PDD (PDD) 20-F30 Apr 212020 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38591
Entity Registrant Name	Pinduoduo Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	28/F, No. 533 Loushanguan Road, Changning District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200051
Entity Address, Country	CN
Title of 12(b) Security	American Depositary Shares
Trading Symbol	PDD
Security Exchange Name	NASDAQ
Entity Central Index Key	0001737806
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Accounting Standard	U.S. GAAP
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	28/F, No. 533 Loushanguan Road, Changning District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200051
Entity Address, Country	CN
Contact Personnel Name	Jianchong Zhu
Contact Personnel Email Address	investor@pinduoduo.com
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	3,545,065,888
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,409,744,080

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Current assets
Cash and cash equivalents	¥ 22,421,189	$ 3,436,198	¥ 5,768,186
Restricted cash	52,422,447	8,034,091	27,577,671
Receivables from online payment platforms	729,548	111,808	1,050,974
Short-term investments	64,551,094	9,892,888	35,288,827
Amounts due from related parties	4,240,069	649,819	2,365,528
Prepayments and other current assets	5,159,531	790,733	950,277
Total current assets	149,523,878	22,915,537	73,001,463
Non-current assets
Property, equipment and software, net	202,853	31,089	41,273
Intangible asset	1,276,751	195,671	1,994,292
Right-of-use assets	629,827	96,525	517,188
Other non-current assets	7,275,305	1,114,989	503,120
Total non-current assets	9,384,736	1,438,274	3,055,873
Total Assets	158,908,614	24,353,811	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 RMB3,385,863 (US$518,906) as of December 31, 2019 and 2020, respectively)	3,385,863	518,906	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 RMB2,422,907 (US$371,327) as of December 31, 2019 and 2020, respectively)	2,423,190	371,370	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 RMB 53,417,259 (US$8,186,553) as of December 31, 2019 and 2020, respectively)	53,833,981	8,250,419	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 RMB6,999,827 (US$1,072,770) as of December 31, 2019 and 2020, respectively)	11,193,372	1,715,461	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 RMB10,926,319 (US$1,674,532) as of December 31, 2019 and 2020, respectively)	10,926,319	1,674,532	7,840,912
Short-term borrowings (including short-term borrowings of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of 898,748 and RMB1,866,316 (US$286,025) as of December 31, 2019 and 2020, respectively)	1,866,316	286,025	898,748
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of 90,523 and RMB134,131 (US$20,556) as of December 31, 2019 and 2020, respectively)	253,036	38,779	115,734
Total current liabilities	83,882,077	12,855,492	45,767,806
Commitments and contingencies
Non-current liabilities
Convertible bonds	14,432,792	2,211,922	5,206,682
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of 382,673 and RMB366,834 (US$56,220) as of December 31, 2019 and 2020, respectively)	414,939	63,592	428,593
Other non-current liabilities	2,918	447	7,389
Total non-current liabilities	14,850,649	2,275,961	5,642,664
Total liabilities	98,732,726	15,131,453	51,410,470
Shareholders' equity
Additional paid-in capital	86,698,660	13,287,151	41,493,949
Accumulated other comprehensive income/(loss)	(1,047,728)	(160,571)	1,448,230
Accumulated deficits	(25,475,203)	(3,904,246)	(18,295,461)
Total shareholders' equity	60,175,888	9,222,358	24,646,866
Total liabilities and shareholders' equity	158,908,614	24,353,811	76,057,336
Class A ordinary shares
Shareholders' equity
Common Shares	115	18	84
Class B ordinary shares
Shareholders' equity
Common Shares	¥ 44	$ 6	¥ 64

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares
Amounts due to related parties	¥ 3,385,863	$ 518,906	¥ 1,502,892
Customer advances and deferred revenues	2,423,190	371,370	605,970
Payable to merchants	53,833,981	8,250,419	29,926,488
Accrued expenses and other liabilities	11,193,372	1,715,461	4,877,062
Merchant deposits	10,926,319	1,674,532	7,840,912
Short-term borrowings	1,866,316	286,025	898,748
Current portion of lease liabilities	253,036	38,779	115,734
Non-Current portion of Lease liabilities	¥ 414,939	$ 63,592	¥ 428,593
Class A ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.000005
Ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Ordinary shares, issued	3,545,065,888	3,545,065,888	2,575,580,988
Ordinary shares, outstanding	3,545,065,888	3,545,065,888	2,575,580,988
Class B ordinary shares
Ordinary shares, par value \| $ / shares		$ 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	¥ 3,385,863	$ 518,906	¥ 1,502,892
Customer advances and deferred revenues	2,422,907	371,327	605,969
Payable to merchants	53,417,259	8,186,553	29,657,227
Accrued expenses and other liabilities	6,999,827	1,072,770	3,420,728
Merchant deposits	10,926,319	1,674,532	7,840,912
Short-term borrowings	1,866,316	286,025	898,748
Current portion of lease liabilities	134,131	20,556	90,523
Non-Current portion of Lease liabilities	¥ 366,834	$ 56,220	¥ 382,673

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	¥ 59,491,865	$ 9,117,527	¥ 30,141,886	¥ 13,119,990
Costs of revenues (including services received from related parties of RMB1,042,630, RMB1,424,786 and RMB4,570,292 (US$700,427) for the years ended December 31, 2018, 2019 and 2020, respectively)	(19,278,641)	(2,954,581)	(6,338,778)	(2,905,249)
Gross profit	40,213,224	6,162,946	23,803,108	10,214,741
Sales and marketing expenses (including services received from a related party of nil, nil and RMB4,166,230 (US$638,503) for the years ended December 31, 2018, 2019 and 2020, respectively)	(41,194,599)	(6,313,349)	(27,174,249)	(13,441,813)
General and administrative expenses	(1,507,297)	(231,003)	(1,296,712)	(6,456,612)
Research and development expenses (including services received from related parties of RMB223,732, RMB873,288 and RMB1,850,321 (US$283,574) for the years ended December 31, 2018, 2019 and 2020, respectively)	(6,891,653)	(1,056,192)	(3,870,358)	(1,116,057)
Total operating expenses	(49,593,549)	(7,600,544)	(32,341,319)	(21,014,482)
Operating loss	(9,380,325)	(1,437,598)	(8,538,211)	(10,799,741)
Interest and investment income, net	2,455,366	376,301	1,541,825	584,940
Interest expenses	(757,336)	(116,067)	(145,858)
Foreign exchange gain	225,197	34,513	63,179	10,037
Other (loss)/income, net	193,702	29,686	82,786	(12,361)
Loss before income tax and share of results of equity investees	(7,263,396)	(1,113,165)	(6,996,279)	(10,217,125)
Income tax expenses	0	0	0	0
Share of results of equity investees	83,654	12,821	28,676
Net loss	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Deemed distribution to certain holders of convertible preferred shares \| ¥				(80,496)
Net loss attributable to ordinary shareholders	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)	¥ (10,297,621)
Loss per share:
Basic \| (per share)	¥ (1.51)	$ (0.23)	¥ (1.51)	¥ (3.47)
Diluted \| (per share)	¥ (1.51)	$ (0.23)	¥ (1.51)	¥ (3.47)
Shares used in loss per share computation:
Basic	4,768,343,300	4,768,343,300	4,627,278,394	2,968,319,549
Diluted	4,768,343,300	4,768,343,300	4,627,278,394	2,968,319,549
Other comprehensive income/(loss), net of tax of nil
Foreign currency translation difference, net of tax of nil	¥ (2,495,958)	$ (382,522)	¥ 412,447	¥ 1,058,884
Comprehensive loss	¥ (9,675,700)	$ (1,482,866)	¥ (6,555,156)	¥ (9,158,241)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Other comprehensive loss, net of tax	¥ 0		¥ 0	¥ 0
Foreign currency translation difference, tax	0		0	0
Costs of revenues
Services rendered from related party	4,570,292	$ 700,427	1,424,786	1,042,630
Sales and marketing expenses
Services rendered from related party	4,166,230	638,503	0	0
Research and development expenses
Services rendered from related party	¥ 1,850,321	$ 283,574	¥ 873,288	¥ 223,732

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICITS)/EQUITY ¥ in Thousands, $ in Thousands	Ordinary sharesCNY (¥)shares	Ordinary sharesUSD ($)shares	Additional paid in capitalCNY (¥)	Additional paid in capitalUSD ($)	Accumulated other comprehensive (loss)/incomeCNY (¥)	Accumulated other comprehensive (loss)/incomeUSD ($)	Accumulated deficitsCNY (¥)	Accumulated deficitsUSD ($)	CNY (¥)shares	USD ($)shares
Balance at beginning of the year at Dec. 31, 2017	¥ 54		¥ 61,326		¥ (23,101)		¥ (1,030,237)		¥ (991,958)
Balance (in shares) at Dec. 31, 2017 \| shares	1,758,769,820	1,758,769,820
Changes in equity
Net loss							(10,217,125)		(10,217,125)
Foreign currency translation difference					1,058,884				1,058,884
Deemed distribution to certain holders of convertible preferred shares							(80,496)		(80,496)
Conversion of convertible preferred shares to ordinary shares	¥ 67		10,950,438						10,950,505
Conversion of convertible preferred shares to ordinary shares (in shares) \| shares	2,075,502,060	2,075,502,060
Follow-on offering	¥ 13		11,523,618						11,523,631
Follow-on offering (in shares) \| shares	366,943,308	366,943,308
Share-based compensation	¥ 8		6,579,145						6,579,153
Share-based compensation (in shares) \| shares	254,473,500	254,473,500
Balance at end 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							(6,967,603)		(6,967,603)
Foreign currency translation difference					412,447				412,447
Follow-on offering	¥ 6		7,993,822						7,993,828
Follow-on offering (in shares) \| shares	193,740,000	193,740,000
Equity component of convertible bonds			1,827,894						¥ 1,827,894
Shares issued to depository bank (in shares) \| shares	600,000	600,000
Restricted share units vested (in shares) \| shares	567,636	567,636							567,636	567,636
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares	(567,636)	(567,636)
Share-based compensation			2,557,706						¥ 2,557,706
Balance at end 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							(7,179,742)		(7,179,742)	$ (1,100,344)
Foreign currency translation difference					(2,495,958)				(2,495,958)	$ (382,522)
Follow-on offering	¥ 5		26,805,433						26,805,438
Follow-on offering (in shares) \| shares	132,020,000	132,020,000
Issuance of ordinary shares for private placements	¥ 5		11,063,334						11,063,339
Issuance of ordinary shares for private placements (in shares) \| shares	150,810,912	150,810,912
Equity component of convertible bonds			3,405,360						¥ 3,405,360
Shares issued to depository bank (in shares) \| shares	12,050,000	12,050,000							12,650,000	12,650,000
Restricted share units vested (in shares) \| shares	4,950,492	4,950,492
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares	(4,950,492)	(4,950,492)
Conversion of the convertible bonds into ordinary shares	¥ 1		317,541						¥ 317,542
Conversion of the convertible bonds into ordinary shares (in shares) \| shares	9,900,368	9,900,368
Share-based compensation			3,613,043						3,613,043
Balance at end of the year at Dec. 31, 2020	¥ 159	$ 24	¥ 86,698,660	$ 13,287,151	¥ (1,047,728)	$ (160,571)	¥ (25,475,203)	$ (3,904,246)	¥ 60,175,888	$ 9,222,358
Balance (in shares) at Dec. 31, 2020 \| shares	4,954,809,968	4,954,809,968

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)	¥ (10,217,125)
Interest expense	757,336	116,067	145,858
Allowance for credit losses	43,434	6,657	11,782	2,155
Depreciation and amortization	651,523	99,850	637,831	497,003
Amortization of right-of-use assets	148,945	22,827	73,206
Impairment of long-term investment	0		0
Interest and investment income, net	(469,486)	(71,952)	(209,580)	(78,267)
Loss on disposal of property and equipment	24	4	175	13
Share-based compensation	3,613,043	553,723	2,557,706	6,841,573
Foreign exchange gain	(225,197)	(34,513)	(5,380)
Share of results of equity investees	(83,654)	(12,821)	(28,676)
Fair value change of investment	(104,068)	(15,949)
Gain on extinguishment of convertible bonds	(5,188)	(795)
Changes in operating assets and liabilities:
Receivables from online payment platforms	321,426	49,261	(803,388)	(159,413)
Amounts due from related parties	(1,636,541)	(250,811)	(886,863)	(576,121)
Prepayments and other current assets	(4,048,536)	(620,465)	12,449	(790,732)
Customer advances and deferred revenues	1,817,220	278,501	414,488	135,029
Amounts due to related parties	1,882,971	288,578	1,024,779	402,056
Payable to merchants	23,934,151	3,668,070	12,650,833	7,437,415
Accrued expenses and other liabilities	5,849,148	896,421	2,648,869	1,864,153
Merchant deposits	3,085,407	472,859	3,652,639	2,410,188
Lease liabilities	(137,936)	(21,140)	(46,067)
Other non-current assets	(13,182)	(2,020)	(69,471)
Other non-current liabilities	(4,471)	(685)	7,389
Net cash provided by operating activities	28,196,627	4,321,323	14,820,976	7,767,927
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of short-term investments	(86,438,068)	(13,247,214)	(52,451,615)	(7,516,370)
Proceeds from sales of short-term investments	55,083,390	8,441,899	24,797,630	50,000
Purchase of long-term investments	(6,722,228)	(1,030,227)	(214,100)	(184,637)
Proceeds from disposal of a long-term investment				5,000
Purchase of property, equipment and software	(43,046)	(6,597)	(27,436)	(27,331)
Proceeds from disposal of property and equipment	51	8	475	39
Loans to a related party	(238,000)	(36,475)	(459,632)
Repayments from related parties				159,790
(Loans to)/Repayments from third parties			35,000	(35,000)
Net cash used in investing activities	(38,357,901)	(5,878,606)	(28,319,678)	(7,548,509)
CASH FLOW FROM FINANCING ACTIVITIES
Net proceeds from the initial public offering				11,523,631
Net proceeds from the follow-on offerings	26,805,438	4,108,113	7,993,828
Proceeds from the private placements	11,063,339	1,695,531
Net proceeds from the issuance of convertible preferred shares				5,820,726
Net proceeds from the issuance of convertible bonds	13,024,199	1,996,046	6,963,881
Proceeds from short-term borrowings	1,828,923	280,294	897,022
Repayment of short-term borrowings	(922,897)	(141,440)
Others	(6)	(1)
Net cash provided by financing activities	51,798,996	7,938,543	15,854,731	17,344,357
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(139,943)	(21,447)	450,142	546,910
Increase in cash, cash equivalents and restricted cash	41,497,779	6,359,813	2,806,171	18,110,685
Cash, cash equivalents and restricted cash at beginning of year	33,345,857	5,110,476	30,539,686	12,429,001
Cash, cash equivalents and restricted cash at end of year	74,843,636	11,470,289	33,345,857	30,539,686
Supplement disclosure of cash flow information:
Interest income received	1,881,812	288,400	1,211,443	433,390
Supplement disclosure of non-cash operating activities:
Recognition of right-of-use assets and lease liabilities	265,821	40,739	632,507
Supplement disclosure of non-cash investing activities:
Purchase of property, equipment and software included in accrued expenses and other liabilities	¥ 162,641	$ 24,926	¥ 2,160	1,319
Acquisition of intangible asset				¥ 2,852,370

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash, Cash Equivalents and Restricted Cash ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	¥ 22,421,189	$ 3,436,198	¥ 5,768,186		¥ 14,160,322
Restricted cash	52,422,447	8,034,091	27,577,671		16,379,364
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 74,843,636	$ 11,470,289	¥ 33,345,857	$ 5,110,476	¥ 30,539,686	¥ 12,429,001

