Charge for the year	354,017	228,281	152,865
Write off for the year	(413,057)	0	0
Balance at end	¥ 422,146	¥ 481,186	¥ 252,905

Accounts receivable, net - Addi

Accounts receivable, net - Additional Information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, net
Allowance for Doubtful Accounts Receivable, Current	¥ 422,146	¥ 481,186	¥ 252,905	¥ 100,040

Prepayments and other receiva_3

Prepayments and other receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepayments and other receivables
Prepaid expenses and advances to third parties	¥ 82,415	¥ 98,956
Deposits	403,662	235,662
VAT and other taxes receivables	619,484	596,494
Interest receivable	19,068	64,066
Loans to third parties	206,074	325,057
Other receivables from third parties	287,373	414,209
Loan recognized as a result of payment under the guarantee	435,293	29,060
Other receivables from disposal of assets	157,459	104,357
Others	167,246	176,530
Less: allowance for impairment of other receivables	(157,350)	(5,092)
Prepayments and other receivables	¥ 2,220,724	¥ 2,039,299

Investment in equity investee_2

Investment in equity investees - Summary of investment in equity investees (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance at Beginning	¥ 1,907,171	¥ 1,184,196	¥ 1,447,472
Additions	219,762	773,863	138,209
Share of loss and other comprehensive income of equity investees	(57,725)	(57,923)	(50,643)
Less: disposals and transfers		(8,859)	(141,135)
Less: impairment losses	(167,643)	(34,629)	(165,197)
Transfer of the further share of loss of equity investee		20,465
Foreign currency translation adjustments	11,238	30,058	(44,510)
Balance at Ending	1,912,803	1,907,171	1,184,196
Investments Without Readily Determinable Fair Value [Member]
Balance at Beginning	1,160,041	1,092,080	1,260,776
Additions	171,762	60,336	34,737
Share of loss and other comprehensive income of equity investees	0	0	0
Less: disposals and transfers		(6,000)	(14,623)
Less: impairment losses	(151,257)	(17,040)	(143,974)
Transfer of the further share of loss of equity investee		0
Foreign currency translation adjustments	10,029	30,665	(44,836)
Balance at Ending	1,190,575	1,160,041	1,092,080
Equity Method Investments [Member]
Balance at Beginning	747,130	92,116	186,696
Additions	48,000	713,527	103,472
Share of loss and other comprehensive income of equity investees	(57,725)	(57,923)	(50,643)
Less: disposals and transfers		(2,859)	(126,512)
Less: impairment losses	(16,386)	(17,589)	(21,223)
Transfer of the further share of loss of equity investee		20,465
Foreign currency translation adjustments	1,209	(607)	326
Balance at Ending	¥ 722,228	¥ 747,130	¥ 92,116

Investment in equity investee_3

Investment in equity investees - Condensed financial information of the Group's equity investments accounted for under the equity method (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in equity investees
Revenue	¥ 2,446,639	¥ 733,295	¥ 80,095
Gross profit	184,074	222,209	4,981
(Loss)/Income from operations	(222,317)	14,779	(133,910)
Net (loss)/income	(222,401)	13,249	(133,207)
Net (loss)/income attributable to the equity-method investees	(221,890)	14,859	¥ (129,223)
Current assets	1,141,747	1,663,913
Non-current assets	2,316,162	1,754,208
Current liabilities	592,976	566,156
Non-current liabilities	14,416	9,565
Noncontrolling interests	¥ 4,619	¥ (10,076)

Investment in equity investee_4

Investment in equity investees - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments Without Readily Determinable Fair Value [Member]
The carrying value of Investments without readily determinable fair value	¥ 1,190	¥ 1,160
Addition of investments without readily determinable fair value	171.8	60.3	¥ 34.7
Equity Method Investments [Member]
Equity Method Investment, Realized Gain (Loss) on Disposal			¥ 43.6
The carrying value of equity method investments	¥ 722.2	¥ 747.1

Investment in convertible not_2

Investment in convertible notes (Details) $ / shares in Units, ¥ in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Investment in Convertible Notes | ¥			¥ 2,153,790	¥ 1,789,470
Convertible Note Purchase Agreement [Member] | Yusheng Holdings Limited [Member]
Terms of Convertible Notes		20 years
Conversion Price of Convertible Notes | $ / shares		$ 20
Consideration for Convertible Notes	$43.0	(i) provision of the cooperation to Yusheng and/or its affiliates pursuant to the terms of the business cooperation agreement, and (ii) a cash consideration of US$21.0 million.
Consideration for assets disposition | $		$ 21
Investment in Convertible Notes | ¥				¥ 1,790,000
Principal Amount of Convertible Notes | $		$ 260
Terms of Business cooperation		20 years

Property, plant and equipment_3

Property, plant and equipment, net - Summary of Property, plant and equipment (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Less: accumulated depreciation	¥ (214,080)	¥ (275,186)
Net book value	205,394	449,387
Computers and servers [Member]
Property, Plant and Equipment, Gross	202,737	175,285
Automobiles for the Group use [Member]
Property, Plant and Equipment, Gross	44,862	42,101
Automobiles for operating leases [Member]
Property, Plant and Equipment, Gross	56,282	417,793
Furniture and fixtures [Member]
Property, Plant and Equipment, Gross	20,952	17,904
Leaseholds and Leasehold Improvements [Member]
Property, Plant and Equipment, Gross	67,261	71,490
Building [Member]
Property, Plant and Equipment, Gross	¥ 27,380	¥ 0

