Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Entity Registrant Name | Aurora Mobile Ltd |
Entity Central Index Key | 0001737339 |
Current Fiscal Year End Date | --12-31 |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 102,854 | $ 15,930 | ¥ 356,115 |
Restricted cash | 164,356 | 25,456 | 115 |
Derivative assets | 1,905 | 295 | 100 |
Short-term investments | 30,000 | 4,646 | 80,000 |
Accounts and notes receivable, net of allowances of RMB43,820 and RMB39,420 (US$6,105) as of December 31, 2020 and June 30, 2021, respectively | 38,140 | 5,907 | 44,886 |
Prepayments and other current assets | 51,467 | 7,971 | 49,013 |
Total current assets | 388,722 | 60,205 | 530,229 |
Non-current assets: | |||
Property and equipment, net | 75,486 | 11,691 | 73,522 |
Intangible assets, net | 7,555 | 1,170 | 9,519 |
Long-term investments | 167,979 | 26,017 | 168,526 |
Other non-current assets | 2,921 | 452 | 5,631 |
Total non-current assets | 253,941 | 39,330 | 257,198 |
Total assets | 642,663 | 99,535 | 787,427 |
Current liabilities: | |||
Short-term bank loan | 150,000 | 23,232 | 0 |
Accounts payable (including accounts payable of the variable interest entity ("VIE") without recourse to the Company of RMB16,564 and RMB13,268 (US$2,055) as of December 31, 2020 and June 30, 2021, respectively) | 13,659 | 2,116 | 16,592 |
Deferred revenue and customer deposits (including deferred revenue and customer deposits of the VIE without recourse to the Company of RMB104,681 and RMB102,198 (US$15,828) as of December 31, 2020 and June 30, 2021, respectively) | 106,265 | 16,458 | 109,182 |
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the VIE without recourse to the Company of RMB66,772 and RMB64,150 (US$9,936) as of December 31, 2020 and June 30, 2021, respectively) | 90,573 | 14,027 | 109,136 |
Convertible notes | 0 | 0 | 225,229 |
Total current liabilities | 360,497 | 55,833 | 460,139 |
Non-current liabilities: | |||
Other non-current liabilities (including other non-current liabilities of the VIE without recourse to the Company of nil and RMB693 (US$107) as of December 31, 2020 and June 30, 2021, respectively) | 2,554 | 396 | |
Deferred revenue | 5,233 | 810 | 6,049 |
Total non-current liabilities | 7,787 | 1,206 | 6,049 |
Total liabilities | 368,284 | 57,039 | 466,188 |
Commitments and contingencies | |||
Shareholders' equity | |||
Additional paid-in capital | 1,010,731 | 156,542 | 988,812 |
Accumulated deficit | (747,868) | (115,830) | (678,434) |
Accumulated other comprehensive income | 11,467 | 1,776 | 10,813 |
Total shareholders' equity | 274,379 | 42,496 | 321,239 |
Total liabilities and shareholders' equity | 642,663 | 99,535 | 787,427 |
Class A Common Shares | |||
Shareholders' equity | |||
Common shares | 38 | 6 | 37 |
Class B Common Shares | |||
Shareholders' equity | |||
Common shares | ¥ 11 | $ 2 | ¥ 11 |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥)shares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020$ / shares |
Allowance For Doubtful Accounts And Financing Receivable Current | ¥ 39,420 | $ 6,105 | ¥ 43,820 | |
Accounts payable | 13,659 | 2,116 | 16,592 | |
Deferred revenue and customer deposits | 70,166 | 10,867 | 71,141 | |
Accrued liabilities and other current liabilities | 90,573 | 14,027 | ¥ 109,136 | |
Other non-current liabilities | ¥ 2,554 | $ 396 | ||
Class A Common Shares | ||||
Common shares, par value per share | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | 4,920,000,000 | |
Common shares, shares issued | 61,882,851 | 61,882,851 | 61,392,170 | |
Common shares, shares outstanding | 61,882,851 | 61,882,851 | 61,392,170 | |
Class B Common Shares | ||||
Common shares, par value per share | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common shares, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 | |
Common shares, shares issued | 17,000,189 | 17,000,189 | 17,000,189 | |
Common shares, shares outstanding | 17,000,189 | 17,000,189 | 17,000,189 | |
VIE | ||||
Accounts payable | ¥ 13,268 | $ 2,055 | ¥ 16,564 | |
Deferred revenue and customer deposits | 102,198 | 15,828 | 104,681 | |
Accrued liabilities and other current liabilities | 64,150 | 9,936 | 66,772 | |
Other non-current liabilities | ¥ 693 | $ 107 | ¥ 0 |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥)¥ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020CNY (¥)¥ / sharesshares | |
Revenues | ¥ 165,609 | $ 25,650 | ¥ 257,018 |
Cost of revenues | (40,088) | (6,209) | (162,014) |
Gross profit | 125,521 | 19,441 | 95,004 |
Operating expenses | |||
Research and development expenses | (106,219) | (16,451) | (88,371) |
Sales and marketing expenses | (53,904) | (8,349) | (51,998) |
General and administrative expenses | (46,692) | (7,232) | (51,520) |
Total operating expenses | (206,815) | (32,032) | (191,889) |
Loss from operations | (81,294) | (12,591) | (96,885) |
Foreign exchange gain/(loss) | (1,504) | (233) | 9 |
Interest income | 3,330 | 516 | 2,994 |
Interest expense | (4,978) | (771) | (5,930) |
Other income, net | 13,098 | 2,029 | 7,446 |
Change in fair value of structured notes | 20 | 3 | 920 |
Change in fair value of foreign currency swap contract | 1,905 | 295 | 0 |
Loss before income taxes | (69,423) | (10,752) | (91,446) |
Income tax expense | (11) | (2) | 0 |
Net loss | (69,434) | (10,754) | (91,446) |
Net loss attributable to Aurora Mobile Limited's shareholders | (69,434) | (10,754) | (91,446) |
Net loss attributable to common shareholders | (69,434) | (10,754) | (91,446) |
Other comprehensive (loss)/income | |||
Foreign currency translation adjustments | 654 | 101 | (733) |
Total other comprehensive (loss)/income, net of tax | 654 | 101 | (733) |
Total comprehensive loss | (68,780) | (10,653) | (92,179) |
Comprehensive loss attributable to Aurora Mobile Limited | (68,780) | (10,653) | (92,179) |
Class A Common Shares | |||
Operating expenses | |||
Net loss attributable to common shareholders | ¥ (54,429) | $ (8,430) | ¥ (71,306) |
Net loss per share for class A and class B common shares: | |||
Common shares - basic and diluted | (per share) | ¥ (0.88) | $ (0.14) | ¥ (1.18) |
Shares used in net loss per share computation: | |||
Common shares - basic and diluted | 61,668,577 | 61,668,577 | 60,190,846 |
Class B Common Shares | |||
Operating expenses | |||
Net loss attributable to common shareholders | ¥ (15,005) | $ (2,324) | ¥ (20,140) |
Net loss per share for class A and class B common shares: | |||
Common shares - basic and diluted | (per share) | ¥ (0.88) | $ (0.14) | ¥ (1.18) |
Shares used in net loss per share computation: | |||
Common shares - basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Common StockCNY (¥)shares | Common StockUSD ($)shares | Treasury StockCNY (¥) | Additional Paid-in CapitalCNY (¥) | Additional Paid-in CapitalUSD ($) | Accumulated Other Comprehensive IncomeCNY (¥) | Accumulated Other Comprehensive IncomeUSD ($) | Accumulated DeficitCNY (¥) | Accumulated DeficitUSD ($) |
Balance at Dec. 31, 2019 | ¥ 507,788 | ¥ 48 | ¥ (1,999) | ¥ 956,735 | ¥ 6,363 | ¥ (453,359) | |||||
Balance, Shares at Dec. 31, 2019 | shares | 77,106,226 | 77,106,226 | |||||||||
Net loss | (91,446) | (91,446) | |||||||||
Translation adjustments | (733) | (733) | |||||||||
Exercise and vesting of share-based awards | 388 | ¥ 1,999 | (1,611) | ||||||||
Exercise and vesting of share-based awards , shares | shares | 294,383 | 294,383 | |||||||||
Share-based compensation | 16,111 | 16,111 | |||||||||
Balance at Jun. 30, 2020 | 432,108 | ¥ 48 | 971,235 | 5,630 | (544,805) | ||||||
Balance, Shares at Jun. 30, 2020 | shares | 77,400,609 | 77,400,609 | |||||||||
Balance at Dec. 31, 2020 | 321,239 | ¥ 48 | 988,812 | 10,813 | (678,434) | ||||||
Balance, Shares at Dec. 31, 2020 | shares | 78,392,359 | 78,392,359 | |||||||||
Net loss | (69,434) | $ (10,754) | (69,434) | ||||||||
Translation adjustments | 654 | 654 | |||||||||
Exercise and vesting of share-based awards | 2,884 | ¥ 1 | 2,883 | ||||||||
Exercise and vesting of share-based awards , shares | shares | 490,681 | 490,681 | |||||||||
Share-based compensation | 19,036 | 19,036 | |||||||||
Balance at Jun. 30, 2021 | ¥ 274,379 | $ 42,496 | ¥ 49 | $ 8 | ¥ 1,010,731 | $ 156,542 | ¥ 11,467 | $ 1,776 | ¥ (747,868) | $ (115,830) | |
Balance, Shares at Jun. 30, 2021 | shares | 78,883,040 | 78,883,040 |
UNAUDITED INTERIM CONDENSED C_5
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Cash flows from operating activities: | |||
Net loss | ¥ (69,434) | $ (10,754) | ¥ (91,446) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation of property and equipment | 13,406 | 2,076 | 18,648 |
Amortization of intangible assets | 2,190 | 339 | 2,157 |
Allowance for doubtful accounts | 221 | 34 | 8,243 |
Interest expenses, net | 2,706 | 419 | 3,870 |
Gain on disposal of property and equipment | (814) | (126) | (12) |
Change in fair value of structured notes | (20) | (3) | (920) |
Change in fair value of foreign currency swap contract | (1,905) | (295) | 0 |
Share-based compensation expenses | 19,036 | 2,948 | 16,111 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 6,524 | 1,010 | 61,516 |
Prepayments and other current assets | 4,885 | 757 | 11,960 |
Amounts due from related parties | 16 | ||
