Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-40541 |
Entity Registrant Name | DiDi Global Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 1 Block B |
Entity Address, Adress Line Two | Shangdong Digital Valley |
Entity Address, Address Line Three | No. 8 Dongbeiwang West Road |
Entity Address, City or Town | Beijing |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001764757 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Location | Beijing, the People’s Republic of China |
Auditor Firm ID | 1424 |
Entity Address, Country | CN |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Document Shell Company Report | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 1 Block B |
Entity Address, Adress Line Two | Shangdong Digital Valley |
Entity Address, Address Line Three | No. 8 Dongbeiwang West Road |
Entity Address, City or Town | Beijing |
City Area Code | 86 10 |
Local Phone Number | 8304-3181 |
Entity Address, Country | CN |
Contact Personnel Name | Alan Yue Zhuo |
Contact Personnel Email Address | ir@didiglobal.com |
American depositary shares (four American depositary shares representing one Class A ordinary share, par value US$0.00002 per share) | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (fourAmerican depositary sharesrepresenting one Class A ordinaryshare, par value US$0.00002 pershare) |
Trading Symbol | DIDI |
Security Exchange Name | NYSE |
Class A ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par valueUS$0.00002 per share* |
Trading Symbol | DIDI |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,088,474,533 |
Class B ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 117,335,836 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 43,429,717 | $ 6,815,070 | ¥ 19,372,084 |
Restricted cash | 443,758 | 69,635 | 2,237,693 |
Short-term investments | 13,343,754 | 2,093,926 | 37,688,535 |
Accounts and notes receivable, net of allowance for credit losses of RMB556,360 and RMB650,888, respectively | 2,831,123 | 444,265 | 2,437,821 |
Loans receivable, net of allowance for credit losses of RMB146,432 and RMB604,506, respectively | 4,644,298 | 728,792 | 2,878,229 |
Amounts due from related parties | 115,239 | 18,084 | 103,130 |
Prepayments, receivables and other current assets, net | 3,957,975 | 621,093 | 3,913,165 |
Total current assets | 68,765,864 | 10,790,865 | 68,630,657 |
Non current assets: | |||
Investment securities and other investments | 18,634,493 | 2,924,159 | 4,260,564 |
Long-term investments, net | 4,614,724 | 724,151 | 7,105,022 |
Operating lease right-of-use assets | 1,287,550 | 202,045 | 1,931,308 |
Property and equipment, net | 8,000,218 | 1,255,409 | 9,759,718 |
Intangible assets, net | 3,286,145 | 515,668 | 5,357,118 |
Goodwill | 46,377,583 | 7,277,655 | 49,124,172 |
Non current restricted cash | 107,597 | 16,884 | 20,962 |
Deferred tax assets, net | 224,491 | 35,228 | 190,951 |
Other non-current assets, net | 1,699,470 | 266,682 | 884,923 |
Total non-current assets | 84,232,271 | 13,217,881 | 78,634,738 |
Total assets | 152,998,135 | 24,008,746 | 147,265,395 |
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB18,768,179 and RMB10,601,697 as of December 31, 2020 and 2021, respectively): | |||
Short-term borrowings | 6,838,328 | 1,073,083 | 5,826,562 |
Accounts and notes payable | 4,624,953 | 725,756 | 7,352,977 |
Deferred revenue and customer advances | 546,003 | 85,680 | 915,430 |
Operating lease liabilities, current portion | 516,877 | 81,109 | 678,863 |
Amounts due to related parties | 249,402 | 39,137 | 281,873 |
Accrued expenses and other current liabilities | 11,647,222 | 1,827,703 | 11,303,960 |
Total current liabilities | 24,422,785 | 3,832,468 | 26,359,665 |
Noncurrent liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB779,517 and RMB262,183 as of December 31, 2020 and 2021, respectively): | |||
Long-term borrowings | 1,681,370 | 263,844 | 1,453,222 |
Operating lease liabilities, non-current portion | 654,877 | 102,764 | 1,171,642 |
Deferred tax liabilities | 485,778 | 76,229 | 843,715 |
Other non-current liabilities | 306,575 | 48,108 | 287,554 |
Total non-current liabilities | 3,128,600 | 490,945 | 3,756,133 |
Total liabilities | 27,551,385 | 4,323,413 | 30,115,798 |
Commitments and contingencies | |||
Mezzanine equity | |||
Convertible preferred shares | 189,838,979 | ||
Convertible redeemable non-controlling interests | 12,257,889 | 1,923,530 | 3,345,265 |
Convertible non-controlling interests | 1,069,357 | 167,806 | 99,851 |
Total Mezzanine Equity | 13,327,246 | 2,091,336 | 193,284,095 |
DiDi Global Inc. shareholders' equity (deficit): | |||
Ordinary shares | 16 | ||
Treasury shares | (3) | (2) | |
Additional paid-in capital | 251,384,835 | 39,447,766 | 12,177,849 |
Statutory reserves | 27,917 | 4,381 | 16,503 |
Accumulated other comprehensive loss | (3,599,745) | (564,879) | (2,001,200) |
Accumulated deficit | (135,766,257) | (21,304,688) | (86,411,179) |
Total DiDi Global Inc. shareholders' equity (deficit) | 112,046,903 | 17,582,604 | (76,218,013) |
Non-controlling interests | 72,601 | 11,393 | 83,515 |
Total shareholders' equity (deficit) | 112,119,504 | 17,593,997 | (76,134,498) |
Total liabilities, mezzanine equity and shareholders' equity (deficit) | 152,998,135 | 24,008,746 | 147,265,395 |
Series A-1 Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 851,990 | ||
Series A-2 Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 641,634 | ||
Series A-3 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 748,498 | ||
Series A-4 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 2,237,896 | ||
Series A-5 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,561,239 | ||
Series A-6 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 2,912,703 | ||
Series A-7 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,399,356 | ||
Series A-8 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,216,500 | ||
Series A-9 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 340,933 | ||
Series A-10 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,710,976 | ||
Series A-11 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 2,749,110 | ||
Series A-12 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 907,676 | ||
Series A-13 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,506,907 | ||
Series A-14 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,316,637 | ||
Series A-15 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 3,876,873 | ||
Series A-16 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 1,476,708 | ||
Series A-17 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 18,054,207 | ||
Series A-18 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 27,795,281 | ||
Series B-1 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | 46,190,436 | ||
Series B-2 Convertible Preferred Shares [Member] | |||
Mezzanine equity | |||
Convertible preferred shares | ¥ 72,343,419 | ||
Common Class A [Member] | |||
DiDi Global Inc. shareholders' equity (deficit): | |||
Ordinary shares | 141 | 22 | |
Common Class B [Member] | |||
DiDi Global Inc. shareholders' equity (deficit): | |||
Ordinary shares | ¥ 15 | $ 2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares |
Accounts and notes receivable, allowance for credit losses | ¥ | ¥ 650,888 | ¥ 556,360 | |||
Loans receivable, allowance for credit losses | ¥ | 604,506 | 146,432 | |||
Current liabilities | 24,422,785 | $ 3,832,468 | 26,359,665 | ||
Non-current liabilities | ¥ 3,128,600 | $ 490,945 | ¥ 3,756,133 | ||
Redeemable convertible preferred stock, shares issued | 816,245,752 | ||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 1,617,583,821 | ||
Common stock, shares issued | 1,205,810,369 | 1,205,810,369 | 124,067,444 | ||
Common stock, shares outstanding | 1,182,633,848 | 1,182,633,848 | 108,531,508 | ||
VIE | Nonrecourse [Member] | |||||
Current liabilities | ¥ | ¥ 10,601,697 | ¥ 18,768,179 | |||
Non-current liabilities | ¥ | ¥ 262,183 | ¥ 779,517 | |||
Series A-1 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | $ 0.00002 | ||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 12,180,250 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 12,180,250 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 12,180,250 | ||
Series A-2 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | 0.00002 | ||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 9,145,501 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 9,145,501 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 9,145,501 | ||
Series A-3 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | 0.00002 | ||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 10,668,684 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 10,668,684 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 10,668,684 | ||
Series A-4 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | $ 0.00002 | ||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 33,711,135 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 31,230,930 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 31,230,930 | ||
Series A-5 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 21,161,516 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 21,161,516 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 21,161,516 | ||
Series A-6 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 41,028,543 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 37,347,909 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 37,347,909 | ||
Series A-7 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 20,000,000 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 20,000,000 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 20,000,000 | ||
Series A-8 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 19,472,617 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 17,379,861 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 17,379,861 | ||
Series A-9 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 4,868,156 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 4,868,156 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 4,868,156 | ||
Series A-10 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 24,340,774 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 24,340,774 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 24,340,774 | ||
Series A-11 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 27,045,302 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 24,857,612 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 24,857,612 | ||
Series A-12 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 14,401,625 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 12,785,758 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 12,785,758 | ||
Series A-13 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 20,915,034 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 20,915,034 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 20,915,034 | ||
Series A-14 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 17,777,778 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 17,777,778 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 17,777,778 | ||
Series A-15 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 54,592,596 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 50,668,208 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 50,668,208 | ||
Series A-16 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 12,756,674 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 12,756,674 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 12,756,674 | ||
Series A-17 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | 0.00002 | ||||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 116,676,790 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 105,526,193 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 105,526,193 | ||
Series A-18 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | 0.00002 | ||||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 117,717,535 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 111,420,744 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 111,420,744 | ||
Series B-1 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | 0.00002 | ||||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 58,530,879 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 58,530,879 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 58,530,879 | ||
Series B-2 convertible preferred shares | |||||
Redeemable convertible preferred stock, par value | $ / shares | 0.00002 | ||||
Redeemable convertible preferred stock, shares authorized | 0 | 0 | 245,424,790 | ||
Redeemable convertible preferred stock, shares issued | 0 | 0 | 212,683,291 | ||
Redeemable convertible preferred stock, shares outstanding | 0 | 0 | 212,683,291 | ||
Common Class A [Member] | |||||
Common stock, par value | $ / shares | $ 0.00002 | 0.00002 | |||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | 0 | ||
Common stock, shares issued | 1,088,474,533 | 1,088,474,533 | 0 | ||
Common stock, shares outstanding | 1,074,091,492 | 1,074,091,492 | 0 | ||
Common Class B [Member] | |||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 0 | ||
Common stock, shares issued | 117,335,836 | 117,335,836 | 0 | ||
Common stock, shares outstanding | 108,542,356 | 108,542,356 | 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Revenues | ||||
Total revenues | ¥ 173,827,382 | $ 27,277,309 | ¥ 141,736,152 | ¥ 154,786,128 |
Costs and expenses | ||||
Cost of revenues | (156,863,229) | (24,615,264) | (125,824,104) | (139,664,754) |
Operations and support | (7,525,398) | (1,180,899) | (4,695,716) | (4,077,917) |
Sales and marketing | (16,961,328) | (2,661,602) | (11,136,486) | (7,494,528) |
Research and development | (9,414,646) | (1,477,363) | (6,316,802) | (5,347,420) |
General and administrative | (28,715,206) | (4,506,043) | (7,550,986) | (6,214,886) |
Impairment of goodwill and intangible assets | (2,789,321) | (437,705) | ||
Total costs and expenses | (222,269,128) | (34,878,876) | (155,524,094) | (162,799,505) |
Loss from operations | (48,441,746) | (7,601,567) | (13,787,942) | (8,013,377) |
Interest income | 818,522 | 128,444 | 1,228,580 | 1,361,129 |
Interest expense | (277,596) | (43,561) | (136,347) | (70,317) |
Investment income (loss), net | (167,121) | (26,225) | 2,833,334 | (476,347) |
Impairment loss for equity investments accounted for using Measurement Alternative | ¥ | (1,022,098) | (1,450,840) | ||
Loss from equity method investments, net | (475,851) | (74,671) | (1,057,427) | (979,177) |
Other income (loss), net | (624,466) | (97,992) | 1,031,160 | (452,120) |
Loss before income taxes | (49,168,258) | (7,715,572) | (10,910,740) | (10,081,049) |
Income tax benefits (expenses) | (166,320) | (26,099) | 303,202 | 348,008 |
Net loss | (49,334,578) | (7,741,671) | (10,607,538) | (9,733,041) |
Less: Net income (loss) attributable to non controlling interest shareholders | 9,086 | 1,426 | (93,040) | (4,582) |
Net loss attributable to DiDi Global Inc. | (49,343,664) | (7,743,097) | (10,514,498) | (9,728,459) |
Accretion of convertible redeemable noncontrolling interests to redemption value | (687,617) | (107,902) | (165,047) | |
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | ¥ | (872) | |||
Net loss attributable to ordinary shareholders of DiDi Global Inc. | (50,031,281) | (7,850,999) | (10,680,417) | (9,728,459) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax of nil | (1,593,734) | (250,092) | (5,926,301) | 1,225,463 |
Share of other comprehensive income (loss) of equity method investees | (4,811) | (755) | 190 | 895 |
Total other comprehensive income (loss) | (1,598,545) | (250,847) | (5,926,111) | 1,226,358 |
Total comprehensive loss | (50,933,123) | (7,992,518) | (16,533,649) | (8,506,683) |
Less: comprehensive income (loss) attributable to noncontrolling interest shareholders | 9,086 | 1,426 | (93,040) | (4,582) |
Comprehensive loss attributable to DiDi Global Inc. | (50,942,209) | (7,993,944) | (16,440,609) | (8,502,101) |
Accretion of convertible redeemable noncontrolling interests to redemption value | (687,617) | (107,902) | (165,047) | |
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | ¥ | (872) | |||
Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc. | ¥ (51,629,826) | $ (8,101,846) | ¥ (16,606,528) | ¥ (8,502,101) |
Weighted average number of ADS used in computing net loss per ADS | ||||
- Basic | 657,996,437 | 657,996,437 | 106,694,420 | 100,684,581 |
- Diluted | 657,996,437 | 657,996,437 | 106,694,420 | 100,684,581 |
Net loss per share attributable to ordinary shareholders | ||||
- Basic | (per share) | ¥ (76.04) | $ (11.93) | ¥ (100.10) | ¥ (96.62) |
- Diluted | (per share) | ¥ (76.04) | $ (11.93) | ¥ (100.10) | ¥ (96.62) |
ADS | ||||
Weighted average number of ADS used in computing net loss per ADS | ||||
- Basic | 2,631,985,748 | 2,631,985,748 | 426,777,680 | 402,738,324 |
- Diluted | 2,631,985,748 | 2,631,985,748 | 426,777,680 | 402,738,324 |
Net loss per share attributable to ordinary shareholders | ||||
- Basic | (per share) | ¥ (19.01) | $ (2.98) | ¥ (25.03) | ¥ (24.16) |
- Diluted | (per share) | ¥ (19.01) | $ (2.98) | ¥ (25.03) | ¥ (24.16) |
China Mobility | ||||
Revenues | ||||
Total revenues | ¥ 160,520,747 | $ 25,189,208 | ¥ 133,645,113 | ¥ 147,939,618 |
International | ||||
Revenues | ||||
Total revenues | 3,622,366 | 568,428 | 2,333,113 | 1,974,723 |
Other Initiatives | ||||
Revenues | ||||
Total revenues | ¥ 9,684,269 | $ 1,519,673 | ¥ 5,757,926 | ¥ 4,871,787 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands | Ordinary SharesCNY (¥)shares | Ordinary SharesUSD ($)shares | Treasury SharesCNY (¥)shares | Additional paid-in capitalCNY (¥) | Additional paid-in capitalUSD ($) | Statutory reservesCNY (¥) | Statutory reservesUSD ($) | Accumulated Other Comprehensive (loss) incomeImpact of adoption of new accounting standardsCNY (¥) | Accumulated Other Comprehensive (loss) incomeCNY (¥) | Accumulated Other Comprehensive (loss) incomeUSD ($) | Accumulated deficitImpact of adoption of new accounting standardsCNY (¥) | Accumulated deficitCNY (¥) | Accumulated deficitUSD ($) | Non-controlling interestsCNY (¥) | Non-controlling interestsUSD ($) | Impact of adoption of new accounting standardsCNY (¥) | CNY (¥) | USD ($) |
Balance, beginning of period at Dec. 31, 2018 | ¥ 13 | ¥ (1) | ¥ 5,804,571 | ¥ 3,415 | ¥ 2,503,954 | ¥ (65,815,884) | ¥ 36,337 | ¥ (57,467,595) | ||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2018 | shares | 105,796,976 | 105,796,976 | (8,734,532) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Share based compensation | 3,140,016 | 3,140,016 | ||||||||||||||||
Release of shares from trusts | ¥ 1 | (1) | ||||||||||||||||
Release of shares from trusts (in shares) | shares | 4,775,362 | |||||||||||||||||
Appropriation to statutory reserves | 3,929 | (3,929) | ||||||||||||||||
Capital injection from non-controlling interests shareholders | 144,800 | 144,800 | ||||||||||||||||
Share of other comprehensive income of equity method investees | 895 | 895 | ||||||||||||||||
Foreign currency translation adjustments | 1,225,463 | 1,225,463 | ||||||||||||||||
Net loss | (9,728,459) | (4,582) | (9,733,041) | |||||||||||||||
Balance, end of period at Dec. 31, 2019 | ¥ 13 | 8,944,586 | 7,344 | ¥ 194,599 | 3,924,911 | ¥ (194,599) | (75,742,871) | 176,555 | (62,689,462) | |||||||||
Balance, end of period (in shares) at Dec. 31, 2019 | shares | 105,796,976 | 105,796,976 | (3,959,170) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Share based compensation | 3,413,292 | 3,413,292 | ||||||||||||||||
Issuance of shares to trusts upon exercise of share options | ¥ 3 | ¥ (2) | 2,170,238 | 2,170,239 | ||||||||||||||
Issuance of shares to trusts upon exercise of share options (in shares) | shares | 25,905,827 | 25,905,827 | (13,379,655) | |||||||||||||||
Settlement for net exercise of share options | (2,184,348) | (2,184,348) | ||||||||||||||||
Settlement for net exercise of share options (in shares) | shares | (7,635,359) | (7,635,359) | ||||||||||||||||
Release of shares from trusts (in shares) | shares | 1,802,889 | |||||||||||||||||
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | (872) | (872) | ||||||||||||||||
Appropriation to statutory reserves | 9,159 | (9,159) | ||||||||||||||||
Share of other comprehensive income of equity method investees | 190 | 190 | ||||||||||||||||
Foreign currency translation adjustments | (5,926,301) | (5,926,301) | ||||||||||||||||
Accretion of convertible redeemable non-controlling interests to redemption value | (165,047) | (165,047) | ||||||||||||||||
Net loss | (10,514,498) | (93,040) | (10,607,538) | |||||||||||||||
Balance, end of period at Dec. 31, 2020 | ¥ 16 | ¥ (2) | 12,177,849 | 16,503 | (2,001,200) | ¥ (144,651) | (86,411,179) | 83,515 | ¥ (144,651) | (76,134,498) | ||||||||
Balance, end of period (in shares) at Dec. 31, 2020 | shares | 124,067,444 | 124,067,444 | (15,535,936) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Share based compensation | 24,654,583 | 24,654,583 | ||||||||||||||||
Share-based awards granted to employees of an equity investee | 178,506 | 178,506 | ||||||||||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ 10 | 28,033,096 | 28,033,106 | |||||||||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | shares | 79,200,000 | 79,200,000 | ||||||||||||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering | ¥ 121 | 189,838,858 | 189,838,979 | |||||||||||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | shares | 933,307,510 | 933,307,510 | ||||||||||||||||
Issuance of shares to trusts upon exercise of share options | ¥ 10 | ¥ (9) | 91 | 92 | ||||||||||||||
Issuance of shares to trusts upon exercise of share options (in shares) | shares | 78,257,584 | 78,257,584 | (68,616,887) | |||||||||||||||
Settlement for net exercise of share options | ¥ (1) | (2,591,520) | (2,591,521) | |||||||||||||||
Settlement for net exercise of share options (in shares) | shares | (8,324,699) | (8,324,699) | ||||||||||||||||
Release of shares from trusts | ¥ 8 | (8) | ||||||||||||||||
Release of shares from trusts (in shares) | shares | 60,976,302 | |||||||||||||||||
Repurchase of ordinary shares | (219,003) | (219,003) | ||||||||||||||||
Repurchase of ordinary shares (in shares) | shares | (697,470) | (697,470) | ||||||||||||||||
Appropriation to statutory reserves | 11,414 | (11,414) | ||||||||||||||||
Share of other comprehensive income of equity method investees | (4,811) | (4,811) | $ (755) | |||||||||||||||
Foreign currency translation adjustments | (1,593,734) | (1,593,734) | (250,092) | |||||||||||||||
Accretion of convertible redeemable non-controlling interests to redemption value | (687,617) | (687,617) | ||||||||||||||||
Repurchase of non-controlling interests | (20,000) | (20,000) | ||||||||||||||||
Net loss | (49,343,664) | 9,086 | (49,334,578) | (7,741,671) | ||||||||||||||
Balance, end of period at Dec. 31, 2021 | ¥ 156 | $ 24 | ¥ (3) | ¥ 251,384,835 | $ 39,447,766 | ¥ 27,917 | $ 4,381 | ¥ (3,599,745) | $ (564,879) | ¥ (135,766,257) | $ (21,304,688) | ¥ 72,601 | $ 11,393 | ¥ 112,119,504 | $ 17,593,997 | |||
Balance, end of period (in shares) at Dec. 31, 2021 | shares | 1,205,810,369 | 1,205,810,369 | (23,176,521) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (49,334,578) | $ (7,741,671) | ¥ (10,607,538) | ¥ (9,733,041) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Sharebased compensation | 24,654,583 | 3,868,842 | 3,413,292 | 3,140,016 |
Depreciation and amortization | 6,045,283 | 948,637 | 5,269,089 | 4,011,688 |
Allowances for credit losses | 1,260,356 | 197,777 | 684,795 | 679,097 |
Interest income and investment loss (income), net | 263,814 | 41,398 | (2,634,106) | 571,207 |
Impairment loss for equity investments accounted for using Measurement Alternative | 1,022,098 | 1,450,840 | ||
Loss from equity method investments, net | 475,851 | 74,671 | 1,057,427 | 979,177 |
Loss on disposal of property and equipment, net and other assets | 289,677 | 45,457 | 81,780 | 43,249 |
Impairment of goodwill and intangible assets | 2,789,321 | 437,705 | ||
Impairment of property and equipment and other assets | 2,303,403 | 361,454 | 896,071 | 125,013 |
Deferred income taxes, net | (391,477) | (61,431) | (473,704) | (493,243) |
Foreign exchange loss (gain) | (116,289) | (18,248) | (1,055,139) | 166,393 |
Accretion of discount on shortterm and longterm borrowings and others | 114,864 | 18,025 | 52,759 | 11,172 |
Changes in operating assets and liabilities: | ||||
Accounts and notes receivable | (713,034) | (111,891) | (477,036) | (1,182,810) |
Amounts due from related parties | 68,372 | 10,729 | (59,699) | 12,133 |
Prepayments, receivables and other current assets | (777,739) | (122,044) | (903,360) | (629,341) |
Operating lease right-of-use assets | 96,318 | 15,114 | (507,201) | (1,424,107) |
Other non-current assets | (1,152,538) | (180,858) | 112,286 | (280,324) |
Accounts and notes payable | (1,080,270) | (169,518) | 1,225,952 | 249,902 |
Amounts due to related parties | (42,561) | (6,679) | 194,498 | 54,238 |
Deferred revenue and customer advances | (366,141) | (57,456) | 195,672 | 261,278 |
Accrued expenses and other current liabilities | 2,343,141 | 367,690 | 3,141,307 | 2,065,146 |
Operating lease liabilities | (139,512) | (21,892) | 484,165 | 1,366,340 |
Other non-current liabilities | (4,704) | (740) | 24,214 | 627 |
Net cash provided by (used in) operating activities | (13,413,860) | (2,104,929) | 1,137,622 | 1,444,650 |
Cash flows from investing activities: | ||||
Purchase of property and equipment and intangible assets | (6,620,191) | (1,038,852) | (5,799,097) | (2,252,488) |
Proceeds from disposal of property and equipment and intangible assets | 187,259 | 29,385 | 8,950 | 4,470 |
Purchase of long-term investments | (2,006,985) | (314,940) | (775,455) | (2,770,855) |
Proceeds from disposal of longterm investments | 3,381,019 | 530,556 | 45,828 | 120,685 |
Purchase of investment securities and other investments | (21,513,993) | (3,376,015) | (2,974,779) | (1,331,482) |
Proceeds from disposal of investment securities and other investments | 88,868 | 13,945 | 6,740,451 | 2,258,896 |
Purchase of shortterm investments | (12,945,705) | (2,031,464) | (68,645,911) | (54,033,523) |
Proceeds from maturities of shortterm investments | 37,778,943 | 5,928,341 | 71,021,617 | 51,623,822 |
Loan receivable originated from related parties | (389,988) | (61,198) | ||
Cash received from loan repayments of related parties | 6,106,358 | 958,221 | ||
Loan receivable originated from third parties | (15,063,874) | (2,363,851) | (6,496,009) | (5,972,090) |
Cash received from loan repayments of third parties | 12,736,307 | 1,998,604 | 4,928,082 | 6,201,787 |
De-consolidation of Chengxin | (593,334) | (93,107) | ||
Net cash provided by (used in) investing activities | 1,144,684 | 179,625 | (1,946,323) | (6,150,778) |
Cash flows from financing activities: | ||||
Proceeds from short-term borrowings and long-term borrowings. | 7,871,821 | 1,235,261 | 7,009,277 | 1,490,571 |
Repayments of short-term borrowings and long-term borrowings | (7,235,716) | (1,135,442) | (976,886) | (2,053,143) |
Repurchase of non-controlling interest | (20,000) | (3,138) | ||
Proceeds from issuance of convertible preferred shares, net of issuance cost | 3,569,189 | |||
Proceeds from issuance of ordinary shares upon initial public offering, net of issuance cost | 28,033,106 | 4,399,006 | ||
Proceeds from issuance of convertible redeemable non-controlling interest and convertible non-controlling interest, net of issuance cost | 9,192,838 | 1,442,557 | 3,280,069 | |
Repurchase of convertible preferred shares and ordinary shares | (206,169) | (32,352) | (12,389) | (199,655) |
Taxes paid related to net exercise of share options | (2,375,663) | (372,793) | (14,110) | |
Capital injection from non-controlling interests shareholders | 144,800 | |||
Other financing activities | (68,735) | (10,786) | (11,911) | |
Net cash provided by financing activities | 35,191,482 | 5,522,313 | 9,274,050 | 2,951,762 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (571,973) | (89,755) | (514,434) | 510,824 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 22,350,333 | 3,507,254 | 7,950,915 | (1,243,542) |
Cash and cash equivalents at the beginning of the year | 19,372,084 | 3,039,903 | 12,790,790 | 14,462,888 |
Restricted cash at the beginning of the year | 2,258,655 | 354,432 | 889,034 | 460,478 |
Cash and cash equivalents and restricted cash at the beginning of the year | 21,630,739 | 3,394,335 | 13,679,824 | 14,923,366 |
Cash and cash equivalents at the end of the year | 43,429,717 | 6,815,070 | 19,372,084 | 12,790,790 |
Restricted cash at the end of the year | 551,355 | 86,519 | 2,258,655 | 889,034 |
Cash and cash equivalents and restricted cash at the end of the year | 43,981,072 | 6,901,589 | 21,630,739 | 13,679,824 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest expenses | (251,853) | (39,521) | (88,149) | (82,910) |
Cash paid for income tax expenses | (331,488) | (52,018) | (158,082) | (118,078) |
Supplemental schedule of non-cash investing and financing activities | ||||
Changes in payables related to property and equipment and intangible assets | ¥ 1,048,022 | $ 164,458 | ¥ 1,732,222 | ¥ 585,956 |
Organization and principle acti
Organization and principle activities | 12 Months Ended |
Dec. 31, 2021 | |
Organization and principle activities | |
Organization and principle activities | 1 Organization and principal activities DiDi Global Inc. (the ‘‘Company’’), previously named Xiaoju Science and Technology Limited, was incorporated under the laws of the Cayman Islands on January 11, 2013 and is primarily engaged in operating its global mobility technology platform that provides a range of mobility services as well as other services in the People’s Republic of China (‘‘PRC’’ or ‘‘China’’) and across overseas countries including Brazil, Mexico, etc. through its consolidated subsidiaries, variable interest entities (‘‘VIE’’s) and VIEs’ subsidiaries (collectively, the ‘‘Group”). The Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are described as follows: = Country/Place Percentage of direct or and indirect date of economic ownership incorporation/ December 31, Companies establishment 2020 2021 Major Subsidiaries Marvelous Yarra Limited BVI, March 20, 2017 100% 100% Holly Universal Limited BVI, January 6, 2017 100% 100% DiDi (HK) Science and Technology Limited Hong Kong, August 2, 2013 100% 100% Xiaoju Science and Technology (Hong Kong) Limited Hong Kong, January 29, 2013 100% 100% Beijing DiDi Infinity Technology and Development Co., Ltd. (“Beijing DiDi”) PRC, May 6, 2013 100% 100% Major VIEs (Including VIEs’ Subsidiaries) Beijing Xiaoju Science and Technology Co., Ltd. PRC, July 10, 2012 100% 100% DiDi Chuxing Science and Technology Co., Ltd. (“DiDi Chuxing”) PRC, July 29, 2015 100% 100% Beijing DiDi Chuxing Technology Co., Ltd. PRC, December 5, 2018 100% 100% Chengzi (Shanghai) Internet Technology Co., Ltd. PRC, June 14, 2016 100% 100% |
Variable interest entities
Variable interest entities | 12 Months Ended |
Dec. 31, 2021 | |
Variable interest entities | |
Variable interest entities | 2 Variable interest entities Due to the restrictions imposed by PRC laws and regulations on foreign ownership of companies engaged in value added telecommunication services and certain other internet-based businesses, the Group operates its platforms and other restricted business in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”). The Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies. Management concluded that these PRC domestic companies are VIEs of the Company, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements. Refer to Note 3.2 to the consolidated financial statements for the basis of consolidation. The following is a summary of the major contractual agreements (collectively, “Contractual Agreements”) that the Company, through its subsidiaries, entered into with the PRC domestic companies and their nominee shareholders: a Contractual agreements with VIEs Power of Attorney Pursuant to the power of attorney agreements among the Wholly Foreign Owned Enterprises (“WFOE”s), the VIEs and their respective Nominee Shareholders, each Nominee Shareholder of the VIEs irrevocably undertakes to appoint the WFOE, as the attorney-in-fact to exercise all of the rights as a shareholder of the VIEs, including, but not limited to, the right to convene and attend shareholders’ meeting, vote on any resolution that requires a shareholder vote, such as appoint or remove directors and other senior management, and other voting rights pursuant to the articles of association (subject to the amendments) of the VIEs. Each power of attorney agreement is irrevocable and remains in effect as long as the Nominee Shareholder continues to be a shareholder of the VIEs. Unless otherwise required by PRC Laws, none of the VIEs or its shareholders can unilaterally terminate this agreement. Exclusive Option Agreements Pursuant to the exclusive option agreements among WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders granted WFOEs exclusive right to purchase, when and to the extent permitted under PRC law, all or part of the equity interests from shareholders of VIEs. The exercise price for the options to purchase all or part of the equity interests shall be the minimum amount of consideration permissible under then applicable PRC law. The agreement shall be valid until WFOEs or its designated party purchases all the shares from shareholders of VIEs. The terms of the exclusive option agreement are 10 years and can be automatically extended until such time WFOEs delivers a confirmation letter specifying the renewal term of this agreement. Unless otherwise required by PRC Laws, the VIEs or its shareholders shall not unilaterally terminate this agreement. 2 Variable interest entities (Continued) Exclusive Business Corporation Agreement Pursuant to the exclusive business cooperation agreements among the WFOEs and the VIEs, respectively, the WFOEs have the exclusive right to provide the VIEs with services related to, among other things, comprehensive technical support, professional training, consulting, marketing and promotional services. Without prior written consent of the WFOEs, the VIEs agree not to directly or indirectly accept the same or any similar services provided by any others regarding the matters ascribed by the exclusive business cooperation agreements. The VIEs agree to pay the WFOEs services fees, which shall be determined by the WFOEs. The WFOEs have the exclusive ownership of intellectual property rights created as a result of the performance of the agreements. The agreements shall remain effective except that the WFOEs are entitled to terminate the agreements in writing. Unless otherwise required by PRC Laws, the VIEs shall not unilaterally terminate this agreement. Equity Pledge Agreements Pursuant to the equity pledge agreements among the WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders of the VIEs pledged all of their respective equity interests in the VIEs to the WFOEs as collaterals for performance of the obligations of the VIEs and their Nominee Shareholders under the exclusive business cooperation agreements, the power of attorney agreements, and the exclusive option agreements. The Nominee Shareholders of the VIEs also undertake that, during the term of the equity pledge agreements, unless otherwise approved by the WFOEs in writing, they will not transfer the pledged equity interests or create or allow any new pledge or other encumbrance on the pledged equity interests. These equity pledge agreements remain in force until VIEs and their respective Nominee Shareholders discharge all their obligations under the contractual agreements. Spousal Consent Letters Pursuant to the spousal consent letters, the spouses of some of the individual Nominee Shareholders of the VIEs unconditionally and irrevocably agree that the equity interest in the VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant exclusive business cooperation agreements, equity pledge agreements, the exclusive option agreements and the power of attorney agreements, without his or her consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses. In addition, in the event that any of them obtains any equity interest in the VIEs held by their respective spouses for any reason, such spouses agree to be bound by similar obligations and agreed to enter into similar contractual arrangements. b Risks in relation to the VIE structure Part of the Group’s business is conducted through the VIEs of the Group, of which the Company is the ultimate primary beneficiary. The Company has concluded that (i) the ownership structure of the VIEs is not in violation of any applicable PRC laws or regulations currently in effect and (ii) each of the VIE Contractual Agreements is valid, binding and enforceable in accordance with their terms and applicable PRC laws or regulations currently in effect. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current VIE Contractual Agreements and business to be in violation of any existing or future PRC laws or regulations. 