Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Aurora Mobile Ltd |
Entity Central Index Key | 0001737339 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 14/F, China Certification and Inspection Building |
Entity Address, Address Line Two | No. 8, Keji South 12th Road |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518057 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-38587 |
Entity Address, Country | CN |
ICFR Auditor Attestation Flag | false |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Location | Shenzhen, the People’s Republic of China |
Auditor Firm ID | 1408 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 14/F, China Certification and Inspection Building |
Entity Address, Address Line Two | No. 8, Keji South 12th Road |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518057 |
Contact Personnel Name | Shan-Nen Bong |
Contact Personnel Email Address | bongsn@jiguang.cn |
Entity Address, Country | CN |
City Area Code | 86 |
Local Phone Number | 755-8388-1462 |
American Depositary Shares | |
Document Information [Line Items] | |
Trading Symbol | JG |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American depositary shares, every three of which represent two Class A common shares |
Class A Common Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 62,036,273 |
Title of 12(b) Security | Class A common shares, par value US$0.0001 per share |
No Trading Symbol Flag | true |
Class B Common Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 17,000,189 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 90,552 | $ 14,210 | ¥ 356,115 |
Restricted cash | 164,030 | 25,740 | 115 |
Derivative Asset, Current | 5,989 | 940 | 100 |
Short-term investments | 30,000 | 4,708 | 80,000 |
Accounts and notes receivable, net of allowances of RMB43,820 and RMB37,690 (US$5,914) as of December 31, 2020 and 2021, respectively | 43,860 | 6,883 | 44,886 |
Prepayments and other current assets | 46,670 | 7,323 | 49,013 |
Amounts due from related parties | 35 | 5 | |
Total current assets | 381,136 | 59,809 | 530,229 |
Non-current assets: | |||
Property and equipment, net | 62,179 | 9,757 | 73,522 |
Intangible assets, net | 5,398 | 847 | 9,519 |
Long-term investments | 141,926 | 22,271 | 168,526 |
Other non-current assets | 4,898 | 769 | 5,631 |
Total non-current assets | 214,401 | 33,644 | 257,198 |
Total assets | 595,537 | 93,453 | 787,427 |
Current liabilities: | |||
Short-term loan | 150,000 | 23,538 | |
Accounts payable (including accounts payable of the variable interest entity ("VIE") without recourse to the Company of RMB16,564 and RMB17,529 (US$2,751) as of December 31, 2020 and 2021, respectively) | 18,292 | 2,870 | 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 RMB115,900(US$18,187) as of December 31, 2020 and 2021, respectively) | 119,991 | 18,829 | 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 RMB64,527 (US$10,126) as of December 31, 2020 and 2021, respectively) | 85,305 | 13,388 | 109,136 |
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of nil and RMB54 (US$8) as of December 31, 2020 and 2021, respectively) | 54 | 8 | |
Convertible notes | 225,229 | ||
Total current liabilities | 373,642 | 58,633 | 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 RMB560 (US$88) as of December 31, 2020 and 2021, respectively) | 2,607 | 409 | |
Deferred revenue (including non-current deferred revenue of the VIE without recourse to the Company of RMB561 and RMB569 (US$89) as of December 31, 2020 and 2021, respectively) | 3,845 | 603 | 6,049 |
Total non-current liabilities | 6,452 | 1,012 | 6,049 |
Total liabilities | 380,094 | 59,645 | 466,188 |
Commitments and contingencies | |||
Shareholders' equity | |||
Additional paid-in capital | 1,021,961 | 160,368 | 988,812 |
Accumulated deficit | (819,018) | (128,522) | (678,434) |
Accumulated other comprehensive income | 12,451 | 1,954 | 10,813 |
Total shareholders' equity | 215,443 | 33,808 | 321,239 |
Total liabilities and shareholders' equity | 595,537 | 93,453 | 787,427 |
Class A Common Shares | |||
Shareholders' equity | |||
Common shares | 38 | 6 | 37 |
Class B Common Shares | |||
Shareholders' equity | |||
Common shares | ¥ 11 | $ 2 | ¥ 11 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares |
Accounts receivable, net of allowances | ¥ 37,690 | $ 5,914 | ¥ 43,820 |
Accounts payable | 18,292 | 2,870 | 16,592 |
Deferred revenue and customer deposits | 80,405 | 12,617 | 71,141 |
Accrued liabilities and other current liabilities | 85,305 | 13,388 | 109,136 |
Amount due to related parties | 54 | 8 | |
Other non-current liabilities | 2,607 | 409 | |
Deferred revenue | ¥ 3,845 | $ 603 | ¥ 6,049 |
Class A Common Shares | |||
Common shares, par value per share | $ / shares | $ 0.0001 | ||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | 4,920,000,000 |
Common shares, shares issued | 62,036,273 | 62,036,273 | 61,392,170 |
Common shares, shares outstanding | 62,036,273 | 62,036,273 | 61,392,170 |
Class B Common Shares | |||
Common shares, par value per share | $ / shares | $ 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 | ¥ 17,529 | $ 2,751 | ¥ 16,564 |
Deferred revenue and customer deposits | 115,900 | 18,187 | 104,681 |
Accrued liabilities and other current liabilities | 64,527 | 10,126 | 66,772 |
Amount due to related parties | 54 | 8 | |
Other non-current liabilities | 560 | 88 | |
Deferred revenue | ¥ 569 | $ 89 | ¥ 561 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Revenues | ¥ 357,322 | $ 56,072 | ¥ 471,614 | ¥ 906,458 |
Cost of revenues | (92,393) | (14,498) | (265,436) | (649,596) |
Gross profit | 264,929 | 41,574 | 206,178 | 256,862 |
Operating expenses | ||||
Research and development | (206,722) | (32,439) | (174,597) | (176,248) |
Sales and marketing | (116,415) | (18,268) | (102,319) | (118,548) |
General and administrative | (79,922) | (12,542) | (119,087) | (109,291) |
Total operating expenses | (403,059) | (63,249) | (396,003) | (404,087) |
Loss from operations | (138,130) | (21,675) | (189,825) | (147,225) |
Foreign exchange gain / (loss) | (3,376) | (530) | 10 | 435 |
Interest income | 6,597 | 1,035 | 6,131 | 6,300 |
Interest expense | (8,815) | (1,383) | (11,724) | (11,118) |
Other income / (expenses) | (2,908) | (456) | (30,814) | 38,812 |
Change in fair value of structured deposits | 20 | 3 | 1,233 | 3,117 |
Change in fair value of foreign currency swap contract | 6,060 | 951 | ||
Loss before income taxes | (140,552) | (22,055) | (224,989) | (109,679) |
Income tax expense | (32) | (5) | (86) | (162) |
Net loss | (140,584) | (22,060) | (225,075) | (109,841) |
Net loss attributable to Aurora Mobile Limited's shareholders | (140,584) | (22,060) | (225,075) | (109,841) |
Net loss attributable to common shareholders | (140,584) | (22,060) | (225,075) | (109,841) |
Other comprehensive (loss)/income | ||||
Foreign currency translation adjustments | 1,638 | 257 | 4,450 | (2,037) |
Total other comprehensive (loss)/income, net of tax | 1,638 | 257 | 4,450 | (2,037) |
Total comprehensive loss | (138,946) | (21,803) | (220,625) | (111,878) |
Comprehensive loss attributable to Aurora Mobile Limited | (138,946) | (21,803) | (220,625) | (111,878) |
Class A Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (110,258) | (17,301) | (175,650) | (85,502) |
Net loss attributable to common shareholders | ¥ (110,258) | $ (17,301) | ¥ (175,650) | ¥ (85,502) |
Net loss per share for class A and class B common shares: | ||||
Common shares - basic and diluted | (per share) | ¥ (1.78) | $ (0.28) | ¥ (2.91) | ¥ (1.43) |
Shares used in net loss per share computation: | ||||
Common shares - basic and diluted | 61,809,501 | 61,809,501 | 60,415,978 | 59,721,341 |
Class B Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (30,326) | $ (4,759) | ¥ (49,425) | ¥ (24,339) |
Net loss attributable to common shareholders | ¥ (30,326) | $ (4,759) | ¥ (49,425) | ¥ (24,339) |
Net loss per share for class A and class B common shares: | ||||
Common shares - basic and diluted | (per share) | ¥ (1.78) | $ (0.28) | ¥ (2.91) | ¥ (1.43) |
Shares used in net loss per share computation: | ||||
Common shares - basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues - related parties | ¥ 100 | $ 16 | ¥ 266 | |
Cost of revenues - related party | ¥ 11,600 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Common StockCNY (¥)shares | Common StockUSD ($)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, 2018 | ¥ 601,660 | ¥ 48 | ¥ (3,165) | ¥ 944,500 | ¥ 8,400 | ¥ (348,123) | |||||
Balance, Shares at Dec. 31, 2018 | shares | 76,548,012 | 76,548,012 | |||||||||
Net loss | (109,841) | (109,841) | |||||||||
Translation adjustments | (2,037) | (2,037) | |||||||||
Exercise and vesting of share-based awards | 3,676 | 38,725 | (35,049) | ||||||||
Exercise and vesting of share-based awards , shares | shares | 1,125,648 | 1,125,648 | |||||||||
Repurchased shares | (37,559) | (37,559) | |||||||||
Repurchased shares, Shares | shares | (567,434) | (567,434) | |||||||||
Share-based compensation | 47,284 | 47,284 | |||||||||
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 | |||||||||
Cumulative effect of adoption of ASC 606 (Note 2) | 4,605 | 4,605 | |||||||||
Net loss | (225,075) | (225,075) | |||||||||
Translation adjustments | 4,450 | 4,450 | |||||||||
Exercise and vesting of share-based awards | 5,218 | 1,999 | 3,219 | ||||||||
Exercise and vesting of share-based awards , shares | shares | 1,286,133 | 1,286,133 | |||||||||
Share-based compensation | 28,858 | 28,858 | |||||||||
Balance at Dec. 31, 2020 | 321,239 | ¥ 48 | ¥ 0 | 988,812 | 10,813 | (678,434) | |||||
Balance, Shares at Dec. 31, 2020 | shares | 78,392,359 | 78,392,359 | |||||||||
Cumulative effect of adoption of ASC 606 (Note 2) | (678,434) | ||||||||||
Net loss | (140,584) | $ (22,060) | (140,584) | ||||||||
Translation adjustments | 1,638 | 1,638 | |||||||||
Exercise and vesting of share-based awards | ¥ 2,938 | ¥ 1 | 2,937 | ||||||||
Exercise and vesting of share-based awards , shares | shares | 549,007 | 549,007 | 644,103 | 644,103 | |||||||
Share-based compensation | ¥ 30,212 | 30,212 | |||||||||
Balance at Dec. 31, 2021 | 215,443 | $ 33,808 | ¥ 49 | $ 8 | ¥ 1,021,961 | $ 160,368 | ¥ 12,451 | $ 1,954 | ¥ (819,018) | $ (128,522) | |
Balance, Shares at Dec. 31, 2021 | shares | 79,036,462 | 79,036,462 | |||||||||
Cumulative effect of adoption of ASC 606 (Note 2) | ¥ (819,018) | $ (128,522) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (140,584) | $ (22,060) | ¥ (225,075) | ¥ (109,841) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property and equipment | 27,337 | 4,290 | 37,704 | 30,059 |
Amortization of intangible assets | 4,481 | 703 | 4,366 | 2,307 |
Unrealized exchange gain | (90) | (1,731) | ||
Allowance for doubtful accounts | (246) | (39) | 18,732 | 20,054 |
Interest expenses, net | 2,857 | 448 | 7,931 | 8,094 |
Impairment of long-term investments | 25,370 | 3,981 | 38,739 | 0 |
Impairment of property and equipment | 10,952 | |||
Impairment of amount due from related companies | 479 | |||
Impairment of loans | 528 | 83 | 4,500 | |
Loss/(gain) on disposal of property and equipment | (821) | (129) | 23 | 15 |
Gain on an equity investment sold | (6,778) | |||
Unrealized gain on equity investments held | (17,298) | |||
Change in fair value of structured deposits | (20) | (3) | (1,233) | (3,117) |
Change in fair value of foreign currency swap contract | (6,060) | (951) | ||
Share-based compensation expenses | 30,212 | 4,741 | 28,858 | 47,284 |
Changes in operating assets and liabilities, | ||||
Accounts and notes receivable | 1,271 | 199 | 71,799 | (25,443) |
Prepayments and other current assets | 13,572 | 2,130 | 43,281 | 1,149 |
Amounts due from related parties | (35) | (5) | 43 | 4,043 |
Other non-current assets | 370 | 58 | 11 | 702 |
Accounts payable | 1,699 | 267 | (3,403) | 1,220 |
Deferred revenue and customer deposits | 8,605 | 1,350 | 29,520 | 19,027 |
Tax payable | (81) | (13) | (115) | 162 |
Accrued interest related to convertible notes | 21,049 | 3,303 | ||
Accrued liabilities and other current liabilities | (25,596) | (4,015) | 8,908 | 13,219 |
Amounts due to related parties | 54 | 8 | (56) | (8,809) |
Other non-current liabilities | 1,486 | 233 | (64) | (76) |
Net cash (used in)/provided by operating activities | (76,650) | (12,027) | 75,810 | (25,758) |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (470,169) | (995,000) | ||
Proceeds from maturities of short-term investments | 50,000 | 7,846 | 391,964 | |
Proceeds from maturities of structured deposits | 1,000,201 | |||
Purchase of long-term investments | (36,012) | (47,286) | ||
Proceeds from an equity investment sold | 10,000 | |||
Investment in loans | (2,000) | (314) | (8,000) | |
Investment in convertible loans | (4,859) | (762) | (8,000) | |
Purchase of property and equipment | (16,291) | (2,556) | (19,685) | (39,494) |
Proceeds from disposal of property and equipment | 2,238 | 351 | 133 | 199 |
Purchase of intangible assets | (2,646) | (415) | (2,646) | (9,586) |
Net cash (used in)/provided by investing activities | 26,442 | 4,150 | (144,415) | (88,966) |
Cash flows from financing activities: | ||||
Proceeds from short-term bank loan | 150,000 | 23,538 | ||
Proceeds from issuance of common shares | 1 | |||
Repurchase of ordinary shares | (37,559) | |||
Repayment of convertible notes | (207,459) | (32,555) | ||
Proceeds from exercise of share options | 2,938 | 461 | 315 | 3,676 |
Net cash (used in)/provided by financing activities | (54,520) | (8,556) | 315 | (33,883) |
Effect of exchange rate on cash and cash equivalents and restricted cash | 3,080 | 483 | (7,054) | 3,504 |
Net decrease in cash and cash equivalents and restricted cash | (101,648) | (15,950) | (75,344) | (145,103) |
Cash, cash equivalents and restricted cash at the beginning of year | 356,230 | 55,900 | 431,574 | 576,677 |
Cash and cash equivalents at the beginning of the year | 356,115 | 55,882 | 431,459 | 576,562 |
Restricted cash at the beginning of the year | 115 | 18 | 115 | 115 |
Cash, cash equivalents and restricted cash at the end of year | 254,582 | 39,950 | 356,230 | 431,574 |
Cash and cash equivalents at the end of the year | 90,552 | 14,210 | 356,115 | 431,459 |
Restricted cash at the end of the year | 164,030 | 25,740 | 115 | 115 |
Supplemental disclosures of cash flow information: | ||||
Income tax paid | 182 | 29 | 195 | |
Interest expense paid | 4,513 | 708 | ||
Non-cash investing and financing activities: | ||||
Acquisition of long-term investments | 8,000 | 27,410 | ||
Purchase of property and equipment included in accrued liabilities and other current liabilities | ¥ 2,484 | $ 390 | 1,355 | ¥ 4,140 |
Purchase of intangible assets included in accrued liabilities and other current liabilities | ¥ 2,503 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 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 The following is a summary of the VIE agreements: 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 Accordingly, as a result of the power to direct the activities of the VIE pursuant to the powers of attorney agreement and the obligation to absorb the expected losses of VIE through the unlimited financial support, the WFOE ceased to be the primary beneficiary and the Company became the primary beneficiary of the VIE on March 28, 2018. 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, 2020 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 115,713 55,946 8,779 Restricted cash 115 158,032 24,799 Short-term investment s 50,000 30,000 4,708 Accounts and notes receivable, net 44,539 43,415 6,813 Prepayments and other current assets 27,915 37,807 5,933 Amounts due from the Company and its subsidiaries 58,291 69,405 10,891 Amounts due from related parties — 35 5 Total current assets 296,573 394,640 61,928 Non-current Property and equipment, net 45,928 45,068 7,072 Intangible assets, net 9,491 5,398 847 Long-term investments 113,408 90,618 14,220 Other-non 4,719 3,298 518 Total non-current 173,546 144,382 22,657 Total assets 470,119 539,022 84,585 LIABILITIES: Current liabilities: Accounts payable 16,564 17,529 2,751 Deferred revenue and customer deposits 104,681 115,900 18,187 Accrued liabilities and other current liabilities 66,772 64,527 10,126 Amounts due to the Company and its subsidiaries 224,124 389,063 61,053 Amounts due to related parties — 54 8 Total current liabilities 412,141 587,073 92,125 Non-current Amounts due to the Company and its subsidiaries 297,000 277,000 43,467 Deferred r 561 569 89 Other non-current — 560 88 Total non-current 297,561 278,129 43,644 Total liabilities 709,702 865,202 135,769 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 years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues 900,454 465,066 351,243 55,118 Cost of revenues (628,109 ) (248,637 ) (83,259 ) (13,065 ) Net loss (95,829 ) (173,865 ) (100,782 ) (15,815 ) Net cash provided by operating activities 16,059 168,971 68,336 10,723 Net cash used in investing activities (34,451 ) (108,450 ) (186 ) (29 ) Net cash provided by/(used in) financing activities 197,943 (156,124 ) 30,000 4,708 There were no pledges or collateralization of the VIE’s assets as of December 31, 2020. As of December 31, 2021, RMB157,900 (US$24,778) 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 RMB326,180 (US$51,184) as of December 31, 2020 and 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 | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 Summary of Significant Accounting Policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”). 