Property, plant and equipment_4

Property, plant and equipment, net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment, net
Depreciation	¥ 88,436	¥ 255,762	¥ 185,344

Intangible assets, net - Summar

Intangible assets, net - Summary of Intangible assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Gross carrying amount	¥ 3,846,036	¥ 3,793,076
Accumulated amortization	(3,209,414)	(2,541,262)
Impairment amount	(254,873)	(254,873)
Net carrying amount	381,749	996,941
Purchased Software [Member]
Gross carrying amount	65,800	58,110
Accumulated amortization	(33,821)	(27,956)
Impairment amount	0	0
Net carrying amount	31,979	30,154
Digital Sales Assistant System [Member]
Gross carrying amount	25,430	25,430
Accumulated amortization	(20,556)	(18,013)
Impairment amount	0	0
Net carrying amount	4,874	7,417
Trademark And Lifetime Membership [Member]
Gross carrying amount	13,260	13,095
Accumulated amortization	(1,190)	(721)
Impairment amount	0	0
Net carrying amount	12,070	12,374
Domain names [Member]
Gross carrying amount	25,399	25,399
Accumulated amortization	(13,510)	(10,970)
Impairment amount	0	0
Net carrying amount	11,889	14,429
Customer relationships [Member]
Gross carrying amount	180,610	180,610
Accumulated amortization	(101,139)	(82,244)
Impairment amount	0	0
Net carrying amount	79,471	98,366
Brand name [Member]
Gross carrying amount	15,530	3,630
Accumulated amortization	(2,440)	(1,012)
Impairment amount	0	0
Net carrying amount	13,090	2,618
Database [Member]
Gross carrying amount	26,200
Accumulated amortization	(2,620)
Impairment amount	0
Net carrying amount	23,580
Business cooperation [Member]
Gross carrying amount	3,447,689	3,447,689
Accumulated amortization	(3,021,349)	(2,391,469)
Impairment amount	(254,873)	(254,873)
Net carrying amount	171,467	801,347
Others [Member]
Gross carrying amount	46,118	39,113
Accumulated amortization	(12,789)	(8,877)
Impairment amount	0	0
Net carrying amount	¥ 33,329	¥ 30,236

Intangible assets, net - Summ_2

Intangible assets, net - Summary of estimated aggregate amortization expenses (Details) ¥ in Thousands	Dec. 31, 2019CNY (¥)
Intangible assets, net
Amortization expenses, 2020	¥ 206,873
Amortization expenses, 2021	26,426
Amortization expenses, 2022	22,362
Amortization expenses, 2023	20,818
Amortization expenses, 2024	¥ 19,988

Intangible assets, net - Additi

Intangible assets, net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets, net
Amortization of Intangible Assets	¥ 670,953	¥ 693,761	¥ 688,572

Goodwill - Summary of Goodwill

Goodwill - Summary of Goodwill (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill
Goodwill, Beginning Balance	¥ 532,130	¥ 543,655	¥ 444,933
Acquisition of subsidiaries	329,424		103,136
Disposal		(11,585)	(4,326)
Foreign exchange difference	29	60	(88)
Goodwill, Ending Balance	¥ 861,583	¥ 532,130	¥ 543,655

Goodwill - Summary of Goodwil_2

Goodwill - Summary of Goodwill by classification (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill	¥ 861,583	¥ 532,130	¥ 543,655	¥ 444,933
Advertising and subscription business
Goodwill	656,678	327,754
Transaction services business
Goodwill	105,631	105,131
Digital marketing solutions business
Goodwill	¥ 99,274	¥ 99,245

Leases (Details)

Leases (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2019CNY (¥)
Leases
Weighted average remaining lease term	2 years 1 month 6 days
Weighted average discount rate	5.90%
Operating lease cost	¥ 109.9
Short-term lease cost	¥ 53.9

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019CNY (¥)
Leases
Cash payments for operating leases	¥ 156,323
ROU assets obtained in exchange for operating lease liabilities	¥ 46,007

Leases - Future lease payments

Leases - Future lease payments under operating leases (Details) ¥ in Thousands	Dec. 31, 2019CNY (¥)
Year ending December 31,
2020	¥ 44,933
2021	16,535
2022	8,685
2023	3,953
2024	177
Thereafter	14
Total future lease payments	74,297
Less: Imputed interest	(4,873)
Total lease liabilities balance	¥ 69,424

Leases - Future aggregate minim

Leases - Future aggregate minimum lease payments under operating leases prior to adoption (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Within one year	¥ 119,501
After one year but not more than five years	152,273
Later than five years	5,961
Operating Leases, Future Minimum Payments Due	277,735
Rental expenses under operating leases	¥ 149,100	¥ 136,600

Finance receivables, net - Summ

Finance receivables, net - Summary of finance receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finance receivables, gross
- Within one year	¥ 19,465,688	¥ 22,661,850
- After one year but not more than five years	12,689,412	22,047,127
Finance receivables, gross	32,155,100	44,708,977
Unearned finance income	(4,598,908)	(7,481,088)
Finance receivable, net of unearned finance income	27,556,192	37,227,889
Allowance for credit losses	(566,398)	(350,816)	¥ (134,169)	¥ (22,486)
Finance receivables, net	¥ 26,989,794	¥ 36,877,073