Organization

Organization	12 Months Ended
Organization	Dec. 31, 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 merchandise sales and 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 December 31, 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 (“Walnut HK”) April 28, 2015 Hong Kong 100 % — Holding company Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi” or the “WFOE”) 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. (“Xinzhijiang”) 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. (“Shanghai Xunmeng”) January 9, 2014 PRC — 100 % E-commerce platform The VIE agreements The PRC laws and regulations currently place certain restrictions on foreign ownership of companies that engage in internet content and other restricted businesses. To comply with PRC laws and regulations, the Group conducts the majority of its business in China through the VIE and subsidiaries of the VIE. Despite the lack of technical majority ownership, the Company has effective control of the VIE through a series of contractual arrangements (the ‘‘Contractual Agreements’’) and a parent-subsidiary relationship exists between the Company and the VIE. The equity interests of the VIE are legally held by PRC individuals (the ‘‘Nominee Shareholders’’). Through the Contractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the Company, via the WFOE, and therefore, the Company has the power to direct the activities of the VIE that most significantly impact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the VIE, via the WFOE, that potentially could be significant to the VIE. Based on the above, the Company consolidates the VIE in accordance with SEC Regulation SX-3A-02 and ASC810-10, Consolidation: Overall. 1. Organization (Continued) The VIE agreements (Continued) The following is a summary of the Contractual Agreements: Exclusive Option Agreements Equity Pledge Agreement Shareholders’ Voting Rights Proxy Agreement Exclusive Consulting and Services Agreement 1. Organization (Continued) The VIE agreements (Continued) Financial support undertaking letter In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of the Group, including its subsidiaries, the VIE and the subsidiaries of the VIE, is not in violation with any applicable PRC laws and (ii) each of the VIE agreements is legal, valid, binding and enforceable to each party of such agreements in accordance with its terms and applicable PRC Laws. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company, the WFOE or any of its current or future VIE are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue or restrict its business operations, restriction of the Group’s right to collect revenues, being required to restructure its operations, imposition of additional conditions or requirements with which the Group may not be able to comply, or other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these or other penalties may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIE. In addition, if the VIE or the Nominee Shareholders fail to perform their obligations under the Contractual Agreements, the Group may have to incur substantial costs and expend resources to enforce the primary beneficiary’ rights under the contracts. The Group may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of the Contractual Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. The legal system in PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Group is unable to enforce the Contractual Agreements, the primary beneficiary may not be able to exert effective control over its VIE, and the Group’s ability to conduct its business may be negatively affected. The VIE and its subsidiaries contributed to 77.3%, 58.5% and 65.1% of the Group’s consolidated revenues for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIE and its subsidiaries accounted for an aggregate of 54.1% and 48.2%, respectively of the consolidated total assets, and 86.4% and 80.5%, respectively of the consolidated total liabilities. Other revenue-producing assets held by the VIE and its subsidiaries mainly include licenses, such as the internet content provision license and internally-developed intangible assets including trademarks, patents, copyrights and domain names. 1. Organization (Continued) The VIE agreements (Continued) The following tables represent the financial information for the VIE as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 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 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 2,816,894 3,593,192 550,681 Restricted cash 27,528,793 52,148,852 7,992,161 Receivables from online payment platforms 1,050,974 726,063 111,274 Short-term investments 6,560,665 7,026,442 1,076,849 Amounts due from related parties (i) 2,360,267 3,999,612 612,967 Amounts due from Group companies 3,337,273 9,932,418 1,522,210 Prepayments and other current assets 295,377 4,062,849 622,659 Total current assets 43,950,243 81,489,428 12,488,801 Non-current assets Property, equipment and software, net 27,719 186,403 28,568 Right-of-use assets 452,883 468,387 71,783 Other non-current assets 60,306 4,380,476 671,337 Total non-current assets 540,908 5,035,266 771,688 Total assets 44,491,151 86,524,694 13,260,489 As of December 31, 2019 2020 RMB RMB US$ LIABILITIES Current liabilities Amounts due to related parties (i) 1,502,892 3,385,863 518,906 Amounts due to Group companies 5,393,858 9,759,506 1,495,710 Customer advances and deferred revenues 605,969 2,422,907 371,327 Payable to merchants 29,657,227 53,417,259 8,186,553 Accrued expenses and other liabilities 3,420,728 6,999,827 1,072,770 Merchant deposits 7,840,912 10,926,319 1,674,532 Short-term borrowings 898,748 1,866,316 286,025 Lease liabilities 90,523 134,131 20,556 Total current liabilities 49,410,857 88,912,128 13,626,379 Lease liabilities 382,673 366,834 56,220 Total non-current liabilities 382,673 366,834 56,220 Total liabilities 49,793,530 89,278,962 13,682,599 1. Organization (Continued) The VIE agreements (Continued) For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net revenues from Group companies 298,415 2,244,429 12,602,673 1,931,444 External 10,136,874 17,630,903 38,749,188 5,938,573 Net revenues 10,435,289 19,875,332 51,351,861 7,870,017 Net (loss)/income (1,552,789) (3,611,656) 2,552,665 391,213 (i) Information with respect to related parties is discussed in Note 18. For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net cash generated from operating activities 8,984,498 11,139,572 29,379,799 4,502,651 Net cash used in investing activities (1,147,101) (5,249,046) (11,802,074) (1,808,747) Net cash provided by financing activities 507,767 4,546,481 7,818,632 1,198,258 Net increase in cash, cash equivalents and restricted cash 8,345,164 10,437,007 25,396,357 3,892,162 There are no consolidated VIE’s assets that are pledged or collateralized for the VIE’s obligations and which can only be used to settle the VIE’s obligations, except for registered capital and the PRC statutory reserves. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of their statutory reserves and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 20 for disclosure of the restricted net assets. As the VIE is incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE. There were no other pledges or collateralization of the VIE’s assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the subsidiaries of the VIE. All significant inter-company transactions and balances between the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation. 2. Summary of Significant Accounting Policies (Continued) (c) Use of estimates The preparation of financial statements in conformity with 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 are not limited to provision for prepayments made on behalf of merchants, 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. (d) Foreign currency The functional currency of the Company and its overseas subsidiaries is the US$. The Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies to be RMB based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income/(loss), a component of shareholders’ (deficits)/equity. (e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.5250 on December 31, 2020, the last business day in December 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. (f) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased. (g) Restricted cash Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants. 2. Summary of Significant Accounting Policies (Continued) (h) Short-term investments All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Group accounts for short-term debt investments in accordance with ASC Topic 320 (“ASC 320”), Investments-Debt Securities Investments — Equity Securities . Short-term debt investments include time deposits and wealth management products in financial institutions that the Group has positive intent and ability to hold to maturity, both of which are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. The Company also holds marketable equity securities in a listed company and measures it at fair value. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the short-term investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive loss. (i) Long-term investments The Group’s long-term investments consist of long-term held-to-maturity debt securities, investment in convertible bonds and equity method investments, which are included in other non-current assets. The Group accounts for long-term held-to-maturity debt securities in accordance with ASC Topic 320 (“ASC 320”), Investments-Debt Securities The Group has elected the fair value option for investment in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities The Group’s investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting and classified as “equity method investments” in accordance with ASC Subtopics 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall 2. Summary of Significant Accounting Policies (Continued) (j) Property, equipment and software, net Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Computer equipment 3-4 years Office equipment 3 years Purchased software 3-5 years Leasehold improvements Over the shorter of lease terms or the estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the costs of renewals and betterments that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software, and the depreciation of these assets commences when the assets are ready for their intended use. (k) Inventories Inventories, primarily consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. (l) Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there were no impairment of any of the Group’s long-lived assets. 2. Summary of Significant Accounting Policies (Continued) (m) Fair value of financial instruments The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amount due from/to related parties, prepayment made on behalf of merchants, merchant deposits, payables to merchants, short-term investments, long-term debt investments and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 13. The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — 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 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (n) Revenue recognition The Group adopted ASU 2014-09, Revenue from contracts with Customers Revenues are principally comprised of those generated from online marketplace services and merchandise sales. Revenues from online marketplace services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606, the Group recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of a promised good or service to a customer. 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. Payments for services or goods are generally received before deliveries. 2. Summary of Significant Accounting Policies (Continued) (n) Revenue recognition (Continued) Online marketing services The Group 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 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 and the online marketing 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. The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices. In general, the merchants need to prepay for display marketing which is accounted for as customer advances and deferred revenues and revenues are primarily recognized over the period during which the advertising services are provided. Transaction services The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s platform, 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 primarily determined as a percentage based on the purchase price of merchandise sold by the merchants. Revenues related to transaction services are recognized in 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 confirmation of the receipts of goods by the consumers. The majority fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants. The Group provides rebates to certain merchants on the online marketplace services by meeting certain requirements. Such rebates are netted against the online marketplace services revenues. Merchandise sales The Group in certain cases acquires the merchandises from suppliers and sells directly to the consumers. The Group acts as a principal for it takes control of the merchandises, is primarily obligated for the merchandise sold to the consumers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the products are delivered and title is passed to the consumers who are the Group’s customers in these transactions. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues. Membership services Certain consumers pay in advance for certain periods memberships in exchange for the access to a suite of benefits including coupons, which represent a single stand-ready obligation. As the members receive and consume the benefits of the Group’s promise throughout the subscription periods, the membership fees are recognized as revenue over the subscription periods on a straight-line basis. Coupons provided by the Group to the members are netted against the membership revenue with the resulting negative revenue, if any, being reclassed to marketing expenses for each membership contract. The membership revenue as recorded in the Group’s consolidated financial statements was immaterial during each presented period. 2. Summary of Significant Accounting Policies (Continued) (n) Revenue recognition (Continued) Incentives provided to the consumers In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers various forms of incentives, for example, coupons, credits and discounts that are not specific to any merchant, to consumers that are not customers of the Group. Despite the absence of any explicit contractual obligations to incentivize the non-customer consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine that whether the incentives represent implicit obligations to consumers on behalf of merchants and if so, should be recorded as reduction of revenues. Based on that evaluation, the Group determined that incentives offered to consumers are not considered as payments to customers. The Group at its discretion issues to consumers coupons and credits upon completion of certain actions to promote the Group’s platform. The coupons can be used for future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price and the credits can be used to redeem cash from the Group. The Group recognizes the amounts of coupons and credits as marketing expenses when future purchases are completed or when the credits are issued. Discounts unconditionally provided to consumers are recognized as marketing expenses when the related transaction services revenues from merchants are recognized. Certain discounts are offered to consumers upon their completion of certain actions to promote the platform, the Group records the related costs in marketing expenses upon the completion of such promotion tasks. (o) Costs of revenues Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platform and others, such as costs and expenses attributable to merchandise sales, delivery and storage fees, bandwidths and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, merchant support services, surcharges and other expenses directly attributable to the online marketplace services. (p) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB12,867,833, RMB25,867,772 and RMB39,297,890 (US$6,022,665) for the years ended December 31, 2018, 2019 and 2020, respectively. (q) Research and development expenses Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements. 2. Summary of Significant Accounting Policies (Continued) (r) 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 (s) Leases The Group adopted ASU No. 2016-02, Leases The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2019 and 2020. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. 2. Summary of Significant Accounting Policies (Continued) (t) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740 (‘‘ASC 740’’), Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expenses. (u) Share-based compensation The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation Compensation-Stock Compensation Improvement to Employee Share-based Payment Accounting (v) Employee benefit expenses As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. (w) Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income 2. Summary of Significant Accounting Policies (Continued) (x) Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is allocated between ordinary shares and other participating securities based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (“RSUs”) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. 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. (y) Segment reporting The Group follows ASC 280, Segment Reporting 2. Summary of Significant Accounting Policies (Continued) (z) Recent accounting pronouncements The Company ceased to be an emerging growth company since December 31, 2018. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments- Equity Method and Joint Ventures (Topic 323) Derivatives and Hedging (Topic 815) 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) (aa) Comparatives Certain prior period amounts have been reclassified to conform to the current period presentation.

Concentration of Risks

Concentration of Risks	12 Months Ended
Concentration of Risks	Dec. 31, 2020
Concentration of Risks
Concentration of Risks	3. Concentration of Risks (a) 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, amounts due from related parties, short-term investments, and long-term debt investments. As of December 31, 2019 and 2020, majority of the Group’s cash and cash equivalents, restricted cash, short-term investments and long-term debt investments 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. There has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms and amounts due from related parties (Note 18), unsecured and denominated in RMB and US$, derived from transactions on the Group’s online marketplace to consumers, are 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. (b) Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; changes in competitive landscape including potential new entrants; advances and new trends in new technology; strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. 3. Concentration of Risks (Continued) (c) Business, customer, political, social and economic risks (continued) (i) Business supplier risk - there were no suppliers whose purchases individually represent greater than 10% of the total purchases of the Group for the years ended December 31, 2018 and 2019. The purchases from Tencent Group accounted for over 10% of the total purchases of the Group for the years ended December 31, 2020. Please refer to Note 18 for disclosure of the related party transactions. (ii) Customer risk - there were no customers whose revenues individually represent greater than 10% of the total revenues of the Group for the years ended December 31, 2018, 2019 and 2020. (iii) Economic risk - the Group’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 20 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective. (d) Foreign currency exchange rate risk The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The appreciation/(depreciation) of the US$ against RMB was approximately 5.0%, 1.6% and (6.5)% for the years ended December 31, 2018, 2019 and 2020, respectively. The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. Most of the Group’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents and short-term investments, are denominated in US$. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future. (e) Currency convertibility risk The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the ‘‘PBOC’’). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

Short-term Investments

Short-term Investments	12 Months Ended
Short-term Investments	Dec. 31, 2020
Short-term Investments
Short-term Investments	4. Short-term Investments Short-term investments classification as of December 31, 2019 and 2020 were shown as below: As of December 31, 2019 2020 2020 RMB RMB US$ Held-to-maturity debt securities 34,481,053 61,549,143 9,432,819 Trading debt securities 795,849 3,001,951 460,069 Marketable equity securities 11,925 — — 35,288,827 64,551,094 9,892,888 The gross unrecognized holding gain or loss on the held-to-maturity debt securities was nil and nil as of December 31, 2019 and 2020, respectively. The cost of trading debt securities was RMB795,849 and RMB2,998,310 (US$459,511 ), with net unrealized gain of For the years ended December 31, 2018, 2019 and 2020, interest income related to short-term debt securities was RMB115,737, RMB500,298 and RMB1,175,842 (US$180,206), respectively. As of December 31, 2019 and 2020, the cost of marketable equity securities was RMB23,398 and nil, respectively; and the unrealized loss included in the carrying amount was RMB11,473 and nil, respectively. For the years ended December 31, 2018, 2019 and 2020, the realized loss from the marketable equity securities was nil, RMB5,435 and RMB14,332 (US$2,196), respectively.

Prepayments and Other Current A

Prepayments and Other Current Assets	12 Months Ended
Prepayments and Other Current Assets	Dec. 31, 2020
Prepayments and Other Current Assets
Prepayments and Other Current Assets	5. Prepayments and Other Current Assets The components of prepayments and other current assets are as follows: As of December 31, 2019 2020 2020 RMB RMB US$ Prepayments 645,169 2,515,711 385,550 Inventories — 1,718,410 263,358 VAT recoverable 102,426 371,958 57,005 Interest receivables 146,294 309,027 47,360 Rental and other deposits 12,060 54,773 8,394 Others 44,328 189,652 29,066 950,277 5,159,531 790,733 The prepayments primarily consist of advertising fees paid in advance.