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 The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments that management make about the carrying values of assets and liabilities, which are not readily apparent from other sources. Management base their estimates and judgments on historical information and on various other assumptions that they believe are reasonable under the circumstances. U.S. GAAP requires management to make estimates and judgments in several areas, including, but not limited to, those related to allowance for doubtful accounts, volume rebates relates to targeted marketing service, useful lives of property and equipment and intangible assets, valuation of intangible asset acquisition, impairment of long-lived assets, fair value measurements and impairment for equity investments without readily determinable fair value, impairment of loans receivables, including due from related parties, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative assets and share-based compensation. These estimates are based on management’s knowledge about current events and expectations about actions that the Company may undertake in the future. Actual results could differ from those estimates. Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.3726 per US$1.00 on December 30, 2021, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Foreign currency translation The functional currency of the Company and the Company’s subsidiary outside the PRC are US$. The Company’s PRC subsidiary and VIE adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions in currencies other than the functional currency are remeasured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive loss during the period or year in which they occur. Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. 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 consolidated statements of comprehensive loss. Short-term investments The Company’s short-term investments comprise primarily of bank structured deposits at fixed rates based on the guaranteed interest rate with maturities within twelve months and time deposits with original maturities over three months. Accounts and notes receivable and allowance for doubtful accounts Accounts and notes receivable are recorded at the realizable value amount, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded in the period when loss is probable based on many factors, including the age of the balance, the customer’s payment history and credit quality of the customers, current economic trends and other factors that may affect the Company’s ability to collect from customers. Bad debts are written off after all collection efforts have been exhausted. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets Costs related to construction of property and equipment incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use. For the years ended December 31, 2020 and 2021, the Company’s construction in progress balance mainly included leasehold improvements. Expenditures for repair and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Intangible assets represent acquired computer software, systems and technology. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Acquired computer software, systems and technology 1 – 5 years Residual values are considered nil. Impairment of long-lived assets other than goodwill The Company evaluates long-lived assets, such as property and equipment and purchased intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. The Company accounts for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value using the measurement alternative, which is defined as cost, less impairments, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in consolidated statements of comprehensive loss equal to the difference between the carrying value and fair value. The Company r ecognized nil, RMB38,739 and RMB25,370 (US$3,981) impairment in other income/(expense) in the Convertible notes At the commitment date, the fees and expenses associated with the issuance of the convertible notes are recorded as a discount to the debt liability in accordance with ASU 2015-03. ASU 2015-03 2017-11 Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock Revenue recognition Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are presented net of value-added tax collected on behalf of the government. Starting from 2020, the Company has changed the classification of revenue in the consolidated statements of comprehensive loss by reclassifying revenue from developer services and vertical applications, formerly named as other SAAS products, to revenues under SAAS Businesses. Revenue for the year ended December 31, 2019 were not retrospectively adjusted and continued to be presented under the prior reclassification. The Company generates revenues primarily through SAAS Businesses, formerly named as “SaaS products” and targeted marketing. 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. The Company primarily enters into consumption-based contracts with its customers to provide short message services (“SMS”) , one-click verification services and value-added services. For SMS, the Company enables customers to send short messages to users for developer-user communication and authentication. For one-click verification services, the Company enables users to verify the cellphone number of users without verification code after integrating the one-click verification SDK. Customers pay for SMS and one-click verification services based on the pre-agreed the rate per message and the number of messages delivered. The Company acts as the principal in the SMS and one-click verification services in which the Company has control over the fulfillment of services. The Company recognizes revenue on a gross basis and at the point in time when messages delivered. For value-added services, the Company built an APP Alliance which connects advertisers and APP developers, who are the suppliers of avenue where the ads will be displayed. The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and priced. Advertising customers pay for the value-added service primarily based on 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. For certain arrangements, customers are required to pay the Company before the services are delivered. For other arrangements, the Company provides customers with a credit term under six months. 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 consolidated balance sheets. Amount of contract assets was not material as of December 31, 2020 and 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 consolidated balance sheets. Revenue recognized for the years ended December 31, 2020 and 2021 that was included in contract liabilities as of January 1, 2020 and 2021 was RMB34,449 and RMB62,790 (US$9,853) , respectively. A summary of contract liabilities is as follows: As of December 31, 2020 2021 RMB RMB US$ Contract liabilities 71,141 80,405 12,617 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. As of December 31, 2020 and 2021, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB31,951 and RMB42,019 (US$6,594) , respectively. The Company expects to recognize the majority of its remaining performance obligations as revenue within the next year. Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services and channel cost associated with JG Alliance, 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. Research and development Research and development expenses are primarily incurred in the development of new services, new features, and general improvement of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized during any of the years presented as the Company has not met all of the necessary capitalization requirements. Advertising expenses Advertising expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB17,311, RMB9,789 and RMB12,767 Other income (expenses) Other income/(expenses) includes impairment loss of financial assets, government grants and profit-sharing program with Depositary Bank related to ADSs depositary. For the year ended December 31, 2021, impairment losses of RMB25,370 of loans receivables are recognized. No such impairment losses occurred for the years ended December 31, 2019. Income from profit- sharing program is recognized as non-current Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating non-operating Operating leases Leases where substantially all the risks and rewards of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. The Company had no capital leases during the years presented. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred was RMB20,724, RMB10,556 and RMB16,714 Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year end in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step more-likely-than-not The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive loss. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses during the years presented. Share-based compensation In accordance with ASC 718, Compensation-Stock Compensation, 2016-09— Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Fair value measurements The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepaid expenses 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. Comprehensive loss Comprehensive loss is defined as the increase or decrease in equity of the Company during a year from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive income of the Company includes the foreign currency translation adjustments. Loss per share In accordance with ASC 260, Earning per Share two-class two-class two-class Diluted loss per share is computed by dividing net loss attributable to common shareholders as adjusted for the effect of dilutive common equivalent shares, if any, by the weighted average number of common and dilutive common equivalent shares outstanding during the years. Common equivalent shares consist of the common shares issuable upon the conversion of the Company’s contingently redeemable convertible preferred shares and the convertible senior notes using the if-converted are Concentration of risks Concentration of credit risk Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, derivative assets, other receivables within prepayments and other current assets, short-term investments and accounts receivable. The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 2020 and 2021, the aggregate amount of cash and cash equivalents, derivative assets, short-term investments and restricted cash of RMB322,183 and RMB276,644 (US$43,412), respectively, were held at major financial institutions located in the PRC, and US$17,494 and US$2,186 (RMB13,927), respectively, were deposited with major financial institutions located outside the PRC. There has been no recent history of default related to these financial institutions. The Company continues to monitor the financial strength of the financial institutions. The Company manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers Approximately 57.7%, 71.0% and 46.4% of advertising costs were paid to three suppliers for the years ended December 31, 2019, 2020 and 2021, respectively. Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future consolidated financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Company’s ability to attract employees necessary to support its growth. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ 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 2.34% in 2021. Most of the Company’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, derivative assets, accounts receivable, 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 year ended December 31, 2020, COVID-19 COVID-19. For the year ended December 31, 2021, there has been gradual recovery of the Company’s overall business operations resulting from improving health statistics in China, which has also lessened the impact of COVID-19 on performance of the Company. However, the pandemic is still one of the triggers for evaluating whether there is impairment, as such the Company has provided allowances for loans receivable and recognized impairment charges on its long-term investments in the year ended December 31, 2021. There are still uncertainties of COVID-19’s COVID-19 COVID-19 COVID-19 Segment information The Company’s chief operating decision maker is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on the consolidated financial results. As a result, the Company has only one reportable segment. As the Company generates substantially most of its revenues in the PRC, and substantially all of the Company’s long-lived assets and revenues are located in and derived from PRC, no geographical segments are presented. Recently issued accounting pronouncements As a company with less than US$1.07 billion in revenue for the last fiscal year, the Company qualifies as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include a provision that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Company will take advantage of the extended transition period. In February 2016, the FASB issued ASU No. 2016-02, Topic 842 ) off-balance Leases right-of-use in-scope |
Accounts and notes receivable,
Accounts and notes receivable, net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts receivable, net | 3 Accounts and notes receivable, net As of December 31, 2020 2021 RMB RMB US$ Accounts and notes receivable 88,706 81,550 12,797 Less: allowance for doubtful accounts (43,820 ) (37,690 ) (5,914 ) Total accounts and notes receivable, net 44,886 43,860 6,883 The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 28,516 43,820 6,876 Provisions 18,732 (246 ) (39 ) Write-offs (3,428 ) (5,884 ) (923 ) Balance at end of year 43,820 37,690 5,914 |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 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, 2020 2021 RMB RMB US$ Receivables on behalf of third party advertising companies (i ) — 12,599 1,977 Prepaid service fee 12,028 11,410 1,790 VAT and other surcharges 10,467 5,618 882 Investment in a convertible loan — 4,221 662 Loans granted to equity investees (ii ) 500 3,000 471 Office rental deposit 636 919 144 Prepaid media cost — 551 87 Receivables from sales of shares on behalf of employees 11,060 180 28 Refund from prepaid media cost 6,838 — — Others 7,484 8,172 1,282 Total prepayments and other current assets 49,013 46,670 7,323 (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) For the years ended December 31, 2019, 2020 and 2021, the Company recognized impairment charges on loans granted to equity investees of nil, . The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 5 Property and equipment, net Property and equipment consist of the following: As of December 31, 2020 2021 RMB RMB US$ Office furniture and equipment 4,414 4,744 744 Computer equipment and servers 162,587 163,392 25,640 Leasehold improvements 100 5,451 855 Construction-in 2,840 85 13 Less: Accumulated depreciation and impairment (96,419 ) (111,493 ) (17,495 ) Total property and equipment, net 73,522 62,179 9,757 The Company recognized impairment charges on property and equipment of RMB10,952 for the year ended December 31, 2020, which was a result of the Company’s “Going-Cloud” project undertaken. No impairment loss charges were recognized on property and equipment for the years ended December 31, 2019 and 2021. Depreciation expense recognized for the years ended December 31, 2019, 2020 and 2021 were RMB30,059, RMB37,704 and RMB27,337 (US$4,290), respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | 6 Intangible assets, net Intangible assets consist of the following: As of December 31, 2020 2021 RMB RMB US$ Acquired computer software, systems and technology 15,693 13,623 2,138 Less: Accumulated amortization (6,174 ) (8,225 ) (1,291 ) Total intangible assets, net 9,519 5,398 847 No impairment charges were recognized on intangible assets for the years ended December 31, 2019, 2020 and 2021, respectively. The weighted average amortization period of intangible assets were 4.2 years, 3.9 years and 4.0 years for the years ended December 31, 2019, 2020 and 2021, respectively. Amortization expense of intangible assets were RMB2,307, RMB4,366 and, RMB4,481 (US$703) for the years ended December 31, 2019, 2020 and 2021, respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: RMB US$ For the year ending December 31, 2022 2,782 437 2023 2,080 326 2024 522 82 2025 14 2 2026 — — There were no intangible assets with an indefinite useful life as of December 31, 2020 and 2021. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 7 Long-term investments Equity investments without readily determinable fair value As of December 31, 2020, the carrying amount of the Group’s equity investments was RMB168,526, net of RMB38,739 in accumulated impairment. As of December 31, 2021, the carrying amount of the Group’s equity investments was RMB141,926 (US$22,271), net of RMB63,902 Impairment charges recognized on equity investments without readily determinable fair value was nil, RMB38,739 and RMB25,370 Total unrealized and realized gains and losses of equity investments without readily determinable fair values in 2019, 2020 and 2021 were as follows: For the years ended December 31 2019 2020 2021 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 17,298 — — — Gross unrealized losses (downward adjustments including impairment) — (39,181 ) (25,370 ) (3,981 ) Net unrealized gains/losses on equity investments held 17,298 (39,181 ) (25,370 ) (3,981 ) Net realized gains on equity investments sold 6,778 — — — Total net gains/losses recognized in other income, net 24,076 (39,181 ) (25,370 ) (3,981 ) In 2018 and 2019, the Company acquired a total 5.93% of the share capital of Zhuoxuan, a non-listed In 2017, the Company acquired 6.25% of the share capital of Shuwei, a non-listed |
Short-term loan
Short-term loan | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | 8 Short-term loan As of December 31, 2020 2021 RMB RMB US$ Short-term bank borrowings — 150,000 23,538 As of December 31, 2020, the Company does not have any short-term loan. In April 2021, the Group borrowed a secured RMB denominated loan of RMB150,000 one-year As of December 31, 2021, the total deposits in restricted cash pledged for the short-term loan was . |