2 Variable interest entities (Continued) On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited. In addition, if the Group’s corporate structure and the contractual arrangements with the VIEs through which the Group conducts its business in the PRC were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities could: ● revoke the business licenses and/or operating licenses of the Group’s PRC entities; ● impose fines; ● confiscate any income that they deem to be obtained through illegal operations, or impose other requirements with which the Group may not be able to comply; ● discontinue or place restrictions or onerous conditions on the Group’s operations; ● place restrictions on the right to collect revenues; ● shut down the Group’s servers or block the Group’s mobile app; ● require the Group to restructure ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate, derive economic interests from, or exert effective control over the VIEs and their subsidiaries; ● restrict or prohibit the use of the proceeds from financing activities to finance the business and operations of the VIEs and their subsidiaries; or ● take other regulatory or enforcement actions that could be harmful to the Group’s business. 2 Variable interest entities (Continued) The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIEs. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the Nominee Shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIE depend on Nominee Shareholders enforcing the contracts. There is a risk that Nominee shareholders of VIEs, who in some cases are also shareholders of the Company may have conflict of interests with the Company in the future or fails to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced. The Group’s operations depend on the VIEs to honor their contractual agreements with the Group and the Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote. c Summary financial information of the Group’s VIEs (inclusive of VIEs’ subsidiaries) In accordance with VIE Contractual Agreements, the Company (1) could exercise all shareholder’s rights of the VIEs and has power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered as the ultimate primary beneficiary of the VIEs and has consolidated the VIEs’ financial results of operations, assets and liabilities in the Company’s consolidated financial statements. Therefore, the Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs, except for the registered capital of the VIEs amounting to approximately RMB11,965,369 and RMB13,444,434 as of December 31, 2020 and 2021, as well as certain non-distributable statutory reserves amounting to approximately RMB13,606 and RMB23,808 as of December 31, 2020 and 2021. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting certain business in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss. The VIEs hold assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs include online ride hailing operation permits for certain cities, Internet Content Provision License (“ICP licenses”), certain value-added telecommunications service licenses for internet data center services, etc, the domain names of didiglobal.com and so on. Recognized revenue-producing assets including non-compete agreements, patents and trademark which were acquired through the previous acquisitions are also held by WOFEs or other subsidiaries. 2 Variable interest entities (Continued) The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31 2020 2021 RMB RMB Cash and cash equivalents 9,674,912 18,499,058 Restricted cash 106,223 108,223 Short‑term investments 3,074,128 764,343 Accounts and notes receivable, net 1,928,636 1,622,379 Loans receivable,net 202,076 1,426,244 Amounts due from the Company and its non-VIE subsidiaries 17,136,259 20,730,377 Investment securities and other investments 3,396,426 4,708,537 Long-term investments, net 1,680,083 3,064,399 Property and equipment, net 73,978 349,510 Intangible assets, net 323,083 514,838 Other assets 1,959,459 1,329,105 Total assets 39,555,263 53,117,013 Short‑term borrowings 4,000,000 824,964 Accounts and notes payable 6,353,170 3,706,079 Amounts due to the Company and its non-VIE subsidiaries 35,269,949 58,675,506 Operating lease liabilities 674,185 238,261 Other liabilities 8,520,341 6,094,576 Total liabilities 54,817,645 69,539,386 Shareholders' deficit of VIEs (15,262,382) (16,422,373) Total liabilities and shareholders' deficit of VIEs 39,555,263 53,117,013 2 Variable interest entities (Continued) For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Inter-company revenues 152 1,067,752 1,708,159 Third-party revenues 150,816,817 136,817,570 166,603,236 Total revenues 150,816,969 137,885,322 168,311,395 Inter-company costs and expenses (9,557,049) (12,895,784) (15,320,699) Third-party costs and expenses (140,022,924) (127,117,980) (158,286,885) Total costs and expenses (149,579,973) (140,013,764) (173,607,584) Income (loss) from operations 1,236,996 (2,128,442) (5,296,189) Income (loss) from non-operations (688,178) 1,652,386 (358,813) Income (loss) before income tax expenses 548,818 (476,056) (5,655,002) Income tax expenses (9,786) (66,808) (302,047) Net income (loss) 539,032 (542,864) (5,957,049) Net income (loss) attributable to DiDi Global Inc. 539,032 (542,864) (5,957,049) For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Net cash used in inter-company transactions (7,880,749) (13,313,253) (1,212,002) Net cash provided by operating activities with external parties 12,378,698 13,972,703 2,843,996 Net cash provided by operating activities 4,497,949 659,450 1,631,994 Net cash provided by investing activities with non-VIE subsidiaries — 2,785,392 — Net cash provided by (used in) investing activities with external parties (2,780,009) (3,627,564) 2,688,546 Net cash provided by (used in) investing activities (2,780,009) (842,172) 2,688,546 Inter-company loan financing from non-VIE subsidiaries — 1,003,320 10,921,871 Inter-company loan financing to non-VIE subsidiaries (1,000,000) (1,000,000) (3,000,000) Net cash provided by (used in) financing activities with external parties (100,000) 4,034,180 (3,416,265) Net cash provided by (used in) financing activities (1,100,000) 4,037,500 4,505,606 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 3 Summary of significant accounting policies 3.1 Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. 3.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company’s subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company is the ultimate primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate. 3.3 Comparative information The Company reclassified certain balances in prior years to conform to the current year presentation to relating to short-term investments and investment securities and other investments. Refer to note 3.11 and 3.16, respectively. 3 Summary of significant accounting policies (Continued) 3.4 Impact of the COVID-19 pandemic The COVID-19 pandemic starting in January 2020 had an adverse impact on the Group’s business and operations including reduced demand for China Mobility and International business. During 2021, China also experienced increases in cases that have prompted the government to apply selective restrictions to movement of people within affected areas. As a result, the Group’s operating and financial performance for China Mobility have been adversely affected. The global spread of the COVID-19 pandemic may also result in global economic distress. The extent to which the COVID-19 pandemic may affect the Group’s results of operations will depend on its future developments, which are difficult to predict. As part of Chinese government’s effort to ease the burden of business affected by the COVID-19 pandemic, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced or exempted contributions to the government-mandated employee welfare benefit plans from February 2020 to December 2020. In addition, the Ministry of Finance and the State Taxation Administration temporarily reduced VAT rate of 3% to zero on revenues derived from the provision of certain transportation services from January 2020 to March 2021 and from January 2022 to December 2022, respectively. The Group continues to assess the impact from the COVID-19 pandemic. It is difficult to accurately predict the ultimate impact of the COVID-19 pandemic on the Group’s future business, results of operations, financial position and cash flows due to the uncertainty of numerous factors including the severity of the disease, the duration of the outbreak, additional actions that may be taken by governmental authorities, the further impact on the business of drivers, riders, and business partners, all of which are highly uncertain and cannot be predicted. 3.5 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of short-term, long-term investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) determination of the fair value of ordinary shares, (vii) the purchase price allocation with respect to business combination and acquisition of equity method investees, (viii) valuation and recognition of share-based compensation expenses, (ix) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates. The Group considers the impact of the COVID-19 pandemic (note 3.4) as well as the suspension of new user registration and takedown of 26 apps that the Group operates in China (note 3.42) on the assumptions and inputs (including market data) supporting certain of these estimates and judgments, in particular, in the impairment determination of the fair values of certain investments and goodwill and the recoverability of long-lived assets. The level of uncertainties and volatilities in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the outcome of the cybersecurity review means that these estimates may change in future periods, as new events occur and additional information is obtained. 3 Summary of significant accounting policies (Continued) Based on current assessment of these estimates, the Group did not identify additional impairment related to its goodwill or other long-lived assets except for the impairment charges described in Notes 12, 15 and 28 for the years ended December 31, 2020 and 2021, respectively. 3.6 Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands,BVI and Hong Kong is United States dollars (“US$”) and the functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive loss. The foreign exchange loss amounted to RMB222,684 for the year ended December 31, 2019; and the foreign exchange gain amounted to RMB1,156,606 and RMB 70,265 The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss. 3.7 Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB 6.3726 , 3 Summary of significant accounting policies (Continued) 3.8 Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities; ● Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measure 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. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based sourced market parameters, such as interest rates and currency exchange rates. 3.9 Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2020 and 2021, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB1,266,695 and RMB 2,212,704 3.10 Restricted cash and non-current restricted cash Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months, and which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group's restricted cash primarily represents security deposits for the bank acceptance bills. 3 Summary of significant accounting policies (Continued) 3.11 Short-term investments Short-term investments mainly consist of time deposits, structured deposits and other investments with maturities within 12 months. Time deposits include the balances placed with the banks with original maturities over three months, but less than one year and the long-term time deposits with a maturity date within one year. The investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. Structured deposits refer to the financial instruments with variable interest rates indexed to performance of underlying assets. The Group elected the fair value option (“FVO”) at the date of initial recognition to measure structured deposits at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss as investment income (loss), net. As discussed in Note 3.3, the consolidated balance sheets as of December 31, 2020 have been adjusted to report “interest receivable” totalling RMB290,966 in short-term investments. 3.12 Accounts and notes receivable, net Accounts receivable, net represent uncollected fare payments from individual customers and enterprise customers and primarily consist of (i) uncollected fare payments from individual customers for completed transactions, (ii) fare amounts not yet settled with enterprise customers, (iii) uncollected invoiced amounts from enterprise customers for other services completed. Notes receivable, net represent short-term notes receivable issued by reputable financial institutions that entitle the Group to receive the full-face amount from the financial institutions at maturity, which generally range from one to twelve months from the date of issuance. The Group records an allowance for credit losses for accounts receivable to the amounts that may not be collected. Before January 1, 2020, the Group estimated the allowance based on historical experience, the age of the amount due, the customer payment and the customers’ creditworthiness, which were reviewed periodically and as needed, and amounts were written off when determined to be uncollectable. From January 1, 2020, the Group determines the expected credit losses provisions based on ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), detailed as Note 3.15. 3.13 Loans receivable, net Loans receivable, net primarily represent micro loans the Group offers to individual borrowers who are registered as riders, end-users or drivers via the Group’s platforms. Measurement of loans receivable Loans receivable are measured at amortized cost and reported on the consolidated balance sheets at outstanding principal adjusted for allowances for credit losses as the Group undertakes substantially all the risks and rewards for such loans offered. 3 Summary of significant accounting policies (Continued) Accrued interest receivable Accrued interest income on loans receivable is calculated based on the contractual interest rate of the loan and recorded as revenue in Other Initiatives as earned in the consolidated statements of comprehensive loss. Loans receivable are impaired and placed on non-accrual status upon reaching 90 days past due. When a loan receivable is placed on non-accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. Cash payment received on non-accrual loans receivable would be first applied to any unpaid principal and late payment fees, if any, before recognizing interest income. Allowance for credit losses The provision for credit losses reflects the best estimate of the losses inherent in the outstanding portfolio of loans. The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. The Group writes off the loan receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write-off occurs after the 180 th Before January 1, 2020, the Group provided allowances for credit losses for loan and accrued interest receivables based primarily on historical loss experience using a rolling rate-based model applied to the loans receivable portfolios. The Group considered many factors, including but not limited to, the age of the amounts due, the payment history, the month of origination, the purpose of the loans, customers’ creditworthiness, financial conditions of the individual borrowers, terms of the loans, regulatory environment, and the general economic conditions, into the assessment of allowance for credit losses. From January 1, 2020, the Group determines the expected credit losses provisions based on ASC 326, detailed as Note 3.15. 3 Summary of significant accounting policies (Continued) 3.14 Short-term and long-term finance lease receivables, net The Group provides automobile finance lease services to individual customers and rental companies. The net investment of the lease is recorded as finance lease receivables upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance lease receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenues in the consolidated statements of comprehensive loss. Initial direct costs of the finance leases are amortized over the lease term by adjusting against the related lease income. The investment in the leases, net of allowance for credit losses, is presented as finance lease receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Before January 1, 2020, the Group estimated the balance of provision for credit losses of its finance lease receivables at each balance sheet date by applying an incurred loss model, mainly based on customer repayment activities, such as the historical loss rate and days past due information. The total balance of finance lease receivable was considered contractually past due if the minimum required payment was not received by the contractual repayment day. From January 1, 2020, the Group determines the expected credit losses provisions based on ASC 326, detailed as Note 3.15 Accrued lease income on finance lease receivables is calculated based on the effective interest rate of the net investment. Finance lease receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance lease receivable is placed on non-accrual status, the Group stopped accruing interest. Lease income is subsequently recognized only upon the receipt of cash payments. 3 Summary of significant accounting policies (Continued) 3.15 Expected credit losses In 2016, the FASB issued ASC 326, which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses. The Group adopted ASC 326 on January 1, 2020 using a modified retrospective approach which did not have a material impact on the opening balance of accumulated deficit. The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. Primarily as a result of the macroeconomic and market turmoil caused by the COVID-19 pandemic, the Group updated the model based on the continuously monitoring result and took the latest available information into consideration. 3.16 Investment securities and other investments Investment securities and other investments consist of equity securities with readily determinable fair value as well as other investments which primarily consist of debt investments. Equity securities with readily determinable fair value The Group invests in marketable equity securities, which are publicly traded stock. The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss. Debt investments Debt investments are accounted for at amortized cost or under the fair value option. The Group has elected the fair value option for certain debt investments primarily consisting of convertible bonds with maturities of over one year. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive loss. Other debt investments, primarily consist of long term time deposits, which the balance placed with the bank with original maturities over 12 months, are measured at amortized cost. Interest income from debt investments is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. As discussed in Note 3.3, comparative information have been adjusted to the consolidated balance sheets as of December 31, 2020 to report “long-term time deposits” totaling RMB3,460,000 in investment securities and other investments, which was previously reported in “other non-current assets, net”. 3 Summary of significant accounting policies (Continued) 3.17 Long-term investments The Group’s long-term investments consist of equity investments without readily determinable fair value and equity investments over which the Group has ability to exercise significant influence. Equity securities without readily determinable fair value measured at Measurement Alternative Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss, according to ASC 321 “Investments — Equity Securities”, which the Group adopted beginning April 1, 2018. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive loss. For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance, and other significant judgment in considering various factors and events. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts. 3 Summary of significant accounting policies (Continued) Equity investments accounted for using the equity method The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees within a one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive loss and recognize its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive loss. The Group elected to apply the fair value option to the investments in ordinary shares of Chengxin Technology Inc. (“Chengxin”) upon the closing of the deconsolidation of Chengxin,for which the equity method otherwise would be required. Refer to Note 5- Financing transaction of Chengxin for further information. 3 Summary of significant accounting policies (Continued) 3.18 Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets. Bikes and e-bikes Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years. Vehicles Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis. Other property and equipment Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. Property and equipment have estimated useful lives as follows: Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years Construction in progress Direct costs that are related to the construction of property and equipment and are 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 or equipment, which are primarily relating to vehicles and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use. 3 Summary of significant accounting policies (Continued) 3.19 Intangible assets, net Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows: Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3‑20 years Driver lists 5 years Customer lists 5 years Software 3 Online payment license* Indefinite live Others Indefinite live * Acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that there were no practical difficulties in the renewal process according to the industry practice. 3.20 Impairment of long-lived assets other than goodwill Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold, or use is based on the amount by which the carrying value exceeds th |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business combinations | |
Business combination | 4 Business combinations Acquisition of Kuaidi On February 11, 2015, the Group acquired 100% of the equity of Kuaidi for a total consideration of RMB13,550,534 (US$2,209,987). Kuaidi was mainly engaged in the business of providing taxi hailing services in China. The acquisition was accounted for as a business combination, resulting in the recognition of RMB8,383,084 (US$1,367,216) in goodwill in China Mobility segment and RMB1,770,093 (US$288,688) in intangible assets on the acquisition date. Acquisition of Uber (China) Ltd. (“Uber China”) On August 1, 2016, the Group acquired 100% of the equity of Uber (China) Ltd. (“Uber China”) for a total consideration of RMB46,531,937 (US$7,020,827). Uber China was mainly engaged in the business of providing ride hailing services in China. The acquisition was accounted for as a business combination, resulting in the recognition of RMB37,900,795 (US$5,718,544) in goodwill in China Mobility segment and RMB11,633,403 (US$1,755,270) in intangible assets on the acquisition date. Acquisition of 99 Taxis On January 2, 2018, the Group acquired all There were no material acquisitions for the years ended December 31, 2019, 2020 and 2021. |
Financing transaction of Chengx
Financing transaction of Chengxin | 12 Months Ended |
Dec. 31, 2021 | |
Financing transaction of Chengxin | |
Financing transaction of Chengxin | 5 Financing transaction of Chengxin In March 2021, Chengxin, the Group’s subsidiary engaged in community group buying business, entered into a series of agreements (“Agreements”) with external investors and the Group, pursuant to which, a) Chengxin issued 92,367,521 number of Series A-1 Preferred Shares for a total consideration of US$923,675 to certain external investors, including an entity controlled by Softbank Group Corp., (“Softbank”) of US$43,162 (Note 26). b) Chengxin issued 20,000,000 number of Series A-2 preferred shares to certain senior management of the Group and Chengxin, for a total consideration of US$200,000. To finance the purchase of Chengxin A-2 preferred shares, the senior management investment entity entered into secured term loans with Chengxin’s A-1-round investors for an aggregate amount of US$160,000. 5 Financing transaction of Chengxin (Continued) c) Chengxin issued a zero-coupon seven-year As a result of the intense competition and tightening regulatory environment, Chengxin experienced an adverse change in its operating and financial performance during the third quarter of 2021. In light of the further adverse change during the fourth quarter of 2021 and challenge of obtaining additional financing, Chengxin revised its business plan to scale down significantly and undertake a strategic business model transition, aiming for a more sustainable operation in the near future. The fair value of the Group’s total investment in Chengxin was reduced to RMB 686,124 at December 31,2021 due to the above reason. Accounting for the financing transaction of Chengxin Pursuant to the Agreements and upon the completion of the above transaction on March 30, 2021 (“closing date”), the Group no longer holds the controlling financial interest in Chengxin. Accordingly, Chengxin was deconsolidated from the Group after March 30, 2021. The financing transaction for Chengxin did not meet the discontinued operation criteria as it did not represent a strategic shift that has a major effect on the Group’s financial results. Upon the completion of the financing transaction of Chengxin, an unrealized gain of RMB 9,058,144 Given the Group’s investment in Chengxin’s ordinary shares and right to nominate three board members out of six, the Group had the ability to exercise significant influence over Chengxin. The Group elected to apply the fair value option to the Group’s investments in ordinary shares (Note 11). The Group also applies fair value accounting to the Group’s investments on the Convertible Note (Note 10), thereby providing consistency of accounting treatment. The investments in ordinary shares and in Convertible Note (collectively, the “Investment in Chengxin”) are measured at fair value on a recurring basis with changes in fair value reflected in earnings. The fair value of the Investments in Chengxin upon the closing of the deconsolidation of RMB16,428,250 was determined by the Group with assistance of a third-party independent appraiser, using option-pricing model (“OPM”) and back-solve method. The fair value of the investments in Chengxin on December 31, 2021 of RMB 686,124 of RMB 21,259,814 The Group determined that the fair value of exchange feature and call option aforementioned respectively were not significant to the consolidated financial statements. |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments. | |
Short-term Investments | 6 Short-term investments The following is a summary of short-term investments: As of December 31 2020 2021 RMB RMB Time deposits stated at amortized cost 34,100,365 13,154,020 Structured deposits under fair value option 3,588,170 4,622 Other debt investments stated at amortized cost — 185,112 Total 37,688,535 13,343,754 |
Accounts and notes receivable,
Accounts and notes receivable, net | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and notes receivable, net | |
Accounts and notes receivable, net | 7 Accounts and notes receivable, net Accounts and notes receivable, net consist of the following: As of December 31 2020 2021 RMB RMB Accounts and notes receivable 2,994,181 3,482,011 Allowance for credit losses (556,360) (650,888) Accounts and notes receivable, net 2,437,821 2,831,123 On January 1, 2020, the Group adopted ASC 326 using a modified retrospective method for accounts and notes receivable measured at amortized cost. The operating lease receivable generated from lease vehicles to drivers and end-users, is recorded as accounts and notes receivable, net in the consolidated balance sheets. The operating lease receivable is subject to ASC 842 mentioned in Note 3.22. The movement of the allowances for credit losses is as follows: For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (437,266) (556,360) Impact of adoption of ASC 326 (71,498) — Balance at beginning of the year (508,764) (556,360) Provision (448,720) (596,908) Write-offs 401,124 502,380 Balance at end of the year (556,360) (650,888) |
Loans receivable, net
Loans receivable, net | 12 Months Ended |
Dec. 31, 2021 | |
Loans receivable, net | |
Loans receivable, net | 8 Loans receivable, net Loans receivable, net consists of the following: As of December 31 2020 2021 RMB RMB Loans receivable 3,024,661 5,248,804 Allowance for credit losses (146,432) (604,506) Loans receivable, net 2,878,229 4,644,298 The movement of the allowances for credit losses is as follows: For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (100,643) (146,432) Impact of adoption of ASC 326 (50,569) — Balance at beginning of the year (151,212) (146,432) Provision (153,560) (557,129) Write‑offs 158,340 99,055 Balance at end of the year (146,432) (604,506) The aging analysis of loans receivable by due date as of December 31, 2020 and 2021 is as follows: Past Due 91 Days or Total Past 1 ‑ 30 Days 31 ‑ 60 Days 61 ‑ 90 Days Greater Due Current Total As of December 31, 2020 22,056 14,537 10,701 33,909 81,203 2,943,458 3,024,661 As of December 31, 2021 75,785 59,394 51,035 200,759 386,973 4,861,831 5,248,804 |
Prepayments, receivables and ot
Prepayments, receivables and other current assets, net and other non-current assets, net | 12 Months Ended |
Dec. 31, 2021 | |
Prepayments, receivables and other current assets, net and other non-current assets, net | |
Prepayments, receivables and other current assets, net and other non-current assets, net | 9 Prepayments, receivables and other current assets, net and other non-current assets, net Prepayments, receivables and other current assets, net consist of the following: As of December 31 2020 2021 RMB RMB Deductible VAT-input 1,871,768 1,553,800 Prepayments for promotion and advertising expenses and other operation expenses 175,267 371,149 Advances to employees 200,698 303,050 Prepayments for insurance costs 288,858 239,417 Inventories, net 261,550 197,957 Rental deposits and other deposits, net 346,032 189,840 Payments to drivers and partners on behalf of end-users 157,653 148,971 Short-term finance lease receivables, net 91,067 44,020 Interest receivables 13,142 13,293 Others, net 507,130 896,478 Total 3,913,165 3,957,975 Other non-current assets, net consist of the following: As of December 31 2020 2021 RMB RMB Deductible VAT-input — 1,070,370 Rental deposits and other deposits, net-noncurrent portion — 203,154 Prepayments for long-term investments 107,283 200,000 Prepayments for purchase of property and equipment, net, and other non-current assets, net 650,771 166,425 Long-term finance lease receivables, net 94,508 41,579 Others, net 32,361 17,942 Total 884,923 1,699,470 The movement of the allowances for credit losses of short-term and long-term finance lease receivables is as follows: For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (3,871) (72,167) Impact of adoption of ASC 326 — — Balance at beginning of the year (3,871) (72,167) (Provision)/ Reversal (73,004) 12,757 Write‑offs 4,708 48,005 Balance at end of the year (72,167) (11,405) |
Investment securities and other
Investment securities and other investments | 12 Months Ended |
Dec. 31, 2021 | |
Investment securities and other investments | |
Investment securities and other investments | 10 Investment securities and other investments As of December 31, 2020 and 2021, the Group’s investment securities and other investments comprised of i) marketable equity securities, which are publicly traded stocks or funds measured at fair value, ii) debt investments, which are accounted for at amortized cost, iii) debt investments, which the fair value option was selected. The following table summarizes the carrying value and fair value of the investment securities: As of December 31, 2020 Gross Gross Unrealized/ Unrealized/ Foreign unrecognized unrecognized Currency Cost/Amortized holding holding Translation Fair cost Gains Losses Adjustments Value RMB RMB RMB RMB RMB Listed equity securities 814,452 37,516 (285,567) 6,562 572,963 — Investee A 600,000 — (208,199) — 391,801 — Others 214,452 37,516 (77,368) 6,562 181,162 Debt investments 3,687,601 — — — 3,687,601 —Time deposits stated at amortized cost 3,510,822 — — — 3,510,822 —Other debt investments stated at amortized cost 176,779 — — — 176,779 Total 4,502,053 37,516 (285,567) 6,562 4,260,564 As of December 31, 2021 Gross Gross Unrealized/ Unrealized/ Foreign unrecognized unrecognized Currency Cost/Amortized holding holding Translation Fair cost Gains Losses Adjustments Value RMB RMB RMB RMB RMB Listed equity securities 7,661,212 6,300,946 (394,796) (224,416) 13,342,946 — Investee A 600,000 — (254,758) — 345,242 — Investee B (Note 11) 6,751,890 5,573,162 — (225,456) 12,099,596 — Others 309,322 727,784 (140,038) 1,040 898,108 Debt investments 24,202,483 14,383 (18,722,033) (203,286) 5,291,547 — Convertible Note of Chengxin (Note 5) 19,563,591 — (18,691,719) (198,515) 673,357 —Time deposits stated at amortized cost 3,722,640 — — — 3,722,640 —Other debt investments stated at amortized cost 156,104 — — — 156,104 —Other debt investments under fair value option 760,148 14,383 (30,314) (4,771) 739,446 Total 31,863,695 6,315,329 (19,116,829) (427,702) 18,634,493 The following table summarizes debt investments stated at amortized cost classified by the contractual maturity date of the investments: As of December 31 2021 RMB Due in 1 year through 2 years 2,932,717 Due in 2 years through 3 years 789,615 Thereafter 156,412 Total 3,878,744 |
Long term investments, net
Long term investments, net | 12 Months Ended |
Dec. 31, 2021 | |
Long-term investments, net | |
Long term investments, net | 11 Long-term investments, net As of December 31 2020 2021 RMB RMB Measurement Alternative method Investment in Investee B (i) 3,828,560 — Others 523,728 568,555 Total 4,352,288 568,555 Equity investments accounted for using equity method 2,752,734 4,033,402 Equity investment in Chengxin under fair value option (Note 5) — 12,767 Total 7,105,022 4,614,724 a Measurement Alternative Method The Group invested in multiple private companies which may have operational synergy with the Group’s core business. The Group’s equity investments without readily determinable fair value were accounted for using the Measurement Alternative method. Impairment charges in connection with the Measurement Alternative investments of RMB1,450,840, RMB1,022,098 and nil RMB 2,493,381 (i) Investment in Investee B As of January 1, 2020 the Group held certain percentage of ordinary shares and preferred shares from Investee B, which were purchased in prior years. The investment in Investee B was accounted for Measurement Alternative as the Group could not impose significant influence in Investment B. For the year ended December 31, 2021, the Investee B completed its initial public offering in NASDAQ Stock Exchange. As a result, the investment in Investee B was transferred from investments accounted for using the Measurement Alternative method to Investment securities and other investments, with the fair value determined based on the quoted price in the active market, adjusted by a discount for lack of marketability due to restrictions on trading the shares. As of December 31, 2021, the fair value of the Investment in Investee B was RMB 12,099,596 b Equity method The Group recorded proportionate share of losses of RMB685,903, RMB977,552 and RMB 211,559 from equity investments accounted for using equity method for the years ended December 31, 2019, 2020 and 2021, respectively. The Group also recognized impairment losses of RMB 293,274 , RMB 79,875 and RMB 264,292 for the years ended December 31, 2019, 2020 and 2021, respectively. The Group records both proportionate share of losses and impairment losses of its equity method investments as loss from equity method investments, net in the consolidated statements of comprehensive loss. In addition, the Group also recognized disposal gains of RMB 756,301 in investment income (loss), net in the consolidated statements of comprehensive loss for the During the year ended December 31, 2021, the Group and SoftBank each made an additional investment amounted to RMB161,720 (JPY2,600,000) in Didi Mobility Japan Corporation (“Didi Japan”), an equity method investee of the Group established in 2018. Upon the closing of this transaction, the Group’s accumulated investment in Didi Japan increased to RMB433,950 (JPY6,950,000). 11 Long term investments, net (Continued) The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 of Regulation S-X: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operating data: Revenue 4,086,285 9,721,658 7,549,918 Gross profit (loss) 913,899 3,819,309 (4,257,022) Income (loss) from operations (1,718,998) 2,880,369 (16,489,595) Net income (loss), net (1,622,043) 2,881,779 1,999,569 Balance sheet data: Current assets 9,930,387 14,591,256 54,810,598 Non‑current assets 10,596,081 16,999,044 17,656,885 Current liabilities 2,736,257 2,158,751 31,611,814 Non‑current liabilities 5,335,743 6,696,509 5,536,458 Convertible redeemable preferred shares and non‑controlling interests 1,536,299 2,703,764 7,160,924 The condensed financial information of the Group’s equity investments under equity method or under fair value option, for which the equity method otherwise would be required was summarized in the aggregate amount. As the Group’s shareholding interests in these investees vary among different equity method investees, which includes 3% to 5% interests in certain funds in the form of partnership, the Group recognized small proportionate share of gain or loss accordingly from these entities. In addition, the Group did not recognize the proportionate share of gain from Chengxin as the fair value option was selected for the equity investment of Chengxin. As a result, the loss from equity method investments, net in the consolidated statement of comprehensive loss is not comparable with the above table. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment, net | |