Finance receivables, net - Agin

Finance receivables, net - Aging analysis of finance receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Not past due	¥ 25,068,164	¥ 35,788,625
Financing Receivable, Recorded Investment, Past Due	27,556,192	37,227,889
Allowance for credit losses	(566,398)	(350,816)	¥ (134,169)	¥ (22,486)
Finance receivables, net	26,989,794	36,877,073
Up to 3 months [Member]
Financing Receivable, Recorded Investment, Past Due	1,816,830	1,027,691
Over 3 months [Member]
Financing Receivable, Recorded Investment, Past Due	¥ 671,198	¥ 411,573

Finance receivables, net - Move

Finance receivables, net - Movements in the allowance for credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance receivables, net
Balance as of January 1	¥ 350,816	¥ 134,169	¥ 22,486
Charge for the year	871,231	528,824	196,320
Reversal of impairment for the year	(8,567)	(9,851)	0
Write off for the year	(655,649)	(312,177)	(84,637)
Recovery of finance receivables written off	8,567	9,851	0
Balance as of December 31	¥ 566,398	¥ 350,816	¥ 134,169

Finance receivables, net - Addi

Finance receivables, net - Additional Information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses	¥ 566,398	¥ 350,816	¥ 134,169	¥ 22,486
Financial Institutions [Member]
Pledged Assets, Not Separately Reported, Finance Receivables	9,500,000	8,840,000
Securitization Vehicles [Member]
Pledged Assets, Not Separately Reported, Finance Receivables	10,140,000	16,200,000
Financing Receivable [Member]
Finance Receivables Due From Related Parties	¥ 27,700	¥ 105,900

Other non-current assets (Detai

Other non-current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other non-current assets
Prepayment for automobiles	¥ 10,957	¥ 149,215
Automobiles purchased for future leases	31,532	359,760
Property not available for use	422,207
Long-term receivables from loan facilitation services	373,711	53,973
Automobiles collected from financing lease customers	323,351
Long-term prepaid expenses	13,059	74,113
Deposits and others	252,025	527,966
Less: provision for impairment of automobiles collected from financing lease customers	(104,761)
Other non-current assets	¥ 1,322,081	¥ 1,165,027

Borrowings (Details)

Borrowings (Details) - Borrowings [Member] ¥ in Thousands	Dec. 31, 2019CNY (¥)
Within 1 year	¥ 10,888,194
Between 1 to 2 years	1,918,274
Between 2 to 3 years	240,538
Between 3 to 4 years	23,200
Between 4 to 5 years	¥ 23,200

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2019	Dec. 31, 2018
Borrowings Outstanding [Member]
Debt, Weighted Average Interest Rate	7.00%	6.50%
Revolving Credit Facility [Member]
Revolving line of credit	¥ 1,470	¥ 512.3

Asset-backed securitization d_3

Asset-backed securitization debt - Summary of asset-backed securitization debt (Details) - Asset-backed Securities [Member] ¥ in Thousands	Dec. 31, 2019CNY (¥)
Within 1 year	¥ 6,278,472
Between 1 to 2 years	1,173,227
Between 2 to 3 years	0
Between 3 to 4 years	0
Between 4 to 5 years	¥ 0

Asset-backed securitization d_4

Asset-backed securitization debt - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset-backed securitization debt [Member]
Asset backed Securitization Debt Current And Noncurrent	¥ 7,370	¥ 13,790
Weighted Average Interest Rate For Outstanding asset backed Securitization Debt	6.90%	8.10%
Secured Debt [Member]
Interest charges	¥ 806.3	¥ 967.4

Guarantee liabilities - Summary

Guarantee liabilities - Summary of movement of guarantee liabilities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Guarantee liabilities
Beginning Balance	¥ 107,614	¥ 0
Fair value of guarantee liabilities upon the inception of new guarantees	217,638	119,672
Guarantee settled	(82,754)	(9,596)
Gains from guarantee liabilities	(34,782)	(2,462)	¥ 0
Ending Balance	¥ 207,716	¥ 107,614	¥ 0

Guarantee liabilities - Additio

Guarantee liabilities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Maximum [Member]
The terms of the guarantee range	5 years	5 years
Minimum [Member]
The terms of the guarantee range	1 year	1 year

Convertible debt (Details)

Convertible debt (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Aug. 02, 2016USD ($)$ / shares	Aug. 02, 2016CNY (¥)	May 31, 2019CNY (¥)	Jan. 31, 2019USD ($)shares	Jan. 31, 2019CNY (¥)shares	Nov. 30, 2017USD ($)shares	Nov. 30, 2017CNY (¥)shares	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	May 22, 2019USD ($)
Convertible debt, carrying amount | ¥								¥ 0	¥ 774,703
Stock Issued During Period, Value, Conversion of Convertible Securities | ¥								¥ 3,408		¥ 158,450
PAG Convertible Notes [Member]
Convertible debt, principal amount	$ 150,000
Debt instrument, Aggregate principal amount											$ 125,500
Debt Instrument, Repurchase amount											126,800
Debt instrument, Repurchase interest amount											$ 1,300
Convertible debt, maturity date	Aug. 1, 2021	Aug. 1, 2021
Convertible debt, interest rate, stated percentage	2.00%
Convertible debt, interest rate, effective percentage								6.50%	6.50%
Convertible debt, conversion price | $ / shares	$ 23.67
Convertible debt, conversion ratio, shares/$100,000	4,224.7671	4,224.7671
Convertible debt, beneficial conversion feature (BCF) recognized	$ 27,900	¥ 185,700
Fair Value of Per Ordinary Share | $ / shares	$ 28.08
Convertible debt, issuance cost	$ 180
Interest Expense, Debt | ¥								¥ 21,900	¥ 46,800	¥ 53,800
PAG Convertible Notes [Member] | Third Party Investor [Member]
Debt Conversion, Converted Instrument, Shares Issued | shares				21,123	21,123	1,013,941	1,013,941
Unamortized BCF expense immediately associated with the PAG Notes converted | ¥			¥ 77,400		¥ 400		¥ 23,300
Debt Conversion, Original Debt, Amount				$ 500		$ 24,000
Stock Issued During Period, Value, Conversion of Convertible Securities | ¥					¥ 3,400		¥ 158,500