Property, Equipment and Softwar

Property, Equipment and Software, Net	12 Months Ended
Property, Equipment and Software, Net	Dec. 31, 2020
Property, Equipment and Software, Net
Property, Equipment and Software, Net	6. Property, Equipment and Software, Net As of December 31, 2019 2020 2020 RMB RMB US$ At cost: Computer equipment, office equipment and purchased software 49,129 229,387 35,156 Leasehold improvement 18,826 23,780 3,644 67,955 253,167 38,800 Less: accumulated depreciation (26,682) (50,314) (7,711) 41,273 202,853 31,089 For the years ended December 31, 2018, 2019 and 2020, the Group recorded depreciation expenses included in the following captions: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Costs of revenues 1,291 3,603 10,983 1,683 Sales and marketing expenses 805 2,415 2,477 380 General and administrative expenses 1,074 1,901 1,936 297 Research and development expenses 2,764 10,179 12,603 1,931 5,934 18,098 27,999 4,291

Intangible Asset

Intangible Asset	12 Months Ended
Intangible Asset	Dec. 31, 2020
Intangible Asset
Intangible Asset	7. 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 (623,524) Foreign currency translation difference (94,017) Balance as of December 31, 2020 1,276,751 In February 2018, the Company entered into a strategic cooperation framework agreement (the “Agreement”) with an affiliate of Tencent Group. The Company and Tencent Group agreed to cooperate in a number of areas primarily for Tencent Group to provide the Company with Weixin access point and other services and to pursue additional opportunities for future potential cooperation. The Agreement is valid for five years, from March 1, 2018 to February 28, 2023. The Company recognized the Agreement as an intangible asset at the fair value of consideration paid in the form of convertible preferred shares of RMB2,852 million. The Group recognizes the related amortization expense in costs of revenues, over the period of five years using the straight-line method. Amortization expense for intangible asset were RMB491,069, RMB619,733 and RMB623,524 (US$95,559) for the years ended December 31, 2018, 2019 and 2020, respectively. No impairment charge was recognized on the intangible asset for any of the three years ended December 31, 2020. The estimated annual amortization expense for each of the remaining fiscal years is as follows: Amortization RMB US$ 2021 586,919 89,949 2022 586,919 89,949 2023 102,913 15,773

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2020
Leases
Leases	8. Leases The Group has operating leases mainly for offices in China. For the year ended December 31, 2019 and 2020, operating lease costs were RMB94,929 and RMB177,976 (US$27,276); and short-term lease costs were RMB34,255 and RMB31,394 (US$4,811), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the year ended December 31, 2019 and 2020. A maturity analysis of the Company’s operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized on the consolidated balance sheet was as below: Rental RMB US$ 2021 271,898 41,670 2022 173,110 26,530 2023 127,738 19,577 2024 107,851 16,529 2025 and after 34,889 5,347 Total undiscounted cash flows 715,486 109,653 Less: imputed interest (47,511) (7,282) Present value of lease liabilities 667,975 102,371 As of December 31, 2019 and 2020, the Company had no operating leases that had not yet commenced. As of December 31, 2019 and 2020, the weighted average remaining lease term was 4.37 years and 3.39 years; and the weighted average discount rate was 5.36% and 4.90% for the Company’s operating leases, respectively. Other supplemental information related to leases is summarized below: As of December 31, 2019 2020 2020 RMB RMB US$ Operating cash flows for operating leases 76,130 166,967 25,589 ROU assets obtained in exchange for new operating lease liabilities 402,646 265,821 40,739

Other Non-Current Asset

Other Non-Current Asset	12 Months Ended
Other Non-Current Asset	Dec. 31, 2020
Other Non-current Assets
Other Non-current Assets	9. Other Non-current Assets Other Non-Current Assets mainly include held-to-maturity debt securities, investment in convertible bonds, and equity method investments. Held-to-maturity debt securities mainly represent the time deposits made in financial institutions that the Group has positive intent and ability to hold to maturity. As of December 31, 2019 and 2020, the carrying amount for the investments, net of allowance for credit losses, was nil and RMB4,315,096 (US$661,317), respectively. As of December 31, 2019 and 2020, the allowance for credit losses was nil and RMB6,343 (US$972), respectively. The gross unrecognized holding gain or loss on the investments was nil and nil as of December 31, 2019 and 2020, respectively. Gains recorded on these time deposits in the consolidated statements of comprehensive loss were nil, nil and RMB66,602 (US$10,207) for the year ended December 31, 2018, 2019 and 2020, respectively. 9. Other Non-current Assets (Continued) The Group invested in convertible bonds issued by a third party in 2020, which is accounted for under the fair value option. As of December 31, 2020, the fair value was RMB1,388,916 (US$212,861). Unrealized gains recorded on these convertible bonds in the consolidated statements of comprehensive loss was RMB88,928 (US$13,629) for the year ended December 31, 2020. Equity method investments consist of the Group’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 2020, the carrying amount for the investments was RMB433,649 and RMB1,135,141 (US$173,968), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2019 and 2020. During the year ended December 31, 2018, 2019 and 2020, the Group shared the profits of the equity investees and recognized nil, RMB28,676 and RMB83,654 (US$12,821) in share of results of equity investees in the consolidated statements of comprehensive loss, respectively. There was no impairment on these investments during the year ended December 31, 2019 and 2020.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
Accrued Expenses and Other Liabilities	Dec. 31, 2020
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	10. Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of December 31, 2019 2020 2020 RMB RMB US$ Accrued advertising and marketing expenses 2,411,521 4,552,069 697,635 VAT and other tax payable 1,045,796 2,882,177 441,713 Payroll payable 1,061,228 1,806,787 276,902 Accounts payable 307,698 1,137,566 174,340 Others 50,819 814,773 124,871 4,877,062 11,193,372 1,715,461

Short-term Borrowings

Short-term Borrowings	12 Months Ended
Short-term Borrowings	Dec. 31, 2020
Short-term Borrowings
Short-term Borrowings	11. Short-term Borrowings As of December 31, 2019 and 2020, the short-term borrowings obtained from the banks were RMB897,022 and RMB1,828,923 (US$280,294), respectively. As of December 31, 2019 and 2020, the borrowings were collateralized by bank wealth management products of RMB923,800 and RMB1,876,250 (US$287,548), respectively, which were classified as short-term investments as provided by one of the Group’s wholly-owned subsidiaries. As of December 31, 2020, the annual interest rates of these borrowings are 2.04% to 2.95%. For the years ended December 31, 2018, 2019 and 2020, the Group recognized interest expense of nil, RMB1,726 and RMB61,542 (US$9,432), respectively, in the consolidated statements of comprehensive loss.

Convertible Bonds

Convertible Bonds	12 Months Ended
Convertible Bonds	Dec. 31, 2020
Convertible Bonds
Convertible Bonds	12. Convertible Bonds (a) 2024 Convertible Bonds In September 2019, the Company issued US$1,000,000 principal amount 0.00% convertible senior notes including US$125,000 sold upon the exercise of the over-allotment option (the “2024 Notes”). The 2024 Notes will mature on October 1, 2024 unless redeemed, repurchased or converted prior to such date. 12. Convertible Bonds (Continued) (a) 2024 Convertible Bonds (Continued) Holders may convert their 2024 Notes at their option prior to the close of business on the business day immediately preceding April 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company’s American Depositary Shares (the ‘‘ADSs’’), each representing four Class A ordinary shares of the Company, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “2024 Price Condition”); (2) during the five-business-day-period after any ten-consecutive-trading-day-period (the “measurement period”) in which the trading price per US$1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2024 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after April 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The initial conversion rate of the 2024 Notes is 23.4680 of the Company’s ADS per US$1,000 principal amount of the 2024 Notes (which is equivalent to an initial conversion price of approximately US$42.61 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2024 Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2024 Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be. The Company may not redeem the 2024 Notes prior to October 1, 2022 unless certain tax-related events occur. On or after October 1, 2022, the Company may redeem for cash all or part of the 2024 Notes, at its option, if the last reported sale price of the Company’s American Depositary Shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the 2024 Notes may require the Company to repurchase all or part of their 2024 Notes in cash on October 1, 2022 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2024 Notes. (b) 2025 Convertible Bonds In November 2020, the Company issued US$2,000,000 principal amount 0.00% convertible senior notes including US$250,000 sold upon the exercise of the over-allotment option (the “2025 Notes”). The Notes will mature on December 1, 2025 unless redeemed, repurchased or converted prior to such date. 12. Convertible Bonds (Continued) (b) 2025 Convertible Bonds (Continued) Holders may convert their 2025 Notes at their option prior to the close of business on the business day immediately preceding June 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s ADS, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any ten-consecutive-trading-day period (the ‘‘measurement period’’) in which the ‘‘trading price’’ (as defined below) per US$1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2025 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after June 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The conversion rate will initially be 5.2459 ADSs per US$1,000 principal amount of 2025 Notes (equivalent to an initial conversion price of approximately US$190.63 per ADS). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, following certain corporate events that occur prior to the maturity date or following the Company’s delivery of a notice of a tax or optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2025 Notes in connection with such a corporate event or such notice of tax or optional redemption, as the case may be. The Company may not redeem the 2025 Notes prior to December 6, 2023 unless certain tax-related events occur. On or after December 6, 2023, the Company may redeem for cash all or part of the 2025 Notes, at its option, if the last reported sale price of its ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provide notice of redemption and (ii) the trading day immediately preceding the date the Company send such notice. Holders of the 2025 Notes may require the Company to repurchase all or part of their 2025 Notes in cash on December 1, 2023 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2025 Notes. (c) Accounting for Convertible Bonds As the conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option, the Company separated the 2024 Notes and the 2025 Notes (collectively as the “Notes”) into liability and equity components in accordance with ASC 470-20, Debt with Conversion and Other Options 12. Convertible Bonds (Continued) (c) Accounting for Convertible Bonds (Continued) The gross proceeds from the issuance of the 2024 Notes were US$1,000,000. Debt issuance costs including underwriting commissions and offering expenses were approximately US$15,680, which were allocated to the liability and equity components proportionately. The gross proceeds from the issuance of the 2025 Notes were US$2,000,000. Debt issuance costs including underwriting commissions and offering expenses were approximately US$20,607, which were allocated to the liability and equity components proportionately. As of December 31, 2019 and 2020, the principal amount of the liability component of the Notes were US$1,000,000 and US$2,883,024, unamortized debt discount were US$253,651 and US$671,068, and net carrying amount of the liability component was RMB5,206,682 and RMB14,432,792, respectively. The carrying amount of the equity component was US$258,429 and US$478,633, respectively. For the year ended December 31, 2019 and 2020, the amount of interest cost recognized relating to the amortization of the discount on the liability component was RMB144,132 and RMB695,794 (US$106,635), respectively. As of December 31, 2020, the liability component of 2024 Notes and 2025 Notes will be accreted up to the principal amount over a remaining period of 1.75 years and 2.92 years, respectively. For the year ended December 31, 2020, holders of US$116,976 in aggregate principal amount of 2024 Notes exercised their right to convert their notes into shares under the 2024 Price Condition at its initial conversion price. Upon conversion, the Company issued 9,900,368 ordinary shares. As of December 31, 2020, the if-converted values of remaining 2024 Notes were US$3,676,400, which exceed their principal amount of US$883,024.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2020
Fair Value Measurements
Fair Value Measurements	13. Fair Value Measurement In accordance with ASC 820, the Company measures investment 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 — Marketable equity securities 11,925 — — 11,925 795,849 — 13. Fair Value Measurement (Continued) 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, 2020: Short-term investments: Trading debt securities — 3,001,951 — Other non-current assets: Investment in convertible bonds — — 1,388,916 — 3,001,951 1,388,916 Investment in convertible notes is classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the binomial 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. Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amounts RMB US$ Balance at December 31, 2019 — — Additions 1,414,200 216,736 Net unrealized fair value 88,928 13,629 Foreign currency translation adjustments (114,212) (17,504) Balance at December 31, 2020 1,388,916 212,861 13. Fair Value Measurement (Continued) As of December 31, 2019 and 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 December 31, 2020: Short-term investments: Held-to-maturity debt securities — 61,549,143 — Other non-current assets: Held-to-maturity debt securities — 4,315,096 — Convertible bonds — 40,760,994 —

Ordinary Shares

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2020
Ordinary Shares
Ordinary Shares	14. Ordinary Shares Holders of Class A ordinary shares and Class B ordinary shares are entitled to the same rights except for voting rights. In respect of matters requiring a shareholder’s vote, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to ten votes. In connection with the issuance of Series D convertible preferred shares, the Company effected a change of authorized share capital by repurchasing all of the then issued and outstanding ordinary shares at par value and reissued 42,486,360 Class A ordinary shares and 1,716,283,460 Class B ordinary shares to its existing holders of ordinary shares. The number of shares and per-share price in the consolidated financial statements were recasted on a retroactive basis to reflect the effect of these changes. In the third quarter of 2018, the Company completed its Initial Public Offering (“IPO”) on the National Association of Securities Deal Automated Quotations under the symbol of “PDD” of 91,735,827 ADSs (including 6,135,827 ADSs sold upon the exercise of the underwriters’ over-allotment option), representing 366,943,308 Class A ordinary shares for a total proceeds net of issuance costs of US$1,690,696. Upon completion of the IPO, all convertible preferred shares were converted into ordinary shares. In February 2019, the Company completed a follow-on public offering and issued 48,435,000 ADSs, representing 193,740,000 Class A ordinary shares for total proceeds net of issuance costs of US$1,181,209. 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. 14. Ordinary Shares (Continued) 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. In November 2020, the Company completed a follow-on public offering and issued 33,005,000 ADSs, representing 132,020,000 Class A ordinary shares for total proceeds net of issuance costs of US$4,074,642. In December 2020, the Company completed a private placement and issued 15,384,612 Class A Ordinary Shares for total proceeds of US$500,000.

