Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Registrant Name | AnPac Bio-Medical Science Co., Ltd. | |
Document Period End Date | Dec. 31, 2021 | |
Entity File Number | 001-39137 | |
Entity Incorporation, State or Country Code | D8 | |
Entity Address, Address Line One | 801 Bixing Street | |
Entity Address, Address Line Two | Bihu County | |
Entity Address, Address Line Three | Zhejiang Province | |
Entity Address, City or Town | Lishui | |
Entity Address, Postal Zip Code | 323006 | |
Entity Address, Country | CN | |
Entity Well Known Seasoned Issuer | No | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Document Accounting Standard | U.S. GAAP | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001786511 | |
Amendment Flag | false | |
Auditor Name | Friedman LLP | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 711 | 1408 |
Auditor Location | New York, New York | Shanghai, the People’s Republic of China |
ADR [Member] | ||
Title of 12(b) Security | American depositary shares (each representingone Class A ordinary share, par value US$0.01 per share) | |
Trading Symbol | ANPC | |
Security Exchange Name | NASDAQ | |
Class A ordinary shares | ||
Title of 12(b) Security | Class A ordinary share, par value US$0.01 per share | |
Entity Common Stock, Shares Outstanding | 16,604,402 | |
Class B ordinary shares | ||
Entity Common Stock, Shares Outstanding | 2,773,100 | |
Ordinary Shares | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Stock Capital Shares Reserved For Future Issuance Convertible Bonds and Debentures | 3,397,447 | |
Business Contact [Member] | ||
Entity Address, Address Line One | 801 Bixing Street | |
Entity Address, Address Line Two | Bihu County | |
Entity Address, Address Line Three | Zhejiang Province | |
Entity Address, City or Town | Lishui | |
Entity Address, Postal Zip Code | 323006 | |
Entity Address, Country | CN | |
Contact Personnel Email Address | chris_yu@anpac.cn | |
Contact Personnel Name | Chris Chang Yu | |
City Area Code | +86 | |
Local Phone Number | 21-51085515 |
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 | ¥ 9,251 | $ 1,452 | ¥ 3,016 |
Advances to suppliers | 4,704 | 738 | 5,588 |
Accounts receivable, net | 5,554 | 872 | 7,792 |
Amounts due from related parties, net | 200 | 31 | 1,277 |
Inventories, net | 490 | 77 | 312 |
Other current assets, net | 3,350 | 526 | 3,303 |
Total current assets | 23,549 | 3,696 | 21,288 |
Property and equipment, net | 20,264 | 3,180 | 19,267 |
Land use rights, net | 1,138 | 179 | 1,166 |
Intangible assets, net | 8,857 | 1,390 | 4,596 |
Goodwill | 12,758 | 2,002 | 2,223 |
Long-term investments, net | 923 | 145 | 883 |
Other assets | 464 | ||
TOTAL ASSETS. | 67,489 | 10,592 | 49,887 |
Current liabilities: | |||
Short-term debts | 33,759 | 5,298 | 8,232 |
Accounts payable | 2,732 | 429 | 2,127 |
Advance from customers | 4,174 | 655 | 3,682 |
Amounts due to related parties | 2,471 | 388 | 4,130 |
Accrued expenses and other current liabilities | 19,770 | 3,102 | 25,353 |
Total current liabilities | 62,906 | 9,872 | 43,524 |
Deferred tax liabilities | 2,158 | 339 | 1,045 |
Other long-term liabilities | 1,107 | 174 | 2,041 |
TOTAL LIABILITIES. | 66,171 | 10,385 | 46,610 |
Commitments and contingencies | |||
Shareholders' equity: | |||
Additional paid-in capital | 465,334 | 73,021 | 354,295 |
Accumulated deficit | (475,646) | (74,639) | (356,951) |
Accumulated other comprehensive income | 4,532 | 711 | 4,795 |
Total AnPac Bio-Medical Science Co., Ltd. shareholders' (deficit) equity | (4,499) | (706) | 2,948 |
Noncontrolling interests | 5,817 | 913 | 329 |
Total shareholders' equity | 1,318 | 207 | 3,277 |
TOTAL LIABILITIES AND EQUITY | 67,489 | 10,592 | 49,887 |
Class A ordinary shares | |||
Shareholders' equity: | |||
Ordinary shares | 1,096 | 172 | 618 |
Class B ordinary shares | |||
Shareholders' equity: | |||
Ordinary shares | ¥ 185 | $ 29 | ¥ 191 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2019 | Oct. 29, 2019 |
Ordinary Shares. | ||||
Ordinary shares authorized | 100,000 | |||
Class A ordinary shares | ||||
Ordinary Shares. | ||||
Par value | $ 0.01 | $ 0.01 | ||
Ordinary shares authorized | 70,000,000 | 70,000,000 | 700,000 | 71,369 |
Ordinary Shares issued | 16,604,402 | 9,192,660 | ||
Ordinary shares outstanding | 16,604,402 | 9,192,660 | ||
Class B ordinary shares | ||||
Ordinary Shares. | ||||
Par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Ordinary shares authorized | 30,000,000 | 30,000,000 | 300,000 | 28,631 |