Deferred revenue - Summary of D

Deferred revenue - Summary of Deferred revenue (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred revenue
Deferred revenue	¥ 1,453,658	¥ 1,609,787

Deferred revenue - Additional I

Deferred revenue - Additional Information (Details) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Contract with Customer, Liability [Line Items]
Deferred Revenue		¥ 1,453,658	¥ 1,609,787
Yusheng Holdings Limited [Member]
Contract with Customer, Liability [Line Items]
Business Cooperation Term Of Contract	20 years
Deferred Revenue Initially Recognized | $	$ 227.8
Deferred Revenue		¥ 1,420,000	¥ 1,510,000

Other payables and accruals - (

Other payables and accruals - (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other payables and accruals
Accrued payroll	¥ 246,714	¥ 262,590
Accrued expenses	95,977	78,610
Advances from customers	1,052,416	1,035,090
Other payables	633,442	657,832
Other tax payables	358,579	389,483
Interest payable	146,514	236,552
Other Payables And Accruals Current	¥ 2,533,642	¥ 2,660,157

Other payables and accruals - A

Other payables and accruals - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Advances From Dealer Subscriptions And Listing Customers	¥ 864.1	¥ 845
Advance from Leasing Customers	¥ 152.9	¥ 168.6
Minimum [Member]
Settlement term	120 days
Maximum [Member]
Settlement term	150 days

Redeemable noncontrolling int_3

Redeemable noncontrolling interests (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Redeemable noncontrolling interests
Balance as of January 1	¥ 360,010	¥ 301,953
Issuance of shares of the Group's subsidiary	0	30,000
Accretion to redeemable noncontrolling interests	30,427	28,057	¥ 332,117
Balance as of December 31	¥ 390,437	¥ 360,010	¥ 301,953

Other gains, net (Details)

Other gains, net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other gains, net
Foreign currency exchange (losses)/gains	¥ 3,546	¥ (22,103)	¥ (1,721)
Gains on disposal of property, plant and equipment and intangible assets, net	14,911	47,309	16,430
Government grants	66,050	60,449	28,946
Other income from business cooperation arrangements with Yusheng	109,864	48,102	0
Gains from guarantee liabilities	34,782	2,462	0
VAT Refund	82,107	71,505	0
Others	(5,478)	(26,610)	(12,079)
Other Gains, Net	¥ 305,782	¥ 181,114	¥ 31,576

Income tax expense - Compositio

Income tax expense - Composition of income tax expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax expense
Current income tax	¥ 363,024	¥ 326,418	¥ 249,995
Deferred income tax	(272,005)	(150,522)	(46,171)
Income tax expense	¥ 91,019	¥ 175,896	¥ 203,824

Income tax expense - Composit_2

Income tax expense - Composition of deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Amortization of intangible assets	¥ 0	¥ 757
Tax losses carried forward	246,834	19,030
Allowance for credit losses	401,646	170,527
Others	976	507
Less: valuation allowance	(205,544)	(12,258)
Deferred Tax Assets, Net of Valuation Allowance	443,912	178,563
Deferred tax liabilities
Intangible assets arising from business combinations	(30,638)	(27,770)
Deferred Tax Liabilities, Gross	(30,638)	(27,770)
Net deferred tax assets	¥ 413,274	¥ 150,793

Income tax expense - Movement o

Income tax expense - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance as of January 1	¥ 12,258
Balance as of December 31	205,544	¥ 12,258
Valuation Allowance of Deferred Tax Assets [Member]
Balance as of January 1	12,258	18,511	¥ 18,170
Additions	200,500	24,523	2,319
Reversals	(7,214)	(30,776)	(1,978)
Balance as of December 31	¥ 205,544	¥ 12,258	¥ 18,511

Income tax expense - Reconcilia

Income tax expense - Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Group (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax expense
Loss before tax	¥ (1,092,021)	¥ (503,420)	¥ (1,223,164)
Income tax computed at statutory EIT rate (25%)	(273,005)	(125,855)	(305,791)
Effect of preferential tax rates for certain entities comprising the Group	(116,461)	(137,124)	(112,684)
Effect of differing tax rates in different jurisdictions	218,204	260,441	422,677
Non-deductible expenses and non-taxable income, net	199,425	218,830	188,069
Tax savings from additional deductions on certain research and development expenses available for subsidiaries incorporated in the PRC	(18,885)	(4,623)	(3,822)
Change in valuation allowances	128,665	(23,572)	1,933
Others	(46,924)	(12,201)	13,442
Income tax expense	¥ 91,019	¥ 175,896	¥ 203,824
Effective income tax rate	(8.30%)	(34.90%)	(16.70%)