Deferred Revenue and Customer D
Deferred Revenue and Customer Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Customer Deposits | 9 Deferred revenue and customer deposits Deferred revenue and customer deposits consist of the following: As of December 31, 2020 2021 RMB RMB US$ Deferred revenue 71,141 80,405 12,617 Customer deposits 38,041 39,586 6,212 Total deferred revenue and customer deposits – current 109,182 119,991 18,829 Deferred revenue - non-current 6,049 3,845 603 Roll-forward of customer deposits: Year ended December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 37,923 38,041 5,969 Cash received from customers during the year 374,811 225,976 35,461 Revenue recognized during the year (363,963 ) (220,333 ) (34,575 ) Refunds paid during the year (10,730 ) (4,098 ) (643 ) Balance at end of the year 38,041 39,586 6,212 |
Accrued Liabilities and Other C
Accrued Liabilities and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other current liabilities | 10 Accrued liabilities and other current liabilities Accrued liabilities and other current liabilities consist of the following: As of December 31, 2020 2021 RMB RMB US$ Accrued payroll and welfare payables 59,511 52,947 8,309 Other taxes and surcharge 19,360 9,932 1,559 Service fees 5,481 5,233 821 Acquisition of intangible assets, property and equipment 3,858 840 132 Government grant 4,564 4,500 706 Rental and property management fee 3,278 3,418 536 Payables for sales of employees’ shares 10,308 180 28 Payables to third party advertising companies (i) — 4,066 638 Others 2,776 4,189 659 Total accrued liabilities and other current liabilities 109,136 85,305 13,388 (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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 11 Share-based compensation Share option plans 2014 Incentive Plan On July 23 2014, the Company’s board of directors and shareholders approved the 2014 Incentive Plan (the “2014 Plan”). Awards under the 2014 Plan vest to 4 years from the date of grant and expire no more than 10 years after the grant date. The Company reserved a total of 5,500,000 common shares for issuance under the 2014 Plan. As of December 31, 2021, 37,911 shares remain available for grant under the 2014 Plan. 2017 Incentive Plan On March 1, 2017, the Company’s board of directors and shareholders approved the 2017 Incentive Plan (the “2017 Plan”). Awards under the 2017 Plan vest to 4 years from the date of grant and expire no more than 10 years after the grant date. The Company reserved a total of 6,015,137 common shares for issuance under the 2017 Plan. As of December 31, 2021, 934,572 shares remain available of grant under the 2017 Plan. 2021 Incentive Plan In December 2021, the Company’s board of directors and shareholders approved the 2021 Incentive Plan (the “2021 Plan”). Awards under the 2021 Plan vest to 4 years from the date of grant and expire no more than 10 years after the grant date. The Company reserved a total of 4,000,000 common shares for issuance under the 2021 Plan. As of December 31, 2021, 4,000,000 shares remain available of grant under the 2021 Plan. The exercise price, vesting and other conditions of individual awards are determined by the board of directors or any of the committees appointed by the board of directors to administer the 2014, 2017 and 2021 Plans. The awards are subject to multiple service vesting periods arranging from 1 to 4 years, and will expire 10 years after the date of award. Upon the termination of the Grantee’s c s Share options The following table summarizes the share option activity for the year ended December 31, 2021: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2020 7,200,816 8.48 17.03 7.27 232,933 Granted 1,367,791 7.26 24.61 — — Forfeited 652,406 11.77 21.07 — — Expired — — — — — Exercised 549,007 5.50 9.19 — — Cancelled — — — — — Outstanding, December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Vested and expected to vest at December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Vested at December 31, 2021 5,496,609 7.73 14.37 5.35 35,908 The aggregate intrinsic value in the table above represents the difference between the closing stock price on the last trading day in 2020 and 2021 and the option’s respective exercise price. The weighted average grant date fair value of the share options granted during the years ended December 31, 2019, 2020 and 2021 were RMB50.18, RMB18.97 and RMB24.61 The aggregate fair value of options vested and recognized as expenses as of December 31, 2019, 2020 and 2021 were RMB47,284, RMB28,858 and RMB30,212 Total intrinsic value of options exercised for the years ended December 31, 2019, 2020 and 2021 were RMB53,338, RMB38,585 and RMB24,640 The aggregate unrecognized share-based compensation expense was RMB17,366 (US$2,725) as of December 31, 2021, which the Company expects to recognize over an estimated weighted-average period of 1.86 years. The Company estimates the fair value of each award on grant date using the binomial option pricing model with the assistance of an independent third-party valuation firm. The binominal model requires the input of highly subjective assumptions, including the expected share price volatility and the suboptimal early exercise factor. For expected volatility, the Company has made reference to historical volatilities of several comparable companies. The suboptimal early exercise factor was estimated based on the Company’s expectation of exercise behavior of the grantees. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. Prior to the IPO, the estimated fair value of the ordinary shares, at the option grant dates, were determined by the assistance of an independent third-party valuation firm. Subsequent to the IPO, fair value of the common shares is the price of the Company’s publicly traded shares. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. The Company recognizes share-based compensation expense using the accelerated recognition method over the requisite service period, which is generally subject to graded vesting. The following table presents assumptions used to estimate the fair values of share options granted for the years ended December 31, 2019, 2020 and 2021: 2019 2020 2021 Risk-free interest rate 1.65% - 2.54% 0.63% - 1.88% 0.94% - 1.70% Dividend yield 0% 0% 0% Expected volatility 44.23% - 44.71% 44.37% - 47.83% 47.45% - 56.62% Weighted average expected volatility 44.53% 46.37% 50.26% Expected exercise multiple 2.5 2.5 - 2.8 2.2 - 2.8 (i) Risk-free interest rate – The risk-free interest rate for periods within the contractual life of the options is based on the US Treasury yield curve in effect at the time of the grant for a term consistent with the contractual term of the awards. (ii) Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. (iii) Expected volatility – Expected volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry. (iv) Expected exercise multiple – Expected exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees. Restricted share units Starting from September 4, 2018, the Company granted restricted Class A common shares of the Company (“Restricted Shares”). A summary of the restricted share units for the year ended December 31, 2021 was stated below: Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2020 95,094 — 20.37 10.66 3,751 Granted 119,568 — 13.92 — — Forfeited — — — — — Expired — — — — — Exercised 95,096 — 19.09 — — Cancelled — — — — — Outstanding, December 31, 2021 119,566 — 14.94 9.88 1,189 Vested and expected to vest at December 31, 2021 119,566 — 14.94 9.88 1,189 Exercisable at December 31, 2021 — — — — — The weighted average grant-date fair value per share of restricted share units granted for the years ended December 31, 2019, 2020 and 2021 were RMB45.09, RMB20.41 and RMB13.92 (US$2.18), respectively. As of December 31, 2021, there was RMB1,144 Total compensation costs recognized for the years ended December 31, 2019, 2020 and 2021 were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of Revenue 73 4 41 6 Research and development 12,819 7,176 13,801 2,166 Sales and marketing 6,040 3,965 2,609 409 General and administrative 28,352 17,713 13,761 2,160 Total 47,284 28,858 30,212 4,741 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12 Income taxes Cayman Islands Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the British Virgin Islands (“BVI”), the Company’s BVI incorporated subsidiary are not subject to tax on income or capital gains arising in BVI. In addition, upon payments of dividends by this entity to its shareholders, no BVI withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, the subsidiary in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and it may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. China Effective from January 1, 2008, the PRC’s statutory, Enterprise Income Tax (“EIT”) rate is 25%. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity must file required supporting documents with the tax authority and ensure fulfillment of the relevant HNTE criteria before using the preferential rate. An entity could re-apply The Company’s loss before income taxes consists of: As of December 31, 2019 2020 2021 RMB RMB RMB US$ Cayman Islands (16,716 ) (31,966 ) (23,555 ) (3,696 ) British Virgin Islands (30 ) (27 ) (2 ) — Hong Kong (3,097 ) (1,790 ) (1,564 ) (245 ) China (89,836 ) (191,206 ) (115,431 ) (18,114 ) Total loss before income taxes (109,679 ) (224,989 ) (140,552 ) (22,055 ) Composition of income tax expense The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: As of December 31, 2019 2020 2021 RMB RMB RMB US$ Current income tax expense (162 ) (86 ) (32 ) (5 ) Deferred tax benefit — — — — Total income tax expense (162 ) (86 ) (32 ) (5 ) Reconciliation between expenses of income taxes Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: As of December 31, 2020 2021 RMB RMB US$ Loss before income tax (224,989 ) (140,552 ) (22,055 ) Income tax expense computed at PRC statutory rate (25%) (56,247 ) (35,138 ) (5,514 ) International tax rate differential 8,151 6,023 945 Preferential tax rate 21,963 21,437 3,364 Deferred tax items tax rate differential (23,337 ) (22,935 ) (3,599 ) Research and development super-deduction (27,455 ) (32,595 ) (5,115 ) Non-deductible 7,132 8,092 1,270 Deferred tax expenses 347 — — Recognition of prior year tax loss/ Expired prior year tax loss 3,382 (4,851 ) (761 ) Changes in valuation allowance 66,150 59,999 9,415 Income tax expense 86 32 5 Deferred tax assets and liabilities The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB US$ Deferred tax assets Provision for doubtful debts 23,418 27,327 4,288 Accrued expense 10,841 12,923 2,028 Net operating loss carry forward 164,559 218,042 34,216 Government grant related to assets 684 1,411 221 Property and equipment depreciation 144 — — Estimated liabilities 7 — — Less: Valuation allowance (188,119 ) (248,118 ) (38,935 ) Total deferred tax assets 11,534 11,585 1,818 Deferred tax liabilities Property and equipment depreciation — (867 ) (136 ) Net unrealized gain on equity investments held (3,564 ) (3,564 ) (559 ) Unrealized loan interest income (7,970 ) (7,154 ) (1,123 ) Total deferred tax liabilities (11,534 ) (11,585 ) (1,818 ) Net deferred tax assets — — — Net deferred tax liabilities — — — The Company operates through its WFOE and VIE and evaluates the potential realization of deferred tax assets on an entity basis. The The Company had deferred tax assets related to net operating loss carry forwards of RMB164,559 and RMB218,042 The Company did not record any dividend withholding tax, as there were no undistributed earnings arising from the WFOE noted as of December 31, 2020 and 2021. As of December 31, 2020 and 2021, the Company concluded that there was no significant tax uncertainties in its consolidated financial results. The Company did not record any interest and penalties related to an uncertain tax position for each of the year ended December 31, 2020 and 2021. The Company does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. In accordance with relevant PRC tax administration laws, the tax year from The Company may also be subject to the examinations of the tax filings in other jurisdictions, which are not material to the consolidated financial statements. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 13 Convertible notes On April 17, 2018, the Company issued zero coupon convertible notes (the “Convertible Notes”) due 2021 in an aggregate principal amount of US$35,000 to one existing and one new investor. The Convertible Notes will mature on their third anniversary date. Holders of the convertible notes may, at their option during a period starting from the issue date until seven days prior to the maturity of the notes, subject to certain exceptions, convert the notes into common shares of the Company at the then applicable conversion price, which is initially US$11.76 per share, subject to certain anti-dilution and other adjustments (the “Conversion Option”). On the commitment date, the conversion option did not qualify for derivative accounting as the underlying common shares which the Convertible Note could be converted into were not publicly traded nor could they be readily convertible into cash in accordance with ASC 815-15 815-40. 815-10-15-74(a). If no qualified IPO were to occur within two years of the issue date, the outstanding obligation at their principal amount with an amount representing a total internal rate of return of 8% per annum, under the Convertible Notes would be immediately due and payable (“Contingent Redemption Option”). If the event of default as defined in the Convertible Notes were to occur, a simple interest of 15% will accrue on the principal. If the Company fails to deliver and register title to any shares following conversion of any Convertible Note, an interest represents a total internal rate of return of 15% per annum will accrue on the principal (both “Contingent Interest Feature”). The Company evaluated and determined there were no embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The Company also evaluated the Contingent Redemption Option and Contingent Interest Feature contained in the Convertible Notes in accordance with ASC 815. Both features qualify for derivative accounting as they are not clearly and closely related to the debt host and will be accounted for as a single compound derivative. At issuance date, the Company recognized a derivative liability of US$3,224, which was subsequently accounted for at fair value with a change in fair value of US$3,224 recognized in current earnings for the year ended December 31, 2018 due to a qualified IPO. Furthermore, as the most favorable conversion price used to measure the BCF for the Convertible Note was the issuance price of US$11.76, no BCF was recognized for the Convertible Note as the fair value per ordinary share at the commitment date was US$9.87, which was less than the most favorable conversion price. Both principal amount subsequent to the bifurcation of its compound derivative and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the convertible notes. The effective interest rate was 4.69%. During 2021 , repaid The principal amount, contingent redemption feature, contingent interest feature and debt issuance costs as of December 31, 2021 were as follows: As of Charge to Redemption Foreign As of December 31, 2021 RMB RMB RMB RMB RMB US$ Principal amount 228,372 — (228,508 ) 136 — — Contingent redemption feature, contingent interest feature and debt issuance costs (3,143 ) 3,108 — 35 — — Total 225,229 3,108 (228,508 ) 171 — — |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14 Commitments and contingencies Operating lease commitments The Company leases office premises in the PRC under non-cancellable Total operating lease expenses were RMB16,380 and RMB16,584 and RMB12,707 As of December 31, 2021, future minimum payments under non-cancellable RMB US$ 2022 9,333 1,465 2023 6,577 1,032 2024 5,381 844 Total 21,291 3,341 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 December 31, 2021, future minimum payment under non-cancellable |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share capital | 15 Share capital During the year ended December 31, 2019, the Company had repurchased under the Repurchase Plan an aggregate of 920,606 ADSs, representing 613,737 Class A common shares. As of December 31, 2019, the Company has no plan for cancellation of these repurchased shares. These shares were recorded at their purchase cost on the consolidated balance sheets. As at December 31, 2019, there were 60,106,037 and 17,000,189 Class A and Class B ordinary shares outstanding respectively. During the year s As at December 31, 2020, there were 61,392,170 and 17,000,189 Class A and Class B ordinary shares outstanding respectively. As at December 31, 2021, there were 62,036,273 and 17,000,189 Class A and Class B ordinary shares outstanding respectively. Basic and diluted loss per share is calculated as follows: For the year ended For the year ended For the year ended December 31, 2021 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (85,502 ) (24,339 ) (175,650 ) (49,425 ) (110,258 ) (17,301 ) (30,326 ) (4,759 ) Net loss attributable to common shareholders (85,502 ) (24,339 ) (175,650 ) (49,425 ) (110,258 ) (17,301 ) (30,326 ) (4,759 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 59,721,341 17,000,189 60,415,978 17,000,189 61,809,501 61,809,501 17,000,189 17,000,189 Basic and diluted loss per share (1.43 ) (1.43 ) (2.91 ) (2.91 ) (1.78 ) (0.28 ) (1.78 ) (0.28 ) For the years ended December 31, 2019, 2020 and 2021, the two-class |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16 Related party transactions The table below sets forth the major related parties and their relationships with the Company: Name of related parties Relationship Weidong Luo Founder, Chief Executive Officer Shenzhen Weixunyitong Information Technology Co., Ltd. Company that is significantly influenced by Weidong Luo Guangzhou Tianlang Network Technology Co., Ltd. Company that is significantly influenced by Weidong Luo Details of related party balances as of December 31, 2020 and 2021 are as follows: 16.1 Amounts due from related parties As of December 31, 2020 2021 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. — 35 5 Total amounts due from related parties (i ) — 35 5 16.2 Amounts due to related parties As of December 31, 2020 2021 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. — 54 8 Total amounts due to related parties (i ) — 54 8 16.3 Transactions with related parties For the year ended 2019 2020 2021 RMB RMB RMB US$ Services provided to: (i ) Guangzhou Tianlang Network Technology Co., Ltd. 266 — 100 16 Services received from: (ii ) Shenzhen Weixunyitong Information Technology Co.,Ltd. 11,600 — — — (i) The Company entered into agreements with Guangzhou Tianlang Network Technology Co., Ltd. to provide advertising services and JG Alliance service in 2021 and to provide certain data solutions and targeted marketing services in 2019. (ii) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd to purchase ad inventory in 2019. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 17 Revenues Revenues consist of the following: Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Targeted Marketing 696,190 213,662 — — SAAS Businesses Developer Services 93,553 173,457 252,859 39,679 Vertical Applications 116,715 84,495 104,463 16,393 Total SAAS Businesses 210,268 257,952 357,322 56,072 Total revenues 906,458 471,614 357,322 56,072 For the years ended December 31, 2019, 2020 and 2021, revenues recognized at the point in time are RMB784,442, RMB342,542 and RMB222,856 Starting from January 1, 2021, the Company has fully exited the Target Marketing business and financial results since then only reflect SAAS Businesses. |
