PDD (PDD) 6-K16 Nov 20Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2020
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	Pinduoduo Inc.
Entity Central Index Key	0001737806
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)
Current assets
Cash and cash equivalents	¥ 5,715,676	$ 841,828	¥ 5,768,186
Restricted cash	38,813,084	5,716,549	27,577,671
Receivables from online payment platforms	531,009	78,209	1,050,974
Short-term investments	39,859,089	5,870,609	35,288,827
Amounts due from related parties	3,449,126	508,001	2,365,528
Prepayments and other current assets	1,802,585	265,492	950,277
Total current assets	90,170,569	13,280,688	73,001,463
Non-current assets
Property, equipment and software, net	46,509	6,850	41,273
Intangible asset	1,486,959	219,005	1,994,292
Right-of-use assets	534,076	78,661	517,188
Other non-current assets	7,172,813	1,056,441	503,120
Total non-current assets	9,240,357	1,360,957	3,055,873
Total Assets	99,410,926	14,641,645	76,057,336
Current liabilities
Amounts due to related parties (including amounts due to related parties of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB1,502,892 and RMB3,298,767 (US$485,856) as of December 31, 2019 and September 30, 2020, respectively)	3,298,767	485,856	1,502,892
Customer advances and deferred revenues (including customer advances and deferred revenues of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB605,969 and RMB1,041,935 (US$153,460) as of December 31, 2019 and September 30, 2020, respectively)	1,042,093	153,484	605,970
Payable to merchants (including payable to merchants of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB29,657,227 and RMB39,821,635 (US$5,865,093) as of December 31, 2019 and September 30, 2020, respectively)	40,299,835	5,935,524	29,926,488
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB3,420,728 and RMB4,201,598 (US$618,829) as of December 31, 2019 and September 30, 2020, respectively)	6,904,953	1,016,988	4,877,062
Merchant deposits (including merchant deposits of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB7,840,912 and RMB10,574,449 (US$1,557,448) as of December 31, 2019 and September 30, 2020)	10,574,559	1,557,464	7,840,912
Short-term borrowings (including short-term borrowings of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB898,748 and RMB2,773,023 (US$408,422) as of December 31, 2019 and September 30, 2020, respectively)	2,773,023	408,422	898,748
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB90,523 and RMB129,106 (US$19,015) as of December 31, 2019 and September 30, 2020, respectively)	182,318	26,853	115,734
Total current liabilities	65,075,548	9,584,591	45,767,806
Convertible bonds	5,504,873	810,780	5,206,682
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB382,673 and RMB351,994 (US$51,843) as of December 31, 2019 and September 30, 2020, respectively)	390,803	57,559	428,593
Other non-current liabilities	36,040	5,308	7,389
Total non-current liabilities	5,931,716	873,647	5,642,664
Total Liabilities	71,007,264	10,458,238	51,410,470
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	51,969,053	7,654,214	41,493,949
Accumulated other comprehensive income	533,303	78,547	1,448,230
Accumulated deficits	(24,098,847)	(3,549,377)	(18,295,461)
Total shareholders' equity	28,403,662	4,183,407	24,646,866
Total liabilities and shareholders' equity	99,410,926	14,641,645	76,057,336
Class A ordinary shares
Shareholders' equity
Common Shares	109	17	84
Class B ordinary shares
Shareholders' equity
Common Shares	¥ 44	$ 6	¥ 64

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)shares	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2019$ / shares
Amounts due to related parties	¥ 3,298,767	$ 485,856	¥ 1,502,892
Customer advances and deferred revenue	1,042,093	153,484	605,970
Payable to merchants	40,299,835	5,935,524	29,926,488
Accrued expenses and other liabilities	6,904,953	1,016,988	4,877,062
Merchant deposits	10,574,559	1,557,464	7,840,912
Short-term borrowings	2,773,023	408,422	898,748
Lease liabilities	182,318	26,853	115,734
Lease liabilities	¥ 390,803	$ 57,559	¥ 428,593
Class A ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Ordinary shares, issued	3,380,761,000	3,380,761,000	2,575,580,988
Ordinary shares, outstanding	3,380,761,000	3,380,761,000	2,575,580,988
Class B ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	2,200,000,000	2,200,000,000	2,200,000,000
Ordinary shares, issued	1,409,744,080	1,409,744,080	2,074,447,700
Ordinary shares, outstanding	1,409,744,080	1,409,744,080	2,074,447,700
Consolidated VIE
Amounts due to related parties	¥ 3,298,767	$ 485,856	¥ 1,502,892
Customer advances and deferred revenue	1,041,935	153,460	605,969
Payable to merchants	39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities	4,201,598	618,829	3,420,728
Merchant deposits	10,574,449	1,557,448	7,840,912
Short-term borrowings	2,773,023	408,422	898,748
Lease liabilities	129,106	19,015	90,523
Lease liabilities	¥ 351,994	$ 51,843	¥ 382,673

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)¥ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019CNY (¥)¥ / sharesshares
Revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Cost of revenues	(7,752,517)	(1,141,823)	(4,301,341)
Gross profit	25,191,639	3,710,327	15,047,819
Sales and marketing expenses	(26,482,073)	(3,900,388)	(17,901,713)
General and administrative expenses	(1,101,727)	(162,267)	(951,030)
Research and development expenses	(4,940,392)	(727,641)	(2,597,983)
Total operating expenses	(32,524,192)	(4,790,296)	(21,450,726)
Operating loss	(7,332,553)	(1,079,969)	(6,402,907)
Interest and investment income, net	1,783,971	262,751	1,069,285
Interest expense	(479,190)	(70,577)	(6,150)
Foreign exchange gain	76,191	11,222	76,416
Other income, net	112,553	16,577	55,608
Loss before income tax	(5,839,028)	(859,996)	(5,207,748)
Share of results of equity investees , net of tax	35,642	5,249	(8,218)
Income tax expenses	0	0	0
Net loss	(5,803,386)	(854,747)	(5,215,966)
Net loss attributable to ordinary shareholders	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Loss per share:
Basic \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)
Diluted \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)
Shares used in loss per share computation
Basic	4,739,382	4,739,382	4,619,623
Diluted	4,739,382	4,739,382	4,619,623
Other comprehensive income, net of tax of nil:
Foreign currency translation difference, net of tax of nil	¥ (914,927)	$ (134,754)	¥ 768,892
Comprehensive loss	(6,718,313)	(989,501)	(4,447,074)
Costs of revenues
Share-based compensation expenses included in:
Share-based compensation expenses	22,368	3,294	16,579
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation expenses	816,672	120,283	623,508
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation expenses	714,515	105,237	562,118
Research and development
Share-based compensation expenses included in:
Share-based compensation expenses	¥ 1,126,258	$ 165,880	¥ 556,829