Ordinary Shares issued | 2,773,100 | 2,863,100 | ||
Ordinary shares outstanding | 2,773,100 | 2,863,100 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019USD ($)shares | |
Total revenues | ¥ 17,986 | $ 2,822 | ¥ 20,509 | ¥ 10,845 | ||
Cost of revenues | (5,732) | (899) | (7,628) | (6,047) | ||
Gross Profit | 12,254 | 1,923 | 12,881 | 4,798 | ||
Operating expenses: | ||||||
Selling and marketing expenses | (21,420) | (3,361) | (19,674) | (13,633) | ||
Research and development expenses | (16,204) | (2,543) | (11,576) | (9,839) | ||
General and administrative expenses | (80,676) | (12,660) | (74,757) | (69,088) | ||
Impairment of long-term investments | ¥ | 0 | (1,430) | (1,320) | |||
Impairment of intangible assets | (3,828) | (601) | ||||
Impairment of goodwill | (2,223) | (349) | $ 0 | $ 0 | ||
Loss from operations | (112,097) | (17,591) | (94,556) | (89,082) | ||
Non-operating income and expenses: | ||||||
Interest expense, net | (4,257) | (668) | (1,143) | (2,609) | ||
Foreign exchange loss, net | (202) | (32) | (667) | (3,219) | ||
Share of net gain (loss) in equity method investments | 132 | 21 | (13) | 190 | ||
Other income (expense), net | 990 | 155 | 9,096 | (1,823) | ||
Gain from a step acquisition | 3,240 | 508 | ||||
Gain From Fair Value Change In Equity Investment | 3,240 | 508 | ||||
Change in fair value of convertible debt | (9,073) | (1,424) | 6,630 | (5,296) | ||
Loss before income taxes | (121,267) | (19,031) | (80,653) | (101,839) | ||
Income tax benefit | 1,180 | 185 | 88 | 218 | ||
Net loss | (120,087) | (18,846) | (80,565) | (101,621) | ||
Net loss attributable to noncontrolling interests | 1,392 | 218 | 90 | 561 | ||
Net loss attributable to ordinary shareholders | ¥ (118,695) | $ (18,628) | ¥ (80,475) | ¥ (101,060) | ||
Loss per share | ||||||
Class A and B ordinary shares - basic | (per share) | ¥ (8.72) | $ (1.37) | ¥ (7.19) | ¥ (11.31) | ||
Class A and B ordinary shares - diluted | (per share) | ¥ (8.72) | $ (1.37) | ¥ (7.19) | ¥ (11.31) | ||
Weighted average shares outstanding used in calculating basic and diluted loss per share | ||||||
Class A and Class B ordinary shares - basic | shares | 13,605,515 | 13,605,515 | 11,190,079 | 11,190,079 | 8,937,600 | 8,937,600 |
Class A and Class B ordinary share - diluted | shares | 13,605,515 | 13,605,515 | 11,190,079 | 11,190,079 | 8,937,600 | 8,937,600 |
Other comprehensive (loss) income, net of tax: | ||||||
Fair value change relating to Company's own credit risk on convertible loan | ¥ | ¥ (108) | ¥ (955) | ||||
Foreign currency translation differences | ¥ (263) | $ (41) | 2,793 | 2,978 | ||
Total comprehensive loss | (120,350) | (18,887) | (77,880) | (99,598) | ||
Total comprehensive loss attributable to noncontrolling interests | (1,392) | (218) | (90) | (561) | ||
Total comprehensive loss attributable to ordinary shareholders | (118,958) | (18,669) | (77,790) | (99,037) | ||
Cancer screening and detection tests | ||||||
Total revenues | 14,947 | 2,345 | 18,445 | 10,381 | ||
Physical checkup packages | ||||||
Total revenues | 1,654 | 260 | ¥ 2,064 | ¥ 464 | ||
Technology services | ||||||
Total revenues | 1,284 | 201 | ||||
Retail revenue | ||||||
Total revenues | ¥ 101 | $ 16 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT ¥ in Thousands, $ in Thousands | Class A ordinary sharesOrdinary SharesUSD ($)shares | Class A ordinary sharesOrdinary SharesCNY (¥)shares | Class A ordinary sharesshares | Class B ordinary sharesOrdinary SharesUSD ($)shares | Class B ordinary sharesOrdinary SharesCNY (¥)shares | Class B ordinary sharesshares | Ordinary SharesCNY (¥)shares | Additional Paid-In CapitalUSD ($) | Additional Paid-In CapitalCNY (¥) | Accumulated DeficitUSD ($) | Accumulated DeficitCNY (¥) | Accumulated Other Comprehensive (Loss) Income (Note 10)USD ($) | Accumulated Other Comprehensive (Loss) Income (Note 10)CNY (¥) | Total AnPac Bio-Medical Science Co., Ltd. Shareholders' Equity (Deficit)USD ($) | Total AnPac Bio-Medical Science Co., Ltd. Shareholders' Equity (Deficit)CNY (¥) | Noncontrolling InterestsUSD ($) | Noncontrolling InterestsCNY (¥) | USD ($) | CNY (¥) |
Balance, beginning of period at Dec. 31, 2018 | ¥ 569 | ¥ 152,367 | ¥ (175,416) | ¥ 87 | ¥ (22,393) | ¥ (22,393) | |||||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2018 | shares | 8,596,900 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Re-designation of authorized ordinary shares | ¥ 378 | ¥ 191 | ¥ (569) | ||||||||||||||||