Revenues

Revenues	12 Months Ended
Revenues	Dec. 31, 2020
Revenues
Revenues	15. Revenues For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Online marketing services and others 11,515,575 26,813,641 47,953,779 7,349,238 Transaction services 1,604,415 3,328,245 5,787,415 886,960 Merchandise sales — — 5,750,671 881,329 13,119,990 30,141,886 59,491,865 9,117,527 Contract balances The Group’s contract liabilities comprised of customer advances and deferred revenues and portions of payable to merchants: As of December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB US$ Customer advances and deferred revenues 605,970 2,423,190 371,370 Payable to merchants 116,557 224,896 34,467 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 year ended December 31, 2020, revenues of RMB651,877 were recognized from the carrying value of contract liabilities as of December 31, 2019. During the year ended December 31, 2019, revenues of RMB219,017 were recognized from the carrying value of contract liabilities as of December 31, 2018.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
Share-Based Compensation	Dec. 31, 2020
Share-Based Compensation
Share-Based Compensation	16. Share-Based Compensation In order to provide additional incentives to employees and to promote the success of the Group’s business, the Group adopted a share incentive plan in 2015 (the ‘‘2015 Plan’’). The 2015 Plan allows the Group to grant options to employees, directors or consultants. Under the 2015 Plan, the maximum aggregate number of shares that may be issued shall not exceed 581,972,860. The terms of the options shall not exceed ten years from the date of grant. 16. Share-Based Compensation (Continued) In July 2018, the Group adopted the 2018 Share Incentive Plan (the “2018 Plan”). The 2018 Plan allows the Group to grant options and RSUs to employees, directors or consultants. Under the 2018 Plan, the maximum aggregate number of shares that may be issued pursuant to all awards is initially 363,130,400, plus an annual increase on the first day of each fiscal year of the company during the term of the 2018 Plan commencing with the fiscal year beginning January 1, 2019, by an amount equal to the lessor of (i) 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by our board of directors. In March 2021, our board of directors approved an amendment to the 2018 Plan to increase the annual increase percentage from 1.0% to 3.0% effective from the fiscal year beginning January 1, 2022. For the share options granted under the 2015 Plan and the 2018 Plan, in addition to the explicit service periods of four years, with 25% of the options vesting annually, Class A ordinary shares acquired from the exercise of vested options cannot be sold or transferred by the employees without the prior written consents of the Company within the first three years of vested (‘‘Restricted Shares’’). In the event that employment relationship is terminated with the Company, voluntarily or involuntarily, within the three-year lock-up periods, the Company may, at its sole discretion, repurchase the Restricted Shares at the employee’s exercise price. The Group determined the substance of the lock up periods to be additional implicit service periods of three years, thereby extending the vesting terms of the options to be seven years in total. The RSUs granted under the 2018 Plan vest over a period of four years with 25% vesting on each anniversary from the date of grant, or with 50% of the RSUs vesting on the second anniversary and 25% on each of the third and fourth anniversary from the date of grant. (a) Share options: The following table summarize the Group’s option activities under the 2015 Plan and the 2018 Plan: Weighted Weighted Weighted average average average Aggregate remaining Number of exercise grant date intrinsic contractual share options price fair value value term US$ US$ US$ Years Outstanding as of January 1,2018 272,442,860 0.0065 0.0706 144,258 8.57 Granted 359,390,000 0.0065 3.6289 Forfeited (2,240,000) 0.0065 2.5006 Outstanding as of December 31, 2018 629,592,860 0.0065 2.0931 3,527,924 8.64 Granted 76,665,380 0.0065 7.7632 Forfeited (7,937,140) 0.0065 5.7059 Outstanding as of December 31, 2019 698,321,100 0.0065 2.6745 6,598,087 7.83 Granted 41,350,000 0.0065 14.5801 Forfeited (8,620,000) 0.0065 5.7091 Outstanding as of December 31, 2020 731,051,100 0.0065 3.1775 32,466,710 6.94 Vested and expected to vest as of December 31, 2020 731,051,100 0.0065 3.1775 32,466,710 6.94 Exercisable as of December 31, 2020 445,316,410 0.0065 1.7667 19,776,947 6.38 16. Share-Based Compensation (Continued) (a) Share options: (Continued) The aggregate intrinsic value is calculated as the difference between the exercise price of the awards and the fair value of the underlying Ordinary Shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant Ordinary Shares. The total fair value of vested options was RMB45,979, RMB2,243,028 and RMB 3,237,924 (US$ 496,234) for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, total unrecognized share-based compensation expense relating to unvested awards was RMB9,773,595 (US$1,497,869) which is expected to be recognized over a weighted-average period of 3.94 years. The Group calculated the estimated fair value of the options on the respective grant dates using the binomial-lattice option valuation model with the following assumptions for each applicable period which took into account variables such as volatility, dividend yield, and risk-free interest rates: For the years ended December 31, 2018 2019 2020 Risk-free interest rates 2.97%-3.13% 1.50%-2.90% 0.62%-1.13% Expected volatility 46.23%-48.63% 43.52%-57.59% 43.89%-46.68% Expected dividend yield 0% 0% 0% Exercise multiple 2.80 2.80 2.80 Post-vesting forfeit rate 0% 0% 0% Fair value of underlying ordinary shares $1.5146-$5.7400 $4.8550-$8.9875 $8.9450-$34.1350 Fair value of share option $1.5091-$5.7335 $4.8485-$8.9810 $8.9385-$34.1285 16. Share-Based Compensation (Continued) (c) The following table summarize the Group’s RSU activities under the 2018 Plan: Weighted Number of average grant RSUs date fair value US$ Outstanding as of January 1, 2018 — — Granted 8,295,240 6.2519 Outstanding as of January 1, 2019 8,295,240 6.2519 Granted 36,409,188 6.7698 Vested (567,636) 6.9225 Forfeited (2,761,724) 6.4514 Outstanding as of December 31, 2019 41,375,068 6.6855 Granted 11,133,740 16.6133 Vested (4,950,492) 5.2263 Forfeited (3,737,860) 8.4385 Outstanding as of December 31, 2020 43,820,456 9.1088 The total fair value of the RSUs vested during the years ended December 31, 2019 and 2020 was RMB27,073 and RMB 178,855 (US$ 27,411) respectively. As of December 31, 2020, RMB1,516,338 (US$232,389) of unrecognized share-based compensation expenses related to RSUs is expected to be recognized over a weighted average vesting period of 2.64 years using the accelerated method. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred. 16. Share-Based Compensation (continued) (d) The Group recognized share-based compensation expenses for the years ended December 31, 2018, 2019 and 2020 as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Costs of revenues 3,488 23,835 32,291 4,949 Sales and marketing expenses 405,805 860,862 1,093,547 167,593 General and administrative expenses i) 6,296,186 786,641 966,985 148,197 Research and development 136,094 886,368 1,520,220 232,984 6,841,573 2,557,706 3,613,043 553,723 i) In April 2018, the Company issued 254,473,500 Class A ordinary shares to a company controlled by Mr. Zheng Huang, the founder, at the par value of US$0.000005 per share pursuant to a shareholders’ resolution. The difference between the par value and estimated fair value of ordinary shares on the grant date was recorded as a one-time share-based compensation expense of RMB5,953,717 in general and administration expenses. No such transaction took place during the years ended December 31, 2019 and 2020.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2020
Income Taxes
Income Taxes	17. Income Taxes Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Walnut HK is incorporated in Hong Kong and is subject to Hong Kong profits tax at the rate of 16.5% on its activities conducted in Hong Kong 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. PRC The Company’s subsidiaries and VIE in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the ”EIT Law”), which was effective since January 1, 2008, except for certain entities eligible for preferential tax rates. 17. Income Taxes (Continued) PRC (Continued) Shanghai Xunmeng, a subsidiary of VIE, was recognized as a high and new technology enterprise (“HNTE”) in November 2018 and was eligible for 15% preferential tax rate from 2018 to 2020. Xinzhijiang, a subsidiary of the Company established in April 2018, located in Qianhai District, Shenzhen, Guangdong Province, was eligible for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies that are located in Qianhai District which operate in certain encouraged industries, from 2014 to 2020. Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax. The Group’s loss before income taxes consisted of: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Non-PRC (7,083,904) (2,741,219) (3,763,962) (576,853) PRC (3,133,221) (4,226,384) (3,415,780) (523,491) (10,217,125) (6,967,603) (7,179,742) (1,100,344) The Group had no current income The reconciliations of the income tax expenses for the years ended December 31, 2018, 2019 and 2020 were as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income tax expense (10,217,125) (6,967,603) (7,179,742) (1,100,344) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefits at PRC statutory tax rate (2,554,281) (1,741,901) (1,794,935) (275,086) International tax rate differential 1,779,100 735,028 1,077,383 165,116 Preferential tax rate 197,828 358,796 57,483 8,810 Non-deductible expenses 36,726 (5,980) 108 17 Non-taxable income (20,973) (61,151) (164,120) (25,153) Deferred tax items tax rate differential (34,236) (570,382) (110,821) (16,984) Additional deduction of research and development expenses (22,672) (67,628) (124,858) (19,135) Change in valuation allowance 618,508 1,353,218 1,059,760 162,415 Income tax expenses — — — — 17. Income Taxes (Continued) PRC (Continued) The significant components of the Group’s deferred tax assets were as follows: As of December 31, 2019 2020 2020 RMB RMB US$ Deferred tax assets Tax losses carried forward 1,840,246 1,956,901 299,908 Carryforwards of non-deductible advertising expenses and donations 251,829 1,143,858 175,304 Others 43,111 94,186 14,435 Less: valuation allowance (2,135,186) (3,194,945) (489,647) Deferred tax assets, net — — — The Group operates through several subsidiaries, the VIE and the subsidiaries of the VIE. Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss or credit carry forwards. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2019 and 2020, valuation allowances were provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized. As of December 31, 2019 and 2020, the Group had taxable losses of RMB8,174,339 and RMB8,689,427 (US$1,331,713) derived from entities in the PRC, which can be carried forward for five years to offset future taxable profit, and the period was extended to ten years for entities qualified as HNTE in 2020 and thereafter. The PRC taxable loss will expire from December 31, 2021 to 2029 if not utilized. The Group plans to indefinitely reinvest the undistributed earnings of its subsidiaries, the VIE and the subsidiaries of the VIE located in the PRC. As of December 31, 2019 and 2020, there were no undistributed earnings from these entities and no withholding tax has been accrued. As of December 31, 2019 and 2020, the Group did not have significant unrecognized tax benefit, all of which were presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheets. It is possible that the amount of unrecognized benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment. For the years ended December 31, 2018, 2019 and 2020, no interest expense was accrued in relation to the unrecognized tax benefit. As of December 31, 2019 and 2020 there were no accumulated interest expenses recorded in unrecognized tax benefit. As of December 31, 2020, the tax years ended December 31, 2015 through period ended as of the reporting dates for the WFOE, the VIE and the subsidiaries of the VIE remain open to examination by the PRC tax authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	18. Related Party Transactions (a) Related parties Names of related parties Relationship with the Group Tencent and its affiliates (“Tencent Group”) A shareholder of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company Shanghai Fufeitong Information Service Co., Ltd. (“Shanghai Fufeitong”) Company controlled by one of the executive officers of the Company (b) Other than disclosed elsewhere, the Group had the following significant related party transactions for the years ended December 31, 2018, 2019 and 2020, respectively: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Services received from: Tencent Group 1,266,362 2,298,074 10,541,479 1,615,552 Shanghai Fufeitong — — 45,364 6,952 (c) The Group had the following significant related party balances as of December 31, 2019 and 2020: As of December 31, 2019 2020 2020 RMB RMB US$ Accounts due from related parties: Current: Tencent Group* 1,905,793 3,177,536 486,979 Ningbo Hexin Equity Investment Partnership ** 459,632 697,632 106,917 Shanghai Fufeitong — 364,517 55,865 Accounts due to related parties: Current: Tencent Group 1,502,892 3,370,928 516,617 Shanghai Fufeitong — 14,935 2,289 * The balance primarily represents receivables due from the online payment platform operated by Tencent Group. ** The balance represents loans to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

Loss Per Share

Loss Per Share	12 Months Ended
Loss Per Share	Dec. 31, 2020
Loss Per Share
Loss Per Share	19. Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the following periods: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Numerator: Net loss (10,217,125) (6,967,603) (7,179,742) (1,100,344) Deemed distribution to certain holders of convertible preferred shares (80,496) — — — Net loss attributable to ordinary shareholders (10,297,621) (6,967,603) (7,179,742) (1,100,344) Denominator (in thousands of shares): Weighted-average number of ordinary shares outstanding – basic and diluted 2,968,320 4,627,278 4,768,343 4,768,343 Loss per share – basic and diluted (3.47) (1.51) (1.51) (0.23) During the years ended December 31, 2019 and 2020, the Company issued 600,000 and 12,050,000 ordinary shares to its share depositary bank, respectively. No consideration was received by the Company for the issuance. As of December 31, 2020, 5,518,128 out of the total 12,650,000 ordinary shares were used to settle share-based compensation. The remaining 7,131,872 ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of loss per share.

Restricted Net Assets

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2020
Restricted Net Assets
Restricted Net Assets	20. Restricted Net Assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries, the VIE and subsidiaries of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and subsidiaries of the VIE. In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The WFOE was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. For the years ended December 31, 2018, 2019 and 2020, WFOE did not have after-tax profit and therefore no statutory reserves have been allocated. Foreign exchange and other regulations in the PRC may further restrict the Company’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Company’s PRC Subsidiaries and the equity of the VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2020, restricted net assets of the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE were RMB10,789,088 (US$1,653,500).

Mainland China Employee Contrib

Mainland China Employee Contribution Plan	12 Months Ended
Mainland China Employee Contribution Plan	Dec. 31, 2020
Mainland China Employee Contribution Plan
Mainland China Employee Contribution Plan	21. Mainland China Employee Contribution Plan As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries.The total expenses the Group incurred for the plan were RMB133,699, RMB334,434 and RMB277,429 (US$42,518) for the years ended December 31, 2018, 2019 and 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies.
Commitments and Contingencies	22. Commitments and Contingencies (a) Operating lease commitments The Company leases offices for operation under operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year is included in Note 8. (b) Investment commitments The Group’s investment commitments primarily relate to capital contributions obligation under certain arrangement which does not have contractual maturity date. As of 31 December 2020, the total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB782,703 (US$119,954). (c) Contingencies In the ordinary course of business, the Group is from time to time involved in legal proceedings and litigations. 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, following which the plaintiffs filed an appeal in April 2020. In February 2021, the Superior Court of the State of California dismissed all claims against the Group for lack of personal jurisdiction. As the appeal of the consolidated action in the SDNY is still pending, 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 December 31, 2020, the Group did not consider an unfavorable outcome in any material respects in the outstanding legal proceedings and litigations to be probable.

Condensed Financial Information

Condensed Financial Information of the Company	12 Months Ended
Condensed Financial Information of the Company	Dec. 31, 2020
Condensed Financial Information of the Company
Condensed Financial Information of the Company	23. Condensed Financial Information of the Company The following is the condensed financial information of the Company on a parent company only basis. As of December 31, 2019 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 661,714 6,566 1,006 Short-term investments 6,157,221 5,840,247 895,057 Prepayments and other current assets 17,906 359 55 Total current assets 6,836,841 5,847,172 896,118 Non-current assets Intangible asset 1,994,292 1,276,751 195,671 Investments in subsidiaries, the VIE and subsidiaries of the VIE 21,053,370 67,814,679 10,393,054 Total non-current assets 23,047,662 69,091,430 10,588,725 Total assets 29,884,503 74,938,602 11,484,843 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other liabilities 23,566 327,004 50,116 Total current liabilities 23,566 327,004 50,116 Convertible bonds 5,206,682 14,432,792 2,211,922 Other non-current liabilities 7,389 2,918 447 Total non-current liabilities 5,214,071 14,435,710 2,212,369 Total liabilities 5,237,637 14,762,714 2,262,485 Shareholders’ equity Class A ordinary shares (US$ 0.000005 par value; 77,300,000,000 shares authorized; 2,575,580,988 and 3,545,065,888 shares issued and outstanding as of December 31, 2019 and 2020, respectively) 84 115 18 Class B ordinary shares (US$ 0.000005 par value; 2,200,000,000 shares authorized, 2,074,447,700 and 1,409,744,080 shares issued and outstanding as of December 31, 2019 and 2020, respectively) 64 44 6 Additional paid-in capital 41,493,949 86,698,660 13,287,151 Accumulated other comprehensive income 1,448,230 (1,047,728) (160,571) Accumulated deficits (18,295,461) (25,475,203) (3,904,246) Total shareholders’ equity 24,646,866 60,175,888 9,222,358 Total liabilities and shareholders’ equity 29,884,503 74,938,602 11,484,843 23. Condensed Financial Information of the Company (continued) For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Costs of revenues (491,069) (619,733) (623,524) (95,559) Sales and marketing expenses (4,106) (47,746) (36,940) (5,661) General and administrative expenses (4,101) (3,245) (6,746) (1,034) Total operating expenses (8,207) (50,991) (43,686) (6,695) Operating loss (499,276) (670,724) (667,210) (102,254) Interest income 207,597 318,166 126,502 19,387 Interest expense — (144,132) (695,794) (106,635) Foreign exchange gain 113 — — — Other (loss)/gain — (31) 53,244 8,160 Share of losses from subsidiaries, the VIE and subsidiaries of the VIE (9,925,559) (6,470,882) (5,996,484) (919,002) Loss before income tax (10,217,125) (6,967,603) (7,179,742) (1,100,344) Income tax expenses — — — — Net loss (10,217,125) (6,967,603) (7,179,742) (1,100,344) Other comprehensive income, net of tax of nil Foreign currency translation difference, net of tax of nil 1,058,884 412,447 (2,495,958) (382,522) Comprehensive loss (9,158,241) (6,555,156) (9,675,700) (1,482,866) For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net cash generated from operating activities 110,724 259,409 735,231 112,679 Cash flows from investing activities: Proceeds from sales of short-term investments — 6,049,590 6,034,863 924,883 Cash given to purchase of short-term investments (6,146,370) (5,998,024) (6,250,248) (957,892) Cash given to subsidiaries, the VIE and subsidiaries of the VIE (6,749,831) (20,293,132) (52,051,474) (7,977,237) Net cash used in investing activities (12,896,201) (20,241,566) (52,266,859) (8,010,246) Cash flows from financing activities: Net proceeds from the initial public offering 11,523,631 — — — Proceeds from the private placements — — 11,063,339 1,695,531 Net proceeds from the follow-on offerings — 7,993,828 26,805,438 4,108,113 Net proceeds from the issuance of convertible bonds — 6,966,757 13,024,199 1,996,046 Net proceeds from the issuance of convertible preferred shares 5,820,726 — — — Others — — (6) (1) Net cash generated from financing activities 17,344,357 14,960,585 50,892,970 7,799,689 Exchange rate effect on cash, cash equivalents and restricted cash 319,221 141,540 (16,490) (2,528) Net increase/(decrease) in cash, cash equivalents and restricted cash 4,878,101 (4,880,032) (655,148) (100,406) Cash, cash equivalents and restricted cash at beginning of year 663,645 5,541,746 661,714 101,412 Cash, cash equivalents and restricted cash at end of year 5,541,746 661,714 6,566 1,006 23. Condensed Financial Information of the Company (continued) Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries, the VIE and subsidiaries of the VIE. The parent company records its investment in its subsidiaries, the VIE and its subsidiaries under the equity method of accounting as prescribed in ASC 323 , Investments-Equity Method and Joint Ventures The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of presentation	(a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”).
Principles of consolidation	(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the subsidiaries of the VIE. All significant inter-company transactions and balances between the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.
Use of estimates	(c) Use of estimates The preparation of financial statements in conformity with 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 are not limited to provision for prepayments made on behalf of merchants, 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.
Foreign currency	(d) Foreign currency The functional currency of the Company and its overseas subsidiaries is the US$. The Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies to be RMB based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income/(loss), a component of shareholders’ (deficits)/equity.
Convenience translation	(e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.5250 on December 31, 2020, the last business day in December 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Cash and cash equivalents	(f) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.
Restricted cash	(g) Restricted cash Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.
Short-term investments	(h) Short-term investments All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Group accounts for short-term debt investments in accordance with ASC Topic 320 (“ASC 320”), Investments-Debt Securities Investments — Equity Securities . Short-term debt investments include time deposits and wealth management products in financial institutions that the Group has positive intent and ability to hold to maturity, both of which are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. The Company also holds marketable equity securities in a listed company and measures it at fair value. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the short-term investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive loss.
Long-term investments	(i) Long-term investments The Group’s long-term investments consist of long-term held-to-maturity debt securities, investment in convertible bonds and equity method investments, which are included in other non-current assets. The Group accounts for long-term held-to-maturity debt securities in accordance with ASC Topic 320 (“ASC 320”), Investments-Debt Securities The Group has elected the fair value option for investment in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities The Group’s investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting and classified as “equity method investments” in accordance with ASC Subtopics 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall
Property, equipment and software, net	2. Summary of Significant Accounting Policies (Continued) (j) Property, equipment and software, net Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Computer equipment 3-4 years Office equipment 3 years Purchased software 3-5 years Leasehold improvements Over the shorter of lease terms or the estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the costs of renewals and betterments that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software, and the depreciation of these assets commences when the assets are ready for their intended use.
Inventories	(k) Inventories Inventories, primarily consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method.
Impairment of long-lived assets other than goodwill	(l) Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there were no impairment of any of the Group’s long-lived assets.
Fair value of financial instruments	(m) Fair value of financial instruments The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amount due from/to related parties, prepayment made on behalf of merchants, merchant deposits, payables to merchants, short-term investments, long-term debt investments and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 13. The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — 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 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
Revenue recognition	(n) Revenue recognition The Group adopted ASU 2014-09, Revenue from contracts with Customers Revenues are principally comprised of those generated from online marketplace services and merchandise sales. Revenues from online marketplace services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606, the Group recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of a promised good or service to a customer. 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. Payments for services or goods are generally received before deliveries. 2. Summary of Significant Accounting Policies (Continued) (n) Revenue recognition (Continued) Online marketing services The Group 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 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 and the online marketing 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. The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices. In general, the merchants need to prepay for display marketing which is accounted for as customer advances and deferred revenues and revenues are primarily recognized over the period during which the advertising services are provided. Transaction services The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s platform, 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 primarily determined as a percentage based on the purchase price of merchandise sold by the merchants. Revenues related to transaction services are recognized in 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 confirmation of the receipts of goods by the consumers. The majority fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants. The Group provides rebates to certain merchants on the online marketplace services by meeting certain requirements. Such rebates are netted against the online marketplace services revenues. Merchandise sales The Group in certain cases acquires the merchandises from suppliers and sells directly to the consumers. The Group acts as a principal for it takes control of the merchandises, is primarily obligated for the merchandise sold to the consumers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the products are delivered and title is passed to the consumers who are the Group’s customers in these transactions. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues. Membership services Certain consumers pay in advance for certain periods memberships in exchange for the access to a suite of benefits including coupons, which represent a single stand-ready obligation. As the members receive and consume the benefits of the Group’s promise throughout the subscription periods, the membership fees are recognized as revenue over the subscription periods on a straight-line basis. Coupons provided by the Group to the members are netted against the membership revenue with the resulting negative revenue, if any, being reclassed to marketing expenses for each membership contract. The membership revenue as recorded in the Group’s consolidated financial statements was immaterial during each presented period. 2. Summary of Significant Accounting Policies (Continued) (n) Revenue recognition (Continued) Incentives provided to the consumers In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers various forms of incentives, for example, coupons, credits and discounts that are not specific to any merchant, to consumers that are not customers of the Group. Despite the absence of any explicit contractual obligations to incentivize the non-customer consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine that whether the incentives represent implicit obligations to consumers on behalf of merchants and if so, should be recorded as reduction of revenues. Based on that evaluation, the Group determined that incentives offered to consumers are not considered as payments to customers. The Group at its discretion issues to consumers coupons and credits upon completion of certain actions to promote the Group’s platform. The coupons can be used for future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price and the credits can be used to redeem cash from the Group. The Group recognizes the amounts of coupons and credits as marketing expenses when future purchases are completed or when the credits are issued. Discounts unconditionally provided to consumers are recognized as marketing expenses when the related transaction services revenues from merchants are recognized. Certain discounts are offered to consumers upon their completion of certain actions to promote the platform, the Group records the related costs in marketing expenses upon the completion of such promotion tasks.
Costs of revenues	(o) Costs of revenues Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platform and others, such as costs and expenses attributable to merchandise sales, delivery and storage fees, bandwidths and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, merchant support services, surcharges and other expenses directly attributable to the online marketplace services.
Advertising expenditures	(p) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB12,867,833, RMB25,867,772 and RMB39,297,890 (US$6,022,665) for the years ended December 31, 2018, 2019 and 2020, respectively.
Research and development expenses	(q) Research and development expenses Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements.
Credit loss	2. Summary of Significant Accounting Policies (Continued) (r) 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
Leases	(s) Leases The Group adopted ASU No. 2016-02, Leases The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2019 and 2020. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option.
Income taxes	2. Summary of Significant Accounting Policies (Continued) (t) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740 (‘‘ASC 740’’), Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expenses.
Share-based compensation	(u) Share-based compensation The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation Compensation-Stock Compensation Improvement to Employee Share-based Payment Accounting
Employee benefit expenses	(v) Employee benefit expenses As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries.
Comprehensive loss	(w) Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income
Loss per share	(x) Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is allocated between ordinary shares and other participating securities based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (“RSUs”) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. 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.
Segment reporting	(y) Segment reporting The Group follows ASC 280, Segment Reporting 2. Summary of Significant Accounting Policies (Continued)
Recent accounting pronouncements	(z) Recent accounting pronouncements The Company ceased to be an emerging growth company since December 31, 2018. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments- Equity Method and Joint Ventures (Topic 323) Derivatives and Hedging (Topic 815) 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)
Comparatives	(aa) Comparatives Certain prior period amounts have been reclassified to conform to the current period presentation.