Property and equipment, net | 12 Property and equipment, net Property and equipment, net consist of the following: As of December 31 2020 2021 RMB RMB Bikes and e‑bikes 9,773,868 11,774,212 Vehicles 3,372,391 3,538,274 Computers and equipment 2,603,896 3,723,744 Leasehold improvement 522,789 644,251 Construction in progress 386,590 393,540 Others 42,417 35,057 Total 16,701,951 20,109,078 Less: Accumulated depreciation (5,898,422) (8,960,129) Less: Accumulated impairment loss (1,043,811) (3,148,731) Property and equipment, net 9,759,718 8,000,218 Depreciation expenses recognized for the years ended December 31, 2019, 2020 and 2021 were RMB1,902,567, RMB3,275,144, and RMB4,220,521, respectively. 12 Property and equipment, net (Continued) For the years ended December 31, 2019, 2020 and 2021, the impairment losses for property and equipment were RMB125,134, RMB855,988 and RMB2,247,738, respectively. For the year ended December 31, 2020, the impairment charge of RMB751,065 on the vehicles leased to drivers in the PRC was mainly caused by the adverse impact of the COVID-19 pandemic on the Group’s China Mobility business. For the year ended December 31, 2021, the impairment charge of RMB2,164,409 on bikes and e-bikes was mainly caused by the adverse change in the operating and financial performance of the Group’s bikes and e-bikes business during the third quarter of 2021. |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2021 | |
Operating leases | |
Operating leases | 13 Operating leases Operating leases of the Group primarily consist of leases of offices, warehouses and data centers. The recognition of whether a contract arrangement contains a lease is made by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in the items of operating lease right-of-use assets, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets. The components of lease expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operating lease cost 580,613 681,841 726,359 Short‑term lease cost 83,509 128,865 467,384 Variable lease cost 89,284 80,015 121,353 Total lease cost 753,406 890,721 1,315,096 Supplemental cash flows information related to leases is as follows: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Cash payments for operating leases 584,660 707,140 761,352 ROU assets obtained in exchange for operating lease liabilities 349,432 1,158,347 910,144 13 Operating leases (Continued) As of December 31, 2021, the Company’s operating leases had a weighted average remaining lease term of 2.44 years and a weighted average discount rate of 4.75% . Maturities of lease liabilities are as follows: As of December 31 2021 RMB 2022 583,947 2023 387,385 2024 164,561 2025 94,593 Thereafter 15,590 Total undiscounted lease payments 1,246,076 Less: imputed interest (74,322) Total lease liabilities 1,171,754 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, net | |
Intangible assets, net | 14 Intangible assets, net The Group’s intangible assets, net consist of following: As of December 31 2020 2021 RMB RMB Finite ‑ lived intangible assets Non‑compete agreements 7,183,773 7,183,773 Trademarks, patents, software and others 5,250,164 5,268,168 Customer lists 1,562,198 1,553,507 Driver lists 304,784 296,332 Total 14,300,919 14,301,780 Less: accumulated amortization (9,398,365) (11,182,929) Less: accumulated impairment loss — (287,270) Net book value 4,902,554 2,831,581 Indefinite ‑ lived intangible assets Online payment license 398,085 398,085 Others 56,479 56,479 Total 454,564 454,564 Finite and indefinite ‑ lived intangible assets 5,357,118 3,286,145 14 Intangible assets, net (Continued) For the years ended December 31, 2019, 2020 and 2021, amortization expenses amounted to RMB2,109,121, RMB1,993,945 and RMB 1,824,762 15 Goodwill for further information. As of December 31, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows: Amortization Expenses RMB 2022 1,604,324 2023 987,341 2024 124,115 2025 44,898 Thereafter 70,903 Total expected amortization expenses 2,831,581 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill. | |
Goodwill | 15 Goodwill For the years ended December 31, 2019, 2020 and 2021, the changes in the carrying value of goodwill by segment are as follows: China Other Mobility (i) International (ii) Initiatives Total RMB RMB RMB RMB Balance as of January 1, 2019 46,283,879 3,877,445 93,704 50,255,028 Foreign currency translation adjustments — (91,786) — (91,786) Balance as of December 31, 2019 46,283,879 3,785,659 93,704 50,163,242 Foreign currency translation adjustments — (1,039,070) — (1,039,070) Balance as of December 31, 2020 46,283,879 2,746,589 93,704 49,124,172 Less: accumulated impairment loss — (2,492,826) — (2,492,826) Foreign currency translation adjustments — (253,763) — (253,763) Balance as of December 31, 2021 46,283,879 — 93,704 46,377,583 (i) The Group performed qualitative impairment assessments for the goodwill arising from the acquisition of Kuaidi and Uber China in China Mobility and concluded that there was no impairment on its goodwill as of December 31, 2019, and 2020. 15 Goodwill (Continued) Considering the adverse change in the operating and financial performance of China Mobility, the Group determined that a quantitative assessment was required at December 31, 2021. The impairment test compared the fair value of China Mobility to its carrying amount. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. These factors are subject to high degree of judgment and complexity. Based on the quantitative assessment results, the fair value of China Mobility exceeded its carrying amount by more than 30% as of December 31, 2021. In order to assess the impact of changes in certain significant inputs the Group performed a sensitivity analysis decreasing the annual growth rate and increasing the discount rate by 1%. This analysis still resulted in the fair value of China Mobility exceeding its carrying amount by a sufficient amount. Therefore, the Group concluded that there was no impairment of goodwill as of December 31, 2021. The significant decrease in the Group’s share price subsequent to December 31, 2021 is an indicator of possible goodwill impairment for China Mobility in 2022. As of the issuance date of our consolidated financial statements for the year ended December 31, 2021, the subsequent goodwill impairment assessment is still ongoing. (ii) The Group performed a qualitative impairment assessment for the goodwill arising from the acquisition of 99 Taxis in International and concluded that there was no impairment on its goodwill as of December 31, 2019. As the global COVID-19 pandemic has increased the uncertainty on the ride hailing services in overseas countries, the Group performed a quantitative analysis on the reporting unit of 99 Taxis and concluded that there was no impairment of goodwill based on the quantitative assessment results as of December 31, 2020. Due to the longer-term trajectory of COVID-19 pandemic and complex and volatile market environment in Brazil, the Group performed a quantitative analysis on 99 Taxis as of December 31, 2021. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. Based on the quantitative assessment results, the fair value of the reporting unit was below its carrying amount as of December 31, 2021. Therefore, the Group recognized impairment of goodwill and intangible asset with the amount of RMB2,501,100 and RMB288,221, respectively for the year ended December 31, 2021. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Borrowings | 16 Borrowings Short-term and long-term borrowings consist of the followings: As of December 31 2020 2021 RMB RMB Short‑term borrowings 5,826,562 6,838,328 Long‑term borrowings 1,453,222 1,681,370 Total 7,279,784 8,519,698 16 Borrowings (continued) Short-term borrowings For the year ended December 31, 2021, the Group, through its subsidiary, issued three one-year RMB 1,275,000 Other short-term borrowings were RMB dominated borrowings by the Group’s subsidiaries from financial institutions in the PRC and were pledged by vehicles and short-term investments or guaranteed by the subsidiaries of the Group. The weighted average interest rate for short-term borrowings as of December 31, 2019, 2020 and 2021 were approximately 4%, 3% and 3% , Long-term borrowings The Group has entered several borrowing agreements with credit facilities with banks, which allowed the Group to draw borrowings up to RMB 11,616,192 from these facilities as of December 31, 2021. The borrowings drawn from these facilities bear annual interest rate of Loan Prime Rate (“LPR”) plus 35 to 75 points and were guaranteed by certain subsidiaries of the Group. The unused credit limits under these facilities was RMB 10,520,636 as of December 31, 2021, out of which the facilities amount of US$ 1,650,000 under a revolving credit facility agreement was cancelled in March 2022 without any previous drawn-down The Group also entered into several borrowing agreements with certain banks and financial institutions pursuant to which the outstanding borrowings balance was RMB1,084,920 and RMB 585,814 as of December 31, 2020 and 2021, respectively. These borrowings are guaranteed by certain subsidiaries of the Group or pledged by vehicles owned by the Group’s subsidiaries and bear interest at a range of 4% - 7% per The Group’s short-term and long-term borrowings will be due according to the following schedule: As of December 31 2020 2021 RMB RMB Within 1 year 5,826,562 6,838,328 Between 1 to 2 years 799,840 1,567,890 Between 2 to 3 years 653,382 113,480 Total 7,279,784 8,519,698 |
Accounts and notes payable
Accounts and notes payable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and notes payable | |
Accounts and notes payable | 17 Accounts and notes payable Accounts and notes payable consist of the following: As of December 31 2020 2021 RMB RMB Payables related to service fees and incentives to drivers 4,487,439 3,306,362 Payables related to driver management fees 185,207 157,421 Other accounts payable 556,063 439,707 Notes payable 2,124,268 721,463 Total 7,352,977 4,624,953 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 18 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2020 2021 RMB RMB Employee compensation and welfare payables 1,977,077 2,253,437 Payables to merchants and other partners 1,732,060 1,664,684 Tax payables 497,297 1,645,335 Deposits 1,376,384 1,422,300 Payables and accruals for other cost and expenses 1,470,755 1,331,785 Payables related to service fees 626,934 883,770 Payables related to market and promotion expenses 1,655,578 842,558 Payables related to property and equipment 535,413 358,464 Payables related to warehouse rental and delivery cost 436,026 15,292 Others 996,436 1,229,597 Total 11,303,960 11,647,222 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Segment reporting | 19 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Group’s management team, including the chief executive officer (“CEO”). The Group operates in three operating segments: (i) China Mobility; (ii) International; (iii) Other Initiatives. The following summary describes the operations in each of the Group’s reportable segments: ● China Mobility: China Mobility segment mainly includes (i) The Group acts as the principal in providing ride hailing services to riders; (ii) The Group acts as an agent by connecting end-users to service providers who provide taxi hailing, chauffeur, hitch and other services. ● International: International segment includes ride hailing services and food delivery services offered in international markets. 19 Segment reporting (Continued) ● Other Initiatives: Other Initiatives mainly consist of bike and e-bike sharing, certain auto solutions, intra-city freight, autonomous driving, etc. The Group does not include inter-company transactions between segments for management reporting purposes. In general, revenues, cost of revenues and operating expenses are directly attributable, or are allocated, to each segment. The Group allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage or headcount, depending on the nature of the relevant costs and expenses. The Group currently does not allocate the assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. The Group currently does not allocate other long-lived assets to the geographic operations as substantially all of the Group’s long-lived assets are located in the PRC. In addition, substantially all of the Group’s revenue is derived from within the PRC, therefore, no geographical information is presented. The Group’s segment operating performance measure is segment Adjusted EBITA, which represents net income or loss before (a) certain non-cash expenses, consisting of share-based compensation expenses, amortization of intangible assets, and impairment of goodwill and intangible assets, which are not reflective of the Group’s core operating performance, and (b) interest income, interest expenses, investment income (loss), net, impairment loss for equity investments accounted for using Measurement Alternative, loss from equity method investments, net, other income (loss), net, and income tax benefits (expenses). The following table presents information about Adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the years ended December 31, 2019, 2020 and 2021: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Revenues: China Mobility 147,939,618 133,645,113 160,520,747 International 1,974,723 2,333,113 3,622,366 Other Initiatives 4,871,787 5,757,926 9,684,269 Total segment revenues 154,786,128 141,736,152 173,827,382 Adjusted EBITA: China Mobility 3,844,176 3,959,902 6,129,122 International (3,152,253) (3,533,836) (5,787,976) Other Initiatives (3,456,163) (8,806,771) (19,514,226) Total Adjusted EBITA (2,764,240) (8,380,705) (19,173,080) Share‑based compensation expenses (3,140,016) (3,413,292) (24,654,583) Amortization of intangible assets (i) (2,109,121) (1,993,945) (1,824,762) Impairment of goodwill and intangible assets (Note 15) — — (2,789,321) Total consolidated loss from operations (8,013,377) (13,787,942) (48,441,746) (i) Amortization expenses in connection with business combinations were RMB 2,093,941 , RMB 1,977,400 and RMB 1,799,508 for the years ended December 31, 2019, 2020 and 2021, respectively. 19 Segment reporting (Continued) The following table presents the total depreciation expenses of property and equipment by segment for the years ended December 31, 2019, 2020 and 2021: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB China Mobility 300,781 260,179 306,382 International 65,260 63,025 124,633 Other Initiatives 1,536,526 2,951,940 3,789,506 Total depreciation of property and equipment 1,902,567 3,275,144 4,220,521 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income taxes | 20 Income taxes Cayman Islands (“Cayman”) The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance or estate duty. There are no other taxes likely to be material to the Group levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments. British Virgin Islands (“BVI”) Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are not subject to tax on their income or capital gains. In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. PRC The Company’s subsidiaries and VIEs in the PRC are governed by the Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in the PRC are generally subject to tax at a statutory rate of 25%. Certified High and New Technology Enterprises (“HNTE”) are entitled to a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. One of the Group’s subsidiary obtained the HNTE certificate in December 2019 and thereby enjoys a reduced tax rate of 15% for the three years ended December 31, 2021. According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities were entitled to claim 150% of their research and development expenses incurred as tax deductible expenses when determining their assessable profits for that year (the “R&D Deduction”). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as R&D Deduction from January 1, 2018 to December 31, 2023. 20 Income taxes (Continued) The EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC are considered PRC tax resident enterprises and subject to the PRC income tax at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, and other aspects of an enterprise. If the Company is deemed as a PRC tax resident, it would be subject to the PRC tax under the EIT Law. The Company has analyzed the applicability of this law and believes that the chance of being recognized as a tax resident enterprise is remote for the PRC tax purposes. The Company’s subsidiaries incorporated in other jurisdictions were subject to income tax charges calculated according to the tax laws enacted or substantially enacted in the countries where they operate and generate income. Withholding tax on undistributed dividends According to the current EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in China but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in China or which have an establishment or place in China but the aforementioned incomes are not connected with the establishment or place shall be subject to the PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement provided that the foreign enterprise is the tax resident of the jurisdiction where it is located and it is the beneficial owner of the dividends, interest and royalties income). The Group did not record any dividend withholding tax, as there were no taxable outside basis differences noted as of the end of the periods presented. Income (loss) before income taxes consists of: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Income (loss) from overseas entities (4,172,691) 3,020,403 (7,665,988) Loss from PRC entities (5,908,358) (13,931,143) (41,502,270) Loss before income taxes (10,081,049) (10,910,740) (49,168,258) Income tax expenses (benefits) consists of: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Current income tax expenses 145,235 170,502 557,797 Deferred tax benefits (493,243) (473,704) (391,477) Total income tax expenses (benefits) (348,008) (303,202) 166,320 20 Income taxes (Continued) Reconciliation of the differences between the PRC statutory tax rate and the Group’s effective tax rate is as below: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB PRC statutory tax rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatments (1.31) % (2.53) % (0.38) % Tax effect of permanent difference (5.53) % (9.03) % (15.54) % Effect on tax rates in different tax jurisdiction (7.30) % 5.18 % (0.50) % Changes in valuation allowance and others (7.41) % (15.84) % (8.92) % Effective tax rate 3.45 % 2.78 % (0.34) % The permanent differences mainly arose from share-based compensation expenses, R&D Deduction, and non-taxable interest income etc. Significant components of the Group’s deferred tax balances are as follows: As of December 31 2020 2021 RMB RMB Deferred tax assets Tax losses carryforwards 4,993,187 8,528,736 Advertising expenses in excess of deduct limit 1,045,473 1,830,543 Asset impairment and allowances for credit losses 749,373 1,575,404 Accrued expenses and others 2,176,173 1,732,080 Total deferred tax assets 8,964,206 13,666,763 Less: valuation allowance (8,019,931) (13,065,611) Deferred tax assets, net 944,275 601,152 Deferred tax liabilities Amortization expense of intangible assets 1,314,213 659,926 Depreciation expense of property and equipment, and others 282,826 202,513 Deferred tax liabilities 1,597,039 862,439 The Group does not recognise the deferred tax asset, net, from tax losses carryforwards as of December 31, 2021. The Group has tax losses in mainland China of RMB 34,586,000 that will expire in one to ten years for deduction against future taxable profits: As of December 31, 2021 RMB Loss expiring in 2022 1,266,874 Loss expiring in 2023 2,217,239 Loss expiring in 2024 1,636,420 Loss expiring in 2025 7,707,475 Loss expiring in 2026 and thereafter 21,757,992 Total 34,586,000 As of December 31, 2021, the accumulated tax losses carryforwards of subsidiaries incorporated in Brazil of RMB 3,340,229 are allowed to be carried forward to offset against future taxable profits. The tax losses carryforwards in Brazil generally have no time limit. 20 Income taxes (Continued) The Group offsets deferred tax assets and liabilities pertaining to a particular tax-paying component of the Group within a particular jurisdiction. As of December 31 2020 2021 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets, net 190,951 224,491 Deferred tax liabilities 843,715 485,778 |
Share based compensation
Share based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share based compensation | |
Share based compensation | 21 Share-based compensation The table below presents a summary of the Group’s share-based compensation for the years ended December 31, 2019, 2020 and 2021: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operations and support 85,083 80,139 193,552 Sales and marketing 196,042 210,513 326,332 Research and development 678,268 777,888 2,258,705 General and administrative 2,180,623 2,344,752 21,875,994 Total share-based compensation expenses 3,140,016 3,413,292 24,654,583 Investment income (loss), net* — — 178,506 Total share-based compensation 3,140,016 3,413,292 24,833,089 * The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Company recognized the entire cost of the share-based awards as incurred, amounting to RMB 178,506 in investment income (loss), net in the consolidated statements of comprehensive loss for the year ended December 31, 2021. (a) Share Incentive Plan In December 2017, the Company adopted the Equity Incentive Plan (the “2017 Plan”), approved by the Board of Directors, which was subsequently amended. Share options, restricted shares and restricted share units (“RSUs”) under 2017 Plan may be granted to employees, directors and consultants of the Group and other related entities stipulated in the 2017 Plan. As of December 31, 2021, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2017 Plan was 195,127,549 shares. In June 2021, the Company adopted the 2021 Share Incentive Plan (the “2021 Plan”), approved by the Board of Directors under which share options, restricted shares and RSUs may be granted to its employees, directors and consultants of the Group and other related entities stipulated in the 2021 Plan. As of December 31, 2021, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2021 Plan was 116,906,908 shares. 21 Share-based compensation (Continued) Share-based awards granted under the 2017 Plan and the 2021 Plan have a contractual term of seven years from vesting upon and and in ten years In April 2021, the Company approved granting 66,711,066 share options under the 2017 Plan to certain then directors and executive officers with a nominal exercise price per share, of which 63,501,066 share options granted to certain senior management were fully vested as the result of accelerated vesting. This resulted in share-based compensation expenses of RMB19,572,000 recognised in general and administrative expenses in the consolidated financial statements for the year ended December 31, 2021. (b) For the years ended December 31, 2019, 2020 and 2021, 16,279,092, 20,280,382 and 1,020,551 existing share options were exchanged for 11,131,297, 25,905,827, and 688,826 new options, respectively, with different exercise prices, leading to incremental costs of RMB294,247, RMB98,153 and RMB5,678 on the respective modification dates. (c) A summary of activities of the share options for the years ended December 31, 2019 and 2020 and 2021 is presented as follows: Weighted Weighted Average Weighted Average Remaining Aggregate Average Number of Exercise Contractual Intrinsic Grant Date Options Price Life Value Fair Value US$ In Years US$ US$ Outstanding as of January 1, 2019 41,743,856 12.28 4.81 1,052,084 16.95 Granted 27,021,656 2.79 35.69 Modification (5,147,795) 0.0001823 39.87 Forfeited/canceled (5,216,527) 13.99 25.36 Outstanding as of December 31, 2019 58,401,190 5.45 4.54 2,010,425 27.59 Granted 12,981,876 0.62 38.30 Modification 5,625,445 11.80 28.45 Exercise of share options with shares issued to trusts (13,379,655) 11.80 405,191 28.45 Exercise of share options (12,526,172) 11.80 379,344 28.45 Forfeited/canceled (4,304,441) 5.86 34.20 Outstanding as of December 31, 2020 46,798,243 6.04 3.74 1,686,640 26.16 Granted 88,434,809 0.0001823 47.47 Modification (331,725) 0.0001823 47.71 Exercise of share options with shares issued to trusts (68,616,887) 0.0001823 1,366,836 47.71 Exercise of share options (9,640,697) 0.0001823 192,041 47.71 Forfeited/canceled (4,067,894) 2.44 41.29 Outstanding as of December 31, 2021 52,575,849 4.90 3.40 789,898 30.18 Exercisable as of December 31, 2021 32,195,548 7.07 1.90 413,555 22.80 Vested and Expected to Vest at 31/12/2021 47,122,860 5.40 3.09 684,439 28.69 21 Share-based compensation (Continued) The Group uses the binomial option pricing model to determine fair value of the share-based awards. The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions: For the Year Ended December 31 2019 2020 2021 Fair value of ordinary shares (US$) 37.48 ‑ 39.87 37.65 ‑ 42.08 30.32 – 65.60 Expected volatility 32.8% ‑ 35.0% 31.0% ‑ 34.8% 33.6% - 37.8% Risk‑free interest rate (per annum) 1.60% ‑ 2.40% 1.16% ‑ 1.69% 0.94% - 1.26% Expected dividend yield 0% 0% 0% Expected term (in years) 7 7 7 Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. (d) Restricted shares and RSUs A summary of activities of restricted shares and RSUs for the years ended December 31, 2019, 2020 and 2021 is presented as follows: Weighted Weighted Average Average Remaining Number of Grant Date Contractual Shares Fair Value Life US$ In Years Unvested at January 1, 2019 11,927,116 32.63 4.79 Granted 1,886,042 38.10 Vested (4,775,362) 26.67 Forfeited/canceled (1,311,125) 38.41 Unvested at December 31, 2019 7,726,671 36.64 4.82 Granted 1,249,178 38.74 Vested (1,802,889) 39.14 Exercise of share options with shares issued to trusts 13,379,655 39.87 Forfeited/canceled (1,790,178) 39.05 Unvested at December 31, 2020 18,762,437 38.60 4.60 Granted 3,137,540 48.47 Vested (64,990,673) 45.36 Exercise of share options with shares issued to trusts 68,616,887 47.71 Forfeited/canceled (2,248,496) 48.40 Unvested at December 31, 2021 23,277,695 41.21 5.28 Expected to vest at December 31, 2021 18,243,800 39.94 5.10 The share-based awards granted have 1) only service condition; 2) both service and performance conditions, where awards granted are only vested or exercisable upon the occurrence of an IPO or deemed liquidation events by the Group. The Group recognized share-based compensation, net of estimated forfeitures, using the graded vesting attribution method over the vesting term of the awards for the service condition awards. 21 Share-based compensation (Continued) The Group considered it is improbable that the IPO or deemed liquidation events performance conditions would be satisfied until the event occurred. As a result, the share-based compensation expenses of RMB1,235,497 for these awards were not recognized until June 30, 2021, which was near the completion of the Group’s IPO by using the graded-vesting method. As of December 31, 2021, there were RMB2,361,592 of unrecognized compensation expenses related to the share options expected to be recognized over a weighted average period of 2.88 years. As of December 31, 2021, there were RMB2,374,164 of unrecognized compensation expenses related to restricted shares and RSUs, expected to be recognized over a weighted average period of 2.81 years. (e) Voyager’s share-based awards In the first quarter of 2021, Voyager Group Inc. (“Voyager”), a subsidiary of the Group, adopted 2020 Equity Incentive Plan (“Voyager Incentive Plan”) under which share options, restricted shares and RSUs may be granted to employees, directors and consultants of Voyager, its subsidiaries, the VIEs and VIEs’ subsidiaries and other related entities stipulated in the Voyager Incentive Plan. As of December 31, 2021, the maximum aggregate number of ordinary shares which could be issued pursuant to all awards under the Plan was 16,666,667 shares. The share-based compensation expenses of RMB 221,178 Share-based awards granted under the Voyager Incentive Plan have a contractual term of seven years from the stated grant date and are generally subject to a four-year or five-year vesting schedule as determined by the administrator of the plans. Depending on the nature, share-based awards generally vest 25% or 20% upon the first anniversary of the vesting commencement date, and 25% or 20% every year thereafter. Furthermore, certain share-based awards are both service and performance condition, where awards granted are only vested upon the occurrence of an IPO or deemed liquidation events by Voyager. |
Convertible redeemable non-cont
Convertible redeemable non-controlling interests and convertible non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | 22 Convertible redeemable non-controlling interests and convertible non-controlling interests Financing transaction of Soda Technology Inc. For the year ended December 31, 2020 and 2021, Soda Technology Inc. (“Soda”), the Group’s subsidiary, issued Series A preferred shares and B preferred shares (collectively as the “Soda Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 26) and the Group with an aggregate cash consideration of US$1,264,000. Soda, through its subsidiaries and VIE, primarily engages in bike and e-bike sharing business. As of December 31, 2021, the Group still held the majority of total equity interests in Soda on a fully-diluted basis. Financing transaction of Voyager Group Inc. For the year ended December 31, 2020 and 2021, Voyager, the Group’s subsidiary, issued Series A preferred shares and Series B preferred shares (the “Voyager Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 26) and the Group with an aggregate cash consideration of with an aggregate amount of US$825,000. Voyager, through its subsidiaries and VIE, primarily engages in the development and commercialization of autonomous vehicles. As of December 31, 2021, the Group continued to hold the majority of total equity interests on a fully diluted basis. Financing transaction of City Puzzle Holding Limited For the year ended December 31, 2021, City Puzzle Holdings Limited (“City Puzzle”), the Group’s subsidiary, issued Series A and Series A+ preferred shares (collectively as the “City Puzzle Preferred Shares”) to external investors and the Group with an aggregate cash consideration of US$1,340,000. City Puzzle primarily engaged in providing intra-city freight services. As of December 31, 2021, the Group held the majority of total equity interests on a fully diluted basis. 22 Convertible redeemable non-controlling interests and convertible non-controlling interests (continued) The Group determined that the Preferred Shares issued from the financing transactions aforementioned should be classified as mezzanine equity since they are contingently redeemable upon certain events. The convertible redeemable non-controlling interests and convertible non-controlling interests consist of the following: Convertible redeemable Convertible non ‑ non ‑ controlling interests controlling interests RMB RMB Balance as of December 31, 2019 — — Issuance of convertible redeemable non‑controlling interests and convertible non‑controlling interests, net of issuance costs 3,180,218 99,851 Accretion of convertible redeemable non‑controlling interests to redemption value 165,047 — Balance as of December 31, 2020 3,345,265 99,851 Issuance of convertible redeemable non‑controlling interests and convertible non‑controlling interests, net of issuance costs 8,225,007 969,506 Accretion of convertible redeemable non‑controlling interests to redemption value 687,617 — Balance as of December 31, 2021 12,257,889 1,069,357 |
Convertible preferred shares
Convertible preferred shares | 12 Months Ended |
Dec. 31, 2021 | |
Convertible preferred shares | |
Convertible preferred shares | 23 Convertible preferred shares The following table summarizes the issuances of convertible preferred shares immediately before the conversion upon the Group’s IPO. Issuance Total price number of Series Issuance date per share shares issued US$ Series A‑1 convertible preferred shares February 2015 11.3970 12,180,250 Series A‑2 convertible preferred shares February 2015 11.4423 9,145,501 Series A‑3 convertible preferred shares February 2015 11.4423 10,668,684 Series A‑4 convertible preferred shares February 2015 11.6866 33,711,135 Series A‑5 convertible preferred shares February 2015 12.0325 21,161,516 Series A‑6 convertible preferred shares February 2015 12.7193 41,028,543 Series A‑7 convertible preferred shares March 2013 0.0080 20,000,000 Series A‑8 convertible preferred shares April 2013 0.1600 12,500,000 Series A‑9 convertible preferred shares May 2013 0.9600 3,125,000 Series A‑10 convertible preferred shares May 2013 0.9600 15,625,000 Series A‑11 convertible preferred shares January 2014 2.9160 21,654,327 (i) Series A‑12 convertible preferred shares January 2014 3.2400 10,956,791 Series A‑13 convertible preferred shares April 2014 3.8250 20,915,034 Series A‑14 convertible preferred shares July 2014 7.3125 17,777,778 Series A‑15 convertible preferred shares December 2014 to January 2015 12.2727 54,592,596 Series A‑16 convertible preferred shares May 2015 18.9705 12,756,674 Series A‑17 convertible preferred shares July 2015 to March 2016 27.4262 116,312,175 Series A‑18 convertible preferred shares April 2016 to August 2017 38.2271 111,432,959 Series B‑1 convertible preferred shares August 2016 to October 2017 119.0705 58,530,879 Series B‑2 convertible preferred shares April 2017 to August 2019 50.9321 212,683,291 (i) Including 4,507,550 Series A-11 preferred shares legally issued in 2018 upon the exercise of the warrant. 23 Convertible preferred shares (Continued) The major rights, preferences and privileges of the preferred shares are as follows: Conversion rights All series except for Series B-1 preferred shares Each of the preferred shares is convertible at the option of the holder into the Company ordinary shares at an initial The preferred shares shall be automatically converted into ordinary shares (i) immediately prior to the consummation of a Qualified IPO or (ii) specified by written consent of Series A-1 to A-15 preferred shares holders, and at least 75% of voting power of the outstanding Series A-16 preferred shares holders, at least 75% of voting power of the outstanding Series A-17 preferred shares holders, at least 75% of voting power of the outstanding Series A-18 preferred shares holders, and at least 75% of voting power of the outstanding Series B-2 preferred shares holders. Series B-1 preferred shares Each of the preferred shares is convertible, at the option of the holder, into the 3 ordinary shares at the option of the Series B-1 preferred shares holders upon: 1) the consummation of an Qualified IPO, 2) the transfer of Such Series B-1 preferred shares pursuant to the certain agreement; 3) liquidation, dissolution or winding up of Company; 4) other extraordinary corporate transaction for which the Series B-1 preferred shareholders receive different treatment relative to the treatment applicable to Series A-18 preferred shareholders as if each Series B-1 Preferred Share shall have been converted into three Series A-18 Preferred Shares. Dividend rights The holders of preferred shares are entitled to receive non-cumulative dividends at a simple rate of 8% of original issuance price of preferred shares per annum as and when declared by the Board of Directors. No dividends on preferred shares and ordinary shares have been declared for the years ended December 31, 2019, 2020 and 2021. Liquidation preferences In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of preferred shares have preference over holders of ordinary shares with respect to payment dividends and distribution of assets. Upon liquidation, each preferred shareholder is entitled to be on parity with each other, and prior and in preference to any distribution of any of assets or funds of the Company to the ordinary shareholders. The holders of Series A-4 to A-18 and B-1 to B-2 preferred shares shall receive an amount equal to 100% of original issuance price with respect to Series and preferred shares on an as converted basis of original 23 Convertible preferred shares (Continued) Voting rights The holder of each ordinary share issued and outstanding has one vote for each ordinary share held and the holder of each preferred shares (except for Series B-1 preferred shares) has the number of votes as equals to the number of ordinary shares then issuable upon their conversion into ordinary shares. The holder of each Series B-1 preferred shares has the number of votes as equal to one-third Conversion upon IPO In July, 2021, upon the completion of the Company’s IPO, all the issued and outstanding preferred shares were automatically converted into ordinary shares based on aforementioned conversion price. Accounting for preferred shares The Group has classified the preferred shares in the mezzanine equity of the consolidated balance sheets as they are considered as contingently redeemable upon a deemed liquidation events occurs in accordance with ASC 480-10-S99-3A (f). The Group has determined that there was no beneficial conversion feature attributable to the preferred shares because the initial effective conversion prices of these preferred shares were higher than the fair value of the Company’s ordinary shares determined by the Company taking into account independent valuations. The movement of preferred shares for the years ended December 31, 2019, 2020 and 2021 is as follows: Total number of Total shares amount RMB Balance as of January 1, 2019 805,979,968 186,278,055 Issuance of Series B‑2 convertible preferred shares, net of issuance costs 10,307,841 3,569,189 Balance as of December 31, 2019 816,287,809 189,847,244 Repurchase of Series A‑17 convertible preferred shares (29,842) (5,198) Repurchase of Series A‑18 convertible preferred shares (12,215) (3,067) Balance as of December 31, 2020 816,245,752 189,838,979 Conversion of preferred shares to ordinary shares (816,245,752) (189,838,979) Balance as of December 31, 2021 — — The Group accounted for repurchases of preferred shares as retirements of treasury shares whereby the difference between the repurchase price and the carrying value of the repurchased preferred shares is accounted for as deemed dividend to the holders of preferred shares which were recorded against additional paid-in capital. The deemed dividend resulting from repurchases of preferred shares was RMB872 and nil for the year ended December 31, 2020 and 2021, respectively. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2021 | |