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Other comprehensive income, tax	¥ 0	¥ 0
Foreign currency translation difference, tax	¥ 0	¥ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Ordinary sharesPrivate PlacementCNY (¥)shares	Ordinary sharesCNY (¥)shares	Ordinary sharesUSD ($)shares	Additional paid in capitalPrivate PlacementCNY (¥)	Additional paid in capitalCNY (¥)	Additional paid in capitalUSD ($)	Accumulated other comprehensive incomeCNY (¥)	Accumulated other comprehensive incomeUSD ($)	Accumulated DeficitsCNY (¥)	Accumulated DeficitsUSD ($)	Private PlacementCNY (¥)	CNY (¥)	USD ($)
Balance at beginning of the year at Dec. 31, 2018 \| ¥		¥ 142			¥ 29,114,527		¥ 1,035,783		¥ (11,327,858)			¥ 18,822,594
Balance (in shares) at Dec. 31, 2018 \| shares		4,455,688,688	4,455,688,688
Changes in equity
Net loss \| ¥									(5,215,966)			(5,215,966)
Foreign currency translation difference \| ¥							768,892					768,892
Issuance of ordinary shares \| ¥		¥ 6			7,993,822							7,993,828
Issuance of ordinary shares (in shares) \| shares		193,740,000	193,740,000
Issuance of ordinary shares reserved for ESOP (in shares) \| shares		600,000	600,000
Equity component of convertible bonds \| ¥					1,827,894							1,827,894
Share-based compensation \| ¥					1,759,034							1,759,034
Balance at end of the year at Sep. 30, 2019 \| ¥		¥ 148			40,695,277		1,804,675		(16,543,824)			25,956,276
Balance (in shares) at Sep. 30, 2019 \| shares		4,650,028,688	4,650,028,688
Balance at beginning of the year at Dec. 31, 2019 \| ¥		¥ 148			41,493,949		1,448,230		(18,295,461)			24,646,866
Balance (in shares) at Dec. 31, 2019 \| shares		4,650,028,688	4,650,028,688
Changes in equity
Net loss									(5,803,386)			(5,803,386)	$ (854,747)
Foreign currency translation difference							(914,927)					(914,927)	(134,754)
Issuance of ordinary shares \| ¥	¥ 5			¥ 7,795,285							¥ 7,795,290
Issuance of ordinary shares (in shares) \| shares	135,426,300
Issuance of ordinary shares reserved for ESOP (in shares) \| shares		5,050,000	5,050,000
Conversion of convertible bond \| ¥					6							6
Conversion of convertible bond (in shares) \| shares		92	92
Restricted share units vested \| shares		1,885,868	1,885,868
Settlement of share-based compensation with shares held by depository bank \| shares		(1,885,868)	(1,885,868)
Share-based compensation \| ¥					2,679,813							2,679,813
Balance at end of the year at Sep. 30, 2020		¥ 153	$ 23		¥ 51,969,053	$ 7,654,214	¥ 533,303	$ 78,547	¥ (24,098,847)	$ (3,549,377)		¥ 28,403,662	$ 4,183,407
Balance (in shares) at Sep. 30, 2020 \| shares		4,790,505,080	4,790,505,080

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Interest expense	479,190	70,577	6,150
Depreciation and amortization	482,276	71,032	472,483
Lease expense to reduce right-of-use assets	95,730	14,100	39,655
Allowance for credit losses	27,380	4,033	9,331
Interest and investment gain, net	(534,918)	(78,785)	(43,598)
Loss on disposal of property and equipment	3		152
Share-based compensation	2,679,813	394,694	1,759,034
Foreign exchange gain	(76,191)	(11,222)	(31,150)
Share of results of equity investees	(35,642)	(5,249)	8,218
Fair value change of investments	(113,218)	(16,675)
Changes in operating assets and liabilities:
Receivables from online payment platforms	519,965	76,583	(276,850)
Amounts due from related parties	(1,083,598)	(159,597)	(234,457)
Prepayments and other current assets	(706,316)	(104,029)	21,335
Other non-current assets	(1,719)	(253)	(52,527)
Amounts due to related parties	1,795,876	264,504	1,607,491
Customer advances and deferred revenues	436,123	64,234	187,519
Payables to merchants	10,383,181	1,529,277	2,543,722
Accrued expenses and other liabilities	2,027,033	298,547	1,977,459
Merchant deposits	2,733,647	402,623	2,465,857
Other non-current liabilities	28,652	4,220	7,949
Lease liabilities	(83,823)	(12,346)	(28,844)
Net cash flow generated from operating activities	13,250,058	1,951,521	5,222,963
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sales of short-term investments	39,042,024	5,750,269	14,371,811
Purchase of short-term investments	(44,110,763)	(6,496,813)	(31,036,850)
Payments for long-term investments	(6,603,317)	(972,563)	(209,897)
Purchase of property, equipment and software and intangible assets	(18,059)	(2,660)	(18,339)
Proceeds from disposal of property and equipment	51	8	469
Repayment from / (loan to) third parties	(45,000)	(6,628)	35,000
Net cash flow used in investing activities	(11,735,064)	(1,728,387)	(16,857,806)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from follow-on offering			8,194,597
Proceeds from private placement	7,795,290	1,148,122
Proceeds from short-term borrowings	1,828,923	269,371
Proceeds from issuance of convertible bonds			7,073,101
Costs incurred for the follow-on offering			(200,769)
Issuance costs of convertible bonds			(106,097)
Net cash flow generated from financing activities	9,624,213	1,417,493	14,960,832
Exchange rate effect on cash, cash equivalents and restricted cash	43,696	6,436	500,402
Net increase in cash, cash equivalents and restricted cash	11,182,903	1,647,063	3,826,391
Cash, cash equivalents and restricted cash at beginning of period	33,345,857	4,911,314	30,539,686
Cash, cash equivalents and restricted cash at end of period	44,528,760	6,558,377	34,366,077
Supplement disclosure of non-cash operating activities :
Recognition of right-of-use assets and lease liabilities	¥ 118,144	$ 17,401	¥ 134,373

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash, Cash Equivalents and Restricted Cash ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Sep. 30, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	¥ 5,715,676	$ 841,828	¥ 5,768,186		¥ 15,694,045
Restricted cash	38,813,084	5,716,549	27,577,671		18,672,032
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 44,528,760	$ 6,558,377	¥ 33,345,857	$ 4,911,314	¥ 34,366,077	¥ 30,539,686