Organization (Tables)

Organization (Tables)	12 Months Ended
Organization (Tables)	Dec. 31, 2020
Organization
Schedule of company's major subsidiaries, consolidated VIE and the subsidiary of the VIE	As of December 31, 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 (“Walnut HK”) April 28, 2015 Hong Kong 100 % — Holding company Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi” or the “WFOE”) 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. (“Xinzhijiang”) 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. (“Shanghai Xunmeng”) 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 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 2,816,894 3,593,192 550,681 Restricted cash 27,528,793 52,148,852 7,992,161 Receivables from online payment platforms 1,050,974 726,063 111,274 Short-term investments 6,560,665 7,026,442 1,076,849 Amounts due from related parties (i) 2,360,267 3,999,612 612,967 Amounts due from Group companies 3,337,273 9,932,418 1,522,210 Prepayments and other current assets 295,377 4,062,849 622,659 Total current assets 43,950,243 81,489,428 12,488,801 Non-current assets Property, equipment and software, net 27,719 186,403 28,568 Right-of-use assets 452,883 468,387 71,783 Other non-current assets 60,306 4,380,476 671,337 Total non-current assets 540,908 5,035,266 771,688 Total assets 44,491,151 86,524,694 13,260,489 As of December 31, 2019 2020 RMB RMB US$ LIABILITIES Current liabilities Amounts due to related parties (i) 1,502,892 3,385,863 518,906 Amounts due to Group companies 5,393,858 9,759,506 1,495,710 Customer advances and deferred revenues 605,969 2,422,907 371,327 Payable to merchants 29,657,227 53,417,259 8,186,553 Accrued expenses and other liabilities 3,420,728 6,999,827 1,072,770 Merchant deposits 7,840,912 10,926,319 1,674,532 Short-term borrowings 898,748 1,866,316 286,025 Lease liabilities 90,523 134,131 20,556 Total current liabilities 49,410,857 88,912,128 13,626,379 Lease liabilities 382,673 366,834 56,220 Total non-current liabilities 382,673 366,834 56,220 Total liabilities 49,793,530 89,278,962 13,682,599 1. Organization (Continued) The VIE agreements (Continued) For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net revenues from Group companies 298,415 2,244,429 12,602,673 1,931,444 External 10,136,874 17,630,903 38,749,188 5,938,573 Net revenues 10,435,289 19,875,332 51,351,861 7,870,017 Net (loss)/income (1,552,789) (3,611,656) 2,552,665 391,213 (i) Information with respect to related parties is discussed in Note 18. For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net cash generated from operating activities 8,984,498 11,139,572 29,379,799 4,502,651 Net cash used in investing activities (1,147,101) (5,249,046) (11,802,074) (1,808,747) Net cash provided by financing activities 507,767 4,546,481 7,818,632 1,198,258 Net increase in cash, cash equivalents and restricted cash 8,345,164 10,437,007 25,396,357 3,892,162

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2020
Summary of Significant Accounting Policies
Schedule of estimated useful lives of the assets	Category Estimated useful life Computer equipment 3-4 years Office equipment 3 years Purchased software 3-5 years Leasehold improvements Over the shorter of lease terms or the estimated useful lives of the assets

Short-term Investments (Tables)

Short-term Investments (Tables)	12 Months Ended
Short-term Investments (Tables)	Dec. 31, 2020
Short-term Investments
Schedule of short-term investments classification	As of December 31, 2019 2020 2020 RMB RMB US$ Held-to-maturity debt securities 34,481,053 61,549,143 9,432,819 Trading debt securities 795,849 3,001,951 460,069 Marketable equity securities 11,925 — — 35,288,827 64,551,094 9,892,888

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)	12 Months Ended
Prepayments and Other Current Assets (Tables)	Dec. 31, 2020
Prepayments and Other Current Assets
Schedule of components of prepayments and other current assets	As of December 31, 2019 2020 2020 RMB RMB US$ Prepayments 645,169 2,515,711 385,550 Inventories — 1,718,410 263,358 VAT recoverable 102,426 371,958 57,005 Interest receivables 146,294 309,027 47,360 Rental and other deposits 12,060 54,773 8,394 Others 44,328 189,652 29,066 950,277 5,159,531 790,733

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
Property and Equipment, Net (Tables)	Dec. 31, 2020
Property, Equipment and Software, Net
Schedule of Property, equipment and software, net	As of December 31, 2019 2020 2020 RMB RMB US$ At cost: Computer equipment, office equipment and purchased software 49,129 229,387 35,156 Leasehold improvement 18,826 23,780 3,644 67,955 253,167 38,800 Less: accumulated depreciation (26,682) (50,314) (7,711) 41,273 202,853 31,089
Schedule of depreciation expenses allocated to captions in income statement	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Costs of revenues 1,291 3,603 10,983 1,683 Sales and marketing expenses 805 2,415 2,477 380 General and administrative expenses 1,074 1,901 1,936 297 Research and development expenses 2,764 10,179 12,603 1,931 5,934 18,098 27,999 4,291

Intangible Asset (Tables)

Intangible Asset (Tables)	12 Months Ended
Intangible Asset (Tables)	Dec. 31, 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 (623,524) Foreign currency translation difference (94,017) Balance as of December 31, 2020 1,276,751
Schedule of estimated annual amortization expense	Amortization RMB US$ 2021 586,919 89,949 2022 586,919 89,949 2023 102,913 15,773

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 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$ 2021 271,898 41,670 2022 173,110 26,530 2023 127,738 19,577 2024 107,851 16,529 2025 and after 34,889 5,347 Total undiscounted cash flows 715,486 109,653 Less: imputed interest (47,511) (7,282) Present value of lease liabilities 667,975 102,371
Summary of supplemental information related to leases	As of December 31, 2019 2020 2020 RMB RMB US$ Operating cash flows for operating leases 76,130 166,967 25,589 ROU assets obtained in exchange for new operating lease liabilities 402,646 265,821 40,739

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2020
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	As of December 31, 2019 2020 2020 RMB RMB US$ Accrued advertising and marketing expenses 2,411,521 4,552,069 697,635 VAT and other tax payable 1,045,796 2,882,177 441,713 Payroll payable 1,061,228 1,806,787 276,902 Accounts payable 307,698 1,137,566 174,340 Others 50,819 814,773 124,871 4,877,062 11,193,372 1,715,461

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 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 — Marketable equity securities 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 December 31, 2020: Short-term investments: Trading debt securities — 3,001,951 — Other non-current assets: Investment in convertible bonds — — 1,388,916 — 3,001,951 1,388,916
Schedule of reconciliations of assets categorized within level 3 under the fair value hierarchy	Amounts RMB US$ Balance at December 31, 2019 — — Additions 1,414,200 216,736 Net unrealized fair value 88,928 13,629 Foreign currency translation adjustments (114,212) (17,504) Balance at December 31, 2020 1,388,916 212,861
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 December 31, 2020: Short-term investments: Held-to-maturity debt securities — 61,549,143 — Other non-current assets: Held-to-maturity debt securities — 4,315,096 — Convertible bonds — 40,760,994 —

Revenues (Tables)

Revenues (Tables)	12 Months Ended
Revenues (Tables)	Dec. 31, 2020
Revenues
Schedule of revenues	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Online marketing services and others 11,515,575 26,813,641 47,953,779 7,349,238 Transaction services 1,604,415 3,328,245 5,787,415 886,960 Merchandise sales — — 5,750,671 881,329 13,119,990 30,141,886 59,491,865 9,117,527
Schedule of information about contract liabilities, comprising customer advances, deferred revenues and portions of Payables to merchants	As of December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB US$ Customer advances and deferred revenues 605,970 2,423,190 371,370 Payable to merchants 116,557 224,896 34,467

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
Share-Based Compensation (Tables)	Dec. 31, 2020
Share-Based Compensation
Schedule of assumptions used to estimate the fair value of options	For the years ended December 31, 2018 2019 2020 Risk-free interest rates 2.97%-3.13% 1.50%-2.90% 0.62%-1.13% Expected volatility 46.23%-48.63% 43.52%-57.59% 43.89%-46.68% Expected dividend yield 0% 0% 0% Exercise multiple 2.80 2.80 2.80 Post-vesting forfeit rate 0% 0% 0% Fair value of underlying ordinary shares $1.5146-$5.7400 $4.8550-$8.9875 $8.9450-$34.1350 Fair value of share option $1.5091-$5.7335 $4.8485-$8.9810 $8.9385-$34.1285
Schedule of recognized share-based compensation expenses	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Costs of revenues 3,488 23,835 32,291 4,949 Sales and marketing expenses 405,805 860,862 1,093,547 167,593 General and administrative expenses i) 6,296,186 786,641 966,985 148,197 Research and development 136,094 886,368 1,520,220 232,984 6,841,573 2,557,706 3,613,043 553,723 i) In April 2018, the Company issued 254,473,500 Class A ordinary shares to a company controlled by Mr. Zheng Huang, the founder, at the par value of US$0.000005 per share pursuant to a shareholders’ resolution. The difference between the par value and estimated fair value of ordinary shares on the grant date was recorded as a one-time share-based compensation expense of RMB5,953,717 in general and administration expenses. No such transaction took place during the years ended December 31, 2019 and 2020.
RSU
Share-Based Compensation
Schedule of Group's share-based compensation activities	Weighted Number of average grant RSUs date fair value US$ Outstanding as of January 1, 2018 — — Granted 8,295,240 6.2519 Outstanding as of January 1, 2019 8,295,240 6.2519 Granted 36,409,188 6.7698 Vested (567,636) 6.9225 Forfeited (2,761,724) 6.4514 Outstanding as of December 31, 2019 41,375,068 6.6855 Granted 11,133,740 16.6133 Vested (4,950,492) 5.2263 Forfeited (3,737,860) 8.4385 Outstanding as of December 31, 2020 43,820,456 9.1088
Stock option
Share-Based Compensation
Schedule of Group's share-based compensation activities	Weighted Weighted Weighted average average average Aggregate remaining Number of exercise grant date intrinsic contractual share options price fair value value term US$ US$ US$ Years Outstanding as of January 1,2018 272,442,860 0.0065 0.0706 144,258 8.57 Granted 359,390,000 0.0065 3.6289 Forfeited (2,240,000) 0.0065 2.5006 Outstanding as of December 31, 2018 629,592,860 0.0065 2.0931 3,527,924 8.64 Granted 76,665,380 0.0065 7.7632 Forfeited (7,937,140) 0.0065 5.7059 Outstanding as of December 31, 2019 698,321,100 0.0065 2.6745 6,598,087 7.83 Granted 41,350,000 0.0065 14.5801 Forfeited (8,620,000) 0.0065 5.7091 Outstanding as of December 31, 2020 731,051,100 0.0065 3.1775 32,466,710 6.94 Vested and expected to vest as of December 31, 2020 731,051,100 0.0065 3.1775 32,466,710 6.94 Exercisable as of December 31, 2020 445,316,410 0.0065 1.7667 19,776,947 6.38