Other income (expenses)
Other income (expenses) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income, Nonoperating [Abstract] | |
Other income (expenses) | 18 Other income Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Government grants 12,546 10,346 20,879 3,276 Gain on an equity investment sold (Note 7) 6,778 — — — Unrealized gain on equity investments held (Note 7) 17,298 — — — Impairment for long-term investments (Note 7) — (39,181 ) (25,370 ) (3,981 ) Impairment for loan receivables (Note 4) — (4,500 ) (528 ) (83 ) Income from ADR profit-sharing program 2,190 2,257 2,111 332 Others — 264 — — Total 38,812 (30,814 ) (2,908 ) (456 ) |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2021 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |
Short-term investments | 19 Short-term investments Short-term held-to-maturity Short-term investments classification as of December 31, 2020 and 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 December 31, 2021 Cost or Gross Gross Gross Gross Fair value RMB USD RMB USD Held-to-maturity 30,000 4,708 — — — — 30,000 4,708 As of December 31, 2020, the Company’s short-term investments comprise primarily of principal guaranteed structured deposits placed with financial institutions with maturities within twelve months and interest rates indexed to gold price. The indexation of interest rates to gold prices are considered embedded derivatives that are separated from the host contract of bank structured deposits and are recorded separately in “Derivative assets” and measured at fair value in the consolidated balance sheets. The fair value of the derivatives assets is disclosed in Note 20. As of December 31, 2021, the Company’s short-term investments only comprises of time deposits with original maturities over three months. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 20 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 bifurcated embedded redemption feature derivative of convertible notes at fair value on a recurring basis, which is classified within Level 3 as the fair value is measured based on risk-free interest rate, volatility, mature date, conversion price, and other factors. There are no derivative liabilities as of December 31, 2020 and 2021, respectively. For further information on the convertible notes see Note 13. 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 had RMB100 and RMB5,989 (US$940) of derivative asset s 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 For the year ended December 31, 2020, assets measured at fair value are summarized below: Fair value measurement at December 31, 2020 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 and liabilities measured at fair value 4,605 — 4,605 — (49,691 ) For the year ended December 31, 2021, assets measured at fair value are summarized below: Fair value measurement at December 31, 2021 Total Fair Quoted prices in Significant Significant Fair value RMB USD RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 5,989 940 — 5,989 — 5,989 Fair value measurement on a non-recurring basis Equity investments accounted for at fair value using the alternative measurement (i) 585 92 — — 585 (25,340 ) Total assets and liabilities measured at fair value 6,574 1,032 — 5,989 585 (19,351 ) (i) For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 21 Subsequent Event On January 27, 2022 (the “Effective Date”), the Company entered into a revolving Line of Credit Agreement (the “Agreement”) with Baosheng County Bank (“Baosheng Bank”). The Baosheng Bank Agreement provided the Company with a line of credit up to RMB10,000 (the “Line of Credit”), representing the maximum aggregate amount of the advances of funds from the Line of Credit that may be outstanding at any time under the Line of Credit. The Company may draw down from the Line of Credit at any time through the day immediately preceding the third annual anniversary of the Effective Date. Interest will be payable at the rate of 7.5% per annum, and payable monthly on a pro rata basis. On March 31, 2022, the Company has drawn down RMB10,000 from Baosheng Bank under the Agreement for general corporate purposes. On March 8, 2022, the Company completed the acquisition of 52.37% of the equity interests in Wuhan SendCloud Technology Co., Ltd., (“SendCloud”), China’s leading Email API platform for consumer marketing and user-centric transactional email services, with total cash consideration of RMB34,473. At the same time, the Company issued 1,366,128 restricted shares to certain management members of SendCloud with a service vesting period of nine months. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 22 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 profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. 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 |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 23 Condensed financial information of the parent company Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end other than those presented. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. Condensed Balance Sheets As of December 31 2020 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 92,123 6,724 1,055 Restricted cash — 5,998 941 Derivative assets — 5,989 940 Due from the entities within the Group 6,930 6,871 1,078 Prepayments and other current assets 2,511 7,314 1,148 Total current assets 101,564 32,896 5,162 Non-current Long-term investments 494,394 400,809 62,896 Other receivables — 638 100 Intangible assets, net 28 — — Total non-current 494,422 401,447 62,996 Total assets 595,986 434,343 68,158 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans — 150,000 23,538 Accrued liabilities and other current liabilities 2,018 2,258 354 Due to the entities within the Group 42,012 63,366 9,944 Convertible notes 225,229 — — Total current liabilities 269,259 215,624 33,836 Non-current Deferred revenue 5,488 3,276 514 Total non-current 5,488 3,276 514 Total liabilities 274,747 218,900 34,350 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2020 and 2021; 4,920,000,000 shares authorized as of December 31, 2020 and 2021, 61,392,170 shares and 62,036,273 shares issued and outstanding as of December 31, 2020 and 2021, respectively) 37 38 6 Class B common shares (par value of US$0.0001 per share as of December 31, 2020 and 2021; 30,000,000 shares authorized as of December 31, 2020 and 2021, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2020 and 2021) 11 11 2 Additional paid-in 988,812 1,021,961 160,368 Accumulated deficit (678,434 ) (819,018 ) (128,522 ) Accumulated other comprehensive income 10,813 12,451 1,954 Total shareholders’ equity 321,239 215,443 33,808 Total liabilities and shareholders’ equity 595,986 434,343 68,158 Condensed Statements of Comprehensive Loss Years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — — — Sales and marketing — — (553 ) (87 ) General and administrative (14,389 ) (15,938 ) (17,785 ) (2,791 ) Share of losses of subsidiaries and VIE (93,328 ) (193,109 ) (117,029 ) (18,364 ) Total operating expenses (107,717 ) (209,047 ) (135,367 ) (21,242 ) Loss from operations (107,717 ) (209,047 ) (135,367 ) (21,242 ) Foreign exchange loss, net — 6 (3,351 ) (525 ) Interest income 2,754 544 363 57 Interest expense (10,178 ) (10,654 ) (7,820 ) (1,227 ) Other income (loss) 5,300 (5,924 ) (469 ) (74 ) Change in fair value of foreign currency swap contract — — 6,060 951 Loss before income taxes (109,841 ) (225,075 ) (140,584 ) (22,060 ) Income tax expenses — — — — Net loss (109,841 ) (225,075 ) (140,584 ) (22,060 ) Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net loss attributable to common share holders (109,841 ) (225,075 ) (140,584 ) (22,060 ) Other comprehensive income (loss) Foreign currency translation adjustments (2,037 ) 4,450 1,638 257 Total other comprehensive income (loss), net of tax (2,037 ) 4,450 1,638 257 Comprehensive loss (111,878 ) (220,625 ) (138,946 ) (21,803 ) Condensed Statements of Cash Flows Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net cash provided by/ (used in) operating activities 15,273 (17,412 ) (24,383 ) (3,826 ) Net cash used in investing activities (95,412 ) (6,525 ) (4,859 ) (762 ) Net cash provided by/ (used in) financing activities (33,845 ) 5,257 (54,520 ) (8,555 ) Effect of exchange rate changes (9,763 ) (3,686 ) 4,361 683 Net decrease in cash and cash equivalents (123,747 ) (22,366 ) (79,401 ) (12,460 ) Cash and cash equivalents at the beginning of year 238,236 114,489 92,123 14,456 Cash and cash equivalents at the end of year 114,489 92,123 12,722 1,996 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”). |
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 The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments that management make about the carrying values of assets and liabilities, which are not readily apparent from other sources. Management base their estimates and judgments on historical information and on various other assumptions that they believe are reasonable under the circumstances. U.S. GAAP requires management to make estimates and judgments in several areas, including, but not limited to, those related to allowance for doubtful accounts, volume rebates relates to targeted marketing service, useful lives of property and equipment and intangible assets, valuation of intangible asset acquisition, impairment of long-lived assets, fair value measurements and impairment for equity investments without readily determinable fair value, impairment of loans receivables, including due from related parties, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative assets and share-based compensation. These estimates are based on management’s knowledge about current events and expectations about actions that the Company may undertake in the future. Actual results could differ from those estimates. |
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 RMB6.3726 per US$1.00 on December 30, 2021, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Foreign currency translation | Foreign currency translation The functional currency of the Company and the Company’s subsidiary outside the PRC are US$. The Company’s PRC subsidiary and VIE adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions in currencies other than the functional currency are remeasured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive loss during the period or year in which they occur. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. |
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 |
Short-term investments | Short-term investments The Company’s short-term investments comprise primarily of bank structured deposits at fixed rates based on the guaranteed interest rate with maturities within twelve months and time deposits with original maturities over three months. |
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 consolidated statements of comprehensive loss. |
Accounts receivable and allowance for doubtful accounts | Accounts and notes receivable and allowance for doubtful accounts Accounts and notes receivable are recorded at the realizable value amount, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded in the period when loss is probable based on many factors, including the age of the balance, the customer’s payment history and credit quality of the customers, current economic trends and other factors that may affect the Company’s ability to collect from customers. Bad debts are written off after all collection efforts have been exhausted. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets Costs related to construction of property and equipment incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use. For the years ended December 31, 2020 and 2021, the Company’s construction in progress balance mainly included leasehold improvements. Expenditures for repair and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss. |
Intangible assets | Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Intangible assets represent acquired computer software, systems and technology. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Acquired computer software, systems and technology 1 – 5 years Residual values are considered nil. |
Impairment of long-lived assets other than goodwill | Impairment of long-lived assets other than goodwill The Company evaluates long-lived assets, such as property and equipment and purchased intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment |
Long-term Investments | Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. The Company accounts for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value using the measurement alternative, which is defined as cost, less impairments, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in consolidated statements of comprehensive loss equal to the difference between the carrying value and fair value. The Company r ecognized nil, RMB38,739 and RMB25,370 (US$3,981) impairment in other income/(expense) in the |
Convertible notes | Convertible notes At the commitment date, the fees and expenses associated with the issuance of the convertible notes are recorded as a discount to the debt liability in accordance with ASU 2015-03. ASU 2015-03 2017-11 |
Value added taxes ("VAT") | Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. |
Treasury shares | Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock |
Revenue recognition | Revenue recognition Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are presented net of value-added tax collected on behalf of the government. Starting from 2020, the Company has changed the classification of revenue in the consolidated statements of comprehensive loss by reclassifying revenue from developer services and vertical applications, formerly named as other SAAS products, to revenues under SAAS Businesses. Revenue for the year ended December 31, 2019 were not retrospectively adjusted and continued to be presented under the prior reclassification. The Company generates revenues primarily through SAAS Businesses, formerly named as “SaaS products” and targeted marketing. 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. The Company primarily enters into consumption-based contracts with its customers to provide short message services (“SMS”) , one-click verification services and value-added services. For SMS, the Company enables customers to send short messages to users for developer-user communication and authentication. For one-click verification services, the Company enables users to verify the cellphone number of users without verification code after integrating the one-click verification SDK. Customers pay for SMS and one-click verification services based on the pre-agreed the rate per message and the number of messages delivered. The Company acts as the principal in the SMS and one-click verification services in which the Company has control over the fulfillment of services. The Company recognizes revenue on a gross basis and at the point in time when messages delivered. For value-added services, the Company built an APP Alliance which connects advertisers and APP developers, who are the suppliers of avenue where the ads will be displayed. The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and priced. Advertising customers pay for the value-added service primarily based on 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. For certain arrangements, customers are required to pay the Company before the services are delivered. For other arrangements, the Company provides customers with a credit term under six months. 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 consolidated balance sheets. Amount of contract assets was not material as of December 31, 2020 and 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 consolidated balance sheets. Revenue recognized for the years ended December 31, 2020 and 2021 that was included in contract liabilities as of January 1, 2020 and 2021 was RMB34,449 and RMB62,790 (US$9,853) , respectively. A summary of contract liabilities is as follows: As of December 31, 2020 2021 RMB RMB US$ Contract liabilities 71,141 80,405 12,617 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. As of December 31, 2020 and 2021, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB31,951 and RMB42,019 (US$6,594) , respectively. The Company expects to recognize the majority of its remaining performance obligations as revenue within the next year. |
