Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38278 |
Entity Registrant Name | Jianpu Technology Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 5F Times Cyber Building |
Entity Address, Address Line Two | 19 South Haidian Road |
Entity Address, Address Line Three | Haidian District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Title of 12(b) Security | American depositary shares, eachrepresenting 20 Class A ordinary sharesClass A ordinary shares, par valueUS$0.0001 per share* |
Trading Symbol | JT |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001713923 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | People’s Republic of China |
Business Contact [Member] | |
Document and Entity Information | |
Entity Address, Address Line One | 5F Times Cyber Building |
Entity Address, Address Line Two | 19 South Haidian Road |
Entity Address, Address Line Three | Haidian District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
City Area Code | 10 |
Local Phone Number | 8262-5755 |
Contact Personnel Name | Yilü (Oscar) Chen |
Contact Personnel Email Address | ir@rong360.com |
Ordinary Shares | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 424,447,980 |
Class A ordinary shares | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 327,976,185 |
Class B ordinary shares | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 96,471,795 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 346,539 | $ 50,243 | ¥ 444,933 |
Time deposits | 10,000 | ||
Restricted time deposits | 297,634 | 43,153 | 234,601 |
Short-term investment | 35,950 | ||
Accounts receivable, net (including amounts billed through related party of RMB4,359 and nil as of December 31, 2021 and 2022, respectively) | 189,665 | 27,499 | 175,165 |
Amount due from related parties | 153 | 22 | 140 |
Prepayments and other current assets | 46,537 | 6,747 | 53,466 |
Total current assets | 880,528 | 127,664 | 954,255 |
Non-current assets: | |||
Property and equipment, net | 12,578 | 1,824 | 12,617 |
Intangible assets, net | 18,339 | 2,659 | 21,675 |
Goodwill | 10,236 | ||
Restricted cash and time deposits | 40,059 | 5,808 | 37,266 |
Other non-current assets | 10,758 | 1,560 | 33,873 |
Total non-current assets | 81,734 | 11,851 | 115,667 |
Total assets | 962,262 | 139,515 | 1,069,922 |
Current liabilities: | |||
Short-term borrowings | 253,481 | 36,751 | 181,853 |
Accounts payable (including amounts billed through related party of RMB2,384 and RMB5,652 as of December 31, 2021 and 2022, respectively; including amounts of the consolidated variable interest entities ("VIEs") of RMB29,858 and RMB19,436 as of December 31, 2021 and 2022 respectively | 96,729 | 14,024 | 103,782 |
Advances from customers (including amounts of the consolidated VIEs of RMB1,670 and RMB1,565 as of December 31, 2021 and 2022, respectively | 46,920 | 6,803 | 47,221 |
Tax payable (including amounts of the consolidated VIEs of RMB13,606 and RMB8,470 as of December 31, 2021 and 2022, respectively | 9,662 | 1,401 | 14,670 |
Amount due to related parties | 13,534 | 1,962 | 29,270 |
Accrued expenses and other current liabilities (including amounts of the consolidated VIEs of RMB65,464 and RMB6,144 as of December 31, 2021 and 2022, respectively. | 88,871 | 12,885 | 152,521 |
Total current liabilities | 509,197 | 73,826 | 529,317 |
Non-current liabilities: | |||
Deferred tax liabilities | 3,644 | 528 | 4,549 |
Other non-current liabilities | 13,096 | 1,900 | 13,604 |
Total non-current liabilities | 16,740 | 2,428 | 18,153 |
Total liabilities | 525,937 | 76,254 | 547,470 |
Commitments and contingencies | |||
Mezzanine equity: | |||
Redeemable noncontrolling interest | 0 | 1,689 | |
Shareholders' equity: | |||
Ordinary shares | 286 | 41 | 286 |
Treasury stock, at cost (6,786,317 and 6,015,817 shares held as of December 31, 2021 and 2022, respectively) | (77,499) | (11,236) | (88,130) |
Additional paid-in capital | 1,891,266 | 274,208 | 1,902,587 |
Accumulated losses | (1,424,153) | (206,483) | (1,299,846) |
Statutory reserves | 2,027 | 294 | 2,027 |
Accumulated other comprehensive income/(loss) | 37,941 | 5,501 | (15,419) |
Total Jianpu's shareholders' equity | 429,868 | 62,325 | 501,505 |
Noncontrolling interests | 6,457 | 936 | 19,258 |
Total shareholders' equity | 436,325 | 63,261 | 520,763 |
Total liabilities, mezzanine equity and shareholders' equity | ¥ 962,262 | $ 139,515 | ¥ 1,069,922 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares |
Accounts receivable, amounts billed through RONG360 | ¥ | ¥ 0 | ¥ 4,359 |
Accounts payable, billed through related party, current | ¥ | 5,652 | 2,384 |
Accounts payable | 96,729 | 103,782 |
Advances from customers | 46,920 | 47,221 |
Tax payable | 9,662 | 14,670 |
Accrued expenses and other current liabilities | 88,871 | 152,521 |
Other non-current liabilities | ¥ 13,096 | ¥ 13,604 |
Ordinary shares, shares issued (in shares) | 430,463,797 | 430,463,797 |
Ordinary shares, shares outstanding (in shares) | 424,447,980 | 423,677,480 |
Treasury stock (in shares) | 6,015,817 | 6,786,317 |
Consolidated variable interest entity ("VIE") | ||
Accounts payable | ¥ 19,436 | ¥ 29,858 |
Advances from customers | 1,565 | 1,670 |
Tax payable | ¥ | 8,470 | 13,606 |
Accrued expenses and other current liabilities | 6,144 | ¥ 65,464 |
Other non-current liabilities | ¥ 780 | |
Class A ordinary shares | ||
Ordinary shares, shares issued (in shares) | 333,992,002 | 333,992,002 |
Ordinary shares, shares outstanding (in shares) | 327,976,185 | 327,205,685 |
Class B ordinary shares | ||
Ordinary shares, shares issued (in shares) | 96,471,795 | 96,471,795 |
Ordinary shares, shares outstanding (in shares) | 96,471,795 | 96,471,795 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenues: | ||||
Total revenues | ¥ 989,675 | $ 143,489 | ¥ 805,047 | ¥ 585,762 |
Costs and expenses: | ||||
Cost of promotion and acquisition (including cost from related parties of nil, nil and RMB207 for the years ended December 31, 2020, 2021 and 2022, respectively) | (693,272) | (100,515) | (562,081) | (379,380) |
Cost of operation (including cost from related parties of RMB2,102, RMB883 and RMB386 for the years ended December 31, 2020, 2021 and 2022, respectively) | (83,995) | (12,178) | (88,049) | (91,910) |
Total cost of services | (777,267) | (112,693) | (650,130) | (471,290) |
Sales and marketing expenses (including expenses from related parties of RMB206, RMB124 and nil for the years ended December 31, 2020, 2021 and 2022, respectively) | (134,308) | (19,473) | (143,460) | (128,600) |
Research and development expenses (including expenses from related parties of RMB 1,480, RMB685 and RMB871 for the years ended December 31, 2020, 2021 and 2022, respectively) | (113,965) | (16,523) | (132,427) | (154,775) |
General and administrative expenses | (102,831) | (14,909) | (137,533) | (136,581) |
Impairment of goodwill and intangible assets acquired from business combination | (13,327) | (1,932) | (16,893) | |
Loss from operations | (152,023) | (22,041) | (258,503) | (322,377) |
Net interest expenses | (3,724) | (540) | (4,193) | (2,290) |
Others, net | 20,578 | 2,984 | 58,020 | 11,238 |
Loss before income tax | (135,169) | (19,597) | (204,676) | (313,429) |
Income tax benefits | 918 | 133 | 582 | 1,283 |
Net loss | (134,251) | (19,464) | (204,094) | (312,146) |
Less: net loss attributable to noncontrolling interests | (9,944) | (1,442) | (4,309) | (7,999) |
Net loss attributable to Jianpu Technology Inc. | (124,307) | (18,022) | (199,785) | (304,147) |
Accretion of mezzanine equity | (7,353) | (1,066) | 0 | 0 |
Net loss attributable to Jianpu's shareholders | (131,660) | (19,088) | (199,785) | (304,147) |
Foreign currency translation adjustments | 53,349 | 7,735 | (16,453) | (52,185) |
Total other comprehensive income/(loss) | 53,349 | 7,735 | (16,453) | (52,185) |
Total comprehensive loss | (80,902) | (11,729) | (220,547) | (364,331) |
Less: total comprehensive income attributable to noncontrolling interests | (9,955) | (1,443) | (4,341) | (8,878) |
Total comprehensive loss attributable to Jianpu Technology Inc. | (70,947) | (10,286) | (216,206) | (355,453) |
Total comprehensive loss attributable to Jianpu's shareholders | ¥ (78,300) | $ (11,352) | ¥ (216,206) | ¥ (355,453) |
Net loss per share attributable to Jianpu's shareholders | ||||
Basic (in dollars per share) | (per share) | ¥ (0.31) | $ (0.05) | ¥ (0.47) | ¥ (0.72) |
Diluted (in dollars per share) | (per share) | ¥ (0.31) | $ (0.05) | ¥ (0.47) | ¥ (0.72) |
Weighted average number of shares | ||||
Basic (in shares) | 424,031,623 | 424,031,623 | 423,661,496 | 423,096,353 |
Diluted (in shares) | 424,031,623 | 424,031,623 | 423,661,496 | 423,096,353 |
ADS | ||||
Net loss per share attributable to Jianpu's shareholders | ||||
Basic (in dollars per share) | (per share) | ¥ (6.21) | $ (1.48) | ¥ (9.43) | ¥ (14.38) |
Diluted (in dollars per share) | (per share) | ¥ (6.21) | $ (0.90) | ¥ (9.43) | ¥ (14.38) |
Recommendation services | ||||
Revenues: | ||||
Total revenues | ¥ 731,742 | $ 106,092 | ¥ 575,242 | ¥ 404,381 |
Loans (including revenues from related parties of RMB4,757, RMB488 and RMB903 for the years ended December 31, 2020, 2021 and 2022, respectively) | ||||
Revenues: | ||||
Total revenues | 258,069 | 37,416 | 167,483 | 109,814 |
Credit cards | ||||
Revenues: | ||||
Total revenues | 473,673 | 68,676 | 407,759 | 294,567 |
Big data and system-based risk management services (including revenues from related parties of RMB3,626, RMB4,282 and RMB4,803 for the years ended December 31, 2020, 2021 and 2022, respectively) | ||||
Revenues: | ||||
Total revenues | 96,917 | 14,052 | 130,408 | 144,227 |
Advertising, marketing and other services | ||||
Revenues: | ||||
Total revenues | ¥ 161,016 | $ 23,345 | ¥ 99,397 | ¥ 37,154 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Oct. 30, 2020 | Oct. 29, 2020 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Promotion and acquisition costs from related party | ¥ 207 | ¥ 0 | |||
Cost from related party | 386 | 883 | ¥ 2,102 | ||
ADS Ratio | 0.05 | 0.4 | |||
Related Party Costs | 386 | 883 | 2,102 | ||
Research and development expenses from related parties | 871 | 685 | 1,480 | ||
Promotion and acquisition cost | 693,272 | 562,081 | 379,380 | ||
Cost of revenues | |||||
Promotion and acquisition cost | 26,261 | ||||
Sales and marketing expenses | |||||
Promotion and acquisition cost | 353,119 | ||||
Loans | |||||
Revenues from related party | 903 | 488 | 4,757 | ||
Big data and system-based risk management services (including revenues from related parties of RMB3,626, RMB4,282 and RMB4,803 for the years ended December 31, 2020, 2021 and 2022, respectively) | |||||
Revenues from related party | 4,803 | 4,282 | 3,626 | ||
Advertising, marketing and other services | |||||
Sales and marketing, expenses from related party | ¥ 0 | ¥ 124 | ¥ 206 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | Ordinary Shares CNY (¥) shares | Treasury stock CNY (¥) shares | Additional paid in capital CNY (¥) | Statutory reserves CNY (¥) | Accumulated other comprehensive income/(loss) CNY (¥) | Accumulated losses Cumulative effect period adjusted balance CNY (¥) | Accumulated losses CNY (¥) | Noncontrolling interests CNY (¥) | Cumulative effect period adjusted balance CNY (¥) | CNY (¥) | USD ($) |
Beginning balance at Dec. 31, 2019 | ¥ 286 | ¥ (102,222) | ¥ 1,902,105 | ¥ 1,900 | ¥ 52,308 | ¥ (792,985) | ¥ 5,013 | ¥ 1,066,405 | |||
Beginning Balance (in shares) at Dec. 31, 2019 | shares | 430,463,797 | 7,780,062 | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation | (4,329) | (4,329) | |||||||||
Net loss | (304,147) | (4,046) | (308,193) | ||||||||
Exercise of share based awards | ¥ 13,367 | (11,825) | 1,542 | ||||||||
Exercise of share based awards (in shares) | shares | 943,745 | ||||||||||
Share-based awards to employees of non-platform business | 171 | 171 | |||||||||
Deemed dividends to RONG360 in connection with the share-based awards granted to employees of Non-platform business | (171) | (171) | |||||||||
Currency translation adjustment | (51,306) | (731) | (52,037) | ||||||||
Noncontrolling interests arising from business combinations | 23,597 | 23,597 | |||||||||
Ending Balance at Dec. 31, 2020 | ¥ 286 | ¥ (88,855) | 1,885,951 | 1,900 | 1,002 | ¥ (2,802) | (1,099,934) | 23,833 | ¥ (2,802) | 724,183 | |
Ending balance (in shares) at Dec. 31, 2020 | shares | 430,463,797 | 6,836,317 | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation | 17,357 | 17,357 | |||||||||
Net loss | (199,785) | (4,403) | (204,188) | ||||||||
Exercise of share based awards | ¥ 725 | (721) | 4 | ||||||||
Exercise of share based awards (in shares) | shares | 50,000 | ||||||||||
Share-based awards to employees of non-platform business | 42 | 42 | |||||||||
Deemed dividends to RONG360 in connection with the share-based awards granted to employees of Non-platform business | (42) | (42) | |||||||||
Statutory reserves | 127 | (127) | |||||||||
Currency translation adjustment | (16,421) | (172) | (16,593) | ||||||||
Ending Balance at Dec. 31, 2021 | ¥ 286 | ¥ (88,130) | 1,902,587 | 2,027 | (15,419) | (1,299,846) | 19,258 | 520,763 | |||
Ending balance (in shares) at Dec. 31, 2021 | shares | 430,463,797 | (6,786,317) | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation | 6,578 | 6,578 | |||||||||
Net loss | (124,307) | (10,181) | (134,488) | ||||||||
Exercise of share based awards | ¥ 10,631 | (10,488) | 143 | ||||||||
Exercise of share based awards (in shares) | shares | 770,500 | ||||||||||
Share-based awards to employees of non-platform business | 17 | 17 | |||||||||
Deemed dividends to RONG360 in connection with the share-based awards granted to employees of Non-platform business | (17) | (17) | $ (2) | ||||||||
Currency translation adjustment | 53,360 | (11) | 53,349 | ||||||||
Ending Balance at Dec. 31, 2022 | ¥ 286 | ¥ (77,499) | 1,891,266 | ¥ 2,027 | ¥ 37,941 | ¥ (1,424,153) | 6,457 | 436,325 | $ 63,261 | ||
Ending balance (in shares) at Dec. 31, 2022 | shares | 430,463,797 | 6,015,817 | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Accretion of mezzanine equity | (7,353) | (7,353) | |||||||||
Share-based compensation settled by subsidiaries' shares | ¥ (58) | 58 | |||||||||
Deconsolidaton of a subsidiary | (3,244) | (3,244) | |||||||||
Redeemable non-controlling interest shareholder exercise of put option | ¥ 577 | ¥ 577 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (134,251) | $ (19,464) | ¥ (204,094) | ¥ (312,146) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization expenses | 4,457 | 646 | 11,112 | 18,634 |
Share-based compensation expenses | 6,578 | 954 | 17,357 | (4,329) |
Allowance for credit losses | 1,976 | 286 | (824) | 13,065 |
Provision for other current assets | 2,724 | 395 | 1,232 | |
Investment income | (23,386) | (3,391) | (51,142) | |
Investment impairment loss | 17,798 | 2,580 | ||
Impairment of goodwill and intangible assets acquired from business combination | 13,327 | 1,932 | 16,893 | |
Foreign exchange gain and loss | (139) | (20) | 1,299 | 3,997 |
Deferred income tax | (918) | (133) | (585) | (1,648) |
Loss/(gain) on disposal of property and equipment | (173) | (25) | 42 | (773) |
Changes in operating assets and liabilities: | ||||
Account receivable, net | (16,793) | (2,435) | (35,692) | 98,718 |
Amount due from related parties | 732 | 6,768 | ||
Prepayments and other current assets | 3,413 | 495 | 9,383 | 61,829 |
Other non-current assets | 4,368 | 633 | 8,308 | (1,659) |
Accounts payable | (6,293) | (912) | 19,567 | 664 |
Advance from customers | (350) | (51) | (7,054) | 8,089 |
Amount due to related parties | (15,736) | (2,282) | 19,775 | (24,815) |
Tax payable | (245) | (36) | (9,389) | 1,768 |
Accrued expenses and other current liabilities | (10,722) | (1,555) | (68,345) | 2,715 |
Other non-current liabilities | (230) | (33) | (6,270) | 4,732 |
Net cash used in operating activities | (154,595) | (22,416) | (294,588) | (107,498) |
Cash flows from investing activities: | ||||
Proceeds from maturity of short-term investments | 32,101 | 4,654 | 163,270 | 48,600 |
Purchases of short-term investments | (30,000) | (4,350) | (169,620) | (40,000) |
Purchases of intangible assets, property and equipment | (1,806) | (262) | (3,142) | (4,131) |
Proceeds from sale of property and equipment | 191 | 28 | 130 | 7,746 |
Cash paid for long-term investments | (3,000) | (861) | ||
Cash received from long-term investments | 60,559 | |||
Cash paid for business combination, net of cash acquired (Note 8) | (13,244) | |||
Placement of time deposits | (10,000) | |||
Purchase of restricted time deposits | (45,486) | (6,595) | (1,688) | (89,375) |
Cash netflow from deconsolidation of subsidiaries, net of cash disposed | 5,074 | 736 | ||
Net cash provided by/(used in) investing activities | (39,926) | (5,789) | 36,509 | (91,265) |
Cash flows from financing activities: | ||||
Proceeds from short-term borrowings | 253,481 | 36,751 | 297,542 | 208,477 |
Repayment of short-term borrowings | (181,853) | (26,366) | (274,166) | (110,000) |
Proceeds from employees exercising stock options | 143 | 21 | 4 | 120 |
Purchase of additional shares held by noncontrolling interests shareholder | (8,702) | (1,262) | ||
Net cash provided by financing activities | 63,069 | 9,144 | 23,380 | 98,597 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 33,265 | 4,825 | (10,580) | (34,031) |
Net decrease in cash and cash equivalents and restricted cash | (98,187) | (14,236) | (245,279) | (134,197) |
Cash and cash equivalents and restricted cash at beginning of the year | 453,906 | 65,810 | 699,185 | 833,382 |
Cash and cash equivalents at beginning of the year | 444,933 | 64,509 | 549,979 | 694,910 |
Restricted cash at beginning of the year | 8,973 | 1,301 | 149,206 | 138,472 |
Cash and cash equivalents and restricted cash at end of the year | 355,719 | 51,574 | 453,906 | 699,185 |
Cash and cash equivalents at end of the year | 346,539 | 50,243 | 444,933 | 549,979 |
Restricted cash at end of the year | 9,180 | 1,331 | 8,973 | 149,206 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for income tax expenses | 5,296 | 350 | ||
Cash paid for interest expense | 8,337 | 1,209 | 5,877 | 5,630 |
Non-cash investing and financing activities: | ||||
Deemed dividends to RONG360 in connection with the share-based awards granted to employees of Non-platform business (Note 18) | ¥ 17 | $ 2 | ¥ 42 | ¥ 171 |
Nature of operations and reorga
Nature of operations and reorganization | 12 Months Ended |
Dec. 31, 2022 | |
Nature of operations and reorganization | |
Nature of operations and reorganization | 1. Nature of operations and reorganization (a) Nature of operations Jianpu Technology Inc. (“Jianpu” or the “Company”) is a holding company and conducts its business mainly through its subsidiaries and variable interest entities (“VIEs”). Jianpu, its subsidiaries, and VIEs together are referred to as the “Group”. The Group is primarily engaged in the operation of its platform for providing online discovery and recommendation services of financial products. The individual users can have access to financial products through the platform, including loans, credit cards, insurance products and other financial products. The Group recommends financial products to individual users and assists the financial service providers in targeting users with specific characteristics based on the users’ financial needs and profile, as well as the products offerings and risk appetite of the financial service providers (“Recommendation Services”). The Group also provides big data and system-based risk management services, marketing and other services primarily to financial service providers. All these services together as referred to as “Platform Business”. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). (b) Reorganization in 2017 Jianpu is an exempted company with limited liability incorporated in the Cayman Islands on June 1, 2017 in connection with a group reorganization (the ”Reorganization”) of RONG360. Jianpu as the holding company for the Group was set up by RONG360 as a wholly owned subsidiary in June 2017. Prior to the Reorganization, the Platform Business was carried out by various subsidiaries and a VIE of RONG360. Pursuant to a series of agreements entered into by the Group’s entities and RONG360 group entities in August and September 2017 in connection with the Reorganization, all operating assets and liabilities relating to the Platform Business were transferred to the Group as capital contribution, and the ownership structure of then-existed subsidiaries and VIE of the Group was established. Subsequent to the transfer of all operating assets and liabilities, the key employees, business contracts and operations relating to the Platform Business were transferred to the Group. The Reorganization was completed by the end of October 2017. Since the Reorganization, services agreement between the Group entities and RONG360 group entities was entered into with respect to various ongoing relationships between the Group and RONG360 group entities. Pursuant to the services agreement, the Group entities provide RONG360 group entities with various corporate support services, including operational, administrative, human resources, legal, accounting and internal control support. Besides the Platform Business, RONG360 also operated digital lending business (the “Non-platform business”), which continues to be carried out by RONG360 through its relevant subsidiaries and VIEs after the Reorganization. (c) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and VIEs for which Jianpu is the ultimate primary beneficiary. All significant intra-company balances and transactions within the Jianpu Group have been eliminated upon consolidation. See Note 1(d)(e)(f)—VIEs for discussion of the consolidation of the VIEs. (d) Major subsidiaries, VIEs and subsidiary of VIEs As of December 31, 2022, the Company’s major subsidiaries, consolidated VIEs and subsidiary of VIE are as follows: Percentage of direct or indirect Date of Place of economic incorporation incorporation interest Principal activities The Company: Jianpu June 1, 2017 The Cayman Islands Investment holding Major subsidiaries of the Company: Jianpu (Hong Kong) Limited (“Jianpu HK”) June 19, 2017 Hong Kong 100 % Investment holding Beijing Rongqiniu Information Technology Co., Ltd. August 21, 2017 PRC 100 % Platform business Beijing Rongsanliuling Information Technology Co., Ltd. November 5, 2018 PRC 100 % Platform business CC Information Limited Acquired in August 2019 Hong Kong 85.00 % Platform business Shanghai Chengjian Information Technology Co., Ltd. February 26, 2019 PRC 100 % Platform business Newsky Wisdom Treasure (Beijing) Co., Ltd. (“Newsky Wisdom”) Acquired on April 1, 2020 (Note 8) PRC 50.50 % Platform business Major VIEs consolidated without equity ownership: Beijing Rongdiandian Information Technology Co., Ltd. March 3, 2017 PRC 100 % Platform business Beijing Kartner Information Technology Co., Ltd. (“KTN”) Acquired in October 2018 PRC 100 % Platform business Beijing Guangkezhixun Information Technology Co., Ltd. July 31, 2019 PRC 100 % Platform business Major subsidiary of VIE: Shanghai Anguo Insurance Brokerage Co., Ltd. (“Anguo”) Acquired in December 2019 PRC 100 % Platform business (e) Variable interest entities In order to comply with the PRC laws and regulations which restrict and impose conditions on foreign direct investment in companies involved in the value-added telecommunication services, the Group operates certain businesses in the PRC through a number of PRC domestic companies, whose equity interests are held by certain management members, family members of founders or current employees of the Company as nominee shareholders. The Group obtained control over these PRC domestic companies through certain PRC subsidiaries, by entering into a series of contractual arrangements with these PRC domestic companies and their nominee shareholders. To comply with PRC laws and regulations which restrict and impose conditions on foreign ownership of value-added telecommunication services, the nominee shareholders are legal owners of an entity. However, the rights of those nominee shareholders have been transferred to the Group’s relevant PRC subsidiaries through such contractual arrangements. These contractual arrangements include exclusive purchase option agreements, exclusive business cooperation agreements, equity pledge agreements and power of attorney. Management concluded that the Group’s relevant PRC subsidiaries, through the contractual arrangements, have the power to direct the activities that most significantly impact economic performance of these PRC domestic companies, bear the risks of and enjoy the rewards normally associated with ownership of these PRC domestic companies. Therefore, these PRC domestic companies are VIEs of the Group’s relevant PRC subsidiaries, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial statements of these PRC domestic companies. The following is a summary of the contractual arrangements that the Company’s subsidiaries entered into with VIEs and their nominee shareholders: ● Exclusive Purchase Option Agreement The nominee shareholders of the VIEs have granted the Company’s relevant PRC subsidiaries the exclusive and irrevocable option to purchase from the nominee shareholders, to the extent permitted under PRC laws and regulations, part or all of their equity interests in these entities at the lowest price permitted by the laws of the PRC applicable at the time of exercise. The nominee shareholders of the VIEs have agreed the Company’s relevant PRC subsidiaries to grant the exclusive and irrevocable option to purchase, to the extent permitted under PRC laws and regulations, part or all of VIEs’ assets at the price equal to the higher one of net book value of the purchased assets and the lowest price permitted by the applicable laws of the PRC. The Company’s relevant PRC subsidiaries may exercise such options at any time. In addition, the VIEs and their nominee shareholders have agreed that without prior written consent of the Company’s relevant PRC subsidiaries, they shall not sell, transfer, mortgage or dispose of any assets or equity interests of the VIEs or declare any dividend. ● Exclusive Business Cooperation Agreement The Company’s relevant PRC subsidiaries and the VIEs entered into exclusive business cooperation agreement under which the VIEs engage the Company’s relevant PRC subsidiaries as their exclusive provider of technical services and business consulting services. The VIEs shall pay to the Company’s relevant PRC subsidiaries service fees, which is determined by the Company’s