Re-designation of authorized ordinary shares (in shares) | shares | 5,733,800 | 5,733,800 | 2,863,100 | 2,863,100 | (8,596,900) | ||||||||||||||
Net loss | (101,060) | (101,060) | ¥ (561) | (101,621) | |||||||||||||||
Issuance of shares in private placements, net of offering costs | ¥ 93 | 72,509 | 72,602 | 72,602 | |||||||||||||||
Issuance of shares in private placements, net of offering costs (in shares) | shares | 1,347,200 | 1,347,200 | |||||||||||||||||
Fair value change relating to Company's own credit risk on convertible loan | (955) | (955) | (955) | ||||||||||||||||
Foreign currency translation differences | 2,978 | 2,978 | 2,978 | ||||||||||||||||
Capital contribution from noncontrolling interest holders | 610 | 610 | |||||||||||||||||
Repurchase and cancellation of shares | ¥ (5) | 5 | |||||||||||||||||
Repurchase and cancellation of shares (in shares) | shares | (76,100) | (76,100) | |||||||||||||||||
Share-based compensation | 32,855 | 32,855 | 32,855 | ||||||||||||||||
Balance, end of period at Dec. 31, 2019 | ¥ 466 | ¥ 191 | 257,736 | (276,476) | 2,110 | (15,973) | 49 | (15,924) | |||||||||||
Balance end of period (in shares) at Dec. 31, 2019 | shares | 7,004,900 | 7,004,900 | 2,863,100 | 2,863,100 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (80,475) | (80,475) | (90) | (80,565) | |||||||||||||||
Issuance of shares in private placements, net of offering costs | ¥ 92 | 75,368 | 75,460 | 75,460 | |||||||||||||||
Issuance of shares in private placements, net of offering costs (in shares) | shares | 1,333,360 | 1,333,360 | |||||||||||||||||
Issuance shares for exercise of stock options* | ¥ 20 | 763 | 783 | 783 | |||||||||||||||
Issuance shares for exercise of stock options (in shares) | shares | 284,400 | 284,400 | |||||||||||||||||
Issuance shares reserved for convertible loan | ¥ 35 | (35) | |||||||||||||||||
Issuance shares reserved for convertible loan ( in shares) | shares | 500,000 | 500,000 | |||||||||||||||||
Issuance shares for service | ¥ 5 | 2,701 | 2,706 | 2,706 | |||||||||||||||
Issuance shares for service ( in shares) | shares | 70,000 | 70,000 | 35,000 | ||||||||||||||||
Fair value change relating to Company's own credit risk on convertible loan | (108) | (108) | (108) | ||||||||||||||||
Foreign currency translation differences | 2,793 | 2,793 | 2,793 | ||||||||||||||||
Capital contribution from noncontrolling interest holders | 370 | 370 | |||||||||||||||||
Share-based compensation | 17,762 | 17,762 | 17,762 | ||||||||||||||||
Balance, end of period at Dec. 31, 2020 | ¥ 618 | ¥ 191 | 354,295 | (356,951) | 4,795 | 2,948 | 329 | 3,277 | |||||||||||
Balance end of period (in shares) at Dec. 31, 2020 | shares | 9,192,660 | 9,192,660 | 9,192,660 | 2,863,100 | 2,863,100 | 2,863,100 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (118,695) | (118,695) | (1,392) | $ (18,846) | (120,087) | ||||||||||||||
Acquisition of Anpai | 6,880 | 1,080 | 6,880 | ||||||||||||||||
Issuance of shares in private placements, net of offering costs | ¥ 159 | 49,083 | 49,242 | 49,242 | |||||||||||||||
Issuance of shares in private placements, net of offering costs (in shares) | shares | 2,482,280 | 2,482,280 | |||||||||||||||||
Issuance shares for exercise of stock options* | ¥ 62 | 7,930 | 7,992 | 7,992 | |||||||||||||||
Issuance shares for exercise of stock options (in shares) | shares | 956,414 | 956,414 | |||||||||||||||||
Issuance shares reserved for convertible loan | ¥ 235 | (235) | |||||||||||||||||
Issuance shares reserved for convertible loan ( in shares) | shares | 3,630,123 | 3,630,123 | |||||||||||||||||
Conversion of convertible loans | 20,110 | 20,110 | 20,110 | ||||||||||||||||
Foreign currency translation differences | (263) | (263) | (41) | (263) | |||||||||||||||
Transfer Class B shares to Class A shares | ¥ 6 | ¥ (6) | |||||||||||||||||
Transfer Class B shares to Class A shares (in shares) | shares | 90,000 | 90,000 | (90,000) | (90,000) | |||||||||||||||
Share based compensation | ¥ 16 | 34,151 | 34,167 | 34,167 | |||||||||||||||
Share based compensation (in shares) | shares | 252,925 | 252,925 | |||||||||||||||||
Balance, end of period at Dec. 31, 2021 | $ 172 | ¥ 1,096 | $ 29 | ¥ 185 | $ 73,021 | ¥ 465,334 | $ (74,639) | ¥ (475,646) | $ 711 | ¥ 4,532 | $ (706) | ¥ (4,499) | $ 913 | ¥ 5,817 | $ 207 | ¥ 1,318 | |||