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2020
Income Taxes
Schedule of Group's loss before income taxes	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Non-PRC (7,083,904) (2,741,219) (3,763,962) (576,853) PRC (3,133,221) (4,226,384) (3,415,780) (523,491) (10,217,125) (6,967,603) (7,179,742) (1,100,344)
Schedule of reconciliations of the income tax expenses	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income tax expense (10,217,125) (6,967,603) (7,179,742) (1,100,344) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefits at PRC statutory tax rate (2,554,281) (1,741,901) (1,794,935) (275,086) International tax rate differential 1,779,100 735,028 1,077,383 165,116 Preferential tax rate 197,828 358,796 57,483 8,810 Non-deductible expenses 36,726 (5,980) 108 17 Non-taxable income (20,973) (61,151) (164,120) (25,153) Deferred tax items tax rate differential (34,236) (570,382) (110,821) (16,984) Additional deduction of research and development expenses (22,672) (67,628) (124,858) (19,135) Change in valuation allowance 618,508 1,353,218 1,059,760 162,415 Income tax expenses — — — —
Schedule of significant components of the Group's deferred tax assets	As of December 31, 2019 2020 2020 RMB RMB US$ Deferred tax assets Tax losses carried forward 1,840,246 1,956,901 299,908 Carryforwards of non-deductible advertising expenses and donations 251,829 1,143,858 175,304 Others 43,111 94,186 14,435 Less: valuation allowance (2,135,186) (3,194,945) (489,647) Deferred tax assets, net — — —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2020
Related Party Transactions
Schedule of relationship with related parties	Names of related parties Relationship with the Group Tencent and its affiliates (“Tencent Group”) A shareholder of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company Shanghai Fufeitong Information Service Co., Ltd. (“Shanghai Fufeitong”) Company controlled by one of the executive officers of the Company
Schedule of significant related party transactions	For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Services received from: Tencent Group 1,266,362 2,298,074 10,541,479 1,615,552 Shanghai Fufeitong — — 45,364 6,952
Schedule of related party balances	As of December 31, 2019 2020 2020 RMB RMB US$ Accounts due from related parties: Current: Tencent Group* 1,905,793 3,177,536 486,979 Ningbo Hexin Equity Investment Partnership ** 459,632 697,632 106,917 Shanghai Fufeitong — 364,517 55,865 Accounts due to related parties: Current: Tencent Group 1,502,892 3,370,928 516,617 Shanghai Fufeitong — 14,935 2,289 * The balance primarily represents receivables due from the online payment platform operated by Tencent Group. ** The balance represents loans 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)	12 Months Ended
Loss Per Share (Tables)	Dec. 31, 2020
Loss Per Share
Schedule of computation of basic and diluted net loss per share	For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Numerator: Net loss (10,217,125) (6,967,603) (7,179,742) (1,100,344) Deemed distribution to certain holders of convertible preferred shares (80,496) — — — Net loss attributable to ordinary shareholders (10,297,621) (6,967,603) (7,179,742) (1,100,344) Denominator (in thousands of shares): Weighted-average number of ordinary shares outstanding – basic and diluted 2,968,320 4,627,278 4,768,343 4,768,343 Loss per share – basic and diluted (3.47) (1.51) (1.51) (0.23)

Condensed Financial Informati_2

Condensed Financial Information of the Company (Tables)	12 Months Ended
Condensed Financial Information of the Company (Tables)	Dec. 31, 2020
Condensed Financial Information of the Company
Condensed balance sheets of parent company	As of December 31, 2019 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 661,714 6,566 1,006 Short-term investments 6,157,221 5,840,247 895,057 Prepayments and other current assets 17,906 359 55 Total current assets 6,836,841 5,847,172 896,118 Non-current assets Intangible asset 1,994,292 1,276,751 195,671 Investments in subsidiaries, the VIE and subsidiaries of the VIE 21,053,370 67,814,679 10,393,054 Total non-current assets 23,047,662 69,091,430 10,588,725 Total assets 29,884,503 74,938,602 11,484,843 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other liabilities 23,566 327,004 50,116 Total current liabilities 23,566 327,004 50,116 Convertible bonds 5,206,682 14,432,792 2,211,922 Other non-current liabilities 7,389 2,918 447 Total non-current liabilities 5,214,071 14,435,710 2,212,369 Total liabilities 5,237,637 14,762,714 2,262,485 Shareholders’ equity Class A ordinary shares (US$ 0.000005 par value; 77,300,000,000 shares authorized; 2,575,580,988 and 3,545,065,888 shares issued and outstanding as of December 31, 2019 and 2020, respectively) 84 115 18 Class B ordinary shares (US$ 0.000005 par value; 2,200,000,000 shares authorized, 2,074,447,700 and 1,409,744,080 shares issued and outstanding as of December 31, 2019 and 2020, respectively) 64 44 6 Additional paid-in capital 41,493,949 86,698,660 13,287,151 Accumulated other comprehensive income 1,448,230 (1,047,728) (160,571) Accumulated deficits (18,295,461) (25,475,203) (3,904,246) Total shareholders’ equity 24,646,866 60,175,888 9,222,358 Total liabilities and shareholders’ equity 29,884,503 74,938,602 11,484,843
Condensed statements of comprehensive income of parent company	For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Costs of revenues (491,069) (619,733) (623,524) (95,559) Sales and marketing expenses (4,106) (47,746) (36,940) (5,661) General and administrative expenses (4,101) (3,245) (6,746) (1,034) Total operating expenses (8,207) (50,991) (43,686) (6,695) Operating loss (499,276) (670,724) (667,210) (102,254) Interest income 207,597 318,166 126,502 19,387 Interest expense — (144,132) (695,794) (106,635) Foreign exchange gain 113 — — — Other (loss)/gain — (31) 53,244 8,160 Share of losses from subsidiaries, the VIE and subsidiaries of the VIE (9,925,559) (6,470,882) (5,996,484) (919,002) Loss before income tax (10,217,125) (6,967,603) (7,179,742) (1,100,344) Income tax expenses — — — — Net loss (10,217,125) (6,967,603) (7,179,742) (1,100,344) Other comprehensive income, net of tax of nil Foreign currency translation difference, net of tax of nil 1,058,884 412,447 (2,495,958) (382,522) Comprehensive loss (9,158,241) (6,555,156) (9,675,700) (1,482,866)
Condensed statement of cash flows of parent company	For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Net cash generated from operating activities 110,724 259,409 735,231 112,679 Cash flows from investing activities: Proceeds from sales of short-term investments — 6,049,590 6,034,863 924,883 Cash given to purchase of short-term investments (6,146,370) (5,998,024) (6,250,248) (957,892) Cash given to subsidiaries, the VIE and subsidiaries of the VIE (6,749,831) (20,293,132) (52,051,474) (7,977,237) Net cash used in investing activities (12,896,201) (20,241,566) (52,266,859) (8,010,246) Cash flows from financing activities: Net proceeds from the initial public offering 11,523,631 — — — Proceeds from the private placements — — 11,063,339 1,695,531 Net proceeds from the follow-on offerings — 7,993,828 26,805,438 4,108,113 Net proceeds from the issuance of convertible bonds — 6,966,757 13,024,199 1,996,046 Net proceeds from the issuance of convertible preferred shares 5,820,726 — — — Others — — (6) (1) Net cash generated from financing activities 17,344,357 14,960,585 50,892,970 7,799,689 Exchange rate effect on cash, cash equivalents and restricted cash 319,221 141,540 (16,490) (2,528) Net increase/(decrease) in cash, cash equivalents and restricted cash 4,878,101 (4,880,032) (655,148) (100,406) Cash, cash equivalents and restricted cash at beginning of year 663,645 5,541,746 661,714 101,412 Cash, cash equivalents and restricted cash at end of year 5,541,746 661,714 6,566 1,006

Organization - Ownership intere

Organization - Ownership interest (Details)	12 Months Ended
Organization - Ownership interest (Details)	Dec. 31, 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 - The VIE agreemen

Organization - The VIE agreements (Details) - Exclusive Consulting and Services Agreement	12 Months Ended
	Dec. 31, 2020
The VIE agreements
Term of agreement (in years)	10 years
Automatic extended term of agreement (in years)	10 years
Notice period for termination of agreement (in months)	3 months

Organization - Financial inform

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)
Current assets
Cash and cash equivalents	¥ 22,421,189		¥ 5,768,186	¥ 14,160,322	$ 3,436,198
Restricted cash	52,422,447		27,577,671	16,379,364	8,034,091
Receivables from online payment	729,548		1,050,974		111,808
Short-term investments	64,551,094		35,288,827		9,892,888
Amounts due from related parties (i)	4,240,069		2,365,528		649,819
Prepayments and other current assets	5,159,531		950,277		790,733
Total current assets	149,523,878		73,001,463		22,915,537
Non-current assets
Property, equipment and software, net	202,853		41,273		31,089
Right-of-use assets	629,827		517,188		96,525
Other non-current assets	7,275,305		503,120		1,114,989
Total non-current assets	9,384,736		3,055,873		1,438,274
Total Assets	158,908,614		76,057,336		24,353,811
Current liabilities
Amounts due to related parties	3,385,863		1,502,892		518,906
Payable to merchants	53,833,981		29,926,488		8,250,419
Accrued expenses and other liabilities	11,193,372		4,877,062		1,715,461
Merchant deposits	10,926,319		7,840,912		1,674,532
Short-term borrowings	1,866,316		898,748		286,025
Current portion of lease liabilities	253,036		115,734		38,779
Total current liabilities	83,882,077		45,767,806		12,855,492
Non-Current portion of Lease liabilities	414,939		428,593		63,592
Total non-current liabilities	14,850,649		5,642,664		2,275,961
Total liabilities	98,732,726		51,410,470		15,131,453
Consolidated statement of income (loss)
Net revenues	59,491,865	$ 9,117,527	30,141,886	13,119,990
Net (loss)/income	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Consolidated statement of cashflows
Net cash generated from operating activities	28,196,627	4,321,323	14,820,976	7,767,927
Net cash used in investing activities	(38,357,901)	(5,878,606)	(28,319,678)	(7,548,509)
Net cash provided by financing activities	51,798,996	7,938,543	15,854,731	17,344,357
Net increase in cash, cash equivalents and restricted cash	41,497,779	$ 6,359,813	2,806,171	18,110,685
Restricted cash	52,422,447		27,577,671	¥ 16,379,364	8,034,091
Consolidated VIE
Current liabilities
Amounts due to related parties	3,385,863		1,502,892		518,906
Payable to merchants	53,417,259		29,657,227		8,186,553
Accrued expenses and other liabilities	6,999,827		3,420,728		1,072,770
Merchant deposits	10,926,319		7,840,912		1,674,532
Short-term borrowings	1,866,316		898,748		286,025
Current portion of lease liabilities	134,131		90,523		20,556
Non-Current portion of Lease liabilities	¥ 366,834		¥ 382,673		56,220
Consolidated VIE \| Consolidated revenues
Financial information for the VIE
Concentration (as a percent)	65.10%	65.10%	58.50%	77.30%
Consolidated VIE \| Consolidated total assets
Financial information for the VIE
Concentration (as a percent)	48.20%	48.20%	54.10%
Consolidated VIE \| Consolidated total liabilities
Financial information for the VIE
Concentration (as a percent)	80.50%	80.50%	86.40%
Reportable legal entity \| Consolidated VIE
Current assets
Cash and cash equivalents	¥ 3,593,192		¥ 2,816,894		550,681
Restricted cash	52,148,852		27,528,793		7,992,161
Receivables from online payment	726,063		1,050,974		111,274
Short-term investments	7,026,442		6,560,665		1,076,849
Amounts due from related parties (i)	3,999,612		2,360,267		612,967
Amounts due from Group companies	9,932,418		3,337,273		1,522,210
Prepayments and other current assets	4,062,849		295,377		622,659
Total current assets	81,489,428		43,950,243		12,488,801
Non-current assets
Property, equipment and software, net	186,403		27,719		28,568
Right-of-use assets	468,387		452,883		71,783
Other non-current assets	4,380,476		60,306		671,337
Total non-current assets	5,035,266		540,908		771,688
Total Assets	86,524,694		44,491,151		13,260,489
Current liabilities
Amounts due to Group companies	9,759,506		5,393,858		1,495,710
Amounts due to related parties	3,385,863		1,502,892		518,906
Customer advances and deferred revenues	2,422,907		605,969		371,327
Payable to merchants	53,417,259		29,657,227		8,186,553
Accrued expenses and other liabilities	6,999,827		3,420,728		1,072,770
Merchant deposits	10,926,319		7,840,912		1,674,532
Short-term borrowings	1,866,316		898,748		286,025
Current portion of lease liabilities	134,131		90,523		20,556
Total current liabilities	88,912,128		49,410,857		13,626,379
Non-Current portion of Lease liabilities	366,834		382,673		56,220
Total non-current liabilities	366,834		382,673		56,220
Total liabilities	89,278,962		49,793,530		13,682,599
Consolidated statement of income (loss)
Net revenues	51,351,861	$ 7,870,017	19,875,332	¥ 10,435,289
Net (loss)/income	2,552,665	391,213	(3,611,656)	(1,552,789)
Consolidated statement of cashflows
Net cash generated from operating activities	29,379,799	4,502,651	11,139,572	8,984,498
Net cash used in investing activities	(11,802,074)	(1,808,747)	(5,249,046)	(1,147,101)
Net cash provided by financing activities	7,818,632	1,198,258	4,546,481	507,767
Net increase in cash, cash equivalents and restricted cash	25,396,357	3,892,162	10,437,007	8,345,164
Restricted cash	52,148,852		27,528,793		$ 7,992,161
Reportable legal entity \| Group companies \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	12,602,673	1,931,444	2,244,429	298,415
Reportable legal entity \| External \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	¥ 38,749,188	$ 5,938,573	¥ 17,630,903	¥ 10,136,874

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Convenience translation (Details)	Dec. 31, 2020
US$
Convenience translation rate (USD to RMB)	1
RMB
Convenience translation rate (USD to RMB)	6.5250

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, equipment and software (Details)	12 Months Ended
	Dec. 31, 2020
Computer equipment \| Minimum
Property, Equipment and Software, Net
Estimated useful life	3 years
Computer equipment \| Maximum
Property, Equipment and Software, Net
Estimated useful life	4 years
Office equipment
Property, Equipment and Software, Net
Estimated useful life	3 years
Purchased software \| Minimum
Property, Equipment and Software, Net
Estimated useful life	3 years
Purchased software \| Maximum
Property, Equipment and Software, Net
Estimated useful life	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Impairment of long-lived assets other than goodwill and Advertising expenditures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Summary of Significant Accounting Policies
Impairment of any long-lived assets	¥ 0		¥ 0	¥ 0
Advertising expenditures recognized in sales and marketing expenses	¥ 39,297,890	$ 6,022,665	¥ 25,867,772	¥ 12,867,833

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2020segment
Summary of Significant Accounting Policies
Number of reportable segment	1

Concentration of Risks (Details

Concentration of Risks (Details)	12 Months Ended
Concentration of Risks (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk
Minimum number of years for economic reform policies pursuing by PRC government	20 years
Percentage of appreciation (depreciation) of US dollar against RMB	(6.50%)	1.60%	5.00%
Business supplier risk \| Total cost \| Minimum
Concentration Risk
Concentration risk percentage		10.00%	10.00%
Business supplier risk \| Total cost \| Tencent \| Minimum
Concentration Risk
Concentration risk percentage	10.00%

Short-term Investments - Classi

Short-term Investments - Classification (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Debt securities:
Held-to-maturity	¥ 61,549,143	$ 9,432,819	¥ 34,481,053
Trading	3,001,951	460,069	795,849
Equity securities:
Marketable			11,925
Short-term Investments, Total	¥ 64,551,094	$ 9,892,888	¥ 35,288,827

Short-term Investments - Additi

Short-term Investments - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)
Short-term Investments
Gross unrecognized holding gain of the held-to-maturity debt securities			¥ 0
Gross unrecognized holding loss of the held-to-maturity debt securities	¥ 0
Cost of trading debt securities	2,998,310		795,849			$ 459,511
Net unrealized gain on debt trading securities	3,641	$ 558	0
Interest income on short-term investments	1,175,842	180,206	500,298	$ 180,206	¥ 115,737
Marketable Securities	0		23,398
Unrealized loss for marketable equity securities	0		11,473
Realized loss for marketable equity securities	¥ 14,332	$ 2,196	¥ 5,435	$ 2,196	¥ 0

Prepayments and Other Current_3

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 2,515,711	$ 385,550	¥ 645,169
Inventories	1,718,410	263,358
VAT recoverable	371,958	57,005	102,426
Interest receivables	309,027	47,360	146,294
Rental and other deposits	54,773	8,394	12,060
Others	189,652	29,066	44,328
Total	¥ 5,159,531	$ 790,733	¥ 950,277

Property, Equipment and Softw_2

Property, Equipment and Software, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Property, Equipment and Software, Net
At cost	¥ 253,167	$ 38,800	¥ 67,955
Less: accumulated depreciation	(50,314)	(7,711)	(26,682)
Property, equipment and software, net	202,853	31,089	41,273
Computer equipment, office equipment and software
Property, Equipment and Software, Net
At cost	229,387	35,156	49,129
Leasehold improvement
Property, Equipment and Software, Net
At cost	¥ 23,780	$ 3,644	¥ 18,826

Property, Equipment and Softw_3

Property, Equipment and Software, Net - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Property, Equipment and Software, Net
Depreciation expenses	¥ 27,999	$ 4,291	¥ 18,098	¥ 5,934
Costs of revenues
Property, Equipment and Software, Net
Depreciation expenses	10,983	1,683	3,603	1,291
Sales and marketing expenses
Property, Equipment and Software, Net
Depreciation expenses	2,477	380	2,415	805
General and administrative expenses
Property, Equipment and Software, Net
Depreciation expenses	1,936	297	1,901	1,074
Research and development expenses
Property, Equipment and Software, Net
Depreciation expenses	¥ 12,603	$ 1,931	¥ 10,179	¥ 2,764

Intangible Asset (Details)