relevant PRC subsidiaries at their sole discretion. The Company’s relevant PRC subsidiaries shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising from the performance of the agreement. During the term of the agreement, the VIEs shall not accept any consultations and/or services provided by any third party and shall not cooperate with any third party for the provision of identical or similar services without prior consent of the Company’s relevant PRC subsidiaries. ● Equity Pledge Agreement Pursuant to the relevant equity pledge agreement, the nominee shareholders of the VIEs have pledged all of their equity interests in the VIEs to the Company’s relevant PRC subsidiaries as collateral for all of the VIEs’ payments due to the Company’s relevant PRC subsidiaries and to secure the VIEs’ obligations under the exclusive business cooperation agreement, exclusive purchase option agreement and power of attorney. The nominee shareholders shall not transfer or assign the equity interests, the rights and obligations in the equity pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Company’s relevant PRC subsidiaries without their written consent. The Company’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Company’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate payment of the unpaid service fee and other amounts due to the Company’s relevant PRC subsidiaries, and/or to dispose of the pledged equity. ● Power of Attorney Pursuant to the irrevocable power of attorney, the Company’s relevant PRC subsidiaries are authorized by each of the nominee shareholders as their attorney in- fact to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, the sale or transfer or pledge or disposition of all or part of the nominee shareholders’ equity interests, and designate and appoint directors, chief executive officers and general manager, and other senior management members of the VIEs. Each power of attorney will remain in force during the period when the nominee shareholder continues to be shareholder of the VIEs, unless the Company’s relevant PRC subsidiaries issue adverse instructions in writing. Each nominee shareholder has waived all the rights which have been authorized to the Company’s relevant PRC subsidiaries under each power of attorney. (f) Risks in relation to the VIE structure In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders are also management members or family members of founders of the Group or current employees of the Group and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements. On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, and on December 26, 2019, the State Council promulgated the Implementing Rules of the Foreign Investment Law of the People’s Republic of China, or the Implementing Rules, to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing Rules both took effect on January 1, 2020. The Foreign Investment Law and the Implementing Rules do not explicitly classify whether variable interest entities that are controlled through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately “controlled” by foreign investors. Since the Foreign Investment Law and the Implementing Rules are relatively new, uncertainties still exist in relation to their interpretation and implementation, and it is still unclear how the Foreign Investment Law and the Implementing Rules would affect the Group’s variable interest entity structure and business operation. The Group’s ability to control the VIEs also depend on the power of attorney that the subsidiaries of the Group has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Group believes these power of attorney are legally enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure and the contractual arrangements with the VIEs through which the Group conducts its business in the PRC were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities could: ● revoke or refuse to grant or renew the Group’s business and operating licenses; ● restrict or prohibit related party transactions between the subsidiaries of the Group and the VIEs; ● impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; ● require the Group to alter, discontinue or restrict its operations; ● restrict or prohibit the Group’s ability to finance its operations, and; ● take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. Additionally, the nominee shareholders of the VIEs are the management members, family members of founders or current employees of the Company. Shareholders of the VIEs are certain nominee shareholders from the Company. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIE depend on these individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the VIE may not be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced. The Group’s operations depend on the VIEs to honour their contractual agreements with the Group and the Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote. The following financial information of the VIEs were included in the Group’s consolidated financial statements as of December 31, 2021 and 2022, and for the years ended December 31, 2020, 2021 and 2022. As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(f) Cash and cash equivalents 16,439 33,541 4,863 Accounts receivable, net 42,006 44,411 6,439 Amount due from related party other than the subsidiaries of the Group 29,500 27,703 4,017 Amount due from the subsidiaries of the Group* — 6,895 1,000 Prepayments and other current assets 7,148 11,388 1,651 Property and equipment, net 10,143 10,028 1,454 Intangible assets, net 14,937 13,785 1,999 Restricted time deposits-non-current 5,000 5,000 725 Other non-current assets 33 3,962 573 Total assets 125,206 156,713 22,721 Accounts payable 29,858 19,436 2,818 Advances from customers 1,670 1,565 227 Tax payable 13,606 8,470 1,228 Amount due to the subsidiaries of the Group* 13,652 130,796 18,964 Amount due to related party other than the subsidiaries of the Group 2,347 706 102 Accrued expenses and other current liabilities 65,464 6,144 891 Deferred tax liabilities 3,715 3,429 497 Other non-current liabilities — 780 113 Total liabilities 130,312 171,326 24,840 * The balances are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Revenues: Third-party revenues 54,782 145,538 182,582 26,472 Inter-company revenues* 230,809 266,617 262,936 38,122 Total revenues 285,591 412,155 445,518 64,594 Third-party costs and expenses (326,883) (442,995) (448,782) (65,067) Inter-company costs and expenses* (33,500) (33,242) (28,278) (4,100) Total costs and expenses (360,383) (476,237) (477,060) (69,167) Others 1,647 1,303 5,172 750 Loss before income tax (73,145) (62,779) (26,370) (3,823) Income tax benefits 884 285 286 41 Net loss (72,261) (62,494) (26,084) (3,782) * The transactions are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Cash flows from operating activities Net cash used in transactions with third-party (398,659) (456,230) (425,389) (61,675) Net cash provided by transactions with inter-company 408,880 430,329 442,965 64,224 Net cash provided by/(used in) operating activities 10,221 (25,901) 17,576 2,549 Cash flows from investing activities Net cash provided by transactions with third-party 3,464 10,544 — — Cash outflow from deconsolidation of subsidiaries, net of cash disposed — — (474) (69) Net cash (used in)/provided by investing activities 3,464 10,544 (474) (69) Cash flows from financing activities Net cash provided by transactions with inter-company 9,600 1,000 — — Net cash provided by financing activities 9,600 1,000 — — Net increase/(decrease) in cash and cash equivalents and restricted cash 23,285 (14,357) 17,102 2,480 Cash and cash equivalents and restricted cash at beginning of the year 7,511 30,796 16,439 2,383 Cash and cash equivalents at end of the year 30,796 16,439 33,541 4,863 (g) COVID-19 impact China began to modify its zero-COVID policy at the end of 2022, and most of the travel restrictions and quarantine requirements were lifted in December 2022. There were surges of cases in many cities during this time which caused disruption to our and our business partners’ operations, and there remains uncertainty as to the future impact of the virus, especially in light of this change in policy. The extent to which the pandemic impacts our results of operations going forward will depend on future developments which are highly uncertain and unpredictable, including the frequency, duration and extent of outbreaks of COVID-19, the appearance of new variants with different characteristics, the effectiveness of efforts to contain or treat cases, and future actions that may be taken in response to these developments. China may experience lower domestic consumption, higher unemployment, severe disruptions to exporting of goods to other countries and greater economic uncertainty, which may impact our business in a materially negative way. The financial services providers on our platform will need time to recover from the economic effects of the pandemic even after business conditions begin to return to normal. Consequently, the COVID-19 pandemic may continue to materially and adversely affect our business, financial condition and results of operations in the current and future years. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
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 have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and revenues and expenses. On an on-going basis, management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical for fully understanding and evaluating its consolidated financial statements. (b) Noncontrolling interests For the Company’s consolidated subsidiaries, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. 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 loss to distinguish the interests from that of the Group. Changes in the Company’s ownership interest while the Company retains its controlling interest in its subsidiary or VIE shall be accounted for as equity transactions. Therefore, no gain or loss will be recognized in consolidated net loss or comprehensive loss. The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary or VIE. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted will be recognized in equity attributable to the Company. (c) Redeemable noncontrolling interests For the Company’s consolidated subsidiaries and VIEs, redeemable noncontrolling interests are recognized as a mezzanine equity. When the non-controlling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the non-controlling interest is classified as mezzanine equity according to ASC 480. There is a contingent put option granted to the non-controlling shareholder of a subsidiary from a business acquisition in 2019 (see Note 8(b)), according to which, under certain situation which is not solely within the control of the Company, the noncontrolling interest shareholder could put all his shares to the Company. The Company recognized such noncontrolling interest with the embedded put option as mezzanine equity and evaluates the possibility of the redemption at every balance sheet date, the Company recorded accretions of the mezzanine equity when the redemption becomes probable. The accretion process of adjusting redeemable noncontrolling interest to its redemption value is performed after attribution of the subsidiary’s net income or loss pursuant to ASC 810, Consolidation. The redemption value was calculated according to the terms agreed with the noncontrolling interest shareholder. In 2022, the redeemable noncontrolling interest shareholder had exercised the put option, and the Company had no further redeemable noncontrolling interest since then. The balance of redeemable noncontrolling interest as of December 31, 2021 and 2022 were RMB1,689 and nil ,respectively, and the accretion of the mezzanine equity recognized for the years ended December 31, 2020, 2021 and 2022 were nil, nil and RMB7,353 (US$1,066), respectively. (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s financial statements include, but are not limited to, valuation and recognition of share-based compensation expenses, fair value of assets and liabilities acquired in business combinations, assessment of impairment of long-lived assets and goodwill, allowance for credit losses(for details please refer to Note 2(j)) and valuation allowances for deferred tax assets. Actual results could differ from those estimates. (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiaries incorporated in Hong Kong (“HK”) and Singapore is United States dollars (“US$”). The Group’s PRC subsidiaries and VIEs determined their functional currency to be RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured 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 loss. The financial statements of the Group’s non-PRC entities are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive income/(loss) in the consolidated statements of changes in shareholders’ equity. Total foreign currency translation adjustments included in the Group’s other comprehensive income/(loss) were loss of RMB52,185, RMB16,453 and income of RMB53,349 for the years ended December 31, 2020, 2021 and 2022, respectively. (f) Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8972 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. (g) Cash and cash equivalents and time deposits Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. Under existing PRC foreign exchange regulations, payments of current accounts, including profit distributions, interest payments and trade and services-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. However, approval from or registration with competent government authorities is required where the Renminbi is to be converted into foreign currency and remitted out of mainland China to pay capital expenditures. Time deposits represent time deposits placed with banks with original maturities of three months or more. (h) Restricted cash and time deposits Cash and time deposits that are restricted as to withdrawal or use for current operations are classified as restricted cash and restricted time deposits, respectively. In the event that the restriction is expected to be removed within the next twelve months, the relevant assets are classified as current assets. Otherwise, they are classified as non-current assets. (i) Short-term investments Short-term investments include wealth management product with variable interest rates or principal not-guaranteed with certain financial institutions. In accordance with ASC 825, Financial Instruments, for financial products with variable interest rates referenced to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carries these investments at fair value. Changes in the fair value of these investments are reflected in the consolidated statements of comprehensive loss as investment income and included in “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period. The Group classifies these inputs as Level 2 fair value measurement. (j) Receivables, net Accounts receivable and other receivables recorded in prepayments and other current assets (collectively defined as “Receivables”) are stated at the historical carrying amount net of write-offs and allowance for credit losses. Prior to January 1, 2020, the Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit-worthiness, and current economic trends. Accounts receivable balances are written off after all collection efforts have been exhausted. Starting from January 1, 2020, the Group adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which replaces the existing incurred loss impairment model with an expected loss methodology on the measurement of credit losses for financial assets measured at amortized cost. The Group’s receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group’s customer collection trends. The Group has identified the relevant credit risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar credit risk characteristics have been grouped into pools. For each pool, the Group determines an expected loss rate based on historical loss experience adjusted for judgments about the effects of relevant observable data including current and future economic conditions. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group used a modified retrospective approach with acumulative-effect of an increase of approximately RMB2.8 million in the allowance for credit losses upon the initial adoption of this guidance, of which the expected loss amount of accounts receivable was RMB1.1million. (k) Long-term investments The Group measures long-term equity investments other than equity method investments at fair value through earnings along with Accounting Standards Update (“ASU”) 2016-01. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group assesses these investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, and other company-specific information. The Group uses a combination of valuation methodologies in determination of the fair value, including market and income approaches based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors and selection of the comparable companies. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If this assessment indicates that an impairment exists, the Group will estimate the fair value of the investment and, if the fair value is less than carrying value, the Group will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive loss. The Group recognized impairment loss of long-term investment amounted nil, nil and RMB14.8 million (for details please refer to Note 12) for the years of 2020, 2021 and 2022, respectively. (l) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extend the useful lives of property and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. (m) Intangible assets, net Intangible assets acquired through business combinations are recognized as assets separated from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets purchased are recognized and measured at fair value upon acquisition. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment, if any. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives. Crypto assets held by the Group through third-party custodian service providers include Conflux Token, which are accounted for as intangible assets under the cost model. The Group has ownership of and control over the crypto assets held and employs the third-party custodian service provider to securely store them. The crypto assets held by the Group are considered to have an indefinite life and not subject to amortization. Accordingly, they are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Amortization is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years (n) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. 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. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of cost 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 subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. (o) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries and consolidated VIEs. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis by the end of year, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Under ASC 350-20-35, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. 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 the reporting unit is less than its carrying amount. The quantitative impairment test is comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. RMB12,565, nil and RMB10,236 of impairment loss of goodwill were recognized for the years ended December 31, 2020, 2021 and 2022, respectively (for details please refer to Note 11). (p) Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets other than goodwill for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. Refer to Note 9- Intangible assets, net and Note 12- Long-term investment for further information. (q) Fair value measurement 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 measurements 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. 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—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Accounting guidance 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. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities became unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 and Level 3 during the years ended December 31, 2021 and 2022. Fair value measurements on a recurring basis As of December 31, 2021, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Time deposit 10,000 — 10,000 — Short-term investments (Note 2(i)): Short-term wealth management product 35,950 — 35,950 — As of December 31, 2022, there was no financial instrument measured at fair value on a recurring basis. The Group’s financial instruments including amount due to or due from related parties, receivables, short-term borrowing, payables and other current liabilities are not measured at fair value but for which the fair value is estimated for disclosure purposes, the carrying amount of which approximates the fair value due to their short-term nature. Fair value measurements on a non-recurring basis The Group’s long-term equity investments are measured at fair value on a non-recurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. Please refer to Note 2(k) for more details of valuation techniques. The Group’s non-financial assets, such as goodwill, intangible assets, and property and equipment, would be measured at fair value on a non-recurring basis, only if they were determined to be impaired. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs used such as historical financial information and assumptions about future growth rates and discount rates, which require significant judgment and company-specific information. (r) Revenue recognition The Group generates revenues from recommendation services, big data and system-based risk management, marketing and other services. According to ASC 606, the Group recognizes revenues when performance obligations under the terms of a contract with a customer are satisfied and promised services have transferred to the customer, in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and net of value-added tax. For service arrangements that involve multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling prices of services being provided to customers. For the periods presented, the Group primarily uses the price to be charged for the service when the service is sold separately in similar circumstances to similar customers to determine the relative standalone selling price. The Group accounts for discounts and return allowances as variable consideration. The Company considers the constraint on variable consideration and only recognize revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Customers for recommendation services are entitled to apply for returns for invalid recommendations within a specified period after the recommendation is delivered under a limited circumstances, i.e., the applicant’s phone number cannot be connected, or the applicant is in the blacklist maintained by the financial service providers, etc. Return allowances are estimated based on historical experiences of returns granted to customers. Timing of revenue recognition may differ from the timing of payment from customers. The Group does not have material contract assets as it generally has the unconditional right to payment as revenue is recognized or the timing difference is immaterial. Accounts receivable represent amounts that the Group has satisfied the performance obligation and have the unconditional right to payment. Unearned revenue consists of payments received related to unsatisfied performance obligations at the end of the period, included in “Advances from customers” in the Group’s consolidated balance sheets. Due to the generally short-term duration of the Group’s contracts, the majority of the performance obligations are satisfied in one year. The amount of revenue recognized that was included in the receipts in advances from customers balance at the beginning of the year was RMB11.6 million and RMB8.1 million for the years ended December 31, 2021 and 2022. Recommendation services: (i) Credit card: The Group provides Recommendation Services in respect of credit card products offered by credit card issuers or their agents on its platform. The individual users can select and apply for the credit cards, and submit applications to credit card issuers or their agents. The Group is not involved in the credit card approval or issuance process. Service fee is charged to the customers, i.e., the credit card issuers or their agents, upon completion of an application, issuance or first usage of a credit card by the users (collectively referred to as “cost-per-success”). Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the customers confirm the number of card application, issuance or first usage with the Group. (ii) Loans: The Group provides Recommendation Services in respect of loan products offered by the financial service providers on its platform, and assist the financial service providers or their loan sales representatives to identify qualified individual users or borrowers. The Group considers the financial service providers, including banks, consumer finance companies, micro-loan companies and other licensed financial institutions, emerging technology-enabled financial service providers, or their loan sales representatives to be its customers, and receives service fees from the customers primarily based on number of applications of qualified users. The price for each recommendation charged to the financial service providers is either a fixed price as pre-agreed in the service contract, or pre-set in the bidding systems by the customers, or an amount charged based on a pre-agreed percentage of loan principal amount underwritten by the financial service providers. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the user application is delivered to the customers or when the customers confirmed the underwritten loan principal amount. After the users or borrowers submit applications for the recommended products to the customers, the Group does not retain any further obligations. Big data and system-based risk management services The Group provides big data risk management services to financial service providers, which integrates data and provides customizable automatic data and modeling solutions and services to financial service providers to facilitate their risk management primarily for loan products applicants. The Group also provides SaaS-based risk management solutions, which allow financial service providers to conveniently manage acquisition efficiency, borrower screening and assessment in a comprehensive manner. Revenues from the aforementioned services are recognized when all of the revenue recognition criteria are met, which is generally when the result of query is provided to customers with a pre-agreed fixed price. Through the acquisition of of Newsky Wisdom, the Group provides system-based total solutions to help the banking partners to build and boost digital capabilities so that they could better serve more end users with financial needs. Such services include system research and development services and maintenance services. The Group recognizes revenues of research and development services upon completion of the services. Revenues from syst |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Recent accounting pronouncements | |