Ordinary shares | |
Ordinary shares | 24 Ordinary shares As of December 31, 2021, the authorised share capital of the Company is US$100,000 divided into 5,000,000,000 shares, comprising of (i) 4,000,000,000 Class A ordinary shares with a par value of US$0.00002 each, (ii) 500,000,000 Class B ordinary shares with a par value of US$0.00002 each, and (iii) 500,000,000 shares with a par value of US$0.00002 each of such class or classes (however designated) as the board of directors may determine in accordance with the post-offering memorandum and articles of association. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary shares under any circumstances. Each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. In July 2021, the Company completed its IPO and 79,200,000 Class A ordinary shares were issued, with proceeds of RMB28,033,106 (US$4,331,978), net of underwriter commissions and relevant offering expenses. All of the preferred shares were automatically converted into 933,307,510 Class A ordinary shares immediately upon the completion of IPO. As of December 31, 2021, 1,074,091,492 Class A Ordinary Shares and 108,542,356 Class B Ordinary Shares were issued and outstanding by the Company. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Loss per share | |
Loss per share | 25 Loss per share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 for the years ended December 31, 2019, 2020 and 2021 as follows: For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Numerator: Net loss attributable to DiDi Global Inc. (9,728,459) (10,514,498) (49,343,664) Accretion of convertible redeemable non‑controlling interests to redemption value — (165,047) (687,617) Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares — (872) — Net loss attributable to ordinary shareholders of DiDi Global Inc. (9,728,459) (10,680,417) (50,031,281) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding* 100,684,581 106,694,420 657,996,437 Net loss per share attributable to ordinary shareholders — Basic (96.62) (100.10) (76.04) — Diluted (96.62) (100.10) (76.04) * Vested restricted shares and RSUs and vested shares options with minimal exercise price are considered outstanding in the computation of basic loss per share. For the years ended December 31, 2019, 2020 and 2021, the Company had ordinary equivalent shares, including preferred shares, share options, restricted shares and RSUs granted. As the Group incurred loss for the years ended December 31, 2019, 2020 and 2021, these ordinary equivalent shares were antidilutive and excluded from the calculation of diluted loss per share of the Company. The weighted average numbers of preferred shares using the if converted method excluded from the calculation of diluted loss per share of the Company were 927,108,381, 933,318,197 and 467,932,258 for the years ended December 31, 2019, 2020 and 2021, respectively. The weighted average numbers of share options, restricted shares and RSUs granted using the treasury stock method excluded from the calculation of diluted loss per share of the Company were 22,825,892, 34,318,101and 68,967,807 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | 26 Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. Transactions with certain shareholders The Group has commercial arrangements with two of the Group’s shareholders in the ordinary course of business, namely Alibaba and its subsidiaries (“Alibaba Group”), and Tencent and its subsidiaries (“Tencent Group”). ● Transactions with Alibaba Group The Group has commercial arrangements with Alibaba Group primarily related to ride hailing and enterprise solutions service within the China Mobility segment. The ride hailing and enterprise solutions services provided to Alibaba Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Alibaba Group accounted for less than 0.2% The Group also has commercial arrangement with Alibaba Group primarily related to cloud communication services and information technology platform services. The costs and expenses related to these services that were provided by Alibaba Group accounted for less than 0.3% ● Transactions with Tencent Group The Group has commercial arrangements with Tencent Group primarily related to ride hailing and enterprise solutions services, as well as online advertising services. The services provided to Tencent Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Tencent Group accounted for less than 0.1% The Group also has commercial arrangements with Tencent Group primarily related to payment processing services, colocation services and cloud communication services. The costs and expenses related to these services that were provided by Tencent Group accounted for less than 0.7% Amounts due from Alibaba Group and Tencent Group related to the services RMB 66,641 Amounts due to the Alibaba Group and Tencent Group related to the above services RMB 140,557 In addition, the Group has made certain financing transactions and an equity investment together with Softbank. The agreements for Softbank’s investments in those financing transactions and the equity investment were conducted on fair value basis and are disclosed in Note 5, Note 11 and Note 22. 26 Related party transactions (Continued) Transactions with directors and executive officers The Group provided certain loans to directors and executive officers of the Group. As of December 31, 2020 and 2021, the aggregate outstanding balances of these loans were RMB65,306 and nil, respectively. Transactions with Chengxin Revenues generated from intra-city freight and ride hailing and enterprise solution services provided to Chengxin were RMB 277,350 RMB 7,363 The Group has a commercial framework arrangement with Chengxin under which the Group procured certain services from third vendors on behalf of Chengxin and charged Chengxin based on the actual cost of services provided by third party vendors, and shared a series of services with Chengxin, including services for middle and back offices, based on reasonable actual cost of the service agreed by both the Group and Chengxin. The procurement was accounted for as a settlement of liabilities by the Group on behalf of Chengxin. The share of services was accounted for as an allocation of costs and expenses from the Group to Chengxin. The amount due from Chengxin and advance payment made by Chengxin under the commercial framework arrangement above amounted to RMB10,750 and RMB87,961 as of December 31, 2021, respectively. Transactions with other investees Other than the transactions disclosed above or elsewhere in the consolidated financial statements, the Group has commercial arrangements with certain of its investees to provide or receive technical support and other services. The amounts relating to these services provided or received represented less than 0.2% |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies. | |
Commitments and contingencies | 27 Commitments and contingencies a Operating lease commitments The Group has outstanding commitments on non-cancelable operating lease agreements which are expected to commence after December 31, 2021. Operating lease commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2021 are as follows: Less than Over 5 Total 1 year 1-3 Years 3-5 Years Years Operating lease commitments 42,264 15,347 23,451 3,182 284 These operating leases will commence after December 31, 2021 with lease terms from 1 year to 6 years. b Investment commitments The Group’s investment commitments primarily relate to capital contribution obligations under certain arrangements which do not have contractual maturity date. Total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB 24,534 27 Commitments and contingencies (Continued) c Litigation and other contingencies From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, the Group does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. Starting in July 2021, the Company and certain of its officers and directors were named as defendants in several putative securities class actions filed in federal court and state court in the United States. These actions alleged, in sum and substance, that the registration statement and prospectus the Group prepared for its initial public offering contained material misstatements and omissions. Upon the issuance date of the consolidated financial statements for the year ended December 31, 2021, both the consolidated federal action and the state court action remain in their preliminary stages. The Group intends to vigorously defend itself against these claims and is currently unable to predict the timing, outcome or consequences of these actions, or estimate the possible loss or possible range of loss, if any, associated with the resolution of these lawsuits. The results from the lawsuits could have an adverse effect on the Group’s consolidated financial position, results of operations, or cash flows in the future. After our initial public offering in the United States, the SEC contacted the Company and made inquiries in relation to the offering. The Company are cooperating with the investigation, subject to strict compliance with applicable PRC laws and regulations. The Group is currently unable to predict the timing, outcome or consequences of such an investigation. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurement | |
Fair value measurement | 28 Fair value measurement The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2020 and 2021. Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2020 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured deposits under fair value option 3,588,170 — 3,588,170 — Listed equity securities 572,963 572,963 — — Total 4,161,133 572,963 3,588,170 — 28 Fair value measurement (Continued) Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2021 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured deposits under fair value option 4,622 — 4,622 — Listed equity securities 13,342,946 451,679 12,891,267 — Equity investments in Chengxin 12,767 — — 12,767 Convertible Note of Chengxin 673,357 — — 673,357 Other debt investments under fair value option 739,446 — 739,446 — Total 14,773,138 451,679 13,635,335 686,124 Recurring When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Company uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis. Short-term investments As there are no quoted prices in active markets for the investment at the reporting date, the Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement to estimate the fair value of investments in short-term investments with variable interest rates indexed to the performance of underlying assets, Investments in Chengxin The Group applies fair value accounting to both equity investment and investment in Convertible Note (Level 3) with assistance of a third-party independent appraiser. The Group applies significant judgments in estimating fair values of Chengxin including selection of valuation methods and significant assumptions used in valuation. The fair value of the Investments in Chengxin upon the deconsolidation was determined by referencing the most recent financing transaction in preferred shares aforementioned in Note 5 and used as an input to an OPM. Other key inputs to the OPM were discounts for lack of marketability(DLOM) relating to the ordinary shares and preferred shares of Chengxin ranging from 12% to 25%, volatility of 55% and time to liquidity of 5.0 years. At December 31, 2021, the Group, with the assistance of third-party independent appraiser, remeasured the fair value of the Investment in Chengxin by using scenario-based model, which incorporates various estimates, including scenario probability estimates, projected cash flow for each scenario, discount rates and other factors. Two scenarios were considered, including a scenario in which Chengxin will continue to operate normally and complete an initial public offering (“Scenario I”) and a scenario in which Chengxin remains private with limited operating period (“Scenario II”), which were determined by the Company based on an analysis of performance and market conditions at the time. Under both scenarios, the total equity value was determined by using the income approach, specifically a discounted cash flow analysis with unobservable inputs including the discount rates of 22% and 20% respectively for Scenario I and Scenario II. The equity value under Scenario I was allocated on an as-if-fully-converted basis whereas under Scenario II equity value was allocated to each class of shares according to their seniority. 28 Fair value measurement (Continued) Other investment securities The Group values its listed equity securities in active markets using quoted prices for the underlying securities, the Group classifies the valuation techniques that use these inputs as Level 1. The Group values its listed equity securities under restrictions for trading based on quoted prices for the underlying securities, adjusted by a discount for lack of marketability, the Group classifies the valuation techniques that uses these inputs as Level 2. The fair value of the Group’s investments in convertible bonds is measured based on quoted market interest rates of similar instruments and other significant inputs derived from or corroborated by observable market data. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement. Cash equivalent, restricted cash, time deposits, short-term receivables and payables Cash equivalent, restricted cash, time deposits, accounts and notes receivable, prepayments, receivables and other current assets are financial assets with carrying values that approximate fair value due to their short-term nature. Accounts and notes payables, customer advances and deferred revenue, accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value due to their short-term nature. Non-recurring The Group measures equity investments without readily determinable fair values at fair value on a nonrecurring basis when an impairment charge is to be recognized. As of December 31, 2019, 2020 and 2021, certain investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the stage of development, the business plan, the financial condition, the sufficiency of funding and the operating performance of the investee companies, with impairment charges incurred and recorded in earnings for the years ended December 31, 2019, 2020 and 2021. The Group recognized impairment charges of RMB1,450,840 and RMB1,022,098, and nil for those investments without readily determinable fair values for the years ended December 31, 2019, 2020 and 2021, respectively, as well as impairment loss of RMB 293,274, RMB 79,875 and RMB 264,292 for equity method investments, for the years ended December 31, 2019, 2020 and 2021, respectively. The fair value of the privately held investments is valued based on the discount cash flow model with unobservable inputs including the discount rate from 19% to 20%, or valued based on market approach with unobservable inputs including selection of comparable companies and multiples and estimated discount for lack of marketability. The Group purchased a warrant from an investee which was not traded in an active market with readily observable quoted prices and measured at the fair value at the inception date by using significant unobservable inputs (Level 3). Subsequently, the warrant expired during the year ended December 31, 2019, and the carrying value of warrant was reduced to nil. The Group’s non-financial assets, such as intangible assets, goodwill and property and equipment, would be measured at fair value only if they were determined to be impaired. The Group reviews the long-lived assets and identifiable intangible assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. For the years ended December 31, 2019, 2020 and 2021, the Group recognized RMB125,134, RMB891,180 and RMB 2,535,959 of impairment loss on the long-lived assets other than goodwill based on management’s assessment (Level 3). In accordance with the Group policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheet date or when facts and circumstances warrant a review, the Group performed an impairment assessment on its goodwill of reporting units annually. The Group concluded that no write down was warranted for the years ended December 31, 2019 and 2020. For the year ended December 31, 2021, impairment loss with the amount of RMB2,501,100 was recorded for goodwill generated from the acquisition of 99 Taxis. The inputs used to measure the estimated fair value of the long-lived assets and goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs using company-specific information. The valuation methodology used to estimate the fair value of the long-lived assets is discussed in Note 12 Property and equipment, net and Note 15 Goodwill for further information. 28 Fair value measurement (Continued) As a result of the adverse change in the operating and financial performance of the Group’s bikes and e-bikes business during the third quarter of 2021, a quantitative impairment assessment was first performed based on the undiscounted future cash flows for each identifiable asset group within bikes and e-bikes business with unobservable inputs. The impairment was measured using the discount curve of discount rate of 16% for asset groups that failed the first step impairment test. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted net assets | |
Restricted net assets | 29 Restricted net assets PRC laws and regulations permit payments of dividends by the Group’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Group’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Group in the form of dividends. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. The restriction amounted to RMB16,900,585 as of December 31, 2021. Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Group’s subsidiaries to satisfy any obligations of the Group. The Group performed a test on the restricted net assets of its subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets do not exceed 25% of the consolidated net assets of the Group as of December 31, 2021 and the condensed financial information of the parent company are not required to be presented. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Basis of presentation | 3.1 Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Basis of consolidation | 3.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company’s subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company is the ultimate primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries and the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate. |
Comparative information | 3.3 Comparative information The Company reclassified certain balances in prior years to conform to the current year presentation to relating to short-term investments and investment securities and other investments. Refer to note 3.11 and 3.16, respectively. |
Impact of the COVID-19 pandemic | 3.4 Impact of the COVID-19 pandemic The COVID-19 pandemic starting in January 2020 had an adverse impact on the Group’s business and operations including reduced demand for China Mobility and International business. During 2021, China also experienced increases in cases that have prompted the government to apply selective restrictions to movement of people within affected areas. As a result, the Group’s operating and financial performance for China Mobility have been adversely affected. The global spread of the COVID-19 pandemic may also result in global economic distress. The extent to which the COVID-19 pandemic may affect the Group’s results of operations will depend on its future developments, which are difficult to predict. As part of Chinese government’s effort to ease the burden of business affected by the COVID-19 pandemic, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced or exempted contributions to the government-mandated employee welfare benefit plans from February 2020 to December 2020. In addition, the Ministry of Finance and the State Taxation Administration temporarily reduced VAT rate of 3% to zero on revenues derived from the provision of certain transportation services from January 2020 to March 2021 and from January 2022 to December 2022, respectively. The Group continues to assess the impact from the COVID-19 pandemic. It is difficult to accurately predict the ultimate impact of the COVID-19 pandemic on the Group’s future business, results of operations, financial position and cash flows due to the uncertainty of numerous factors including the severity of the disease, the duration of the outbreak, additional actions that may be taken by governmental authorities, the further impact on the business of drivers, riders, and business partners, all of which are highly uncertain and cannot be predicted. |
Use of estimates | 3.5 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of short-term, long-term investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) determination of the fair value of ordinary shares, (vii) the purchase price allocation with respect to business combination and acquisition of equity method investees, (viii) valuation and recognition of share-based compensation expenses, (ix) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates. The Group considers the impact of the COVID-19 pandemic (note 3.4) as well as the suspension of new user registration and takedown of 26 apps that the Group operates in China (note 3.42) on the assumptions and inputs (including market data) supporting certain of these estimates and judgments, in particular, in the impairment determination of the fair values of certain investments and goodwill and the recoverability of long-lived assets. The level of uncertainties and volatilities in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the outcome of the cybersecurity review means that these estimates may change in future periods, as new events occur and additional information is obtained. 3 Summary of significant accounting policies (Continued) Based on current assessment of these estimates, the Group did not identify additional impairment related to its goodwill or other long-lived assets except for the impairment charges described in Notes 12, 15 and 28 for the years ended December 31, 2020 and 2021, respectively. |
Functional currency and foreign currency translation | 3.6 Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands,BVI and Hong Kong is United States dollars (“US$”) and the functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive loss. The foreign exchange loss amounted to RMB222,684 for the year ended December 31, 2019; and the foreign exchange gain amounted to RMB1,156,606 and RMB 70,265 The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss. |
Convenience translation | 3.7 Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB 6.3726 , |
Fair value measurement | 3.8 Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities; ● Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measure 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. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based sourced market parameters, such as interest rates and currency exchange rates. |
Cash and cash equivalents | 3.9 Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2020 and 2021, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB1,266,695 and RMB 2,212,704 |
Restricted cash and non-current restricted cash | 3.10 Restricted cash and non-current restricted cash Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months, and which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group's restricted cash primarily represents security deposits for the bank acceptance bills. |
Short-term investments | 3.11 Short-term investments Short-term investments mainly consist of time deposits, structured deposits and other investments with maturities within 12 months. Time deposits include the balances placed with the banks with original maturities over three months, but less than one year and the long-term time deposits with a maturity date within one year. The investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. Structured deposits refer to the financial instruments with variable interest rates indexed to performance of underlying assets. The Group elected the fair value option (“FVO”) at the date of initial recognition to measure structured deposits at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss as investment income (loss), net. As discussed in Note 3.3, the consolidated balance sheets as of December 31, 2020 have been adjusted to report “interest receivable” totalling RMB290,966 in short-term investments. |
Accounts and notes receivable, net | 3.12 Accounts and notes receivable, net Accounts receivable, net represent uncollected fare payments from individual customers and enterprise customers and primarily consist of (i) uncollected fare payments from individual customers for completed transactions, (ii) fare amounts not yet settled with enterprise customers, (iii) uncollected invoiced amounts from enterprise customers for other services completed. Notes receivable, net represent short-term notes receivable issued by reputable financial institutions that entitle the Group to receive the full-face amount from the financial institutions at maturity, which generally range from one to twelve months from the date of issuance. The Group records an allowance for credit losses for accounts receivable to the amounts that may not be collected. Before January 1, 2020, the Group estimated the allowance based on historical experience, the age of the amount due, the customer payment and the customers’ creditworthiness, which were reviewed periodically and as needed, and amounts were written off when determined to be uncollectable. From January 1, 2020, the Group determines the expected credit losses provisions based on ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), detailed as Note 3.15. |
Loans receivable, net | 3.13 Loans receivable, net Loans receivable, net primarily represent micro loans the Group offers to individual borrowers who are registered as riders, end-users or drivers via the Group’s platforms. Measurement of loans receivable Loans receivable are measured at amortized cost and reported on the consolidated balance sheets at outstanding principal adjusted for allowances for credit losses as the Group undertakes substantially all the risks and rewards for such loans offered. 3 Summary of significant accounting policies (Continued) Accrued interest receivable Accrued interest income on loans receivable is calculated based on the contractual interest rate of the loan and recorded as revenue in Other Initiatives as earned in the consolidated statements of comprehensive loss. Loans receivable are impaired and placed on non-accrual status upon reaching 90 days past due. When a loan receivable is placed on non-accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. Cash payment received on non-accrual loans receivable would be first applied to any unpaid principal and late payment fees, if any, before recognizing interest income. Allowance for credit losses The provision for credit losses reflects the best estimate of the losses inherent in the outstanding portfolio of loans. The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. The Group writes off the loan receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write-off occurs after the 180 th Before January 1, 2020, the Group provided allowances for credit losses for loan and accrued interest receivables based primarily on historical loss experience using a rolling rate-based model applied to the loans receivable portfolios. The Group considered many factors, including but not limited to, the age of the amounts due, the payment history, the month of origination, the purpose of the loans, customers’ creditworthiness, financial conditions of the individual borrowers, terms of the loans, regulatory environment, and the general economic conditions, into the assessment of allowance for credit losses. From January 1, 2020, the Group determines the expected credit losses provisions based on ASC 326, detailed as Note 3.15. |
Short-term and long-term finance lease receivables, net | 3.14 Short-term and long-term finance lease receivables, net The Group provides automobile finance lease services to individual customers and rental companies. The net investment of the lease is recorded as finance lease receivables upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance lease receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenues in the consolidated statements of comprehensive loss. Initial direct costs of the finance leases are amortized over the lease term by adjusting against the related lease income. The investment in the leases, net of allowance for credit losses, is presented as finance lease receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Before January 1, 2020, the Group estimated the balance of provision for credit losses of its finance lease receivables at each balance sheet date by applying an incurred loss model, mainly based on customer repayment activities, such as the historical loss rate and days past due information. The total balance of finance lease receivable was considered contractually past due if the minimum required payment was not received by the contractual repayment day. From January 1, 2020, the Group determines the expected credit losses provisions based on ASC 326, detailed as Note 3.15 Accrued lease income on finance lease receivables is calculated based on the effective interest rate of the net investment. Finance lease receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance lease receivable is placed on non-accrual status, the Group stopped accruing interest. Lease income is subsequently recognized only upon the receipt of cash payments. |
Expected credit losses | 3.15 Expected credit losses In 2016, the FASB issued ASC 326, which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses. The Group adopted ASC 326 on January 1, 2020 using a modified retrospective approach which did not have a material impact on the opening balance of accumulated deficit. The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. Primarily as a result of the macroeconomic and market turmoil caused by the COVID-19 pandemic, the Group updated the model based on the continuously monitoring result and took the latest available information into consideration. |
Investment securities and other investments | 3.16 Investment securities and other investments Investment securities and other investments consist of equity securities with readily determinable fair value as well as other investments which primarily consist of debt investments. Equity securities with readily determinable fair value The Group invests in marketable equity securities, which are publicly traded stock. The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss. Debt investments Debt investments are accounted for at amortized cost or under the fair value option. The Group has elected the fair value option for certain debt investments primarily consisting of convertible bonds with maturities of over one year. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive loss. Other debt investments, primarily consist of long term time deposits, which the balance placed with the bank with original maturities over 12 months, are measured at amortized cost. Interest income from debt investments is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. As discussed in Note 3.3, comparative information have been adjusted to the consolidated balance sheets as of December 31, 2020 to report “long-term time deposits” totaling RMB3,460,000 in investment securities and other investments, which was previously reported in “other non-current assets, net”. |
Long-term investments | 3.17 Long-term investments The Group’s long-term investments consist of equity investments without readily determinable fair value and equity investments over which the Group has ability to exercise significant influence. Equity securities without readily determinable fair value measured at Measurement Alternative Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss, according to ASC 321 “Investments — Equity Securities”, which the Group adopted beginning April 1, 2018. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive loss. For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance, and other significant judgment in considering various factors and events. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts. 3 Summary of significant accounting policies (Continued) Equity investments accounted for using the equity method The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees within a one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive loss and recognize its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive loss. The Group elected to apply the fair value option to the investments in ordinary shares of Chengxin Technology Inc. (“Chengxin”) upon the closing of the deconsolidation of Chengxin,for which the equity method otherwise would be required. Refer to Note 5- Financing transaction of Chengxin for further information. |
Property and equipment, net | 3.18 Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets. Bikes and e-bikes Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years. Vehicles Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis. Other property and equipment Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. Property and equipment have estimated useful lives as follows: Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years Construction in progress Direct costs that are related to the construction of property and equipment and are 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 or equipment, which are primarily relating to vehicles and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use. |
Intangible assets, net | 3.19 Intangible assets, net Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows: Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3‑20 years Driver lists 5 years Customer lists 5 years Software 3 Online payment license* Indefinite live Others Indefinite live * Acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that there were no practical difficulties in the renewal process according to the industry practice. |
Impairment of long-lived assets other than goodwill | 3.20 Impairment of long-lived assets other than goodwill Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold, or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the long-live assets’ fair value. Refer to Note 12- Property and equipment, net and Note 14-Intangible assets, net for further information. |