Other non-current assets | (291) | (45) | (124) |
Accounts payable | (2,934) | (454) | (4,036) |
Deferred revenue and customer deposits | (3,734) | (578) | 20,137 |
Accrued liabilities and other current liabilities | (17,840) | (2,763) | (6,305) |
Amounts due to related parties | (28) | ||
Other non-current liabilities | 1,138 | 176 | |
Net cash provided by/ (used in) operating activities | (46,866) | (7,259) | 39,787 |
Cash flows from investing activities: | |||
Purchase of short-term investments | (360,250) | ||
Proceeds from short-term investments | 51,229 | 7,934 | 251,450 |
Purchase of long-term investments | (36,567) | ||
Investment in loans | (5,000) | ||
Investment in a convertible loan | (4,223) | (654) | |
Purchase of property and equipment | (16,212) | (2,511) | (16,332) |
Proceeds from disposal of property and equipment | 2,599 | 403 | 18 |
Purchase of intangible assets | (1,265) | (196) | (1,201) |
Net cash (used in)/provided by investing activities | 32,128 | 4,976 | (167,882) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares | 1 | ||
Redemption of convertible notes | (228,508) | (35,391) | |
Proceeds from short-term bank loan | 150,000 | 23,232 | |
Proceeds from exercise of share options | 2,884 | 446 | 457 |
Net cash used in financing activities | (75,623) | (11,713) | 457 |
Effect of exchange rate on cash and cash equivalents and restricted cash | 1,341 | 209 | 1,742 |
Net decrease in cash and cash equivalents and restricted cash | (89,020) | (13,787) | (125,896) |
Cash, cash equivalents and restricted cash at the beginning of the period | 356,230 | 55,173 | 431,574 |
Cash and cash equivalents at the beginning of the period | 356,115 | 55,155 | 431,459 |
Restricted cash at the beginning of the period | 115 | 18 | 115 |
Cash, cash equivalents and restricted cash at the end of the period | 267,210 | 41,386 | 305,678 |
Cash and cash equivalents at the end of the period | 102,854 | 15,930 | 305,563 |
Restricted cash at the end of the period | 164,356 | 25,456 | 115 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 1,196 | 185 | |
Income tax paid | 34 | 5 | |
Non-cash investing and financing activities: | |||
Acquisition of long-term investments | 8,000 | ||
Purchase of intangible assets | ¥ 2,446 | ||
Purchase of property and equipment | ¥ 2,297 | $ 356 |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | 1 Organization and principal activities Aurora Mobile Limited (the “Company” and where appropriate, the term “Company” also refers to its subsidiaries and variable interest entity) is a limited company incorporated in the Cayman Islands under the laws of the Cayman Islands on April 9, 2014. The Company, through its subsidiaries and variable interest entity (“VIE”), are principally engaged in providing targeted marketing and SAAS Businesses, which include developer services, financial risk management, market intelligence and location-based intelligence services, in the People’s Republic of China (the “PRC”). As PRC laws and regulations prohibit and restrict foreign ownership of internet value-added businesses, the Company operates its business, primarily through the VIE. The Company, through JPush Information Consulting (Shenzhen) Co., Ltd. (“Shenzhen JPush” or “WFOE”) entered into powers of attorney and an exclusive option agreement with the nominee shareholders of the VIE, Shenzhen Hexun Huagu Information Technology Co., Ltd., that gave WFOE the power to direct the activities that most significantly affect the economic performance of the VIE and to acquire the equity interests in the VIE when permitted by the PRC laws, respectively. In addition, pursuant to the supplementary agreements signed in March 2018, the rights under the aforementioned power of attorney and the exclusive call option agreements were assigned to the board of directors of the Company (the “Board”) or any officer authorized by the Board, which entitled the Company to receive economic benefits from the VIE that potentially could be significant to the VIE. Despite the lack of technical majority ownership, the Company has effective control of the VIE through a series of VIE agreements and a parent-subsidiary relationship exists between the Company and the VIE. Through the VIE agreements and the supplementary agreements, the shareholders of the VIE effectively assigned all of their voting rights underlying their equity in the VIE to the Company. In addition, through the exclusive business operation agreement, the Company, through its WFOE in the PRC, have the right to receive economic benefits from the VIE that potentially could be significant to the VIE. Lastly, through the financial support agreement and the shareholder voting proxy agreement, the Company has the obligation to absorb losses of the VIE that could potentially be significant to the VIE. Therefore, the Company is considered the primary beneficiary of the VIE and consolidates the VIE as required by SEC Regulation S-X 3A-02 Exclusive Option Agreements Pursuant to the exclusive option agreements entered into between VIE’s nominee shareholders and the WFOE, the nominee shareholders irrevocably granted the WFOE an option to request the nominee shareholders to transfer or sell any part or all of its equity interests in the VIE, or any or all of the assets of the VIE, to the WFOE, or their designees. The purchase price of the equity interests in the VIE is equal to the minimum price required by PRC law. Without the WFOE’s prior written consent, the VIE and its nominee shareholders cannot amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, create or allow any encumbrance on its assets or other beneficial interests and provide any loans or guarantees. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders are required to transfer all received distribution to the WFOE or their designees. These agreements are not terminated until all of the equity interest of the VIE is transferred to the WFOE or the person(s) designated by the WFOE. None of the nominee shareholders have the right to terminate or revoke the agreements under any circumstance unless otherwise regulated by law. Equity Interest Pledge Agreements Pursuant to the equity interest pledge agreements, each nominee shareholder of the VIE has pledged all of their respective equity interests in the VIE to WFOE as continuing first priority security interest to guarantee the performance of their and the VIE’s obligations under the powers of attorney agreement, the exclusive option agreement and the exclusive business cooperation agreement. WFOE is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If VIE or any of the nominee shareholder breaches its contractual obligations, WFOE will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of VIE in accordance with PRC law. None of the nominee shareholders shall, without the prior written consent of WFOE, assign or transfer to any third party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIE. This agreement is not terminated until all of the technical support and consulting and service fees have been fully paid under the exclusive business cooperation agreement and all of VIE’s obligations have been terminated under the other controlling agreements. On December 16, 2014, the Company registered the equity pledge with the relevant office of the administration for industry and commerce in accordance with the PRC Property Rights Law. Exclusive Business Cooperation Agreement Pursuant to the exclusive business cooperation agreement entered into by WFOE and VIE, WFOE provides exclusive technical support and consulting services in return for an annual service fee based on a certain percentage of the VIE’s audited total operating income, which is adjustable at the sole discretion of WFOE. Without WFOE’s consent, the VIE cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOE. In addition, the profitable consolidated VIE has granted WFOE an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIE at the lowest price permitted under PRC law. This agreement is irrevocable or can only be unilaterally revoked/amended by WFOE. Powers of Attorney Pursuant to the powers of attorney signed between VIE’s nominee shareholders and WFOE, each nominee shareholder irrevocably appointed WFOE as its attorney-in-fact to In March 2018, the following supplementary agreements were entered into: Financial Support Agreement Pursuant to the financial support undertaking letter dated March 28, 2018, the Company is obligated to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations. The Company will not request repayment of the loans or borrowings if the VIE or its shareholders do not have sufficient funds or are unable to repay. Shareholder Voting Proxy Agreement The Nominee Shareholders also re-signed In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiary and the VIE are in compliance with the existing PRC laws and regulations; (ii) each of the VIE agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations in effect; and (iii) are valid in accordance with the articles of association of the Company. However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIE may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIE. In