Recent accounting pronouncements | 3. Recent accounting pronouncements The accounting standards that the Group adopted beginning January 1, 2022 did not have a significant impact on the Group’s consolidated financial statements. |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2022 | |
Concentration and risks | |
Concentration and risks | 4. Concentration and risks (a) Concentration of customers and suppliers There were one, two and one customers accounted for more than 10% of the Group’s total revenues for the years ended December 31, 2020, 2021 and 2022 respectively. There were one and one customer accounted for more than 10% of the Group’s net accounts receivable as of December 31, 2021 and 2022, respectively. For the Year Ended December 31, Revenues 2020 2021 2022 Customer A * 14 % * Customer B 14 % 11 % 11 % As of December 31, Accounts receivable, net 2021 2022 Customer A 20 % * Customer C * 10 % There were nil, nil and nil suppliers, e.g. advertising agencies, which individually accounted for more than 10% of the Group’s total costs and expenses for the years ended December 31, 2020, 2021 and 2022, respectively. One supplier individually accounted for more than 10% of the Group’s accounts payable as of December 31, 2021 and 2022, respectively as follows: As of December 31, Accounts payable 2021 2022 Supplier I 15 % 15 % * The percentage was below 10% for the period. (b) Credit risks The Group’s credit risk primarily arises from receivables due from its customers, related parties and other parties. The maximum exposure of such assets to credit risk is the assets’ carrying amounts as of the balance sheet dates. The Group believes that there is no significant credit risk associated with amount due from related parties. Receivables due from customers are typically unsecured in the PRC and the credit risk with respect to which is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. (c) Foreign currency risk The Group’s operating transactions are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain 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 China must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to effect the remittance. |
Restricted cash and time deposi
Restricted cash and time deposits | 12 Months Ended |
Dec. 31, 2022 | |
Restricted cash and time deposits | |
Restricted cash and time deposits | 5. Restricted cash and time deposits As of December 31, 2021 2022 RMB RMB Current: Restricted time deposits 234,601 297,634 Total 234,601 297,634 Non-current: Restricted cash 8,973 9,180 Restricted time deposits 28,293 30,879 Total 37,266 40,059 Short-term time deposits in the bank, amounted to RMB234.6 million and RMB297.6 million as of December 31, 2021 and 2022, respectively, are to secure the line of credit for short-term bank borrowings (see Note 15). Other restricted cash and time deposits mainly consist of a US$3.7 million deposit as collateral at its ADR depositary bank, and deposits in custodian accounts for insurance brokerage business and other business requirements, and are classified as non-current assets based on their respective maturity. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts receivable, net | |
Accounts receivable, net | 6. Accounts receivable, net Accounts receivable, net consists of the following: As of December 31, 2021 2022 RMB RMB Accounts receivable 206,771 222,531 Less: allowance for credit losses (31,606) (32,866) Accounts receivable, net 175,165 189,665 Accounts receivable are non-interest bearing and are generally on terms between 1 to 30 days. In some cases, these terms are extended for certain qualifying long-term customers who have met specific credit requirements. The movements in the allowance for credit losses are as follows: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year (23,785) (33,465) (31,606) Impact of adoption of ASC 326 (1,095) — — Additions (14,235) (5,741) (4,019) Reversals — 6,779 1,776 Write offs 5,650 821 983 Balance at end of the year (33,465) (31,606) (32,866) Allowance for credit losses consists of specific provision carried forward from 2019 of RMB23.3 million and RMB23.1 million as of December 31, 2021 and 2022, respectively. |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other current assets | |
Prepayments and other current assets | 7. Prepayments and other current assets Prepayments and other current assets consist of the following: As of December 31, 2021 2022 RMB RMB Prepaid advertising expenses, rentals and others 31,605 31,658 Deposits 6,466 4,554 Staff advances 1,571 3,041 Deductible VAT input 13,801 4,268 Interest receivable 23 3,016 Total 53,466 46,537 |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations | |
Business combinations | 8. Business combinations (a) Newsky Wisdom In April 2020, the Group completed the acquisition of 50.5% of equity interests in Newsky Wisdom Treasure (Beijing) Co., Ltd., a PRC registered company engaged in system-based solutions in the PRC and operated independently from other businesses of the Group. The acquired company offers a suite of products and services helping financial service providers to enhance their system-based risk management capabilities. The total cash paid for the transaction was RMB25.0 million, consists of cash consideration of RMB23.8 million and the financial asset for an earn-out arrangement as RMB1.2 million. The purchase price allocation is as follows: Amount RMB Cash paid 25,000 Less: Financial asset acquired for an earn-out arrangement 1,179 Cash consideration 23,821 Noncontrolling interests 23,349 Total 47,170 Amortization Amount years RMB Years Cash and cash equivalent of Newsky Wisdom at acquisition date 2,240 — Other working capital 28,914 — Identifiable intangible assets acquired — — Software 1,000 3 Customer relationship 2,200 4 Brand 2,800 10 Backlog 800 3 Goodwill 10,236 — Deferred tax liabilities (1,020) — Total 47,170 — Goodwill primarily represents the expected synergies from the combined business, which increase the competitiveness and competence in providing relevant services, and the assembled workforce and their knowledge and experiences in the industry. In 2022, the financial performance of Newsky Wisdom was significantly below the forecasts at acquisition as their business development were delayed due to impact of COVID-19. As such, the Group performed quantitative impairment test for this reporting unit and recorded full impairment totaling RMB10,236 for goodwill of Newsky Wisdom in the year ended December 31, 2022. The goodwill carried from the acquisition of Newsky Wisdom was fully impaired and recorded in impairment of goodwill and intangible assets acquired from business combination in the consolidated statements of comprehensive loss for the year ended December 31, 2022. The total revenue and net loss from Newsky Wisdom that are included in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2020 were RMB13,592 and RMB6,028, respectively. The acquired business is not considered material to the Group thus the presentation of the pro-forma financial information with regard to a summary of the results of operations of the Group for the business combinations is not presented. (b) Other acquisition In 2022, the Group paid HKD9.5 million (RMB8.7 million) as the cash consideration to acquire additional 30% equity interest of a Hong Kong based small size business company, which was controlled 55% equity interest by the Company since the third quarter of 2019. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Intangible assets, net | 9. Intangible assets, net Intangible assets consists of the following: As of December 31, 2022 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Customer relationship 3-5.5 3,540 (1,971) (1,569) — Software 3 4,836 (4,144) (167) 525 Brand 8-10 5,033 (1,630) (2,100) 1,303 Backlog 3 800 (800) — — License 15 22,340 (3,954) (3,600) 14,786 Crypto assets — 4,010 — (2,285) 1,725 Total 40,559 (12,499) (9,721) 18,339 As of December 31, 2021 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 26,326 (7,059) (18,030) 1,237 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 5,743 (4,157) (833) 753 Brand 8-10 4,844 (1,086) — 3,758 Backlog 3 800 (793) — 7 License 15 22,226 (2,706) (3,600) 15,920 Total 159,839 (33,944) (104,220) 21,675 Amortization expenses were RMB 4,209, RMB3,619 and RMB2,657 for the years ended December 31, 2020, 2021 and 2022, respectively. The impairment loss of intangible assets were RMB 4,328, nil and RMB5,377 for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, expected amortization expense relating to the existing intangible assets for each of the next five years and thereafter is as follows: Amount RMB 2023 1,641 2024 1,641 2025 1,627 2026 1,519 2027 1,426 Thereafter 8,760 16,614 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Property and equipment, net | 10. Property and equipment, net Property and equipment, net consists of the following: As of December 31, 2021 2022 RMB RMB Office furniture and equipment 1,984 1,886 Computer equipment 9,243 6,993 Servers and network equipment 31,977 31,591 Leasehold improvements 10,010 10,423 Vehicles 685 57 Building 12,512 12,512 Total 66,411 63,462 Accumulated depreciation (52,597) (50,884) Impairment (1,197) — Property and equipment, net 12,617 12,578 The impairment loss of property and equipment were nil, Depreciation expenses were RMB14,425, RMB7,493 and RMB1,800 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | 11. Goodwill The changes in the carrying amount of goodwill were as follows: Amount RMB Balance as of December 31, 2020 and 2021 10,236 Impairment related to Newsky Wisdom (see Note 8) (10,236) Balance as of December 31, 2022 — |
Long-term investment
Long-term investment | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investment | |
Long-term investment | 12. Long-term investment As of December 31, 2021 2022 RMB RMB Equity investments 19,422 5,190 The long-term investments were included in “Other non-current assets” as presented on the Group’s consolidated balance sheets. As of December 31, 2021 and 2022, the Group’s long-term investments primarily included the equity investments in privately-held companies as below. In 2018, the Group invested in preferred shares of Firestorm Holdings Limited (“Firestorm”) with a consideration of cash in US$2,137, Firestorm operates an open platform in Indonesia for discovery and recommendation of financial products. In 2022, the financial performance of Firestorm significantly deteriorated, which was mainly attributable to the COVID-19 impact. As such, the Group performed quantitative impairment test for this long-term investment and recognized a whole impairment of Firestorm for US$2,137 (RMB14,751). In 2021, the Group invested in preferred shares of Infinlinx Technology Limited (“Infinlinx”) with a consideration in cash of RMB5,000. Infinlinx is a customer service provider in Indonesia. The Group applies the equity method of accounting to account for this equity investment. In 2022, the Group recognized an investment gain of RMB190 in this investment, and the amount of the investment was RMB 5,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 13. Leases The Group has operating leases for office buildings, with lease terms from within one year to around three years. There is no finance lease for the Group. A summary related to operating leases as of December 31, 2022 is as follows: Amount RMB Operating lease right-of-use assets, net* 4,894 Operating lease liabilities - current* 3,697 Operating lease liabilities - non-current* 780 Total operating lease liabilities 4,477 Weighted average remaining lease term 1.17 Weighted average discount rate 4.75 % * The right-of-use assets, net, lease liabilities - current and lease liabilities - non-current were included in “Other non-current assets” ,“Accrued expenses and other current liabilities” and “Other non-current liabilities” as presented on the Group’s consolidated balance sheets, respectively. Amount RMB Operating lease expenses 9,204 Short-term lease expenses 4,748 Total lease expenses ** 13,952 Cash paid for amounts included in the measurement of lease liabilities 8,749 Right-of-use assets obtained in exchange for new operating lease liabilities 4,225 ** The lease expenses were RMB15,078, RMB16,456 and RMB13,952 for the years ended December 31, 2020, 2021 and 2022, respectively. A summary of maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2022 is as follows: Amount RMB 2023 3,834 2024 793 2025 — Total future minimum payments 4,627 Less: interest (150) Present value of operating lease liabilities 4,477 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 14. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2021 2022 RMB RMB Accrued payroll 56,463 45,283 Customer advance payments relating to Databook (see Note 16) 47,703 — Consideration payable of business combination 1,333 1,333 Operating lease liabilities 7,893 3,697 Accrued expenses 13,261 9,818 Payable to employees for proceeds from shares as sold 504 294 Others 25,364 28,446 Total 152,521 88,871 |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-term borrowings | |
Short-term borrowings | 15. Short-term borrowings In 2021, two PRC subsidiaries obtained a loan facility of credit line of RMB240.0 million with a fixed annual interest rate, issued by East West Bank (China) Limited and secured by short-term time deposits. On June 27, 2022, three PRC subsidiaries reached a supplementary agreement with East West Bank (China) Limited, the term for the loan facility of credit line of RMB300.0 million was extended to June 27, 2024 and secured by short-term time deposits of US$42.7 million of Jianpu HK. These short-term time deposits were accounted for as restricted time deposits (see Note 5). As of December 31, 2021 and 2022, the Group utilized part of the credit line, and the balance of short-term borrowings was RMB181.9 million and RMB253.5 million, respectively. All of these borrowings were denominated in RMB and repayable within one year. |
Others, net
Others, net | 12 Months Ended |
Dec. 31, 2022 | |
Others, net | |
Others, net | 16. Others, net Others,net consist of the following: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Investment income (1) — 51,142 23,386 Investment impairment loss (2) — — (17,798) Tax benefit for value-added tax 5,287 4,436 11,956 Others 5,951 2,442 3,034 Total 11,238 58,020 20,578 (1) In 2022, the investment income is mainly attributable to the investment gain of RMB23.1 million from deconsolidation of Databook Tech Ltd (“Databook”) . In 2022, Databook, one of the Company’s subsidiaries, made a cash distribution to its shareholders, through which the Company received a portion of the cash distribution. At the same time, Databook also issued additional shares to one minority shareholder and changed the Company’s board seat in Databook to one director. The Company consequently became a minority shareholder of Databook and no longer has control over the Databook. In 2018, the Group invested in preferred shares of Conflux Global (“Conflux”),which is a decentralized applications block-chain solution provider, with a consideration of cash in US$2,000 (RMB12,745). Conflux is a decentralized applications blockchain solution provider. These preferred shares invested are not considered in-substance ordinary shares and do not have readily determinable fair value, which are accounted for using the measurement alternative method. In 2021, the Group disposed 66.7% of the investment with an investment gain of RMB51.1 million realized in “Others, net” in the consolidated statements of comprehensive loss. (2) In 2022, investment impairment loss mainly consisted of the impairment of long-term investment of RMB14,751 (Note 12) and impairment of investment in Conflux RMB3,047 due to market volatility. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Income tax | 17. Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. The payments of dividends to their shareholders are not subject to withholding tax in Hong Kong. PRC In accordance with the Enterprise Income Tax Law (“EIT Law”), Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. Preferential tax treatments are granted to certain entities qualified as High and New Technology Enterprises (‘‘HNTEs’’). Certain PRC subsidiaries of the Group obtained certificates of HNTEs and therefore are eligible to enjoy a preferential tax rate of 15% for three years, provided that they are qualified as HNTEs during such periods. The management expects that all the criteria to utilize this preferential tax treatment can be satisfied for the relevant annual tax filing during such periods. Accordingly, a preferential tax rate of 15% were applied for these entities, and other subsidiaries and VIEs of the Group in the PRC are subject to a uniform income tax rate of 25% for all periods presented. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%. Composition of income tax benefits: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Current income tax 365 3 — Deferred income tax (1,648) (585) (918) Total (1,283) (582) (918) Reconciliation of the differences between statutory income tax rate and the effective income tax rate for the years ended December 31, 2020, 2021 and 2022 are as below: For the Year Ended December 31, 2020 2021 2022 Statutory EIT rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatment (3.65) % (3.00) % (10.99) % Tax effect of permanent differences 2.78 % 5.87 % 9.95 % Changes in valuation allowance (23.72) % (27.58) % (23.28) % Effective income tax rate 0.41 % 0.29 % 0.68 % The following table sets forth the effect of preferential tax: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Tax effect of preferential tax treatment 11,440 6,140 14,855 Basic and diluted loss per share effect 0.03 0.01 0.04 Composition of deferred tax assets and liabilities: Deferred taxes assets and liabilities arising from PRC subsidiaries and VIEs were measured using the enacted tax rates for the periods in which they are expected to be reversed. The Group’s deferred tax assets and liabilities consist of the following components: As of December 31, 2021 2022 RMB RMB Deferred tax assets Advances from customers 11,747 3,535 Accrued payroll and expenses 1,705 235 Allowances of credit losses 7,116 7,412 Allowances of impaired assets 1,988 593 Net operating loss carry-forwards 202,061 235,751 Advertising expenses in excess of deduction limit 2,827 2,827 Amortization of intangible assets 1,737 2,128 Total deferred tax assets 229,181 252,481 Less: Valuation allowance (229,181) (252,481) Total deferred tax assets, net — — As of December 31, 2021 2022 RMB RMB Deferred tax liabilities Intangible assets acquired from business combinations 4,549 3,644 Total deferred tax liabilities 4,549 3,644 A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated losses, existence of taxable temporary differences and reversal periods. The Group believes that it is more likely than not that the advertising expenses in excess of deduction limit will not be utilized in the future given the Group expects its advertising expenses will exceed the deduction limit in the foreseeable future. Full valuation allowance for the deferred tax assets arising from such advertising expenses was provided. In addition, the Group believed that it is more likely than not that the accumulated operating losses and other deferred tax assets for certain entities will not be utilized in the future given these entities had incurred net accumulated operating losses for income tax purposes since its inception. Therefore, the valuation allowances for these deferred tax assets were provided. The total valuation allowance provided were RMB229,181 and RMB252,481 as of December 31, 2021 and 2022 respectively. Movement of valuation allowance: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year 115,143 249,347 229,181 Additions 153,830 69,282 46,643 Reversals (19,626) (89,448) (23,343) Balance at end of the year 249,347 229,181 252,481 |
Share-based compensation expens
Share-based compensation expenses | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation expenses | |
Share-based compensation expenses | 18. Share-based compensation expenses The following table sets forth the share-based compensation expenses included in each of the relevant accounts: For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Cost of operation (186) 218 94 14 Sales and marketing expenses 295 (543) 872 126 Research and development expenses (1,999) 2,250 1,793 260 General and administrative expenses (2,439) 15,432 3,819 554 Total (4,329) 17,357 6,578 954 (a) 2012 Share plan of RONG360 and Global Share plan Prior to the Reorganization, all of the options and restricted ordinary shares were granted by RONG360 under its 2012 Share Plan with its own underlying shares. The 2012 Share Plan of RONG360 provides for the grant of share options and other equity-based awards to eligible employees of RONG360 and its subsidiaries and VIE. Starting from 2013, RONG360 granted multiple tranches of share options with tiered vesting commencement dates to employees. Options granted under the 2012 Share Plan were subject to a service condition of four one-fourth The Company adopted a Global Share Plan, of which the terms are substantially identical to the 2012 Share Plan of RONG360, effective upon the completion of the Company’s IPO. Pursuant to the Global Share Plan, the Company assumed all outstanding share options corresponding to the underlying shares of the Company issued under the 2012 Share Plan of RONG360. Each one of the outstanding share options under the 2012 Share Plan with underlying shares of RONG360 were converted to one share option of the Company (i.e. the Platform Business) and one share option of RONG360’s other subsidiaries (i.e. the Non-platform business) in a way that employees kept an equitable position immediately before and after the conversion. There was no significant incremental share-based compensation expense recorded as a result of the conversion. In addition to the options converted from the Global Share Plan as aforementioned, the Group granted new options to eligible employees or nonemployees under this plan. Options granted were subject to a service condition, which requires the awards to vest in installments during the vesting periods ranged from one In June 2022, the Company’s board of directors approved the Amendment No. 1 to the Global Share Plan. The Company’s amended Section 6(e) of the Company’s Global Share Plan by changing the term of options from ten years to twelve years. Other provisions of the Global Share Plan remained the same. The activities of share options granted under Jianpu’s Global Share Plan in relation to the share-based compensation expenses of the Group for the years ended December 31, 2020, 2021 and 2022 are summarized as below: Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of January 1, 2020 8,280,229 0.25 2,829 6.54 Forfeited during the year (111,244) 0.50 — — Exercised during the year (663,508) 0.33 — — Outstanding as of December 31, 2020 7,505,477 0.28 176 5.53 Forfeited during the year (45,227) 0.29 — — Exercised during the year — — — — Outstanding as of December 31, 2021 7,460,250 0.24 26 4.52 Forfeited during the year (420) 0.56 — — Exercised during the year (99,500) 0.05 — — Outstanding as of December 31, 2022 7,360,330 0.24 54 3.55 The fair value of the options granted under Jianpu’s Global Share Plan in relation to the share-based compensation expenses for the years ended December 31, 2018 and 2019 are as follows, there was no option granted in 2020, 2021 and 2022: For the Year Ended December 31, 2018 2019 US$ US$ Weighted average grant date fair value of option per share 2.46 0.86 Aggregate grant date fair value of options granted 4,776 17 The estimated fair value of each option granted under Jianpu’s Global Share Plan is estimated on the date of grant using the binomial option-pricing model with the following assumptions: For the Year Ended December 31, 2018 2019 Risk-free interest rate per annum 2.40% ~ 3.05% 1.78% ~ 2.60% Expected term (in years) 10 10 Expected volatility 53% ~ 54% 51% ~ 58% Expected dividends yield — — The Group estimated the risk-free interest rate based on the yield to maturity of U.S. treasury bonds denominated in US$ at the option valuation date. Expected term is the contract life of the option. The expected volatility at the grant date and each option valuation date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. As of December 31, 2022, 7,360,330 share options of the Company were held by the Group’s employees and non-employees under Global Share Plan with the weighted average exercise price of US$0.24 per option and weighted average remaining contractual years of 3.55 years, out of which 7,359,910 options were exercisable with the weighted average exercise price of US$0.24 per option and weighted average remaining contractual years of 3.55 years. 420 share options were expected to be vested with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 6.00 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2022 are US$54, US$54 and US$0.03 respectively. There were no unrecognized share-based compensation expenses. As of December 31, 2022, 1,251,302 share options of the Company were held by the employees of the Group’s related parties for Non-platform business under the Global Share Plan with the weighted average exercise price of US$0.44 per option and weighted average remaining contractual years of 4.64 years, out of which 1,116,979 options were exercisable with the weighted average exercise price of US$0.43 per option and weighted average remaining contractual years of 4.50 years. 