Costs of revenues | Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services and channel cost associated with JG Alliance, 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. |
Research and development | Research and development Research and development expenses are primarily incurred in the development of new services, new features, and general improvement of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized during any of the years presented as the Company has not met all of the necessary capitalization requirements. |
Advertising expenses | Advertising expenses Advertising expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB17,311, RMB9,789 and RMB12,767 |
Other income (expenses) | Other income (expenses) Other income/(expenses) includes impairment loss of financial assets, government grants and profit-sharing program with Depositary Bank related to ADSs depositary. For the year ended December 31, 2021, impairment losses of RMB25,370 of loans receivables are recognized. No such impairment losses occurred for the years ended December 31, 2019. Income from profit- sharing program is recognized as non-current |
Government grants | Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating non-operating |
Operating leases | Operating leases Leases where substantially all the risks and rewards of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. The Company had no capital leases during the years presented. |
Employee defined contribution plan | Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred was RMB20,724, RMB10,556 and RMB16,714 |
Income taxes | Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year end in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step more-likely-than-not The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive loss. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses during the years presented. |
Share-based compensation | Share-based compensation In accordance with ASC 718, Compensation-Stock Compensation, 2016-09— Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. |
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 prepaid expenses 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. |
Comprehensive loss | Comprehensive loss Comprehensive loss is defined as the increase or decrease in equity of the Company during a year from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive income of the Company includes the foreign currency translation adjustments. |
Loss per share | Loss per share In accordance with ASC 260, Earning per Share two-class two-class two-class Diluted loss per share is computed by dividing net loss attributable to common shareholders as adjusted for the effect of dilutive common equivalent shares, if any, by the weighted average number of common and dilutive common equivalent shares outstanding during the years. Common equivalent shares consist of the common shares issuable upon the conversion of the Company’s contingently redeemable convertible preferred shares and the convertible senior notes using the if-converted are |
Concentration of risks | Concentration of risks Concentration of credit risk Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, derivative assets, other receivables within prepayments and other current assets, short-term investments and accounts receivable. The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 2020 and 2021, the aggregate amount of cash and cash equivalents, derivative assets, short-term investments and restricted cash of RMB322,183 and RMB276,644 (US$43,412), respectively, were held at major financial institutions located in the PRC, and US$17,494 and US$2,186 (RMB13,927), respectively, were deposited with major financial institutions located outside the PRC. There has been no recent history of default related to these financial institutions. The Company continues to monitor the financial strength of the financial institutions. The Company manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers Approximately 57.7%, 71.0% and 46.4% of advertising costs were paid to three suppliers for the years ended December 31, 2019, 2020 and 2021, respectively. Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future consolidated financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Company’s ability to attract employees necessary to support its growth. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. |
Foreign currency exchange rate risk | Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ 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 2.34% in 2021. Most of the Company’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, derivative assets, accounts receivable, 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 year ended December 31, 2020, COVID-19 COVID-19. For the year ended December 31, 2021, there has been gradual recovery of the Company’s overall business operations resulting from improving health statistics in China, which has also lessened the impact of COVID-19 on performance of the Company. However, the pandemic is still one of the triggers for evaluating whether there is impairment, as such the Company has provided allowances for loans receivable and recognized impairment charges on its long-term investments in the year ended December 31, 2021. There are still uncertainties of COVID-19’s COVID-19 COVID-19 COVID-19 |
Segment information | Segment information The Company’s chief operating decision maker is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on the consolidated financial results. As a result, the Company has only one reportable segment. As the Company generates substantially most of its revenues in the PRC, and substantially all of the Company’s long-lived assets and revenues are located in and derived from PRC, no geographical segments are presented. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements As a company with less than US$1.07 billion in revenue for the last fiscal year, the Company qualifies as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include a provision that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Company will take advantage of the extended transition period. In February 2016, the FASB issued ASU No. 2016-02, Topic 842 ) off-balance Leases right-of-use in-scope In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2019-05, Financial Instruments- Credit Losses (Topic 326) 2019-04 2018-19. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes step-up In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815) - Clarifying the Interactions In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) : Accounting for Contract Assets and Contract Liabilities from Contracts with Customers R evenue from C ontracts with C ustomers ( T opic 606) In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) : Disclosure by Business Entities about Government Assistance (ASU 2021-10) , which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance will be effective for the Company in the year ended December 31, 2022, with early adoption permitted. The Company does not expect any material impact on the consolidated financial statements. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 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, 2020 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 115,713 55,946 8,779 Restricted cash 115 158,032 24,799 Short-term investment s 50,000 30,000 4,708 Accounts and notes receivable, net 44,539 43,415 6,813 Prepayments and other current assets 27,915 37,807 5,933 Amounts due from the Company and its subsidiaries 58,291 69,405 10,891 Amounts due from related parties — 35 5 Total current assets 296,573 394,640 61,928 Non-current Property and equipment, net 45,928 45,068 7,072 Intangible assets, net 9,491 5,398 847 Long-term investments 113,408 90,618 14,220 Other-non 4,719 3,298 518 Total non-current 173,546 144,382 22,657 Total assets 470,119 539,022 84,585 LIABILITIES: Current liabilities: Accounts payable 16,564 17,529 2,751 Deferred revenue and customer deposits 104,681 115,900 18,187 Accrued liabilities and other current liabilities 66,772 64,527 10,126 Amounts due to the Company and its subsidiaries 224,124 389,063 61,053 Amounts due to related parties — 54 8 Total current liabilities 412,141 587,073 92,125 Non-current Amounts due to the Company and its subsidiaries 297,000 277,000 43,467 Deferred r 561 569 89 Other non-current — 560 88 Total non-current 297,561 278,129 43,644 Total liabilities 709,702 865,202 135,769 |
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 years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues 900,454 465,066 351,243 55,118 Cost of revenues (628,109 ) (248,637 ) (83,259 ) (13,065 ) Net loss (95,829 ) (173,865 ) (100,782 ) (15,815 ) Net cash provided by operating activities 16,059 168,971 68,336 10,723 Net cash used in investing activities (34,451 ) (108,450 ) (186 ) (29 ) Net cash provided by/(used in) financing activities 197,943 (156,124 ) 30,000 4,708 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets |
Schedule Of Estimated Useful Lives Of Intangible Assets | All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Acquired computer software, systems and technology 1 – 5 years Residual values are considered nil. |
Summary of Contract Liabilities | summary of contract liabilities is as follows: As of December 31, 2020 2021 RMB RMB US$ Contract liabilities 71,141 80,405 12,617 |
Accounts and notes receivable_2
Accounts and notes receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2020 2021 RMB RMB US$ Accounts and notes receivable 88,706 81,550 12,797 Less: allowance for doubtful accounts (43,820 ) (37,690 ) (5,914 ) Total accounts and notes receivable, net 44,886 43,860 6,883 |
Schedule of Movement in Allowance for Doubtful Accounts | The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 28,516 43,820 6,876 Provisions 18,732 (246 ) (39 ) Write-offs (3,428 ) (5,884 ) (923 ) Balance at end of year 43,820 37,690 5,914 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepayment and Other Current Assets | As of December 31, 2020 2021 RMB RMB US$ Receivables on behalf of third party advertising companies (i ) — 12,599 1,977 Prepaid service fee 12,028 11,410 1,790 VAT and other surcharges 10,467 5,618 882 Investment in a convertible loan — 4,221 662 Loans granted to equity investees (ii ) 500 3,000 471 Office rental deposit 636 919 144 Prepaid media cost — 551 87 Receivables from sales of shares on behalf of employees 11,060 180 28 Refund from prepaid media cost 6,838 — — Others 7,484 8,172 1,282 Total prepayments and other current assets 49,013 46,670 7,323 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: As of December 31, 2020 2021 RMB RMB US$ Office furniture and equipment 4,414 4,744 744 Computer equipment and servers 162,587 163,392 25,640 Leasehold improvements 100 5,451 855 Construction-in 2,840 85 13 Less: Accumulated depreciation and impairment (96,419 ) (111,493 ) (17,495 ) Total property and equipment, net 73,522 62,179 9,757 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite Lived Intangible Assets Estimated Economic Lives | Intangible assets consist of the following: As of December 31, 2020 2021 RMB RMB US$ Acquired computer software, systems and technology 15,693 13,623 2,138 Less: Accumulated amortization (6,174 ) (8,225 ) (1,291 ) Total intangible assets, net 9,519 5,398 847 |
Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets | Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: RMB US$ For the year ending December 31, 2022 2,782 437 2023 2,080 326 2024 522 82 2025 14 2 2026 — — |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Other Income Net | Total unrealized and realized gains and losses of equity investments without readily determinable fair values in 2019, 2020 and 2021 were as follows: For the years ended December 31 2019 2020 2021 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 17,298 — — — Gross unrealized losses (downward adjustments including impairment) — (39,181 ) (25,370 ) (3,981 ) Net unrealized gains/losses on equity investments held 17,298 (39,181 ) (25,370 ) (3,981 ) Net realized gains on equity investments sold 6,778 — — — Total net gains/losses recognized in other income, net 24,076 (39,181 ) (25,370 ) (3,981 ) |
Short-term loan (Tables)
Short-term loan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of December 31, 2020 2021 RMB RMB US$ Short-term bank borrowings — 150,000 23,538 |
Deferred Revenue and Customer_2
Deferred Revenue and Customer Deposits (Tables) | 12 Months Ended |
Dec. 31, 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 2021 RMB RMB US$ Deferred revenue 71,141 80,405 12,617 Customer deposits 38,041 39,586 6,212 Total deferred revenue and customer deposits – current 109,182 119,991 18,829 Deferred revenue - non-current 6,049 3,845 603 |
Schedule of Roll Forward of Customer Deposits | Roll-forward of customer deposits: Year ended December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 37,923 38,041 5,969 Cash received from customers during the year 374,811 225,976 35,461 Revenue recognized during the year (363,963 ) (220,333 ) (34,575 ) Refunds paid during the year (10,730 ) (4,098 ) (643 ) Balance at end of the year 38,041 39,586 6,212 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 2021 RMB RMB US$ Accrued payroll and welfare payables 59,511 52,947 8,309 Other taxes and surcharge 19,360 9,932 1,559 Service fees 5,481 5,233 821 Acquisition of intangible assets, property and equipment 3,858 840 132 Government grant 4,564 4,500 706 Rental and property management fee 3,278 3,418 536 Payables for sales of employees’ shares 10,308 180 28 Payables to third party advertising companies (i) — 4,066 638 Others 2,776 4,189 659 Total accrued liabilities and other current liabilities 109,136 85,305 13,388 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Option Activity | The following table summarizes the share option activity for the year ended December 31, 2021: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2020 7,200,816 8.48 17.03 7.27 232,933 Granted 1,367,791 7.26 24.61 — — Forfeited 652,406 11.77 21.07 — — Expired — — — — — Exercised 549,007 5.50 9.19 — — Cancelled — — — — — Outstanding, December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Vested and expected to vest at December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Vested at December 31, 2021 5,496,609 7.73 14.37 5.35 35,908 |
Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted | The following table presents assumptions used to estimate the fair values of share options granted for the years ended December 31, 2019, 2020 and 2021: 2019 2020 2021 Risk-free interest rate 1.65% - 2.54% 0.63% - 1.88% 0.94% - 1.70% Dividend yield 0% 0% 0% Expected volatility 44.23% - 44.71% 44.37% - 47.83% 47.45% - 56.62% Weighted average expected volatility 44.53% 46.37% 50.26% Expected exercise multiple 2.5 2.5 - 2.8 2.2 - 2.8 |
Summary of Restricted Share Units | A summary of the restricted share units for the year ended December 31, 2021 was stated below: Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2020 95,094 — 20.37 10.66 3,751 Granted 119,568 — 13.92 — — Forfeited — — — — — Expired — — — — — Exercised 95,096 — 19.09 — — Cancelled — — — — — Outstanding, December 31, 2021 119,566 — 14.94 9.88 1,189 Vested and expected to vest at December 31, 2021 119,566 — 14.94 9.88 1,189 Exercisable at December 31, 2021 — — — — — |
Summary of Total Compensation Costs Recognized | Total compensation costs recognized for the years ended December 31, 2019, 2020 and 2021 were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of Revenue 73 4 41 6 Research and development 12,819 7,176 13,801 2,166 Sales and marketing 6,040 3,965 2,609 409 General and administrative 28,352 17,713 13,761 2,160 Total 47,284 28,858 30,212 4,741 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Profit / (Loss) Before Income Taxes | The Company’s loss before income taxes consists of: As of December 31, 2019 2020 2021 RMB RMB RMB US$ Cayman Islands (16,716 ) (31,966 ) (23,555 ) (3,696 ) British Virgin Islands (30 ) (27 ) (2 ) — Hong Kong (3,097 ) (1,790 ) (1,564 ) (245 ) China (89,836 ) (191,206 ) (115,431 ) (18,114 ) Total loss before income taxes (109,679 ) (224,989 ) (140,552 ) (22,055 ) |
Summary of Composition of Income Tax Expense | The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: As of December 31, 2019 2020 2021 RMB RMB RMB US$ Current income tax expense (162 ) (86 ) (32 ) (5 ) Deferred tax benefit — — — — Total income tax expense (162 ) (86 ) (32 ) (5 ) |
Summary of Reconciliation Between Expenses of Income Taxes | Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: As of December 31, 2020 2021 RMB RMB US$ Loss before income tax (224,989 ) (140,552 ) (22,055 ) Income tax expense computed at PRC statutory rate (25%) (56,247 ) (35,138 ) (5,514 ) International tax rate differential 8,151 6,023 945 Preferential tax rate 21,963 21,437 3,364 Deferred tax items tax rate differential (23,337 ) (22,935 ) (3,599 ) Research and development super-deduction (27,455 ) (32,595 ) (5,115 ) Non-deductible 7,132 8,092 1,270 Deferred tax expenses 347 — — Recognition of prior year tax loss/ Expired prior year tax loss 3,382 (4,851 ) (761 ) Changes in valuation allowance 66,150 59,999 9,415 Income tax expense 86 32 5 |