Goodwill | 3.21 Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. Nil, nil and RMB2,501,100 of impairment loss of goodwill was recognized for the years ended December 31, 2019 and 2020 and 2021, respectively. Refer to Note 15- Goodwill for further information. |
Leases | 3.22 Leases The Group adopted ASC 842, “Leases” (“ASC 842”) on January 1, 2019, using the modified retrospective transition method through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedient. The Group categorized leases with contractual terms longer than twelve months as either operating or finance lease. Right-of-use (“ROU’) assets represent the Group’s rights to use underlying assets for the lease terms and lease liabilities represent the Group’s obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments mainly include costs related to certain IDC facilities leases which are determined based on actual number of usages. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as depreciation on a straight-line basis over the lease term and interest using the effective interest method. 3 Summary of significant accounting policies (Continued) Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term. |
Short-term and long-term borrowings | 3.23 Short-term and long-term borrowings Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. |
Statutory reserves | 3.24 Statutory reserves In accordance with the relevant regulations and their articles of association, subsidiaries of the Group incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective company. These reserves can only be used for specific purposes and are not transferable to the Group in the form of loans, advances or cash dividends. For the years ended December 31, 2019 and 2020 and 2021, appropriations to the general reserve amounted to RMB3,929, RMB9,159 and RMB11,414, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group. |
Revenue recognition | 3.25 Revenue recognition The Group adopted ASC 606 — “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering allowances for refund, price concession, discount and value added tax (“VAT”). China Mobility The Group generates revenues from providing a variety of mobility services through its mobility platform in the PRC (“China Mobility Platform”). The Group’s revenues from its ride hailing services in the PRC presented on a gross basis accounted for more than 97% of the total revenues from China Mobility for the years ended December 31, 2019, 2020, and 2021, respectively. The Group also generates revenues from providing other mobility services such as taxi hailing, chauffeur, hitch and other services in the PRC. ● Ride hailing services in the PRC The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Express, Premium, Luxe, Select, Piggy Express and Carpooling service lines in the PRC, and considers itself as the ride service provider according to the relevant regulations in the PRC and the ride service agreements entered into with riders. For all ride hailing services offered, names of the services and the service providers with the corresponding service agreements are displayed on the Group’s China Mobility Platform. Riders can choose ride hailing services from the Group’s China Mobility Platform based on their mobility needs and preferences. When a rider selects and initiates a ride service request, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and the Group accepts the service request, a ride service agreement is entered into between the rider and the Group. Upon completion of the ride services, the Group recognizes ride hailing services revenues on a gross basis. 3 Summary of significant accounting policies (Continued) ● Principal versus agent considerations of ride hailing services in the PRC According to the relevant regulations in the PRC, online ride hailing services platforms are required to obtain licenses and take full responsibility of the ride services. The relevant regulations also require the licensed platforms to ensure that the drivers and cars engaged in providing ride services meet the requirements stipulated by the regulations. Accordingly, the Group as an online ride hailing services platform considers itself as the principal for its ride services because it controls the services provided to riders. The control over the services provided to riders is demonstrated through: a) the Group is able to direct registered drivers to deliver ride services on its behalf based on the ride service agreement it entered into with riders. If the assigned driver is not able to deliver the service in limited circumstances, the Group will assign another registered driver to deliver the service; b) in accordance with the agreements entered into between the Group and the drivers, the drivers are obligated to comply with service standards and implementation rules set by the Group when providing the ride services on behalf of the Group; c) the Group evaluates drivers’ performance regularly in accordance with standards set by the Group. Other indicators of the Group being the principal are demonstrated by: a) the Group is obligated to fulfill the promise to provide the ride hailing services to riders in accordance with the above regulations in the PRC and the above service agreements; b) according to applicable necessary procedures, the Group has the discretion in setting the prices for the services. ● Taxi hailing, chauffeur and hitch services in the PRC The Group provides a variety of other services on its China Mobility Platform, mainly including taxi hailing, chauffeur and hitch services. The Group considers itself as the agent for taxi hailing, chauffeur and hitch services and recognizes agency revenue earned from the service providers such as taxi drivers, chauffeur service providers and car owners from the hitch service. International The Group derives the revenues principally from ride hailing services in overseas countries, including Brazil and Mexico. The Group also generates revenues from food delivery services in overseas countries. ● Ride hailing services in overseas countries The Group contracts with individual drivers to offer ride services on the Group’s mobility platform in overseas countries (“Overseas Mobility Platform”). When a rider raises a ride service request through the Group’s Overseas Mobility Platform, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and a driver accepts the service request, a ride service agreement is entered into between the rider and the driver. The Group’s performance obligation is to facilitate and arrange the ride services between riders and drivers. The Group recognizes revenues from its service contracts with drivers upon completion of the ride services provided by drivers. In addition, in most overseas countries riders access the Group’s Overseas Mobility Platform for free and the Group has no performance obligation to the riders. As a result, in general, drivers are the Group’s customers, while riders are not. ● Principal versus agent considerations of ride hailing services in overseas countries The Group considers itself as an agent for ride hailing services provided through its Overseas Mobility Platform because the Group does not control the services provided by drivers to riders as 1) the Group does not obtain control of the drivers’ services prior to its transfer to the riders; 2) the Group does not have the power to direct drivers to perform the service on its behalf; and 3) the Group does not integrate services provided by drivers with the Group’s other services and then provide them to riders. Other indicator of the Group being the agent is demonstrated by the drivers being obligated to fulfill the promise to provide the ride services according to the service agreements entered into between drivers and riders. 3 Summary of significant accounting policies (Continued) ● Food delivery services in overseas countries The Group derives its food delivery revenue primarily from service fees paid by merchants and delivery persons for use of the platform and related services to successfully complete the services on the platform. The Group recognizes revenue when services provided to merchants and delivery persons are completed. Other Initiatives ● Bike and e-bike sharing The Group enters into rental agreements, with the users at the inception of each trip. The Group is responsible for providing access to the bikes and e-bikes over the user’s desired period of use. The Group derives a majority of the revenues from rental agreements, which are classified as operating leases as defined within ASC 842, and records the rental payments received as revenues upon the completion of each trip. ● Auto solutions Auto solutions mainly include the leasing business through which the Group primarily leases vehicles to drivers who use them to provide ride hailing services in the PRC. The Group leases vehicles to drivers and end-users, and as a result, the Group generally considers itself to be the accounting lessor, as applicable, in these arrangements in accordance with ASC 842. The Group provides financial lease services and operating lease services to drivers and end-users through its platform as detailed below. ● Finance lease service in auto solutions The Group primarily enters into lease arrangements with drivers, who lease vehicles from the Group to provide ride hailing services on the platform. The lease arrangements normally have three For such finance leases, the Group reports the discounted present value of (i) future minimum lease payments (including the bargain purchase option) and (ii) any unguaranteed residual value not subject to a bargain purchase option, as finance lease receivables on its balance sheet. The Group accrues interest on the balance of the finance lease receivables based on the effective interest rate inherent in the applicable lease over the term of the lease. ● Operating lease service in auto solutions The Group provides operating lease service to drivers and end-users on its platform. Revenue from these services is recognized on a straight-line basis over the lease period. ● Others The Group provides a variety of other initiatives services on its platform, including intra-city freight and other services. The Group generally recognizes revenues when services are provided to its customers. 3 Summary of significant accounting policies (Continued) Contract balances The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred services to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. Contract assets amounting to RMB222,591 and RMB 242,231 Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which typically include advance payments from ride hailing services in the PRC. Contract liabilities as of December 31, 2020 and 2021 were RMB915,430 and RMB 546,003 Incentive Programs ● Incentives to consumers considered as customers from an accounting perspective For China Mobility segment, riders using ride haling service, taxi drivers, chauffeur service providers and car owners providing hitch service are considered as the customers of the Group. For International segment, drivers providing ride hailing services, merchants and delivery persons in food delivery service are considered as the customers of the Group. For Other Initiatives segment, users in bike and e-bike sharing, lessees in auto solutions and drivers providing intra-city freight service are considered as the customers of the Group. ● Customer incentives The Group offers various incentive programs to the Group’s customers, including fixed amount discounts, performance-based bonus payment, etc. Incentives provided to customers are recorded as a reduction of revenue if the Group does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to customers that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the customers at the time or as they are earned by customers, depending on the type of incentives. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration. ● Referring new customers Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Group expenses such referral payments as incurred in sales and marketing expenses in the consolidated statements of comprehensive loss. The Group applies the practical expedient 3 Summary of significant accounting policies (Continued) ● Customer loyalty program The Group’s riders participate in a reward program, which provides service discount vouchers and other gifts based on accumulated membership points that vary depending on the services received and fees paid, timing, and distances of each trip taken by the riders. The riders may redeem the amount of points in their membership points accounts in vouchers or other physical products via Didi Online Mall. Because the Group has an obligation to provide such vouchers and other gifts, the Group recognizes liabilities and accounts for the estimated cost of future usage of vouchers as contra-revenues when the membership points are awarded. As members redeem their points or their entitlements expire, the accrued liability is reduced correspondingly. The Group estimates the liabilities under customer loyalty program based on accumulated membership points and management’s estimate of probability of redemption in accordance with the historical redemption pattern. If actual redemption differs significantly from the estimate, it will result in an adjustment to the liability and the corresponding revenue. Incentive Programs ● Incentives to consumers not considered as customers from an accounting perspective For the China Mobility segment, the end-users of taxi hailing, chauffeur and hitch service are not considered to be the customers of the Group from an accounting perspective. For International segment, in general, the riders using ride hailing services and end-users in food delivery services are not considered to be the customers of the Group from an accounting perspective. For Other Initiatives, end-users of intra-city freight services are not considered to be the customers of the Group from an accounting perspective. The Group at its own discretion offers incentives to such consumers to encourage their uses of its platform. These are offered in various forms that include: ● Customized consumer discounts and promotions These discounts and promotions are offered to some consumers in a market to acquire, re-engage or generally increase the uses of the Group’s platform by such consumers, and are akin to a coupon. An example is an offer providing a discount on a limited number of rides during a limited time period. The Group records the cost of these discounts and promotions to such consumers as sales and marketing expenses at the time they are redeemed by the consumers. ● Consumer referrals These referrals are earned when an existing consumer (“the referring consumer”) refers a new consumer (“the referred consumer”) to the Group and the referred consumer uses services offered by the Group’s platform. These consumer referrals incentives are typically paid in the form of a credit given to the referring consumer. These referrals are offered to attract new consumer to the Group. The Group records the liability for these referrals and corresponding expenses as sales and marketing expenses at the time the referral is earned by the referring consumer. Practical Expedients The Group utilizes the practical expedient available under ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The effect of a significant financing component has not been adjusted for contracts when the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to the customer and the collection of the payments from the customers will be one year or less. |
Cost of revenues | 3.26 Cost of revenues Cost of revenues, which are directly related to revenue generating transactions on the Group’s platform, primarily consists of driver earnings and driver incentives in ride hailing services of China Mobility segment, depreciation and impairment of vehicles, bikes and e-bikes, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs. |
Operations and support | 3.27 Operations and support Operations and support expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s operations and support personnel, third party customer service fees, driver operation fees, other outsourcing fees and expenses related to general operations. |
Sales and marketing expenses | 3.28 Sales and marketing expenses Sales and marketing expenses consist primarily of advertising and promotion expenses, certain incentives paid to consumers not considered as customers from an accounting perspective, amortization of acquired intangible assets utilized by sales and marketing functions, and personnel related compensation expenses, including share-based compensation for the Group’s sales and marketing staff. Advertising and promotion expenses are recorded as sales and marketing expenses when incurred, and totaled RMB2,541,379, RMB5,088,880 and RMB 5,401,408 31, 2019, 2020 and 2021, respectively. Incentives provided to consumers amounted to RMB RMB 7,465,226 |
Research and development expenses | 3.29 Research and development expenses Research and development expenses consist primarily of personnel-related compensation expenses, including share-based compensation for employees in engineering, design and product development, depreciation of property and equipment utilized by research and development functions, and bandwidth and server related costs incurred by research and development functions. The Group expenses all research and development expenses as incurred. |
General and administrative expenses | 3.30 General and administrative expenses General and administrative expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s managerial and administrative staff, allowances for doubtful accounts, office rental and property management fees, professional services fees, depreciation and amortization related to assets used for managerial functions, and other administrative office expenses. |
Government grants | 3.31 Government grants Government grants are recognized as income in other income (loss), net or as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated statements of comprehensive loss upon receipt and when all conditions attached to the grants are fulfilled. |
Share-based compensation | 3.32 Share-based compensation The Group accounts for share-based compensation in accordance with ASC 718 Compensation-Stock compensation (“ASC 718”). On January 1, 2019, the Group adopted ASU 2018-07, Compensation — Stock Compensation (Topic 718) Improvement to non-employee Share-based Payment Accounting to amend the accounting for share-based payment awards issued to non-employees. Under ASU 2018-07, the accounting for awards to non-employees are similar to the model for employee awards. Share-based awards issued to non-employees are generally recognized as general and administrative expenses, except to the extent the share-based compensation is recognized in the Group’s investment income (loss), net as certain share-based awards are issued to the employees of the certain equity investee. Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if any, over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an initial public offering (“IPO”) or deemed liquidation events as performance condition are measured at the grant date fair value. Cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded on June 30, 2021, which was very close to the completion of the Group’s IPO, using the graded-vesting method. The Group, with the assistance of an independent third-party valuation firm, determined fair value of share-based awards granted to employees and non-employees. Prior to the IPO, the fair value of the restricted share units (“RSUs”) was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of share options is estimated on the grant date using the Binomial option pricing model. The assumptions used in share-based compensation expenses recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. Subsequent to the completion of the Group’s IPO, the fair value of ordinary shares and share-based awards were determined based on the market price of the Group’s publicly traded ADSs on the New York Stock Exchange. According to ASC 718, a change in any of the terms or conditions of share-based awards shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value and other pertinent factors at the modification date. For vested options, the Group would recognize incremental compensation cost in the period the modification occurs and for unvested options, the Group would recognize, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Segment reporting | 3.33 Segment reporting Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Group’s internal organizational structure and business segments are more fully described in Note 19. |
Taxation | 3.34 Taxation Income taxes Current income tax is recorded in accordance with the laws of the relevant tax jurisdictions. 3 Summary of significant accounting policies (Continued) The Group applies the liability method of income taxes in accordance of ASC Topic 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are provided based on temporary differences arising between the tax bases of assets and liabilities and the financial statements, using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that such assets are more-likely-than-not to be realized. In making such a determination, the Group considers all positive and negative evidences, including results of recent operations and expected reversals of taxable income. Valuation allowances are provided to offset deferred tax assets if it is considered more-likely-than-not that amount of the deferred tax assets will not be realized. Uncertain tax positions The Group applies the provisions of ASC 740, in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of “income tax expenses” in the consolidated statements of comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2020 and 2021. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2019, 2020 and 2021. |
Employee benefits | 3.35 Employee benefits Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multiemployer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees, and the Group’s obligations are limited to the amounts contributed with no legal obligation beyond the contributions made. Total amounts for such employee benefits, which were expensed as incurred, were RMB1,116,105, RMB1,030,111 and RMB 1,808,321 |
Comprehensive income (loss) | 3.36 Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income (loss) includes net loss and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees. |
Net loss per share | 3.37 Net 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 not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. 3 Summary of significant accounting policies (Continued) Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares and RSUs, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method, and ordinary shares issuable upon the conversion of preferred shares using the if-converted method, for periods prior to the completion of the IPO. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be antidilutive. After the completion of the IPO, net loss per ordinary share is computed on Class A Ordinary Shares and Class B Ordinary Shares on the combined basis, because both classes have the same dividend rights in the Company’s undistributed net income. |
Treasury shares | 3.38 Treasury shares The Group accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account in shareholders’ equity (deficit). The ordinary shares issued to trusts upon exercise of options, which are still subject to original conditions, are also accounted for as treasury shares in shareholders’ equity (deficit). |
Business combinations and non-controlling interests | 3.39 Business combinations and non-controlling interests The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated statements of comprehensive loss. In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss. For the Group’s majority-owned subsidiaries, non-controlling interests are recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. The Group allocates the acquisition cost to the assets and liabilities of the Group acquired, including separately identifiable intangible assets, based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of acquired assets and liabilities, with the assistance of an independent valuation firm and management’s experience with similar assets and liabilities. In performing the purchase price allocation, the Group considers the analyses of historical financial performance and estimates of future performance of these companies acquired. |
Convertible redeemable non-controlling interests and convertible non-controlling interests | 3.40 Convertible redeemable non-controlling interests and convertible non-controlling interests Convertible redeemable non-controlling interests represent preferred shares financing by subsidiaries of the Group from preferred shareholders. As the preferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the Group, these preferred shares are accounted for as redeemable non-controlling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC topic 480, Distinguishing Liabilities from Equity. The Group elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the non-controlling interests. The Group determined that the redemption features embedded in the convertible redeemable non-controlling interests do not meet the definition of a derivative as they cannot be net settled. Therefore, such feature was not bifurcated from the mezzanine classified as non-controlling interests. Convertible non-controlling interests represent preferred share financing by subsidiaries of the Group from preferred shareholders, which are contingently redeemable upon certain deemed liquidation events occur. Such deemed liquidation events require the redemption of those preferred shares and cause them being classified outside of permanent equity. |
Commitments and contingencies | 3.41 Commitments and contingencies In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. The Group assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or unasserted claims that may result in legal proceedings, the Group, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of guarantee would be disclosed. |
Significant risks and uncertainties | 3.42 Significant risks and uncertainties Cybersecurity review and apps takedown in China On July 2, 2021, the PRC Cybersecurity Review Office posted an announcement to state that the Group was subject to a cybersecurity review and that the Cybersecurity Review Office required the Group to suspend new user registration in China during the review. On July 4, 2021, the Cyberspace Administration of China (the “CAC”) posted an announcement to state that the Group's DiDi Chuxing app collected personal information in serious violation of PRC laws and regulations. Pursuant to the PRC Cybersecurity Law, the CAC notified app stores to take down the DiDi Chuxing app in China and required the Group to strictly comply with relevant laws and regulations, follow the relevant standards set by the PRC government authorities, and rectify the problem to ensure the security of users’ personal information. On July 9, 2021, the CAC posted an announcement to state that it was confirmed that 25 apps that the Group operates in China, including the apps used by users and drivers, had the problem of collecting personal information in serious violation of relevant PRC laws and regulations. Pursuant to the PRC Cybersecurity Law, the CAC notified app stores to take down these apps in China, and required the Group to strictly comply with relevant laws and regulations, follow the relevant standards set by the PRC government authorities, and rectify the problem to ensure the security of users’ personal information. 3 Summary of significant accounting policies (Continued) Pursuant to the Cybersecurity Law, if a cyberspace operator or a cyberspace product or service provider infringes upon the legal rights of individuals’ personal information in violation of the relevant provisions under the Cybersecurity Law, it may be ordered by a competent authority to make rectifications, and may, depending on the seriousness of the case, be subject to warnings, confiscation of illegal gains, and/or monetary fines. In serious cases, the competent authority may order it to suspend the relevant business, suspend the business for rectification, close the website or revoke the relevant business permit or license. In addition, violation of the PRC Personal Information Protection Law may give rise to an order to rectify, warnings, confiscation of illegal gains, suspension or termination of services through the app illegally processing the personal information, monetary fines, and/or the suspension of business or revocation of business licenses or operating permits. As of the issuance date of the Group’s consolidated financial statements for the year ended December 31, 2021, the Group is currently unable to estimate the possible loss or range of possible loss associated with the fines or other penalties, if any, as a result of the cybersecurity review. The Group’s future business, financial position, results of operations or cash flows may be materially and adversely impacted by the suspension of new users registration and the takedown of 26 apps that the Group is operating in China. As of the issuance date of the Group’s consolidated financial statements for the year ended December 31, 2021, the Group does not have information on whether or when the suspension of new users registration in China will be removed and whether or when the prohibition on the download of 26 apps that the Group is operating in China will be lifted. The Group will continue to fully cooperate with the PRC government authorities relating to the cybersecurity review and rectification measures. The final outcome is subject to uncertainty. It is possible that the Group’s financial position, results of operations, or cash flows could be materially affected by an unfavorable outcome as a result of the review or any violation of the relevant PRC laws and regulations. As no amount is reasonably estimable, no loss contingencies were accrued in the accompanying financial statements for the uncertain outcome. Concentration of customers and suppliers There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2019, 2020 and 2021. Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other receivables, short-term investments and long-term investments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2020 and 2021, substantially all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the Mainland of China and Hong Kong, which the management believes are of high credit quality. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. This Deposit Insurance Regulation would not be effective in providing complete protection for the Group’s accounts, as the Group’s aggregate deposits are much higher than the compensation limit. However, the Group believes that the risk of failure of any of these PRC banks is remote. The Group expects that there is no significant credit risk associated with cash and cash equivalents and short-term investments which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The Group has no significant concentrations of credit risk with respect to the assets mentioned above. The Group relies on a limited number of third parties to provide payment processing services (“payment service providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Company believes are of high credit quality. 3 Summary of significant accounting policies (Continued) Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The credit risk with respect to accounts receivable is mitigated by credit control policies the Group carries out on its customers and its ongoing monitoring process of outstanding balances. Foreign currency exchange rate risks The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future. The Group is also exposed to foreign currency risk because of its international operations, particularly in Brazil and Mexico. While the Group generally expects to use any cash from operations in the same country where the Group receives that cash, fluctuations in the exchange rate between the currency of that country and the Renminbi will be recorded as foreign currency translation adjustments in the Group’s consolidated statements of comprehensive loss. Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Operation and compliance risk On July 27, 2016, the Ministry of Transport, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Commerce, the State Administration for Market Regulation and the CAC jointly promulgated the Interim Measures for the Management of Online Ride Hailing Operation and Service (“Interim Measures”), which took effect on November 1, 2016 and was last amended on December 28, 2019, to regulate the business activities of online ride hailing services by establishing a regulatory system for the platforms, vehicles and drivers engaged in online ride hailing services. In accordance with the Interim Measures, the platform that conducts the online ride hailing services is subject to obtain the necessary permit. The vehicles used for online ride hailing services must also obtain the transportation permit for vehicles, and the drivers engaged in online ride hailing services are required to meet certain requirements and pass the relevant exams. The Group has not obtained the required permits for certain cities when the Group is required to do so, and not all drivers or vehicles on the platforms have the required licenses or permits. Therefore, the Group has been and may continue to be subject to fines as a result. If the Group fails to remediate the non-compliance with relevant law and regulation requirements, the Group could be subject to penalties and/or an order of correction, and as a result, the Group’s business, financial condition, and results of operations could be materially and adversely affected. In an effort to ensure compliance with applicable Interim Measures, the Group has continuously conducted the process to obtain the necessary licenses or permits in different cities. The Group is continuously making efforts to obtain necessary licenses or permits to mitigate the relevant compliance risk. |
Recently adopted accounting pronouncements | 3.43 Recently adopted accounting pronouncements On January 1, 2021, the Group adopted Accounting Standards Update No. 2019-12, Income Taxes (Topic 740) (ASU 2019-12), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The adoption of this new standard did not have a material impact on the Group’s consolidated financial statements. On January 1, 2021, the Group adopted Accounting Standards Update No. 2020-01, Investments — Equity Securities (Topic 321), Investments — Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. The adoption of this new standard did not have a material impact on the Group’s consolidated financial statements. |
Organization and principle ac_2
Organization and principle activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization and principle activities | |
Schedule of the Company's major subsidiaries and VIEs | = Country/Place Percentage of direct or and indirect date of economic ownership incorporation/ December 31, Companies establishment 2020 2021 Major Subsidiaries Marvelous Yarra Limited BVI, March 20, 2017 100% 100% Holly Universal Limited BVI, January 6, 2017 100% 100% DiDi (HK) Science and Technology Limited Hong Kong, August 2, 2013 100% 100% Xiaoju Science and Technology (Hong Kong) Limited Hong Kong, January 29, 2013 100% 100% Beijing DiDi Infinity Technology and Development Co., Ltd. (“Beijing DiDi”) PRC, May 6, 2013 100% 100% Major VIEs (Including VIEs’ Subsidiaries) Beijing Xiaoju Science and Technology Co., Ltd. PRC, July 10, 2012 100% 100% DiDi Chuxing Science and Technology Co., Ltd. (“DiDi Chuxing”) PRC, July 29, 2015 100% 100% Beijing DiDi Chuxing Technology Co., Ltd. PRC, December 5, 2018 100% 100% Chengzi (Shanghai) Internet Technology Co., Ltd. PRC, June 14, 2016 100% 100% |
Variable interest entities (Tab
Variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable interest entities | |