126,544 share options were expected to be vested with the weighted average exercise price of US$0.56 per option and weighted average remaining contractual years of 5.75 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2022 are US$6, US$6 and nil respectively. The share options granted to employees of the Group’s related parties for Non-platform business were accounted for as deemed dividend from the Company to its shareholders, as these employees do not provide services to the Company. The share awards were measured based on the fair value as of the grant date. The amount recognized as deemed dividend were nil, nil and nil for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, 17,409,383 share options with underlying shares of Non-platform business were held by the Group’s employees. The vesting of such awards is conditional upon the fulfillment of requisite service conditions to the Company and listing of Non-platform business. The cost relating to such share-based awards succeeded from 2012 Share Plan of RONG360 were recognized by the Company as a shareholder contribution as the award will ultimately be settled by RONG360. The award is accounted for as a financial derivative and initially measured at its fair value in accordance with ASC 815-10-55-46 through 55-48, and the related expense will be recognized over the requisite service period in the consolidated income statements with a corresponding credit to additional paid-in capital. Subsequent changes in the fair value of the award are recorded in the consolidated income statement through the date on which the underlying award are settled. The share-based compensation expenses recognized for the year ended December 31, 2022 in relation to share options with underlying share of Non-platform business granted to the Group employees were RMB706 due to increase in the fair value of underlying share of Non-platform business. (b) 2017 Share incentive plan In October 2017, the board of directors approved and adopted the 2017 Share Incentive Plan (the “2017 Plan”). The 2017 Plan permits the awards of options, restricted shares or any other type of share-based awards. The maximum number of shares available for issuance shall be 2% of the total number of shares issued and outstanding as of the closing of the Company’s IPO, plus an annual increase from the fiscal year beginning January 1, 2018 in according with the approved increasing scheme. The Group granted multiple tranches of share options with tiered vesting commencement dates to eligible employees and non-employees under the 2017 Share Incentive Plan. Options granted to employees were subject to a service condition and a performance condition. The service condition requires one-fourth one-fourth In the fourth quarter of 2019, the Group evaluated each of the underlying performance conditions related to the outstanding options with performance conditions, and determined that it was not probable that the performance condition relating to year 2020 would be met for the 6,214,370 share options granted in 2017. Consequently, the Group reversed all previously recognized share-based compensation expenses related to these awards of RMB96,831, and the performance condition for these share options was modified to link to performance of year 2019, which was assessed as probable to achieve. In accordance with ASC 718, such modification is a Type III modification because the original condition is not expected to be satisfied as of the modification date. The fair value of the 6,214,370 shares options of the modified performance conditions was re-measured and the aggregate grant date fair value is RMB25,838. The Group recognized the incremental value as share-based compensation expenses for vested awards amounting to RMB17,225 in the fourth quarter of 2019. According to the actual performance of year 2020, management assessed that the performance target for these options with performance conditions were not probable to be achieved, and consequently the Group reversed all previously recognized share-based compensation expenses related to these awards in the fourth quarter of 2020. While in July 2021, the performance condition for these share options was modified, and was assessed probable to be achieved, the Group recognized the incremental value as share-based compensation expenses for vested awards amounting to RMB3,934 in the second half of 2021. Option granted to non-employees were subject to a service condition with a vesting period ranged from one One-third one-fourth The activities of share options granted under Jianpu’s 2017 Share Incentive Plan in relation to the share-based compensation expenses of the Group for the years ended December 31, 2021 and 2022 are summarized as below: Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of January 1, 2020 17,389,885 0.01 10,190 8.92 Granted during the year 3,863,034 0.01 — — Forfeited during the year (2,044,547) 0.01 — — Exercised during the year (275,315) 0.01 — — Outstanding as of December 31, 2020 18,933,057 0.01 2,688 8.25 Granted during the year 8,210,850 0.01 — — Forfeited during the year (1,655,252) 0.01 — — Exercised during the year (50,000) 0.01 — — Outstanding as of December 31, 2021 25,438,655 0.01 1,056 8.05 Granted during the year 8,320,522 0.01 — — Forfeited during the year (714,450) 0.01 — — Exercised during the year (603,464) 0.01 — — Outstanding as of December 31, 2022 32,441,263 0.01 2,255 7.65 The estimated fair value of each option grant is based on the market price of the underlying ordinary share of the Company on the same date. As of December 31, 2022, 32,441,263 share options of the Company were granted under 2017 Share Incentive Plan with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 7.65 years, out of which 16,561,902 options were exercisable with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 6.34 years. 15,492,127 share options were expected to be vested with the weighted average exercise price of US $0.01 per option and weighted average remaining contractual years of 9.00 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2022 are US$2,255 , US$1,151 and US$1,077 respectively. For the years ended December 31, 2020, 2021 and 2022, share-based compensation expenses recognized associated with the share options granted by the Company were RMB4,312, RMB14,959 and RMB5,628. There were RMB4,133 of unrecognized share-based compensation expenses, which are expected to be recognized over a weighted-average period of 2.92 years. As of December 31, 2022, 886,844 share options of the Company were held by the employees of the Group’s related parties for Non-platform business under the 2017 Share Incentive Plan with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 6.99 years, out of which 591,556 options were exercisable with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 6.18 years. 280,874 share options were expected to be vested with the weighted average exercise price of US $0.01 per option and weighted average remaining contractual years of 8.57 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2022 are US$62, US$41 and US$20 respectively. The share options granted to employees of Non-platform business were accounted for as deemed dividend from the Company to its shareholders, as these employees do not provide services to the Company. The share awards were measured based on the fair value as of the grant date. The amount recognized as deemed dividend were RMB171, RMB42 and RMB17 for the years ended December 31, 2020, 2021 and 2022. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary shares | |
Ordinary shares | 19. Ordinary shares Upon incorporation, the Company had 1,000,000,000 shares authorized, 1 ordinary share issued and outstanding |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Loss per share | 20. Loss per share Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Because the Class A ordinary shares and Class B ordinary shares have the same dividend and other rights, except for voting and conversion rights for Class B ordinary shares to be converted into Class A ordinary shares on one-to-one basis, the two classes of ordinary shares have been presented on a combined basis in the consolidated statements of comprehensive loss and in the computation of net loss per share. Basic and diluted net loss per ordinary share for each of the years are presented as follows: For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (In thousands, (In thousands, (In thousands, (In thousands, except except except except for share for share for share for share and per and per and per and per share data) share data) share data) share data) Numerator Net loss attributable to Jianpu’s shareholders (304,147) (199,785) (131,660) (19,088) Numerator for basic and diluted net loss per share (304,147) (199,785) (131,660) (19,088) Denominator: Weighted average number of ordinary shares 423,096,353 423,661,496 424,031,623 424,031,623 Denominator for basic and diluted net loss per share 423,096,353 423,661,496 424,031,623 424,031,623 Net loss per ordinary share: Basic and diluted (0.72) (0.47) (0.31) (0.05) Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The potential ordinary shares of restricted shares and share options were excluded from the diluted loss net per share calculations because to do so would be antidilutive for all the periods presented. The numbers of share options excluded from the calculation of diluted net loss per share of the Company were 28,873,176, 35,400,672 and 42,337,559 as of December 31, 2020, 2021 and 2022 respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related party transactions | 21. Related party transactions The following sets forth significant related party transactions of the Group during the years presented: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Revenues from recommendation services for loans generated from RONG360 (a) 4,757 488 903 Revenues from big data and system-based risk management services generated from RONG360 (a) 3,626 4,282 4,803 Administrative expenses charged to RONG360 (b) 2,000 2,000 6,000 Sales and marketing expenses charged by RONG360 (c) (206) (124) — Cost of promotion and acquisition charged by by RONG360 (d) — — (207) Research and development expenses charged by RONG360 (e) (1,480) (685) (871) Data acquisition cost charged by related party C (g) (2,102) — — Cost of customer service charged by related party D (h) — (883) (386) The following sets forth related party outstanding balance: As of December 31, 2021 2022 Amount due to RONG360 (i) (21,686) (7,642) Amount due to related party B (f) (7,551) (5,815) Amount due from other related parties (j) 107 76 (a) RONG360’s business comprised the Platform Business segment and Non-platform Business segment prior to the Reorganization, thus transactions between the Group’s Predecessor Operation, i.e. the Platform Business, and Non-platform business segment of RONG360 are accounted for as related party transactions. After the Share Distribution, RONG360 is still considered as a related party of the Group due to the existence of some same major shareholders of RONG360 and the Company. The Group provided loan recommendation services and big data and system-based risk management services to the Non-platform Business segment of RONG360 and the related service fees were charged at a standard fee rate same as that charged to third party customers. (b) Following the Reorganization, the administrative expenses allocated to RONG360 consist of various expenses attributable to the Non-platform business segment of RONG360, including expenses related to operational, administrative, human resources, legal, accounting and internal control support pursuant to the transitional services arrangement (see Note 1(b)). (c) RONG360 charged the Group sales and marketing expenses for providing advertising and marketing services to the Group for the year ended December 31, 2020 and 2021. (d) RONG360 charged the Group cost of promotion and acquisition for providing promotion and acquisition services to the Group for the year ended December 31, 2022. (e) RONG360 charged the Group research and development expenses for providing research and development services to the Group for the year ended December 31, 2020, 2021 and 2022. (f) The Group obtained contractual control of KTN from related party B (a company owned by two founders of the Company before September 2020, and controled by a founder of the Company afterwards) in October 2018. The balance primarily represented the unpaid consideration. The balance as of December 31, 2022 decreased because related party B collected some receivables on behalf of the Group, which has not yet been transferred to the Group. (g) The Group invested in and owned 15% of the preference shares of related party C. Related party C charged the Group data acquisition cost for the services delivered for the years ended December 31, 2020. (h) In 2021, the Group invested in and owned 35% of the preference shares of related party D. Related party D charged the Group customer services delivered for the years ended December 31, 2021 and 2022. (i) The balance decrease reflected the aforementioned related party transactions and related settlements and prepayment between RONG360 and the Group. (j) The balance represented the net amount resulting from the amount of due to related party D and amount due from other related party. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee benefits | |
Employee benefits | 22. Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB37,553, RMB59,289 and RMB52,903 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 23. Commitments and contingencies Short-term lease commitments The Group has leased office premises under non-cancellable short-term operating lease agreements. Future aggregate minimum lease payments under non-cancellable short-term operating leases agreements are as follows: As of December 31, 2022 RMB Within one year 1,365 Total 1,365 Capital and other commitments The Group did not have significant capital and other commitments as of December 31, 2021 and 2022. Contingencies The Company is subject to legal proceedings and claims in the Company’s ordinary course of business from time to time. On October 25, 2018, a putative securities class action was filed against the Company, certain of the Company’s directors and officers, and others in the U.S. District Court for the Southern District of New York: Panther Partners Inc., v. Jianpu Technology Inc. et al. (Case No. 18-cv-09848). The plaintiffs in the case alleged, in sum and substance, that certain disclosures and statements made by the Company in connection with the Company’s initial public offering contained material misstatements and omissions in violation of the Securities Act of 1933. On September 27, 2020, the court denied the defendants’ motion to dismiss. On November 15, 2021, the parties reached a stipulation to settle the action for the amount of US$7.5 million, among other conditions. On December 30, 2021, the court issued an order granting preliminary approval of the parties’ proposed settlement, the cost of which will be borne in substantial part by the Company’s directors and officers liability insurance. On May 12, 2022, the court issued an order granting final approval of the proposed settlement, according to which the Company’s insurance company has paid the aggregate amount of US$7.5 million and this lawsuit has been closed. On February 17, 2021, another putative securities class action was filed against the Company and certain of the Company’s officers in the U.S. District Court for the Southern District of New York: Guttentag v. Jianpu Technology Inc. et al. (Case No. 21-cv-01419). The plaintiffs in the case allege, in sum and substance, that certain of the Company’s disclosures since the first quarter of 2018 contained material misstatements and omissions in violation of the Securities Exchange Act of 1934. On July 20, 2021, the lead plaintiff filed an amended class action complaint: Enrique Africa v. Jianpu Technology Inc. et al. (Case No. 21-cv-01419). On September 3, 2021, the Company’s filed a motion to dismiss. On September 28, the court granted the Company’s motion to dismiss all claims with leave to amend. On November 28, 2022, the lead plaintiff filed the second amended complaint. On January 27, 2023, the Company filed a motion to dismiss the second amended complaint. Briefing on the second amended complaint is expected to complete in April 2023. This case otherwise remains in its preliminary stages, and the Company cannot predict the timing, outcome or consequences of this class action. The Company will continue to defend against this action vigorously. In addition, from time to time, the Group is subject to legal proceedings, investigations and claims incidental to the conduct of its business. For these legal proceedings, the Group is currently unable to estimate the possible loss or a possible range of loss, if any, but the Group believes that the likelihood for such legal proceedings individually and in the aggregate, when finally resolved, to cause a material impact on the Group’s financial position, result of operations and cash flows to be remote. |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent event | |
Subsequent event | 24. Subsequent event The Group has performed an evaluation of subsequent events through the date of this report, which is the date the financial statements were issued, no material events or transactions needing recognition or disclosure found. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted net assets | |
Restricted net assets | 25. Restricted net assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries and VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries and VIEs. In accordance with the PRC laws and regulations, statutory reserve funds shall be made and can only be used for specific purposes and are not distributable as cash dividends. As a result of these PRC laws and regulations that require annual appropriation of 10% of net after-tax profits determined in accordance with PRC accounting standards and regulations to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets to the Company. The Group performed a test on the restricted net assets of its consolidated subsidiaries and VIEs (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements”. Such restricted net assets amounting to approximately RMB142.3 million, or 33.09% of the Group’s total consolidated net assets, as of December 31, 2022. |
Parent company only condensed f
Parent company only condensed financial information | 12 Months Ended |
Dec. 31, 2022 | |
Parent company only condensed financial information | |
Parent company only condensed financial information | 26. Parent company only condensed financial information The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Company uses the equity method to account for investments in its subsidiaries, VIEs and VIEs’ subsidiaries. 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 are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Group. The Company did not have significant capital and other commitments or guarantees as of December 31, 2021 and 2022, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets (In thousands, except for share and per share data) As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(f) ASSETS Current assets: Cash and cash equivalents 1,952 19,518 2,830 Amount due from related party other than the subsidiaries of the Group 10,779 13,818 2,003 Prepayments and other current assets 1,152 1,629 236 Total current assets 13,883 34,965 5,069 Non-current assets: Intangible assets, net 1,063 1,460 212 Restricted time deposits 23,293 25,879 3,752 Amount due from subsidiaries and VIEs 1,245,224 1,347,219 195,328 Other non-current assets 13,625 — — Total non-current assets 1,283,205 1,374,558 199,292 Total assets 1,297,088 1,409,523 204,361 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable 717 606 88 Deficit in subsidiaries and VIEs 723,803 924,085 133,980 Accrued expenses and other current liabilities 1,895 2,742 398 Total current liabilities 726,415 927,433 134,466 Non-current liabilities: Amount due to subsidiaries and VIEs 56,903 39,906 5,786 Other non-current liabilities 12,265 12,316 1,784 Total non-current liabilities 69,168 52,222 7,570 Total liabilities 795,583 979,655 142,036 Ordinary shares: US$0.0001 par value, 430,463,797 shares (including 333,992,002 Class A ordinary shares, and 96,471,795 Class B ordinary shares) issued and 423,677,480 shares (including 327,205,685 Class A ordinary shares, and 96,471,795 Class B ordinary shares) outstanding as of December 31, 2021, and 430,463,797 shares (including 333,992,002 Class A ordinary shares, and 96,471,795 Class B ordinary shares) issued and 424,447,980 shares (including 327,976,185 Class A ordinary shares, and 96,471,795 Class B ordinary shares) outstanding as of December 31, 2022, respectively. 286 286 41 Treasury stock, at cost (6,786,317 and 6,015,817 shares held as of December 31, 2021 and 2022, respectively) (88,130) (77,499) (11,236) Additional paid-in capital 1,902,587 1,891,266 274,208 Accumulated losses (1,299,846) (1,424,153) (206,483) Statutory reserves 2,027 2,027 294 Accumulated other comprehensive income/(loss) (15,419) 37,941 5,501 Total shareholders’ equity 501,505 429,868 62,325 Total liabilities and shareholders’ equity 1,297,088 1,409,523 204,361 Condensed Statements of Comprehensive loss (In thousands) For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Operating expenses: (37,874) (22,424) (13,079) (1,896) General and administrative (37,874) (22,424) (13,079) (1,896) Loss from operations (37,874) (22,424) (13,079) (1,896) Loss from subsidiaries and VIEs (272,791) (178,242) (120,953) (17,537) Others, net 6,518 881 9,725 1,410 Loss before income tax (304,147) (199,785) (124,307) (18,023) Net loss (304,147) (199,785) (124,307) (18,023) Condensed Statements of Cash Flows (In thousands) For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Net cash used in operating activities (71,787) (28,745) (14,635) (2,122) Purchases of intangible assets, property and equipment (1,260) — — — Cash netflow from deconsolidation of subsidiaries — — 19,005 2,755 Investments and loans extended to subsidiaries and VIEs (65,907) — (40,362) (5,852) Repayment of loans by subsidiaries — 25,094 51,919 7,528 Net cash provided by/(used in) investing activities (67,167) 25,094 30,562 4,431 Proceeds from employees exercising stock options 120 4 143 21 Net cash provided by financing activities 120 4 143 21 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and revenues and expenses. On an on-going basis, management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical for fully understanding and evaluating its consolidated financial statements. |
Noncontrolling interests | (b) Noncontrolling interests For the Company’s consolidated subsidiaries, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. 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 loss to distinguish the interests from that of the Group. Changes in the Company’s ownership interest while the Company retains its controlling interest in its subsidiary or VIE shall be accounted for as equity transactions. Therefore, no gain or loss will be recognized in consolidated net loss or comprehensive loss. The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary or VIE. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted will be recognized in equity attributable to the Company. |
Redeemable noncontrolling interests | (c) Redeemable noncontrolling interests For the Company’s consolidated subsidiaries and VIEs, redeemable noncontrolling interests are recognized as a mezzanine equity. When the non-controlling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the non-controlling interest is classified as mezzanine equity according to ASC 480. There is a contingent put option granted to the non-controlling shareholder of a subsidiary from a business acquisition in 2019 (see Note 8(b)), according to which, under certain situation which is not solely within the control of the Company, the noncontrolling interest shareholder could put all his shares to the Company. The Company recognized such noncontrolling interest with the embedded put option as mezzanine equity and evaluates the possibility of the redemption at every balance sheet date, the Company recorded accretions of the mezzanine equity when the redemption becomes probable. The accretion process of adjusting redeemable noncontrolling interest to its redemption value is performed after attribution of the subsidiary’s net income or loss pursuant to ASC 810, Consolidation. The redemption value was calculated according to the terms agreed with the noncontrolling interest shareholder. In 2022, the redeemable noncontrolling interest shareholder had exercised the put option, and the Company had no further redeemable noncontrolling interest since then. The balance of redeemable noncontrolling interest as of December 31, 2021 and 2022 were RMB1,689 and nil ,respectively, and the accretion of the mezzanine equity recognized for the years ended December 31, 2020, 2021 and 2022 were nil, nil and RMB7,353 (US$1,066), respectively. |
Use of estimates | (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s financial statements include, but are not limited to, valuation and recognition of share-based compensation expenses, fair value of assets and liabilities acquired in business combinations, assessment of impairment of long-lived assets and goodwill, allowance for credit losses(for details please refer to Note 2(j)) and valuation allowances for deferred tax assets. Actual results could differ from those estimates. |
Foreign currency translation | (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiaries incorporated in Hong Kong (“HK”) and Singapore is United States dollars (“US$”). The Group’s PRC subsidiaries and VIEs determined their functional currency to be RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured 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 loss. The financial statements of the Group’s non-PRC entities are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive income/(loss) in the consolidated statements of changes in shareholders’ equity. Total foreign currency translation adjustments included in the Group’s other comprehensive income/(loss) were loss of RMB52,185, RMB16,453 and income of RMB53,349 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Convenience translation | (f) Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8972 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. |