addition, if the current structure or any of the contractual arrangements is found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. The following table set forth the assets and liabilities of the VIE included in the Company’s consolidated balance sheets: As of December 31, June 30, 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 115,713 63,013 9,759 Restricted cash 115 158,356 24,526 Short-term investments 50,000 30,000 4,646 Accounts and notes receivable, net 44,539 37,521 5,811 Prepayments and other current assets 27,915 41,468 6,423 Amounts due from the Company and its subsidiaries 58,291 59,922 9,281 Total current assets 296,573 390,280 60,446 Non-current Property and equipment, net 45,928 52,641 8,153 Intangible assets, net 9,491 7,543 1,168 Long-term investments 113,408 113,408 17,565 Other non-current 4,719 1,684 261 Total non-current 173,546 175,276 27,147 Total assets 470,119 565,556 87,593 LIABILITIES: Current liabilities: Accounts payable 16,564 13,268 2,055 Deferred revenue and customer deposits 104,681 102,198 15,828 Accrued liabilities and other current liabilities 66,772 64,150 9,936 Amounts due to the Company and its subsidiaries 224,124 282,613 43,771 Total current liabilities 412,141 462,229 71,590 Non-current Amounts due to the Company and its subsidiaries 297,000 377,000 58,390 Deferred revenue 561 856 133 Other non-current — 693 107 Total non-current 297,561 378,549 58,630 Total liabilities 709,702 840,778 130,220 The table sets forth the results of operations and cash flows of the VIE included in the Company’s consolidated statements of comprehensive loss and cash flows. For the six months ended June 30, 2020 2021 RMB RMB US$ Revenues 253,197 162,605 25,184 Cost of revenues (152,732 ) (34,489 ) (5,342 ) Net loss (69,950 ) (41,793 ) (6,473 ) Net cash provided by operating activities 83,618 19,773 3,062 Net cash (used in) / provided by investing activities (133,308 ) 5,768 893 Net cash (used in) / provided by financing activities (13,084 ) 80,000 12,390 There were no pledges or collateralization of the VIE’s assets as of December 31, 2020. As of June 30, 2021, RMB157,900 (US$24,456) of the restricted cash balance represents deposits held as collateral for the Company’s short-term loan with Shanghai Pudong Development Bank. The amount of net liabilities of the VIE was RMB239,583 and RMB275,222 (US$42,627) as of December 31, 2020 and June 30, 2021, respectively. Creditors of the VIE have no recourse to the general credit of the primary beneficiary of the VIE, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The VIE holds certain assets, including data servers and related equipment for use in their operations. The VIE does not own any facilities except for the rental of certain office premises and data centers from third parties under operating lease arrangements. The VIE also holds certain value-added technology licenses, registered copyrights, trademarks and registered domain names, including the official website, which are also considered as revenue-producing assets. However, none of such assets was recorded on the Company’s consolidated balance sheets as such assets were all internally developed and expensed as incurred as they did not meet the capitalization criteria. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIE during the periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information using accounting policies that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the year ended December 31, 2020. Accordingly, these unaudited interim condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Company for each of the periods presented. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2021. The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2020. Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the VIE. All significant intercompany transactions and balances have been eliminated upon consolidation. Use of estimates T Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.4566 per US$1.00 on June 30, 2021, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Restricted cash Restricted cash balance mainly represents (a) cash granted by the government for certain approved technology research and development projects, which are not available for use until the Company obtains pre-approval Derivative assets Derivative assets include (a) embedded derivatives separated from the host contract of bank structured deposits with interest rates indexed to the gold price index, which are measured at fair value in the condensed consolidated balance sheets; and (b) balances from the Company’s foreign currency swap contract with Shanghai Pudong Development Bank to reduce volatility in the Company’s economic value caused by foreign currency fluctuations. The foreign currency swap contract is not designated as hedges. Both embedded derivatives and the foreign currency swap contract are marked to market at each reporting date, with changes in fair value recognized in the condensed consolidated statements of comprehensive loss. Revenue recognition Targeted Marketing The Company generates targeted marketing revenue by providing targeted marketing solution in the form of integrated marketing campaign to advertiser through the XiaoGuoTong The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and the pricing. Advertising customers pay for the targeted marketing solutions primarily based on a cost-per-click (“CPC”) or cost-per-action (“CPA”) Starting from January 1, 2021, the Company has fully exited the Target Marketing business and financial results since then only reflect SAAS Businesses. SAAS Businesses The Company generates SAAS Businesses revenue primarily from developer services and vertical applications. For developer services, there are three types of contracts, subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide push notification or instant messaging (collectively “notification services”), which the Company provides its customers with access to its notification services platform. This enables customers to send notifications and messages to users. The Company generally recognizes revenue ratably over time under the subscription-based contracts as stand-ready obligations because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company uses an output method of progress based on fixed contract term as it best depicts the transfer of control to the customer. cost-per-action (“CPA”) cost-per-click The Company primarily enters into project-based contracts with its customers to provide private cloud-based developer services, which are designed to provide customizable services to customers who want a more controlled software environment and more comprehensive technology and customer support. The Company provides its customers one combined performance obligation including customized APP push notification system or instant messaging system and related system training services as both performance obligations are incapable of being distinct because the customer cannot derive economic benefit from the related system training services on its own. Meanwhile, the Company also provides post contract assurance-type maintenance services, which usually have a duration of one year. Under ASC 606, the Company recognize revenue at the point in time when the system is implemented, and the training service is provided, which is represented by the customer acceptance received by the Company. Meanwhile, the estimated cost of assurance-type maintenance services is accrued as “Costs of revenues”, which is not material. For vertical applications, the Company enters into agreements with its customers to provide data analytic solutions and there are three types of contracts, including subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide customizable service package for a fixed contract term, which allows the customers to subscribe a fixed number of apps to obtain unlimited volume of queries to the Company’s analytic results. The Company generally recognizes revenue ratably over time under the subscription-based contracts because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company primarily enters into project-based contracts with its customers to provide in-depth The Company primarily enters into consumption-based contracts with its customers to process the queries or provide features based on the customers’ requirements. When the Company receives a placed order, it recognizes revenue at a point in time when the queries are processed, or the features are utilized by the customers. Other revenue recognition related policies Timing of revenue recognition may differ from the timing of invoicing to customers. Some customers are required to pay before the services are delivered to the customer. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability on the consolidated balance sheet, depending on the relationship between the Company’s performance and the customer’s payment. Contract assets represent amounts related to the Company’s rights to consideration received for private-cloud-based service and are included in “Prepayments and other assets” on the condensed consolidated balance sheets. Amount of contract assets was not material as of December 31, 2020 and June 30, 2021, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue” on the condensed consolidated balance sheets. Revenue recognized for the six months ended June 30, 2021 that was included in contract liabilities as of January 1, 2021 was RMB44,405 (US$6,877). Revenue recognized for the six months ended June 30, 2020 that was included in contract liabilities as of January 1, 2020 was RMB25,368. A summary of contract liabilities is as follows: As of December 31, 2020 June 30, 2021 RMB RMB US$ Contract liabilities 71,141 70,166 10,867 Customer deposits relate to customer’s unused balances that are refundable. Once this balance is utilized by the customer, the corresponding amount would be recognized as revenue. A Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. Starting from January 1, 2021, the Company had fully exited the targeted marketing business and the cost of revenues since then is only incurred from SAAS Businesses. Fair value measurements The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepayments and other current assets, balances with related parties, accounts payable, and other payables with accrued liabilities and other current liabilities, approximate their fair values because of the short maturity of these instruments. The carrying amounts of convertible notes were recognized based on residual proceeds after allocation to the derivative liabilities at fair market value. The estimated fair values of the convertible notes are based on a valuation methodology using market approach since it bears interest rates which approximate market interest rates of issuers of similar credit risk profile. Concentration of risks Concentration of credit risk F The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 2020, and June 30, 2021, the aggregate amount of cash and cash equivalents, restricted cash, derivative assets and short-term investments of RMB322,183 and RMB277,979 (US$43,053), respectively, were held at major financial institutions located in the PRC, and US$17,494 and US$3,274 (RMB21,136), respectively, were deposited with major financial institutions located outside the PRC. There has been no recent history of default related to these financial institutions. The Company continues to monitor the financial strength of the financial institutions. The Company manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers Approximately 76.1% and 49.2% of advertising costs were paid to three suppliers for the six months ended June 30, 2020 and 2021, respectively. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. On June 19, 2010, the PBOC announced the end of the RMB’s de facto peg to the US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB’s exchange rate flexibility. On March 15, 2014, the People’s Bank of China announced the widening of the daily trading band for RMB against US$. The depreciation of the US$ against RMB was approximately 1.05% for the six months ended June 30, 2021. Most of the Company’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, short-term investments, and accounts payable are denominated in US$. Any significant revaluation of RMB may materially and adversely affect the Company’s consolidated revenues, earnings and financial position in US$. Impact of COVID-19 During the six months ended June 30, 2020 and 2021, COVID-19 COVID-19. There are still uncertainties of COVID-19’s COVID-19 COVID-19 COVID-19 |
Accounts and notes receivable,
Accounts and notes receivable, net | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts receivable, net | 3 Accounts and notes receivable, net As of December 31, June 30, 2021 RMB RMB US$ Accounts and notes receivable 88,706 77,560 12,012 Less: allowance for doubtful accounts (43,820 ) (39,420 ) (6,105 ) Total accounts and notes receivable, net 44,886 38,140 5,907 The following table presents the movement in the allowance for doubtful accounts: As of December 31, June 30, 2021 RMB RMB US$ Balance at beginning of the period 28,516 43,820 6,787 Provisions 18,732 221 34 Write-offs (3,428 ) (4,621 ) (716 ) Balance at end of the period 43,820 39,420 6,105 |
Prepayments and other current a
Prepayments and other current assets | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and other current assets | 4 Prepayments and other current assets Prepayments and other current assets consist of the following: As of December 31, June 30, 2021 RMB RMB US$ Prepaid service fee 12,028 8,389 1,299 Investment in a convertible loan — 4,223 654 VAT and other surcharges 10,467 10,336 1,601 Office rental deposit 636 342 53 Receivables from sales of shares on behalf of employees 11,060 364 56 Refund from prepaid media cost 6,838 1,095 170 Receivables on behalf of third party advertising companies (i ) — 16,966 2,628 Loans granted to equity investees (ii ) 500 3,500 542 Others 7,484 6,252 968 Total prepayments and other current assets 49,013 51,467 7,971 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the receivables the Company acts as agent and collects on behalf of third party advertising companies for targeted marketing related services. (ii) As of December 31, 2020, under prepayments and other current assets includes the impairment charges of RMB4,500 that the Company recognized on loans granted to equity investees. No impairment charges were recognized on loans granted to equity investees for the six months ended June 30, 2021. The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Long-Term Investments
Long-Term Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 5 Long-term investments Equity investments without readily determinable fair value As of June 30, 2021, the carrying amount of the Company’s equity investments was RMB167,979 (US$26,017), net of RMB38,662 (US$5,988) in accumulated impairment. As of December 31, 2020, the carrying amount of the Company’s equity investments was RMB168,526, net of RMB38,739 in accumulated impairment. No impairment charges were recognized on equity investments without readily determinable fair value for the six months ended June 30, 2020 and 2021. The Company does not have any downward adjustments for the six months ended June 30, 2020 and 2021. Total unrealized and realized gains and losses of equity investments without readily determinable fair values for the six months ended June 30, 2020 and 2021 were nil and nil, respectively. |
Deferred Revenue and Customer D
Deferred Revenue and Customer Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Customer Deposits | 6 Deferred revenue and customer deposits Deferred revenue and customer deposits consist of the following: As of December 31, 2020 June 30, 2021 RMB RMB US$ Deferred revenue 71,141 70,166 10,867 Customer deposits 38,041 36,099 5,591 Total deferred revenue and customer deposits - current 109,182 106,265 16,458 Deferred revenue - non-current 6,049 5,233 810 |
Accrued Liabilities and Other C
Accrued Liabilities and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other current liabilities | 7 Accrued liabilities and other current liabilities Accrued liabilities and other current liabilities consist of the following: As of December 31,2020 June 30, 2021 RMB RMB US$ Accrued payroll and welfare payables 59,511 52,232 8,090 Other taxes and surcharge 19,360 11,891 1,842 Service fees 5,481 5,960 923 Acquisition of property and equipment 3,858 1,757 272 Government grant 4,564 4,526 701 Rental and property management fee 3,278 4,045 626 Payables for sales of employees’ shares 10,308 228 35 Payables to third party advertising companies (i ) — 5,414 839 Others 2,776 4,520 699 Total accrued liabilities and other current liabilities 109,136 90,573 14,027 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the payments to third party advertising companies for targeted marketing related services as the Company acts as agent. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 The Company has holding companies in Cayman Island, British Virgin Islands, Hong Kong and its main operations is in the PRC. The Company’s entities are subject to local statutory income tax rate in these jurisdictions. Specifically, the Company’s PRC entities are subject to a statutory income tax rate of 25%, in accordance with the Enterprise Income Tax Law (the “EIT Law”). The Company’s Hong Kong entity is subject to a statutory income tax rate of 16.5%, in accordance with the Hong Kong tax laws. The Company recorded an income tax expense of nil and RMB11 (US$2), representing an effective tax rate of 0.00% and (0.03%) respectively for the six months ended June 30, 2020 and June 30, 2021. The slight fluctuation came from the Company’s Hong Kong entity, while the other entities in the Company were in a current loss position for each of the periods presented and they recorded a full valuation allowance against all deferred tax assets due to historical losses and no future profits forecasted for the foreseeable future as of each of the periods presented. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 Commitments and contingencies Operating lease commitments The Company leases office premises in the PRC under non-cancellable Total operating lease expenses were RMB7,640 and RMB6,509 (US$1,008) for the six months ended June 30, 2020 and 2021, respectively. As of June 30, 2021, future minimum payments under non-cancellable RMB US$ For the six months ended December 31, 2021 4,477 693 For the years ended December 31, 2022 9,333 1,445 2023 6,577 1,019 2024 5,381 833 Total 25,768 3,990 The Company’s operating lease commitments have no renewal options, rent escalation clauses and restrictions or contingent rents. There are no lease payments in 2025 and after. Capital commitments As of June 30, 2021, future minimum payment under non-cancellable |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Loss per share | 10 Loss per share Basic and diluted loss per share is calculated as follows: For the six months ended June 30, 2020 2021 Class A Class B Class A Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (71,306 ) (20,140 ) (54,429 ) (8,430 ) (15,005 ) (2,324 ) Net loss attributable to common shareholders (71,306 ) (20,140 ) (54,429 ) (8,430 ) (15,005 ) (2,324 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 60,190,846 17,000,189 61,668,577 61,668,577 17,000,189 17,000,189 Basic and diluted loss per share (1.18 ) (1.18 ) (0.88 ) (0.14 ) (0.88 ) (0.14 ) For the six months ended June 30, 2020 and 2021, the two-class |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 11 Revenues Revenues consist of the following: For the six months ended June 30, 2020 2021 RMB RMB US$ Targeted Marketing 141,282 — — SAAS Businesses Developer Services 77,216 113,608 17,596 Vertical Applications 38,520 52,001 8,054 Total SAAS Businesses 115,736 165,609 25,650 Total revenues 257,018 165,609 25,650 For the six months ended June 30, 2020 and 2021, revenues recognized at the point in time are RMB196,006 and RMB98,405 (US$15,241), respectively. For the six months ended June 30, 2020 and 2021, revenues recognized over time are RMB61,012 and RMB67,204 (US$10,409), respectively. |
Short-term investments
Short-term investments | 6 Months Ended |
Jun. 30, 2021 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |
Short-term investments | 12 Short-term investments The Company accounts for its short-term investments which were mainly deposits in commercial banks with maturities less than one year and structured deposits issued by commercial banks and other financial intuitions in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”) and as the Company has the positive intent and ability to hold them to maturity, the short-term investments are classified as held-to-maturity Short-term investments classification as of December 31, 2020 and June 30, 2021 were shown as below: As of December 31, 2020 Cost or Gross Gross Gross Gross Fair value RMB RMB Held-to-maturity 80,000 — — — — 80,000 As of June 30, 2021 Cost or Gross Gross Gross Gross Fair value RMB US$ RMB US$ Held-to-maturity 30,000 4,646 — — — — 30,000 4,646 |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 13 Fair value measurements ASC 820-10, Fair Value Measurements and Disclosures: Overall Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 — Include other inputs that are directly or indirectly observable in the marketplace Level 3 — Unobservable inputs which are supported by little or no market activity ASC 820-10 Assets and liabilities measured or disclosed at fair value The Company measures derivative assets at fair value on a recurring basis. The derivative assets are classified within Level 2 as the fair value is measured by using inputs derived from or corroborated by observable market data. The Company’s non-financial non-financial non-recurring For equity investments accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured non-recurring non-recurring The Company measures certain financial assets, including equity securities accounted for at fair value using measurement alternative at fair value on a non-recurring As of December 31, 2020, and June 30, 2021, assets measured or disclosed at fair value are summarized below: Fair value measurement or disclosure at December 31, 2020 using Total Fair Quoted prices in Significant Significant Fair value RMB RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 100 — 100 — — Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement — — — — (38,739 ) Property and equipment, net 4,505 — 4,505 — (10,952 ) Total assets measured at fair value 4,605 — 4,605 — (49,691 ) Fair value measurement or disclosure at June 30, 2021 using Total Fair Total Fair Quoted prices in Significant Significant Fair value RMB US$ RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 1,905 295 — 1,905 — 1,905 Total assets measured at fair value 1,905 295 — 1,905 — 1,905 |
Restricted Net Assets
Restricted Net Assets | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 14 Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the VIE incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiary and VIE located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after-tax Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiary. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. Amounts of net assets restricted include paid-in |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 15 Subsequent Event The Company has evaluated events and transactions for potential recognition and disclosure through November 10, 2021, the date the interim condensed consolidated financial statements were available to be issued. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information using accounting policies that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the year ended December 31, 2020. Accordingly, these unaudited interim condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the VIE. All significant intercompany transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates T |
Convenience translation | Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.4566 per US$1.00 on June 30, 2021, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Restricted cash | Restricted cash Restricted cash balance mainly represents (a) cash granted by the government for certain approved technology research and development projects, which are not available for use until the Company obtains pre-approval |
Derivative assets | Derivative assets Derivative assets include (a) embedded derivatives separated from the host contract of bank structured deposits with interest rates indexed to the gold price index, which are measured at fair value in the condensed consolidated balance sheets; and (b) balances from the Company’s foreign currency swap contract with Shanghai Pudong Development Bank to reduce volatility in the Company’s economic value caused by foreign currency fluctuations. The foreign currency swap contract is not designated as hedges. Both embedded derivatives and the foreign currency swap contract are marked to market at each reporting date, with changes in fair value recognized in the condensed consolidated statements of comprehensive loss. |
Revenue recognition | Revenue recognition Targeted Marketing The Company generates targeted marketing revenue by providing targeted marketing solution in the form of integrated marketing campaign to advertiser through the XiaoGuoTong The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and the pricing. Advertising customers pay for the targeted marketing solutions primarily based on a cost-per-click (“CPC”) or cost-per-action (“CPA”) Starting from January 1, 2021, the Company has fully exited the Target Marketing business and financial results since then only reflect SAAS Businesses. SAAS Businesses The Company generates SAAS Businesses revenue primarily from developer services and vertical applications. For developer services, there are three types of contracts, subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide push notification or instant messaging (collectively “notification services”), which the Company provides its customers with access to its notification services platform. This enables customers to send notifications and messages to users. The Company generally recognizes revenue ratably over time under the subscription-based contracts as stand-ready obligations because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company uses an output method of progress based on fixed contract term as it best depicts the transfer of control to the customer. cost-per-action (“CPA”) cost-per-click The Company primarily enters into project-based contracts with its customers to provide private cloud-based developer services, which are designed to provide customizable services to customers who want a more controlled software environment and more comprehensive technology and customer support. The Company provides its customers one combined performance obligation including customized APP push notification system or instant messaging system and related system training services as both performance obligations are incapable of being distinct because the customer cannot derive economic benefit from the related system training services on its own. Meanwhile, the Company also provides post contract assurance-type maintenance services, which usually have a duration of one year. Under ASC 606, the Company recognize revenue at the point in time when the