Income tax expense - Additional

Income tax expense - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Special withholding tax rate to which dividends paid by PRC enterprises to their foreign non-resident enterprise investors	10.00%
Operating Loss Carryforwards	¥ 1,080
Operating Loss Carryforwards Expiration Year	The losses carried forward will expire during the period from 2020 to 2024.
HONG KONG
Corporate Income Tax Rate	16.50%
Special Withholding Tax Rate For Dividends	5.00%
CHINA
A preferential enterprise income tax rate	15.00%
Unified statutory income tax rate under current EIT law	25.00%
Special Withholding Tax Rate For Dividends	5.00%
Undistributed Earnings, Basic	¥ 3,280	¥ 2,840

Share-based compensation - Shar

Share-based compensation - Share options activity (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of shares, Outstanding as of January 1	341,830
Number of shares, Granted during the year	0
Number of shares, Exercised during the year	(90,803)
Number of shares, Forfeited during the year	0
Number of shares, Outstanding as of December 31	251,027	341,830
Number of shares, Exercisable as of December 31	251,027
Weighted average exercise prices, Outstanding as of January 1	$ 7.05
Weighted average exercise prices, Granted during the year	0
Weighted average exercise prices, Exercised during the year	3.70
Weighted average exercise prices, Forfeited during the year	0
Weighted average exercise prices, Outstanding as of December 31	8.27	$ 7.05
Weighted average exercise prices, Exercisable as of December 31	$ 8.27
Aggregate intrinsic value, Outstanding as of January 1	$ 6,057
Aggregate intrinsic value, Outstanding as of December 31	1,649	$ 6,057
Aggregate intrinsic value, Exercisable as of December 31	$ 1,649
Weighted average remaining contractual life Outstanding as of January 1	1 year 6 months 15 days	2 years 8 months 12 days
Weighted average remaining contractual life Exercisable as of December 31	1 year 6 months 15 days

Share-based compensation - Rest

Share-based compensation - Restricted stock units activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of RSUs, Outstanding as of January 1	4,537,332
Granted during the year	775,800
Vested and sold during the year	(1,205,919)
Forfeited during the year	(95,100)
Number of RSUs, Outstanding as of December 31	4,012,113	4,537,332
Number of RSUs, Vested as of December 31	664,255
Weighted-average fair value per RSU granted Outstanding as of January 1	$ 25.14
Weighted-average fair value per RSU granted Granted during the year	14.04	$ 26.20	$ 22.44
Weighted-average fair value per RSU granted Vested and sold during the year	25.34
Weighted-average fair value per RSU granted Forfeited during the year	28.04
Weighted-average fair value per RSU granted Outstanding as of December 31	22.86	$ 25.14
Weighted-average fair value per RSU granted Vested as of December 31	$ 21.72

Share-based compensation - Yixi

Share-based compensation - Yixin's share options activity (Details) - Yixin [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of shares, Outstanding as of January 1	333,228,714
Number of shares, Granted during the year	0
Number of shares, Exercised during the year	(27,732,848)
Number of shares, Forfeited during the year	(1,878,126)
Number of shares, Outstanding as of December 31	303,617,740	333,228,714
Number of shares, Exercisable as of December 31	226,553,172
Weighted average exercise prices, Outstanding as of January 1	$ 0.0014
Weighted average exercise prices, Granted during the year	0.0014
Weighted average exercise prices, Exercised during the year	0.0014
Weighted average exercise prices, Forfeited during the year	0.0014
Weighted average exercise prices, Outstanding as of December 31	0.0014	$ 0.0014
Weighted average exercise prices, Exercisable as of December 31	$ 0.0014
Aggregate intrinsic value, Outstanding as of January 1	$ 73,982
Aggregate intrinsic value, Outstanding as of December 31	67,021	$ 73,982
Aggregate intrinsic value, Exercisable as of December 31	$ 50,010
Weighted average remaining contractual life, Outstanding as of December 31	7 years 6 months 22 days	8 years 6 months 22 days
Weighted average remaining contractual life, Exercisable as of December 31	7 years 6 months 18 days

Share-based compensation - Gran

Share-based compensation - Grant and weighted-average fair value per option granted (Details) - $ / shares	Oct. 01, 2017	Jul. 03, 2017
Dividend yield	0.00%
Expected terms	10 years
Yixin [Member]
Fair value per share	$ 0.70	$ 0.53
Exercise price	$ 0.0014	$ 0.0014
Risk-free interest rate	2.46%	2.50%
Dividend yield	0.00%	0.00%
Weighted-average fair value per option granted	$ 0.70	$ 0.53
Expected volatility	56.00%	51.00%
Expected terms	10 years	10 years

Share-based compensation - Re_2

Share-based compensation - Restricted stock units activity (RSU's) (Details) - Yixin [Member] - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of RSUs, Outstanding as of January 1	99,737,126
Granted during the year	7,773,895
Vested and sold during the year	(24,325,020)
Forfeited during the year	(7,575,214)
Number of RSUs, Outstanding as of December 31	75,610,787	99,737,126
Vested as of December 31	26,946,272
Weighted-average fair value per RSU granted Outstanding as of January 1	$ 0.30
Weighted-average fair value per RSU granted Granted during the year	0.23	$ 0.31
Weighted-average fair value per RSU granted Vested and sold during the year	0.30
Weighted-average fair value per RSU granted Forfeited during the year	0.31
Weighted-average fair value per RSU granted Outstanding as of December 31	0.29	$ 0.30
Weighted-average fair value per RSU granted Vested as of December 31	$ 0.31