Intangible Asset (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
Intangible Asset (Details) ¥ in Thousands, $ in Thousands	Feb. 28, 2019CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Intangible Asset
Beginning balance		¥ 1,994,292		¥ 2,579,338
Amortization		(623,524)	$ (95,559)	(619,733)	¥ (491,069)
Foreign currency translation difference		(94,017)		34,687
Ending balance		1,276,751		1,994,292	2,579,338
Impairment charges		¥ 0		¥ 0	¥ 0
Convertible preferred stock
Intangible Asset
Addition	¥ 2,852,000

Intangible Asset - Estimated an

Intangible Asset - Estimated annual amortization expense (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible Asset
2021	¥ 586,919	$ 89,949
2022	586,919	89,949
2023	¥ 102,913	$ 15,773

Leases - Maturity analysis of t

Leases - Maturity analysis of the Company's (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	¥ 271,898	$ 41,670
2022	173,110	26,530
2023	127,738	19,577
2024	107,851	16,529
2025 and after	34,889	5,347
Total undiscounted cash flows	715,486	109,653
Less: imputed interest	(47,511)	(7,282)
Present value of lease liabilities	¥ 667,975	$ 102,371

Leases - Other supplemental (De

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Leases
Operating cash flows for operating leases	¥ 166,967	$ 25,589	¥ 76,130
ROU assets obtained in exchange for new operating lease liabilities	¥ 265,821	$ 40,739	¥ 402,646

Leases - Additional Information

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Leases
Operating Lease, Cost	¥ 177,976	$ 27,276	¥ 94,929
Short-term Lease, Cost	¥ 31,394	$ 4,811	¥ 34,255
Weighted average remaining lease terms of the right-of-use assets	3 years 4 months 20 days	3 years 4 months 20 days	4 years 4 months 13 days
Weighted average incremental borrowing rate	4.90%	4.90%	5.36%

Other Non-Current Asset - Addit

Other Non-Current Asset - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)
Schedule of Investments [Line Items]
Carrying amount for the investments	¥ 4,315,096		¥ 0		$ 661,317
Gross unrecognized holding gain or loss on the investments	0		0
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	83,654	$ 12,821	28,676
Investments In Convertible Bonds Fair Value Disclosure	1,388,916				212,861
Gain recorded on time deposits	66,602	10,207	0	¥ 0
Unrealized Gain Loss On Convertible Bonds	88,928	13,629
Allowance for Credit Losses	6,343		0		972
Limited partnership funds
Schedule of Investments [Line Items]
Carrying amount for the investments	1,135,141		433,649		$ 173,968
Equity Method Investments not Considered as Material	0		0
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	¥ 83,654	$ 12,821	¥ 28,676	¥ 0

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Accrued Expenses and Other Liabilities
Accrued advertising and marketing expenses	¥ 4,552,069	$ 697,635	¥ 2,411,521
VAT and other tax payable	2,882,177	441,713	1,045,796
Payroll payable	1,806,787	276,902	1,061,228
Account payables	1,137,566	174,340	307,698
Others	814,773	124,871	50,819
Total	¥ 11,193,372	$ 1,715,461	¥ 4,877,062

Short-term Borrowings (Details)

Short-term Borrowings (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)
Short-term Debt [Line Items]
Short term borrowings	¥ 1,828,923	$ 280,294	¥ 897,022
Short-term investments collateralized by bank wealth management products	1,876,250		923,800		$ 287,548
Interest expense	¥ 61,542	$ 9,432	¥ 1,726	¥ 0
Minimum
Short-term Debt [Line Items]
Annual interest rate	2.04%				2.04%
Maximum
Short-term Debt [Line Items]
Annual interest rate	2.95%				2.95%

Convertible Bonds (Details)

Convertible Bonds (Details) $ / shares in Units, $ in Thousands	Nov. 18, 2019USD ($)CNY (¥)D$ / shares	Sep. 27, 2019USD ($)$ / shares	Dec. 31, 2020USD ($)D$ / sharesshares	Dec. 31, 2020CNY (¥)D	Dec. 31, 2019CNY (¥)	Dec. 31, 2020CNY (¥)shares	Nov. 30, 2020USD ($)	Apr. 30, 2020shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares	Sep. 30, 2019USD ($)
2024 Convertible Bonds
Debt Instrument [Line Items]
Principal amount			$ 883,024								$ 1,000,000
Coupon Rate											0.00%
Debt instrument purchasers over-allotment option											$ 125,000
Principal amount per conversion rate		$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)		23.4680
Initial conversion price (per ADS) \| $ / shares		$ 42.61
Effective interest rate			11.15%			11.15%
Gross proceeds from the issuance of the Notes			$ 1,000,000
Debt issuance costs			15,680
Principal amount of the liability			$ 116,976
Carrying amount of the equity component									$ 258,429
Principal amount over a remaining period			1 year 9 months	1 year 9 months
Ordinary shares, issued \| shares			9,900,368			9,900,368
Converted value			$ 3,676,400
2024 Convertible Bonds \| Redemption one
Debt Instrument [Line Items]
Ordinary shares, par value \| $ / shares			$ 0.000005
Trading days \| D			20	20
Consecutive trading day \| D			30	30
Percentage of conversion price			130.00%	130.00%
2024 Convertible Bonds \| Redemption two
Debt Instrument [Line Items]
Principal amount			$ 1,000
Trading days \| D			5	5
Consecutive trading day \| D			10	10
Percentage of conversion price			98.00%	98.00%
2025 Convertible Bonds
Debt Instrument [Line Items]
Principal amount							$ 2,000,000
Coupon Rate							0.00%
Debt instrument purchasers over-allotment option							$ 250,000
Principal amount per conversion rate	$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)	5.2459
Initial conversion price (per ADS) \| $ / shares	$ 190.63
Effective interest rate			10.87%			10.87%
Gross proceeds from the issuance of the Notes			$ 2,000,000
Debt issuance costs			$ 20,607
Principal amount over a remaining period			2 years 11 months 1 day	2 years 11 months 1 day
2025 Convertible Bonds \| Redemption one
Debt Instrument [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.000005
Trading days \| D	20		20	20
Consecutive trading day	30		30	30
Percentage of conversion price	130.00%		130.00%	130.00%
2025 Convertible Bonds \| Redemption two
Debt Instrument [Line Items]
Principal amount	$ 1,000
Trading days \| D	5
Consecutive trading day \| D	10
Percentage of conversion price	98.00%
Accounting for Convertible Bonds
Debt Instrument [Line Items]
Principal amount of the liability			$ 2,883,024						1,000,000
Unamortized debt discount			671,068						253,651
Net carrying amount of the liability \| ¥						¥ 14,432,792,000				¥ 5,206,682,000
Carrying amount of the equity component			478,633						$ 258,429
Amortization of the discount			$ 106,635	¥ 695,794,000	¥ 144,132,000
Class A ordinary shares
Debt Instrument [Line Items]
Ordinary shares, par value \| $ / shares			$ 0.000005						$ 0.000005
Ordinary shares, issued \| shares			3,545,065,888			3,545,065,888		135,426,300	2,575,580,988	2,575,580,988

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurements
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
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	3,001,951	795,849
Significant Other Observable Inputs (Level 2) \| Recurring \| Trading debt securities
Fair Value Measurements
Assets fair value	3,001,951	¥ 795,849
Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurements
Assets fair value	1,388,916
Unobservable Inputs (Level 3) \| Recurring \| Other non-current assets
Fair Value Measurements
Assets fair value	¥ 1,388,916

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliations of assets (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Fair Value Measurements
Additions	¥ 1,414,200	$ 216,736
Net unrealized fair value	88,928	13,629
Foreign currency translation adjustments	(114,212)	(17,504)
Balance at December 31, 2020	¥ 1,388,916	$ 212,861

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair value measurements (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Fair Value Measurements
Held-to-maturity debt securities	¥ 61,549,143	$ 9,432,819	¥ 34,481,053
Significant Other Observable Inputs (Level 2)
Fair Value Measurements
Held-to-maturity debt securities	61,549,143		34,481,053
Held-to-maturity debt securities	4,315,096
Convertible bonds	¥ 40,760,994		¥ 8,037,280

Ordinary Shares (Details)

Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020USD ($)shares	Nov. 30, 2020USD ($)shares	Jun. 30, 2020shares	Apr. 30, 2020USD ($)shares	Feb. 28, 2019USD ($)shares	Sep. 30, 2018USD ($)shares	Dec. 31, 2020CNY (¥)Voteshares	Dec. 31, 2020USD ($)Voteshares	Dec. 31, 2019shares
Proceeds from private placements							¥ 11,063,339	$ 1,695,531
IPO
Total Proceeds, net of issuance cost \| $						$ 1,690,696
Follow-on offering
Total Proceeds, net of issuance cost \| $					$ 1,181,209
ADSs \| IPO
Number of ordinary shares issued						91,735,827
Ordinary shares upon the exercise of the underwriters' over-allotment option						6,135,827
ADSs \| Follow-on offering
Number of ordinary shares issued		33,005,000			48,435,000
Class A ordinary shares
Number of Voting Rights Per Each Share \| Vote							1	1
Stock Issued During Period, Shares, Treasury Stock Reissued							42,486,360	42,486,360
Ordinary shares, issued	3,545,065,888			135,426,300			3,545,065,888	3,545,065,888	2,575,580,988
Proceeds from private placements \| $	$ 500,000			$ 1,100,000
Class A ordinary shares \| IPO
Number of ordinary shares issued						366,943,308
Class A ordinary shares \| Private Placement
Ordinary shares, issued	15,384,612						15,384,612	15,384,612
Class A ordinary shares \| Follow-on offering
Number of ordinary shares issued		132,020,000			193,740,000
Total Proceeds, net of issuance cost \| $		$ 4,074,642
Class B ordinary shares
Number of Voting Rights Per Each Share \| Vote							10	10
Stock Issued During Period, Shares, Treasury Stock Reissued							1,716,283,460	1,716,283,460
Ordinary shares, issued	1,409,744,080						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

Revenues (Details)

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Revenues
Revenues	¥ 59,491,865	$ 9,117,527	¥ 30,141,886	¥ 13,119,990
Online marketing services and others
Revenues
Revenues	47,953,779	7,349,238	26,813,641	11,515,575
Transaction services
Revenues
Revenues	5,787,415	886,960	¥ 3,328,245	¥ 1,604,415
Merchandise sales
Revenues
Revenues	¥ 5,750,671	$ 881,329

Revenues- Contract balances (De

Revenues- Contract balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Revenues
Customer advances and deferred revenues	¥ 2,423,190	$ 371,370	¥ 605,970
Payable to merchants	224,896	$ 34,467	116,557
Customer liability	¥ 651,877		¥ 219,017

Share-Based Compensation - Summ

Share-Based Compensation - Summary (Details) - shares	1 Months Ended		12 Months Ended
Share-Based Compensation - Summary (Details) - shares	Mar. 31, 2021	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
2015 Plan and the 2018 Plan \| Stock Options
Share-Based Compensation
Required Service period (in years)			4 years
Annual vesting percentage			25.00%
Restricted period of holding after exercise (in years)			3 years
Additional implicit service period (in years)			3 years
Vesting period (in years)			7 years
2015 Plan \| Stock Options
Share-Based Compensation
Number of shares authorized			581,972,860
Term of the options (in years)			10 years	10 years
2018 Plan \| RSU
Share-Based Compensation
Number of shares authorized		363,130,400
Term of the options (in years)			4 years
Percentage of annual increase on shares issued	3.00%	1.00%
Annual vesting percentage			25.00%
Vesting percentage on 2nd anniversary of the grant date			50.00%
Vesting percentage on 3rd and 4th anniversary of the grant date			25.00%

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Group's option activities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018CNY (¥)shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)shares
Weighted average remaining contractual term
Fair value of vested options	$ 496,234	¥ 3,237,924		¥ 2,243,028		¥ 45,979
Unrecognized share-based compensation expense relating to unvested options	$ 1,497,869							¥ 9,773,595
Weighted-average period for recognition of share-based compensation expense relating to unvested options	3 years 11 months 8 days	3 years 11 months 8 days
2015 Plan and the 2018 Plan
Number of share options
Outstanding at beginning of the year (in shares) \| shares	698,321,100	698,321,100	629,592,860	629,592,860	272,442,860	272,442,860
Granted (in shares) \| shares	41,350,000	41,350,000	76,665,380	76,665,380	359,390,000	359,390,000
Forfeited (in shares) \| shares	(8,620,000)	(8,620,000)	(7,937,140)	(7,937,140)	(2,240,000)	(2,240,000)
Outstanding at end of the year (in shares) \| shares	731,051,100	731,051,100	698,321,100	698,321,100	629,592,860	629,592,860	272,442,860
Vested and expected to vest at end of the year (in shares) \| shares	731,051,100							731,051,100
Exercisable at end of the year (in shares) \| shares	445,316,410							445,316,410
Weighted average exercise price
Outstanding at beginning of the year (in dollars per share)	$ 0.0065		$ 0.0065		$ 0.0065
Granted (in dollars per share)	0.0065		0.0065		0.0065
Forfeited (in dollars per share)	0.0065		0.0065		0.0065
Outstanding at end of the year (in dollars per share)	0.0065		0.0065		0.0065		$ 0.0065
Vested and expected to vest at end of the year (in dollars per share)	0.0065
Exercisable at end of the year (in dollars per share)	0.0065
Weighted average grant date fair value
Outstanding at beginning of the year	2.6745		2.0931		0.0706
Granted	14.5801		7.7632		3.6289
Forfeited	5.7091		5.7059		2.5006
Outstanding at end of the year	3.1775		$ 2.6745		$ 2.0931		$ 0.0706
Vested and expected to vest at end of the year	3.1775
Exercisable at end of the year	$ 1.7667
Aggregate intrinsic value
Outstanding at beginning of the year (in dollars) \| $	$ 6,598,087		$ 3,527,924		$ 144,258
Outstanding at end of the year (in dollars) \| $	(32,466,710)		$ 6,598,087		$ 3,527,924		$ 144,258
Vested and expected to vest at end of the year (in dollars) \| $	32,466,710
Exercisable at end of the year (in dollars) \| $	$ 19,776,947
Weighted average remaining contractual term
Outstanding (in years)	6 years 11 months 8 days	6 years 11 months 8 days	7 years 9 months 29 days	7 years 9 months 29 days	8 years 7 months 20 days	8 years 7 months 20 days	8 years 6 months 25 days
Vested and expected to vest at end of the year (in years)	6 years 11 months 8 days	6 years 11 months 8 days
Exercisable at end of the year (in years)	6 years 4 months 17 days	6 years 4 months 17 days

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions to estimate the fair value of options (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation
Risk-free interest rate, minimum (in percent)	0.62%	1.50%	2.97%
Risk-free interest rate, maximum (in percent)	1.13%	2.90%	3.13%
Expected volatility, minimum (in percent)	43.89%	43.52%	46.23%
Expected volatility, maximum (in percent)	46.68%	57.59%	48.63%
Expected dividend yield (in percent)	0.00%	0.00%	0.00%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0.00%	0.00%	0.00%
Fair value of underlying Ordinary Share, minimum (in dollars per share)	$ 8.9450	$ 4.8550	$ 1.5146
Fair value of underlying Ordinary Share, maximum (in dollars per share)	34.1350	8.9875	5.7400
Fair value of share option, minimum	8.9385	4.8485	1.5091
Fair value of share option, maximum	$ 34.1285	$ 8.9810	$ 5.7335

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of RSU activities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2020USD ($)$ / shares
Number of RSUs
Granted (in shares) \| shares					8,295,240
Vested \| shares				(567,636)
Forfeited (in shares) \| shares				(2,761,724)
Weighted average grand date fair value
Granted					$ 6.2519
Vested			$ 6.9225
Forfeited			6.4514
Weighted-average period for recognition of share-based compensation expense relating to unvested options	3 years 11 months 8 days	3 years 11 months 8 days
2018 Plan \| RSU
Number of RSUs
Outstanding at beginning of the year (in shares) \| shares	41,375,068	41,375,068		8,295,240
Granted (in shares) \| shares	11,133,740	11,133,740		36,409,188
Vested \| shares	(4,950,492)	(4,950,492)
Forfeited (in shares) \| shares	(3,737,860)	(3,737,860)
Outstanding at end of the year (in shares) \| shares	43,820,456	43,820,456		41,375,068	8,295,240
Weighted average grand date fair value
Outstanding at beginning of the year		$ 6.6855	6.2519
Granted		16.6133	6.7698
Vested			5.2263
Forfeited		8.4385
Outstanding at end of the year		9.1088	6.6855		$ 6.2519
Weighted average grant date fair value of RSUs granted		$ 9.1088	$ 6.6855		$ 6.2519	$ 9.1088
Total fair value of RSUs vested during the period	¥ 178,855	$ 27,411		¥ 27,073
Unrecognized share-based compensation expenses	¥ 1,516,338					$ 232,389
Weighted-average period for recognition of share-based compensation expense relating to unvested options	2 years 7 months 20 days	2 years 7 months 20 days