system is implemented, and the training service is provided, which is represented by the customer acceptance received by the Company. Meanwhile, the estimated cost of assurance-type maintenance services is accrued as “Costs of revenues”, which is not material. For vertical applications, the Company enters into agreements with its customers to provide data analytic solutions and there are three types of contracts, including subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide customizable service package for a fixed contract term, which allows the customers to subscribe a fixed number of apps to obtain unlimited volume of queries to the Company’s analytic results. The Company generally recognizes revenue ratably over time under the subscription-based contracts because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company primarily enters into project-based contracts with its customers to provide in-depth The Company primarily enters into consumption-based contracts with its customers to process the queries or provide features based on the customers’ requirements. When the Company receives a placed order, it recognizes revenue at a point in time when the queries are processed, or the features are utilized by the customers. Other revenue recognition related policies Timing of revenue recognition may differ from the timing of invoicing to customers. Some customers are required to pay before the services are delivered to the customer. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability on the consolidated balance sheet, depending on the relationship between the Company’s performance and the customer’s payment. Contract assets represent amounts related to the Company’s rights to consideration received for private-cloud-based service and are included in “Prepayments and other assets” on the condensed consolidated balance sheets. Amount of contract assets was not material as of December 31, 2020 and June 30, 2021, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue” on the condensed consolidated balance sheets. Revenue recognized for the six months ended June 30, 2021 that was included in contract liabilities as of January 1, 2021 was RMB44,405 (US$6,877). Revenue recognized for the six months ended June 30, 2020 that was included in contract liabilities as of January 1, 2020 was RMB25,368. A summary of contract liabilities is as follows: As of December 31, 2020 June 30, 2021 RMB RMB US$ Contract liabilities 71,141 70,166 10,867 A |
Costs of revenues | Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. Starting from January 1, 2021, the Company had fully exited the targeted marketing business and the cost of revenues since then is only incurred from SAAS Businesses. |
Fair value measurements | Fair value measurements The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepayments and other current assets, balances with related parties, accounts payable, and other payables with accrued liabilities and other current liabilities, approximate their fair values because of the short maturity of these instruments. The carrying amounts of convertible notes were recognized based on residual proceeds after allocation to the derivative liabilities at fair market value. The estimated fair values of the convertible notes are based on a valuation methodology using market approach since it bears interest rates which approximate market interest rates of issuers of similar credit risk profile. |
Concentration of risks | Concentration of risks Concentration of credit risk F The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 2020, and June 30, 2021, the aggregate amount of cash and cash equivalents, restricted cash, derivative assets and short-term investments of RMB322,183 and RMB277,979 (US$43,053), respectively, were held at major financial institutions located in the PRC, and US$17,494 and US$3,274 (RMB21,136), respectively, were deposited with major financial institutions located outside the PRC. There has been no recent history of default related to these financial institutions. The Company continues to monitor the financial strength of the financial institutions. The Company manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers Approximately 76.1% and 49.2% of advertising costs were paid to three suppliers for the six months ended June 30, 2020 and 2021, respectively. |
Foreign currency exchange rate risk | Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. On June 19, 2010, the PBOC announced the end of the RMB’s de facto peg to the US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB’s exchange rate flexibility. On March 15, 2014, the People’s Bank of China announced the widening of the daily trading band for RMB against US$. The depreciation of the US$ against RMB was approximately 1.05% for the six months ended June 30, 2021. Most of the Company’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, short-term investments, and accounts payable are denominated in US$. Any significant revaluation of RMB may materially and adversely affect the Company’s consolidated revenues, earnings and financial position in US$. |
Impact of COVID-19 | Impact of COVID-19 During the six months ended June 30, 2020 and 2021, COVID-19 COVID-19. There are still uncertainties of COVID-19’s COVID-19 COVID-19 COVID-19 |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of VIE | The following table set forth the assets and liabilities of the VIE included in the Company’s consolidated balance sheets: As of December 31, June 30, 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 115,713 63,013 9,759 Restricted cash 115 158,356 24,526 Short-term investments 50,000 30,000 4,646 Accounts and notes receivable, net 44,539 37,521 5,811 Prepayments and other current assets 27,915 41,468 6,423 Amounts due from the Company and its subsidiaries 58,291 59,922 9,281 Total current assets 296,573 390,280 60,446 Non-current Property and equipment, net 45,928 52,641 8,153 Intangible assets, net 9,491 7,543 1,168 Long-term investments 113,408 113,408 17,565 Other non-current 4,719 1,684 261 Total non-current 173,546 175,276 27,147 Total assets 470,119 565,556 87,593 LIABILITIES: Current liabilities: Accounts payable 16,564 13,268 2,055 Deferred revenue and customer deposits 104,681 102,198 15,828 Accrued liabilities and other current liabilities 66,772 64,150 9,936 Amounts due to the Company and its subsidiaries 224,124 282,613 43,771 Total current liabilities 412,141 462,229 71,590 Non-current Amounts due to the Company and its subsidiaries 297,000 377,000 58,390 Deferred revenue 561 856 133 Other non-current — 693 107 Total non-current 297,561 378,549 58,630 Total liabilities 709,702 840,778 130,220 |
Summary of Results of Operations and Cash Flows of VIE | The table sets forth the results of operations and cash flows of the VIE included in the Company’s consolidated statements of comprehensive loss and cash flows. For the six months ended June 30, 2020 2021 RMB RMB US$ Revenues 253,197 162,605 25,184 Cost of revenues (152,732 ) (34,489 ) (5,342 ) Net loss (69,950 ) (41,793 ) (6,473 ) Net cash provided by operating activities 83,618 19,773 3,062 Net cash (used in) / provided by investing activities (133,308 ) 5,768 893 Net cash (used in) / provided by financing activities (13,084 ) 80,000 12,390 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Contract Liabilities | A summary of contract liabilities is as follows: As of December 31, 2020 June 30, 2021 RMB RMB US$ Contract liabilities 71,141 70,166 10,867 |
Accounts and notes receivable_2
Accounts and notes receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, June 30, 2021 RMB RMB US$ Accounts and notes receivable 88,706 77,560 12,012 Less: allowance for doubtful accounts (43,820 ) (39,420 ) (6,105 ) Total accounts and notes receivable, net 44,886 38,140 5,907 |
Schedule of Movement in Allowance for Doubtful Accounts | The following table presents the movement in the allowance for doubtful accounts: As of December 31, June 30, 2021 RMB RMB US$ Balance at beginning of the period 28,516 43,820 6,787 Provisions 18,732 221 34 Write-offs (3,428 ) (4,621 ) (716 ) Balance at end of the period 43,820 39,420 6,105 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepayment and Other Current Assets | Prepayments and other current assets consist of the following: As of December 31, June 30, 2021 RMB RMB US$ Prepaid service fee 12,028 8,389 1,299 Investment in a convertible loan — 4,223 654 VAT and other surcharges 10,467 10,336 1,601 Office rental deposit 636 342 53 Receivables from sales of shares on behalf of employees 11,060 364 56 Refund from prepaid media cost 6,838 1,095 170 Receivables on behalf of third party advertising companies (i ) — 16,966 2,628 Loans granted to equity investees (ii ) 500 3,500 542 Others 7,484 6,252 968 Total prepayments and other current assets 49,013 51,467 7,971 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the receivables the Company acts as agent and collects on behalf of third party advertising companies for targeted marketing related services. (ii) As of December 31, 2020, under prepayments and other current assets includes the impairment charges of RMB4,500 that the Company recognized on loans granted to equity investees. No impairment charges were recognized on loans granted to equity investees for the six months ended June 30, 2021. The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Deferred Revenue and Customer_2