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB US$ Deferred tax assets Provision for doubtful debts 23,418 27,327 4,288 Accrued expense 10,841 12,923 2,028 Net operating loss carry forward 164,559 218,042 34,216 Government grant related to assets 684 1,411 221 Property and equipment depreciation 144 — — Estimated liabilities 7 — — Less: Valuation allowance (188,119 ) (248,118 ) (38,935 ) Total deferred tax assets 11,534 11,585 1,818 Deferred tax liabilities Property and equipment depreciation — (867 ) (136 ) Net unrealized gain on equity investments held (3,564 ) (3,564 ) (559 ) Unrealized loan interest income (7,970 ) (7,154 ) (1,123 ) Total deferred tax liabilities (11,534 ) (11,585 ) (1,818 ) Net deferred tax assets — — — Net deferred tax liabilities — — — |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Principal Amount, Debt Issuance Costs and Derivative Liability | The principal amount, contingent redemption feature, contingent interest feature and debt issuance costs as of December 31, 2021 were as follows: As of Charge to Redemption Foreign As of December 31, 2021 RMB RMB RMB RMB RMB US$ Principal amount 228,372 — (228,508 ) 136 — — Contingent redemption feature, contingent interest feature and debt issuance costs (3,143 ) 3,108 — 35 — — Total 225,229 3,108 (228,508 ) 171 — — |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancelable Operating Leases | As of December 31, 2021, future minimum payments under non-cancellable RMB US$ 2022 9,333 1,465 2023 6,577 1,032 2024 5,381 844 Total 21,291 3,341 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Basic and Diluted Loss Per Share | Basic and diluted loss per share is calculated as follows: For the year ended For the year ended For the year ended December 31, 2021 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (85,502 ) (24,339 ) (175,650 ) (49,425 ) (110,258 ) (17,301 ) (30,326 ) (4,759 ) Net loss attributable to common shareholders (85,502 ) (24,339 ) (175,650 ) (49,425 ) (110,258 ) (17,301 ) (30,326 ) (4,759 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 59,721,341 17,000,189 60,415,978 17,000,189 61,809,501 61,809,501 17,000,189 17,000,189 Basic and diluted loss per share (1.43 ) (1.43 ) (2.91 ) (2.91 ) (1.78 ) (0.28 ) (1.78 ) (0.28 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due From Related Party | 16.1 Amounts due from related parties As of December 31, 2020 2021 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. — 35 5 Total amounts due from related parties (i ) — 35 5 |
Schedule of Amount Due to Related Party | 16.2 Amounts due to related parties As of December 31, 2020 2021 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. — 54 8 Total amounts due to related parties (i ) — 54 8 |
Schedule of Transactions With Related Parties | 16.3 Transactions with related parties For the year ended 2019 2020 2021 RMB RMB RMB US$ Services provided to: (i ) Guangzhou Tianlang Network Technology Co., Ltd. 266 — 100 16 Services received from: (ii ) Shenzhen Weixunyitong Information Technology Co.,Ltd. 11,600 — — — (i) The Company entered into agreements with Guangzhou Tianlang Network Technology Co., Ltd. to provide advertising services and JG Alliance service in 2021 and to provide certain data solutions and targeted marketing services in 2019. (ii) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd to purchase ad inventory in 2019. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues | Revenues consist of the following: Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Targeted Marketing 696,190 213,662 — — SAAS Businesses Developer Services 93,553 173,457 252,859 39,679 Vertical Applications 116,715 84,495 104,463 16,393 Total SAAS Businesses 210,268 257,952 357,322 56,072 Total revenues 906,458 471,614 357,322 56,072 |
Other income (expenses) (Tables
Other income (expenses) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income, Nonoperating [Abstract] | |
Schedule of Other Nonoperating Income, by Component | Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Government grants 12,546 10,346 20,879 3,276 Gain on an equity investment sold (Note 7) 6,778 — — — Unrealized gain on equity investments held (Note 7) 17,298 — — — Impairment for long-term investments (Note 7) — (39,181 ) (25,370 ) (3,981 ) Impairment for loan receivables (Note 4) — (4,500 ) (528 ) (83 ) Income from ADR profit-sharing program 2,190 2,257 2,111 332 Others — 264 — — Total 38,812 (30,814 ) (2,908 ) (456 ) |
Short-term investments (Tables)
Short-term investments (Tables) | 12 Months Ended |
Dec. 31, 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 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 December 31, 2021 Cost or Gross Gross Gross Gross Fair value RMB USD RMB USD Held-to-maturity 30,000 4,708 — — — — 30,000 4,708 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets And Liabilities Measured Or Disclosed At Fair Value | For the year ended December 31, 2020, assets measured at fair value are summarized below: Fair value measurement at December 31, 2020 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 and liabilities measured at fair value 4,605 — 4,605 — (49,691 ) For the year ended December 31, 2021, assets measured at fair value are summarized below: Fair value measurement at December 31, 2021 Total Fair Quoted prices in Significant Significant Fair value RMB USD RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 5,989 940 — 5,989 — 5,989 Fair value measurement on a non-recurring basis Equity investments accounted for at fair value using the alternative measurement (i) 585 92 — — 585 (25,340 ) Total assets and liabilities measured at fair value 6,574 1,032 — 5,989 585 (19,351 ) (i) For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | As of December 31 2020 2021 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 92,123 6,724 1,055 Restricted cash — 5,998 941 Derivative assets — 5,989 940 Due from the entities within the Group 6,930 6,871 1,078 Prepayments and other current assets 2,511 7,314 1,148 Total current assets 101,564 32,896 5,162 Non-current Long-term investments 494,394 400,809 62,896 Other receivables — 638 100 Intangible assets, net 28 — — Total non-current 494,422 401,447 62,996 Total assets 595,986 434,343 68,158 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans — 150,000 23,538 Accrued liabilities and other current liabilities 2,018 2,258 354 Due to the entities within the Group 42,012 63,366 9,944 Convertible notes 225,229 — — Total current liabilities 269,259 215,624 33,836 Non-current Deferred revenue 5,488 3,276 514 Total non-current 5,488 3,276 514 Total liabilities 274,747 218,900 34,350 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2020 and 2021; 4,920,000,000 shares authorized as of December 31, 2020 and 2021, 61,392,170 shares and 62,036,273 shares issued and outstanding as of December 31, 2020 and 2021, respectively) 37 38 6 Class B common shares (par value of US$0.0001 per share as of December 31, 2020 and 2021; 30,000,000 shares authorized as of December 31, 2020 and 2021, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2020 and 2021) 11 11 2 Additional paid-in 988,812 1,021,961 160,368 Accumulated deficit (678,434 ) (819,018 ) (128,522 ) Accumulated other comprehensive income 10,813 12,451 1,954 Total shareholders’ equity 321,239 215,443 33,808 Total liabilities and shareholders’ equity 595,986 434,343 68,158 |
Condensed Statements of Comprehensive Loss | Years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — — — Sales and marketing — — (553 ) (87 ) General and administrative (14,389 ) (15,938 ) (17,785 ) (2,791 ) Share of losses of subsidiaries and VIE (93,328 ) (193,109 ) (117,029 ) (18,364 ) Total operating expenses (107,717 ) (209,047 ) (135,367 ) (21,242 ) Loss from operations (107,717 ) (209,047 ) (135,367 ) (21,242 ) Foreign exchange loss, net — 6 (3,351 ) (525 ) Interest income 2,754 544 363 57 Interest expense (10,178 ) (10,654 ) (7,820 ) (1,227 ) Other income (loss) 5,300 (5,924 ) (469 ) (74 ) Change in fair value of foreign currency swap contract — — 6,060 951 Loss before income taxes (109,841 ) (225,075 ) (140,584 ) (22,060 ) Income tax expenses — — — — Net loss (109,841 ) (225,075 ) (140,584 ) (22,060 ) Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net loss attributable to common share holders (109,841 ) (225,075 ) (140,584 ) (22,060 ) Other comprehensive income (loss) Foreign currency translation adjustments (2,037 ) 4,450 1,638 257 Total other comprehensive income (loss), net of tax (2,037 ) 4,450 1,638 257 Comprehensive loss (111,878 ) (220,625 ) (138,946 ) (21,803 ) |
Condensed Statements of Cash Flows | Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net cash provided by/ (used in) operating activities 15,273 (17,412 ) (24,383 ) (3,826 ) Net cash used in investing activities (95,412 ) (6,525 ) (4,859 ) (762 ) Net cash provided by/ (used in) financing activities (33,845 ) 5,257 (54,520 ) (8,555 ) Effect of exchange rate changes (9,763 ) (3,686 ) 4,361 683 Net decrease in cash and cash equivalents (123,747 ) (22,366 ) (79,401 ) (12,460 ) Cash and cash equivalents at the beginning of year 238,236 114,489 92,123 14,456 Cash and cash equivalents at the end of year 114,489 92,123 12,722 1,996 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Assets and Liabilities of VIE (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 90,552 | $ 14,210 | ¥ 356,115 | $ 55,882 | ¥ 431,459 | ¥ 576,562 |
Restricted cash | 164,030 | 25,740 | 115 | |||
Short-term investments | 30,000 | 4,708 | 80,000 | |||
Amounts due from related parties | 35 | 5 | ||||
Total current assets | 381,136 | 59,809 | 530,229 | |||
Non-current assets: | ||||||
Property and equipment, net | 62,179 | 9,757 | 73,522 | |||
Intangible assets, net | 5,398 | 847 | 9,519 | |||
Long-term investments | 141,926 | 22,271 | 168,526 | |||
Other non-current assets | 4,898 | 769 | 5,631 | |||
Total non-current assets | 214,401 | 33,644 | 257,198 | |||
Total assets | 595,537 | 93,453 | 787,427 | |||
Current liabilities: | ||||||
Accounts payable | 18,292 | 2,870 | 16,592 | |||
Deferred revenue and customer deposits | 80,405 | 12,617 | 71,141 | |||
Accrued liabilities and other current liabilities | 85,305 | 13,388 | 109,136 | |||
Amounts due to related parties | 54 | 8 | ||||
Total current liabilities | 373,642 | 58,633 | 460,139 | |||
Non-current liabilities: | ||||||
Other non-current liabilities | 2,607 | 409 | ||||
Total non-current liabilities | 6,452 | 1,012 | 6,049 | |||
Total liabilities | 380,094 | 59,645 | 466,188 | |||
VIE | ||||||
Current assets: | ||||||
Cash and cash equivalents | 55,946 | 8,779 | 115,713 | |||
Restricted cash | 158,032 | 24,799 | 115 | |||
Short-term investments | 30,000 | 4,708 | 50,000 | |||
Accounts and notes receivable, net | 43,415 | 6,813 | 44,539 | |||
Prepayments and other current assets | 37,807 | 5,933 | 27,915 | |||
Amounts due from the Company and its subsidiaries | 69,405 | 10,891 | 58,291 | |||
Amounts due from related parties | 35 | 5 | ||||
Total current assets | 394,640 | 61,928 | 296,573 | |||
Non-current assets: | ||||||
Property and equipment, net | 45,068 | 7,072 | 45,928 | |||
Intangible assets, net | 5,398 | 847 | 9,491 | |||
Long-term investments | 90,618 | 14,220 | 113,408 | |||
Other non-current assets | 3,298 | 518 | 4,719 | |||
Total non-current assets | 144,382 | 22,657 | 173,546 | |||
Total assets | 539,022 | 84,585 | 470,119 | |||
Current liabilities: | ||||||
Accounts payable | 17,529 | 2,751 | 16,564 | |||
Deferred revenue and customer deposits | 115,900 | 18,187 | 104,681 | |||
Accrued liabilities and other current liabilities | 64,527 | 10,126 | 66,772 | |||
Amounts due to the Company and its subsidiaries | 389,063 | 61,053 | 224,124 | |||
Amounts due to related parties | 54 | 8 | ||||
Total current liabilities | 587,073 | 92,125 | 412,141 | |||
Non-current liabilities: | ||||||
Amounts due to the Company and its subsidiaries | 277,000 | 43,467 | 297,000 | |||
Deferred revenue | 569 | 89 | 561 | |||
Other non-current liabilities | 560 | 88 | ||||
Total non-current liabilities | 278,129 | 43,644 | 297,561 | |||
Total liabilities | ¥ 865,202 | $ 135,769 | ¥ 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 | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Variable Interest Entity [Line Items] | ||||
Cost of revenues | ¥ (92,393) | $ (14,498) | ¥ (265,436) | ¥ (649,596) |
Net loss | (140,584) | (22,060) | (225,075) | (109,841) |
Net cash provided by operating activities | (76,650) | (12,027) | 75,810 | (25,758) |
Net cash used in investing activities | 26,442 | 4,150 | (144,415) | (88,966) |
Net cash provided by/(used in) financing activities | (54,520) | (8,556) | 315 | (33,883) |
VIE | ||||
Variable Interest Entity [Line Items] | ||||
Revenues | 351,243 | 55,118 | 465,066 | 900,454 |
Cost of revenues | (83,259) | (13,065) | (248,637) | (628,109) |
Net loss | (100,782) | (15,815) | (173,865) | (95,829) |
Net cash provided by operating activities | 68,336 | 10,723 | 168,971 | 16,059 |
Net cash used in investing activities | (186) | (29) | (108,450) | (34,451) |
Net cash provided by/(used in) financing activities | ¥ 30,000 | $ 4,708 | ¥ (156,124) | ¥ 197,943 |
Organization and Principal Ac_5
Organization and Principal Activities - Additional Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Variable Interest Entity [Line Items] | |||
Cash Collateral | ¥ 157,900 | $ 24,778 | |
VIE | |||
Variable Interest Entity [Line Items] | |||
Net liabilities | ¥ 326,180 | $ 51,184 | ¥ 239,583 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Mar. 01, 2017shares | Dec. 31, 2021CNY (¥)SegmentSuppliershares | Dec. 31, 2021USD ($)SegmentSuppliershares | Dec. 31, 2020CNY (¥)Suppliershares | Dec. 31, 2019CNY (¥)Suppliershares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 20, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Foreign currency exchange rate | 6.3726 | 6.3726 | ||||||
Finite lived intangible asset residual value | ¥ 0 | |||||||
Revenue Recognized | 62,790,000 | $ 9,853,000 | ¥ 34,449,000 | |||||
Unsatisfied performance obligation | 42,019,000 | 31,951,000 | $ 6,594,000 | |||||
Impairment of long-term investments | 25,370,000 | 3,981,000 | 38,739,000 | ¥ 0 | ||||
Non cash impairment loss on long term investments | 25,370,000 | 3,981,000 | 39,181,000 | |||||
Non Cash Impairment Loss On Long Term Investments | 528,000 | $ 83,000 | 4,500,000 | |||||
Impairment of long-lived assets other than goodwill | ¥ 0 | 10,952,000 | 0 | |||||
Value added tax percentage | 6.00% | 6.00% | ||||||
Share repurchased cash consideration | 37,559,000 | |||||||
Research and development cost, capitalized | ¥ 0 | |||||||
Advertising expenses | ¥ 12,767,000 | $ 2,003,000 | 9,789,000 | 17,311,000 | ||||
Profit sharing program, recognized period | 5 years | 5 years | ||||||
Capital leases | ¥ 0 | |||||||
Employee defined contribution plan expense incurred | ¥ 16,714,000 | $ 2,623,000 | 10,556,000 | 20,724,000 | ||||
Depreciation of the US$ against RMB, percent | 2.34% | 2.34% | ||||||
Number of reportable segment | Segment | 1 | 1 | ||||||
Revenues | ¥ 357,322,000 | $ 56,072,000 | ¥ 471,614,000 | ¥ 906,458,000 | ||||
Supplier Concentration Risk | Suppliers | Three Suppliers [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk, percentage | 46.40% | 46.40% | ||||||
Product Concentration Risk | Suppliers | Three Suppliers [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk, percentage | 71.00% | 57.70% | ||||||
Advertising | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of suppliers | Supplier | 3 | 3 | 3 | 3 | ||||
CHINA | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 276,644,000 | ¥ 322,183,000 | 43,412,000 | |||||
Outside China | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 13,927,000 | $ 2,186,000 | $ 17,494,000 | |||||
Maximum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Revenues | $ | $ 1,070,000,000 | |||||||
Maximum | Product Concentration Risk | Suppliers | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk, percentage | 50.00% | 50.00% | ||||||
American Depositary Shares | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share repurchased under repurchase plan | shares | 920,606 | 920,606 | ||||||
Share repurchased cash consideration | $ | $ 5,910,000 | |||||||
American Depositary Shares | Maximum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share repurchase plan, authorized amount | $ | $ 10,000,000 | |||||||
Class A Common Shares | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share repurchased under repurchase plan | shares | 613,737 | 613,737 | 613,737 | 613,737 | 613,737 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold Improvements | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | over the shorter of lease terms or estimated useful lives of the assets |
Minimum | Computer Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 3 years |
Minimum | Furniture and Fixtures | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 3 years |
Maximum | Computer Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 5 years |
Maximum | Furniture and Fixtures | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets Estimated Economic Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Acquired computer software, systems and technology | 1 year |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Acquired computer software, systems and technology | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Contract Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | ¥ 80,405 | $ 12,617 | ¥ 71,141 |
Accounts and notes receivable_3
Accounts and notes receivable, net - Schedule of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Receivables [Abstract] | |||
Accounts and notes receivable | ¥ 81,550 | $ 12,797 | ¥ 88,706 |
Less: allowance for doubtful accounts | (37,690) | (5,914) | (43,820) |
Total accounts and notes receivable, net | ¥ 43,860 | $ 6,883 | ¥ 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 | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Receivables [Abstract] | |||