Share-based compensation - Addi

Share-based compensation - Additional Information (Details) ¥ in Thousands	Sep. 01, 2017shares	Dec. 31, 2016shares	Aug. 07, 2012shares	Feb. 08, 2010shares	Nov. 30, 2017	Dec. 31, 2019CNY (¥)$ / shares	Dec. 31, 2019CNY (¥)	Dec. 31, 2018$ / shares	Dec. 31, 2018CNY (¥)	Dec. 31, 2017$ / shares	Dec. 31, 2017CNY (¥)	Mar. 31, 2018shares	Nov. 17, 2016shares
Share-based Compensation							¥ 426,371		¥ 896,416		¥ 1,185,839
Other Subsidiaries [Member]
Share-based Compensation							0		329,600		23,300
Share-based Compensation Cost Not yet Recognized						¥ 0	0
Yixin [Member]
Second Share Award Scheme	The maximum number of shares that may be issued pursuant to all awards (including incentive share options) under Second Share Award Scheme shall be 5% of the total number of issued shares without Shareholders' approval, subject to an annual limit of 3% of the total number of issued shares at the relevant time.
Exercise price of share options | $ / shares						¥ 0.0014
Stockholders' Equity Note, Stock Split					7-for-1
Options Held [Member]
The intrinsic value of the options exercised							5,800		8,800		93,200
Options Held [Member] | Yixin [Member]
Share-based Compensation							144,200		307,800		891,700
The intrinsic value of the options exercised							45,200		160,500
Total fair value of the options vested							179,200		254,600
Share-based Compensation Cost Not yet Recognized						¥ 87,800	¥ 87,800
Share-based Compensation ,Expected Weighted Average Recognization Period							1 year 6 months 29 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation							¥ 194,300		219,400		268,500
Share-based Compensation Cost Not yet Recognized						¥ 198,300	¥ 198,300
Share-based Compensation ,Expected Weighted Average Recognization Period							2 years 11 months 19 days
Total fair value of the RSUs vested							¥ 169,200		95,200		¥ 209,500
Weighted-average fair value per RSU granted during the year | $ / shares						¥ 14.04		$ 26.20		$ 22.44
Restricted Stock Units (RSUs) [Member] | Yixin [Member]
Share-based Compensation							88,900		39,600
Share-based Compensation Cost Not yet Recognized						¥ 59,100	59,100
Total fair value of the RSUs vested							¥ 51,100		¥ 6,100
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							2 years 4 months 24 days
2006 Employee Stock Incentive Plan
Number of shares reserved for the Plan | shares		1,028,512.5
2010 Employee Stock Incentive Plan
Number of shares reserved for the Plan | shares				3,089,887.5
2012 Employee Stock Incentive Plan
Number of shares reserved for the Plan | shares			1,908,180
PreIPO Share Option Scheme [Member] | Yixin [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	418,464,263
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
First Share Award Scheme [Member] | Yixin [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	70,830,417
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
2016 Employee Stock Incentive Plan After Amended
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares												6,200,000
2016 Employee Stock Incentive Plan Before Amended
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares													2,500,000

Earnings per share - Summary of

Earnings per share - Summary of computation of basic and diluted net loss per share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net loss attributable to Bitauto Holdings Limited	¥ (1,200,118)	¥ (608,352)	¥ (1,611,114)
(Loss)/Income allocation to participating securities of subsidiaries	(3,030)	28,336	(2,936)
Numerator for basic net loss per share	(1,203,148)	(580,016)	(1,614,050)
Dilutive effect of redeemable convertible preference shares and share options of subsidiaries			(11,036)
Numerator for diluted net loss per share	¥ (1,203,148)	¥ (580,016)	¥ (1,625,086)
Denominator:
Weighted average number of shares - basic	71,108,532	71,305,353	70,154,910
Weighted average number of shares - diluted	71,108,532	71,305,353	70,154,910
Net loss per ordinary share - basic	¥ (16.92)	¥ (8.13)	¥ (23.01)
Net loss per ordinary share - diluted	¥ (16.92)	¥ (8.13)	¥ (23.16)

Earnings per share - Additional

Earnings per share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings per share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,003,599	6,412,017	8,126,552

Fair value measurement - Summar

Fair value measurement - Summary of fair value measurement of the assets and liabilities that are measured and recorded on a recurring basis in periods subsequent to their initial recognition (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Guarantee liabilities	¥ (207,716)	¥ (107,614)	¥ 0
Fair Value, Inputs, Level 3 [Member]
Investment in convertible notes	2,153,790	1,789,470
Guarantee liabilities	¥ (207,716)	¥ (107,614)

Fair value measurement - Additi

Fair value measurement - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value measurement
Impairment charges recorded in connection with the investment	¥ 167,643	¥ 34,629	¥ 165,197