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization
Organization	1. Organization Pinduoduo Inc. (the ‘‘Company’’) was incorporated in the Cayman Islands on April 20, 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable interest entity (the ‘‘VIE’’) and the subsidiaries of the VIE (collectively, the ‘‘Group’’) are principally engaged in the provision of online marketplace to help merchants leverage the power of the internet to engage with their customers in the People’s Republic of China (the ‘‘PRC’’ or ‘‘China’’). Due to the PRC legal restrictions on foreign ownership and investment in such business, the Company conducts its primary business operations through its VIE and subsidiaries of the VIE. As of September 30, 2020, the details of the Company’s major subsidiaries, consolidated VIE and the subsidiaries of the VIE are as follows: Percentage of Date of Place of ownership by the Principal Entity incorporation incorporation Company activities Direct Indirect Subsidiaries: HongKong Walnut Street Limited April 28, 2015 Hong Kong 100 % — Holding company Hangzhou Weimi Network Technology Co., Ltd. May 28, 2015 PRC 100 % — Technology research and development Walnut Street (Shanghai) Information Technology Co., Ltd. January 25,2018 PRC 100 % Technology research and development Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd. April 25, 2018 PRC 100 % — E-commerce platform VIE: Hangzhou Aimi Network Technology Co., Ltd. ("Hangzhou Aimi" or the "VIE") April 14, 2015 PRC — 100 % E-commerce platform VIE’s subsidiary: Shanghai Xunmeng Information Technology Co., Ltd. January 9, 2014 PRC — 100 % E-commerce platform The VIE The VIE and the subsidiaries of VIE contributed 60.0% and 61.2% of the Group’s consolidated revenues for the nine months ended September 30, 2019 and 2020 respectively. As of December 31, 2019 and September 30, 2020, the VIE accounted for an aggregate of 54.1% and 57.1%, respectively of the consolidated total assets, and 86.4% and 87.6%, respectively of the consolidated total liabilities. 1. Organization (Continued) The following tables represent the financial information for the VIE as of December 31, 2019 and September 30, 2020 and for the nine months ended September 30, 2019 and 2020 before eliminating the inter-company balances and transactions between the VIE, the subsidiaries of the VIE and other entities within the Group: As of December 31, 2019 September 30, 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 2,816,894 3,402,797 501,178 Restricted cash 27,528,793 38,561,984 5,679,566 Receivables from online payment platforms 1,050,974 528,810 77,885 Short-term investments 6,560,665 5,557,631 818,551 Amounts due from related parties (i) 2,360,267 2,909,207 428,480 Amounts due from Group companies 3,337,273 12,373,526 1,822,423 Prepayments and other current assets 295,377 991,944 146,098 Total current assets 43,950,243 64,325,899 9,474,181 Non-current assets Property, equipment and software, net 27,719 31,488 4,638 Right-of-use assets 452,883 450,047 66,285 Other non-current assets 60,306 4,345,756 640,061 Total non-current assets 540,908 4,827,291 710,984 Total assets 44,491,151 69,153,190 10,185,165 As of December 31, 2019 September 30, 2020 RMB RMB US$ LIABILITIES Current liabilities Amounts due to Group companies 5,393,858 13,028,708 1,918,921 Amounts due to related parties (i) 1,502,892 3,298,767 485,856 Customer advances and deferred revenues 605,969 1,041,935 153,460 Payable to merchants 29,657,227 39,821,635 5,865,093 Accrued expenses and other liabilities 3,420,728 4,201,598 618,829 Merchant deposits 7,840,912 10,574,449 1,557,448 Short term borrowings 898,748 2,773,023 408,422 Lease liabilities 90,523 129,106 19,015 Total current liabilities 49,410,857 74,869,221 11,027,044 Lease liabilities 382,673 351,994 51,843 Total non-current liabilities 382,673 351,994 51,843 Total liabilities 49,793,530 75,221,215 11,078,887 i) Information with respect to related parties is discussed in Note 11. 1. Organization (Continued) For the nine months ended September 30, 2019 2020 RMB RMB US$ Revenues from Group companies 1,197,820 7,865,481 1,158,460 External 11,605,365 20,147,444 2,967,398 Total revenues 12,803,185 28,012,925 4,125,858 Net loss 3,266,608 761,093 112,097 For the nine months ended September 30, 2019 2020 RMB RMB US$ Net cash generated from operating activities 3,494,022 5,691,071 838,205 Net cash used in investing activities (3,612,197) (3,334,574) (491,130) Net cash provided by financing activities 2,332,838 9,262,597 1,364,232 Net increase in cash, cash equivalents and restricted cash 2,214,663 11,619,094 1,711,307 Cash, cash equivalents and restricted cash at beginning of period 19,908,680 30,345,687 4,469,437 Cash, cash equivalents and restricted cash at end of period 22,123,343 41,964,781 6,180,744 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents 3,499,188 3,402,797 501,178 Restricted cash 18,624,155 38,561,984 5,679,566 Total cash, cash equivalents and restricted cash in the statements of cash flows 22,123,343 41,964,781 6,180,744

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies (a) Use of estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but not limited to allowance for credit loss, economic lives and impairment of long-lived assets, valuation of short-term and long-term investments, valuation allowance for deferred tax assets, uncertain tax position, valuation for share-based compensation, liability component of convertible bonds and incremental borrowing rates for operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (b) Concentration of credit risk Financial instruments that potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, short-term investments and held-to-maturity debt securities. As of December 31, 2019 and September 30, 2020, all of the Group’s cash and cash equivalents, restricted cash, short-term investments and held-to-maturity debt securities were held at reputable financial institutions with high-credit ratings. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions and there has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms including amounts due from related parties (Note 11), unsecured and denominated in RMB, are derived from merchandise sales on the Group’s online marketplace to consumers, and exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on the selected online payment platforms that are highly reputable and market leaders. There has been no default of payments from these online payment platforms. (c) Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with US GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding financial reporting and include all normal and recurring adjustments that management of the Group considers necessary for a fair presentation of its financial position and operation results. Certain information and footnote disclosures normally included in financial statements prepared in conformity with US GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Group's audited consolidated financial statements as of and for the years ended December 31, 2018 and 2019. (d) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.7896 on September 30, 2020, the last business day in September 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. 2. Summary of Significant Accounting Policies (Continued) (e) Revenue recognition The Group through its platform primarily offers online marketplace services that enable third-party merchants to sell their products to consumers in China. Revenues from marketplace services consist of online marketing services revenue and transaction services fees. Payments for services are generally received before deliveries. Revenues are recognized when control of the promised services are transferred to the Group’s customers in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. The Group also evaluates whether it is appropriate to record the gross amounts of goods and services sold and the related costs, or the net amounts earned as commissions. The Group presents value added taxes (“VAT”) as reductions of revenues. Online marketplace services The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s online marketplace, where the Group does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as a percentage based on the value of merchandise being sold by the merchants. Revenues related to transaction services are recognized in the unaudited interim condensed consolidated statements of comprehensive loss at the time when the Group’s service obligations to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants. The Group also entered into contractual agreements with certain merchants to provide online marketing services on the Group’s online marketplace for which the Group receives service fees from merchants. Online marketing services mainly allow merchants to bid for keywords that match product listings appearing in search or browser results on the Group’s online marketplace. Merchants prepay for online marketing services that are charged on a cost-per-click basis. Under ASC 606, the related revenues are recognized at a point of time when consumers click the merchants’ product listings when services are completed by the Group for the merchants. The positioning of such listings and the price for such positioning are determined through an online auction system, which facilitates price discovery through a market-based mechanism. In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers incentives such as coupons, credits and discounts to consumers. Consumers are not customers of the Group, therefore incentives offered to consumers are not considered payments to customers. Coupons and credits redeemable for coupons can only be used in future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price that are not specific to any merchant. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Group recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made. Discounts provided to consumers are not specific to any merchant and the associated costs to the Group are recognized as marketing expenses when the related transaction services revenues are recognized. 2. Summary of Significant Accounting Policies (Continued) (e) Revenue recognition (Continued) During the nine months periods ended September 30, 2019 and 2020, the Group also issued to consumers at its discretion, cash redeemable credits upon their completion of certain actions unrelated to the purchases of merchant products on the Group’s online marketplace. As the credits were redeemable for cash, the Group accrued for the related costs in marketing expenses based on the cash redemption value of each credit as it is issued, assuming all credits will be redeemed. As of December 31, 2019 and September 30, 2020, the amount of outstanding credits was immaterial. (f) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amounts of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB16,985,999 and RMB25,213,427 (US$3,713,536) for the nine months ended September 30, 2019 and 2020, respectively. (g) Credit loss On January 1, 2020, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (h) Investment in convertible bonds The financial instruments guidance in ASC 825-10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. The Group has elected the fair value option for certain investments including convertible bonds subscribed. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized and unrealized gains or losses recorded in the condensed consolidated statements of comprehensive loss. 2. Summary of Significant Accounting Policies (Continued) (i) Segment reporting The Group follows ASC 280, Segment Reporting (j) Recent accounting pronouncements In June 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)

Prepayments and Other Current A

Prepayments and Other Current Assets	9 Months Ended
Prepayments and Other Current Assets	Sep. 30, 2020
Prepayments and Other Current Assets
Prepayments and Other Current Assets	3. Prepayments and Other Current Assets The components of prepayments and other current assets were as follows: As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Prepayments 645,169 570,658 84,049 VAT recoverable 102,426 371,127 54,661 Inventory — 345,299 50,857 Interest receivables 146,294 249,146 36,695 Rental and other deposits 12,060 138,909 20,459 Loan to a third party — 45,000 6,628 Others 44,328 82,446 12,143 950,277 1,802,585 265,492 The prepayments primarily consist of advertising fees paid in advance.