Beginning balance | ¥ 43,820 | $ 6,876 | ¥ 28,516 |
Provisions | (246) | (39) | 18,732 |
Write-offs | (5,884) | (923) | (3,428) |
Ending balance | ¥ 37,690 | $ 5,914 | ¥ 43,820 |
Prepayments and other current_3
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Receivables on behalf of third party advertising companies | [1] | ¥ 12,599 | $ 1,977 | |
Prepaid service fee | 11,410 | 1,790 | ¥ 12,028 | |
VAT and other surcharges | 5,618 | 882 | 10,467 | |
Investment in a convertible loan | 4,221 | 662 | ||
Loans granted to equity investees | [2] | 3,000 | 471 | 500 |
Office rental deposit | 919 | 144 | 636 | |
Prepaid media cost | 551 | 87 | ||
Receivables from sales of shares on behalf of employees | 180 | 28 | 11,060 | |
Refund from prepaid media cost | 6,838 | |||
Others | 8,172 | 1,282 | 7,484 | |
Total prepayments and other current assets | ¥ 46,670 | $ 7,323 | ¥ 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] | For the years ended December 31, 2019, 2020 and 2021, the Company recognized impairment charges on loans granted to equity investees of nil, RMB4,500 and RMB528 (US$83). 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 | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Impairment charges | ¥ 528 | $ 83 | ¥ 4,500 | ¥ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Less: Accumulated depreciation and impairment | ¥ (111,493) | $ (17,495) | ¥ (96,419) |
Total property and equipment, net | 62,179 | 9,757 | 73,522 |
Office Furniture and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 4,744 | 744 | 4,414 |
Computer Equipment and Servers | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 163,392 | 25,640 | 162,587 |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 5,451 | 855 | 100 |
Construction in Progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 85 | $ 13 | ¥ 2,840 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Imapirment loss on tangible assets | ¥ 0 | ¥ 0 | ||
Property plant and equipment, impairment charges | ¥ 10,952 | |||
Depreciation of property and equipment | ¥ 27,337 | $ 4,290 | ¥ 37,704 | ¥ 30,059 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Acquired computer software, systems and technology | ¥ 13,623 | $ 2,138 | ¥ 15,693 |
Less: Accumulated amortization | (8,225) | (1,291) | (6,174) |
Total intangible assets, net | ¥ 5,398 | $ 847 | ¥ 9,519 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 | |
Amortization of intangible assets | 4,481,000 | $ 703 | 4,366,000 | ¥ 2,307,000 |
Intangible assets with an indefinite useful life | ¥ 0 | ¥ 0 | ||
Computer software and systems | ||||
Weighted average useful life of intangible assets | 4 years | 4 years | 3 years 10 months 24 days | 4 years 2 months 12 days |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the year ending December 31, 2022 | ¥ 2,782 | $ 437 |
2023 | 2,080 | 326 |
2024 | 522 | 82 |
2025 | 14 | 2 |
2026 | ¥ 0 | $ 0 |
Long-Term Investments - Schedul
Long-Term Investments - Schedule of Other Income Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross unrealized gain (upward adjustment) | ¥ 0 | $ 0 | ¥ 0 | ¥ 17,298 |
Gross unrealized losses (downward adjustments including impairment) | (25,370) | (3,981) | (39,181) | 0 |
Net unrealized gains/losses on equity investments held | (25,370) | (3,981) | (39,181) | 17,298 |
Net realized gains on equity investments sold | 0 | 0 | 0 | 6,778 |
Total net gains/losses recognized in other income, net | ¥ (25,370) | $ (3,981) | ¥ (39,181) | ¥ 24,076 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Schedule Of Investments [Line Items] | |||||||
Percentage of share acquired | 5.93% | ||||||
Cost Method Investments, Fair Value Disclosure | ¥ 3,043 | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | ¥ 141,926 | ¥ 168,526 | $ 22,271 | ||||
Cost-method Investments, Other than Temporary Impairment | 25,370 | $ 3,981 | 38,739 | ¥ 0 | |||
Accumulated imapirment of equity investments | ¥ 63,902 | ¥ 38,739 | $ 10,028 | ||||
Zhuoxuan | |||||||
Schedule Of Investments [Line Items] | |||||||
Percentage of share acquired | 5.93% | ||||||
Cost method investments | ¥ 7,265 | ¥ 7,265 | |||||
Shuwei | |||||||
Schedule Of Investments [Line Items] | |||||||
Percentage of share acquired | 2.89% | 4.27% | 6.25% | ||||
Proceeds from sale of an equity investment sold | ¥ 10,000 | ||||||
Realized gain (loss) on disposal of equity investment securities with out readily determinable fair value | 6,778 | ||||||
Unrealized gain (loss) on disposal of equity investment securities with out readily determinable fair value | ¥ 14,255 | ||||||
Cost method investments | ¥ 10,000 |
Short-term loan - Schedule Of S
Short-term loan - Schedule Of Short Term Debt (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short-term Debt [Line Items] | |||
Short-term bank borrowings | ¥ 150,000 | $ 23,538 | ¥ 0 |
Short-term loan - Additional In
Short-term loan - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | |||||||
Apr. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Short-term Debt [Line Items] | ||||||||
Short Term Loan | ¥ 150,000 | $ 23,538 | ¥ 0 | |||||
short-term loan, Restricted Cash | 164,030 | 25,740 | ¥ 115 | $ 18 | ¥ 115 | ¥ 115 | ||
VIE | ||||||||
Short-term Debt [Line Items] | ||||||||
short-term loan, Restricted Cash | ¥ 157,900 | $ 24,778 | ||||||
Shanghai Pudong Development Bank [Member] | Secured Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short Term Loan | ¥ 150,000 | $ 23,538 | ||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 4.35% | 4.35% | ||||||
Short-term Debt, Terms | one-year |
Deferred Revenue and Customer_3
Deferred Revenue and Customer Deposits (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Revenue Recognition and Deferred Revenue [Abstract] | |||||
Deferred revenue | ¥ 80,405 | $ 12,617 | ¥ 71,141 | ||
Customer deposits | 39,586 | 6,212 | 38,041 | $ 5,969 | ¥ 37,923 |
Total deferred revenue and customer deposits - current | 119,991 | 18,829 | 109,182 | ||
Deferred revenue - non-current | ¥ 3,845 | $ 603 | ¥ 6,049 |
Deferred Revenue and Customer_4
Deferred Revenue and Customer Deposits - Roll Forward of Customer Deposits (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance at beginning of year | ¥ 38,041 | $ 5,969 | ¥ 37,923 |
Cash received from customers during the year | 225,976 | 35,461 | 374,811 |
Revenue recognized during the year | (220,333) | (34,575) | (363,963) |
Refunds paid during the year | (4,098) | (643) | (10,730) |
Balance at end of the year | ¥ 39,586 | $ 6,212 | ¥ 38,041 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Payables and Accruals [Abstract] | ||||
Accrued payroll and welfare payables | ¥ 52,947 | $ 8,309 | ¥ 59,511 | |
Other taxes and surcharge | 9,932 | 1,559 | 19,360 | |
Service fees | 5,233 | 821 | 5,481 | |
Acquisition of intangible assets, property and equipment | 840 | 132 | 3,858 | |
Government grant | 4,500 | 706 | 4,564 | |
Rental and property management fee | 3,418 | 536 | 3,278 | |
Payables for sales of employees' shares | 180 | 28 | 10,308 | |
Payables to third party advertising companies | [1] | 4,066 | 638 | 0 |
Others | 4,189 | 659 | 2,776 | |
Total accrued liabilities and other current liabilities | ¥ 85,305 | $ 13,388 | ¥ 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. |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 01, 2017shares | Jul. 23, 2014shares | Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2021USD ($)shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of awards vested expenses recognized | ¥ 30,212 | $ 4,741 | ¥ 28,858 | ¥ 47,284 | |||
Share Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 24,640 | 3,867 | 38,585 | 53,338 | |||
Fair value of awards vested expenses recognized | 30,212 | $ 4,741 | ¥ 28,858 | ¥ 47,284 | |||
Unrecognized share-based compensation expense | ¥ 17,366 | $ 2,725 | |||||
Unrecognized share-based compensation expense estimated weighted-average period | 1 year 10 months 9 days | 1 year 10 months 9 days | |||||
Weighted average grant-date fair value per share, granted | (per share) | ¥ 24.61 | $ 3.86 | ¥ 18.97 | ¥ 50.18 | |||
Restricted Share Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average grant-date fair value per share, granted | (per share) | ¥ 13.92 | $ 2.18 | ¥ 20.41 | ¥ 45.09 | |||
Unrecognized share-based compensation cost | ¥ 1,144 | $ 180 | |||||
2014 Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Common shares reserved for issuance | 5,500,000 | ||||||
Share available for grant | 37,911 | 37,911 | |||||
2014 Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2017 Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Common shares reserved for issuance | 6,015,137 | ||||||
Share available for grant | 934,572 | 934,572 | |||||
2017 Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2021 incentive plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | 4 years | |||||
Awards expiration period | 10 years | 10 years | |||||
Common shares reserved for issuance | 4,000,000 | 4,000,000 | |||||
Share available for grant | 4,000,000 | 4,000,000 | |||||
2014, 2017 and 2021 Plans | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | 10 years | |||||
2014, 2017 and 2021 Plans | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | 4 years | |||||
2014, 2017 and 2021 Plans | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 1 year | 1 year |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021$ / sharesshares | Dec. 31, 2020CNY (¥)$ / sharesshares | Dec. 31, 2021CNY (¥)shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options, Outstanding, Beginning Balance | shares | 7,200,816 | ||
Number of Options, Granted | shares | 1,367,791 | ||
Number of Options, Forfeited | shares | 652,406 | ||
Number of Options, Exercised | shares | 549,007 | ||
Number of Options, Outstanding, Ending Balance | shares | 7,367,194 | 7,200,816 | |
Number of Options, Vested and expected to vest | shares | 7,367,194 | ||
Number of Options, Exercisable | shares | 5,496,609 | ||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 8.48 | ||
Weighted-Average Exercise Price, Granted | 7.26 | ||
Weighted-Average Exercise Price, Forfeited | 11.77 | ||
Weighted-Average Exercise Price, Exercised | 5.50 | ||
Weighted-Average Exercise Price, Outstanding, Ending Balance | 8.18 | $ 8.48 | |
Weighted-Average Exercise Price, Vested and expected to vest | 8.18 | ||
Weighted-Average Exercise Price, Exercisable | 7.73 | ||
Weighted- Average grant-date Fair Value per Option, Outstanding, Beginning Balance | 17.03 | ||
Weighted- Average grant-date Fair Value per Option, Granted | 24.61 | ||
Weighted- Average grant-date Fair Value per Option, Forfeited | 21.07 | ||
Weighted- Average grant-date Fair Value per Option, Exercised | 9.19 | ||
Weighted- Average grant-date Fair Value per Option, Outstanding, Ending Balance | 18.66 | $ 17.03 | |
Weighted- Average grant-date Fair Value per Option, Vested and expected to vest | 18.66 | ||
Weighted- Average grant-date Fair Value per Option, Exercisable | $ 14.37 | ||
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 1 month 2 days | 7 years 3 months 7 days | |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest | 6 years 1 month 2 days | ||
Weighted Average Remaining Contractual Term (Years), Exercisable | 5 years 4 months 6 days | ||
Aggregate Intrinsic Value, Outstanding | ¥ | $ 232,933 | ¥ 48,464 | |
Aggregate Intrinsic Value, Vested and expected to vest | ¥ | 48,464 | ||
Aggregate Intrinsic Value, Exercisable | ¥ | ¥ 35,908 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted (Details) - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 0.94% | 0.63% | 1.65% |
Risk-free interest rate, maximum | 1.70% | 1.88% | 2.54% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 47.45% | 44.37% | 44.23% |
Expected volatility, maximum | 56.62% | 47.83% | 44.71% |
Weighted average expected volatility | 50.26% | 46.37% | 44.53% |
Expected exercise multiple | ¥ 2.5 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected exercise multiple | ¥ 2.8 | ¥ 2.8 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected exercise multiple | ¥ 2.2 | ¥ 2.5 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Restricted Share Units (Details) - 12 months ended Dec. 31, 2021 - Restricted Share Units - Employees and Directors ¥ / shares in Units, ¥ in Thousands | CNY (¥)¥ / sharesshares | $ / shares | CNY (¥)¥ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Share Units, Outstanding, December 31, 2020 | shares | 95,094 | ||
Number of Share Units, Granted | shares | 119,568 | ||
Number of Share Units, Exercised | shares | 95,096 | ||
Number of Share Units, Outstanding, December 31, 2021 | shares | 119,566 | ||
Number of Share Units, Vested and expected to vest at December 31, 2021 | shares | 119,566 | ||
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2020 | ¥ / shares | ¥ 20.37 | ||
Weighted-Average grant-date Fair Value per Option, Granted | ¥ / shares | 13.92 | ||
Weighted-Average grant-date Fair Value per Option, Exercised | ¥ / shares | 19.09 | ||
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2021 | ¥ / shares | ¥ 14.94 | ||
Weighted-Average grant-date Fair Value per Option, Vested and expected to vest at December 31, 2021 | ¥ / shares | ¥ 14.94 | ||
Weighted-Average grant-date Fair Value per Option, Exercisable at December 31, 2020 | $ / shares | $ 10.66 | ||
Weighted Average Remaining Contractual Term (Years), Outstanding | 9 months 26 days | ||
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at December 31, 2021 | 9 months 26 days | ||
Aggregate Intrinsic Value, Outstanding, December 31, 2020 | ¥ | ¥ 3,751 | ||
Aggregate Intrinsic Value, Granted | ¥ | 0 | ||
Aggregate Intrinsic Value, Outstanding, December 31, 2021 | ¥ | ¥ 1,189 | ||
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2021 | ¥ | ¥ 1,189 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Total Compensation Costs Recognized (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | ¥ 30,212 | $ 4,741 | ¥ 28,858 | ¥ 47,284 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 41 | 6 | 4 | 73 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 13,801 | 2,166 | 7,176 | 12,819 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 2,609 | 409 | 3,965 | 6,040 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | ¥ 13,761 | $ 2,160 | ¥ 17,713 | ¥ 28,352 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019 | Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets related to net operating loss carry forwards | ¥ 218,042 | ¥ 164,559 | $ 34,216 | ||
Interest and penalties related to an uncertain tax position | ¥ 0 | ¥ 0 | |||
Income tax examination, description | In accordance with relevant PRC tax administration laws, the tax year from 2016 through 2021 remain open to examination by the respective tax authorities. | ||||
Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax examination year | 2016 | ||||
Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax examination year | 2021 | ||||
VIE | Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2022 | ||||
VIE | Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2031 | ||||
WFOE | Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2022 | ||||
WFOE | Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2031 | ||||
Hong Kong | |||||
Income Tax Disclosure [Line Items] | |||||
Effective profits tax rate | 16.50% | ||||
PRC | |||||
Income Tax Disclosure [Line Items] | |||||
Effective statutory enterprise income tax rate | 25.00% | 25.00% | 25.00% | ||
Effective preferential income tax rate | 15.00% | 15.00% | 15.00% |
Income Taxes - Summary of Profi
Income Taxes - Summary of Profit / (Loss) Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | ¥ (140,552) | $ (22,055) | ¥ (224,989) | ¥ (109,679) |
Cayman Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (23,555) | (3,696) | (31,966) | (16,716) |
British Virgin Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (2) | (27) | (30) | |
Hong Kong | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (1,564) | (245) | (1,790) | (3,097) |
China | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | ¥ (115,431) | $ (18,114) | ¥ (191,206) | ¥ (89,836) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | ¥ (32) | $ (5) | ¥ (86) | ¥ (162) |
Deferred tax benefit | 0 | 0 | ||
Total income tax expense | ¥ (32) | $ (5) | ¥ (86) | ¥ (162) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Expenses of Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax | ¥ (140,552) | $ (22,055) | ¥ (224,989) | ¥ (109,679) |
Income tax expense computed at PRC statutory rate | (35,138) | (5,514) | (56,247) | |
International tax rate differential | 6,023 | 945 | 8,151 | |
Preferential tax rate | 21,437 | 3,364 | 21,963 | |
Deferred tax items tax rate differential | (22,935) | (3,599) | (23,337) | |
Research and development super-deduction | (32,595) | (5,115) | (27,455) | |
Non-deductible expenses | 8,092 | 1,270 | 7,132 | |
Deferred tax expense | 347 | |||
Recognition of prior year tax loss/ Expired prior year tax loss | (4,851) | (761) | 3,382 | |
Changes in valuation allowance | 59,999 | 9,415 | 66,150 | |
Income tax expense | ¥ 32 | $ 5 | ¥ 86 | ¥ 162 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation Between Expenses of Income Taxes (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
PRC | |||
Income Tax Disclosure [Line Items] | |||
Effective statutory enterprise income tax rate | 25.00% | 25.00% | 25.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred tax assets | |||
Provision for doubtful debts | ¥ 27,327 | $ 4,288 | ¥ 23,418 |
Accrued expense | 12,923 | 2,028 | 10,841 |
Net operating loss carry forward | 218,042 | 34,216 | 164,559 |
Government grant related to assets | 1,411 | 221 | 684 |
Property and equipment depreciation | 0 | 0 | 144 |
Estimated liabilities | 7 | ||
Valuation allowance | (248,118) | (38,935) | (188,119) |