Related party transactions - Su

Related party transactions - Summary of related party transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Services Provided to Related Parties [Member]
Amount of related party transactions	¥ 88,631	¥ 36,789	¥ 67,014
Services and Automobiles Purchased from Related Parties [Member]
Amount of related party transactions	111,966	137,045	184,496
JD [Member] | Marketing And Promotion Services Purchased From JD [Member]
Amount of related party transactions	53,033	57,063	40,411
Other Related Party [Member] | Services Provided To Other Related Parties [Member]
Amount of related party transactions	781	160	381
Other Related Party [Member] | Services Purchased From Other Related Parties [Member]
Amount of related party transactions	26,675	17,708	31,155
Anxinbao [Member] | Other transaction services provided to Anxinbao
Amount of related party transactions	768	6,000	14,183
JZG [Member] | Used car valuation services purchased from JZG
Amount of related party transactions	0	20,656	14,400
Chetuan [Member] | Automobile Transaction Services Provided to Chetuan [Member]
Amount of related party transactions	0	0	9,830
TTP Car [Member] | Advertising Services Provided To TTP [Member]
Amount of related party transactions	4,016	0	15,260
Eclicks [Member] | Advertising Services Purchased From Eclicks [Member]
Amount of related party transactions	30,516	36,434	98,530
NIO INC [Member] | Automobiles Purchased From NIO [Member]
Amount of related party transactions	1,742	5,184	0
NIO INC [Member] | Advertising Services Provided To NIO [Member]
Amount of related party transactions	¥ 83,066	¥ 30,629	¥ 27,360

Related party transactions - _2

Related party transactions - Summary of balances with related parties (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Due from Related Parties	¥ 123,902	¥ 181,495
Due to Related Parties	104,830	106,563
Chetuan [Member]
Due from Related Parties	27,694	105,919
Due to Related Parties	57,469	57,469
Anxinbao [Member]
Due from Related Parties	21,407	231
Eclicks [Member]
Due to Related Parties	20,676	38,840
Other Related Party [Member]
Due from Related Parties	609	130
Due to Related Parties	26,685	8,072
NIO INC [Member]
Due from Related Parties	74,192	21,109
JZG [Member]
Due from Related Parties	0	54,106
Due to Related Parties	¥ 0	¥ 2,182

Commitments and contingencies -

Commitments and contingencies - Summary of capital expenditure contracted for at the end of the year but not yet incurred (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Capital Commitment	¥ 0	¥ 7,007
Purchase of automobiles for future leases [Member]
Capital Commitment	¥ 0	¥ 7,007

Operating segment information_2

Operating segment information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue	¥ 10,752,917	¥ 10,579,609	¥ 8,751,259
Gross profit	6,508,165	6,335,211	5,516,579
Loss from operations	(956,237)	(465,506)	(1,076,593)
Advertising and subscription business
Revenue	3,897,044	4,074,218	3,922,158
Gross profit	3,310,789	3,414,173	3,076,332
Loss from operations	(329,929)	666,257	444,564
Transaction services business
Revenue	5,753,533	5,370,871	3,872,244
Gross profit	2,720,524	2,318,790	1,902,614
Loss from operations	(582,293)	(838,477)	(1,525,073)
Digital marketing solutions business
Revenue	1,102,340	1,134,520	956,857
Gross profit	476,852	602,248	537,633
Loss from operations	¥ (44,015)	¥ (293,286)	¥ 3,916

Operating segment information -

Operating segment information - Additional Information (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2019CNY (¥)segment	Dec. 31, 2018CNY (¥)segment	Dec. 31, 2017CNY (¥)segment
Number of Reportable Segments | segment	3	3	3
Funding Cost	¥ 1,900	¥ 2,050	¥ 1,140
Leasing Revenue	3,770	4,090	3,030
Advertising and subscription business
Depreciation, Depletion and Amortization	63	54.7	58.5
Transaction services business
Depreciation, Depletion and Amortization	686.9	862.1	788.7
Digital marketing solutions business
Depreciation, Depletion and Amortization	¥ 9.5	¥ 32.7	¥ 26.7

Restricted net assets (Details)

Restricted net assets (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2019CNY (¥)
Restricted net assets	The appropriation to the general reserve fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reach 50% of the registered capital of the entity. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the discretion of the respective entity. The appropriation to the statutory surplus fund must be at least 10% of the net income based on PRC accounting standards until such appropriations for the fund reached 50% of the registered capital of the entity. Appropriation to the discretionary surplus fund is made at the discretion of the respective entity. In addition, registered capital is also restricted from withdrawal in the PRC.
Companys subsidiaries VIEs and subsidiaries of VIEs [Member]
Registered capital and reserve funds	¥ 24,600