Intangible Asset

Intangible Asset	9 Months Ended
Intangible Asset	Sep. 30, 2020
Intangible Asset
Intangible Asset	4. Intangible Asset Intangible asset consisted of the following: Total RMB Balance as of January 1, 2019 2,579,338 Amortization (619,733) Foreign currency translation difference 34,687 Balance as of December 31, 2019 1,994,292 Amortization (472,564) Foreign currency translation difference (34,769) Balance as of September 30, 2020 1,486,959 No impairment charges were recognized on the intangible asset for the nine months ended September 30, 2019 and 2020. The estimated annual amortization expense for each of the succeeding fiscal years is as follows: Amortization RMB US$ For three months ending December 31, 2020 154,402 22,741 For the years ending December 31, 2021 612,573 90,222 2022 612,573 90,222 2023 107,411 15,820

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2020
Leases
Leases	5. Leases The Company has operating leases mainly for offices in China. For the nine months ended September 30, 2019 and 2020, operating lease costs were RMB67,196 and RMB116,869 (US$17,213); and short-term lease costs were RMB26,031 and RMB14,451 (US$2,128), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the nine months ended September 30, 2019 and 2020. A maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized as of September 30, 2020 was as below: Rental RMB US$ The remainder of 2020 50,644 7,459 2021 199,556 29,391 2022 148,340 21,848 2023 112,914 16,630 2024 and after 117,932 17,371 Total undiscounted cash flows 629,386 92,699 Less: imputed interest (56,265) (8,287) Present value of lease liabilities 573,121 84,412 5. Leases (Continued) As of December 31, 2019 and September 30, 2020, the Company had no material operating leases that had not yet commenced. As of December 31, 2019, the weighted average remaining lease term was 4.37 years and weighted average discount rate was 5.36% for the Company’s operating leases. As of September 30, 2020, the weighted average remaining lease term was 3.65 years and weighted average discount rate was 5.11% for the Company’s operating leases. Other supplemental information related to leases is summarized below: For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Operating cash flows for operating leases 57,060 104,962 15,459 Right-of-use assets obtained in exchange for new operating lease liabilities 134,373 118,144 17,401

Other Non-current Asset

Other Non-current Asset	9 Months Ended
Other Non-current Asset	Sep. 30, 2020
Other Non-current Assets
Other Non-current Assets	6. Other Non-current Assets Other Non-Current Assets mainly include held-to-maturity debt securities, convertible bonds, and investment in equity method investments. Held-to-maturity debt securities represent time deposits in financial institutions that the Group has positive intent and ability to hold to maturity. As of December 31, 2019 and September 30, 2020, the carrying amount for the investments, net of allowance for credit losses, was nil and RMB 4,282,558 (US $630,752 ), respectively. As of September 30, 2020, the allowance for credit losses was RMB 6,936 (US $1,022 ). Gains recorded on these time deposits in the condensed consolidated statements of comprehensive loss were nil and RMB 28,604 (US $4,213 ) for the nine months ended September 30, 2019 and 2020, respectively. Investment in convertible bonds is accounted for under the fair value option, for which the fair value as of December 31, 2019 and September 30, 2020 were nil and RMB 1,450,333 (US $213,611 ), respectively. Unrealized gains recorded on these convertible bonds in the condensed consolidated statements of comprehensive loss were nil and RMB 90,755 (US $13,367 ) for the nine months ended September 30, 2019 and 2020, respectively. Equity method investments are included in other non-current assets on the Company's consolidated balance sheets. Equity method investments consist of the Company's investments as a limited partner in certain limited partnership funds, including funds set up by the Company's related parties, to make strategic investments. As of December 31, 2019 and September 30, 2020, the carrying amount for the investments was RMB 433,649 and RMB 1,015,231 (US $149,527 ), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2019 and September 30, 2020. For the nine months ended September 30, 2019 and 2020, the Group shared results of equity investees of RMB 8,218 loss and RMB 35,642 (US $5,249 ) gain in the condensed consolidated statements of comprehensive loss. There was no impairment on these investments during the nine months ended September 30, 2019 and 2020.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
Accrued Expenses and Other Liabilities	Sep. 30, 2020
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	7. Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows: As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Accrued expenses 2,727,273 3,653,380 538,083 VAT and other tax payable 1,045,796 1,809,374 266,492 Payroll payable 1,061,228 1,340,438 197,425 Others 42,765 101,761 14,988 4,877,062 6,904,953 1,016,988 Accrued expenses primarily consisted of accrued advertising and marketing expenses.

Revenues

Revenues	9 Months Ended
Revenues	Sep. 30, 2020
Revenues
Revenues	8. Revenues The components of revenues were as follows: For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Online marketing services and others 17,126,942 29,424,626 4,333,779 Transaction services 2,222,218 3,519,530 518,371 19,349,160 32,944,156 4,852,150 The Group’s contract liabilities comprised of customer advances and deferred revenues and portions of payable to merchants: As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Customer advances and deferred revenues 605,970 1,042,093 153,484 Payable to merchants 116,557 152,158 22,410 Customer advances and deferred revenues and payable to merchants relate to considerations received in advance for online marketing services and transaction services, for which control of the services occur at a later point in time. During the nine months ended September 30, 2020, revenues of RMB645,022 were recognized from the carrying value of contract liabilities as of December 31, 2019. During the nine months ended September 30, 2019, revenues of RMB217,715 were recognized from the carrying value of contract liabilities as of December 31, 2018.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2020
Fair Value Measurements
Fair Value Measurements	9. Fair Value Measurement In accordance with ASC 820, the Company measures investments in convertible bonds and certain wealth management products classified as trading securities on a recurring basis. The following tables set forth the financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2019: Short-term investments: Trading debt securities — 795,849 — Equity securities: Marketable 11,925 — — 11,925 795,849 — Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of September 30, 2020: Short-term investments: Trading debt securities — 988,499 — Other non-current assets: Investment in convertible bonds — — 1,450,333 — 988,499 1,450,333 Investment in convertible bonds is classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the binomial model. Key inputs and parameters include volatility which is an expected rate based on the historical stock price of the bond issuer, risk free rate which is based on the yield of US government bond and discount rate which is based on yield of comparable bonds with similar credit rating applicable for the bond issuer. Certain wealth management products classified as trading securities is classified under level 2 in the fair value hierarchy, with the fair value determined based on quoted prices of similar assets. 9. Fair Value Measurement (continued) Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amortization RMB US$ Balance at December 31, 2019 — — Additions 1,414,200 208,289 Net unrealized fair value 90,755 13,367 Foreign currency translation adjustments (54,622) (8,045) Balance at September 30, 2020 1,450,333 213,611 As of December 31, 2019 and September 30, 2020, the Group did not have any assets or liabilities that were measured at fair value on a non-recurring basis and no impairment charge was recorded. The followings are financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. The fair values of held-to-maturity debt investments are estimated using prevailing interest rates. The fair values of the convertible bonds are based on broker quotes: Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB As of December 31, 2019: Short-term investments: Held-to-maturity debt securities — 34,481,053 — Convertible bonds — 8,037,280 — As of September 30, 2020: Short-term investments: Held-to-maturity debt securities — 38,870,590 — Other non-current assets: Held-to-maturity debt securities — 4,282,558 — Convertible bonds — 12,374,633 —

Ordinary Shares

Ordinary Shares	9 Months Ended
Ordinary Shares	Sep. 30, 2020
Ordinary Shares
Ordinary Shares	10. Ordinary Shares In April 2020, the Company completed a private placement and issued 135,426,300 Class A Ordinary Shares for total proceeds of US$1,100,000 (RMB7,795,290), among which there were 6,155,740 Class A Ordinary Shares issued to a related party, Tencent and its affiliates (“Tencent Group”), representing total proceeds of US$50,000 (RMB354,975). In June 2020, 664,703,620 Class B ordinary shares were converted into Class A ordinary shares by the holder on a one-for-one basis.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2020
Related Party Transactions
Related Party Transactions	11. Related Party Transactions (a) Major related parties: Names of related parties Relationship with the Group Tencent Group A shareholder and its affiliates of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company (b) Other than those disclosed elsewhere, the Group had the following significant related party transactions for the nine months ended September 30, 2019 and 2020, respectively: For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Services received from: Tencent Group 1,977,867 7,032,370 1,035,756 (c) The Group had the following major related party balances as of December 31, 2019 and September 30, 2020, respectively: As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Amounts due from related parties: Current: Tencent Group* 1,905,793 2,959,416 435,875 Ningbo Hexin Equity Investment Partnership ** 459,632 459,632 67,696 Amounts due to related parties: Current: Tencent Group 1,502,892 3,295,768 485,414 * The balances mainly represented receivables due from the online payment platform operated by Tencent Group. ** The balance represents a loan to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