Balance end of period (in shares) at Dec. 31, 2021 | shares | 16,604,402 | 16,604,402 | 16,604,402 | 2,773,100 | 2,773,100 | 2,773,100 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT(Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Issuance shares for exercise of stock options | ¥ 7,992 | ¥ 783 |
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 (¥) | |
Operating activities: | ||||
Net loss | ¥ (120,087) | $ (18,846) | ¥ (80,565) | ¥ (101,621) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,910 | 614 | 3,096 | 2,664 |
Share of net loss (gain) in equity method investments | (132) | (21) | 13 | (190) |
Bad debt expenses | 1,897 | 298 | 1,203 | 285 |
Losses on disposal of land use rights and property and equipment | 5 | 1 | 51 | 4 |
Gain from fair value change in Anpai equity investment | (3,240) | (508) | ||
Foreign exchange loss, net | 4,133 | |||
Issuance shares for service | 2,706 | |||
Share-based compensation | 34,167 | 5,362 | 17,762 | 32,855 |
Loss on change in fair value of convertible loan | 9,073 | 1,424 | 532 | 5,296 |
Gain on settlement of convertible loan | (7,162) | |||
Inventory provision | 36 | 304 | ||
Impairment of long-term investment | 0 | 1,430 | 1,320 | |
Deferred tax benefits | (1,180) | (185) | (88) | (88) |
Impairment of intangble assets | 3,828 | 601 | ||
Impairment of goodwill | 2,223 | 349 | ||
Forgiveness Of PPP Loan | (905) | (142) | ||
Changes in operating assets and liabilities: | ||||
Advances to suppliers | 786 | 123 | (4,775) | 1,714 |
Accounts receivable | 1,539 | 242 | (7,256) | 1,286 |
Inventories | (180) | (28) | (44) | (555) |
Amounts due from related parties | 215 | 34 | (219) | (286) |
Other current assets | (1,056) | (166) | 4,845 | (2,875) |
Other assets | 502 | 462 | ||
Accounts payable | 360 | 56 | 350 | 182 |
Amounts due to related parties | (240) | (38) | 128 | 1,060 |
Advance from customers | 107 | 17 | 1,232 | (1,863) |
Accrued expenses and other current liabilities | (1,875) | (294) | 6,825 | 8,233 |
Other long-term liabilities | (924) | (145) | 519 | (920) |
Deferred tax liabilities | (88) | (88) | ||
Net cash used in operating activities | (71,709) | (11,252) | (58,967) | (48,600) |
Investing activities: | ||||
Purchases of property and equipment | (3,899) | (612) | (2,466) | (2,790) |
Purchases of intangible assets | (74) | (12) | (26) | (371) |
Proceeds from property and equipment | 10 | |||
Cash acquired from business combination | 41 | 6 | ||
Proceeds for short-term investments | 20,929 | |||
Purchase of short-term investments | (20,929) | |||
Purchase of long-term investments | (300) | |||
Net cash used in investing activities | (3,932) | (618) | (2,482) | (3,461) |
Financing activities: | ||||
Proceeds from short-term borrowings | 38,244 | 6,001 | 13,830 | 24,300 |
Payment for short-term borrowings | (6,000) | (942) | (20,000) | (18,300) |
Repayment of related party loan | 6,217 | 976 | (1,072) | (150) |
Proceeds from stock options exercised | 2,608 | 409 | 8 | |
Capital contribution from noncontrolling interest holders | 370 | 610 | ||
Proceeds from private placement | 42,351 | 6,646 | ||
Payment for convertible loans | (17,261) | |||
Proceeds from issuance of ordinary shares | 110,668 | 47,602 | ||
Payment for initial public offering costs | (25,619) | (7,954) | ||
Net cash generated from financing activities | 83,420 | 13,090 | 60,924 | 46,108 |
Effect of exchange rate changes on cash and cash equivalents | (1,544) | (241) | (2,584) | (809) |
Net increase (decrease) in cash and cash equivalents | 6,235 | 979 | (3,109) | (6,762) |
Cash and cash equivalents at beginning of year | 3,016 | 473 | 6,125 | 12,887 |
Cash and cash equivalents at end of year | 9,251 | 1,452 | 3,016 | 6,125 |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 2,187 | 343 | ¥ 2,413 | ¥ 1,028 |
Supplemental disclosure of non-cash activities: | ||||
Issuance shares for stock option exercised by Dr. Chris Chang Yu | 6,125 | 961 | ||
Issuance shares for related party loan to Dr. Chris Chang Yu | 6,891 | 1,081 | ||
Noncontrolling interest recognized from a step acquisition | 6,880 | 1,080 | ||
Reclassification of other payable to convertible loan | 4,534 | 712 | ||