Cash and cash equivalents and time deposits | (g) Cash and cash equivalents and time deposits Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. Under existing PRC foreign exchange regulations, payments of current accounts, including profit distributions, interest payments and trade and services-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. However, approval from or registration with competent government authorities is required where the Renminbi is to be converted into foreign currency and remitted out of mainland China to pay capital expenditures. Time deposits represent time deposits placed with banks with original maturities of three months or more. |
Restricted cash and time deposits | (h) Restricted cash and time deposits Cash and time deposits that are restricted as to withdrawal or use for current operations are classified as restricted cash and restricted time deposits, respectively. In the event that the restriction is expected to be removed within the next twelve months, the relevant assets are classified as current assets. Otherwise, they are classified as non-current assets. |
Short-term investments | (i) Short-term investments Short-term investments include wealth management product with variable interest rates or principal not-guaranteed with certain financial institutions. In accordance with ASC 825, Financial Instruments, for financial products with variable interest rates referenced to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carries these investments at fair value. Changes in the fair value of these investments are reflected in the consolidated statements of comprehensive loss as investment income and included in “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period. The Group classifies these inputs as Level 2 fair value measurement. |
Receivables, net | (j) Receivables, net Accounts receivable and other receivables recorded in prepayments and other current assets (collectively defined as “Receivables”) are stated at the historical carrying amount net of write-offs and allowance for credit losses. Prior to January 1, 2020, the Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit-worthiness, and current economic trends. Accounts receivable balances are written off after all collection efforts have been exhausted. Starting from January 1, 2020, the Group adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which replaces the existing incurred loss impairment model with an expected loss methodology on the measurement of credit losses for financial assets measured at amortized cost. The Group’s receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group’s customer collection trends. The Group has identified the relevant credit risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar credit risk characteristics have been grouped into pools. For each pool, the Group determines an expected loss rate based on historical loss experience adjusted for judgments about the effects of relevant observable data including current and future economic conditions. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group used a modified retrospective approach with acumulative-effect of an increase of approximately RMB2.8 million in the allowance for credit losses upon the initial adoption of this guidance, of which the expected loss amount of accounts receivable was RMB1.1million. |
Long-term investments | (k) Long-term investments The Group measures long-term equity investments other than equity method investments at fair value through earnings along with Accounting Standards Update (“ASU”) 2016-01. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group assesses these investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, and other company-specific information. The Group uses a combination of valuation methodologies in determination of the fair value, including market and income approaches based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors and selection of the comparable companies. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If this assessment indicates that an impairment exists, the Group will estimate the fair value of the investment and, if the fair value is less than carrying value, the Group will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive loss. The Group recognized impairment loss of long-term investment amounted nil, nil and RMB14.8 million (for details please refer to Note 12) for the years of 2020, 2021 and 2022, respectively. |
Property and equipment, net | (l) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extend the useful lives of property and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. |
Intangible assets, net | (m) Intangible assets, net Intangible assets acquired through business combinations are recognized as assets separated from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets purchased are recognized and measured at fair value upon acquisition. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment, if any. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives. Crypto assets held by the Group through third-party custodian service providers include Conflux Token, which are accounted for as intangible assets under the cost model. The Group has ownership of and control over the crypto assets held and employs the third-party custodian service provider to securely store them. The crypto assets held by the Group are considered to have an indefinite life and not subject to amortization. Accordingly, they are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Amortization is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years |
Business combinations | (n) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. 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. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of cost 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 subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries and consolidated VIEs. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis by the end of year, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Under ASC 350-20-35, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. 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 the reporting unit is less than its carrying amount. The quantitative impairment test is comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. RMB12,565, nil and RMB10,236 of impairment loss of goodwill were recognized for the years ended December 31, 2020, 2021 and 2022, respectively (for details please refer to Note 11). |
Impairment of long-lived assets other than goodwill | (p) Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets other than goodwill for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. Refer to Note 9- Intangible assets, net and Note 12- Long-term investment for further information. |
Fair value measurement | (q) Fair value measurement 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 measurements 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. 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—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Accounting guidance 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. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities became unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 and Level 3 during the years ended December 31, 2021 and 2022. Fair value measurements on a recurring basis As of December 31, 2021, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Time deposit 10,000 — 10,000 — Short-term investments (Note 2(i)): Short-term wealth management product 35,950 — 35,950 — As of December 31, 2022, there was no financial instrument measured at fair value on a recurring basis. The Group’s financial instruments including amount due to or due from related parties, receivables, short-term borrowing, payables and other current liabilities are not measured at fair value but for which the fair value is estimated for disclosure purposes, the carrying amount of which approximates the fair value due to their short-term nature. Fair value measurements on a non-recurring basis The Group’s long-term equity investments are measured at fair value on a non-recurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. Please refer to Note 2(k) for more details of valuation techniques. The Group’s non-financial assets, such as goodwill, intangible assets, and property and equipment, would be measured at fair value on a non-recurring basis, only if they were determined to be impaired. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs used such as historical financial information and assumptions about future growth rates and discount rates, which require significant judgment and company-specific information. |
Revenue recognition | (r) Revenue recognition The Group generates revenues from recommendation services, big data and system-based risk management, marketing and other services. According to ASC 606, the Group recognizes revenues when performance obligations under the terms of a contract with a customer are satisfied and promised services have transferred to the customer, in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and net of value-added tax. For service arrangements that involve multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling prices of services being provided to customers. For the periods presented, the Group primarily uses the price to be charged for the service when the service is sold separately in similar circumstances to similar customers to determine the relative standalone selling price. The Group accounts for discounts and return allowances as variable consideration. The Company considers the constraint on variable consideration and only recognize revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Customers for recommendation services are entitled to apply for returns for invalid recommendations within a specified period after the recommendation is delivered under a limited circumstances, i.e., the applicant’s phone number cannot be connected, or the applicant is in the blacklist maintained by the financial service providers, etc. Return allowances are estimated based on historical experiences of returns granted to customers. Timing of revenue recognition may differ from the timing of payment from customers. The Group does not have material contract assets as it generally has the unconditional right to payment as revenue is recognized or the timing difference is immaterial. Accounts receivable represent amounts that the Group has satisfied the performance obligation and have the unconditional right to payment. Unearned revenue consists of payments received related to unsatisfied performance obligations at the end of the period, included in “Advances from customers” in the Group’s consolidated balance sheets. Due to the generally short-term duration of the Group’s contracts, the majority of the performance obligations are satisfied in one year. The amount of revenue recognized that was included in the receipts in advances from customers balance at the beginning of the year was RMB11.6 million and RMB8.1 million for the years ended December 31, 2021 and 2022. Recommendation services: (i) Credit card: The Group provides Recommendation Services in respect of credit card products offered by credit card issuers or their agents on its platform. The individual users can select and apply for the credit cards, and submit applications to credit card issuers or their agents. The Group is not involved in the credit card approval or issuance process. Service fee is charged to the customers, i.e., the credit card issuers or their agents, upon completion of an application, issuance or first usage of a credit card by the users (collectively referred to as “cost-per-success”). Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the customers confirm the number of card application, issuance or first usage with the Group. (ii) Loans: The Group provides Recommendation Services in respect of loan products offered by the financial service providers on its platform, and assist the financial service providers or their loan sales representatives to identify qualified individual users or borrowers. The Group considers the financial service providers, including banks, consumer finance companies, micro-loan companies and other licensed financial institutions, emerging technology-enabled financial service providers, or their loan sales representatives to be its customers, and receives service fees from the customers primarily based on number of applications of qualified users. The price for each recommendation charged to the financial service providers is either a fixed price as pre-agreed in the service contract, or pre-set in the bidding systems by the customers, or an amount charged based on a pre-agreed percentage of loan principal amount underwritten by the financial service providers. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the user application is delivered to the customers or when the customers confirmed the underwritten loan principal amount. After the users or borrowers submit applications for the recommended products to the customers, the Group does not retain any further obligations. Big data and system-based risk management services The Group provides big data risk management services to financial service providers, which integrates data and provides customizable automatic data and modeling solutions and services to financial service providers to facilitate their risk management primarily for loan products applicants. The Group also provides SaaS-based risk management solutions, which allow financial service providers to conveniently manage acquisition efficiency, borrower screening and assessment in a comprehensive manner. Revenues from the aforementioned services are recognized when all of the revenue recognition criteria are met, which is generally when the result of query is provided to customers with a pre-agreed fixed price. Through the acquisition of of Newsky Wisdom, the Group provides system-based total solutions to help the banking partners to build and boost digital capabilities so that they could better serve more end users with financial needs. Such services include system research and development services and maintenance services. The Group recognizes revenues of research and development services upon completion of the services. Revenues from system maintenance services are recognized ratably over the contractual terms. Marketing and other services Revenues of marketing and other services primarily consist of revenues from insurance brokerage service and other marketing services. Insurance brokerage revenue is commissions earned from insurance brokerage services, determined based on a percentage of premiums paid by the insureds. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collectable from the insured since the Group has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company. The brokerage commission, which is paid by the insurance company, is based on the terms specified in the service contracts with the insurance companies. Revenue of other marketing services is service fee charged to the customers including telecommunication service providers, e-Commerce marketplaces and other merchants for the marketing solutions and services in respect of user acquisition, product promotion and other marketing activities. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the relevant services specified in the contracts are rendered. For service arrangements involved with third-party platform or suppliers, the Group considers whether it should report revenues on a gross or net basis by assessing all indicators set forth in ASC 606, and determine if the Group is acting as principal or agent. For arrangements where the Group controls the service before it is transferred to the customer as a principal, as the Group is the primary obligor, subject to inventory risk, and having discretion in establishing prices, revenue is recorded on a gross basis on the amount of fees it billed to its customers. Otherwise, the revenue is recorded on a net basis. |
Cost of promotion and acquisition | (s) Cost of promotion and acquisition Beginning from 2021, the Company newly added a financial statement line item as cost of promotion and acquisition. Cost of promotion and acquisition consists primarily of expenditures relating to traffic acquisition, rewards to business partners for promotion in social network and social media platform, and marketing costs related to marketing and other services including commissions paid to individual insurance brokers, which were included in selling and marketing expenses and cost of revenue before 2021. For comparison purposes, the cost of promotion and acquisition for the years ended December 31, 2020 had been retrospectively reclassified. The amount reclassified from sales and marketing expenses to cost of promotion and acquisition was RMB353,119 for the years ended December 31, 2020. The amount reclassified from cost of revenue to cost of promotion and acquisition was RMB26,261 for the years ended December 31, 2020. |
Cost of operation | (t) Cost of operation Cost of operation consists primarily of costs associated with maintenance of the platform including data acquisition costs, bandwidth and server hosting costs, call center outsourcing costs, depreciation, payroll and other related costs of operations. The marketing costs relating to marketing and other services including commissions paid to individual insurance brokers previously recorded in cost of revenues are reclassified to cost of promotion and acquisition in 2021. For comparison purposes, the cost of operation for the year of 2020 had been retrospectively reclassified. |
Sales and marketing expenses | (u) Sales and marketing expenses Sales and marketing expenses consist primarily of marketing expenses relating to marketing activities, payroll costs and related expenses for employees involved in sales and marketing activities, and expenses for the portion of call center operations that the Group outsources. Beginning from 2021, traffic acquisition and rewards to business partners for promotion in social network and social media platform have been reclassified to cost of promotion and acquisition. For comparison purposes, the sales and marketing expenses for the years ended December 31, 2020 had been retrospectively reclassified. Advertising costs are expensed as incurred. Total amount of advertising expenditures recognized in sales and marketing expenses were RMB2,578, RMB3,731 and RMB2,643 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Research and development expenses | (v) Research and development expenses Research and development expenses consist primarily of payroll costs and related expenses for employees involved in developing and improving platform and services and solutions. All research and development costs were expensed as incurred. Since inception, the amount of costs qualifying for capitalization has been immaterial and, as a result, all development costs have been expensed as incurred. |
General and administrative expenses | (w) General and administrative expenses General and administrative expenses consist primarily of payroll costs and related expenses for employees involved in general corporate functions, including finance, legal and human resources, and professional fees relating to these functions. |
Share-based compensation | (x) Share-based compensation All share-based awards granted to employees or non-employees, including restricted ordinary shares and share options, are measured at fair value on grant date. Share-based compensation expense is recognized using the straight-line vesting method for awards that contain only service conditions, and using graded vesting method for other awards, net of estimated forfeitures, over the requisite service period, which is the vesting period. The Group uses the binomial option pricing model to estimate fair value of the share options. The determination of estimated fair value of share-based awards on the grant date using an option pricing model is affected by the fair value of underlying ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of underlying ordinary shares over the expected term of the awards, actual and projected share option exercise behaviors, a risk-free interest rate and any expected dividends. The underlying ordinary shares which do not have quoted market prices, were valued based on the income approach. Determination of estimated fair value of the underlying ordinary shares requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to them. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate forfeitures of the pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest. For share options granted with performance condition, the share-based compensation expenses is recorded when the performance condition is considered probable. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expense based on its probability assessment. The Group recognizes a cumulative catch up adjustment for changes in its probability assessment in the reporting periods of the changes. A modification is defined as a change in the terms or conditions of a share-based award (“modified award”). The compensation expenses associated with the modified awards are recognized if either the original vesting condition or the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation expenses are equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For stock options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For stock options still unvested as of the modification date, the incremental compensation expenses are recognized over the requisite service period of these stock options. The Company’s share-based awards granted to employees of the Non-platform business should be recognized as a deemed dividend from the Group to its shareholders at the fair value determined as of the grant date. |
Income taxes | (y) Income taxes Current income taxes are provided in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax basis of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Income tax liability is calculated based on a separate return basis as if the Group had filed separate tax returns before the Reorganization. To assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions. |
Leases | (z) Leases According to ASU 2016-02, the Group determines if an arrangement is or contains a lease at inception. The determination of whether an arrangement is a lease or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The Group has operating leases primarily for office space. The Group elects to apply the short-term lease measurement and recognition exemption for contracts with lease terms of 12 months or less therefore the short-term leases are not recorded on the Group’s consolidated balance sheet. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement. The Group uses the implicit rate when readily determinable, or its incremental borrowing rate based on the information available, at the commencement date in determining the present value of lease payments. Certain leases include renewal options and/or termination options. Renewal options are included in the lease term if the Group is reasonably certain to exercise those options while options to terminate the lease are only included in the lease term if the Group is reasonably certain not to exercise those options. Lease expense is recorded on a straight-line basis over the lease term. |
Comprehensive loss | (aa) Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive loss for the periods presented includes net loss and foreign currency translation adjustments. |
Segment reporting | (ab) Segment reporting The Group’s chief operating decision maker has been identified as its Chief Executive Officer, who reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. The Group’s long-lived assets are substantially all located in the PRC and substantially all of the Group’s revenues are derived from the PRC. Therefore, no geographical segments are presented. |
Statutory reserves | (ac) Statutory reserves The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain non-distributable reserve funds. In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their annual after-tax profits (as determined under generally accepted accounting principles in the PRC (“PRC GAAP”) 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 annual after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion. In addition, in accordance with the PRC Company Laws, the Group’s VIEs registered as Chinese domestic company must make appropriations from its annual after-tax profits as determined under the PRC GAAP to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the annual after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company. The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of all employees. None of these reserves are allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. For the years ended December 31, 2020, 2021 and 2022, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC were nil, RMB127 and nil respectively. No appropriation to other reserve funds was made for any of the periods presented. |
Nature of operations and reor_2
Nature of operations and reorganization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Nature of operations and reorganization | |
Schedule of major subsidiaries and consolidated VIEs | Percentage of direct or indirect Date of Place of economic incorporation incorporation interest Principal activities The Company: Jianpu June 1, 2017 The Cayman Islands Investment holding Major subsidiaries of the Company: Jianpu (Hong Kong) Limited (“Jianpu HK”) June 19, 2017 Hong Kong 100 % Investment holding Beijing Rongqiniu Information Technology Co., Ltd. August 21, 2017 PRC 100 % Platform business Beijing Rongsanliuling Information Technology Co., Ltd. November 5, 2018 PRC 100 % Platform business CC Information Limited Acquired in August 2019 Hong Kong 85.00 % Platform business Shanghai Chengjian Information Technology Co., Ltd. February 26, 2019 PRC 100 % Platform business Newsky Wisdom Treasure (Beijing) Co., Ltd. (“Newsky Wisdom”) Acquired on April 1, 2020 (Note 8) PRC 50.50 % Platform business Major VIEs consolidated without equity ownership: Beijing Rongdiandian Information Technology Co., Ltd. March 3, 2017 PRC 100 % Platform business Beijing Kartner Information Technology Co., Ltd. (“KTN”) Acquired in October 2018 PRC 100 % Platform business Beijing Guangkezhixun Information Technology Co., Ltd. July 31, 2019 PRC 100 % Platform business Major subsidiary of VIE: Shanghai Anguo Insurance Brokerage Co., Ltd. (“Anguo”) Acquired in December 2019 PRC 100 % Platform business |