Loss Per Share

Loss Per Share	9 Months Ended
Loss Per Share	Sep. 30, 2020
Loss Per Share
Loss Per Share	12. Loss Per Share Basic and diluted loss per share are not reported separately for Class A ordinary shares or Class B ordinary shares (the ‘‘Ordinary Shares’’) as each class of shares has the same rights to undistributed and distributed earnings. The following table sets forth the computation of basic and diluted net loss per share for the following periods: For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Numerator: Net loss (5,215,966) (5,803,386) (854,747) Net loss attributable to ordinary shareholders (5,215,966) (5,803,386) (854,747) Denominator: (in thousands of shares) Weighted-average number of ordinary shares outstanding – basic and diluted 4,619,623 4,739,382 4,739,382 Loss per share – basic and diluted (1.13) (1.22) (0.18)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies.
Commitments and Contingencies	13. Commitments and Contingencies (a) Operating lease commitments The Group’s rents are operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year are included in Note 5. (b) Contingencies Between August and December 2018, several putative shareholder class action lawsuits were filed against the Group and certain of its officers and directors in the U.S. District Court for the Southern District of New York (“SDNY”) and the Superior Court of the State of California. In March 2020, the court granted the Group's motion to dismiss the claims in the consolidated action in the SDNY. The California action was stayed by the court pending further instruction hence the Group cannot reliably estimate the likelihood of an unfavorable outcome or any estimate of the amounts or range of any potential loss. As of September 30, 2020, the Group did not consider an unfavorable outcome in any material respects in the outstanding legal proceedings and litigations to be probable. (c) Investment commitments The Group's investment commitments primarily relate to capital contributions obligation under certain arrangements which do not have contractual maturity date. The total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB582,657(US$85,816).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Summary of Significant Accounting Policies
Use of estimates	(a) Use of estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but not limited to allowance for credit loss, economic lives and impairment of long-lived assets, valuation of short-term and long-term investments, valuation allowance for deferred tax assets, uncertain tax position, valuation for share-based compensation, liability component of convertible bonds and incremental borrowing rates for operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Concentration of credit risk	(b) Concentration of credit risk Financial instruments that potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, short-term investments and held-to-maturity debt securities. As of December 31, 2019 and September 30, 2020, all of the Group’s cash and cash equivalents, restricted cash, short-term investments and held-to-maturity debt securities were held at reputable financial institutions with high-credit ratings. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions and there has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms including amounts due from related parties (Note 11), unsecured and denominated in RMB, are derived from merchandise sales on the Group’s online marketplace to consumers, and exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on the selected online payment platforms that are highly reputable and market leaders. There has been no default of payments from these online payment platforms.
Basis of presentation	(c) Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with US GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding financial reporting and include all normal and recurring adjustments that management of the Group considers necessary for a fair presentation of its financial position and operation results. Certain information and footnote disclosures normally included in financial statements prepared in conformity with US GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Group's audited consolidated financial statements as of and for the years ended December 31, 2018 and 2019.
Convenience translation	(d) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.7896 on September 30, 2020, the last business day in September 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Revenue recognition	(e) Revenue recognition The Group through its platform primarily offers online marketplace services that enable third-party merchants to sell their products to consumers in China. Revenues from marketplace services consist of online marketing services revenue and transaction services fees. Payments for services are generally received before deliveries. Revenues are recognized when control of the promised services are transferred to the Group’s customers in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. The Group also evaluates whether it is appropriate to record the gross amounts of goods and services sold and the related costs, or the net amounts earned as commissions. The Group presents value added taxes (“VAT”) as reductions of revenues. Online marketplace services The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s online marketplace, where the Group does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as a percentage based on the value of merchandise being sold by the merchants. Revenues related to transaction services are recognized in the unaudited interim condensed consolidated statements of comprehensive loss at the time when the Group’s service obligations to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants. The Group also entered into contractual agreements with certain merchants to provide online marketing services on the Group’s online marketplace for which the Group receives service fees from merchants. Online marketing services mainly allow merchants to bid for keywords that match product listings appearing in search or browser results on the Group’s online marketplace. Merchants prepay for online marketing services that are charged on a cost-per-click basis. Under ASC 606, the related revenues are recognized at a point of time when consumers click the merchants’ product listings when services are completed by the Group for the merchants. The positioning of such listings and the price for such positioning are determined through an online auction system, which facilitates price discovery through a market-based mechanism. In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers incentives such as coupons, credits and discounts to consumers. Consumers are not customers of the Group, therefore incentives offered to consumers are not considered payments to customers. Coupons and credits redeemable for coupons can only be used in future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price that are not specific to any merchant. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Group recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made. Discounts provided to consumers are not specific to any merchant and the associated costs to the Group are recognized as marketing expenses when the related transaction services revenues are recognized. 2. Summary of Significant Accounting Policies (Continued) (e) Revenue recognition (Continued) During the nine months periods ended September 30, 2019 and 2020, the Group also issued to consumers at its discretion, cash redeemable credits upon their completion of certain actions unrelated to the purchases of merchant products on the Group’s online marketplace. As the credits were redeemable for cash, the Group accrued for the related costs in marketing expenses based on the cash redemption value of each credit as it is issued, assuming all credits will be redeemed. As of December 31, 2019 and September 30, 2020, the amount of outstanding credits was immaterial.
Advertising expenditures	(f) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amounts of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB16,985,999 and RMB25,213,427 (US$3,713,536) for the nine months ended September 30, 2019 and 2020, respectively.
Credit loss	(g) Credit loss On January 1, 2020, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Investment in convertible bonds	(h) Investment in convertible bonds The financial instruments guidance in ASC 825-10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. The Group has elected the fair value option for certain investments including convertible bonds subscribed. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized and unrealized gains or losses recorded in the condensed consolidated statements of comprehensive loss.
Segment reporting	(i) Segment reporting The Group follows ASC 280, Segment Reporting
Recent accounting pronouncements	(j) Recent accounting pronouncements In June 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)

Organization (Tables)