Share-Based Compensation - Reco

Share-Based Compensation - Recognized share-based compensation expenses (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2018CNY (¥)shares	Apr. 30, 2018$ / shares	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Recognized share-based compensation expenses
Share-based compensation expense recognized			¥ 3,613,043	$ 553,723	¥ 2,557,706		¥ 6,841,573
Costs of revenues
Recognized share-based compensation expenses
Share-based compensation expense recognized			32,291	4,949	23,835	¥ 3,488
Sales and marketing expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized			1,093,547	167,593	860,862	405,805
General and administrative expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized			966,985	148,197	786,641	6,296,186
General and administrative expenses \| A company controlled by the Founder \| Class B ordinary shares
Recognized share-based compensation expenses
The per share amount of share-based compensation expense \| $ / shares		$ 0.000005
General and administrative expenses \| A company controlled by the Founder \| Class A ordinary shares
Recognized share-based compensation expenses
Share-based compensation expense recognized \| ¥	¥ 5,953,717		0		0
Shares issued \| shares	254,473,500
Research and development expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized			¥ 1,520,220	$ 232,984	¥ 886,368	¥ 136,094

Income Taxes - Tax rates (Detai

Income Taxes - Tax rates (Details)	Nov. 30, 2018	Apr. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Statutory tax rate (as a percent)			25.00%	25.00%	25.00%
Hong Kong
Income Taxes
Statutory tax rate (as a percent)			16.50%
Withholding tax rate (as a percent)			0.00%
PRC
Income Taxes
Statutory tax rate (as a percent)			25.00%
Withholding tax rate (as a percent)			10.00%
Xinzhijiang \| PRC
Income Taxes
Preferential tax rate (as a percent)		15.00%
Shanghai Xunmeng \| PRC
Income Taxes
Preferential tax rate (as a percent)	15.00%

Income Taxes - Group's loss bef

Income Taxes - Group's loss before income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Income Taxes
Loss before income tax expenses	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)	¥ (10,217,125)
Non-PRC
Income Taxes
Loss before income tax expenses	(3,763,962)	(576,853)	(2,741,219)	(7,083,904)
PRC
Income Taxes
Loss before income tax expenses	¥ (3,415,780)	$ (523,491)	¥ (4,226,384)	¥ (3,133,221)

Income Taxes - Components and r

Income Taxes - Components and reconciliation of the income tax expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended					36 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020CNY (¥)
Income Taxes
Current income tax expenses or benefits	¥ 0		¥ 0	$ 0	¥ 0
Deferred income tax expenses or benefits	0	$ 0	0			¥ 0
Reconciliations of the income tax expenses
Loss before income tax expenses	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)		¥ (10,217,125)
PRC statutory tax rate (in percent)	25.00%	25.00%	25.00%	25.00%	25.00%
Income tax benefits at PRC statutory tax rate	¥ (1,794,935)	$ (275,086)	¥ (1,741,901)		¥ (2,554,281)
International tax rate differential	1,077,383	165,116	735,028		1,779,100
Preferential tax rate	57,483	8,810	358,796		197,828
Non-deductible expenses	108	17	(5,980)		36,726
Non-taxable income	(164,120)	(25,153)	(61,151)		(20,973)
Deferred tax items tax rate differential	(110,821)	(16,984)	(570,382)		(34,236)
Additional deduction of research and development expenses	(124,858)	(19,135)	(67,628)		(22,672)
Change in valuation allowance	1,059,760	162,415	1,353,218		618,508
Income tax expenses	¥ 0	$ 0	¥ 0		¥ 0

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)
Tax losses carried forward				¥ 1,956,901	$ 299,908	¥ 1,840,246
Carryforwards of non-deductible advertising expenses and donations				1,143,858	175,304	251,829
Others				94,186	14,435	43,111
Less: valuation allowance				(3,194,945)	(489,647)	(2,135,186)
Unrecognized tax benefit on interest expense \| $	$ 0	$ 0	$ 0
Unrecognized tax benefit on accumulated interest expense \| $					0		$ 0
PRC
Taxable losses				8,689,427	$ 1,331,713	8,174,339
Undistributed earnings of subsidiaries \| ¥				0		0
Accrued withholding tax on earnings of subsidiaries \| ¥				¥ 0		¥ 0
Minimum
Period for extension	5 years
Maximum
Period for extension	10 years

Related Party Transactions - Si

Related Party Transactions - Significant related party transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Tencent Group
Related Party Transactions
Services received from related party	¥ 10,541,479	$ 1,615,552	¥ 2,298,074	¥ 1,266,362
Shanghai Fufeitong
Related Party Transactions
Services received from related party	¥ 45,364	$ 6,952

Related Party Transactions - Re

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Related Party Transactions
Amounts due from related parties (i)	¥ 4,240,069	$ 649,819	¥ 2,365,528
Amounts due to related parties	3,385,863	518,906	1,502,892
Tencent Group
Related Party Transactions
Amounts due from related parties (i)	3,177,536	486,979	1,905,793
Amounts due to related parties	3,370,928	516,617	1,502,892
Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from related parties (i)	697,632	106,917	¥ 459,632
Shanghai Fufeitong
Related Party Transactions
Amounts due from related parties (i)	364,517	55,865
Amounts due to related parties	¥ 14,935	$ 2,289

Loss Per Share (Details)

Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares
Numerator:
Net loss	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)	¥ (10,217,125)
Deemed distribution to certain holders of convertible preferred shares \| ¥				(80,496)
Net loss attributable to ordinary shareholders	¥ (7,179,742)	$ (1,100,344)	¥ (6,967,603)	¥ (10,297,621)
Denominator:
Weighted-average number of ordinary shares outstanding-basic and diluted	4,768,343,000	4,768,343,000	4,627,278,000	2,968,320,000
Loss per share-basic and diluted \| (per share)	¥ (1.51)	$ (0.23)	¥ (1.51)	¥ (3.47)
Shares issued to depository bank (in shares)	12,650,000	12,650,000
Shares settled	5,518,128	5,518,128
Escrow Shares Settled	7,131,872	7,131,872
Ordinary shares
Denominator:
Shares issued to depository bank (in shares)	12,050,000	12,050,000	600,000

Restricted Net Assets (Details)

Restricted Net Assets (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Restricted Net Assets
Minimum percentage of after tax profit to be allocated to general reserve	10.00%
Limit of general reserve fund as a percentage of registered capital, after which allocations to general reserve fund are no longer required	50.00%
Restricted net assets of Company's PRC subsidiaries, the VIE and subsidiaries of the VIE	¥ 10,789,088	$ 1,653,500

Mainland China Employee Contr_2

Mainland China Employee Contribution Plan (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Mainland China Employee Contribution Plan
Total expenses incurred for government statutory employee benefit plans	¥ 277,429	$ 42,518	¥ 334,434	¥ 133,699

Commitments and Contingencies (

Commitments and Contingencies (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies.
Total investment commitments	¥ 782,703	$ 119,954

Condensed Financial Informati_3

Condensed Financial Information of the Company - Balance sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)$ / sharesshares	Apr. 30, 2020shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2019$ / shares	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Current assets
Cash and cash equivalents	¥ 22,421,189	$ 3,436,198		¥ 5,768,186		¥ 14,160,322
Short-term investments	64,551,094	9,892,888		35,288,827
Prepayments and other current assets	5,159,531	790,733		950,277
Total current assets	149,523,878	22,915,537		73,001,463
Non-current assets
Intangible asset	1,276,751	195,671		1,994,292
Investments in subsidiaries, the VIE and subsidiaries of the VIE	4,315,096	661,317		0
Total non-current assets	9,384,736	1,438,274		3,055,873
Total Assets	158,908,614	24,353,811		76,057,336
Current liabilities
Accrued expenses and other liabilities	11,193,372	1,715,461		4,877,062
Total current liabilities	83,882,077	12,855,492		45,767,806
Convertible bonds	14,432,792	2,211,922		5,206,682
Other non-current liabilities	2,918	447		7,389
Total non-current liabilities	14,850,649	2,275,961		5,642,664
Total liabilities	98,732,726	15,131,453		51,410,470
Shareholders' deficits
Additional paid-in capital	86,698,660	13,287,151		41,493,949
Accumulated other comprehensive income	(1,047,728)	(160,571)		1,448,230
Accumulated deficits	(25,475,203)	(3,904,246)		(18,295,461)
Total shareholders' equity	60,175,888	9,222,358		24,646,866		¥ 18,822,594	¥ (991,958)
Total liabilities and shareholders' equity	¥ 158,908,614	$ 24,353,811		¥ 76,057,336
Class A ordinary shares
Shareholders' equity
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	3,545,065,888	3,545,065,888	135,426,300	2,575,580,988
Ordinary shares, outstanding	3,545,065,888	3,545,065,888		2,575,580,988
Shareholders' deficits
Common Shares	¥ 115	$ 18		¥ 84
Class B ordinary shares
Shareholders' equity
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
Shareholders' deficits
Common Shares	¥ 44	$ 6		¥ 64
Parent Company \| Reportable legal entity
Current assets
Cash and cash equivalents	6,566	1,006		661,714
Short-term investments	5,840,247	895,057		6,157,221
Prepayments and other current assets	359	55		17,906
Total current assets	5,847,172	896,118		6,836,841
Non-current assets
Intangible asset	1,276,751	195,671		1,994,292
Investments in subsidiaries, the VIE and subsidiaries of the VIE	67,814,679	10,393,054		21,053,370
Total non-current assets	69,091,430	10,588,725		23,047,662
Total Assets	74,938,602	11,484,843		29,884,503
Current liabilities
Accrued expenses and other liabilities	327,004	50,116		23,566
Total current liabilities	327,004	50,116		23,566
Convertible bonds	14,432,792	2,211,922		5,206,682
Other non-current liabilities	2,918	447		7,389
Total non-current liabilities	14,435,710	2,212,369		5,214,071
Total liabilities	14,762,714	2,262,485		5,237,637
Shareholders' deficits
Additional paid-in capital	86,698,660	13,287,151		41,493,949
Accumulated other comprehensive income	(1,047,728)	(160,571)		1,448,230
Accumulated deficits	(25,475,203)	(3,904,246)		(18,295,461)
Total shareholders' equity	60,175,888	9,222,358		24,646,866
Total liabilities and shareholders' equity	¥ 74,938,602	$ 11,484,843		¥ 29,884,503
Parent Company \| Reportable legal entity \| Class A ordinary shares
Shareholders' equity
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	3,545,065,888	3,545,065,888		2,575,580,988
Ordinary shares, outstanding	3,545,065,888	3,545,065,888		2,575,580,988
Shareholders' deficits
Common Shares	¥ 115	$ 18		¥ 84
Parent Company \| Reportable legal entity \| Class B ordinary shares
Shareholders' equity
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
Shareholders' deficits
Common Shares	¥ 44	$ 6		¥ 64

Condensed Financial Informati_4

Condensed Financial Information of the Company - Statements of comprehensive income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Costs of revenues
Total costs of revenues	¥ (19,278,641)	$ (2,954,581)	¥ (6,338,778)	¥ (2,905,249)
Sales and marketing expenses	(41,194,599)	(6,313,349)	(27,174,249)	(13,441,813)
General and administrative expenses	(1,507,297)	(231,003)	(1,296,712)	(6,456,612)
Total operating expenses	(49,593,549)	(7,600,544)	(32,341,319)	(21,014,482)
Operating loss	(9,380,325)	(1,437,598)	(8,538,211)	(10,799,741)
Interest income	2,455,366	376,301	1,541,825	584,940
Interest expense	(757,336)	(116,067)	(145,858)
Foreign exchange gain	225,197	34,513	63,179	10,037
Other loss	193,702	29,686	82,786	(12,361)
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	83,654	12,821	28,676
Loss before income tax	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Income tax expenses	0	0	0	0
Net loss	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Other comprehensive income net of tax of nil
Foreign currency translation difference, net of tax of nil	(2,495,958)	(382,522)	412,447	1,058,884
Comprehensive loss	(9,675,700)	(1,482,866)	(6,555,156)	(9,158,241)
Other comprehensive loss, net of tax	0		0	0
Foreign currency translation difference, tax	0		0	0
Parent Company \| Reportable legal entity
Costs of revenues
Total costs of revenues	623,524	95,559	619,733	491,069
Sales and marketing expenses	(36,940)	(5,661)	(47,746)	(4,106)
General and administrative expenses	(6,746)	(1,034)	(3,245)	(4,101)
Total operating expenses	(43,686)	(6,695)	(50,991)	(8,207)
Operating loss	(667,210)	(102,254)	(670,724)	(499,276)
Interest income	126,502	19,387	318,166	207,597
Interest expense	(695,794)	(106,635)	(144,132)
Foreign exchange gain				113
Other loss	53,244	8,160	(31)
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	(5,996,484)	(919,002)	(6,470,882)	(9,925,559)
Loss before income tax	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Income tax expenses	0	0	0	0
Net loss	(7,179,742)	(1,100,344)	(6,967,603)	(10,217,125)
Other comprehensive income net of tax of nil
Foreign currency translation difference, net of tax of nil	(2,495,958)	(382,522)	412,447	1,058,884
Comprehensive loss	(9,675,700)	$ (1,482,866)	(6,555,156)	(9,158,241)
Other comprehensive loss, net of tax	0		0	0
Foreign currency translation difference, tax	¥ 0		¥ 0	¥ 0

Condensed Financial Informati_5

Condensed Financial Information of the Company - Statement of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Statement of cash flows
Net cash provided by operating activities	¥ 28,196,627	$ 4,321,323	¥ 14,820,976	¥ 7,767,927
Cash flows from investing activities:
Proceeds from sales of short-term investments	55,083,390	8,441,899	24,797,630	50,000
Cash given to purchase of short term investments	(86,438,068)	(13,247,214)	(52,451,615)	(7,516,370)
Net cash used in investing activities	(38,357,901)	(5,878,606)	(28,319,678)	(7,548,509)
Cash flows from financing activities:
Proceeds from the initial public offering				11,523,631
Proceeds from the private placements	11,063,339	1,695,531
Proceeds from follow-on offering	26,805,438	4,108,113	7,993,828
Net proceeds from the issuance of convertible bonds	13,024,199	1,996,046	6,963,881
Net proceeds from the issuance of convertible preferred shares				5,820,726
Proceeds from (Payments for) Other Financing Activities	(6)	(1)
Net cash provided by financing activities	51,798,996	7,938,543	15,854,731	17,344,357
Exchange rate effect on cash, cash equivalents and restricted cash	(139,943)	(21,447)	450,142	546,910
Increase in cash, cash equivalents and restricted cash	41,497,779	6,359,813	2,806,171	18,110,685
Cash, cash equivalents and restricted cash at beginning of year	33,345,857	5,110,476	30,539,686	12,429,001
Cash, cash equivalents and restricted cash at end of year	74,843,636	11,470,289	33,345,857	30,539,686
Parent Company \| Reportable legal entity
Statement of cash flows
Net cash provided by operating activities	735,231	112,679	259,409	110,724
Cash flows from investing activities:
Proceeds from sales of short-term investments	6,034,863	924,883	6,049,590
Cash given to purchase of short term investments	(6,250,248)	(957,892)	(5,998,024)	(6,146,370)
Cash given to subsidiaries, the VIE and subsidiaries of the VIE	(52,051,474)	(7,977,237)	(20,293,132)	(6,749,831)
Net cash used in investing activities	(52,266,859)	(8,010,246)	(20,241,566)	(12,896,201)
Cash flows from financing activities:
Proceeds from the initial public offering				11,523,631
Proceeds from the private placements	11,063,339	1,695,531
Proceeds from follow-on offering	26,805,438	4,108,113	7,993,828
Net proceeds from the issuance of convertible bonds	13,024,199	1,996,046	6,966,757
Net proceeds from the issuance of convertible preferred shares				5,820,726
Proceeds from (Payments for) Other Financing Activities	(6)	(1)
Net cash provided by financing activities	50,892,970	7,799,689	14,960,585	17,344,357
Exchange rate effect on cash, cash equivalents and restricted cash	(16,490)	(2,528)	141,540	319,221
Increase in cash, cash equivalents and restricted cash	(655,148)	(100,406)	(4,880,032)	4,878,101
Cash, cash equivalents and restricted cash at beginning of year	661,714	101,412	5,541,746	663,645
Cash, cash equivalents and restricted cash at end of year	¥ 6,566	$ 1,006	¥ 661,714	¥ 5,541,746