Deferred Revenue and Customer Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, by Arrangement | Deferred revenue and customer deposits consist of the following: As of December 31, 2020 June 30, 2021 RMB RMB US$ Deferred revenue 71,141 70,166 10,867 Customer deposits 38,041 36,099 5,591 Total deferred revenue and customer deposits - current 109,182 106,265 16,458 Deferred revenue - non-current 6,049 5,233 810 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: As of December 31,2020 June 30, 2021 RMB RMB US$ Accrued payroll and welfare payables 59,511 52,232 8,090 Other taxes and surcharge 19,360 11,891 1,842 Service fees 5,481 5,960 923 Acquisition of property and equipment 3,858 1,757 272 Government grant 4,564 4,526 701 Rental and property management fee 3,278 4,045 626 Payables for sales of employees’ shares 10,308 228 35 Payables to third party advertising companies (i ) — 5,414 839 Others 2,776 4,520 699 Total accrued liabilities and other current liabilities 109,136 90,573 14,027 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the payments to third party advertising companies for targeted marketing related services as the Company acts as agent. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancelable Operating Leases | As of June 30, 2021, future minimum payments under non-cancellable RMB US$ For the six months ended December 31, 2021 4,477 693 For the years ended December 31, 2022 9,333 1,445 2023 6,577 1,019 2024 5,381 833 Total 25,768 3,990 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share | Basic and diluted loss per share is calculated as follows: For the six months ended June 30, 2020 2021 Class A Class B Class A Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (71,306 ) (20,140 ) (54,429 ) (8,430 ) (15,005 ) (2,324 ) Net loss attributable to common shareholders (71,306 ) (20,140 ) (54,429 ) (8,430 ) (15,005 ) (2,324 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 60,190,846 17,000,189 61,668,577 61,668,577 17,000,189 17,000,189 Basic and diluted loss per share (1.18 ) (1.18 ) (0.88 ) (0.14 ) (0.88 ) (0.14 ) |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues | Revenues consist of the following: For the six months ended June 30, 2020 2021 RMB RMB US$ Targeted Marketing 141,282 — — SAAS Businesses Developer Services 77,216 113,608 17,596 Vertical Applications 38,520 52,001 8,054 Total SAAS Businesses 115,736 165,609 25,650 Total revenues 257,018 165,609 25,650 |
Short-term investments (Tables)
Short-term investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |
Summary of Short-term investments classification | Short-term investments classification as of December 31, 2020 and June 30, 2021 were shown as below: As of December 31, 2020 Cost or Gross Gross Gross Gross Fair value RMB RMB Held-to-maturity 80,000 — — — — 80,000 As of June 30, 2021 Cost or Gross Gross Gross Gross Fair value RMB US$ RMB US$ Held-to-maturity 30,000 4,646 — — — — 30,000 4,646 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets And Liabilities Measured Or Disclosed At Fair Value | As of December 31, 2020, and June 30, 2021, assets measured or disclosed at fair value are summarized below: Fair value measurement or disclosure at December 31, 2020 using Total Fair Quoted prices in Significant Significant Fair value RMB RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 100 — 100 — — Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement — — — — (38,739 ) Property and equipment, net 4,505 — 4,505 — (10,952 ) Total assets measured at fair value 4,605 — 4,605 — (49,691 ) Fair value measurement or disclosure at June 30, 2021 using Total Fair Total Fair Quoted prices in Significant Significant Fair value RMB US$ RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 1,905 295 — 1,905 — 1,905 Total assets measured at fair value 1,905 295 — 1,905 — 1,905 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Assets and Liabilities of VIE (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Jun. 30, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 102,854 | $ 15,930 | ¥ 356,115 | $ 55,155 | ¥ 305,563 | ¥ 431,459 |
Restricted cash | 164,356 | 25,456 | 115 | |||
Short-term investments | 30,000 | 4,646 | 80,000 | |||
Total current assets | 388,722 | 60,205 | 530,229 | |||
Non-current assets: | ||||||
Property and equipment, net | 75,486 | 11,691 | 73,522 | |||
Intangible assets, net | 7,555 | 1,170 | 9,519 | |||
Long-term investments | 167,979 | 26,017 | 168,526 | |||
Other non-current assets | 2,921 | 452 | 5,631 | |||
Total non-current assets | 253,941 | 39,330 | 257,198 | |||
Total assets | 642,663 | 99,535 | 787,427 | |||
Current liabilities: | ||||||
Accounts payable | 13,659 | 2,116 | 16,592 | |||
Deferred revenue and customer deposits | 70,166 | 10,867 | 71,141 | |||
Accrued liabilities and other current liabilities | 90,573 | 14,027 | 109,136 | |||
Total current liabilities | 360,497 | 55,833 | 460,139 | |||
Non-current liabilities: | ||||||
Other non-current liabilities | 2,554 | 396 | ||||
Total non-current liabilities | 7,787 | 1,206 | 6,049 | |||
Total liabilities | 368,284 | 57,039 | 466,188 | |||
VIE | ||||||
Current assets: | ||||||
Cash and cash equivalents | 63,013 | 9,759 | 115,713 | |||
Restricted cash | 158,356 | 24,526 | 115 | |||
Short-term investments | 30,000 | 4,646 | 50,000 | |||
Accounts and notes receivable, net | 37,521 | 5,811 | 44,539 | |||
Prepayments and other current assets | 41,468 | 6,423 | 27,915 | |||
Amounts due from the Company and its subsidiaries | 59,922 | 9,281 | 58,291 | |||
Total current assets | 390,280 | 60,446 | 296,573 | |||
Non-current assets: | ||||||
Property and equipment, net | 52,641 | 8,153 | 45,928 | |||
Intangible assets, net | 7,543 | 1,168 | 9,491 | |||
Long-term investments | 113,408 | 17,565 | 113,408 | |||
Other non-current assets | 1,684 | 261 | 4,719 | |||
Total non-current assets | 175,276 | 27,147 | 173,546 | |||
Total assets | 565,556 | 87,593 | 470,119 | |||
Current liabilities: | ||||||
Accounts payable | 13,268 | 2,055 | 16,564 | |||
Deferred revenue and customer deposits | 102,198 | 15,828 | 104,681 | |||
Accrued liabilities and other current liabilities | 64,150 | 9,936 | 66,772 | |||
Amounts due to the Company and its subsidiaries | 282,613 | 43,771 | 224,124 | |||
Total current liabilities | 462,229 | 71,590 | 412,141 | |||
Non-current liabilities: | ||||||
Amounts due to the Company and its subsidiaries | 377,000 | 58,390 | 297,000 | |||
Deferred Revenue | 856 | 133 | 561 | |||
Other non-current liabilities | 693 | 107 | 0 | |||
Total non-current liabilities | 378,549 | 58,630 | 297,561 | |||
Total liabilities | ¥ 840,778 | $ 130,220 | ¥ 709,702 |
Organization and Principal Ac_4
Organization and Principal Activities - Summary of Results of Operations and Cash Flows of VIE (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Variable Interest Entity [Line Items] | |||
Cost of revenues | ¥ (40,088) | $ (6,209) | ¥ (162,014) |
Net loss | (69,434) | (10,754) | (91,446) |
Net cash provided by operating activities | (46,866) | (7,259) | 39,787 |
Net cash (used in) / provided by investing activities | 32,128 | 4,976 | (167,882) |
Net cash (used in) / provided by financing activities | (75,623) | (11,713) | 457 |
VIE | |||
Variable Interest Entity [Line Items] | |||
Revenues | 162,605 | 25,184 | 253,197 |
Cost of revenues | (34,489) | (5,342) | (152,732) |
Net loss | (41,793) | (6,473) | (69,950) |
Net cash provided by operating activities | 19,773 | 3,062 | 83,618 |
Net cash (used in) / provided by investing activities | 5,768 | 893 | (133,308) |
Net cash (used in) / provided by financing activities | ¥ 80,000 | $ 12,390 | ¥ (13,084) |
Organization and Principal Ac_5
Organization and Principal Activities - Additional Information (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Variable Interest Entity [Line Items] | |||
Cash Collateral | ¥ 157,900 | $ 24,456 | |
VIE | |||
Variable Interest Entity [Line Items] | |||
Net liabilities | ¥ 275,222 | $ 42,627 | ¥ 239,583 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2021CNY (¥)¥ / Supplier | Jun. 30, 2021USD ($)¥ / Supplier | Jun. 30, 2020CNY (¥)¥ / Supplier | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Foreign currency exchange rate | 6.4566 | 6.4566 | ||||
Revenue Recognized | ¥ 44,405 | $ 6,877 | ¥ 25,368 | |||
Unsatisfied performance obligation | ¥ 31,425 | $ 4,867 | ||||
Depreciation of the US$ against RMB, percent | 1.05% | 1.05% | ||||
Advertising | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of suppliers | 3 | 3 | 3 | |||
Advertising | Supplier Concentration Risk | Cost of Goods and Service | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 49.20% | 49.20% | 76.10% | |||
CHINA | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 277,979 | 43,053 | ¥ 322,183 | |||
Outside China | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 21,136 | $ 3,274 | $ 17,494 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Contract Liabilities (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | ¥ 70,166 | $ 10,867 | ¥ 71,141 |