Total deferred tax assets, net | 11,585 | 1,818 | 11,534 |
Deferred tax liabilities | |||
Property and equipment depreciation | (867) | (136) | 0 |
Net unrealized gain on equity investments held | (3,564) | (559) | (3,564) |
Unrealized loan interest income | (7,154) | (1,123) | (7,970) |
Total deferred tax liabilities | (11,585) | (1,818) | (11,534) |
Net deferred tax assets | 0 | 0 | 0 |
Net deferred tax liabilities | ¥ 0 | $ 0 | ¥ 0 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($)$ / shares | Apr. 01, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Apr. 17, 2018CNY (¥) | Apr. 17, 2018$ / shares | |
Convertible Notes [Line Item] | |||||||
Aggregate principal amount | ¥ 228,372 | ||||||
Initial offering period | no qualified IPO were to occur within two years of the issue date, the outstanding obligation at their principal amount | ||||||
Percentage of internal rate of return | 8.00% | ||||||
Simple interest on principal | 15.00% | 15.00% | |||||
Interest on internal rate of return per annum | 15.00% | ||||||
Derivative liability | ¥ 0 | $ 3,224 | 0 | ||||
Change in fair value of current earnings | $ | $ 3,224 | ||||||
Effective interest rate | 4.69% | 4.69% | |||||
Convertible Notes Payable, Noncurrent | ¥ 0 | ¥ 225,229 | |||||
Convertible Notes Payable [Member] | |||||||
Convertible Notes [Line Item] | |||||||
Debt Instrument Amount Due Redeemed | ¥ 35 | ||||||
BCF | |||||||
Convertible Notes [Line Item] | |||||||
Issuance price | $ / shares | $ 11.76 | ||||||
Fair value per ordinary share | $ / shares | $ 9.87 | ||||||
Zero Coupon Convertible Notes (the "Convertible Notes") Due 2021 | |||||||
Convertible Notes [Line Item] | |||||||
Conversion price per share | $ / shares | $ 11.76 | ||||||
Zero Coupon Convertible Notes (the "Convertible Notes") Due 2021 | Existing Investor | |||||||
Convertible Notes [Line Item] | |||||||
Aggregate principal amount | ¥ 35,000 |
Convertible Notes - Summary of
Convertible Notes - Summary of Principal Amount, Debt Issuance Costs and Derivative Liability (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Notes [Line Item] | ||
Principal amount | ¥ 228,372 | |
Contingent redemption feature, contingent interest feature and debt issuance costs | (3,143) | |
Total | ¥ 0 | ¥ 225,229 |
Charge to profit and loss | 3,108 | |
Redemption [Member] | ||
Convertible Notes [Line Item] | ||
Principal amount | 228,508 | |
Total | 228,508 | |
Foreign Currency Translation Adjustment | ||
Convertible Notes [Line Item] | ||
Principal amount | 136 | |
Contingent redemption feature, contingent interest feature and debt issuance costs | 35 | |
Total | ¥ 171 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Commitments And Contingencies Disclosure [Line Items] | ||||
Operating lease, expenses | ¥ 12,707 | $ 1,994 | ¥ 16,584 | ¥ 16,380 |
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 | 1 year |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 | ¥ 9,333 | $ 1,465 |
2023 | 6,577 | 1,032 |
2024 | 5,381 | 844 |
Total | ¥ 21,291 | $ 3,341 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - shares | Mar. 01, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
American Depositary Shares | ||||
Share Capital [Line Items] | ||||
Share repurchased under repurchase plan | 920,606 | 920,606 | 920,606 | |
Class A Common Shares | ||||
Share Capital [Line Items] | ||||
Common shares, shares outstanding | 62,036,273 | 61,392,170 | 60,106,037 | |
Share repurchased under repurchase plan | 613,737 | 613,737 | 613,737 | 613,737 |
Class B Common Shares | ||||
Share Capital [Line Items] | ||||
Common shares, shares outstanding | 17,000,189 | 17,000,189 | 17,000,189 |
Share Capital - Basic and Dilut
Share Capital - Basic and Diluted Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (140,584) | $ (22,060) | ¥ (225,075) | ¥ (109,841) |
Net loss attributable to common shareholders | (140,584) | (22,060) | (225,075) | (109,841) |
Class A Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (110,258) | (17,301) | (175,650) | (85,502) |
Net loss attributable to common shareholders | ¥ (110,258) | $ (17,301) | ¥ (175,650) | ¥ (85,502) |
Denominator: | ||||
Weighted average number of shares used in calculating basic and diluted loss per share | 61,809,501 | 61,809,501 | 60,415,978 | 59,721,341 |
Basic and diluted loss per share | (per share) | ¥ (1.78) | $ (0.28) | ¥ (2.91) | ¥ (1.43) |
Class B Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (30,326) | $ (4,759) | ¥ (49,425) | ¥ (24,339) |
Net loss attributable to common shareholders | ¥ (30,326) | $ (4,759) | ¥ (49,425) | ¥ (24,339) |
Denominator: | ||||
Weighted average number of shares used in calculating basic and diluted loss per share | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
Basic and diluted loss per share | (per share) | ¥ (1.78) | $ (0.28) | ¥ (2.91) | ¥ (1.43) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Due From Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | ¥ 35 | $ 5 | |
Guangzhou Tianlang Network Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | ¥ 35 | $ 5 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amount Due to Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Related Party Transaction [Line Items] | |||
Amount due to related parties | ¥ 54 | $ 8 | |
Guangzhou Tianlang Network Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | ¥ 54 | $ 8 |
Related Party Transactions - _3
Related Party Transactions - Schedule of Transactions With Related Parties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Guangzhou Tianlang Network Technology Co Ltd | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related party | ¥ 100 | $ 16 | ¥ 0 | ¥ 266 |
Shenzhen Weixunyitong Information Technology Co Ltd | ||||
Related Party Transaction [Line Items] | ||||
Services received from related party | ¥ 0 | $ 0 | ¥ 0 | ¥ 11,600 |
Revenues - Additional Informati
Revenues - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 357,322 | $ 56,072 | ¥ 471,614 | ¥ 906,458 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 222,856 | 34,971 | 342,542 | 784,442 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 134,466 | $ 21,101 | ¥ 129,072 | ¥ 122,016 |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | ¥ 357,322 | $ 56,072 | ¥ 471,614 | ¥ 906,458 |
Targeted Marketing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 213,662 | 696,190 |
Developer Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 252,859 | 39,679 | 173,457 | 93,553 |
Vertical Applications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 104,463 | 16,393 | 84,495 | 116,715 |
Total SAAS Businesses | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | ¥ 357,322 | $ 56,072 | ¥ 257,952 | ¥ 210,268 |
Other income (expenses) - Sche
Other income (expenses) - Schedule of Other Nonoperating Income by Component (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Other Income, Nonoperating [Abstract] | ||||
Government grants | ¥ 20,879 | $ 3,276 | ¥ 10,346 | ¥ 12,546 |
Gain on an equity investment sold | 0 | 0 | 0 | 6,778 |
Unrealized gain on equity investments held | 17,298 | |||
Impairment for long-term investments | (25,370) | (3,981) | (39,181) | |
Impairment for loan receivables | (528) | (83) | (4,500) | 0 |
Income from ADR profit-sharing program | 2,111 | 332 | 2,257 | 2,190 |
Others | 264 | |||
Total | ¥ (2,908) | $ (456) | ¥ (30,814) | ¥ 38,812 |
Short-term investments - Additi
Short-term investments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Maturity of Time Deposits | 3 months |
Short-term investments - Summar
Short-term investments - Summary of Short-term investments classification (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Schedule of Held-to-maturity Securities [Line Items] | |||
Cost or Amortized cost | ¥ 30,000 | $ 4,708 | ¥ 80,000 |
Fair value | ¥ 30,000 | $ 4,708 | ¥ 80,000 |
Fair value measurements - Addit
Fair value measurements - Additional Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) |
Fair Value Disclosures [Abstract] | |||
Derivative liability | $ 3,224 | ¥ 0 | ¥ 0 |
Derivative Asset | $ 940 | ¥ 5,989 | ¥ 100 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets And Liabilities Measured Or Disclosed At Fair Value (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Current | ¥ 5,989 | ¥ 100 | $ 940 | |
Property and equipment, net | 62,179 | 73,522 | 9,757 | |
Fair value adjustment | (19,351) | (49,691) | ||
Total assets and liabilities measured at fair value | 6,574 | 4,605 | 1,032 | |
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] | ||||
Equity investments accounted for at fair value using the alternative measurement | [1] | 585 | 92 | |
Derivative Asset, Current | 5,989 | 100 | $ 940 | |
Fair value adjustment | [1] | (25,340) | ||
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 | 5,989 | 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 Asset, Current | 5,989 | ¥ 100 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity investments accounted for at fair value using the alternative measurement | [1] | 585 | ||
Total assets and liabilities measured at fair value | ¥ 585 | |||
[1] | For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The Company recognized impairment charges of long-term investments during the year ended December 31, 2021. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - CNY (¥) ¥ in Thousands | Mar. 08, 2022 | Jan. 27, 2022 |
Baosheng County Bank [Member] | Line Of Credit | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 10,000 | |
Line of Credit Facility, Interest Rate During Period | 7.50% | |
Line of Credit Facility, Frequency of Payments | monthly | |
Proceeds from Lines of Credit | ¥ 10,000 | |
Send Cloud [Member] | ||
Subsequent Event [Line Items] | ||
Percentage Of Equity Interests Acquired | 52.37% | |
Purchase Price Paid In Cash | ¥ 34,473 | |
Send Cloud [Member] | Send Cloud Management [Member] | ||
Subsequent Event [Line Items] | ||
Restricted Stock Shares Issued | 1,366,128 | |
Share Based Payment Award Award Vesting Period | 9 months |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 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 | ¥ 529,963 | $ 83,163 | ¥ 616,559 |
Minimum | |||
Dividends Payable [Line Items] | |||
Minimum percentage of net profit to be allocated to statutory reserve fund | 10.00% |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 90,552 | $ 14,210 | ¥ 356,115 | $ 55,882 | ¥ 431,459 | ¥ 576,562 |
Restricted Cash | 164,030 | 25,740 | 115 | $ 18 | 115 | 115 |
Derivative Asset, Current | 5,989 | 940 | 100 | |||
Prepayments and other current assets | 46,670 | 7,323 | 49,013 | |||
Total current assets | 381,136 | 59,809 | 530,229 | |||
Non-current assets: | ||||||
Long-term investments | 141,926 | 22,271 | 168,526 | |||
Intangible assets, net | 5,398 | 847 | 9,519 | |||
Total non-current assets | 214,401 | 33,644 | 257,198 | |||
Total assets | 595,537 | 93,453 | 787,427 | |||
Current liabilities: | ||||||
Short-term loans | 150,000 | 23,538 | 0 | |||
Convertible notes | 225,229 | |||||
Total current liabilities | 373,642 | 58,633 | 460,139 | |||
Non-current liabilities: | ||||||
Deferred revenue - non-current | 3,845 | 603 | 6,049 | |||
Total non-current liabilities | 6,452 | 1,012 | 6,049 | |||
Total liabilities | 380,094 | 59,645 | 466,188 | |||
Shareholders' equity | ||||||
Accumulated deficit | (819,018) | (128,522) | (678,434) | 4,605 | ||
Accumulated other comprehensive income | 12,451 | 1,954 | 10,813 | |||
Total shareholders' equity | 215,443 | 33,808 | 321,239 | ¥ 507,788 | ¥ 601,660 | |
Total liabilities and shareholders' equity | 595,537 | 93,453 | 787,427 | |||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 6,724 | 1,055 | 92,123 | |||
Restricted Cash | 5,998 | 941 | ||||
Derivative Asset, Current | 5,989 | 940 | ||||
Due from the entities within the Group | 6,871 | 1,078 | 6,930 | |||
Prepayments and other current assets | 7,314 | 1,148 | 2,511 | |||
Total current assets | 32,896 | 5,162 | 101,564 | |||
Non-current assets: | ||||||
Long-term investments | 400,809 | 62,896 | 494,394 | |||
Other Receivables Non Current | 638 | 100 | ||||
Intangible assets, net | 28 | |||||
Total non-current assets | 401,447 | 62,996 | 494,422 | |||
Total assets | 434,343 | 68,158 | 595,986 | |||
Current liabilities: | ||||||
Short-term loans | 150,000 | 23,538 | ||||
Accrued liabilities and other current liabilities | 2,258 | 354 | 2,018 | |||
Due to the entities within the Group | 63,366 | 9,944 | 42,012 | |||
Convertible notes | 225,229 | |||||
Total current liabilities | 215,624 | 33,836 | 269,259 | |||
Non-current liabilities: | ||||||
Deferred revenue - non-current | 3,276 | 514 | 5,488 | |||
Total non-current liabilities | 3,276 | 514 | 5,488 | |||
Total liabilities | 218,900 | 34,350 | 274,747 | |||
Shareholders' equity | ||||||
Additional Paid in Capital | 1,021,961 | 160,368 | 988,812 | |||
Accumulated deficit | (819,018) | (128,522) | (678,434) | |||
Accumulated other comprehensive income | 12,451 | 1,954 | 10,813 | |||
Total shareholders' equity | 215,443 | 33,808 | 321,239 | |||
Total liabilities and shareholders' equity | 434,343 | 68,158 | 595,986 | |||
Class A Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 38 | 6 | 37 | |||
Class A Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | 38 | 6 | 37 | |||
Class B Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 11 | 2 | 11 | |||
Class B Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | ¥ 11 | $ 2 | ¥ 11 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class A Common Shares | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | |
Common shares, shares issued | 62,036,273 | 61,392,170 | |
Common shares, shares outstanding | 62,036,273 | 61,392,170 | 60,106,037 |
Class B Common Shares | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 30,000,000 | 30,000,000 | |
Common shares, shares issued | 17,000,189 | 17,000,189 | |
Common shares, shares outstanding | 17,000,189 | 17,000,189 | 17,000,189 |
Parent Company | Class A Common Shares | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | |
Common shares, shares issued | 62,036,273 | 61,392,170 | |
Common shares, shares outstanding | 62,036,273 | 61,392,170 | |
Parent Company | Class B Common Shares | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 30,000,000 | 30,000,000 | |
Common shares, shares issued | 17,000,189 | 17,000,189 | |
Common shares, shares outstanding | 17,000,189 | 17,000,189 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating expenses | ||||
Sales and marketing | ¥ 116,415 | $ 18,268 | ¥ 102,319 | ¥ 118,548 |
General and administrative | (79,922) | (12,542) | (119,087) | (109,291) |
Total operating expenses | (403,059) | (63,249) | (396,003) | (404,087) |
Loss from operations | (138,130) | (21,675) | (189,825) | (147,225) |
Foreign exchange loss, net | 90 | 1,731 | ||
Interest income | 6,597 | 1,035 | 6,131 | 6,300 |
Interest expense | (8,815) | (1,383) | (11,724) | (11,118) |
Change in fair value of foreign currency swap contract | (3,108) | |||
Loss before income taxes | (140,552) | (22,055) | (224,989) | (109,679) |
Net loss | (140,584) | (22,060) | (225,075) | (109,841) |
Net loss attributable to common shareholders | (140,584) | (22,060) | (225,075) | (109,841) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 1,638 | 257 | 4,450 | (2,037) |
Comprehensive loss | (138,946) | (21,803) | (220,625) | (111,878) |
Parent Company | ||||
Operating expenses | ||||
Sales and marketing | (553) | (87) | ||
General and administrative | (17,785) | (2,791) | (15,938) | (14,389) |
Share of losses of subsidiaries and VIE | (117,029) | (18,364) | (193,109) | (93,328) |
Total operating expenses | (135,367) | (21,242) | (209,047) | (107,717) |
Loss from operations | (135,367) | (21,242) | (209,047) | (107,717) |
Foreign exchange loss, net | (3,351) | (525) | 6 | |
Interest income | 363 | 57 | 544 | 2,754 |
Interest expense | (7,820) | (1,227) | (10,654) | (10,178) |
Other income (loss) | (469) | (74) | (5,924) | 5,300 |
Change in fair value of foreign currency swap contract | 6,060 | 951 | ||
Loss before income taxes | (140,584) | (22,060) | (225,075) | (109,841) |
Net loss | (140,584) | (22,060) | (225,075) | (109,841) |
Net loss attributable to common shareholders | (140,584) | (22,060) | (225,075) | (109,841) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 1,638 | 257 | 4,450 | (2,037) |
Total other comprehensive income (loss), net of tax | 1,638 | 257 | 4,450 | (2,037) |
Comprehensive loss | ¥ (138,946) | $ (21,803) | ¥ (220,625) | ¥ (111,878) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash provided by operating activities | ¥ (76,650) | $ (12,027) | ¥ 75,810 | ¥ (25,758) |
Net cash used in investing activities | 26,442 | 4,150 | (144,415) | (88,966) |
Net cash (used in) / provided by financing activities | (54,520) | (8,556) | 315 | (33,883) |
Effect of exchange rate changes | 3,080 | 483 | (7,054) | 3,504 |
Net decrease in cash and cash equivalents and restricted cash | (101,648) | (15,950) | (75,344) | (145,103) |
Cash, cash equivalents and restricted cash at the beginning of year | 356,230 | 55,900 | 431,574 | 576,677 |
Cash, cash equivalents and restricted cash at the end of year | 254,582 | 39,950 | 356,230 | 431,574 |
Parent Company | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash provided by operating activities | (24,383) | (3,826) | (17,412) | 15,273 |
Net cash used in investing activities | (4,859) | (762) | (6,525) | (95,412) |
Net cash (used in) / provided by financing activities | (54,520) | (8,555) | 5,257 | (33,845) |
Effect of exchange rate changes | 4,361 | 683 | (3,686) | (9,763) |
Net decrease in cash and cash equivalents and restricted cash | (79,401) | (12,460) | (22,366) | (123,747) |
Cash, cash equivalents and restricted cash at the beginning of year | 92,123 | 14,456 | 114,489 | 238,236 |
Cash, cash equivalents and restricted cash at the end of year | ¥ 12,722 | $ 1,996 | ¥ 92,123 | ¥ 114,489 |