Organization (Tables)	9 Months Ended
Organization (Tables)	Sep. 30, 2020
Organization
Schedule of company's major subsidiaries, consolidated VIE and the subsidiary of the VIE	Percentage of Date of Place of ownership by the Principal Entity incorporation incorporation Company activities Direct Indirect Subsidiaries: HongKong Walnut Street Limited April 28, 2015 Hong Kong 100 % — Holding company Hangzhou Weimi Network Technology Co., Ltd. May 28, 2015 PRC 100 % — Technology research and development Walnut Street (Shanghai) Information Technology Co., Ltd. January 25,2018 PRC 100 % Technology research and development Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd. April 25, 2018 PRC 100 % — E-commerce platform VIE: Hangzhou Aimi Network Technology Co., Ltd. ("Hangzhou Aimi" or the "VIE") April 14, 2015 PRC — 100 % E-commerce platform VIE’s subsidiary: Shanghai Xunmeng Information Technology Co., Ltd. January 9, 2014 PRC — 100 % E-commerce platform
Schedule of financial information for the VIE before eliminating the inter-company balances and transactions between the VIE, the subsidiaries of the VIE and other entities within the Group	As of December 31, 2019 September 30, 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 2,816,894 3,402,797 501,178 Restricted cash 27,528,793 38,561,984 5,679,566 Receivables from online payment platforms 1,050,974 528,810 77,885 Short-term investments 6,560,665 5,557,631 818,551 Amounts due from related parties (i) 2,360,267 2,909,207 428,480 Amounts due from Group companies 3,337,273 12,373,526 1,822,423 Prepayments and other current assets 295,377 991,944 146,098 Total current assets 43,950,243 64,325,899 9,474,181 Non-current assets Property, equipment and software, net 27,719 31,488 4,638 Right-of-use assets 452,883 450,047 66,285 Other non-current assets 60,306 4,345,756 640,061 Total non-current assets 540,908 4,827,291 710,984 Total assets 44,491,151 69,153,190 10,185,165 As of December 31, 2019 September 30, 2020 RMB RMB US$ LIABILITIES Current liabilities Amounts due to Group companies 5,393,858 13,028,708 1,918,921 Amounts due to related parties (i) 1,502,892 3,298,767 485,856 Customer advances and deferred revenues 605,969 1,041,935 153,460 Payable to merchants 29,657,227 39,821,635 5,865,093 Accrued expenses and other liabilities 3,420,728 4,201,598 618,829 Merchant deposits 7,840,912 10,574,449 1,557,448 Short term borrowings 898,748 2,773,023 408,422 Lease liabilities 90,523 129,106 19,015 Total current liabilities 49,410,857 74,869,221 11,027,044 Lease liabilities 382,673 351,994 51,843 Total non-current liabilities 382,673 351,994 51,843 Total liabilities 49,793,530 75,221,215 11,078,887 i) Information with respect to related parties is discussed in Note 11. 1. Organization (Continued) For the nine months ended September 30, 2019 2020 RMB RMB US$ Revenues from Group companies 1,197,820 7,865,481 1,158,460 External 11,605,365 20,147,444 2,967,398 Total revenues 12,803,185 28,012,925 4,125,858 Net loss 3,266,608 761,093 112,097 For the nine months ended September 30, 2019 2020 RMB RMB US$ Net cash generated from operating activities 3,494,022 5,691,071 838,205 Net cash used in investing activities (3,612,197) (3,334,574) (491,130) Net cash provided by financing activities 2,332,838 9,262,597 1,364,232 Net increase in cash, cash equivalents and restricted cash 2,214,663 11,619,094 1,711,307 Cash, cash equivalents and restricted cash at beginning of period 19,908,680 30,345,687 4,469,437 Cash, cash equivalents and restricted cash at end of period 22,123,343 41,964,781 6,180,744 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents 3,499,188 3,402,797 501,178 Restricted cash 18,624,155 38,561,984 5,679,566 Total cash, cash equivalents and restricted cash in the statements of cash flows 22,123,343 41,964,781 6,180,744

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)	9 Months Ended
Prepayments and Other Current Assets (Tables)	Sep. 30, 2020
Prepayments and Other Current Assets
Schedule of components of prepayments and other current assets	As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Prepayments 645,169 570,658 84,049 VAT recoverable 102,426 371,127 54,661 Inventory — 345,299 50,857 Interest receivables 146,294 249,146 36,695 Rental and other deposits 12,060 138,909 20,459 Loan to a third party — 45,000 6,628 Others 44,328 82,446 12,143 950,277 1,802,585 265,492

Intangible Asset (Tables)

Intangible Asset (Tables)	9 Months Ended
Intangible Asset (Tables)	Sep. 30, 2020
Intangible Asset
Schedule of intangible asset	Total RMB Balance as of January 1, 2019 2,579,338 Amortization (619,733) Foreign currency translation difference 34,687 Balance as of December 31, 2019 1,994,292 Amortization (472,564) Foreign currency translation difference (34,769) Balance as of September 30, 2020 1,486,959
Schedule of estimated annual amortization expense	Amortization RMB US$ For three months ending December 31, 2020 154,402 22,741 For the years ending December 31, 2021 612,573 90,222 2022 612,573 90,222 2023 107,411 15,820

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2020
Leases
Summary of maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities	Rental RMB US$ The remainder of 2020 50,644 7,459 2021 199,556 29,391 2022 148,340 21,848 2023 112,914 16,630 2024 and after 117,932 17,371 Total undiscounted cash flows 629,386 92,699 Less: imputed interest (56,265) (8,287) Present value of lease liabilities 573,121 84,412
Summary of supplemental information related to leases	For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Operating cash flows for operating leases 57,060 104,962 15,459 Right-of-use assets obtained in exchange for new operating lease liabilities 134,373 118,144 17,401

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Sep. 30, 2020
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Accrued expenses 2,727,273 3,653,380 538,083 VAT and other tax payable 1,045,796 1,809,374 266,492 Payroll payable 1,061,228 1,340,438 197,425 Others 42,765 101,761 14,988 4,877,062 6,904,953 1,016,988

Revenues (Tables)

Revenues (Tables)	9 Months Ended
Revenues (Tables)	Sep. 30, 2020
Revenues
Schedule of revenues	For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Online marketing services and others 17,126,942 29,424,626 4,333,779 Transaction services 2,222,218 3,519,530 518,371 19,349,160 32,944,156 4,852,150
Schedule of information about contract liabilities, comprising customer advances, deferred revenues and portions of Payables to merchants	As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Customer advances and deferred revenues 605,970 1,042,093 153,484 Payable to merchants 116,557 152,158 22,410

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2020
Fair Value Measurements
Schedule of financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy	Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2019: Short-term investments: Trading debt securities — 795,849 — Equity securities: Marketable 11,925 — — 11,925 795,849 — Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of September 30, 2020: Short-term investments: Trading debt securities — 988,499 — Other non-current assets: Investment in convertible bonds — — 1,450,333 — 988,499 1,450,333
Schedule of Reconciliations of assets categorized within Level 3	Amortization RMB US$ Balance at December 31, 2019 — — Additions 1,414,200 208,289 Net unrealized fair value 90,755 13,367 Foreign currency translation adjustments (54,622) (8,045) Balance at September 30, 2020 1,450,333 213,611
Schedule of fair value instruments on unobservable input reconciliation	Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB As of December 31, 2019: Short-term investments: Held-to-maturity debt securities — 34,481,053 — Convertible bonds — 8,037,280 — As of September 30, 2020: Short-term investments: Held-to-maturity debt securities — 38,870,590 — Other non-current assets: Held-to-maturity debt securities — 4,282,558 — Convertible bonds — 12,374,633 —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2020
Related Party Transactions
Schedule of relationship with related parties	Names of related parties Relationship with the Group Tencent Group A shareholder and its affiliates of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company
Schedule of significant related party transactions	For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Services received from: Tencent Group 1,977,867 7,032,370 1,035,756
Schedule of major related party balances	As of December 31, 2019 September 30, 2020 September 30, 2020 RMB RMB US$ Amounts due from related parties: Current: Tencent Group* 1,905,793 2,959,416 435,875 Ningbo Hexin Equity Investment Partnership ** 459,632 459,632 67,696 Amounts due to related parties: Current: Tencent Group 1,502,892 3,295,768 485,414 * The balances mainly represented receivables due from the online payment platform operated by Tencent Group. ** The balance represents a loan to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
Loss Per Share (Tables)	Sep. 30, 2020
Loss Per Share
Schedule of computation of basic and diluted net loss per share	For the nine months ended September 30, 2019 2020 2020 RMB RMB US$ Numerator: Net loss (5,215,966) (5,803,386) (854,747) Net loss attributable to ordinary shareholders (5,215,966) (5,803,386) (854,747) Denominator: (in thousands of shares) Weighted-average number of ordinary shares outstanding – basic and diluted 4,619,623 4,739,382 4,739,382 Loss per share – basic and diluted (1.13) (1.22) (0.18)