Conversion of convertible loans | ¥ 20,110 | $ 3,156 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES AnPac Bio-Medical Science Co., Ltd. (the “Company”) was incorporated in the British Virgin Islands (“ the BVI”) in January 2010. The Company and its subsidiaries (collectively, the “Group”) are engaged in marketing and selling a multi-cancer screening and detection test that uses innovative, patented cancer differentiation analysis (the “CDA”) technology and proprietary cancer-detection devices in the People’s Republic of China (the “PRC” or “China”). Dr. Chris Chang Yu is the Founder of the Group (the “Founder”). For the year ended December 31, 2021, the details of the Group’s principal subsidiaries are as follows: Place of Percentage of Date of Incorporation/ Major subsidiaries Ownership Incorporation Acquisition Major Operation Changhe Bio-Medical Technology (Yangzhou) Co., Ltd. 100 % March 2010 the PRC Cancer screening and detection tests Changwei System Technology (Shanghai) Co., Ltd. 100 % March 2011 the PRC Research and development AnPac Bio-Medical Technology (Lishui) Co., Ltd. (“AnPac Lishui”) 100 % October 2012 the PRC Cancer screening detection tests and device manufacturing AnPac Bio-Medical Technology (Shanghai) Co., Ltd. 100 % April 2014 the PRC Cancer screening and detection tests AnPac Technology USA Co., Ltd. (“AnPac US”) 100 % September 2015 the U.S. Clinical trials for research on cancer screening and detection tests Lishui AnPac Medical Laboratory Co., Ltd. 100 % July 2016 the PRC Cancer screening and detection tests Shiji (Hainan) Medical Technology Ltd. 100 % March 2013 the PRC Cancer screening and detection research Shanghai Muqing AnPac Health Technology Co., Ltd. (“AnPac Muqing”) 51 % March 2019 the PRC Cancer screening and detection tests Anpai (Shanghai) Healthcare Management and Consulting Co., Ltd. 60 % August 15, 2021* the PRC Cancer screening and detection tests * On August 15, 2021, the Group completed the step acquisition of 60% equity interest in Anpai Shanghai. (see Note 3) |
LIQUIDITY AND GOING CONCERN UNC
LIQUIDITY AND GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2021 | |
LIQUIDITY AND GOING CONCERN UNCERTAINTIES | |
LIQUIDITY AND GOING CONCERN UNCERTAINTIES | 2. LIQUIDITY AND GOING CONCERN UNCERTAINTIES The Group’s principal sources of liquidity have been cash generated from financing and operating activities. As of December 31, 2021, the Group had RMB9,251 (US$1,452) of cash and cash equivalents and a working capital deficit of RMB 39,357 (US$6,176). For the years ended December 31, 2019, 2020 and 2021, the Group incurred continuous losses of RMB 101,621, RMB 80,565 and RMB120,087 (US$18,846), respectively. For the year ended December 31, 2021, the Group incurred RMB 71,709 (US$11,252) of negative cash flows from operations. The recent resurgence of COVID-19 and lockdown policies in Shanghai, China also has negative impact on the Group’s operation. (see Note 3 (dd) Risks, Uncertainties and Concentrations). The above-mentioned facts raise substantial doubt about the Group’s ability to continue as a going concern. 2. LIQUIDITY AND GOING CONCERN UNCERTAINTIES (CONTINUED) In assessing its liquidity, management monitors and analyzes the Group’s cash on-hand, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. With respect to capital funding requirements, the Group budgeted capital spending based on ongoing assessments of needs to maintain adequate cash. The Group intend to finance its future working capital requirements and capital expenditures from financing activities until the Group’s operating activities generate positive cash flows, if ever. Management expects continuous capital financing through debt or equity issuances to support its working capital requirements. Subsequent to December 31, 2021, the Group entered into investment agreements with several parties (refer to Note 18) and is expected to raise an aggregate of RMB 265,826 (US$41,714) within the following 30 months. As of the date of report, the Group received RMB1,000 (US $157) from these expected raises. The Group can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Group, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Group and its financial statements. The consolidated financial statements have been prepared assuming that the Group will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty. |
SUMMARY OF PRINCIPAL ACCOUNTING