Schedule of financial positions and operation results of the VIEs | As of December 31 2020 2021 RMB RMB Cash and cash equivalents 9,674,912 18,499,058 Restricted cash 106,223 108,223 Short‑term investments 3,074,128 764,343 Accounts and notes receivable, net 1,928,636 1,622,379 Loans receivable,net 202,076 1,426,244 Amounts due from the Company and its non-VIE subsidiaries 17,136,259 20,730,377 Investment securities and other investments 3,396,426 4,708,537 Long-term investments, net 1,680,083 3,064,399 Property and equipment, net 73,978 349,510 Intangible assets, net 323,083 514,838 Other assets 1,959,459 1,329,105 Total assets 39,555,263 53,117,013 Short‑term borrowings 4,000,000 824,964 Accounts and notes payable 6,353,170 3,706,079 Amounts due to the Company and its non-VIE subsidiaries 35,269,949 58,675,506 Operating lease liabilities 674,185 238,261 Other liabilities 8,520,341 6,094,576 Total liabilities 54,817,645 69,539,386 Shareholders' deficit of VIEs (15,262,382) (16,422,373) Total liabilities and shareholders' deficit of VIEs 39,555,263 53,117,013 2 Variable interest entities (Continued) For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Inter-company revenues 152 1,067,752 1,708,159 Third-party revenues 150,816,817 136,817,570 166,603,236 Total revenues 150,816,969 137,885,322 168,311,395 Inter-company costs and expenses (9,557,049) (12,895,784) (15,320,699) Third-party costs and expenses (140,022,924) (127,117,980) (158,286,885) Total costs and expenses (149,579,973) (140,013,764) (173,607,584) Income (loss) from operations 1,236,996 (2,128,442) (5,296,189) Income (loss) from non-operations (688,178) 1,652,386 (358,813) Income (loss) before income tax expenses 548,818 (476,056) (5,655,002) Income tax expenses (9,786) (66,808) (302,047) Net income (loss) 539,032 (542,864) (5,957,049) Net income (loss) attributable to DiDi Global Inc. 539,032 (542,864) (5,957,049) For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Net cash used in inter-company transactions (7,880,749) (13,313,253) (1,212,002) Net cash provided by operating activities with external parties 12,378,698 13,972,703 2,843,996 Net cash provided by operating activities 4,497,949 659,450 1,631,994 Net cash provided by investing activities with non-VIE subsidiaries — 2,785,392 — Net cash provided by (used in) investing activities with external parties (2,780,009) (3,627,564) 2,688,546 Net cash provided by (used in) investing activities (2,780,009) (842,172) 2,688,546 Inter-company loan financing from non-VIE subsidiaries — 1,003,320 10,921,871 Inter-company loan financing to non-VIE subsidiaries (1,000,000) (1,000,000) (3,000,000) Net cash provided by (used in) financing activities with external parties (100,000) 4,034,180 (3,416,265) Net cash provided by (used in) financing activities (1,100,000) 4,037,500 4,505,606 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of property and equipment | Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years |
Schedule of estimated useful lives of identifiable intangible assets | Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3‑20 years Driver lists 5 years Customer lists 5 years Software 3 Online payment license* Indefinite live Others Indefinite live * Acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that there were no practical difficulties in the renewal process according to the industry practice. |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments. | |
Schedule of short-term investments | As of December 31 2020 2021 RMB RMB Time deposits stated at amortized cost 34,100,365 13,154,020 Structured deposits under fair value option 3,588,170 4,622 Other debt investments stated at amortized cost — 185,112 Total 37,688,535 13,343,754 |
Accounts and notes receivable_2
Accounts and notes receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and notes receivable, net | |
Schedule of accounts and notes receivable, net | As of December 31 2020 2021 RMB RMB Accounts and notes receivable 2,994,181 3,482,011 Allowance for credit losses (556,360) (650,888) Accounts and notes receivable, net 2,437,821 2,831,123 |
Schedule of movement of the allowances for credit losses | For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (437,266) (556,360) Impact of adoption of ASC 326 (71,498) — Balance at beginning of the year (508,764) (556,360) Provision (448,720) (596,908) Write-offs 401,124 502,380 Balance at end of the year (556,360) (650,888) |
Loans receivable, net (Tables)
Loans receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans receivable, net | |
Schedule of loans receivable, net | As of December 31 2020 2021 RMB RMB Loans receivable 3,024,661 5,248,804 Allowance for credit losses (146,432) (604,506) Loans receivable, net 2,878,229 4,644,298 |
Schedule of movement of the allowances for credit losses | For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (100,643) (146,432) Impact of adoption of ASC 326 (50,569) — Balance at beginning of the year (151,212) (146,432) Provision (153,560) (557,129) Write‑offs 158,340 99,055 Balance at end of the year (146,432) (604,506) |
Schedule of aging analysis of loans receivable by due date | Past Due 91 Days or Total Past 1 ‑ 30 Days 31 ‑ 60 Days 61 ‑ 90 Days Greater Due Current Total As of December 31, 2020 22,056 14,537 10,701 33,909 81,203 2,943,458 3,024,661 As of December 31, 2021 75,785 59,394 51,035 200,759 386,973 4,861,831 5,248,804 |
Prepayments, receivables and _2
Prepayments, receivables and other current assets, net and other non-current assets, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepayments, receivables and other current assets, net and other non-current assets, net | |
Schedule of prepayments, receivables and other current assets, net | As of December 31 2020 2021 RMB RMB Deductible VAT-input 1,871,768 1,553,800 Prepayments for promotion and advertising expenses and other operation expenses 175,267 371,149 Advances to employees 200,698 303,050 Prepayments for insurance costs 288,858 239,417 Inventories, net 261,550 197,957 Rental deposits and other deposits, net 346,032 189,840 Payments to drivers and partners on behalf of end-users 157,653 148,971 Short-term finance lease receivables, net 91,067 44,020 Interest receivables 13,142 13,293 Others, net 507,130 896,478 Total 3,913,165 3,957,975 |
Schedule of other non-current assets, net | As of December 31 2020 2021 RMB RMB Deductible VAT-input — 1,070,370 Rental deposits and other deposits, net-noncurrent portion — 203,154 Prepayments for long-term investments 107,283 200,000 Prepayments for purchase of property and equipment, net, and other non-current assets, net 650,771 166,425 Long-term finance lease receivables, net 94,508 41,579 Others, net 32,361 17,942 Total 884,923 1,699,470 |
Schedule of movement of the allowances for credit losses of short-term and long-term finance lease receivables | For the Year Ended December 31 2020 2021 RMB RMB Beginning balance prior to ASC 326 (3,871) (72,167) Impact of adoption of ASC 326 — — Balance at beginning of the year (3,871) (72,167) (Provision)/ Reversal (73,004) 12,757 Write‑offs 4,708 48,005 Balance at end of the year (72,167) (11,405) |
Investment securities and oth_2
Investment securities and other investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment securities and other investments | |
Schedule of carrying value and fair value of the investment securities | As of December 31, 2020 Gross Gross Unrealized/ Unrealized/ Foreign unrecognized unrecognized Currency Cost/Amortized holding holding Translation Fair cost Gains Losses Adjustments Value RMB RMB RMB RMB RMB Listed equity securities 814,452 37,516 (285,567) 6,562 572,963 — Investee A 600,000 — (208,199) — 391,801 — Others 214,452 37,516 (77,368) 6,562 181,162 Debt investments 3,687,601 — — — 3,687,601 —Time deposits stated at amortized cost 3,510,822 — — — 3,510,822 —Other debt investments stated at amortized cost 176,779 — — — 176,779 Total 4,502,053 37,516 (285,567) 6,562 4,260,564 As of December 31, 2021 Gross Gross Unrealized/ Unrealized/ Foreign unrecognized unrecognized Currency Cost/Amortized holding holding Translation Fair cost Gains Losses Adjustments Value RMB RMB RMB RMB RMB Listed equity securities 7,661,212 6,300,946 (394,796) (224,416) 13,342,946 — Investee A 600,000 — (254,758) — 345,242 — Investee B (Note 11) 6,751,890 5,573,162 — (225,456) 12,099,596 — Others 309,322 727,784 (140,038) 1,040 898,108 Debt investments 24,202,483 14,383 (18,722,033) (203,286) 5,291,547 — Convertible Note of Chengxin (Note 5) 19,563,591 — (18,691,719) (198,515) 673,357 —Time deposits stated at amortized cost 3,722,640 — — — 3,722,640 —Other debt investments stated at amortized cost 156,104 — — — 156,104 —Other debt investments under fair value option 760,148 14,383 (30,314) (4,771) 739,446 Total 31,863,695 6,315,329 (19,116,829) (427,702) 18,634,493 |
Schedule of debt investments stated at amortized cost, classified by the contractual maturity date of the investments | As of December 31 2021 RMB Due in 1 year through 2 years 2,932,717 Due in 2 years through 3 years 789,615 Thereafter 156,412 Total 3,878,744 |
Long-term investments, net (Tab
Long-term investments, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term investments, net | |
Schedule of long-term investments, net | As of December 31 2020 2021 RMB RMB Measurement Alternative method Investment in Investee B (i) 3,828,560 — Others 523,728 568,555 Total 4,352,288 568,555 Equity investments accounted for using equity method 2,752,734 4,033,402 Equity investment in Chengxin under fair value option (Note 5) — 12,767 Total 7,105,022 4,614,724 |
Schedule of condensed financial information of the Group's equity investments under equity method | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operating data: Revenue 4,086,285 9,721,658 7,549,918 Gross profit (loss) 913,899 3,819,309 (4,257,022) Income (loss) from operations (1,718,998) 2,880,369 (16,489,595) Net income (loss), net (1,622,043) 2,881,779 1,999,569 Balance sheet data: Current assets 9,930,387 14,591,256 54,810,598 Non‑current assets 10,596,081 16,999,044 17,656,885 Current liabilities 2,736,257 2,158,751 31,611,814 Non‑current liabilities 5,335,743 6,696,509 5,536,458 Convertible redeemable preferred shares and non‑controlling interests 1,536,299 2,703,764 7,160,924 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment, net | |
Schedule of property and equipment, net | As of December 31 2020 2021 RMB RMB Bikes and e‑bikes 9,773,868 11,774,212 Vehicles 3,372,391 3,538,274 Computers and equipment 2,603,896 3,723,744 Leasehold improvement 522,789 644,251 Construction in progress 386,590 393,540 Others 42,417 35,057 Total 16,701,951 20,109,078 Less: Accumulated depreciation (5,898,422) (8,960,129) Less: Accumulated impairment loss (1,043,811) (3,148,731) Property and equipment, net 9,759,718 8,000,218 |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating leases | |
Schedule of components of lease expenses | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operating lease cost 580,613 681,841 726,359 Short‑term lease cost 83,509 128,865 467,384 Variable lease cost 89,284 80,015 121,353 Total lease cost 753,406 890,721 1,315,096 |
Schedule of supplemental cash flows information related to leases | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Cash payments for operating leases 584,660 707,140 761,352 ROU assets obtained in exchange for operating lease liabilities 349,432 1,158,347 910,144 |
Schedule of maturities of lease liabilities | As of December 31 2021 RMB 2022 583,947 2023 387,385 2024 164,561 2025 94,593 Thereafter 15,590 Total undiscounted lease payments 1,246,076 Less: imputed interest (74,322) Total lease liabilities 1,171,754 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, net | |
Schedule of intangible assets, net | As of December 31 2020 2021 RMB RMB Finite ‑ lived intangible assets Non‑compete agreements 7,183,773 7,183,773 Trademarks, patents, software and others 5,250,164 5,268,168 Customer lists 1,562,198 1,553,507 Driver lists 304,784 296,332 Total 14,300,919 14,301,780 Less: accumulated amortization (9,398,365) (11,182,929) Less: accumulated impairment loss — (287,270) Net book value 4,902,554 2,831,581 Indefinite ‑ lived intangible assets Online payment license 398,085 398,085 Others 56,479 56,479 Total 454,564 454,564 Finite and indefinite ‑ lived intangible assets 5,357,118 3,286,145 |
Schedule of amortization expenses related to intangible assets for future periods | Amortization Expenses RMB 2022 1,604,324 2023 987,341 2024 124,115 2025 44,898 Thereafter 70,903 Total expected amortization expenses 2,831,581 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill. | |
Schedule of changes in the carrying value of goodwill by segment | China Other Mobility (i) International (ii) Initiatives Total RMB RMB RMB RMB Balance as of January 1, 2019 46,283,879 3,877,445 93,704 50,255,028 Foreign currency translation adjustments — (91,786) — (91,786) Balance as of December 31, 2019 46,283,879 3,785,659 93,704 50,163,242 Foreign currency translation adjustments — (1,039,070) — (1,039,070) Balance as of December 31, 2020 46,283,879 2,746,589 93,704 49,124,172 Less: accumulated impairment loss — (2,492,826) — (2,492,826) Foreign currency translation adjustments — (253,763) — (253,763) Balance as of December 31, 2021 46,283,879 — 93,704 46,377,583 (i) The Group performed qualitative impairment assessments for the goodwill arising from the acquisition of Kuaidi and Uber China in China Mobility and concluded that there was no impairment on its goodwill as of December 31, 2019, and 2020. |
Short-term and Long-term borrow
Short-term and Long-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | |
Schedule of shortterm and Longterm borrowings | As of December 31 2020 2021 RMB RMB Short‑term borrowings 5,826,562 6,838,328 Long‑term borrowings 1,453,222 1,681,370 Total 7,279,784 8,519,698 |
Schedule of short-term and long-term borrowings maturities | As of December 31 2020 2021 RMB RMB Within 1 year 5,826,562 6,838,328 Between 1 to 2 years 799,840 1,567,890 Between 2 to 3 years 653,382 113,480 Total 7,279,784 8,519,698 |
Accounts and notes payable (Tab
Accounts and notes payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and notes payable | |
Schedule of accounts and notes payable | As of December 31 2020 2021 RMB RMB Payables related to service fees and incentives to drivers 4,487,439 3,306,362 Payables related to driver management fees 185,207 157,421 Other accounts payable 556,063 439,707 Notes payable 2,124,268 721,463 Total 7,352,977 4,624,953 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31 2020 2021 RMB RMB Employee compensation and welfare payables 1,977,077 2,253,437 Payables to merchants and other partners 1,732,060 1,664,684 Tax payables 497,297 1,645,335 Deposits 1,376,384 1,422,300 Payables and accruals for other cost and expenses 1,470,755 1,331,785 Payables related to service fees 626,934 883,770 Payables related to market and promotion expenses 1,655,578 842,558 Payables related to property and equipment 535,413 358,464 Payables related to warehouse rental and delivery cost 436,026 15,292 Others 996,436 1,229,597 Total 11,303,960 11,647,222 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Schedule of Adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Revenues: China Mobility 147,939,618 133,645,113 160,520,747 International 1,974,723 2,333,113 3,622,366 Other Initiatives 4,871,787 5,757,926 9,684,269 Total segment revenues 154,786,128 141,736,152 173,827,382 Adjusted EBITA: China Mobility 3,844,176 3,959,902 6,129,122 International (3,152,253) (3,533,836) (5,787,976) Other Initiatives (3,456,163) (8,806,771) (19,514,226) Total Adjusted EBITA (2,764,240) (8,380,705) (19,173,080) Share‑based compensation expenses (3,140,016) (3,413,292) (24,654,583) Amortization of intangible assets (i) (2,109,121) (1,993,945) (1,824,762) Impairment of goodwill and intangible assets (Note 15) — — (2,789,321) Total consolidated loss from operations (8,013,377) (13,787,942) (48,441,746) (i) Amortization expenses in connection with business combinations were RMB 2,093,941 , RMB 1,977,400 and RMB 1,799,508 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Schedule of total depreciation expenses of property and equipment by segment | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB China Mobility 300,781 260,179 306,382 International 65,260 63,025 124,633 Other Initiatives 1,536,526 2,951,940 3,789,506 Total depreciation of property and equipment 1,902,567 3,275,144 4,220,521 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Schedule of income (loss) before income taxes | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Income (loss) from overseas entities (4,172,691) 3,020,403 (7,665,988) Loss from PRC entities (5,908,358) (13,931,143) (41,502,270) Loss before income taxes (10,081,049) (10,910,740) (49,168,258) |
Schedule of income tax expenses (benefits) | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Current income tax expenses 145,235 170,502 557,797 Deferred tax benefits (493,243) (473,704) (391,477) Total income tax expenses (benefits) (348,008) (303,202) 166,320 |
Reconciliation of the differences between the statutory tax rate and the effective tax rate | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB PRC statutory tax rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatments (1.31) % (2.53) % (0.38) % Tax effect of permanent difference (5.53) % (9.03) % (15.54) % Effect on tax rates in different tax jurisdiction (7.30) % 5.18 % (0.50) % Changes in valuation allowance and others (7.41) % (15.84) % (8.92) % Effective tax rate 3.45 % 2.78 % (0.34) % |
Schedule of significant components of the Group's deferred tax balances | As of December 31 2020 2021 RMB RMB Deferred tax assets Tax losses carryforwards 4,993,187 8,528,736 Advertising expenses in excess of deduct limit 1,045,473 1,830,543 Asset impairment and allowances for credit losses 749,373 1,575,404 Accrued expenses and others 2,176,173 1,732,080 Total deferred tax assets 8,964,206 13,666,763 Less: valuation allowance (8,019,931) (13,065,611) Deferred tax assets, net 944,275 601,152 Deferred tax liabilities Amortization expense of intangible assets 1,314,213 659,926 Depreciation expense of property and equipment, and others 282,826 202,513 Deferred tax liabilities 1,597,039 862,439 |
Schedule of future expirations of tax losses arising in PRC | As of December 31, 2021 RMB Loss expiring in 2022 1,266,874 Loss expiring in 2023 2,217,239 Loss expiring in 2024 1,636,420 Loss expiring in 2025 7,707,475 Loss expiring in 2026 and thereafter 21,757,992 Total 34,586,000 |
Schedule of deferred tax assets and liabilities classification in the consolidated balance sheets | As of December 31 2020 2021 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets, net 190,951 224,491 Deferred tax liabilities 843,715 485,778 |
Share based compensation (Table
Share based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share based compensation | |
Summary of the Group's share-based compensation expense | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Operations and support 85,083 80,139 193,552 Sales and marketing 196,042 210,513 326,332 Research and development 678,268 777,888 2,258,705 General and administrative 2,180,623 2,344,752 21,875,994 Total share-based compensation expenses 3,140,016 3,413,292 24,654,583 Investment income (loss), net* — — 178,506 Total share-based compensation 3,140,016 3,413,292 24,833,089 * The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Company recognized the entire cost of the share-based awards as incurred, amounting to RMB 178,506 in investment income (loss), net in the consolidated statements of comprehensive loss for the year ended December 31, 2021. (a) Share Incentive Plan |
Summary of activities of the share options | Weighted Weighted Average Weighted Average Remaining Aggregate Average Number of Exercise Contractual Intrinsic Grant Date Options Price Life Value Fair Value US$ In Years US$ US$ Outstanding as of January 1, 2019 41,743,856 12.28 4.81 1,052,084 16.95 Granted 27,021,656 2.79 35.69 Modification (5,147,795) 0.0001823 39.87 Forfeited/canceled (5,216,527) 13.99 25.36 Outstanding as of December 31, 2019 58,401,190 5.45 4.54 2,010,425 27.59 Granted 12,981,876 0.62 38.30 Modification 5,625,445 11.80 28.45 Exercise of share options with shares issued to trusts (13,379,655) 11.80 405,191 28.45 Exercise of share options (12,526,172) 11.80 379,344 28.45 Forfeited/canceled (4,304,441) 5.86 34.20 Outstanding as of December 31, 2020 46,798,243 6.04 3.74 1,686,640 26.16 Granted 88,434,809 0.0001823 47.47 Modification (331,725) 0.0001823 47.71 Exercise of share options with shares issued to trusts (68,616,887) 0.0001823 1,366,836 47.71 Exercise of share options (9,640,697) 0.0001823 192,041 47.71 Forfeited/canceled (4,067,894) 2.44 41.29 Outstanding as of December 31, 2021 52,575,849 4.90 3.40 789,898 30.18 Exercisable as of December 31, 2021 32,195,548 7.07 1.90 413,555 22.80 Vested and Expected to Vest at 31/12/2021 47,122,860 5.40 3.09 684,439 28.69 |
Schedule of assumptions to determine fair value of the share based awards | For the Year Ended December 31 2019 2020 2021 Fair value of ordinary shares (US$) 37.48 ‑ 39.87 37.65 ‑ 42.08 30.32 – 65.60 Expected volatility 32.8% ‑ 35.0% 31.0% ‑ 34.8% 33.6% - 37.8% Risk‑free interest rate (per annum) 1.60% ‑ 2.40% 1.16% ‑ 1.69% 0.94% - 1.26% Expected dividend yield 0% 0% 0% Expected term (in years) 7 7 7 |
Summary of activities of restricted shares and RSUs | Weighted Weighted Average Average Remaining Number of Grant Date Contractual Shares Fair Value Life US$ In Years Unvested at January 1, 2019 11,927,116 32.63 4.79 Granted 1,886,042 38.10 Vested (4,775,362) 26.67 Forfeited/canceled (1,311,125) 38.41 Unvested at December 31, 2019 7,726,671 36.64 4.82 Granted 1,249,178 38.74 Vested (1,802,889) 39.14 Exercise of share options with shares issued to trusts 13,379,655 39.87 Forfeited/canceled (1,790,178) 39.05 Unvested at December 31, 2020 18,762,437 38.60 4.60 Granted 3,137,540 48.47 Vested (64,990,673) 45.36 Exercise of share options with shares issued to trusts 68,616,887 47.71 Forfeited/canceled (2,248,496) 48.40 Unvested at December 31, 2021 23,277,695 41.21 5.28 Expected to vest at December 31, 2021 18,243,800 39.94 5.10 |
Convertible redeemable non-co_2
Convertible redeemable non-controlling interests and convertible non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | |
Schedule of convertible redeemable non-controlling interests and convertible non-controlling interests | Convertible redeemable Convertible non ‑ non ‑ controlling interests controlling interests RMB RMB Balance as of December 31, 2019 — — Issuance of convertible redeemable non‑controlling interests and convertible non‑controlling interests, net of issuance costs 3,180,218 99,851 Accretion of convertible redeemable non‑controlling interests to redemption value 165,047 — Balance as of December 31, 2020 3,345,265 99,851 Issuance of convertible redeemable non‑controlling interests and convertible non‑controlling interests, net of issuance costs 8,225,007 969,506 Accretion of convertible redeemable non‑controlling interests to redemption value 687,617 — Balance as of December 31, 2021 12,257,889 1,069,357 |
Convertible preferred shares (T
Convertible preferred shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Convertible preferred shares | |
Schedule of convertible preferred shares immediately before the conversion upon the Group's IPO | Issuance Total price number of Series Issuance date per share shares issued US$ Series A‑1 convertible preferred shares February 2015 11.3970 12,180,250 Series A‑2 convertible preferred shares February 2015 11.4423 9,145,501 Series A‑3 convertible preferred shares February 2015 11.4423 10,668,684 Series A‑4 convertible preferred shares February 2015 11.6866 33,711,135 Series A‑5 convertible preferred shares February 2015 12.0325 21,161,516 Series A‑6 convertible preferred shares February 2015 12.7193 41,028,543 Series A‑7 convertible preferred shares March 2013 0.0080 20,000,000 Series A‑8 convertible preferred shares April 2013 0.1600 12,500,000 Series A‑9 convertible preferred shares May 2013 0.9600 3,125,000 Series A‑10 convertible preferred shares May 2013 0.9600 15,625,000 Series A‑11 convertible preferred shares January 2014 2.9160 21,654,327 (i) Series A‑12 convertible preferred shares January 2014 3.2400 10,956,791 Series A‑13 convertible preferred shares April 2014 3.8250 20,915,034 Series A‑14 convertible preferred shares July 2014 7.3125 17,777,778 Series A‑15 convertible preferred shares December 2014 to January 2015 12.2727 54,592,596 Series A‑16 convertible preferred shares May 2015 18.9705 12,756,674 Series A‑17 convertible preferred shares July 2015 to March 2016 27.4262 116,312,175 Series A‑18 convertible preferred shares April 2016 to August 2017 38.2271 111,432,959 Series B‑1 convertible preferred shares August 2016 to October 2017 119.0705 58,530,879 Series B‑2 convertible preferred shares April 2017 to August 2019 50.9321 212,683,291 (i) Including 4,507,550 Series A-11 preferred shares legally issued in 2018 upon the exercise of the warrant. |
Schedule of movement of convertible preferred shares | Total number of Total shares amount RMB Balance as of January 1, 2019 805,979,968 186,278,055 Issuance of Series B‑2 convertible preferred shares, net of issuance costs 10,307,841 3,569,189 Balance as of December 31, 2019 816,287,809 189,847,244 Repurchase of Series A‑17 convertible preferred shares (29,842) (5,198) Repurchase of Series A‑18 convertible preferred shares (12,215) (3,067) Balance as of December 31, 2020 816,245,752 189,838,979 Conversion of preferred shares to ordinary shares (816,245,752) (189,838,979) Balance as of December 31, 2021 — — |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loss per share | |
Schedule of basic loss per share and diluted loss per share | For the Year Ended December 31 2019 2020 2021 RMB RMB RMB Numerator: Net loss attributable to DiDi Global Inc. (9,728,459) (10,514,498) (49,343,664) Accretion of convertible redeemable non‑controlling interests to redemption value — (165,047) (687,617) Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares — (872) — Net loss attributable to ordinary shareholders of DiDi Global Inc. (9,728,459) (10,680,417) (50,031,281) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding* 100,684,581 106,694,420 657,996,437 Net loss per share attributable to ordinary shareholders — Basic (96.62) (100.10) (76.04) — Diluted (96.62) (100.10) (76.04) * Vested restricted shares and RSUs and vested shares options with minimal exercise price are considered outstanding in the computation of basic loss per share. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies. | |
Schedule of operating lease commitments | The Group has outstanding commitments on non-cancelable operating lease agreements which are expected to commence after December 31, 2021. Operating lease commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2021 are as follows: Less than Over 5 Total 1 year 1-3 Years 3-5 Years Years Operating lease commitments 42,264 15,347 23,451 3,182 284 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurement | |
Schedule of financial instruments, measured at fair value, by level within the fair value hierarchy | Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2020 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured deposits under fair value option 3,588,170 — 3,588,170 — Listed equity securities 572,963 572,963 — — Total 4,161,133 572,963 3,588,170 — 28 Fair value measurement (Continued) Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2021 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured deposits under fair value option 4,622 — 4,622 — Listed equity securities 13,342,946 451,679 12,891,267 — Equity investments in Chengxin 12,767 — — 12,767 Convertible Note of Chengxin 673,357 — — 673,357 Other debt investments under fair value option 739,446 — 739,446 — Total 14,773,138 451,679 13,635,335 686,124 |
Organization and principle ac_3
Organization and principle activities (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beijing Xiaoju Science and Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100.00% | 100.00% |
DiDi Chuxing Science and Technology Co., Ltd. ("DiDi Chuxing") | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100.00% | 100.00% |
Beijing DiDi Chuxing Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100.00% | 100.00% |
Chengzi (Shanghai) Internet Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100.00% | 100.00% |
Marvelous Yarra Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100.00% | 100.00% |
Holly Universal Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100.00% | 100.00% |
Didi (HK) Science and Technology Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100.00% | 100.00% |
Xiaoju Science and Technology (Hong Kong) Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100.00% | 100.00% |
Beijing DiDi Infinity Technology and Development Co., Ltd. ("Beijing DiDi") | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100.00% | 100.00% |
Variable interest entities (Det
Variable interest entities (Details) - VIE - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable interest entities | ||
Terms of the exclusive option agreement | 10 years | |
Registered capital funds of the VIEs and its subsidiaries | ¥ 13,444,434 | ¥ 11,965,369 |
Non-distributable statutory reserves of the VIEs and its subsidiaries | ¥ 23,808 | ¥ 13,606 |
Variable interest entities - fi
Variable interest entities - financial positions (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Variable interest entities | ||||||
Cash and cash equivalents | ¥ 43,429,717 | $ 6,815,070 | ¥ 19,372,084 | $ 3,039,903 | ¥ 12,790,790 | ¥ 14,462,888 |
Short-term investments | 13,343,754 | 2,093,926 | 37,688,535 | |||
Accounts and notes receivable, net | 2,831,123 | 444,265 | 2,437,821 | |||
Loans receivable, net | 4,644,298 | 728,792 | 2,878,229 | |||
Prepayments, receivables and other current assets, net | 3,957,975 | 621,093 | 3,913,165 | |||
Total current assets | 68,765,864 | 10,790,865 | 68,630,657 | |||
Investment securities and other investments | 18,634,493 | 2,924,159 | 4,260,564 | |||
Long-term investments, net | 4,614,724 | 7,105,022 | ||||
Property and equipment, net | 8,000,218 | 1,255,409 | 9,759,718 | |||
Intangible assets, net | 3,286,145 | 515,668 | 5,357,118 | |||
Total non-current assets | 84,232,271 | 13,217,881 | 78,634,738 | |||
Total assets | 152,998,135 | 24,008,746 | 147,265,395 | |||
Short-term borrowings | 6,838,328 | 1,073,083 | 5,826,562 | |||
Accounts and notes payable | 4,624,953 | 725,756 | 7,352,977 | |||
Operating lease liabilities | 1,171,754 | |||||
Total current liabilities | 24,422,785 | 3,832,468 | 26,359,665 | |||
Deferred tax liabilities | 485,778 | 76,229 | 843,715 | |||
Other non-current liabilities | 306,575 | 48,108 | 287,554 | |||
Total non-current liabilities | 3,128,600 | 490,945 | 3,756,133 | |||
Total liabilities | 27,551,385 | 4,323,413 | 30,115,798 | |||
Total shareholders' equity (deficit) | 112,119,504 | 17,593,997 | (76,134,498) | ¥ (62,689,462) | ¥ (57,467,595) | |
Total liabilities, mezzanine equity and shareholders' equity (deficit) | 152,998,135 | $ 24,008,746 | 147,265,395 | |||
VIE | ||||||
Variable interest entities | ||||||
Cash and cash equivalents | 18,499,058 | 9,674,912 | ||||
Restricted cash | 108,223 | 106,223 | ||||
Short-term investments | 764,343 | 3,074,128 | ||||
Accounts and notes receivable, net | 1,622,379 | 1,928,636 | ||||
Loans receivable, net | 1,426,244 | 202,076 | ||||
Amounts due from the Company and its non-VIE subsidiaries | 20,730,377 | 17,136,259 | ||||
Investment securities and other investments | 4,708,537 | 3,396,426 | ||||
Long-term investments, net | 3,064,399 | 1,680,083 | ||||
Property and equipment, net | 349,510 | 73,978 | ||||
Intangible assets, net | 514,838 | 323,083 | ||||
Other assets | 1,329,105 | 1,959,459 | ||||
Total assets | 53,117,013 | 39,555,263 | ||||
Short-term borrowings | 824,964 | 4,000,000 | ||||
Accounts and notes payable | 3,706,079 | 6,353,170 | ||||
Amounts due to the Company and its non-VIE subsidiaries | 58,675,506 | 35,269,949 | ||||
Operating lease liabilities | 238,261 | 674,185 | ||||
Other liabilities | 6,094,576 | 8,520,341 | ||||
Total liabilities | 69,539,386 | 54,817,645 | ||||
Total shareholders' equity (deficit) | (16,422,373) | (15,262,382) | ||||
Total liabilities, mezzanine equity and shareholders' equity (deficit) | ¥ 53,117,013 | ¥ 39,555,263 |
Variable interest entities - op
Variable interest entities - operation results (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Variable interest entities | ||||
Total revenues | ¥ 173,827,382 | $ 27,277,309 | ¥ 141,736,152 | ¥ 154,786,128 |
Costs and expenses | 222,269,128 | 34,878,876 | 155,524,094 | 162,799,505 |
Income (loss) from operations | (48,441,746) | (7,601,567) | (13,787,942) | (8,013,377) |
Income (loss) before income tax expenses | (49,168,258) | (7,715,572) | (10,910,740) | (10,081,049) |
Income tax expenses | 166,320 | 26,099 | (303,202) | (348,008) |
Net income (loss) | (49,334,578) | (7,741,671) | (10,607,538) | (9,733,041) |
Net income (loss) attributable to DiDi Global Inc. | (49,343,664) | (7,743,097) | (10,514,498) | (9,728,459) |
Net cash provided by operating activities | (13,413,860) | (2,104,929) | 1,137,622 | 1,444,650 |
Net cash provided by (used in) investing activities | 1,144,684 | 179,625 | (1,946,323) | (6,150,778) |
Inter-company loan financing from non-VIE subsidiaries | 6,106,358 | 958,221 | ||
Inter-company loan financing to non-VIE subsidiaries | (389,988) | (61,198) | ||
Net cash provided by (used in) financing activities | 35,191,482 | $ 5,522,313 | 9,274,050 | 2,951,762 |
VIE | ||||
Variable interest entities | ||||
Total revenues | 168,311,395 | 137,885,322 | 150,816,969 | |
Costs and expenses | (173,607,584) | (140,013,764) | (149,579,973) | |
Income (loss) from operations | (5,296,189) | (2,128,442) | 1,236,996 | |
Income (loss) from non-operations | (358,813) | 1,652,386 | (688,178) | |
Income (loss) before income tax expenses | (5,655,002) | (476,056) | 548,818 | |
Income tax expenses | (302,047) | (66,808) | (9,786) | |
Net income (loss) | (5,957,049) | (542,864) | 539,032 | |
Net income (loss) attributable to DiDi Global Inc. | (5,957,049) | (542,864) | 539,032 | |
Net cash provided by operating activities | 1,631,994 | 659,450 | 4,497,949 | |
Net cash provided by (used in) investing activities | 2,688,546 | (842,172) | (2,780,009) | |
Net cash provided by (used in) financing activities | 4,505,606 | 4,037,500 | (1,100,000) | |
Inter-company / Group companies | ||||
Variable interest entities | ||||
Inter-company revenues | 1,708,159 | 1,067,752 | 152 | |
Costs and expenses | (15,320,699) | (12,895,784) | (9,557,049) | |
Net cash provided by operating activities | (1,212,002) | (13,313,253) | (7,880,749) | |
Net cash provided by (used in) investing activities | 2,785,392 | |||
Inter-company loan financing from non-VIE subsidiaries | 10,921,871 | 1,003,320 | ||
Inter-company loan financing to non-VIE subsidiaries | (3,000,000) | (1,000,000) | (1,000,000) | |
Third-party / External parties | ||||
Variable interest entities | ||||
Third-party revenues | 166,603,236 | 136,817,570 | 150,816,817 | |
Costs and expenses | (158,286,885) | (127,117,980) | (140,022,924) | |
Net cash provided by operating activities | 2,843,996 | 13,972,703 | 12,378,698 | |
Net cash provided by (used in) investing activities | 2,688,546 | (3,627,564) | (2,780,009) | |
Net cash provided by (used in) financing activities | ¥ (3,416,265) | ¥ 4,034,180 | ¥ (100,000) |
Summary of significant accoun_4
Summary of significant accounting policies - Impact of the COVID-19 pandemic (Details) | 15 Months Ended |
Mar. 31, 2021 | |
Minimum | |
VAT rate on revenues derived from the provision of certain transportation services | 0.00% |
Maximum | |
VAT rate on revenues derived from the provision of certain transportation services | 3.00% |
Summary of significant accoun_5
Summary of significant accounting policies - Use of estimates (Details) | Dec. 31, 2021USD ($) |
Summary of significant accounting policies | |
Number of apps | 26 |
Summary of significant accoun_6
Summary of significant accounting policies - Functional currency and foreign currency translation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Foreign exchange gain | ¥ 70,265 | ¥ 1,156,606 | |
Foreign exchange loss | ¥ 222,684 |
Summary of significant accoun_7
Summary of significant accounting policies - Convenience translation (Details) | Dec. 31, 2021 |
Summary of significant accounting policies | |
Exchange rate | 6.3726 |
Summary of significant accoun_8
Summary of significant accounting policies - Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Cash Held In Accounts Managed By Online Payment Platforms | ¥ 2,212,704 | ¥ 1,266,695 |
Summary of significant accoun_9
Summary of significant accounting policies - Property and equipment, net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Vehicles | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Maximum | Bikes and e-bikes | |
Property and equipment, net | |
Estimated useful lives | 3 years |
Maximum | Computers and equipment | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Maximum | Other | |
Property and equipment, net | |
Estimated useful lives | 40 years |
Minimum | Bikes and e-bikes | |
Property and equipment, net | |
Estimated useful lives | 2 years |
Minimum | Computers and equipment | |
Property and equipment, net | |
Estimated useful lives | 2 years |
Minimum | Other | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Summary of significant accou_10
Summary of significant accounting policies - Intangible assets, net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Driver lists | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 5 years |
Customer lists | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 5 years |
Online payment license | |
Intangible assets, net | |
Period to apply online payment license renewal | 5 years |
Maximum | Noncompete agreements | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 7 years |
Maximum | Trademark, patents and others | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 20 years |