Schedule of financial information of the Group's VIEs | As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(f) Cash and cash equivalents 16,439 33,541 4,863 Accounts receivable, net 42,006 44,411 6,439 Amount due from related party other than the subsidiaries of the Group 29,500 27,703 4,017 Amount due from the subsidiaries of the Group* — 6,895 1,000 Prepayments and other current assets 7,148 11,388 1,651 Property and equipment, net 10,143 10,028 1,454 Intangible assets, net 14,937 13,785 1,999 Restricted time deposits-non-current 5,000 5,000 725 Other non-current assets 33 3,962 573 Total assets 125,206 156,713 22,721 Accounts payable 29,858 19,436 2,818 Advances from customers 1,670 1,565 227 Tax payable 13,606 8,470 1,228 Amount due to the subsidiaries of the Group* 13,652 130,796 18,964 Amount due to related party other than the subsidiaries of the Group 2,347 706 102 Accrued expenses and other current liabilities 65,464 6,144 891 Deferred tax liabilities 3,715 3,429 497 Other non-current liabilities — 780 113 Total liabilities 130,312 171,326 24,840 * The balances are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Revenues: Third-party revenues 54,782 145,538 182,582 26,472 Inter-company revenues* 230,809 266,617 262,936 38,122 Total revenues 285,591 412,155 445,518 64,594 Third-party costs and expenses (326,883) (442,995) (448,782) (65,067) Inter-company costs and expenses* (33,500) (33,242) (28,278) (4,100) Total costs and expenses (360,383) (476,237) (477,060) (69,167) Others 1,647 1,303 5,172 750 Loss before income tax (73,145) (62,779) (26,370) (3,823) Income tax benefits 884 285 286 41 Net loss (72,261) (62,494) (26,084) (3,782) * The transactions are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Cash flows from operating activities Net cash used in transactions with third-party (398,659) (456,230) (425,389) (61,675) Net cash provided by transactions with inter-company 408,880 430,329 442,965 64,224 Net cash provided by/(used in) operating activities 10,221 (25,901) 17,576 2,549 Cash flows from investing activities Net cash provided by transactions with third-party 3,464 10,544 — — Cash outflow from deconsolidation of subsidiaries, net of cash disposed — — (474) (69) Net cash (used in)/provided by investing activities 3,464 10,544 (474) (69) Cash flows from financing activities Net cash provided by transactions with inter-company 9,600 1,000 — — Net cash provided by financing activities 9,600 1,000 — — Net increase/(decrease) in cash and cash equivalents and restricted cash 23,285 (14,357) 17,102 2,480 Cash and cash equivalents and restricted cash at beginning of the year 7,511 30,796 16,439 2,383 Cash and cash equivalents at end of the year 30,796 16,439 33,541 4,863 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of the Property and equipment, net | Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement |
Schedule of estimated useful lives of intangible assets | Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years |
Schedule of financial instruments measured at fair value on recurring basis | Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Time deposit 10,000 — 10,000 — Short-term investments (Note 2(i)): Short-term wealth management product 35,950 — 35,950 — |
Concentration and risks (Tables
Concentration and risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Customer risk | |
Concentration and risks | |
Schedule of concentration and risks | For the Year Ended December 31, Revenues 2020 2021 2022 Customer A * 14 % * Customer B 14 % 11 % 11 % As of December 31, Accounts receivable, net 2021 2022 Customer A 20 % * Customer C * 10 % |
Supplier risk | |
Concentration and risks | |
Schedule of concentration and risks | As of December 31, Accounts payable 2021 2022 Supplier I 15 % 15 % * The percentage was below 10% for the period. |
Restricted cash and time depo_2
Restricted cash and time deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restricted cash and time deposits | |
Schedule of restricted cash, time deposits | As of December 31, 2021 2022 RMB RMB Current: Restricted time deposits 234,601 297,634 Total 234,601 297,634 Non-current: Restricted cash 8,973 9,180 Restricted time deposits 28,293 30,879 Total 37,266 40,059 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts receivable, net | |
Schedule of accounts receivable, net | As of December 31, 2021 2022 RMB RMB Accounts receivable 206,771 222,531 Less: allowance for credit losses (31,606) (32,866) Accounts receivable, net 175,165 189,665 |
Schedule of movements in the allowance for credit losses | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year (23,785) (33,465) (31,606) Impact of adoption of ASC 326 (1,095) — — Additions (14,235) (5,741) (4,019) Reversals — 6,779 1,776 Write offs 5,650 821 983 Balance at end of the year (33,465) (31,606) (32,866) |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other current assets | |
Schedule of prepayments and other current assets | As of December 31, 2021 2022 RMB RMB Prepaid advertising expenses, rentals and others 31,605 31,658 Deposits 6,466 4,554 Staff advances 1,571 3,041 Deductible VAT input 13,801 4,268 Interest receivable 23 3,016 Total 53,466 46,537 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Newsky Wisdom | |
Business combinations | |
Schedule of purchase price allocation | Amount RMB Cash paid 25,000 Less: Financial asset acquired for an earn-out arrangement 1,179 Cash consideration 23,821 Noncontrolling interests 23,349 Total 47,170 Amortization Amount years RMB Years Cash and cash equivalent of Newsky Wisdom at acquisition date 2,240 — Other working capital 28,914 — Identifiable intangible assets acquired — — Software 1,000 3 Customer relationship 2,200 4 Brand 2,800 10 Backlog 800 3 Goodwill 10,236 — Deferred tax liabilities (1,020) — Total 47,170 — |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Schedule of intangible assets | As of December 31, 2022 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Customer relationship 3-5.5 3,540 (1,971) (1,569) — Software 3 4,836 (4,144) (167) 525 Brand 8-10 5,033 (1,630) (2,100) 1,303 Backlog 3 800 (800) — — License 15 22,340 (3,954) (3,600) 14,786 Crypto assets — 4,010 — (2,285) 1,725 Total 40,559 (12,499) (9,721) 18,339 As of December 31, 2021 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 26,326 (7,059) (18,030) 1,237 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 5,743 (4,157) (833) 753 Brand 8-10 4,844 (1,086) — 3,758 Backlog 3 800 (793) — 7 License 15 22,226 (2,706) (3,600) 15,920 Total 159,839 (33,944) (104,220) 21,675 |
Schedule of expected amortization expense relating to intangible assets for the next five years and thereafter | Amount RMB 2023 1,641 2024 1,641 2025 1,627 2026 1,519 2027 1,426 Thereafter 8,760 16,614 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Schedule of property and equipment, net | As of December 31, 2021 2022 RMB RMB Office furniture and equipment 1,984 1,886 Computer equipment 9,243 6,993 Servers and network equipment 31,977 31,591 Leasehold improvements 10,010 10,423 Vehicles 685 57 Building 12,512 12,512 Total 66,411 63,462 Accumulated depreciation (52,597) (50,884) Impairment (1,197) — Property and equipment, net 12,617 12,578 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Schedule of changes in the carrying amount of goodwill | Amount RMB Balance as of December 31, 2020 and 2021 10,236 Impairment related to Newsky Wisdom (see Note 8) (10,236) Balance as of December 31, 2022 — |
Long-term investment (Tables)
Long-term investment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investment | |
Schedule of equity investments | As of December 31, 2021 2022 RMB RMB Equity investments 19,422 5,190 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Summary related to operating leases | Amount RMB Operating lease right-of-use assets, net* 4,894 Operating lease liabilities - current* 3,697 Operating lease liabilities - non-current* 780 Total operating lease liabilities 4,477 Weighted average remaining lease term 1.17 Weighted average discount rate 4.75 % Amount RMB Operating lease expenses 9,204 Short-term lease expenses 4,748 Total lease expenses ** 13,952 Cash paid for amounts included in the measurement of lease liabilities 8,749 Right-of-use assets obtained in exchange for new operating lease liabilities 4,225 ** The lease expenses were RMB15,078, RMB16,456 and RMB13,952 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Summary of maturity of operating lease liabilities under the Group's non-cancellable operating leases | Amount RMB 2023 3,834 2024 793 2025 — Total future minimum payments 4,627 Less: interest (150) Present value of operating lease liabilities 4,477 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31, 2021 2022 RMB RMB Accrued payroll 56,463 45,283 Customer advance payments relating to Databook (see Note 16) 47,703 — Consideration payable of business combination 1,333 1,333 Operating lease liabilities 7,893 3,697 Accrued expenses 13,261 9,818 Payable to employees for proceeds from shares as sold 504 294 Others 25,364 28,446 Total 152,521 88,871 |
Others, net (Tables)
Others, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Others, net | |
Schedule of other income (expense) | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Investment income (1) — 51,142 23,386 Investment impairment loss (2) — — (17,798) Tax benefit for value-added tax 5,287 4,436 11,956 Others 5,951 2,442 3,034 Total 11,238 58,020 20,578 (1) In 2022, the investment income is mainly attributable to the investment gain of RMB23.1 million from deconsolidation of Databook Tech Ltd (“Databook”) . In 2022, Databook, one of the Company’s subsidiaries, made a cash distribution to its shareholders, through which the Company received a portion of the cash distribution. At the same time, Databook also issued additional shares to one minority shareholder and changed the Company’s board seat in Databook to one director. The Company consequently became a minority shareholder of Databook and no longer has control over the Databook. In 2018, the Group invested in preferred shares of Conflux Global (“Conflux”),which is a decentralized applications block-chain solution provider, with a consideration of cash in US$2,000 (RMB12,745). Conflux is a decentralized applications blockchain solution provider. These preferred shares invested are not considered in-substance ordinary shares and do not have readily determinable fair value, which are accounted for using the measurement alternative method. In 2021, the Group disposed 66.7% of the investment with an investment gain of RMB51.1 million realized in “Others, net” in the consolidated statements of comprehensive loss. (2) In 2022, investment impairment loss mainly consisted of the impairment of long-term investment of RMB14,751 (Note 12) and impairment of investment in Conflux RMB3,047 due to market volatility. |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Schedule of composition of income tax benefits | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Current income tax 365 3 — Deferred income tax (1,648) (585) (918) Total (1,283) (582) (918) |
Schedule of reconciliation of the differences between statutory income tax rate and effective income tax rate | For the Year Ended December 31, 2020 2021 2022 Statutory EIT rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatment (3.65) % (3.00) % (10.99) % Tax effect of permanent differences 2.78 % 5.87 % 9.95 % Changes in valuation allowance (23.72) % (27.58) % (23.28) % Effective income tax rate 0.41 % 0.29 % 0.68 % |
Schedule of Effect of Preferential Tax | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Tax effect of preferential tax treatment 11,440 6,140 14,855 Basic and diluted loss per share effect 0.03 0.01 0.04 |
Schedule of deferred tax assets and liabilities | As of December 31, 2021 2022 RMB RMB Deferred tax assets Advances from customers 11,747 3,535 Accrued payroll and expenses 1,705 235 Allowances of credit losses 7,116 7,412 Allowances of impaired assets 1,988 593 Net operating loss carry-forwards 202,061 235,751 Advertising expenses in excess of deduction limit 2,827 2,827 Amortization of intangible assets 1,737 2,128 Total deferred tax assets 229,181 252,481 Less: Valuation allowance (229,181) (252,481) Total deferred tax assets, net — — As of December 31, 2021 2022 RMB RMB Deferred tax liabilities Intangible assets acquired from business combinations 4,549 3,644 Total deferred tax liabilities 4,549 3,644 |
Schedule of movement of valuation allowance | For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Balance at beginning of the year 115,143 249,347 229,181 Additions 153,830 69,282 46,643 Reversals (19,626) (89,448) (23,343) Balance at end of the year 249,347 229,181 252,481 |
Share-based compensation expe_2
Share-based compensation expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation expenses | |
Schedule of share-based compensation expenses included in each of the relevant accounts | For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Cost of operation (186) 218 94 14 Sales and marketing expenses 295 (543) 872 126 Research and development expenses (1,999) 2,250 1,793 260 General and administrative expenses (2,439) 15,432 3,819 554 Total (4,329) 17,357 6,578 954 |
Global Share Plan | |
Share-based compensation expenses | |
Schedule of activities of share options | Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of January 1, 2020 8,280,229 0.25 2,829 6.54 Forfeited during the year (111,244) 0.50 — — Exercised during the year (663,508) 0.33 — — Outstanding as of December 31, 2020 7,505,477 0.28 176 5.53 Forfeited during the year (45,227) 0.29 — — Exercised during the year — — — — Outstanding as of December 31, 2021 7,460,250 0.24 26 4.52 Forfeited during the year (420) 0.56 — — Exercised during the year (99,500) 0.05 — — Outstanding as of December 31, 2022 7,360,330 0.24 54 3.55 |
Schedule of fair values of the options granted in relation to the share based compensation expenses attributable to the Platform Business | For the Year Ended December 31, 2018 2019 US$ US$ Weighted average grant date fair value of option per share 2.46 0.86 Aggregate grant date fair value of options granted 4,776 17 |
Schedule of estimated fair value of binomial option-pricing model | For the Year Ended December 31, 2018 2019 Risk-free interest rate per annum 2.40% ~ 3.05% 1.78% ~ 2.60% Expected term (in years) 10 10 Expected volatility 53% ~ 54% 51% ~ 58% Expected dividends yield — — |
2017 Share Incentive Plan | |
Share-based compensation expenses | |
Schedule of activities of share options | Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of January 1, 2020 17,389,885 0.01 10,190 8.92 Granted during the year 3,863,034 0.01 — — Forfeited during the year (2,044,547) 0.01 — — Exercised during the year (275,315) 0.01 — — Outstanding as of December 31, 2020 18,933,057 0.01 2,688 8.25 Granted during the year 8,210,850 0.01 — — Forfeited during the year (1,655,252) 0.01 — — Exercised during the year (50,000) 0.01 — — Outstanding as of December 31, 2021 25,438,655 0.01 1,056 8.05 Granted during the year 8,320,522 0.01 — — Forfeited during the year (714,450) 0.01 — — Exercised during the year (603,464) 0.01 — — Outstanding as of December 31, 2022 32,441,263 0.01 2,255 7.65 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Schedule of basic and diluted net loss per ordinary share | For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (In thousands, (In thousands, (In thousands, (In thousands, except except except except for share for share for share for share and per and per and per and per share data) share data) share data) share data) Numerator Net loss attributable to Jianpu’s shareholders (304,147) (199,785) (131,660) (19,088) Numerator for basic and diluted net loss per share (304,147) (199,785) (131,660) (19,088) Denominator: Weighted average number of ordinary shares 423,096,353 423,661,496 424,031,623 424,031,623 Denominator for basic and diluted net loss per share 423,096,353 423,661,496 424,031,623 424,031,623 Net loss per ordinary share: Basic and diluted (0.72) (0.47) (0.31) (0.05) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Schedule of significant related party transactions and outstanding balance | The following sets forth significant related party transactions of the Group during the years presented: For the Year Ended December 31, 2020 2021 2022 RMB RMB RMB Revenues from recommendation services for loans generated from RONG360 (a) 4,757 488 903 Revenues from big data and system-based risk management services generated from RONG360 (a) 3,626 4,282 4,803 Administrative expenses charged to RONG360 (b) 2,000 2,000 6,000 Sales and marketing expenses charged by RONG360 (c) (206) (124) — Cost of promotion and acquisition charged by by RONG360 (d) — — (207) Research and development expenses charged by RONG360 (e) (1,480) (685) (871) Data acquisition cost charged by related party C (g) (2,102) — — Cost of customer service charged by related party D (h) — (883) (386) The following sets forth related party outstanding balance: As of December 31, 2021 2022 Amount due to RONG360 (i) (21,686) (7,642) Amount due to related party B (f) (7,551) (5,815) Amount due from other related parties (j) 107 76 (a) RONG360’s business comprised the Platform Business segment and Non-platform Business segment prior to the Reorganization, thus transactions between the Group’s Predecessor Operation, i.e. the Platform Business, and Non-platform business segment of RONG360 are accounted for as related party transactions. After the Share Distribution, RONG360 is still considered as a related party of the Group due to the existence of some same major shareholders of RONG360 and the Company. The Group provided loan recommendation services and big data and system-based risk management services to the Non-platform Business segment of RONG360 and the related service fees were charged at a standard fee rate same as that charged to third party customers. (b) Following the Reorganization, the administrative expenses allocated to RONG360 consist of various expenses attributable to the Non-platform business segment of RONG360, including expenses related to operational, administrative, human resources, legal, accounting and internal control support pursuant to the transitional services arrangement (see Note 1(b)). (c) RONG360 charged the Group sales and marketing expenses for providing advertising and marketing services to the Group for the year ended December 31, 2020 and 2021. (d) RONG360 charged the Group cost of promotion and acquisition for providing promotion and acquisition services to the Group for the year ended December 31, 2022. (e) RONG360 charged the Group research and development expenses for providing research and development services to the Group for the year ended December 31, 2020, 2021 and 2022. (f) The Group obtained contractual control of KTN from related party B (a company owned by two founders of the Company before September 2020, and controled by a founder of the Company afterwards) in October 2018. The balance primarily represented the unpaid consideration. The balance as of December 31, 2022 decreased because related party B collected some receivables on behalf of the Group, which has not yet been transferred to the Group. (g) The Group invested in and owned 15% of the preference shares of related party C. Related party C charged the Group data acquisition cost for the services delivered for the years ended December 31, 2020. (h) In 2021, the Group invested in and owned 35% of the preference shares of related party D. Related party D charged the Group customer services delivered for the years ended December 31, 2021 and 2022. (i) The balance decrease reflected the aforementioned related party transactions and related settlements and prepayment between RONG360 and the Group. (j) The balance represented the net amount resulting from the amount of due to related party D and amount due from other related party. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Lessee Operating Lease Liability Aggregate Minimum Lease Payments | As of December 31, 2022 RMB Within one year 1,365 Total 1,365 |
Parent company only condensed_2
Parent company only condensed financial information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent company only condensed financial information | |
Schedule of Condensed Balance Sheets | As of December 31, 2021 2022 2022 RMB RMB US$ Note 2(f) ASSETS Current assets: Cash and cash equivalents 1,952 19,518 2,830 Amount due from related party other than the subsidiaries of the Group 10,779 13,818 2,003 Prepayments and other current assets 1,152 1,629 236 Total current assets 13,883 34,965 5,069 Non-current assets: Intangible assets, net 1,063 1,460 212 Restricted time deposits 23,293 25,879 3,752 Amount due from subsidiaries and VIEs 1,245,224 1,347,219 195,328 Other non-current assets 13,625 — — Total non-current assets 1,283,205 1,374,558 199,292 Total assets 1,297,088 1,409,523 204,361 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable 717 606 88 Deficit in subsidiaries and VIEs 723,803 924,085 133,980 Accrued expenses and other current liabilities 1,895 2,742 398 Total current liabilities 726,415 927,433 134,466 Non-current liabilities: Amount due to subsidiaries and VIEs 56,903 39,906 5,786 Other non-current liabilities 12,265 12,316 1,784 Total non-current liabilities 69,168 52,222 7,570 Total liabilities 795,583 979,655 142,036 Ordinary shares: US$0.0001 par value, 430,463,797 shares (including 333,992,002 Class A ordinary shares, and 96,471,795 Class B ordinary shares) issued and 423,677,480 shares (including 327,205,685 Class A ordinary shares, and 96,471,795 Class B ordinary shares) outstanding as of December 31, 2021, and 430,463,797 shares (including 333,992,002 Class A ordinary shares, and 96,471,795 Class B ordinary shares) issued and 424,447,980 shares (including 327,976,185 Class A ordinary shares, and 96,471,795 Class B ordinary shares) outstanding as of December 31, 2022, respectively. 286 286 41 Treasury stock, at cost (6,786,317 and 6,015,817 shares held as of December 31, 2021 and 2022, respectively) (88,130) (77,499) (11,236) Additional paid-in capital 1,902,587 1,891,266 274,208 Accumulated losses (1,299,846) (1,424,153) (206,483) Statutory reserves 2,027 2,027 294 Accumulated other comprehensive income/(loss) (15,419) 37,941 5,501 Total shareholders’ equity 501,505 429,868 62,325 Total liabilities and shareholders’ equity 1,297,088 1,409,523 204,361 |
Schedule of Condensed Statements of Comprehensive loss | For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Operating expenses: (37,874) (22,424) (13,079) (1,896) General and administrative (37,874) (22,424) (13,079) (1,896) Loss from operations (37,874) (22,424) (13,079) (1,896) Loss from subsidiaries and VIEs (272,791) (178,242) (120,953) (17,537) Others, net 6,518 881 9,725 1,410 Loss before income tax (304,147) (199,785) (124,307) (18,023) Net loss (304,147) (199,785) (124,307) (18,023) |
Schedule of Condensed Statements of Cash Flows | For the Year Ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Note 2(f) Net cash used in operating activities (71,787) (28,745) (14,635) (2,122) Purchases of intangible assets, property and equipment (1,260) — — — Cash netflow from deconsolidation of subsidiaries — — 19,005 2,755 Investments and loans extended to subsidiaries and VIEs (65,907) — (40,362) (5,852) Repayment of loans by subsidiaries — 25,094 51,919 7,528 Net cash provided by/(used in) investing activities (67,167) 25,094 30,562 4,431 Proceeds from employees exercising stock options 120 4 143 21 Net cash provided by financing activities 120 4 143 21 |
Nature of operations and reor_3
Nature of operations and reorganization - Major subsidiaries and VIEs (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Jianpu (Hong Kong) Limited ("Jianpu HK") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100% |
Beijing Rongqiniu Information Technology Co., Ltd. | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100% |
Beijing Rongsanliuling Information Technology Co., Ltd | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100% |
CC Information Limited [Member] | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 85% |
Shanghai Chengjian Information Technology Co., Ltd. | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100% |
Shanghai Chengjian Information Technology Co., Ltd. | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 50.50% |
Beijing Rongdiandian Information Technology Co., Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100% |
KTN | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100% |
Beijing Guangkezhixun Information Technology Co., Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100% |
Shanghai Anguo Insurance Brokers Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100% |
Nature of operations and reor_4
Nature of operations and reorganization - Financial Position and Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 CNY (¥) | |
Balance Sheet information of the Group | |||||||
Cash and cash equivalents | ¥ 346,539 | ¥ 444,933 | ¥ 549,979 | $ 50,243 | $ 64,509 | ¥ 694,910 | |
Accounts receivable, net | 189,665 | 175,165 | 27,499 | ||||
Prepayments and other current assets | 46,537 | 53,466 | 6,747 | ||||
Property and equipment, net | 12,578 | 12,617 | 1,824 | ||||
Intangible assets, net | 18,339 | 21,675 | 2,659 | ||||
Restricted time deposits-non-current | 9,180 | 8,973 | |||||
Other non-current assets | 10,758 | 33,873 | 1,560 | ||||
Total assets | 962,262 | 1,069,922 | 139,515 | ||||
Accounts payable | 96,729 | 103,782 | 14,024 | ||||
Advances from customers | 46,920 | 47,221 | 6,803 | ||||
Amount due to related party other than the subsidiaries of the Group | 13,534 | 29,270 | 1,962 | ||||
Accrued expenses and other current liabilities | 88,871 | 152,521 | 12,885 | ||||
Deferred tax liabilities | 3,644 | 4,549 | 528 | ||||
Other non-current liabilities | 13,096 | 13,604 | 1,900 | ||||
Total liabilities | 525,937 | 547,470 | 76,254 | ||||
Revenues: | |||||||
Total revenues | 989,675 | $ 143,489 | 805,047 | 585,762 | |||
Others | 20,578 | 2,984 | 58,020 | 11,238 | |||
Loss before income tax | (135,169) | (19,597) | (204,676) | (313,429) | |||
Income tax (expenses)/benefits | 918 | 133 | 582 | 1,283 | |||
Net loss | (124,307) | (18,022) | (199,785) | (304,147) | |||
Revenues are eliminated through the consolidation | 989,675 | 143,489 | 805,047 | 585,762 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | (154,595) | (22,416) | (294,588) | (107,498) | |||