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (a) Basis of presentation The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are those entities in which the Group, 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, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. All intercompany transactions and balances are eliminated upon consolidation. (c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Areas where management uses subjective judgement include, but are not limited to allowance for doubtful accounts, share-based compensation, deferred tax and uncertain tax position, valuation of convertible loans, useful lives of intangible assets and property and equipment, and impairment of long-lived assets, goodwill and long-term investments. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences could be material to the consolidated financial statements. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (d) Foreign currency The functional currency of the Company and AnPac US is the United States dollar and its reporting currency is Renminbi (“RMB”). The functional currency of the Company’s PRC subsidiaries is the RMB as determined based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. The financial statements of the Company and AnPac US are translated from the functional currency to the reporting currency, RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Group uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ deficit. (e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.3726 on December 31, 2021, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted, realized or settled into US$ at such rate or at any other rate. (f) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal or use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. (g) Accounts receivable, net of allowance for doubtful accounts Accounts receivable are recorded at their invoiced amounts, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded when the collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence, including aging of the receivable, the customer’s payment history, its current creditworthiness and current economic trends. Accounts receivable are written off after all collection efforts have ceased. The Group regularly reviews the adequacy and appropriateness of the allowance for doubtful accounts. Accounts receivable for the years ended December 31, 2020 and 2021 were as follows: Years ended December 31, 2020 2021 RMB RMB US$ Accounts receivable 8,096 6,699 1,052 Allowance for doubtful accounts (304) (1,145) (180) Balance at end of year 7,792 5,554 872 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (g) Accounts receivable, net of allowance for doubtful accounts (continued) Movement in the allowances for doubtful debts were as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Balance at beginning of year 198 177 304 48 Additional provision 168 758 841 132 Write-offs (189) (631) — — Balance at end of year 177 304 1,145 180 (h) Inventories Inventories are stated at the lower of cost or net realizable value. Cost of inventories are determined using the first in first out method. The Group records inventory reserves for obsolete and slow-moving inventory. (i) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Leasehold improvements Over the shorter of the lease term or estimated useful lives Buildings 20 years Furniture, fixtures and equipment 3-10 years Motor vehicles 3-5 years Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. (j) Long-term investments The Group’s long-term investments include equity method investments and equity investments without readily determinable fair values. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (j) Long-term investments (continued) Investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures Investments in equity securities without readily determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements of comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. For the years ended December 31, 2019, 2020 and 2021, the Group recognized an impairment on its equity investment in Jiangsu Anpac Health Management Co., Ltd. of RMB1,320, RMB1,430 and Nil, respectively. For the years ended December 31, 2019, 2020 and 2021, the operation of Jiangsu Anpac Health Management Co., Ltd. was inactive. (k) Business combinations The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of the cost of the acquisition, fair value of the noncontrolling 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 identifiable net assets of the acquiree, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable net assets acquired, liabilities assumed and noncontrolling interest is based on various assumptions and valuation methodologies requiring considerable judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the acquiree’s current business model and industry comparisons. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from forecasted amounts and the differences could be material. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (l) Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. Intangible assets have estimated useful lives from the date of purchase as follows: Category Estimated useful life Software 3-10 years Medical license 15 years Customer relationship 6.4 years (m) Land use right, net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent lease prepayments to the PRC government and are carried at cost less accumulated amortization. Land use rights are amortized on a straight-line basis over the terms of the land use right of 50 years. (n) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable assets acquired less liabilities assumed of an acquired business. Goodwill acquired in a business combination is not amortized, but instead tested for impairment at least annually, or more frequently if certain circumstances indicate a possible impairment may exist. In accordance with ASC 350-20, Intangibles-Goodwill and Other, Goodwill, only The Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test in accordance with ASC 350-20. If the Group believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the two-step quantitative impairment test described below is required. Otherwise, no further testing is required. 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. In performing the two-step quantitative impairment test, the first step compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired, and the Group is not required to perform further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the Group must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. The fair value of the reporting unit is allocated to its assets and liabilities in a manner similar to a purchase price allocation in order to determine the implied fair value of the reporting unit goodwill. If the carrying amount of the goodwill is greater than its implied fair value, the excess is recognized as an impairment loss. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (n) Goodwill (continued) For the years ended December 31, 2019 and 2020, the Group performed a qualitative assessment for the reporting unit. Based on the requirements of ASC 350-20, the Group evaluated all relevant qualitative and quantitative factors, weighed all factors in their entirety and concluded that it was not more-likely-than-not that the fair value of the reporting unit was less than its carrying amount. Therefore, no goodwill impairment was recognized as of December 31, 2019 and 2020. For the year ended December 31, 2021, the Group performed the two-step quantitative impairment test and determined that the fair value of goodwill acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. in fiscal 2017 is nil. Therefore, the Group impaired the goodwill acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. of RMB2,223(US$349). (o) Impairment of Long-lived assets other than goodwill The Group evaluates its long-lived assets, including property and equipment and intangibles with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. The adjusted carrying amount of the assets become new cost basis and are depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Given no events or changes in circumstances indicating the carrying amount of long-lived assets may not be recovered through the related future net cash flows, the Group did not perform such an evaluation for the years ended December 31, 2019 and 2020. For the year ended December 31, 2021, due to the slow development of Shiji (Hainan) Medical Technology Ltd., the Group evaluated the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition and determined that the fair value of intangible assets of Shiji (Hainan) Medical Technology Ltd. was nil. Therefore, the Group impaired the intangible assets acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. of RMB3,828 (US$601). (p) Fair value of financial instruments The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (p) Fair value of financial instruments (continued) ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group’s financial instruments include cash and cash equivalents, accounts receivables, accounts payable, other receivables, other payables and short-term debt. The carrying values of these financial instruments approximate