Organization - Ownership intere

Organization - Ownership interest (Details)	9 Months Ended
Organization - Ownership interest (Details)	Sep. 30, 2020
Hangzhou Aimi or VIE
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of direct or indirect ownership in VIEs	100.00%
Shanghai Xunmeng
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of direct or indirect ownership in VIEs	100.00%
Walnut HK
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Hangzhou Weimi or WFOE
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Walnut Street (Shanghai)
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Xinzhijiang
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%

Organization - Financial inform

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	9 Months Ended			12 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)	Sep. 30, 2019CNY (¥)
Current assets
Cash and cash equivalents						¥ 5,715,676	$ 841,828	¥ 5,768,186	¥ 15,694,045
Restricted cash						38,813,084	5,716,549	27,577,671	18,672,032
Receivables from online payment platforms						531,009	78,209	1,050,974
Short-term investments						39,859,089	5,870,609	35,288,827
Amounts due from related parties (i)						3,449,126	508,001	2,365,528
Prepayments and other current assets						1,802,585	265,492	950,277
Total current assets						90,170,569	13,280,688	73,001,463
Non-current assets
Property, equipment and software, net						46,509	6,850	41,273
Right-of-use assets						534,076	78,661	517,188
Other non-current assets						7,172,813	1,056,441	503,120
Total non-current assets						9,240,357	1,360,957	3,055,873
Total Assets						99,410,926	14,641,645	76,057,336
Current liabilities
Amounts due to related parties						3,298,767	485,856	1,502,892
Payable to merchants						40,299,835	5,935,524	29,926,488
Accrued expenses and other liabilities						6,904,953	1,016,988	4,877,062
Merchant deposits						10,574,559	1,557,464	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						182,318	26,853	115,734
Total current liabilities						65,075,548	9,584,591	45,767,806
Lease liabilities						390,803	57,559	428,593
Total non-current liabilities						5,931,716	873,647	5,642,664
Total Liabilities						71,007,264	10,458,238	51,410,470
Consolidated statement of income (loss)
Net revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Net loss	(5,803,386)	(854,747)	(5,215,966)
Consolidated statement of cashflows
Net cash generated from operating activities	13,250,058	1,951,521	5,222,963
Net cash used in investing activities	(11,735,064)	(1,728,387)	(16,857,806)
Net cash provided by financing activities	9,624,213	1,417,493	14,960,832
Net increase in cash, cash equivalents and restricted cash	11,182,903	1,647,063	3,826,391
Cash, cash equivalents and restricted cash at beginning of period	33,345,857	4,911,314	30,539,686	¥ 30,539,686
Cash, cash equivalents and restricted cash at end of period	44,528,760	6,558,377	34,366,077	33,345,857	$ 4,911,314
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents						5,715,676	841,828	5,768,186	15,694,045
Restricted cash						38,813,084	5,716,549	27,577,671	18,672,032
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 44,528,760	$ 6,558,377	¥ 34,366,077	¥ 33,345,857	$ 4,911,314	44,528,760	6,558,377	33,345,857	34,366,077
Consolidated VIE
Current liabilities
Amounts due to related parties						3,298,767	485,856	1,502,892
Payable to merchants						39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities						4,201,598	618,829	3,420,728
Merchant deposits						10,574,449	1,557,448	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						129,106	19,015	90,523
Lease liabilities						351,994	51,843	382,673
Consolidated VIE \| Consolidated revenues
Financial information for the VIE
Concentration (as a percent)	61.20%	61.20%	60.00%
Consolidated VIE \| Consolidated total assets
Financial information for the VIE
Concentration (as a percent)	57.10%	57.10%		54.10%	54.10%
Consolidated VIE \| Consolidated total liabilities
Financial information for the VIE
Concentration (as a percent)	87.60%	87.60%		86.40%	86.40%
Reportable legal entity \| Consolidated VIE
Current assets
Cash and cash equivalents						3,402,797	501,178	2,816,894	3,499,188
Restricted cash						38,561,984	5,679,566	27,528,793	18,624,155
Receivables from online payment platforms						528,810	77,885	1,050,974
Short-term investments						5,557,631	818,551	6,560,665
Amounts due from related parties (i)						2,909,207	428,480	2,360,267
Amounts due from Group companies						12,373,526	1,822,423	3,337,273
Prepayments and other current assets						991,944	146,098	295,377
Total current assets						64,325,899	9,474,181	43,950,243
Non-current assets
Property, equipment and software, net						31,488	4,638	27,719
Right-of-use assets						450,047	66,285	452,883
Other non-current assets						4,345,756	640,061	60,306
Total non-current assets						4,827,291	710,984	540,908
Total Assets						69,153,190	10,185,165	44,491,151
Current liabilities
Amounts due to Group companies						13,028,708	1,918,921	5,393,858
Amounts due to related parties						3,298,767	485,856	1,502,892
Customer advances and deferred revenues						1,041,935	153,460	605,969
Payable to merchants						39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities						4,201,598	618,829	3,420,728
Merchant deposits						10,574,449	1,557,448	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						129,106	19,015	90,523
Total current liabilities						74,869,221	11,027,044	49,410,857
Lease liabilities						351,994	51,843	382,673
Total non-current liabilities						351,994	51,843	382,673
Total Liabilities						75,221,215	11,078,887	49,793,530
Consolidated statement of income (loss)
Net revenues	¥ 28,012,925	$ 4,125,858	¥ 12,803,185
Net loss	761,093	112,097	3,266,608
Consolidated statement of cashflows
Net cash generated from operating activities	5,691,071	838,205	3,494,022
Net cash used in investing activities	(3,334,574)	(491,130)	(3,612,197)
Net cash provided by financing activities	9,262,597	1,364,232	2,332,838
Net increase in cash, cash equivalents and restricted cash	11,619,094	1,711,307	2,214,663
Cash, cash equivalents and restricted cash at beginning of period	30,345,687	4,469,437	19,908,680	¥ 19,908,680
Cash, cash equivalents and restricted cash at end of period	41,964,781	6,180,744	22,123,343	30,345,687	$ 4,469,437
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents						3,402,797	501,178	2,816,894	3,499,188
Restricted cash						38,561,984	5,679,566	27,528,793	18,624,155
Total cash, cash equivalents and restricted cash in the statements of cash flows	41,964,781	6,180,744	22,123,343	¥ 30,345,687	$ 4,469,437	¥ 41,964,781	$ 6,180,744	¥ 30,345,687	¥ 22,123,343
Reportable legal entity \| Group companies \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	7,865,481	1,158,460	1,197,820
Reportable legal entity \| External \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	¥ 20,147,444	$ 2,967,398	¥ 11,605,365

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Convenience translation (Details)	Sep. 30, 2020
Summary of Significant Accounting Policies
Convenience translation rate (USD to RMB)	6.7896

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Advertising expenditures (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)
Summary of Significant Accounting Policies
Advertising expenditures recognized in sales and marketing expenses	¥ 25,213,427	$ 3,713,536	¥ 16,985,999

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Segment reporting (Details)	9 Months Ended
	Sep. 30, 2020segment
Summary of Significant Accounting Policies
Number of reportable segment	1

Prepayments and Other Current_3

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 570,658	$ 84,049	¥ 645,169
VAT recoverable	371,127	54,661	102,426
Inventory	345,299	50,857
Interest receivables	249,146	36,695	146,294
Rental and other deposits	138,909	20,459	12,060
Loan to a third party	45,000	6,628
Others	82,446	12,143	44,328
Total	¥ 1,802,585	$ 265,492	¥ 950,277

Intangible Asset (Details)

Intangible Asset (Details) - CNY (¥) ¥ in Thousands	9 Months Ended		12 Months Ended
Intangible Asset (Details) - CNY (¥) ¥ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible Asset
Beginning balance	¥ 1,994,292	¥ 2,579,338	¥ 2,579,338
Amortization	(472,564)		(619,733)
Foreign currency translation difference	(34,769)		34,687
Ending balance	1,486,959		¥ 1,994,292
Impairment charges	¥ 0	¥ 0