Parent company only condensed_3

Parent company only condensed financial information - Condensed Balance Sheets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	¥ 4,260,533	¥ 4,576,820
Total current assets	30,663,562	34,174,847
Non-current assets
Investment in equity investees	1,912,803	1,907,171	¥ 1,184,196	¥ 1,447,472
Intangible assets, net	381,749	996,941
Total non-current assets	17,713,482	25,569,091
Total assets	48,377,044	59,743,938
Current liabilities
Accruals and other payables	2,533,642	2,660,157
Total current liabilities	23,642,737	28,637,649
Non-current liabilities
Due to subsidiaries, VIEs and subsidiaries of VIEs	104,830	106,563
Convertible debt	0	774,703
Total non-current liabilities	4,978,086	10,797,852
Total liabilities	28,620,823	39,435,501
Shareholders' Equity
Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively)	20	19
Treasury shares	(241,572)	(333,985)
Accumulated other comprehensive income	650,773	601,423
Accumulated deficit	(3,312,204)	(2,124,549)
Total shareholders' equity	9,983,582	11,130,317
Total liabilities and shareholders' equity	48,377,044	59,743,938
Parent Company [Member]
Current assets
Cash and cash equivalents	4,206	44,056	¥ 66,662	¥ 154,020
Prepayments and other receivables	35,645	44,969
Total current assets	39,851	89,025
Non-current assets
Investments in subsidiaries, VIEs and subsidiaries of VIEs	6,261,629	6,860,452
Investment in equity investees	0	25,914
Intangible assets, net	171,467	801,347
Due from subsidiaries, VIEs and subsidiaries of VIEs	5,437,103	6,165,296
Total non-current assets	11,870,199	13,853,009
Total assets	11,910,050	13,942,034
Current liabilities
Accruals and other payables	50,640	57,874
Total current liabilities	50,640	57,874
Non-current liabilities
Due to subsidiaries, VIEs and subsidiaries of VIEs	1,875,828	1,979,140
Convertible debt	0	774,703
Total non-current liabilities	1,875,828	2,753,843
Total liabilities	1,926,468	2,811,717
Shareholders' Equity
Ordinary shares (US$0.00004 par value; 1,250,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 72,739,966 shares and 73,761,089 issued and outstanding as of December 31, 2018 and 2019, respectively)	20	19
Additional paid-in capital	12,664,018	12,782,826
Treasury shares	(241,572)	(333,985)
Statutory reserve	222,547	204,583
Accumulated other comprehensive income	650,773	601,423
Accumulated deficit	(3,312,204)	(2,124,549)
Total shareholders' equity	9,983,582	11,130,317
Total liabilities and shareholders' equity	¥ 11,910,050	¥ 13,942,034

Parent company only condensed_4

Parent company only condensed financial information - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common Stock, Par or Stated Value Per Share	$ 0.00004	$ 0.00004
Common Stock, Shares Authorized	1,250,000,000	1,250,000,000
Common Stock, Shares, Issued	73,761,089	72,739,966
Common Stock, Shares, Outstanding	73,761,089	72,739,966
Parent Company [Member]
Common Stock, Par or Stated Value Per Share	$ 0.00004	$ 0.00004
Common Stock, Shares Authorized	1,250,000,000	1,250,000,000
Common Stock, Shares, Issued	73,761,089	72,739,966
Common Stock, Shares, Outstanding	73,761,089	72,739,966

Parent company only condensed_5

Parent company only condensed financial information - Condensed Statements of Comprehensive Loss (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selling and administrative expenses	¥ (7,160,276)	¥ (6,370,718)	¥ (6,059,046)
Other gains	305,782	181,114	31,576
Loss from operations	(956,237)	(465,506)	(1,076,593)
Interest income	114,391	125,875	93,025
Interest expense	(147,387)	(79,090)	(92,633)
Share of results of equity investees	(74,111)	(76,810)	(71,866)
Loss before tax	(1,092,021)	(503,420)	(1,223,164)
Net loss	(1,200,118)	(608,352)	(1,611,114)
Other comprehensive income/(loss)
Foreign currency exchange (losses)/gains, net of tax of nil	67,803	153,894	(353,747)
Total comprehensive loss, net of tax	(1,150,768)	(475,186)	(1,885,159)
Parent Company [Member]
Selling and administrative expenses	(834,660)	(854,104)	(910,515)
Other gains	881	400	38,948
Loss from operations	(833,779)	(853,704)	(871,567)
Interest income	5	10	1,592
Interest expense	(99,622)	(46,767)	(77,158)
Share of results of equity investees	0	(40,502)	(52,055)
Equity in (loss)/profit of subsidiaries, VIEs and subsidiaries of VIEs	(363,255)	332,611	(611,926)
Investment income	96,533	0	0
Loss before tax	(1,200,118)	(608,352)	(1,611,114)
Net loss	(1,200,118)	(608,352)	(1,611,114)
Other comprehensive income/(loss)
Foreign currency exchange (losses)/gains, net of tax of nil	49,350	133,166	(274,045)
Total comprehensive loss, net of tax	¥ (1,150,768)	¥ (475,186)	¥ (1,885,159)

Parent company only condensed_6

Parent company only condensed financial information - Condensed Statements of Cash Flows (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net cash provided by operating activities	¥ 1,495,597	¥ 677,979	¥ 928,226
Net cash (used in)/provided by investing activities	7,647,007	(7,471,487)	(17,028,061)
Net cash provided by/(used in) financing activities	(11,029,806)	5,011,004	19,842,120
Cash and cash equivalents and restricted cash at beginning of the year	4,576,820
Cash and cash equivalents and restricted cash at end of the year	4,260,533	4,576,820
Parent Company [Member]
Net cash provided by operating activities	155,083	110,517	104,295
Net cash (used in)/provided by investing activities	545,399	92,800	(238,475)
Net cash provided by/(used in) financing activities	(833,128)	(296,719)	354,821
Effect of exchange rate changes on cash and cash equivalents	92,796	70,796	(307,999)
Decrease in cash and cash equivalents	(39,850)	(22,606)	(87,358)
Cash and cash equivalents and restricted cash at beginning of the year	44,056	66,662	154,020
Cash and cash equivalents and restricted cash at end of the year	¥ 4,206	¥ 44,056	¥ 66,662