Maximum | Software | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 5 years |
Minimum | Noncompete agreements | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 6 years |
Minimum | Trademark, patents and others | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 3 years |
Minimum | Software | |
Intangible assets, net | |
Estimated Useful Lives of the Assets | 3 years |
Summary of significant accou_11
Summary of significant accounting policies - Goodwill (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Impairment of goodwill | ¥ 2,501,100,000 | ¥ 0 | ¥ 0 |
Summary of significant accou_12
Summary of significant accounting policies - Statutory reserves (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Minimum of percentage to allocate after-tax profit | 10.00% | ||
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund | 50.00% | ||
Appropriations to the general reserve | ¥ 11,414,000 | ¥ 9,159,000 | ¥ 3,929,000 |
Appropriations to the enterprise expansion fund and staff welfare and bonus fund | ¥ 0 | ¥ 0 | ¥ 0 |
Summary of significant accou_13
Summary of significant accounting policies - Revenue recognition - China Mobility (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer Benchmark | Product Concentration Risk | China Mobility | Minimum | |||
China Mobility | |||
Percent of the total revenues | 97.00% | 97.00% | 97.00% |
Summary of significant accou_14
Summary of significant accounting policies - Revenue recognition - Other initiatives (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ¥ 173,827,382 | $ 27,277,309 | ¥ 141,736,152 | ¥ 154,786,128 |
Lessor, Direct Financing Lease, Description [Abstract] | ||||
Lease arrangement lease term | 3 years | 3 years | ||
Other Initiatives [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ¥ 9,684,269 | $ 1,519,673 | ¥ 5,757,926 | ¥ 4,871,787 |
Summary of significant accou_15
Summary of significant accounting policies - Revenue recognition - Contract balances (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | ||
Contract assets | ¥ 242,231 | ¥ 222,591 |
Contract liabilities | ¥ 546,003 | ¥ 915,430 |
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false] | true |
Summary of significant accou_16
Summary of significant accounting policies - Sales and marketing expenses (Details) - Sales and marketing expenses - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advertising and promotion expenses | ¥ 5,401,408 | ¥ 5,088,880 | ¥ 2,541,379 |
Incentives provided to consumers | ¥ 7,465,226 | ¥ 2,100,671 | ¥ 1,083,868 |
Summary of significant accou_17
Summary of significant accounting policies - Employee benefits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Employee benefits expensed | ¥ 1,808,321 | ¥ 1,030,111 | ¥ 1,116,105 |
Summary of significant accou_18
Summary of significant accounting policies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Short-term Investments | ¥ 13,343,754 | $ 2,093,926 | ¥ 37,688,535 |
Prepayments, receivables and other current assets, net | 3,957,975 | 621,093 | 3,913,165 |
Investment securities and other investments | ¥ 18,634,493 | $ 2,924,159 | 4,260,564 |
Financial Asset Past Due | |||
Loans receivable, non-accrual status upon reaching, number of days | 90 days | ||
Maximum | |||
Short-term Investment Maturity Term | 12 months | ||
Reclassification of Interest Receivable | Adjustment | |||
Short-term Investments | 290,966 | ||
Prepayments, receivables and other current assets, net | (290,966) | ||
Reclassification of Long-term Time Deposits | Adjustment | |||
Investment securities and other investments | ¥ 3,460,000 |
Business combinations (Details)
Business combinations (Details) ¥ in Thousands, $ in Thousands | Jan. 02, 2018CNY (¥) | Jan. 02, 2018USD ($) | Aug. 01, 2016CNY (¥) | Aug. 01, 2016USD ($) | Feb. 11, 2015CNY (¥) | Feb. 11, 2015USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Jan. 02, 2018USD ($) | Aug. 01, 2016USD ($) | Feb. 11, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Recognition of goodwill | ¥ 46,377,583 | $ 7,277,655 | ¥ 49,124,172 | ¥ 50,163,242 | ¥ 50,255,028 | |||||||||
Kuaidi | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of the equity acquired | 100.00% | 100.00% | ||||||||||||
Total consideration | ¥ 13,550,534 | $ 2,209,987 | ||||||||||||
Recognition of goodwill | 8,383,084 | $ 1,367,216 | ||||||||||||
Recognition of intangible assets | ¥ 1,770,093 | $ 288,688 | ||||||||||||
Uber China | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of the equity acquired | 100.00% | 100.00% | ||||||||||||
Total consideration | ¥ 46,531,937 | $ 7,020,827 | ||||||||||||
Recognition of goodwill | 37,900,795 | $ 5,718,544 | ||||||||||||
Recognition of intangible assets | ¥ 11,633,403 | $ 1,755,270 | ||||||||||||
99 Taxis | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of the equity acquired | 100.00% | 100.00% | ||||||||||||
Total consideration | ¥ 3,635,273 | $ 566,863 | ||||||||||||
Recognition of goodwill | 4,297,053 | $ 670,058 | ||||||||||||
Recognition of intangible assets | ¥ 983,992 | $ 153,438 |
Financing transaction of Chen_2
Financing transaction of Chengxin - The rights, preferences and privileges of the Chengxin's holders of ordinary shares, preferred shares and Convertible Note (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2021 | |
Deconsolidation With Related Disclosures [Line Items] | |||
Proceeds from issuance of convertible preferred shares, net of issuance cost | ¥ | ¥ 3,569,189 | ||
Series A-1 convertible preferred shares | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Conversion ratio of preferred shares to ordinary shares | 1 | ||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 140.00% | ||
Series A-2 convertible preferred shares | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Conversion ratio of preferred shares to ordinary shares | 1 | ||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 140.00% | ||
Chengxin Technology Inc. | Convertible Note due 2028 | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Principal amount | $ 3,000,000 | ||
Interest (as a percent) | 0.00% | ||
Term of borrowing (in year) | 7 years | ||
Chengxin Technology Inc. | Series A-1 convertible preferred shares | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | shares | 92,367,521 | ||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 923,675 | ||
Chengxin Technology Inc. | Series A-1 convertible preferred shares | An entity controlled by Softbank Group Corp. | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Proceeds from issuance of convertible preferred shares, net of issuance cost | 43,162 | ||
Chengxin Technology Inc. | Series A-1 convertible preferred shares | Secured term loans | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Principal amount | $ 160,000 | ||
Chengxin Technology Inc. | Series A-2 convertible preferred shares | |||
Deconsolidation With Related Disclosures [Line Items] | |||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | shares | 20,000,000 | ||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 200,000 |
Financing transaction of Chen_3
Financing transaction of Chengxin - Accounting for the financing transaction of Chengxin (Details) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Mar. 30, 2021CNY (¥) | |
Short-term Investments | ||||
Impairment losses from equity investments accounted for using equity method | ¥ 264,292 | ¥ 79,875 | ¥ 293,274 | |
Investments in Chengxin | ||||
Short-term Investments | ||||
Gain recorded upon the completion of deconsolidation | 9,058,144 | |||
Fair value of retained investment in the form of ordinary shares | ¥ 2,628,520 | |||
Carrying amount of net liabilities of investee | ¥ 6,429,624 | |||
Number of board members of the investee for which the company has right to nominate | 3 | |||
Number of board members of the investee | 6 | |||
The fair value of the Investments | 686,124 | ¥ 16,428,250 | ||
Impairment losses from equity investments accounted for using equity method | ¥ 21,259,814 |
Short-term investments (Details
Short-term investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short-term Investments | |||
Short-term investments | ¥ 13,343,754 | $ 2,093,926 | ¥ 37,688,535 |
Time deposits stated at amortized cost | |||
Short-term Investments | |||
Short-term investments | 13,154,020 | 34,100,365 | |
Structured deposits under fair value option | |||
Short-term Investments | |||
Short-term investments | 4,622 | 3,588,170 | |
Other debt investments stated at amortized cost | |||
Short-term Investments | |||
Short-term investments | ¥ 185,112 | ¥ 0 |
Accounts and notes receivable_3
Accounts and notes receivable, net - Accounts and notes receivable, net table (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Accounts and notes receivable, net | ||||
Accounts and notes receivable | ¥ 3,482,011 | ¥ 2,994,181 | ||
Allowance for credit losses | (650,888) | (556,360) | ¥ (437,266) | |
Accounts and notes receivable, net | ¥ 2,831,123 | $ 444,265 | ¥ 2,437,821 |
Accounts and notes receivable_4
Accounts and notes receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movements in the allowance for doubtful accounts | ||
Balance at beginning of the year | ¥ 556,360 | ¥ 437,266 |
Provision | (596,908) | (448,720) |
Write-offs | (502,380) | (401,124) |
Balance at end of the year | 650,888 | 556,360 |
Impact of adoption | ||
Movements in the allowance for doubtful accounts | ||
Balance at beginning of the year | 71,498 | |
Adjusted Balance | ||
Movements in the allowance for doubtful accounts | ||
Balance at beginning of the year | ¥ 556,360 | 508,764 |
Balance at end of the year | ¥ 556,360 |
Loans receivable, net - Loans r
Loans receivable, net - Loans receivable, net table (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Loans receivable, net | |||
Loans receivable | ¥ 5,248,804 | ¥ 3,024,661 | |
Allowance for credit losses | (604,506) | (146,432) | |
Loans receivable, net | ¥ 4,644,298 | $ 728,792 | ¥ 2,878,229 |
Loans receivable, net - Movemen
Loans receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in the allowances for credit losses | ||
Balance at beginning of the year | ¥ (146,432) | ¥ (100,643) |
Provision | (557,129) | (153,560) |
Write-offs | 99,055 | 158,340 |
Balance at end of the year | (604,506) | (146,432) |
Impact of adoption | ||
Movement in the allowances for credit losses | ||
Balance at beginning of the year | (50,569) | |
Adjusted Balance | ||
Movement in the allowances for credit losses | ||
Balance at beginning of the year | ¥ (146,432) | (151,212) |
Balance at end of the year | ¥ (146,432) |
Loans receivable, net - Aging a
Loans receivable, net - Aging analysis of loans receivable (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable, net | ||
Loans receivable | ¥ 5,248,804 | ¥ 3,024,661 |
Current | ||
Loans receivable, net | ||
Loans receivable | 4,861,831 | 2,943,458 |
Past Due | ||
Loans receivable, net | ||
Loans receivable | 386,973 | 81,203 |
1-30 Days | ||
Loans receivable, net | ||
Loans receivable | 75,785 | 22,056 |
31-60 Days | ||
Loans receivable, net | ||
Loans receivable | 59,394 | 14,537 |
61-90 Days | ||
Loans receivable, net | ||
Loans receivable | 51,035 | 10,701 |
91 Days or Greater | ||
Loans receivable, net | ||
Loans receivable | ¥ 200,759 | ¥ 33,909 |
Prepayments, receivables, and o
Prepayments, receivables, and other current assets, net and other non-current assets, net - Prepayments, receivables and other current assets, net and non current assets, net table (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Prepayments, receivables and other current assets, net and other non-current assets net | |||
Deductible VAT-input | ¥ 1,553,800 | ¥ 1,871,768 | |
Prepayments for promotion and advertising expenses and other operation expenses | 371,149 | 175,267 | |
Advances to employees | 303,050 | 200,698 | |
Prepayments for insurance costs | 239,417 | 288,858 | |
Inventories, net | 197,957 | 261,550 | |
Rental deposits and other deposits, net | 189,840 | 346,032 | |
Payments to drivers and partners on behalf of end users | 148,971 | 157,653 | |
Short-term finance lease receivables, net | 44,020 | 91,067 | |
Interest receivables | 13,293 | 13,142 | |
Other current assets, net | 896,478 | 507,130 | |
Total | 3,957,975 | $ 621,093 | 3,913,165 |
Deductible VAT-input | 1,070,370 | ||
Rental deposits and other deposits, net-noncurrent portion | 203,154 | ||
Prepayments for long-term investments | 200,000 | 107,283 | |
Prepayments for purchase of property and equipment, net, and other non-current assets, net | 166,425 | 650,771 | |
Long-term finance lease receivables, net | 41,579 | 94,508 | |
Others | 17,942 | 32,361 | |
Total | ¥ 1,699,470 | $ 266,682 | ¥ 884,923 |
Prepayments, receivables and _3
Prepayments, receivables and other current assets, net and other non-current assets, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in the allowances for credit losses | ||
Balance at beginning of the year | ¥ (72,167) | ¥ (3,871) |
(Provision)/ Reversal | 12,757 | (73,004) |
Write-offs | 48,005 | 4,708 |
Balance at end of the year | (11,405) | (72,167) |
Cumulative Effect Period Of Adoption Adjusted Balance [Member] | ||
Movement in the allowances for credit losses | ||
Balance at beginning of the year | ¥ (72,167) | (3,871) |
Balance at end of the year | ¥ (72,167) |
Investment securities and oth_3
Investment securities and other investments - Summary of carrying values and fair values of the investment securities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | ¥ 31,863,695 | ¥ 4,502,053 | |
Gross Unrealized/ unrecognized holding Gains | 6,315,329 | 37,516 | |
Gross Unrealized/ unrecognized holding Losses | (19,116,829) | (285,567) | |
Foreign Currency Translation Adjustments | (427,702) | 6,562 | |
Equity securities and other investments | 18,634,493 | $ 2,924,159 | 4,260,564 |
Listed equity securities | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 7,661,212 | 814,452 | |
Gross Unrealized/ unrecognized holding Gains | 6,300,946 | 37,516 | |
Gross Unrealized/ unrecognized holding Losses | (394,796) | (285,567) | |
Foreign Currency Translation Adjustments | (224,416) | 6,562 | |
Equity securities and other investments | 13,342,946 | 572,963 | |
Investee A | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 600,000 | 600,000 | |
Gross Unrealized/ unrecognized holding Losses | (254,758) | (208,199) | |
Foreign Currency Translation Adjustments | 0 | ||
Equity securities and other investments | 345,242 | 391,801 | |
Investee B | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 6,751,890 | ||
Gross Unrealized/ unrecognized holding Gains | 5,573,162 | ||
Foreign Currency Translation Adjustments | (225,456) | ||
Equity securities and other investments | 12,099,596 | ||
Others. | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 309,322 | 214,452 | |
Gross Unrealized/ unrecognized holding Gains | 727,784 | 37,516 | |
Gross Unrealized/ unrecognized holding Losses | (140,038) | (77,368) | |
Foreign Currency Translation Adjustments | 1,040 | 6,562 | |
Equity securities and other investments | 898,108 | 181,162 | |
Debt investments | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 24,202,483 | 3,687,601 | |
Gross Unrealized/ unrecognized holding Gains | 14,383 | ||
Gross Unrealized/ unrecognized holding Losses | (18,722,033) | ||
Foreign Currency Translation Adjustments | (203,286) | ||
Equity securities and other investments | 5,291,547 | 3,687,601 | |
Convertible Note of Chengxin | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 19,563,591 | ||
Gross Unrealized/ unrecognized holding Losses | (18,691,719) | ||
Foreign Currency Translation Adjustments | (198,515) | ||
Equity securities and other investments | 673,357 | ||
Time deposits stated at amortized cost | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 3,722,640 | 3,510,822 | |
Foreign Currency Translation Adjustments | 0 | ||
Equity securities and other investments | 3,722,640 | 3,510,822 | |
Other debt investments stated at amortized cost | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 156,104 | 176,779 | |
Foreign Currency Translation Adjustments | 0 | ||
Equity securities and other investments | 156,104 | ¥ 176,779 | |
Other debt investments under fair value option | |||
Equity Securities And Other Investments [Line Items] | |||
Cost/Amortized cost | 760,148 | ||
Gross Unrealized/ unrecognized holding Gains | 14,383 | ||
Gross Unrealized/ unrecognized holding Losses | (30,314) | ||
Foreign Currency Translation Adjustments | (4,771) | ||
Equity securities and other investments | ¥ 739,446 |
Investment securities and oth_4
Investment securities and other investments - Summary of amortized cost of debt investments (Details) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Investment securities and other investments | |
Due in 1 year through 2 years - old | ¥ 2,932,717 |
Due in 2 years through 3 years - old | 789,615 |
Thereafter - old | 156,412 |
Total - old | ¥ 3,878,744 |
Long-term investments, net (Det
Long-term investments, net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Measurement Alternative method | ¥ 568,555 | ¥ 4,352,288 | |
Total | 4,614,724 | 7,105,022 | |
Impairment loss for equity investments accounted for using Measurement Alternative | 1,022,098 | ¥ 1,450,840 | |
Measurement Alternative method | |||
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Impairment loss for equity investments accounted for using Measurement Alternative | 0 | 1,022,098 | 1,450,840 |
Gain on sale of investments | 2,493,381 | 40,613 | ¥ 60,089 |
Investment in Investee B [Member] | |||
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Measurement Alternative method | 3,828,560 | ||
fair value of the investment | 12,099,596 | ||
Investment in Others [Member] | |||
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Measurement Alternative method | 568,555 | 523,728 | |
Equity investments accounted for using equity method | |||
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Equity method | 4,033,402 | ¥ 2,752,734 | |
Equity investments in Chengxin | |||
Equity Securities Without Readily Determinable Fair Value Annual Amount And Equity Method Investments [Line Items] | |||
Equity method | ¥ 12,767 |
Long term investments, net - Eq
Long term investments, net - Equity method (Details) ¥ in Thousands, ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021JPY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021JPY (¥) | |
Schedule of Equity Method Investments [Line Items] | |||||
Loss from equity method investments, excluding impairment | ¥ 211,559 | ¥ 977,552 | ¥ 685,903 | ||
Impairment losses from equity investments accounted for using equity method | 264,292 | ¥ 79,875 | ¥ 293,274 | ||
Disposal gains from equity investments accounted for using equity method | 756,301 | ||||
Didi Mobility Japan Corporation ("Didi Japan") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional investment made during period | 161,720 | ¥ 2,600,000 | |||
The fair value of the Investments | ¥ 433,950 | ¥ 6,950,000 |
Long-term investments, net - Su
Long-term investments, net - Summary of the condensed financial information of the Group's equity investment under equity method (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Net income (loss) | ¥ (49,334,578) | $ (7,741,671) | ¥ (10,607,538) | ¥ (9,733,041) | |
Current assets | 68,765,864 | 68,630,657 | $ 10,790,865 | ||
Non-current assets | 84,232,271 | 78,634,738 | 13,217,881 | ||
Current liabilities | 24,422,785 | 26,359,665 | 3,832,468 | ||
Non-current liabilities | 3,128,600 | 3,756,133 | 490,945 | ||
Convertible redeemable preferred shares and noncontrolling interests | ¥ 13,327,246 | 193,284,095 | $ 2,091,336 | ||
Various equity method investees | Minimum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Shareholding interests | 3.00% | 3.00% | |||
Various equity method investees | Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Shareholding interests | 5.00% | 5.00% | |||
Equity investments under equity method | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | ¥ 7,549,918 | 9,721,658 | 4,086,285 | ||
Gross profit (loss) | (4,257,022) | 3,819,309 | 913,899 | ||
Income (loss) from operations | (16,489,595) | 2,880,369 | (1,718,998) | ||
Net income (loss) | 1,999,569 | 2,881,779 | (1,622,043) | ||
Current assets | 54,810,598 | 14,591,256 | 9,930,387 | ||
Non-current assets | 17,656,885 | 16,999,044 | 10,596,081 | ||
Current liabilities | 31,611,814 | 2,158,751 | 2,736,257 | ||
Non-current liabilities | 5,536,458 | 6,696,509 | 5,335,743 | ||
Convertible redeemable preferred shares and noncontrolling interests | ¥ 7,160,924 | ¥ 2,703,764 | ¥ 1,536,299 |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Property and equipment, net | ||||
Total | ¥ 20,109,078 | ¥ 16,701,951 | ||
Less: Accumulated depreciation | (8,960,129) | (5,898,422) | ||
Less: Accumulated impairment loss | (3,148,731) | (1,043,811) | ||
Property, Plant and Equipment, Net | 8,000,218 | 9,759,718 | $ 1,255,409 | |
Depreciation expenses | 4,220,521 | 3,275,144 | ¥ 1,902,567 | |
Impairment losses for property and equipment | 2,247,738 | 855,988 | ¥ 125,134 | |
Bikes and e-bikes | ||||
Property and equipment, net | ||||
Total | 11,774,212 | 9,773,868 | ||
Impairment charge on bikes and e bikes | 2,164,409 | 751,065 | ||
Vehicles | ||||
Property and equipment, net | ||||
Total | 3,538,274 | 3,372,391 | ||
Computers and equipment | ||||
Property and equipment, net | ||||
Total | 3,723,744 | 2,603,896 | ||
Leasehold improvement | ||||
Property and equipment, net | ||||
Total | 644,251 | 522,789 | ||
Construction in progress | ||||
Property and equipment, net | ||||
Total | 393,540 | 386,590 | ||
Other | ||||
Property and equipment, net | ||||
Total | ¥ 35,057 | ¥ 42,417 |
Operating leases - Components o
Operating leases - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating leases | |||
Operating lease cost | ¥ 726,359 | ¥ 681,841 | ¥ 580,613 |
Short-term lease cost | 467,384 | 128,865 | 83,509 |
Variable lease cost | 121,353 | 80,015 | 89,284 |
Total lease cost | ¥ 1,315,096 | ¥ 890,721 | ¥ 753,406 |
Operating leases - Supplemental
Operating leases - Supplemental cash flows information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating leases | |||
Cash payments for operating leases | ¥ 761,352 | ¥ 707,140 | ¥ 584,660 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 910,144 | ¥ 1,158,347 | ¥ 349,432 |
Weighted average remaining lease term | 2 years 5 months 8 days | ||
Weighted average discount rate | 4.75% |
Operating leases - Maturities o
Operating leases - Maturities of lease liabilities (Details) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Operating leases | |
2022 | ¥ 583,947 |
2023 | 387,385 |
2024 | 164,561 |
2025 | 94,593 |
Thereafter | 15,590 |
Total undiscounted lease payments | 1,246,076 |
Less: imputed interest | (74,322) |
Total lease liabilities | ¥ 1,171,754 |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total | ¥ 14,301,780 | ¥ 14,300,919 | |
Less: accumulated amortization | (11,182,929) | (9,398,365) | |
Less: accumulated impairment loss | (287,270) | ||
Net book value | 2,831,581 | 4,902,554 | |
Indefinitelived intangible assets | |||
Total | 454,564 | 454,564 | |
Finite and indefinitelived intangible assets | 3,286,145 | $ 515,668 | 5,357,118 |
Noncompete agreements | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total | 7,183,773 | 7,183,773 | |
Trademarks, patents, software and others | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total | 5,268,168 | 5,250,164 | |
Customer lists | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total | 1,553,507 | 1,562,198 | |
Driver lists | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total | 296,332 | 304,784 | |
Online payment license | |||
Indefinitelived intangible assets | |||
Total | 398,085 | 398,085 | |
Others | |||
Indefinitelived intangible assets | |||
Total | ¥ 56,479 | ¥ 56,479 |
Intangible assets, net - amorti
Intangible assets, net - amortization expenses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization expenses | ¥ 1,824,762 | ¥ 1,993,945 | ¥ 2,109,121 | |
impairment loss | 288,221 | |||
2022 | 1,604,324 | |||
2023 | 987,341 | |||
2024 | 124,115 | |||
2025 | 44,898 | |||
Thereafter | 70,903 | |||
Total expected amortization expenses | ¥ 2,831,581 | ¥ 4,902,554 | ||
International | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
impairment loss | $ | $ 288,221 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Goodwill | ||||
Beginning balance | ¥ 49,124,172 | ¥ 50,163,242 | ¥ 50,255,028 | |
Less: accumulated impairment loss | (2,492,826) | |||
Foreign currency translation adjustments | (253,763) | (1,039,070) | (91,786) | |
Ending balance | 46,377,583 | $ 7,277,655 | 49,124,172 | 50,163,242 |
China Mobility | ||||
Goodwill | ||||
Beginning balance | 46,283,879 | 46,283,879 | 46,283,879 | |
Ending balance | 46,283,879 | 46,283,879 | 46,283,879 | |
International | ||||
Goodwill | ||||
Beginning balance | 2,746,589 | 3,785,659 | 3,877,445 | |
Less: accumulated impairment loss | (2,492,826) | |||
Foreign currency translation adjustments | (253,763) | (1,039,070) | (91,786) | |
Ending balance | 2,746,589 | 3,785,659 | ||
Other Initiatives | ||||
Goodwill | ||||
Beginning balance | 93,704 | 93,704 | 93,704 | |
Ending balance | ¥ 93,704 | ¥ 93,704 | ¥ 93,704 |
Goodwill - Narratives (Details)
Goodwill - Narratives (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Goodwill [Line Items] | ||||
Impairment of goodwill | ¥ 2,501,100,000 | ¥ 0 | ¥ 0 | |
Impairment of intangible assets (excluding goodwill) | 288,221,000 | |||
China Mobility | ||||
Goodwill [Line Items] | ||||
Impairment of goodwill | ¥ 0 | ¥ 0 | ||
Percentage of increasing the discount rate | 1.00% | 1.00% | ||
International | ||||
Goodwill [Line Items] | ||||
Impairment of goodwill | $ | $ 2,501,100 | |||
Impairment of intangible assets (excluding goodwill) | $ | $ 288,221 |
Borrowings (Details)
Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Borrowings | |||
Short-term borrowings | ¥ 6,838,328 | $ 1,073,083 | ¥ 5,826,562 |
Long-term borrowings | 1,681,370 | $ 263,844 | 1,453,222 |
Total | ¥ 8,519,698 | ¥ 7,279,784 |
Borrowings - Narratives (Detail
Borrowings - Narratives (Details) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022CNY (¥) | Dec. 31, 2021CNY (¥)item | Dec. 31, 2020CNY (¥) | Dec. 31, 2019 | |
Shortterm and Longterm borrowings | ||||
Unused credit limits | ¥ 10,520,636 | |||
Revolving credit facility agreement cancelled | ¥ 1,650,000 | |||
Outstanding borrowings balance | ¥ 585,814 | ¥ 1,084,920 | ||
Minimum | ||||
Shortterm and Longterm borrowings | ||||
Interest (as a percent) | 4.00% | |||
Maximum | ||||
Shortterm and Longterm borrowings | ||||
Interest (as a percent) | 7.00% | |||
Three one-year asset-backed securitized debts | ||||
Shortterm and Longterm borrowings | ||||
Number of debt agreements | item | 3 | |||
Term of borrowing (in year) | 1 year | |||
Asset-backed securitized debts issued, each | ¥ 1,275,000 | |||
Balance of ABSs | ¥ 629,013 | |||
Weighted average interest rate for shortterm borrowings | 3.00% | 3.00% | 4.00% | |
Several borrowing agreements with credit facilities | ||||
Shortterm and Longterm borrowings | ||||
Maximum borrowings | ¥ 11,616,192 | |||
Several borrowing agreements with credit facilities | Loan Prime Rate ("LPR") | Minimum | ||||
Shortterm and Longterm borrowings | ||||
Annual interest rate | 35.00% | |||
Several borrowing agreements with credit facilities | Loan Prime Rate ("LPR") | Maximum | ||||
Shortterm and Longterm borrowings | ||||
Annual interest rate | 75.00% |
Borrowings - Maturities (Detail
Borrowings - Maturities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings | ||
Within 1 year | ¥ 6,838,328 | ¥ 5,826,562 |
Between 1 to 2 years | 1,567,890 | 799,840 |
Between 2 to 3 years | 113,480 | 653,382 |
Total | ¥ 8,519,698 | ¥ 7,279,784 |
Accounts and notes payable (Det
Accounts and notes payable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accounts and notes payable | |||
Payables related to service fees and incentives to drivers | ¥ 3,306,362 | ¥ 4,487,439 | |
Payables related to driver management fees | 157,421 | 185,207 | |
Other accounts payable | 439,707 | 556,063 | |
Notes payable | 721,463 | 2,124,268 | |
Total | ¥ 4,624,953 | $ 725,756 | ¥ 7,352,977 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accrued expenses and other current liabilities | |||
Employee compensation and welfare payable | ¥ 2,253,437 | ¥ 1,977,077 | |
Payables to merchants and other partners | 1,664,684 | 1,732,060 | |
Tax payable | 1,645,335 | 497,297 | |
Deposits | 1,422,300 | 1,376,384 | |
Payables and accruals for other cost and expenses | 1,331,785 | 1,470,755 | |
Payables related to service fees | 883,770 | 626,934 | |
Payables related to market and promotion expenses | 842,558 | 1,655,578 | |
Payables related to property and equipment | 358,464 | 535,413 | |
Payables related to warehouse rental and delivery cost | 15,292 | 436,026 | |
Others | 1,229,597 | 996,436 | |
Total | ¥ 11,647,222 | $ 1,827,703 | ¥ 11,303,960 |
Segment reporting (Details)
Segment reporting (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Revenues: | ||||
Number of Operating Segments | segment | 3 | 3 | ||
Total segment revenues | ¥ 173,827,382 | $ 27,277,309 | ¥ 141,736,152 | ¥ 154,786,128 |
Adjusted EBITA: | ||||
Total Adjusted EBITA | (19,173,080) | (8,380,705) | (2,764,240) | |
Sharebased compensation expenses | (24,654,583) | (3,868,842) | (3,413,292) | (3,140,016) |
Amortization of intangible assets | (1,824,762) | (1,993,945) | (2,109,121) | |
Impairment of goodwill and intangible assets | (2,789,321) | (437,705) | ||
Loss from operations | (48,441,746) | $ (7,601,567) | (13,787,942) | (8,013,377) |
Amortization expenses in connection with business combinations | 1,799,508 | 1,977,400 | 2,093,941 | |
China Mobility | ||||
Revenues: | ||||
Total segment revenues | 160,520,747 | 133,645,113 | 147,939,618 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | 6,129,122 | 3,959,902 | 3,844,176 | |
International | ||||
Revenues: | ||||
Total segment revenues | 3,622,366 | 2,333,113 | 1,974,723 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | (5,787,976) | (3,533,836) | (3,152,253) | |
Other Initiatives | ||||
Revenues: | ||||
Total segment revenues | 9,684,269 | 5,757,926 | 4,871,787 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | ¥ (19,514,226) | ¥ (8,806,771) | ¥ (3,456,163) |
Segment reporting - Depreciatio
Segment reporting - Depreciation expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | ¥ 4,220,521 | ¥ 3,275,144 | ¥ 1,902,567 |
China Mobility | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | 306,382 | 260,179 | 300,781 |
International | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | 124,633 | 63,025 | 65,260 |
Other Initiatives | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | ¥ 3,789,506 | ¥ 2,951,940 | ¥ 1,536,526 |
Income taxes - Hong Kong, PRC,
Income taxes - Hong Kong, PRC, Withholding tax on undistributed dividends (Details) | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | |
Income Tax Disclosure [Line Items] | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | |
Preferential tax rate | 15.00% | |||
Effective period of preferential tax treatment | 3 years | |||
Percentage of R&D deduction entitled by enterprises engaging in research and development activities | 150.00% | |||
Percentage of withholding tax rate | 10.00% | |||
Forecast | ||||
Income Tax Disclosure [Line Items] | ||||
Percentage of R&D deduction entitled by enterprises engaging in research and development activities within limited time | 175.00% | |||
Hong Kong | ||||
Income Tax Disclosure [Line Items] | ||||
Tax rate | 16.50% |
Income taxes - Summary of incom
Income taxes - Summary of income (loss) before income taxes, income tax expenses (benefits) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||||
Income (loss) from overseas entities | ¥ (7,665,988) | ¥ 3,020,403 | ¥ (4,172,691) | |
Loss from PRC entities | (41,502,270) | (13,931,143) | (5,908,358) | |
Loss before income taxes | (49,168,258) | $ (7,715,572) | (10,910,740) | (10,081,049) |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Current income tax expenses | 557,797 | 170,502 | 145,235 | |
Deferred tax benefits | (391,477) | (61,431) | (473,704) | (493,243) |
Total income tax expenses (benefits) | ¥ 166,320 | $ 26,099 | ¥ (303,202) | ¥ (348,008) |
Income taxes - Summary of effec
Income taxes - Summary of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% |
Tax effect of preferential tax treatments | (0.38%) | (2.53%) | (1.31%) |
Tax effect of permanent difference | (15.54%) | (9.03%) | (5.53%) |
Effect on tax rates in different tax jurisdiction | (0.50%) | 5.18% | (7.30%) |
Changes in valuation allowance and others | (8.92%) | (15.84%) | (7.41%) |
Effective tax rate | (0.34%) | 2.78% | 3.45% |
Income taxes - Summary of defer
Income taxes - Summary of deferred tax balances (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Tax losses carryforwards | ¥ 8,528,736 | ¥ 4,993,187 |
Advertising expenses in excess of deduct limit | 1,830,543 | 1,045,473 |
Asset impairment and allowances for credit losses | 1,575,404 | 749,373 |
Accrued expenses and others | 1,732,080 | 2,176,173 |
Total deferred tax assets | 13,666,763 | 8,964,206 |
Less: valuation allowance | (13,065,611) | (8,019,931) |
Deferred tax assets, net | 601,152 | 944,275 |
Deferred tax liabilities | ||
Amortization expense of intangible assets | 659,926 | 1,314,213 |
Depreciation expense of property and equipment, and others | 202,513 | 282,826 |
Deferred tax liabilities | ¥ 862,439 | ¥ 1,597,039 |
Income taxes - Accumulated tax
Income taxes - Accumulated tax losses carryforwards (Details) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Domestic | |
Operating Loss Carryforwards [Line Items] | |
Accumulated tax losses carryforwards | ¥ 34,586,000 |
Brazil | |
Operating Loss Carryforwards [Line Items] | |
Accumulated tax losses carryforwards | ¥ 3,340,229 |
Incomes taxes - Future expirati
Incomes taxes - Future expirations (Details) - Domestic Tax Authority [Member] ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Loss expiring in 2022 | ¥ 1,266,874 |
Loss expiring in 2023 | 2,217,239 |
Loss expiring in 2024 | 1,636,420 |
Loss expiring in 2025 | 7,707,475 |
Loss expiring in 2026 and thereafter | 21,757,992 |
Total | ¥ 34,586,000 |
Incomes taxes - Classification
Incomes taxes - Classification in the consolidated balance sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Income taxes | |||
Deferred tax assets, net | ¥ 224,491 | $ 35,228 | ¥ 190,951 |
Deferred tax liabilities | ¥ 485,778 | $ 76,229 | ¥ 843,715 |
Share based compensation - Summ
Share based compensation - Summary of the Group's share based compensation expense (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | ¥ 1,235,497,000 | ¥ 24,833,089,000 | ¥ 3,413,292,000 | ¥ 3,140,016,000 | |
Total share-based compensation expense | 24,654,583,000 | $ 3,868,842 | 3,413,292,000 | 3,140,016,000 | |
Employees of an equity investee | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | ¥ 178,506,000 | ||||
Increase in the relative ownership percentage of the investee after granting stock-based awards | 0.00% | 0.00% | |||
Proportionate funding by other investors after granting stock-based awards | ¥ 0 | ||||
Operations and support | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | 193,552,000 | 80,139,000 | 85,083,000 | ||
Sales and marketing expenses | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | 326,332,000 | 210,513,000 | 196,042,000 | ||
Research and development | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | 2,258,705,000 | 777,888,000 | 678,268,000 | ||
General and administrative | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | 21,875,994,000 | ¥ 2,344,752,000 | ¥ 2,180,623,000 | ||
Investment income (loss), net | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share-based compensation expense | ¥ 178,506,000 |
Share based compensation - Shar
Share based compensation - Share incentive plan, modification (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Apr. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 88,434,809 | 12,981,876 | 27,021,656 | |||
Share-based compensation expense | ¥ 1,235,497 | ¥ 24,833,089 | ¥ 3,413,292 | ¥ 3,140,016 | ||
Number of original options affected by modification of award | 1,020,551 | 20,280,382 | 16,279,092 | |||
Number of new options issued in connection with modification of award | 688,826 | 25,905,827 | 11,131,297 | |||
Incremental costs on modification of terms of awards | ¥ 5,678 | ¥ 98,153 | ¥ 294,247 | |||
The 2017 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 195,127,549 | |||||
Contractual term of share-based awards | P10Y | P7Y | ||||
Vesting period of share-based awards | 4 years | |||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 15.00% | |||||
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date | 25.00% | |||||
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date | 25.00% | |||||
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date | 35.00% | |||||
The 2017 Plan | Directors and executive officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 66,711,066 | |||||
The 2017 Plan | Certain senior management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 63,501,066 | |||||