Net cash provided by investing activities | (39,926) | (5,789) | 36,509 | (91,265) | |||
Net cash provided by financing activities | 63,069 | 9,144 | 23,380 | 98,597 | |||
Net decrease in cash and cash equivalents and restricted cash | (98,187) | (14,236) | (245,279) | (134,197) | |||
Cash and cash equivalents and restricted cash at beginning of the year | 453,906 | 65,810 | 699,185 | 833,382 | |||
Cash and cash equivalents and restricted cash at end of the year | 355,719 | 51,574 | 453,906 | 699,185 | |||
Consolidated variable interest entity ("VIE") | |||||||
Balance Sheet information of the Group | |||||||
Cash and cash equivalents | 33,541 | 16,439 | 4,863 | ||||
Accounts receivable, net | 44,411 | 42,006 | 6,439 | ||||
Amount due from the subsidiaries of the Group | 6,895 | 1,000 | |||||
Amount due from related party other than the subsidiaries of the Group | 27,703 | 29,500 | 4,017 | ||||
Prepayments and other current assets | 11,388 | 7,148 | 1,651 | ||||
Property and equipment, net | 10,028 | 10,143 | 1,454 | ||||
Intangible assets, net | 13,785 | 14,937 | 1,999 | ||||
Restricted time deposits-non-current | 5,000 | 5,000 | 725 | ||||
Other non-current assets | 3,962 | 33 | 573 | ||||
Total assets | 156,713 | 125,206 | 22,721 | ||||
Accounts payable | 19,436 | 29,858 | 2,818 | ||||
Advances from customers | 1,565 | 1,670 | 227 | ||||
Tax payable | 8,470 | 13,606 | 1,228 | ||||
Amounts due to the subsidiaries of the Group | 130,796 | 13,652 | 18,964 | ||||
Amount due to related party other than the subsidiaries of the Group | 706 | 2,347 | 102 | ||||
Accrued expenses and other current liabilities | 6,144 | 65,464 | 891 | ||||
Deferred tax liabilities | 3,429 | 3,715 | 497 | ||||
Other non-current liabilities | 780 | 113 | |||||
Total liabilities | 171,326 | 130,312 | $ 24,840 | ||||
Revenues: | |||||||
Total revenues | 445,518 | 64,594 | 412,155 | 285,591 | |||
Total Costs and expenses | (477,060) | (69,167) | (476,237) | (360,383) | |||
Others | 5,172 | 750 | 1,303 | 1,647 | |||
Loss before income tax | (26,370) | (3,823) | (62,779) | (73,145) | |||
Income tax (expenses)/benefits | 286 | 41 | 285 | 884 | |||
Net loss | (26,084) | (3,782) | (62,494) | (72,261) | |||
Revenues are eliminated through the consolidation | 445,518 | 64,594 | 412,155 | 285,591 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | 17,576 | 2,549 | (25,901) | 10,221 | |||
Net cash provided by investing activities | (474) | (69) | 10,544 | 3,464 | |||
Net cash provided by financing activities | 1,000 | 9,600 | |||||
Cash outflow from deconsolidation of subsidiaries, net of cash disposed | (474) | (69) | |||||
Net decrease in cash and cash equivalents and restricted cash | 17,102 | 2,480 | (14,357) | 23,285 | |||
Cash and cash equivalents and restricted cash at beginning of the year | 16,439 | 2,383 | 30,796 | 7,511 | |||
Cash and cash equivalents and restricted cash at end of the year | 33,541 | 4,863 | 16,439 | 30,796 | |||
Consolidated variable interest entity ("VIE") | Third Party | |||||||
Revenues: | |||||||
Total revenues | 182,582 | 26,472 | 145,538 | 54,782 | |||
Total Costs and expenses | (448,782) | (65,067) | (442,995) | (326,883) | |||
Revenues are eliminated through the consolidation | 182,582 | 26,472 | 145,538 | 54,782 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | (425,389) | (61,675) | (456,230) | (398,659) | |||
Net cash provided by investing activities | 10,544 | 3,464 | |||||
Consolidated variable interest entity ("VIE") | Elimination | |||||||
Revenues: | |||||||
Total revenues | 262,936 | 38,122 | 266,617 | 230,809 | |||
Total Costs and expenses | (28,278) | (4,100) | (33,242) | (33,500) | |||
Revenues are eliminated through the consolidation | 262,936 | 38,122 | 266,617 | 230,809 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | ¥ 442,965 | $ 64,224 | 430,329 | 408,880 | |||
Net cash provided by financing activities | ¥ 1,000 | ¥ 9,600 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Summary of significant accounting policies | ||||
Redeemable noncontrolling interest | ¥ 0 | ¥ 1,689 | ||
Accretion of mezzanine equity | (7,353) | $ (1,066) | 0 | ¥ 0 |
Currency translation adjustment | ¥ 53,349 | $ 7,735 | ¥ (16,453) | ¥ (52,185) |
Translation rate calculated for buying rate | 6.8972 |
Summary of significant accoun_5
Summary of significant accounting policies - Property and equipment, net (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Office furniture and equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Computer equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Servers and network equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Vehicles | |
Property and equipment, net | |
Estimated useful life | 4 years |
Building | |
Property and equipment, net | |
Estimated useful life | 20 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets | |||
Impairment loss on goodwill | ¥ 10,236 | ¥ 0 | ¥ 12,565 |
Technology | |||
Intangible assets | |||
Estimated useful lives | 8 years 6 months | 8 years 6 months | |
Customer relationship | Minimum | |||
Intangible assets | |||
Estimated useful lives | 3 years | 3 years | |
Customer relationship | Maximum | |||
Intangible assets | |||
Estimated useful lives | 5 years 6 months | 5 years 6 months | |
Non-compete agreement | |||
Intangible assets | |||
Estimated useful lives | 5 years 6 months | 5 years 6 months | |
Software | |||
Intangible assets | |||
Estimated useful lives | 3 years | 3 years | |
Brand | Minimum | |||
Intangible assets | |||
Estimated useful lives | 8 years | 8 years | |
Brand | Maximum | |||
Intangible assets | |||
Estimated useful lives | 10 years | 10 years | |
Backlog | |||
Intangible assets | |||
Estimated useful lives | 3 years | 3 years | |
License | |||
Intangible assets | |||
Estimated useful lives | 15 years |
Summary of significant accoun_7
Summary of significant accounting policies - Fair value measurements (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value measurements | ||
Time deposits | ¥ 10,000 | |
Short-term investments | 35,950 | |
Recurring | ||
Fair value measurements | ||
Time deposits | 10,000 | |
Fair value of financial instruments | ¥ 0 | |
Recurring | Short-term wealth management product | ||
Fair value measurements | ||
Short-term investments | 35,950 | |
Level 2 | Recurring | ||
Fair value measurements | ||
Time deposits | 10,000 | |
Level 2 | Recurring | Short-term wealth management product | ||
Fair value measurements | ||
Short-term investments | ¥ 35,950 |
Summary of significant accoun_8
Summary of significant accounting policies - Others (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) segment | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Receivables, net | |||||
Allowance for credit losses | ¥ 1,976 | $ 286 | ¥ (824) | ¥ 13,065 | |
Accounts receivable, net | 189,665 | 175,165 | $ 27,499 | ||
Revenue recognition | |||||
Revenue recognized included in the receipts in advance from customers balance | 8,100 | 11,600 | |||
Long-term investment | |||||
Impairment loss of long-term investment | 14,800 | 0 | 0 | ||
Cost of promotion and acquisition | |||||
Promotion and acquisition cost | 693,272 | $ 100,515 | 562,081 | 379,380 | |
Sales and marketing expenses | |||||
Advertising expenditure | ¥ 2,643 | 3,731 | 2,578 | ||
Segment reporting | |||||
Number of reportable segments | segment | 1 | 1 | |||
Statutory reserves | |||||
Appropriation to the general reserve fund (as a percent) | 10% | 10% | |||
Required general reserve fund to avoid net profit allocation to general reserve (as a percent) | 50% | 50% | |||
Portion of after-tax profit to be allocated to statutory surplus fund under PRC law (as a percent) | 10% | 10% | |||
Required statutory surplus fund/registered capital ratio to avoid net profit allocation to statutory surplus fund (as a percent) | 50% | 50% | |||
Profit Appropriation to Statutory Surplus Fund | ¥ 0 | 127 | 0 | ||
Appropriation of profits to other reserves funds | 0 | ¥ 0 | 0 | ||
ASU 2016-13 | |||||
Receivables, net | |||||
Allowance for credit losses | 2,800 | ||||
Accounts receivable, net | ¥ 1,100 | ||||
Cost of revenues | |||||
Cost of promotion and acquisition | |||||
Promotion and acquisition cost | 26,261 | ||||
Sales and marketing expenses | |||||
Cost of promotion and acquisition | |||||
Promotion and acquisition cost | ¥ 353,119 |
Concentration and risks (Detail
Concentration and risks (Details) | 12 Months Ended | ||
Dec. 31, 2022 customer item | Dec. 31, 2021 customer item | Dec. 31, 2020 customer item | |
Accounts payable risk | |||
Concentration and risks | |||
Number of major suppliers | item | 1 | 1 | |
Revenues | |||
Concentration and risks | |||
Number of major customers | customer | 1 | 2 | 1 |
Revenues | Customer risk | Customer A | |||
Concentration and risks | |||
Significant credit risk | 14% | ||
Revenues | Customer risk | Customer B | |||
Concentration and risks | |||
Significant credit risk | 11% | 11% | 14% |
Accounts Receivable, net | |||
Concentration and risks | |||
Number of major customers | customer | 1 | 1 | |
Accounts Receivable, net | Accounts receivable risk | Customer A | |||
Concentration and risks | |||
Significant credit risk | 20% | ||
Accounts Receivable, net | Accounts receivable risk | Customer C | |||
Concentration and risks | |||
Significant credit risk | 10% | ||
Costs and expenses | |||
Concentration and risks | |||
Number of major suppliers | item | 0 | 0 | 0 |
Accounts payable | Accounts payable risk | Supplier I | |||
Concentration and risks | |||
Significant credit risk | 15% | 15% |
Restricted cash and time depo_3
Restricted cash and time deposits - Schedule of restricted cash and time deposits (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current: | |||
Restricted time deposits | ¥ 297,634 | ¥ 234,601 | |
Total | 297,634 | $ 43,153 | 234,601 |
Non-current: | |||
Restricted cash | 9,180 | 8,973 | |
Restricted time deposits | 30,879 | 28,293 | |
Total | ¥ 40,059 | $ 5,808 | ¥ 37,266 |
Restricted cash and time depo_4
Restricted cash and time deposits - Additional information (Details) ¥ in Millions, $ in Millions | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Restricted cash and time deposits | |||
Short-term time deposits | ¥ | ¥ 297.6 | ¥ 234.6 | |
Other restricted cash and time deposits as collateral ADR depositary bank, in custodian accounts for insurance brokerage business and other business requirements | $ | $ 3.7 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Accounts receivable, net | |||||
Accounts receivable | ¥ 222,531 | ¥ 206,771 | |||
Less: allowance for credit losses | (32,866) | (31,606) | ¥ (33,465) | ¥ (23,785) | |
Accounts receivable, net | ¥ 189,665 | $ 27,499 | ¥ 175,165 |
Accounts receivable, net - Allo
Accounts receivable, net - Allowance for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of the year | ¥ (31,606) | ¥ (33,465) | ¥ (23,785) |
Additions | (4,019) | (5,741) | (14,235) |
Reversals | 1,776 | 6,779 | |
Write offs | 983 | 821 | 5,650 |
Balance at end of the year | (32,866) | (31,606) | (33,465) |
Carry forward of allowance for credit losses | ¥ 23,100 | ¥ 23,300 | |
Cumulative effect period adjustment balance | |||
Balance at beginning of the year | ¥ (1,095) |
Prepayments and other current_3
Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Prepayments and other current assets | |||
Prepaid advertising expenses, rentals and others | ¥ 31,658 | ¥ 31,605 | |
Deposits | 4,554 | 6,466 | |
Staff advances | 3,041 | 1,571 | |
Deductible VAT input | 4,268 | 13,801 | |
Interest receivable | 3,016 | 23 | |
Total | ¥ 46,537 | $ 6,747 | ¥ 53,466 |
Business combinations - Newsky
Business combinations - Newsky Wisdom (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Business combinations | |||||
Cash consideration | ¥ 23,800 | ||||
Purchase price allocation | |||||
Less: Financial asset acquired for an earn-out arrangement | 1,200 | ||||
Cash consideration | ¥ 23,800 | ||||
Goodwill | ¥ 10,236 | ||||
Total revenues | ¥ 989,675 | $ 143,489 | 805,047 | ¥ 585,762 | |
Net loss | (124,307) | $ (18,022) | (199,785) | (304,147) | |
Impairment loss on goodwill | 10,236 | ¥ 0 | 12,565 | ||
Newsky Wisdom | |||||
Business combinations | |||||
Percentage of equity interest acquired | 50.50% | ||||
Total consideration | ¥ 25,000 | ||||
Cash consideration | 23,821 | ||||
Purchase price allocation | |||||
Cash paid | 25,000 | ||||
Less: Financial asset acquired for an earn-out arrangement | 1,179 | ||||
Cash consideration | 23,821 | ||||
Noncontrolling interests | 23,349 | ||||
Total | 47,170 | ||||
Cash and cash equivalent of Newsky Wisdom at acquisition date | 2,240 | ||||
Other working capital | 28,914 | ||||
Goodwill | 10,236 | ||||
Deferred tax liabilities | 1,020 | ||||
Total revenues | 47,170 | 13,592 | |||
Net loss | ¥ 6,028 | ||||
Impairment loss on goodwill | ¥ 10,236 | ||||
Software | |||||
Purchase price allocation | |||||
Weighted-average amortization period | 3 years | 3 years | 3 years | ||
Software | Newsky Wisdom | |||||
Purchase price allocation | |||||
Identifiable intangible assets acquired | ¥ 1,000 | ||||
Weighted-average amortization period | 3 years | ||||
Customer relationship | Newsky Wisdom | |||||
Purchase price allocation | |||||
Identifiable intangible assets acquired | ¥ 2,200 | ||||
Weighted-average amortization period | 4 years | ||||
Brand | Newsky Wisdom | |||||
Purchase price allocation | |||||
Identifiable intangible assets acquired | ¥ 2,800 | ||||
Weighted-average amortization period | 10 years | ||||
Backlog | |||||
Purchase price allocation | |||||
Weighted-average amortization period | 3 years | 3 years | 3 years | ||
Backlog | Newsky Wisdom | |||||
Purchase price allocation | |||||
Identifiable intangible assets acquired | ¥ 800 | ||||
Weighted-average amortization period | 3 years |
Business combinations - Other a
Business combinations - Other acquisition (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 HKD ($) | |
Business combinations | |||
Cash consideration | ¥ 23.8 | ||
Other acquisition | |||
Business combinations | |||
Cash consideration | ¥ 8.7 | $ 9.5 | |
Percentage of equity interest acquired | 30% | 30% | |
Percentage of equity interest held before the business combination | 55% | 55% |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Finite-lived intangible assets | ||||
Gross carrying amount | ¥ 159,839 | |||
Accumulated amortization | ¥ (12,499) | 33,944 | ||
Impairment amount | (9,721) | (104,220) | ||
Net carrying amount | 18,339 | 21,675 | ||
Amortization of intangible assets | 2,657 | 3,619 | ¥ 4,209 | |
Impairment loss of intangible assets | ¥ 5,377 | ¥ 0 | ¥ 4,328 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill and Intangible Asset Impairment | Goodwill and Intangible Asset Impairment | Goodwill and Intangible Asset Impairment | |
Intangible assets | ||||
Intangible assets, gross | ¥ 40,559 | |||
Intangible assets, net | 18,339 | ¥ 21,675 | $ 2,659 | |
Expected amortization expense relating to the existing intangible assets | ||||
2023 | 1,641 | |||
2024 | 1,641 | |||
2025 | 1,627 | |||
2026 | 1,519 | |||
2027 | 1,426 | |||
Thereafter | 8,760 | |||
Net carrying amount | ¥ 16,614 | |||
Technology | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 8 years 6 months | 8 years 6 months | ||
Gross carrying amount | ¥ 71,000 | |||
Accumulated amortization | 11,137 | |||
Impairment amount | (59,863) | |||
Customer relationship | ||||
Finite-lived intangible assets | ||||
Gross carrying amount | ¥ 3,540 | 26,326 | ||
Accumulated amortization | 1,971 | 7,059 | ||
Impairment amount | ¥ (1,569) | (18,030) | ||
Net carrying amount | ¥ 1,237 | |||
Non-compete agreement | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 5 years 6 months | 5 years 6 months | ||
Gross carrying amount | ¥ 28,900 | |||
Accumulated amortization | 7,006 | |||
Impairment amount | ¥ (21,894) | |||
Software | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 3 years | 3 years | ||
Gross carrying amount | ¥ 4,836 | ¥ 5,743 | ||
Accumulated amortization | 4,144 | 4,157 | ||
Impairment amount | (167) | (833) | ||
Net carrying amount | 525 | 753 | ||
Brand | ||||
Finite-lived intangible assets | ||||
Gross carrying amount | 5,033 | 4,844 | ||
Accumulated amortization | 1,630 | 1,086 | ||
Impairment amount | (2,100) | |||
Net carrying amount | ¥ 1,303 | ¥ 3,758 | ||
Backlog | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 3 years | 3 years | ||
Gross carrying amount | ¥ 800 | ¥ 800 | ||
Accumulated amortization | ¥ 800 | 793 | ||
Net carrying amount | ¥ 7 | |||
License | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 15 years | 15 years | ||
Gross carrying amount | ¥ 22,340 | ¥ 22,226 | ||
Accumulated amortization | 3,954 | 2,706 | ||
Impairment amount | (3,600) | (3,600) | ||
Net carrying amount | ¥ 14,786 | ¥ 15,920 | ||
Crypto assets | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 0 years | |||
Impairment amount | ¥ (2,285) | |||
Indefinite-lived intangible assets | ||||
Gross Carrying Value | 4,010 | |||
Net carrying amount | ¥ 1,725 | |||
Minimum | Customer relationship | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 3 years | 3 years | ||
Minimum | Brand | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 8 years | 8 years | ||
Maximum | Customer relationship | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 5 years 6 months | 5 years 6 months | ||
Maximum | Brand | ||||
Finite-lived intangible assets | ||||
Weighted-average amortization period | 10 years | 10 years |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Property and equipment, net | ||||
Total | ¥ 63,462 | ¥ 66,411 | ||
Accumulated depreciation | (50,884) | (52,597) | ||
Impairment | (1,197) | |||
Property and equipment, net | 12,578 | 12,617 | $ 1,824 | |
Impairment loss | 0 | 0 | ¥ 0 | |
Depreciation expenses | 1,800 | 7,493 | ¥ 14,425 | |
Office furniture and equipment | ||||
Property and equipment, net | ||||
Total | 1,886 | 1,984 | ||
Computer equipment | ||||
Property and equipment, net | ||||
Total | 6,993 | 9,243 | ||
Servers and network equipment | ||||
Property and equipment, net | ||||
Total | 31,591 | 31,977 | ||
Leasehold improvements | ||||
Property and equipment, net | ||||
Total | 10,423 | 10,010 | ||
Vehicles | ||||
Property and equipment, net | ||||
Total | 57 | 685 | ||
Building | ||||
Property and equipment, net | ||||
Total | ¥ 12,512 | ¥ 12,512 |
Goodwill (Details)
Goodwill (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the carrying amount of goodwill | |||
Balance at the beginning | ¥ 10,236 | ||
Impairment related to Newsky Wisdom | ¥ (10,236) | ¥ 0 | ¥ (12,565) |
Balance at the end | ¥ 10,236 |
Long-term investment (Details)
Long-term investment (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2018 USD ($) | |
Long-term investment | ||||
Equity investments | ¥ 5,190 | ¥ 19,422 | ||
Investment impairment loss | 17,798 | $ 2,580 | ||
Impairment of long term investments | 14,751 | |||
Investment gain | 190 | |||
Firestorm | ||||
Long-term investment | ||||
Cash consideration. | $ | $ 2,137 | |||
Impairment of long term investments | ¥ 14,751 | $ 2,137 | ||
Infinlinx | ||||
Long-term investment | ||||
Cash consideration. | ¥ 5,000 |
Leases - Operating leases (Deta
Leases - Operating leases (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Liabilities, Noncurrent | ||
Operating lease right-of-use assets, net | ¥ 4,894 | ||
Operating lease liabilities - current | 3,697 | ¥ 7,893 | |
Operating lease liabilities - non-current | 780 | ||
Total operating lease liabilities | ¥ 4,477 | ||
Weighted average remaining lease term | 1 year 2 months 1 day | ||
Weighted average discount rate | 4.75% | ||
Operating lease expenses | ¥ 9,204 | ||
Short-term lease expenses | 4,748 | ||
Total lease expenses | 13,952 | ¥ 16,456 | ¥ 15,078 |
Cash paid for amounts included in the measurement of lease liabilities: | 8,749 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | ¥ 4,225 | ||
Minimum | |||
Leases | |||
Lease term | 1 year | ||
Maximum | |||
Leases | |||
Lease term | 3 years |
Leases - Maturity of operating
Leases - Maturity of operating lease liabilities (Details) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Maturity of operating lease liabilities | |
2023 | ¥ 3,834 |
2024 | 793 |
Total future minimum payments | 4,627 |
Less: interest | (150) |
Present value of operating lease liabilities | ¥ 4,477 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accrued expenses and other current liabilities | |||
Accrued payroll | ¥ 45,283 | ¥ 56,463 | |
Customer advance payments relating to Databook | 47,703 | ||
Consideration payable of business combination | 1,333 | 1,333 | |
Operating lease liabilities | 3,697 | 7,893 | |
Accrued expenses | 9,818 | 13,261 | |
Payable to employees for proceeds from shares as sold | 294 | 504 | |
Others | 28,446 | 25,364 | |
Total | ¥ 88,871 | $ 12,885 | ¥ 152,521 |
Short-term borrowings (Details)
Short-term borrowings (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 27, 2022 CNY (¥) subsidiary | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) subsidiary | Dec. 31, 2022 USD ($) | |
Short-term borrowings | ||||
Short-term borrowings | ¥ 253,481 | ¥ 181,853 | $ 36,751 | |
East West Bank (China) Limited | ||||
Short-term borrowings | ||||
Number of PRC subsidiaries obtained a loan facility | subsidiary | 3 | 2 | ||
RQN | Loan facility of credit line | ||||
Short-term borrowings | ||||
Short-term borrowings | ¥ 253,500 | ¥ 181,900 | ||
Short-term borrowings term | 1 year | |||
PRC | Loan facility of credit line | ||||
Short-term borrowings | ||||
Maximum borrowed amount | ¥ 300,000 | ¥ 240,000 | ||
PRC | Jianpu (Hong Kong) Limited [Member] | Loan facility of credit line | ||||
Short-term borrowings | ||||
Short-term borrowings | ¥ 42,700 |
Others, net (Details)
Others, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Others, net | ||||
Investment income | ¥ 23,386 | $ 3,391 | ¥ 51,142 | |
Investment impairment loss | (17,798) | (2,580) | ||
Tax benefit for value-added tax | 11,956 | 4,436 | ¥ 5,287 | |
Others | 3,034 | 2,442 | 5,951 | |
Total | ¥ 20,578 | $ 2,984 | ¥ 58,020 | ¥ 11,238 |
Others, net - Additional inform
Others, net - Additional information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) company director | Dec. 31, 2021 CNY (¥) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 CNY (¥) | |
Others, net | ||||
Impairment of long term investments | ¥ 14,751,000 | |||
Conflux global | ||||
Others, net | ||||
Cash consideration. | $ 2,000 | ¥ 12,745,000 | ||
Percentage of Investments disposed | 66.70% | |||
Impairment of long term investments | 3,047,000 | |||
Others, net | Conflux global | ||||
Others, net | ||||
Investment gain realized | ¥ 51.1 | |||
Databook Tech Ltd | ||||
Others, net | ||||
Investment gain from deconsolidation | ¥ 23,100,000 | |||
Additional shares issued to number of minority shareholders | company | 1 | |||
Number of directors in board seat | director | 1 |
Income tax (Details)
Income tax (Details) ¥ in Thousands, $ in Thousands, $ in Millions | 12 Months Ended | |||||
Apr. 01, 2018 HKD ($) | Mar. 31, 2018 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income tax | ||||||
Income tax rate (as a percent) | 25% | 25% | 25% | 25% | ||
Profit | ¥ (134,251) | $ (19,464) | ¥ (204,094) | ¥ (312,146) | ||
Composition of income tax expenses/(benefits): | ||||||
Current income tax | ¥ | 3 | 365 | ||||
Deferred income tax | (918) | (133) | (585) | (1,648) | ||
Total income tax expense (benefit) | ¥ (918) | $ (133) | ¥ (582) | ¥ (1,283) | ||
Hong Kong | ||||||
Income tax | ||||||
Income tax rate (as a percent) | 16.50% | |||||
PRC | ||||||
Income tax | ||||||
Income tax rate (as a percent) | 25% | 25% | ||||
Preferential Tax Rate | 15 | 15 | ||||
Number of years to enjoy preferential tax rate | P3Y | P3Y | ||||
First Two Million | Hong Kong | ||||||
Income tax | ||||||
Income tax rate (as a percent) | 8.25% | |||||
Profit | $ 2 | |||||
Above Two Million | Hong Kong | ||||||
Income tax | ||||||
Income tax rate (as a percent) | 16.50% | |||||
Profit | $ 2 |
Income tax - Reconciliation of
Income tax - Reconciliation of Statutory Tax Rate and Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the differences between statutory income tax rate and the effective income tax rate | |||
Statutory EIT rate | 25% | 25% | 25% |
Tax effect of preferential tax treatment | (10.99) | (3) | (3.65) |
Tax effect of permanent differences | 9.95% | 5.87% | 2.78% |
Changes in valuation allowance | (23.28%) | (27.58%) | (23.72%) |
Effective income tax rate | 0.68% | 0.29% | 0.41% |
Income tax - Effect of preferen
Income tax - Effect of preferential tax (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Tax effect of preferential tax treatment | ¥ 14,855 | ¥ 6,140 | ¥ 11,440 |
Basic and diluted loss per share effect | ¥ 0.04 | ¥ 0.01 | ¥ 0.03 |
Income tax - Deferred Tax Asset
Income tax - Deferred Tax Assets and Liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||||
Advances from customers | ¥ 3,535 | ¥ 11,747 | ||
Accrued payroll and expenses | 235 | 1,705 | ||
Allowances of credit losses | 7,412 | 7,116 | ||
Allowances of impaired assets | 593 | 1,988 | ||
Net operating loss carryforwards | 235,751 | 202,061 | ||
Advertising expenses in excess of deduction limit | 2,827 | 2,827 | ||
Amortization of intangible assets | 2,128 | 1,737 | ||
Total deferred tax assets | 252,481 | 229,181 | ||
Less: Valuation allowance | (252,481) | (229,181) | ¥ (249,347) | ¥ (115,143) |
Deferred tax liabilities | ||||
Intangible assets acquired from business combinations | 3,644 | 4,549 | ||
Total deferred tax liabilities | ¥ 3,644 | ¥ 4,549 |
Income tax - Movement of Valuat
Income tax - Movement of Valuation Allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Balance at beginning of the year | ¥ 229,181 | ¥ 249,347 | ¥ 115,143 |
Additions | 46,643 | 69,282 | 153,830 |
Reversals | (23,343) | (89,448) | (19,626) |
Balance at end of the year | ¥ 252,481 | ¥ 229,181 | ¥ 249,347 |
Share-based compensation expe_3
Share-based compensation expenses - Share Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2019 USD ($) $ / shares shares | |
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ 6,578 | $ 954 | ¥ 17,357 | ¥ (4,329) | ||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Outstanding as of December | 2 years 11 months 1 day | 2 years 11 months 1 day | ||||||
Cost Of Operations | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ 94 | $ 14 | 218 | (186) | ||||
Sales and marketing expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | 872 | 126 | (543) | 295 | ||||
Research and development expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | 1,793 | 260 | 2,250 | (1,999) | ||||