Intangible Asset - Estimated an

Intangible Asset - Estimated annual amortization expense (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible Asset
For three months ending December 31, 2020	¥ 154,402	$ 22,741
2021	612,573	90,222
2022	612,573	90,222
2023	¥ 107,411	$ 15,820

Leases - Maturity analysis of t

Leases - Maturity analysis of the Company's (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
The remainder of 2020	¥ 50,644	$ 7,459
2021	199,556	29,391
2022	148,340	21,848
2023	112,914	16,630
2024 and after	117,932	17,371
Total undiscounted cash flows	629,386	92,699
Less: imputed interest	(56,265)	(8,287)
Present value of lease liabilities	¥ 573,121	$ 84,412

Leases - Other supplemental (De

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)
Leases
Operating cash flows for operating leases	¥ 104,962	$ 15,459	¥ 57,060
Right-of-use assets obtained in exchange for new operating lease liabilities	¥ 118,144	$ 17,401	¥ 134,373

Leases - Additional Information

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)	Dec. 31, 2019
Leases
Operating Lease, Cost	¥ 116,869	$ 17,213	¥ 67,196
Short-term Lease, Cost	¥ 14,451	$ 2,128	¥ 26,031
Weighted average remaining lease terms of the right-of-use assets	3 years 7 months 24 days	3 years 7 months 24 days		4 years 4 months 13 days
Weighted average incremental borrowing rate	5.11%	5.11%		5.36%

Other Non-current Asset (Detail

Other Non-current Asset (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)
Schedule of Investments [Line Items]
Held-to-maturity securities	¥ 4,282,558			$ 630,752	¥ 0
Held-to-maturity securities, allowance	6,936			1,022
Unrealized Gain (Loss) On Time Deposits	28,604	$ 4,213	¥ 0
Investments In Convertible Bonds Fair Value Disclosure	1,450,333			213,611	0
Unrealized Gain (Loss) On Convertible Bonds	90,755	13,367	0
Share of profits or losses of the equity investees	35,642	5,249	(8,218)
Limited partnership funds
Schedule of Investments [Line Items]
Carrying amount for the investments	1,015,231			$ 149,527	433,649
Equity Method Investments not Considered as Material	0				¥ 0
Share of profits or losses of the equity investees	¥ 35,642	$ 5,249	¥ 8,218

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)
Accrued Expenses and Other Liabilities
Accrued expenses	¥ 3,653,380	$ 538,083	¥ 2,727,273
VAT and other tax payable	1,809,374	266,492	1,045,796
Payroll payable	1,340,438	197,425	1,061,228
Others	101,761	14,988	42,765
Total	¥ 6,904,953	$ 1,016,988	¥ 4,877,062

Revenues (Details)

Revenues (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)
Revenues
Revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Online marketing services and others
Revenues
Revenues	29,424,626	4,333,779	17,126,942
Transaction services
Revenues
Revenues	¥ 3,519,530	$ 518,371	¥ 2,222,218

Revenues- Contract balances (De

Revenues- Contract balances (Details) $ in Thousands	9 Months Ended
Revenues- Contract balances (Details) $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2019CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2020CNY (¥)	Dec. 31, 2019USD ($)
Revenues
Customer advances and deferred revenues			$ 153,484	¥ 1,042,093,000	$ 605,970
Payable to merchants			$ 22,410	¥ 152,158,000	$ 116,557
Revenue recognized from the carrying value of contract liabilities	¥ 645,022,000	¥ 217,715

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy (Details) ¥ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Sep. 30, 2020USD ($)
Fair Value Measurements
Investment in convertible bonds	¥ 1,450,333	¥ 0	$ 213,611
Impairment charge	0	0
Non-recurring
Fair Value Measurements
Liabilities fair value	0	0
Assets fair value	0	0
Quoted Price in Active Market for Identical Assets (Level 1) \| Recurring \| Short-term investments
Fair Value Measurements
Assets fair value		11,925
Quoted Price in Active Market for Identical Assets (Level 1) \| Recurring \| Marketable equity securities
Fair Value Measurements
Assets fair value		11,925
Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value Measurements
Assets fair value	988,499
Significant Other Observable Inputs (Level 2) \| Recurring \| Short-term investments
Fair Value Measurements
Assets fair value		795,849
Significant Other Observable Inputs (Level 2) \| Recurring \| Trading debt securities
Fair Value Measurements
Assets fair value	988,499	¥ 795,849
Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurements
Assets fair value	1,450,333
Unobservable Inputs (Level 3) \| Recurring \| Other non-current assets
Fair Value Measurements
Investment in convertible bonds	¥ 1,450,333

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliations of assets categorized within Level 3 (Details) - 9 months ended Sep. 30, 2020 - Unobservable Inputs (Level 3) ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	¥ 0	$ 0
Additions	1,414,200	208,289
Net unrealized fair value	90,755	13,367
Foreign currency translation adjustments	(54,622)	(8,045)
Balance at end of period	¥ 1,450,333	$ 213,611

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair value measurements (Details) - Significant Other Observable Inputs (Level 2) - CNY (¥) ¥ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short-term investments
Fair Value Measurements
Held-to-maturity investments	¥ 38,870,590	¥ 34,481,053
Convertible bonds		¥ 8,037,280
Other non-current assets
Fair Value Measurements
Held-to-maturity investments	4,282,558
Convertible bonds	¥ 12,374,633

Ordinary Shares (Details)

Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			9 Months Ended
Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020shares	Apr. 30, 2020CNY (¥)shares	Apr. 30, 2020USD ($)shares	Sep. 30, 2020CNY (¥)shares	Sep. 30, 2020USD ($)shares	Dec. 31, 2019shares
Proceeds from private placement				¥ 7,795,290	$ 1,148,122
Tencent Group
Proceeds from private placement		¥ 354,975	$ 50,000
Class A ordinary shares
Ordinary shares, issued		135,426,300	135,426,300	3,380,761,000	3,380,761,000	2,575,580,988
Issuance of ordinary shares (in shares)		6,155,740	6,155,740
Proceeds from private placement		¥ 7,795,290	$ 1,100,000
Class B ordinary shares
Ordinary shares, issued				1,409,744,080	1,409,744,080	2,074,447,700
Number of shares converted	664,703,620
Stock split ratio of Convertible Preferred Shares	1

Related Party Transactions - Si

Related Party Transactions - Significant related party transactions (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Sep. 30, 2019CNY (¥)
Tencent Group
Related Party Transactions
Services received from related party	¥ 7,032,370	$ 1,035,756	¥ 1,977,867

Related Party Transactions - Re

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020CNY (¥)	Sep. 30, 2020USD ($)	Dec. 31, 2019CNY (¥)	Sep. 30, 2019CNY (¥)
Related Party Transactions
Amounts due from related parties	¥ 3,449,126	$ 508,001	¥ 2,365,528
Amounts due to related parties	3,298,767	485,856	¥ 1,502,892
Tencent Group
Related Party Transactions
Amounts due from related parties	2,959,416	435,875		¥ 1,905,793
Amounts due to related parties	3,295,768	485,414		1,502,892
Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from related parties	¥ 459,632	$ 67,696		¥ 459,632

Loss Per Share (Details)

Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020CNY (¥)¥ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019CNY (¥)¥ / sharesshares
Numerator:
Net loss	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Net loss attributable to ordinary shareholders	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Denominator:
Weighted-average number of ordinary shares outstanding-basic and diluted	4,739,382	4,739,382	4,619,623
Loss per share-basic and diluted \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)

Commitments and Contingencies (

Commitments and Contingencies (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies.
Total investment commitments	¥ 582,657	$ 85,816