Share-based compensation expense | ¥ 19,572,000 | |||||
The 2021 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 116,906,908 | |||||
Contractual term of share-based awards | P10Y | P7Y | ||||
Vesting period of share-based awards | 4 years | |||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 15.00% | |||||
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date | 25.00% | |||||
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date | 25.00% | |||||
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date | 35.00% |
Share based compensation - Su_2
Share based compensation - Summary of share options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options | ||||
Outstanding, beginning balance | 46,798,243 | 58,401,190 | 41,743,856 | |
Granted | 88,434,809 | 12,981,876 | 27,021,656 | |
Modification | (331,725) | 5,625,445 | (5,147,795) | |
Exercise of share options with shares issued to trusts | (68,616,887) | (13,379,655) | ||
Exercise of share options | (9,640,697) | (12,526,172) | ||
Forfeited/canceled | (4,067,894) | (4,304,441) | (5,216,527) | |
Outstanding, ending balance | 52,575,849 | 46,798,243 | 58,401,190 | 41,743,856 |
Exercisable | 32,195,548 | |||
Vested and Expected to Vest | 47,122,860 | |||
Weighted Average Exercise Price | ||||
Outstanding, beginning balance | $ 6.04 | $ 5.45 | $ 12.28 | |
Granted | 0.0001823 | 0.62 | 2.79 | |
Modification | 0.0001823 | 11.80 | 0.0001823 | |
Exercise of share options with shares issued to trusts | 0.0001823 | 11.80 | ||
Exercise of share options | 0.0001823 | 11.80 | ||
Forfeited/canceled | 2.44 | 5.86 | 13.99 | |
Outstanding, ending balance | 4.90 | $ 6.04 | $ 5.45 | $ 12.28 |
Exercisable | 7.07 | |||
Vested and Expected to Vest | $ 5.40 | |||
Weighted Average Remaining Contractual Life | 3 years 4 months 24 days | 3 years 8 months 26 days | 4 years 6 months 14 days | 4 years 9 months 21 days |
Weighted Average Remaining Contractual Life, Exercisable | 1 year 10 months 24 days | |||
Weighted Average Remaining Contractual Life, Vested and Expected to Vest | 3 years 1 month 2 days | |||
Aggregate Intrinsic Value, Options, Outstanding | $ 789,898 | $ 1,686,640 | $ 2,010,425 | $ 1,052,084 |
Aggregate Intrinsic Value, Options, exercised with shares issued to trusts | 1,366,836 | 405,191 | ||
Aggregate Intrinsic Value, Options, exercised excluding shares issued to trusts | 192,041 | $ 379,344 | ||
Aggregate Intrinsic Value, Options, Exercisable | 413,555 | |||
Aggregate Intrinsic Value, Options, Vested and Expected to Vest | $ 684,439 | |||
Weighted Average Grant Date Fair Value | ||||
Outstanding, beginning balance | $ 26.16 | $ 27.59 | $ 16.95 | |
Granted | 47.47 | 38.30 | 35.69 | |
Modification | 47.71 | 28.45 | 39.87 | |
Exercise of share options with shares issued to trusts | 47.71 | 28.45 | ||
Exercise of share options | 47.71 | 28.45 | ||
Forfeited/canceled | 41.29 | 34.20 | 25.36 | |
Outstanding, ending balance | 30.18 | $ 26.16 | $ 27.59 | $ 16.95 |
Exercisable | 22.80 | |||
Vested and Expected to Vest | $ 28.69 |
Share based compensation - pric
Share based compensation - pricing assumptions (Details) - Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 7 years | 7 years | 7 years |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of ordinary shares (US$) | $ 30.32 | $ 37.65 | $ 37.48 |
Expected volatility | 33.60% | 31.00% | 32.80% |
Risk free interest rate (per annum) | 0.94% | 1.16% | 1.60% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of ordinary shares (US$) | $ 65.60 | $ 42.08 | $ 39.87 |
Expected volatility | 37.80% | 34.80% | 35.00% |
Risk free interest rate (per annum) | 1.26% | 1.69% | 2.40% |
Share based compensation - Su_3
Share based compensation - Summary of activities of restricted shares and RSUs (Details) - Restricted shares and RSUs - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||||
Unvested, beginning balance | 18,762,437 | 7,726,671 | 11,927,116 | |
Granted | 3,137,540 | 1,249,178 | 1,886,042 | |
Vested | (64,990,673) | (1,802,889) | (4,775,362) | |
Exercise of share options with shares issued to trusts | 68,616,887 | 13,379,655 | ||
Forfeited/canceled | (2,248,496) | (1,790,178) | (1,311,125) | |
Unvested, ending balance | 23,277,695 | 18,762,437 | 7,726,671 | 11,927,116 |
Expected to vest, Number of Shares | 18,243,800 | |||
Weighted Average Grant Date Fair Value | ||||
Unvested, beginning balance | $ 38.60 | $ 36.64 | $ 32.63 | |
Granted | 48.47 | 38.74 | 38.10 | |
Vested | 45.36 | 39.14 | 26.67 | |
Exercise of share options with shares issued to trusts | 47.71 | 39.87 | ||
Forfeited/canceled | 48.40 | 39.05 | 38.41 | |
Unvested, ending balance | 41.21 | $ 38.60 | $ 36.64 | $ 32.63 |
Expected to vest, Weighted Average Grant Date | $ 39.94 | |||
Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 5 years 4 months 21 days | 4 years 7 months 6 days | 4 years 9 months 25 days | 4 years 9 months 14 days |
Expected to vest, Weighted Average Remaining Contractual | 5 years 2 months 6 days |
Share based compensation - Rest
Share based compensation - Restricted shares and RSUs (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 24,833,089 | ¥ 3,413,292 | ¥ 3,140,016 |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | ¥ 2,361,592 | |||
Period for which unrecognized compensation expenses expected to be recognized | 2 years 10 months 17 days | |||
Restricted shares and RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | ¥ 2,374,164 | |||
Period for which unrecognized compensation expenses expected to be recognized | 2 years 9 months 21 days |
Share based compensation - Voya
Share based compensation - Voyager's share based awards (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 24,833,089 | ¥ 3,413,292 | ¥ 3,140,016 |
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 16,666,667 | |||
Share-based compensation expense | ¥ 221,178 | |||
Contractual term of share-based awards | P7Y | |||
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | Vesting Scenario One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of share-based awards | 4 years | |||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 25.00% | |||
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date | 25.00% | |||
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | Vesting Scenario Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of share-based awards | 5 years | |||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 20.00% | |||
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date | 20.00% |
Convertible redeemable non-co_3
Convertible redeemable non-controlling interests and convertible non-controlling interests (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Convertible redeemable noncontrolling interests, beginning balance | ¥ 3,345,265 | |||
Issuance of convertible redeemable non-controlling interests, net of issuance costs | 8,225,007 | ¥ 3,180,218 | ||
Accretion of convertible redeemable non controlling interests to redemption value | 687,617 | 165,047 | ||
Convertible redeemable noncontrolling interests, ending balance | 12,257,889 | $ 1,923,530 | 3,345,265 | |
Convertible noncontrolling interests, beginning balance | 99,851 | |||
Issuance of convertible non-controlling interests, net of issuance costs | 969,506 | 99,851 | ||
Convertible noncontrolling interests, ending balance | ¥ 1,069,357 | 167,806 | ¥ 99,851 | |
Soda Technology Inc. ("Soda") | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | 1,264,000 | $ 1,264,000 | ||
Voyager Group Inc. ("Voyager") | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | 825,000 | $ 825,000 | ||
City Puzzle Holding Limited ("City Puzzle") | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | $ 1,340,000 |
Convertible preferred shares (D
Convertible preferred shares (Details) ¥ in Thousands | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 17 Months Ended | 29 Months Ended | |||||||||||||||
May 31, 2015$ / shares | Feb. 28, 2015$ / shares | Jul. 31, 2014$ / shares | Apr. 30, 2014$ / shares | Jan. 31, 2014$ / shares | May 31, 2013$ / shares | Apr. 30, 2013$ / shares | Mar. 31, 2013$ / shares | Jan. 31, 2015$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Oct. 31, 2017$ / shares | Aug. 31, 2017$ / shares | Aug. 31, 2019$ / shares | Jun. 30, 2021shares | ||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Total number of shares issued | 816,245,752 | 816,245,752 | 816,287,809 | 816,287,809 | 805,979,968 | |||||||||||||||||
Non-cumulative dividends rate | 8.00% | |||||||||||||||||||||
Dividends on preferred shares declared | $ / shares | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Dividends on ordinary shares declared | $ / shares | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Beneficial conversion feature attributable to the preferred shares | ¥ | ¥ 0 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 816,245,752 | 816,287,809 | 805,979,968 | |||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 189,838,979 | ¥ 189,847,244 | ¥ 186,278,055 | |||||||||||||||||||
Conversion of preferred shares to ordinary shares (in shares) | (816,245,752) | |||||||||||||||||||||
Conversion of preferred shares to ordinary shares | ¥ | ¥ (189,838,979) | |||||||||||||||||||||
Balance, end of year (in shares) | 816,245,752 | 816,287,809 | 805,979,968 | |||||||||||||||||||
Balance, end of year | ¥ | ¥ 189,838,979 | ¥ 189,847,244 | ¥ 186,278,055 | |||||||||||||||||||
Deemed dividend resulting from repurchases of preferred shares | ¥ | ¥ 0 | ¥ 872 | ||||||||||||||||||||
Ordinary shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Voting right for each share | 1 | |||||||||||||||||||||
Series A-1 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 11.3970 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 12,180,250 | 12,180,250 | 12,180,250 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 140.00% | 140.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 12,180,250 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 851,990 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 12,180,250 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 851,990 | |||||||||||||||||||||
Series A-2 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 11.4423 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 9,145,501 | 9,145,501 | 9,145,501 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 140.00% | 140.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 9,145,501 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 641,634 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 9,145,501 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 641,634 | |||||||||||||||||||||
Series A-3 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 11.4423 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 10,668,684 | 10,668,684 | 10,668,684 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 140.00% | 140.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 10,668,684 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 748,498 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 10,668,684 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 748,498 | |||||||||||||||||||||
Series A-4 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 11.6866 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 31,230,930 | 31,230,930 | 33,711,135 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 31,230,930 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 2,237,896 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 31,230,930 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 2,237,896 | |||||||||||||||||||||
Series A-5 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 12.0325 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 21,161,516 | 21,161,516 | 21,161,516 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 21,161,516 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,561,239 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 21,161,516 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,561,239 | |||||||||||||||||||||
Series A-6 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | February 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 12.7193 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 37,347,909 | 37,347,909 | 41,028,543 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 37,347,909 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 2,912,703 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 37,347,909 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 2,912,703 | |||||||||||||||||||||
Series A-7 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | March 2013 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 0.0080 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 20,000,000 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,399,356 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 20,000,000 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,399,356 | |||||||||||||||||||||
Series A-8 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | April 2013 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 0.1600 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 17,379,861 | 17,379,861 | 12,500,000 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 17,379,861 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,216,500 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 17,379,861 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,216,500 | |||||||||||||||||||||
Series A-9 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | May 2013 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 0.9600 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 4,868,156 | 4,868,156 | 3,125,000 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 4,868,156 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 340,933 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 4,868,156 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 340,933 | |||||||||||||||||||||
Series A-10 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | May 2013 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 0.9600 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 24,340,774 | 24,340,774 | 15,625,000 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 24,340,774 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,710,976 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 24,340,774 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,710,976 | |||||||||||||||||||||
Series A-11 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | January 2014 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 2.9160 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 24,857,612 | 24,857,612 | 21,654,327 | [1] | ||||||||||||||||
Shares issued upon the exercise of the warrant | 4,507,550 | |||||||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 24,857,612 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 2,749,110 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 24,857,612 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 2,749,110 | |||||||||||||||||||||
Series A-12 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | January 2014 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 3.2400 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 12,785,758 | 12,785,758 | 10,956,791 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 12,785,758 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 907,676 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 12,785,758 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 907,676 | |||||||||||||||||||||
Series A-13 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | April 2014 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 3.8250 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 20,915,034 | 20,915,034 | 20,915,034 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 20,915,034 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,506,907 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 20,915,034 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,506,907 | |||||||||||||||||||||
Series A-14 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | July 2014 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 7.3125 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 17,777,778 | 17,777,778 | 17,777,778 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 17,777,778 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,316,637 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 17,777,778 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,316,637 | |||||||||||||||||||||
Series A-15 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | December 2014 to January 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 12.2727 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 50,668,208 | 50,668,208 | 54,592,596 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 50,668,208 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 3,876,873 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 50,668,208 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 3,876,873 | |||||||||||||||||||||
Series A-16 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | May 2015 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 18.9705 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 12,756,674 | 12,756,674 | 12,756,674 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares | 75.00% | 75.00% | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 12,756,674 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 1,476,708 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 12,756,674 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 1,476,708 | |||||||||||||||||||||
Series A-17 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | July 2015 to March 2016 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 27.4262 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 105,526,193 | 105,526,193 | 116,312,175 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 0 | 0 | ||||||||||||||||||||
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares | 75.00% | 75.00% | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 105,526,193 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 18,054,207 | |||||||||||||||||||||
Repurchase of convertible preferred shares (in shares) | (29,842) | |||||||||||||||||||||
Repurchase of convertible preferred shares | ¥ | ¥ (5,198) | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 105,526,193 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 18,054,207 | |||||||||||||||||||||
Series A-18 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | April 2016 to August 2017 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 38.2271 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 111,420,744 | 111,420,744 | 111,432,959 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares | 75.00% | 75.00% | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 111,420,744 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 27,795,281 | |||||||||||||||||||||
Repurchase of convertible preferred shares (in shares) | (12,215) | |||||||||||||||||||||
Repurchase of convertible preferred shares | ¥ | ¥ (3,067) | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 111,420,744 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 27,795,281 | |||||||||||||||||||||
Series B-1 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | August 2016 to October 2017 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 119.0705 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 58,530,879 | 58,530,879 | 58,530,879 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 3 | 3 | ||||||||||||||||||||
Conversion ratio in event of extraordinary corporate transaction | 3 | 3 | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Voting right for each share | 0.33 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 58,530,879 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 46,190,436 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 58,530,879 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 46,190,436 | |||||||||||||||||||||
Series B-2 convertible preferred shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Issuance date | April 2017 to August 2019 | |||||||||||||||||||||
Issuance price per share | $ / shares | $ 50.9321 | |||||||||||||||||||||
Total number of shares issued | 0 | 0 | 212,683,291 | 212,683,291 | 212,683,291 | |||||||||||||||||
Conversion ratio of preferred shares to ordinary shares | 1 | 1 | ||||||||||||||||||||
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares | 75.00% | 75.00% | ||||||||||||||||||||
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation | 100.00% | 100.00% | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Balance, beginning of year (in shares) | 212,683,291 | |||||||||||||||||||||
Balance, beginning of year | ¥ | ¥ 72,343,419 | |||||||||||||||||||||
Issuance of convertible preferred shares, net of issuance costs (in shares) | 10,307,841 | |||||||||||||||||||||
Issuance of convertible preferred shares, net of issuance costs | ¥ | ¥ 3,569,189 | |||||||||||||||||||||
Balance, end of year (in shares) | 0 | 212,683,291 | ||||||||||||||||||||
Balance, end of year | ¥ | ¥ 72,343,419 | |||||||||||||||||||||
[1] | Including 4,507,550 Series A-11 preferred shares legally issued in 2018 upon the exercise of the warrant. |
Ordinary shares (Details)
Ordinary shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2021CNY (¥)shares | Jul. 31, 2021USD ($)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Class of Stock [Line Items] | |||||
Authorized share capital | $ | $ 100,000 | ||||
Common stock, shares authorized | 5,000,000,000 | 1,617,583,821 | |||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||
Number of Class A ordinary shares issuable in conversion | 1 | ||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ | ¥ 28,033,106 | ||||
Common stock, shares issued | 1,205,810,369 | 124,067,444 | |||
Common stock, shares outstanding | 1,182,633,848 | 108,531,508 | |||
Class A ordinary shares | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 4,000,000,000 | 0 | |||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||
Common Stock, Number Of Votes Per Share | Vote | 1 | ||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | $ | $ 4,331,978 | ||||
Common stock, shares issued | 1,088,474,533 | 0 | |||
Common stock, shares outstanding | 1,074,091,492 | 0 | |||
Class B ordinary Shares | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 500,000,000 | 0 | |||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||
Common Stock, Number Of Votes Per Share | Vote | 10 | ||||
Common stock, shares issued | 117,335,836 | 0 | |||
Common stock, shares outstanding | 108,542,356 | 0 | |||
Ordinary shares, class not yet designated | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 500,000,000 | ||||
Common stock, par value | $ / shares | $ 0.00002 | ||||
Ordinary Shares | |||||
Class of Stock [Line Items] | |||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | 79,200,000 | ||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ | ¥ 10 | ||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | 933,307,510 | ||||
Ordinary Shares | Class A ordinary shares | IPO | |||||
Class of Stock [Line Items] | |||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | 79,200,000 | 79,200,000 | |||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ | ¥ 28,033,106 | ||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | 933,307,510 | 933,307,510 |
Loss per share (Details)
Loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to DiDi Global Inc. | ¥ (49,343,664) | $ (7,743,097) | ¥ (10,514,498) | ¥ (9,728,459) |
Accretion of convertible redeemable noncontrolling interests to redemption value | (687,617) | (107,902) | (165,047) | |
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | ¥ | 0 | (872) | ||
Net loss attributable to ordinary shareholders of DiDi Global Inc. | ¥ (50,031,281) | $ (7,850,999) | ¥ (10,680,417) | ¥ (9,728,459) |
Denominator: | ||||
Weighted average number of Class A and Class B ordinary shares outstanding* | 657,996,437 | 657,996,437 | 106,694,420 | 100,684,581 |
Net loss per share attributable to ordinary shareholders | ||||
- Basic | (per share) | ¥ (76.04) | $ (11.93) | ¥ (100.10) | ¥ (96.62) |
- Diluted | (per share) | ¥ (76.04) | $ (11.93) | ¥ (100.10) | ¥ (96.62) |
Share Options, Share options, restricted shares and RSUs | ||||
Net loss per share attributable to ordinary shareholders | ||||
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share | 68,967,807 | 68,967,807 | 34,318,101 | 22,825,892 |
Preferred shares | ||||
Net loss per share attributable to ordinary shareholders | ||||
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share | 467,932,258 | 467,932,258 | 933,318,197 | 927,108,381 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019 | Dec. 31, 2021USD ($) | |
Related party transactions | ||||
Amounts due to related to services | ¥ 249,402 | ¥ 281,873 | $ 39,137 | |
Aggregate balance of unsecured loans to directors and executive officers | ¥ 0 | 65,306 | ||
Commercial Arrangements [Member] | ||||
Related party transactions | ||||
Number of shareholders | 2 | |||
Alibaba Group | ||||
Related party transactions | ||||
Amounts due from related to services | ¥ 66,641 | 26,857 | ||
Amounts due to related to services | ¥ 140,557 | ¥ 278,178 | ||
Alibaba Group | Maximum | ||||
Related party transactions | ||||
Percentage of revenues generated from | 0.20% | 0.20% | 0.20% | |
Percentage of total costs and expenses | 0.30% | 0.30% | 0.30% | |
Tencent Group | ||||
Related party transactions | ||||
Amounts due from related to services | ¥ 66,641 | ¥ 26,857 | ||
Amounts due to related to services | ¥ 140,557 | ¥ 278,178 | ||
Tencent Group | Maximum | ||||
Related party transactions | ||||
Percentage of revenues generated from | 0.10% | 0.10% | 0.10% | |
Percentage of total costs and expenses | 0.70% | 0.70% | 0.70% | |
Chengxin | ||||
Related party transactions | ||||
Amounts due from related to services | ¥ 7,363 | |||
Revenues generated from intra-city freight and ride hailing and enterprise solution services provided to Chengxin | 277,350 | |||
Chengxin | Commercial Arrangements [Member] | ||||
Related party transactions | ||||
Amounts due from related to services | 10,750 | |||
Amounts due to related to services | ¥ 87,961 | |||
Other investees | Maximum | ||||
Related party transactions | ||||
Percentage of revenues generated from | 0.20% | 0.20% | 0.20% | |
Percentage of total costs and expenses | 0.10% | 0.10% | 0.10% |
Commitments and contingencies_2
Commitments and contingencies (Details) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Operating lease commitments | |
Total | ¥ 42,264 |
Less than 1 year | 15,347 |
1-3 Years | 23,451 |
3-5 years | 3,182 |
Over 5 years | ¥ 284 |
Operating lease | Minimum | |
Operating lease commitments | |
Lease terms | 1 year |
Operating lease | Maximum | |
Operating lease commitments | |
Lease terms | 6 years |
Investment | |
Operating lease commitments | |
Total | ¥ 24,534 |
Fair value measurement - Summar
Fair value measurement - Summary of the financial instruments measured by level within the fair value hierarchy (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ¥ 14,773,138 | ¥ 4,161,133 |
Structured deposits under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,588,170 | |
Listed equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 572,963 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 451,679 | 572,963 |
Level 1 | Listed equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 572,963 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,635,335 | 3,588,170 |
Level 2 | Structured deposits under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ¥ 3,588,170 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 686,124 | |
Recurring | Structured deposits under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 4,622 | |
Recurring | Listed equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,342,946 | |
Recurring | Equity investments in Chengxin | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 12,767 | |
Recurring | Convertible Note of Chengxin | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 673,357 | |
Recurring | Other debt investments under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 739,446 | |
Recurring | Level 1 | Listed equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 451,679 | |
Recurring | Level 2 | Structured deposits under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 4,622 | |
Recurring | Level 2 | Listed equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 12,891,267 | |
Recurring | Level 2 | Other debt investments under fair value option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 739,446 | |
Recurring | Level 3 | Equity investments in Chengxin | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 12,767 | |
Recurring | Level 3 | Convertible Note of Chengxin | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ¥ 673,357 |
Fair value measurement - Invest
Fair value measurement - Investments in Chengxin (Details) | Dec. 31, 2021 | Mar. 31, 2021 |
Discount for Lack of Marketability | Level 3 | Equity investments in Chengxin | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 12 | |
Volatility | Level 3 | Equity investments in Chengxin | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 55 | |
Time to liquidity | Level 3 | Equity investments in Chengxin | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 5 | |
Discount rate | Level 3 | Scenario I [Member] | Investments in Chengxin | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 22 | |
Discount rate | Level 3 | Scenario II [Member] | Investments in Chengxin | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 20 | |
Recurring | Discount for Lack of Marketability | Convertible Note of Chengxin | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 25 |
Fair value measurement - Non-re
Fair value measurement - Non-recurring (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥)shares | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impariment charges for equity investments without readily determinable fair value | ¥ 1,022,098,000 | ¥ 1,450,840,000 | |
Impairment losses from equity investments accounted for using equity method | ¥ 264,292,000 | 79,875,000 | ¥ 293,274,000 |
Warrants outstanding | shares | 0 | ||
Impairment loss on the long-lived assets | 2,247,738,000 | 855,988,000 | ¥ 125,134,000 |
Impairment of goodwill | 2,501,100,000 | 0 | 0 |
Nonrecurring | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impariment charges for equity investments without readily determinable fair value | 0 | 1,022,098,000 | 1,450,840,000 |
Impairment losses from equity investments accounted for using equity method | 264,292,000 | 79,875,000 | 293,274,000 |
Impairment loss on the long-lived assets | ¥ 2,535,959,000 | ¥ 891,180,000 | ¥ 125,134,000 |
Value of input used to measure goodwill | 16 | ||
Impairment of goodwill | ¥ 2,501,100,000 | ||
Nonrecurring | Level 3 | Privately held investments | Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 19 | ||
Nonrecurring | Level 3 | Privately held investments | Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 20 |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Restricted net assets | |
Minimum of percentage to allocate after-tax profit | 10.00% |
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund | 50.00% |
Net assets subject to restriction on the distribution of share capital | ¥ 16,900,585 |
Parent company condensed financ
Parent company condensed financial information - Condensed balance sheets of the parent company (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 43,429,717 | $ 6,815,070 | ¥ 19,372,084 | $ 3,039,903 | ¥ 12,790,790 | ¥ 14,462,888 |
Amounts due from related parties | 115,239 | 18,084 | 103,130 | |||
Prepayments, receivables and other current assets, net | 3,957,975 | 621,093 | 3,913,165 | |||
Total current assets | 68,765,864 | 10,790,865 | 68,630,657 | |||
Non current assets: | ||||||
Investment securities and other investments | 18,634,493 | 2,924,159 | 4,260,564 | |||
Total non-current assets | 84,232,271 | 13,217,881 | 78,634,738 | |||
Total assets | 152,998,135 | 24,008,746 | 147,265,395 | |||
Current liabilities: | ||||||
Accounts and notes payable | 4,624,953 | 725,756 | 7,352,977 | |||
Accrued expenses and other current liabilities | 11,647,222 | 1,827,703 | 11,303,960 | |||
Total current liabilities | 24,422,785 | 3,832,468 | 26,359,665 | |||
Total liabilities | 27,551,385 | 4,323,413 | 30,115,798 | |||
Mezzanine equity | ||||||
Total mezzanine equity | 189,838,979 | ¥ 189,847,244 | ¥ 186,278,055 | |||
DiDi Global Inc. shareholders' equity (deficit): | ||||||
Ordinary shares | 16 | |||||
Treasury shares | (3) | (2) | ||||
Additional paid-in capital | 251,384,835 | 39,447,766 | 12,177,849 | |||
Accumulated deficit | (135,766,257) | (21,304,688) | (86,411,179) | |||
Accumulated other comprehensive loss | (3,599,745) | (564,879) | (2,001,200) | |||
Total shareholder's equity (deficit) | 112,046,903 | 17,582,604 | (76,218,013) | |||
Total liabilities, mezzanine equity and shareholders' equity (deficit) | ¥ 152,998,135 | $ 24,008,746 | ¥ 147,265,395 | |||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||
Common stock, shares authorized | shares | 5,000,000,000 | 5,000,000,000 | 1,617,583,821 | 1,617,583,821 | ||
Common stock, shares issued | shares | 1,205,810,369 | 1,205,810,369 | 124,067,444 | 124,067,444 | ||
Common stock, shares outstanding | shares | 1,182,633,848 | 1,182,633,848 | 108,531,508 | 108,531,508 | ||
Series A-1 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | ¥ 851,990 | |||||
Series A-2 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 641,634 | |||||
Series A-3 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 748,498 | |||||
Series A-4 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 2,237,896 | |||||
Series A-5 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,561,239 | |||||
Series A-6 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 2,912,703 | |||||
Series A-7 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,399,356 | |||||
Series A-8 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,216,500 | |||||
Series A-9 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 340,933 | |||||
Series A-10 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,710,976 | |||||
Series A-11 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 2,749,110 | |||||
Series A-12 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 907,676 | |||||
Series A-13 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,506,907 | |||||
Series A-14 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,316,637 | |||||
Series A-15 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 3,876,873 | |||||
Series A-16 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 1,476,708 | |||||
Series A-17 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 18,054,207 | |||||
Series A-18 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 27,795,281 | |||||
Series B-1 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | 46,190,436 | |||||
Series B-2 convertible preferred shares | ||||||
Mezzanine equity | ||||||
Total mezzanine equity | ¥ 72,343,419 | |||||
Class A ordinary shares | ||||||
DiDi Global Inc. shareholders' equity (deficit): | ||||||
Ordinary shares | ¥ 141 | $ 22 | ||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||
Common stock, shares authorized | shares | 4,000,000,000 | 4,000,000,000 | 0 | 0 | ||
Common stock, shares issued | shares | 1,088,474,533 | 1,088,474,533 | 0 | 0 | ||
Common stock, shares outstanding | shares | 1,074,091,492 | 1,074,091,492 | 0 | 0 | ||
Class B ordinary Shares | ||||||
DiDi Global Inc. shareholders' equity (deficit): | ||||||
Ordinary shares | ¥ 15 | $ 2 | ||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||
Common stock, shares authorized | shares | 500,000,000 | 500,000,000 | 0 | 0 | ||
Common stock, shares issued | shares | 117,335,836 | 117,335,836 | 0 | 0 | ||
Common stock, shares outstanding | shares | 108,542,356 | 108,542,356 | 0 | 0 |
Parent company condensed fina_2
Parent company condensed financial information - Condensed statements of comprehensive loss of the parent company (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Parent company condensed financial information | ||||
Total costs and expenses | ¥ 222,269,128 | $ 34,878,876 | ¥ 155,524,094 | ¥ 162,799,505 |
Income (loss) from non-operations | (624,466) | (97,992) | 1,031,160 | (452,120) |
Share of loss of subsidiaries and VIE's | (475,851) | (74,671) | (1,057,427) | (979,177) |
Loss before income taxes | (49,168,258) | (7,715,572) | (10,910,740) | (10,081,049) |
Net loss attributable to DiDi Global Inc. | (49,343,664) | (7,743,097) | (10,514,498) | (9,728,459) |
Net loss attributable to ordinary shareholders of DiDi Global Inc. | (50,031,281) | (7,850,999) | (10,680,417) | (9,728,459) |
Other comprehensive income (loss): | ||||
Net cash provided by (used in) operating activities | (13,413,860) | (2,104,929) | 1,137,622 | 1,444,650 |
Net cash provided by (used in) investing activities | 1,144,684 | 179,625 | (1,946,323) | (6,150,778) |
Net cash provided by financing activities | ¥ 35,191,482 | $ 5,522,313 | ¥ 9,274,050 | ¥ 2,951,762 |