General and administrative expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ 3,819 | $ 554 | ¥ 15,432 | ¥ (2,439) | ||||
2012 Share Plan of RONG 360 | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||
2012 Share Plan of RONG 360 | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||
2012 Share Plan of RONG 360 | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||
Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||
Number of shares | ||||||||
Outstanding at the beginning of the period (in shares) | 7,460,250 | 7,460,250 | 7,505,477 | 8,280,229 | ||||
Forfeited during the year (in shares) | (420) | (420) | (45,227) | (111,244) | ||||
Exercise during the year (in shares) | (99,500) | (99,500) | (663,508) | |||||
Outstanding at the end of the period (in shares) | 7,360,330 | 7,360,330 | 7,460,250 | 7,505,477 | 8,280,229 | |||
Weighted average exercise prices | ||||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 0.24 | $ 0.28 | $ 0.25 | |||||
Forfeited during the year (in dollars per share) | $ / shares | 0.56 | 0.29 | 0.50 | |||||
Exercise during the year | $ / shares | 0.05 | 0.33 | ||||||
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0.24 | $ 0.24 | $ 0.28 | $ 0.25 | ||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Aggregate intrinsic value | $ | $ 54 | $ 26 | $ 176 | $ 2,829 | ||||
Outstanding as of December | 3 years 6 months 18 days | 3 years 6 months 18 days | 4 years 6 months 7 days | 5 years 6 months 10 days | 6 years 6 months 14 days | |||
Global Share Plan | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||
Global Share Plan | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||
2017 Share Incentive Plan | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ | ¥ 5,628 | ¥ 14,959 | ¥ 4,312 | |||||
Number of shares | ||||||||
Outstanding at the beginning of the period (in shares) | 25,438,655 | 25,438,655 | 18,933,057 | 17,389,885 | ||||
Granted during the year (in shares) | 8,320,522 | 8,320,522 | 8,210,850 | 3,863,034 | ||||
Forfeited during the year (in shares) | (714,450) | (714,450) | (1,655,252) | (2,044,547) | ||||
Exercise during the year (in shares) | (603,464) | (603,464) | (50,000) | (275,315) | ||||
Outstanding at the end of the period (in shares) | 32,441,263 | 32,441,263 | 25,438,655 | 18,933,057 | 17,389,885 | |||
Weighted average exercise prices | ||||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Granted during the year (in dollars per share) | $ / shares | 0.01 | 0.01 | 0.01 | |||||
Forfeited during the year (in dollars per share) | $ / shares | 0.01 | 0.01 | 0.01 | |||||
Exercise during the year | $ / shares | 0.01 | 0.01 | 0.01 | |||||
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Aggregate intrinsic value | $ | $ 2,255 | $ 1,056 | $ 2,688 | $ 10,190 | ||||
Outstanding as of December | 7 years 7 months 24 days | 7 years 7 months 24 days | 8 years 18 days | 8 years 3 months | 8 years 11 months 1 day | |||
Non-employees | 2017 Share Incentive Plan | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | |||||||
Non-employees | 2017 Share Incentive Plan | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||
Non-employees | 2017 Share Incentive Plan | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||
RONG360 Inc. | Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Conversion ratio of share options | 1 | |||||||
Non-platform business | Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Conversion ratio of share options | 1 |
Share-based compensation expe_4
Share-based compensation expenses - Fair value of Options (Details) - Global Share Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expenses | |||||
Weighted average grant date fair value of option per share | $ 0.86 | $ 2.46 | |||
Aggregate grant date fair value of options granted | $ 17 | $ 4,776 | |||
Aggregate grant date fair value of options granted | $ 0 | $ 0 | $ 0 |
Share-based compensation expe_5
Share-based compensation expenses - Valuation Assumption (Details) - Global Share Plan | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assumptions used in calculation of estimated fair value of options | ||
Risk-free interest rate per annum, minimum | 1.78% | 2.40% |
Risk-free interest rate per annum, maximum | 2.60% | 3.05% |
Expected term (in years) | 10 years | 10 years |
Expected volatility rate, minimum (as a percent) | 51% | 53% |
Expected volatility rate, maximum (as a percent) | 58% | 54% |
Share-based compensation expe_6
Share-based compensation expenses - Additional information (Details) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2017 | Dec. 31, 2019 CNY (¥) shares | Jun. 30, 2022 | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2018 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Share-based compensation expenses | |||||||||||||
Weighted average remaining contractual years of options outstanding | 2 years 11 months 1 day | 2 years 11 months 1 day | |||||||||||
Weighted average remaining contractual years of share options expected to be vested | 6 years | 6 years | |||||||||||
Share based compensation expenses, unrecognized | ¥ | ¥ 0 | ||||||||||||
Deemed dividends | 17 | $ 2,000 | ¥ 42 | ¥ 171 | |||||||||
Share-based compensation expenses | ¥ 6,578 | $ 954,000 | ¥ 17,357 | ¥ (4,329) | |||||||||
Vesting rights for each quarter from first quarter 2018 to fourth quarter 2020 (as a percent) | 0% | 0% | |||||||||||
2012 Share Plan of RONG 360 | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting rights (as a percentage) | 25% | 25% | |||||||||||
Term of options | 10 years | 10 years | |||||||||||
2012 Share Plan of RONG 360 | Minimum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | |||||||||||
2012 Share Plan of RONG 360 | Maximum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | |||||||||||
Global Share Plan | |||||||||||||
Share-based compensation expenses | |||||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.25 | $ 0.24 | $ 0.24 | $ 0.28 | |||||||||
Weighted average remaining contractual years of options outstanding | 3 years 6 months 18 days | 3 years 6 months 18 days | 4 years 6 months 7 days | 5 years 6 months 10 days | 6 years 6 months 14 days | ||||||||
Options exercised (in shares) | 99,500 | 99,500 | 663,508 | ||||||||||
Aggregate intrinsic value of options outstanding | $ | $ 2,829,000 | $ 54,000 | $ 26,000 | $ 176,000 | |||||||||
Outstanding share options | 7,360,330 | 8,280,229 | 7,360,330 | 7,460,250 | 7,505,477 | ||||||||
Deemed dividends | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | ||||||||||
Aggregate grant date fair value of modified option | $ | $ 17,000 | $ 4,776,000 | |||||||||||
Term of options | 10 years | 10 years | |||||||||||
Global Share Plan | Minimum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | |||||||||||
Global Share Plan | Maximum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | |||||||||||
Global Share Plan | Non-platform business | |||||||||||||
Share-based compensation expenses | |||||||||||||
Share-based compensation expense reversed | ¥ | ¥ 706 | ||||||||||||
Global Share Plan | Employees and non-employees | |||||||||||||
Share-based compensation expenses | |||||||||||||
Number shares authorized | 7,360,330 | 7,360,330 | |||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.24 | ||||||||||||
Weighted average remaining contractual years of options outstanding | 3 years 6 months 18 days | 3 years 6 months 18 days | |||||||||||
Options exercised (in shares) | 7,359,910 | 7,359,910 | |||||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.24 | ||||||||||||
Weighted average remaining contractual years of options exercisable | 3 years 6 months 18 days | 3 years 6 months 18 days | |||||||||||
Share options expected to be vested | 420 | 420 | |||||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Aggregate intrinsic value of options outstanding | $ | $ 54,000 | ||||||||||||
Aggregate intrinsic value of options exercisable | $ | 54,000 | ||||||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 30 | ||||||||||||
Outstanding share options | 7,360,330 | 7,360,330 | |||||||||||
Global Share Plan | Employees of the Group's related parties for non-platform business | |||||||||||||
Share-based compensation expenses | |||||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.44 | ||||||||||||
Weighted average remaining contractual years of options outstanding | 4 years 7 months 20 days | 4 years 7 months 20 days | |||||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.43 | ||||||||||||
Weighted average remaining contractual years of options exercisable | 4 years 6 months | 4 years 6 months | |||||||||||
Share options expected to be vested | 126,544 | 126,544 | |||||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.56 | ||||||||||||
Weighted average remaining contractual years of share options expected to be vested | 5 years 9 months | 5 years 9 months | |||||||||||
Aggregate intrinsic value of options outstanding | $ | $ 6,000 | ||||||||||||
Aggregate intrinsic value of options exercisable | $ | 6,000 | ||||||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 0 | ||||||||||||
Outstanding share options | 1,251,302 | 1,251,302 | |||||||||||
Options exercisable | 1,116,979 | 1,116,979 | |||||||||||
Global Share Plan | Group's employees | Non-platform business | |||||||||||||
Share-based compensation expenses | |||||||||||||
Outstanding share options | 17,409,383 | 17,409,383 | |||||||||||
2017 Share Incentive Plan | |||||||||||||
Share-based compensation expenses | |||||||||||||
Number shares authorized | 32,441,263 | 32,441,263 | |||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Weighted average remaining contractual years of options outstanding | 7 years 7 months 24 days | 7 years 7 months 24 days | 8 years 18 days | 8 years 3 months | 8 years 11 months 1 day | ||||||||
Options exercised (in shares) | 603,464 | 603,464 | 50,000 | 275,315 | |||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Weighted average remaining contractual years of options exercisable | 6 years 4 months 2 days | 6 years 4 months 2 days | |||||||||||
Share options expected to be vested | 15,492,127 | 15,492,127 | |||||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Weighted average remaining contractual years of share options expected to be vested | 9 years | 9 years | |||||||||||
Aggregate intrinsic value of options outstanding | $ | $ 10,190,000 | $ 2,255,000 | $ 1,056,000 | $ 2,688,000 | |||||||||
Aggregate intrinsic value of options exercisable | $ | 1,151,000 | ||||||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 1,077,000 | ||||||||||||
Unrecognized share-based compensation expenses | ¥ | ¥ 4,133 | ||||||||||||
Outstanding share options | 32,441,263 | 17,389,885 | 32,441,263 | 25,438,655 | 18,933,057 | ||||||||
Options exercisable | 16,561,902 | 16,561,902 | |||||||||||
Share-based compensation expenses | ¥ | ¥ 5,628 | ¥ 14,959 | ¥ 4,312 | ||||||||||
Percentage of maximum number of shares available for issuance | 2% | ||||||||||||
Performance obligation not be met | 6,214,370 | ||||||||||||
Recognized share-based compensation expense reversed | ¥ | ¥ 96,831 | ||||||||||||
Fair value of modified performance conditions of shares options | 6,214,370 | ||||||||||||
Aggregate grant date fair value of modified option | ¥ | ¥ 25,838 | ||||||||||||
Incremental value as share-based compensation expenses for vested awards | ¥ | ¥ 17,225 | ¥ 3,934 | |||||||||||
2017 Share Incentive Plan | Employees | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting rights (as a percentage) | 25% | ||||||||||||
Vesting rights immediately on vesting commencement date (as a percentage) | 25% | ||||||||||||
2017 Share Incentive Plan | Non-employees | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting rights (as a percentage) | 33% | 33% | |||||||||||
Vesting rights immediately on vesting commencement date (as a percentage) | 25% | 25% | |||||||||||
Term of options | 10 years | ||||||||||||
2017 Share Incentive Plan | Non-employees | Minimum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | |||||||||||
2017 Share Incentive Plan | Non-employees | Maximum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | |||||||||||
2017 Share Incentive Plan | Employees of the Group's related parties for non-platform business | |||||||||||||
Share-based compensation expenses | |||||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Weighted average remaining contractual years of options outstanding | 6 years 11 months 26 days | 6 years 11 months 26 days | |||||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | 0.01 | ||||||||||||
Weighted average remaining contractual years of options exercisable | 6 years 2 months 4 days | 6 years 2 months 4 days | |||||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Deemed dividends | ¥ | ¥ 17 | ¥ 42 | ¥ 171 | ||||||||||
2017 Share Incentive Plan | Employees of the Group's related parties for non-platform business | Non-platform business | |||||||||||||
Share-based compensation expenses | |||||||||||||
Number shares authorized | 886,844 | 886,844 | |||||||||||
Share options expected to be vested | 280,874 | 280,874 | |||||||||||
Weighted average remaining contractual years of share options expected to be vested | 8 years 6 months 25 days | 8 years 6 months 25 days | |||||||||||
Aggregate intrinsic value of options outstanding | $ | $ 62,000 | ||||||||||||
Aggregate intrinsic value of options exercisable | $ | 41,000 | ||||||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 20,000 | ||||||||||||
Options exercisable | 591,556 | 591,556 | |||||||||||
Amendment No. 1 to the Global Share Plan | Minimum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Term of options | 10 years | ||||||||||||
Amendment No. 1 to the Global Share Plan | Maximum | |||||||||||||
Share-based compensation expenses | |||||||||||||
Term of options | 12 years |
Ordinary Shares (Details)
Ordinary Shares (Details) | 12 Months Ended | ||
Dec. 31, 2022 Vote $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 01, 2017 $ / shares shares | |
Class of Stock | |||
Ordinary shares, shares authorized (in shares) | 1,000,000,000 | ||
Ordinary shares issued (in shares) | 430,463,797 | 430,463,797 | 1 |
Ordinary shares, shares outstanding (in shares) | 424,447,980 | 423,677,480 | 1 |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of Class A ordinary shares issued during conversion | 1 | ||
Common Class A [Member] | |||
Class of Stock | |||
Ordinary shares issued (in shares) | 333,992,002 | 333,992,002 | |
Ordinary shares, shares outstanding (in shares) | 327,976,185 | 327,205,685 | |
Number of votes per share | Vote | 1 | ||
Common Class B [Member] | |||
Class of Stock | |||
Ordinary shares issued (in shares) | 96,471,795 | 96,471,795 | |
Ordinary shares, shares outstanding (in shares) | 96,471,795 | 96,471,795 | |
Number of votes per share | Vote | 10 |
Loss per Share (Details)
Loss per Share (Details) - Class A ordinary shares | 12 Months Ended |
Dec. 31, 2022 | |
Loss per Share | |
Ordinary shares voting rights | 1 |
Ordinary shares conversion rights | 1 |
Loss per Share - Basic and dilu
Loss per Share - Basic and diluted net loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator : | ||||
Net loss attributable to Jianpu's shareholders | ¥ (131,660) | $ (19,088) | ¥ (199,785) | ¥ (304,147) |
Numerator for basic and diluted net loss per share | ¥ (131,660) | $ (19,088) | ¥ (199,785) | ¥ (304,147) |
Denominator : | ||||
Weighted average number of ordinary shares | 424,031,623 | 424,031,623 | 423,661,496 | 423,096,353 |
Denominator for basic net loss per share | 424,031,623 | 424,031,623 | 423,661,496 | 423,096,353 |
Denominator for diluted net loss per share | 424,031,623 | 424,031,623 | 423,661,496 | 423,096,353 |
Net loss per ordinary share: | ||||
Basic | (per share) | ¥ (0.31) | $ (0.05) | ¥ (0.47) | ¥ (0.72) |
Diluted | (per share) | ¥ (0.31) | $ (0.05) | ¥ (0.47) | ¥ (0.72) |
Share options | ||||
Net loss per ordinary share: | ||||
Numbers of shares excluded from calculation of diluted net loss per share | 42,337,559 | 42,337,559 | 35,400,672 | 28,873,176 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Material related party transactions | ||||
Cost of promotion and acquisition charged by related party A (d) | ¥ (386) | ¥ (883) | ¥ (2,102) | |
Material amount of due to or due from related parties | ||||
Amount due from related parties | 153 | 140 | $ 22 | |
Amount due to related party | (13,534) | (29,270) | $ (1,962) | |
Amount due from other related parties | 76 | 107 | ||
RONG360 Inc. | ||||
Material related party transactions | ||||
Sales and marketing expenses charged by related party A | (124) | (206) | ||
Cost of promotion and acquisition charged by related party A (d) | (207) | |||
Material amount of due to or due from related parties | ||||
Amount due to related party | (7,642) | (21,686) | ||
RONG360 Inc. | Recommendation services for loans | ||||
Material related party transactions | ||||
Revenues from related party transactions | 903 | 488 | 4,757 | |
RONG360 Inc. | Big data and system-based risk management services | ||||
Material related party transactions | ||||
Revenues from related party transactions | 4,803 | 4,282 | 3,626 | |
RONG360 Inc. | Administrative expenses | ||||
Material related party transactions | ||||
Revenues from related party transactions | 6,000 | 2,000 | 2,000 | |
RONG360 Inc. | Research and development expenses | ||||
Material related party transactions | ||||
Research and development expenses charged by RONG360 (d) | (871) | (685) | ¥ (1,480) | |
Related party B | ||||
Material amount of due to or due from related parties | ||||
Amount due to related party | ¥ (5,815) | ¥ (7,551) | ||
Related Party C | ||||
Related party transactions | ||||
Percentage of preference shares owned | 15% | |||
Material related party transactions | ||||
Data acquisition cost charged by related party | ¥ (2,102) | |||
Related Party D | ||||
Related party transactions | ||||
Percentage of preference shares owned | 35% | 35% | ||
Material related party transactions | ||||
Cost of customer service charged by related party | ¥ (386) | ¥ (883) |
Employee benefits (Details)
Employee benefits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee benefits | |||
Employee benefit expenses incurred | ¥ 52,903 | ¥ 59,289 | ¥ 37,553 |
Commitments and contingencies_2
Commitments and contingencies (Details) ¥ in Thousands, $ in Millions | May 12, 2022 USD ($) | Nov. 15, 2021 USD ($) | Dec. 31, 2022 CNY (¥) |
Within one year | ¥ 3,834 | ||
Total future minimum payments | 4,627 | ||
Settlement amount | $ | $ 7.5 | ||
Settlement amount paid by insurance company | $ | $ 7.5 | ||
Office premises | |||
Within one year | 1,365 | ||
Total future minimum payments | ¥ 1,365 |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Restricted net assets | |
Restricted net assets | ¥ 142.3 |
Restricted net assets to total consolidated net assets (as a percent) | 33.09% |
Parent company only condensed_3
Parent company only condensed financial information - Schedule of Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 346,539 | $ 50,243 | ¥ 444,933 | $ 64,509 | ¥ 549,979 | ¥ 694,910 |
Amount due from related party other than the subsidiaries of the Group | 76 | 107 | ||||
Prepayments and other current assets | 46,537 | 6,747 | 53,466 | |||
Total current assets | 880,528 | 127,664 | 954,255 | |||
Non-current assets: | ||||||
Intangible assets, net | 18,339 | 2,659 | 21,675 | |||
Restricted time deposits-non-current | 9,180 | 8,973 | ||||
Other non-current assets | 10,758 | 1,560 | 33,873 | |||
Total non-current assets | 81,734 | 11,851 | 115,667 | |||
Total assets | 962,262 | 139,515 | 1,069,922 | |||
Current liabilities: | ||||||
Accounts payable | 96,729 | 14,024 | 103,782 | |||
Accrued expenses and other current liabilities | 88,871 | 12,885 | 152,521 | |||
Total current liabilities | 509,197 | 73,826 | 529,317 | |||
Non-current liabilities: | ||||||
Other non-current liabilities | 13,096 | 1,900 | 13,604 | |||
Total non-current liabilities | 16,740 | 2,428 | 18,153 | |||
Total liabilities | 525,937 | 76,254 | 547,470 | |||
Ordinary shares | 286 | 41 | 286 | |||
Treasury stock, at cost (6,786,317 and 6,015,817 shares held as of December 31, 2021 and 2022, respectively) | (77,499) | (11,236) | (88,130) | |||
Additional paid-in capital | 1,891,266 | 274,208 | 1,902,587 | |||
Accumulated losses | (1,424,153) | (206,483) | (1,299,846) | |||
Statutory reserves | 2,027 | 294 | 2,027 | |||
Accumulated other comprehensive income/(loss) | 37,941 | 5,501 | (15,419) | |||
Total shareholders' equity | 429,868 | 62,325 | 501,505 | |||
Total liabilities, mezzanine equity and shareholders' equity | 962,262 | 139,515 | 1,069,922 | |||
Parent company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 19,518 | 2,830 | 1,952 | |||
Amount due from related party other than the subsidiaries of the Group | 13,818 | 2,003 | 10,779 | |||
Prepayments and other current assets | 1,629 | 236 | 1,152 | |||
Total current assets | 34,965 | 5,069 | 13,883 | |||
Non-current assets: | ||||||
Intangible assets, net | 1,460 | 212 | 1,063 | |||
Restricted time deposits-non-current | 25,879 | 3,752 | 23,293 | |||
Amount due from subsidiaries and VIEs | 1,347,219 | 195,328 | 1,245,224 | |||
Other non-current assets | 13,625 | |||||
Total non-current assets | 1,374,558 | 199,292 | 1,283,205 | |||
Total assets | 1,409,523 | 204,361 | 1,297,088 | |||
Current liabilities: | ||||||
Accounts payable | 606 | 88 | 717 | |||
Deficit in subsidiaries and VIEs | 924,085 | 133,980 | 723,803 | |||
Accrued expenses and other current liabilities | 2,742 | 398 | 1,895 | |||
Total current liabilities | 927,433 | 134,466 | 726,415 | |||
Non-current liabilities: | ||||||
Amount due to subsidiaries and VIEs | 39,906 | 5,786 | 56,903 | |||
Other non-current liabilities | 12,316 | 1,784 | 12,265 | |||
Total non-current liabilities | 52,222 | 7,570 | 69,168 | |||
Total liabilities | 979,655 | 142,036 | 795,583 | |||
Ordinary shares | 286 | 41 | 286 | |||
Treasury stock, at cost (6,786,317 and 6,015,817 shares held as of December 31, 2021 and 2022, respectively) | (77,499) | (11,236) | (88,130) | |||
Additional paid-in capital | 1,891,266 | 274,208 | 1,902,587 | |||
Accumulated losses | (1,424,153) | (206,483) | (1,299,846) | |||
Statutory reserves | 2,027 | 294 | 2,027 | |||
Accumulated other comprehensive income/(loss) | 37,941 | 5,501 | (15,419) | |||
Total shareholders' equity | 429,868 | 62,325 | 501,505 | |||
Total liabilities, mezzanine equity and shareholders' equity | ¥ 1,409,523 | $ 204,361 | ¥ 1,297,088 |
Parent company only condensed_4
Parent company only condensed financial information - Schedule of Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 01, 2017 |
Schedule of Condensed Balance Sheets | |||
Par value of a share (in dollar per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares issued (in shares) | 430,463,797 | 430,463,797 | 1 |
Shares outstanding (in shares) | 424,447,980 | 423,677,480 | 1 |
Treasury stock (in shares) | 6,015,817 | 6,786,317 | |
Class A ordinary shares | |||
Schedule of Condensed Balance Sheets | |||
Ordinary shares, shares issued (in shares) | 333,992,002 | 333,992,002 | |
Shares outstanding (in shares) | 327,976,185 | 327,205,685 | |
Class B ordinary shares | |||
Schedule of Condensed Balance Sheets | |||
Ordinary shares, shares issued (in shares) | 96,471,795 | 96,471,795 | |
Shares outstanding (in shares) | 96,471,795 | 96,471,795 | |
Parent company | |||
Schedule of Condensed Balance Sheets | |||
Par value of a share (in dollar per share) | $ 0.0001 | $ 0.0001 | |
Ordinary shares, shares issued (in shares) | 430,463,797 | 430,463,797 | |
Shares outstanding (in shares) | 424,447,980 | 423,677,480 | |
Treasury stock (in shares) | 6,015,817 | 6,786,317 | |
Parent company | Class A ordinary shares | |||
Schedule of Condensed Balance Sheets | |||
Ordinary shares, shares issued (in shares) | 333,992,002 | 333,992,002 | |
Shares outstanding (in shares) | 327,976,185 | 327,205,685 | |
Parent company | Class B ordinary shares | |||
Schedule of Condensed Balance Sheets | |||
Ordinary shares, shares issued (in shares) | 96,471,795 | 96,471,795 | |
Shares outstanding (in shares) | 96,471,795 | 96,471,795 |
Parent company only condensed_5
Parent company only condensed financial information - Schedule of Condensed Statements of Comprehensive loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses: | ||||
General and administrative expenses | ¥ (102,831) | $ (14,909) | ¥ (137,533) | ¥ (136,581) |
Loss from operations | (152,023) | (22,041) | (258,503) | (322,377) |
Others, net | 20,578 | 2,984 | 58,020 | 11,238 |
Loss before income tax | (135,169) | (19,597) | (204,676) | (313,429) |
Net loss | (134,251) | (19,464) | (204,094) | (312,146) |
Parent company | ||||
Operating expenses: | ||||
Operating expenses: | (13,079) | (1,896) | (22,424) | (37,874) |
General and administrative expenses | (13,079) | (1,896) | (22,424) | (37,874) |
Loss from operations | (13,079) | (1,896) | (22,424) | (37,874) |
Loss from subsidiaries and VIEs | (120,953) | (17,537) | (178,242) | (272,791) |
Others, net | 9,725 | 1,410 | 881 | 6,518 |
Loss before income tax | (124,307) | (18,023) | (199,785) | (304,147) |
Net loss | ¥ (124,307) | $ (18,023) | ¥ (199,785) | ¥ (304,147) |
Parent company only condensed_6
Parent company only condensed financial information - Schedule of Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Schedule of Condensed Statements of Cash Flows | ||||
Net cash used in operating activities | ¥ (154,595) | $ (22,416) | ¥ (294,588) | ¥ (107,498) |
Purchases of intangible assets, property and equipment | (1,806) | (262) | (3,142) | (4,131) |
Cash netflow from deconsolidation of subsidiaries, net of cash disposed | 5,074 | 736 | ||
Net cash provided by/(used in) investing activities | (39,926) | (5,789) | 36,509 | (91,265) |
Proceeds from employees exercising stock options | 143 | 21 | 4 | 120 |
Net cash provided by financing activities | 63,069 | 9,144 | 23,380 | 98,597 |
Parent company | ||||
Schedule of Condensed Statements of Cash Flows | ||||
Net cash used in operating activities | (14,635) | (2,122) | (28,745) | (71,787) |
Purchases of intangible assets, property and equipment | (1,260) | |||
Cash netflow from deconsolidation of subsidiaries, net of cash disposed | 19,005 | 2,755 | ||
Investments and loans extended to subsidiaries and VIEs | (40,362) | (5,852) | (65,907) | |
Repayment of loans by subsidiaries | 51,919 | 7,528 | 25,094 | |
Net cash provided by/(used in) investing activities | 30,562 | 4,431 | 25,094 | (67,167) |
Proceeds from employees exercising stock options | 143 | 21 | 4 | 120 |
Net cash provided by financing activities | ¥ 143 | $ 21 | ¥ 4 | ¥ 120 |