Accounts and notes receivable_3
Accounts and notes receivable, net - Schedule of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Receivables [Abstract] | |||
Accounts and notes receivable | ¥ 77,560 | $ 12,012 | ¥ 88,706 |
Less: allowance for doubtful accounts | (39,420) | (6,105) | (43,820) |
Total accounts and notes receivable, net | ¥ 38,140 | $ 5,907 | ¥ 44,886 |
Accounts and notes receivable_4
Accounts and notes receivable, net - Schedule of Movement in Allowance for Doubtful Accounts (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Receivables [Abstract] | |||
Beginning balance | ¥ 43,820 | $ 6,787 | ¥ 28,516 |
Provisions | 221 | 34 | 18,732 |
Write-offs | (4,621) | (716) | (3,428) |
Ending balance | ¥ 39,420 | $ 6,105 | ¥ 43,820 |
Prepayments and other current_3
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Prepaid service fee | ¥ 8,389 | $ 1,299 | ¥ 12,028 | |
Investment in a convertible loan | 4,223 | 654 | ||
VAT and other surcharges | 10,336 | 1,601 | 10,467 | |
Office rental deposit | 342 | 53 | 636 | |
Receivables from sales of shares on behalf of employees | 364 | 56 | 11,060 | |
Refund from prepaid media cost | 1,095 | 170 | 6,838 | |
Receivables on behalf of third party advertising companies | [1] | 16,966 | 2,628 | |
Loans granted to equity investees | [2] | 3,500 | 542 | 500 |
Others | 6,252 | 968 | 7,484 | |
Total prepayments and other current assets | ¥ 51,467 | $ 7,971 | ¥ 49,013 | |
[1] | Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the receivables the Company acts as agent and collects on behalf of third party advertising companies for targeted marketing related services. | |||
[2] | As of December 31, 2020, under prepayments and other current assets includes the impairment charges of RMB4,500 that the Company recognized on loans granted to equity investees. No impairment charges were recognized on loans granted to equity investees for the six months ended June 30, 2021. The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Prepayments and other current_4
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Impairment charges | $ 0 | ¥ 4,500 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021CNY (¥) | Jun. 30, 2020CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Schedule Of Investments [Line Items] | ||||
Cost Method Investments | ¥ 167,979 | $ 26,017 | ¥ 168,526 | |
Cost-method Investments, Other than Temporary Impairment | 0 | ¥ 0 | ||
Accumulated imapirment of equity investments | 38,662 | $ 5,988 | ¥ 38,739 | |
Total unrealized and realized gains and losses of equity investments | ¥ 0 | ¥ 0 |
Deferred Revenue and Customer_3
Deferred Revenue and Customer Deposits (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Deferred revenue | ¥ 70,166 | $ 10,867 | ¥ 71,141 |
Customer deposits | 36,099 | 5,591 | 38,041 |
Total deferred revenue and customer deposits - current | 106,265 | 16,458 | 109,182 |
Deferred revenue - non-current | ¥ 5,233 | $ 810 | ¥ 6,049 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Payables and Accruals [Abstract] | ||||
Accrued payroll and welfare payables | ¥ 52,232 | $ 8,090 | ¥ 59,511 | |
Other taxes and surcharge | 11,891 | 1,842 | 19,360 | |
Service fees | 5,960 | 923 | 5,481 | |
Acquisition of property and equipment | 1,757 | 272 | 3,858 | |
Government grant | 4,526 | 701 | 4,564 | |
Rental and property management fee | 4,045 | 626 | 3,278 | |
Payables for sales of employees' shares | 228 | 35 | 10,308 | |
Payables to third party advertising companies | [1] | 5,414 | 839 | |
Others | 4,520 | 699 | 2,776 | |
Total accrued liabilities and other current liabilities | ¥ 90,573 | $ 14,027 | ¥ 109,136 | |
[1] | Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the payments to third party advertising companies for targeted marketing related services as the Company acts as agent. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Income Tax Disclosure [Line Items] | |||
Income tax expenses | ¥ 11 | $ 2 | ¥ 0 |
Effective income tax rate | 0.03% | 0.03% | 0.00% |
Hong Kong | |||
Income Tax Disclosure [Line Items] | |||
Effective profits tax rate | 16.50% | 16.50% | |
PRC | |||
Income Tax Disclosure [Line Items] | |||
Effective statutory enterprise income tax rate | 25.00% | 25.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Commitments And Contingencies Disclosure [Line Items] | |||
Operating lease, expenses | ¥ 6,509 | $ 1,008 | ¥ 7,640 |
Consulting Service for Lease Term within One Year | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Future minimum payment under non-cancellable purchase commitment | ¥ 0 | ||
Maximum [Member] | Office Premise [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Operating Lease term of contract | 5 years | ||
Minimum [Member] | Office Premise [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Operating Lease term of contract | 6 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases (Details) - Jun. 30, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||
For the six months ended December 31, 2021 | ¥ 4,477 | $ 693 |
2022 | 9,333 | 1,445 |
2023 | 6,577 | 1,019 |
2024 | 5,381 | 833 |
Total | ¥ 25,768 | $ 3,990 |
Loss per share - Basic and Dilu
Loss per share - Basic and Diluted Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥)¥ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020CNY (¥)¥ / sharesshares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net loss attributable to common shareholders | ¥ (69,434) | $ (10,754) | ¥ (91,446) |
Class A [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net loss attributable to Class A and Class B common shareholders | (54,429) | (8,430) | (71,306) |
Net loss attributable to common shareholders | ¥ (54,429) | $ (8,430) | ¥ (71,306) |
Weighted average number of shares used in calculating basic and diluted loss per share | 61,668,577 | 61,668,577 | 60,190,846 |
Basic and diluted loss per share | (per share) | ¥ (0.88) | $ (0.14) | ¥ (1.18) |
Class B [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net loss attributable to Class A and Class B common shareholders | ¥ (15,005) | $ (2,324) | ¥ (20,140) |
Net loss attributable to common shareholders | ¥ (15,005) | $ (2,324) | ¥ (20,140) |
Weighted average number of shares used in calculating basic and diluted loss per share | 17,000,189 | 17,000,189 | 17,000,189 |
Basic and diluted loss per share | (per share) | ¥ (0.88) | $ (0.14) | ¥ (1.18) |
Revenues - Additional Informati
Revenues - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 165,609 | $ 25,650 | ¥ 257,018 |
Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98,405 | 15,241 | 196,006 |
Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 67,204 | $ 10,409 | ¥ 61,012 |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2020CNY (¥) | |
Disaggregation Of Revenue [Line Items] | |||
Total revenues | ¥ 165,609 | $ 25,650 | ¥ 257,018 |
Targeted Marketing | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 141,282 |
Developer Services | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 113,608 | 17,596 | 77,216 |
Vertical Applications | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 52,001 | 8,054 | 38,520 |
Total SAAS Businesses | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | ¥ 165,609 | $ 25,650 | ¥ 115,736 |
Short-term investments - Summar
Short-term investments - Summary of Short-term investments classification (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Schedule of Held-to-maturity Securities [Line Items] | |||
Cost or Amortized cost | ¥ 30,000 | $ 4,646 | ¥ 80,000 |
Fair value | ¥ 30,000 | $ 4,646 | ¥ 80,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets And Liabilities Measured Or Disclosed At Fair Value (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Jun. 30, 2021USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative assets | ¥ 1,905 | ¥ 100 | $ 295 |
Property and equipment, net | 75,486 | 73,522 | 11,691 |
Fair value adjustment | 1,905 | (49,691) | |
Total assets and liabilities measured at fair value | 1,905 | 4,605 | 295 |
Fair Value, Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Property and equipment, net | 4,505 | ||
Property and equipment, net, Fair value adjustment | (10,952) | ||
Fair value adjustment | (38,739) | ||
Fair Value, Recurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,905 | 100 | $ 295 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total assets and liabilities measured at fair value | 1,905 | 4,605 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Property and equipment, net | 4,505 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative assets | ¥ 1,905 | ¥ 100 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021CNY (¥) | Jun. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Dividends Payable [Line Items] | |||
Threshold limit percentage of registered capital | 50.00% | ||
PRC | VIE | |||
Dividends Payable [Line Items] | |||
Restricted net asset, using statutory accounting principles | ¥ 580,919 | $ 89,973 | ¥ 616,559 |
Minimum | |||
Dividends Payable [Line Items] | |||
Minimum percentage of net profit to be allocated to statutory reserve fund | 10.00% |