their fair values due to their short-term maturities. The Group elected the fair value option to account for its convertible loans. The Group engaged an independent valuation firm to perform the valuation. The fair value of the convertible loans as of December 31, 2020 and 2021 was RMB2,232 and RMB27,859 (US$4,372) calculated using the binomial tree model. The convertible loans are classified as level 3 instruments as the valuation was determined based on unobservable inputs which are supported by little or no market activity and reflect the Group’s own assumptions in measuring fair value. Significant estimates used in developing the fair value of the convertible loans include time to maturity, risk-free interest rate, straight debt discount rate, probability to convert and expected timing of conversion. Refer to Note 10 for additional information. As the inputs used in developing the fair value for level 3 instruments are unobservable, and require significant management estimate, a change in these inputs could result in a significant change in the fair value measurement. The following is a reconciliation of the beginning and ending balances for convertible loans measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2020 and 2021: As of December 31, 2020 2021 2021 RMB RMB US$ Opening balance 24,568 2,232 350 New convertible loans issued 1,830 32,344 5,076 Conversion of other payable to convertible loan — 4,534 711 Repayments (17,261) — — Conversion of convertible loans — (20,110) (3,155) Loss on change in fair value of convertible loan 532 9,073 1,424 Gain on settlement of convertible loan (7,162) — — Other comprehensive income -foreign exchange translations (275) (214) (34) Total 2,232 27,859 4,372 (q) The Group derives its revenues principally from customers through the Group’s cancer screening and detection test and physical checkup package services. Revenue is recognized when the Group satisfies the performance obligations in an amount of consideration to which the Group expects to be entitled to in exchange for those services. The Group evaluates the presentation of revenue on a gross or net basis based on whether it controls the services provided to customers and is the principal (i.e., “gross”), or the Group arranges for other parties to provide the service to the customers and is an agent (i.e., “net”). The Group presents value-added taxes as a reduction from revenues. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Revenue from cancer screening and detection tests Revenue from cancer screening and detection test are primarily generated through administration of the tests to the Group’s customer constituents, the Group’s cancer screening and detection tests based on CDA technology and other cancer screening and detection technologies, such as biomarker-based tests, to its customers (primarily corporations and life insurance companies). A contract exists when the master service agreement has been executed and the customer submitting a service request, which is a placed order. The Group’s contracts have a single performance obligation which is satisfied upon rendering of the cancer screening and detection tests and delivery of the cancer screening and detection test results to the customer or customer’s employee as well as individual policy holder. The Group acts as the principal as it controls the cancer screening and detection tests before it is transferred to the customer and records revenue on a gross basis at a point in time, when the cancer screening and detection test results are delivered to the customer. The Group accrues 5% of the revenue from cancer screening and detection tests as warranty liability which was included in accrued expenses and other current liabilities. Revenue from physical checkup packages The Group facilitates corporations and life insurance companies to procure physical checkup package services for their employees and policy holders, respectively, from third-party physical checkup package service providers. The Group enters into contracts with corporations and life insurance companies and physical checkup service providers. The Group considers both the corporations and life insurance companies and the third-party physical checkup package service providers as its customers in this type of transaction. The Group’s performance obligation is to facilitate the corporations and life insurance companies and the third-party physical checkup package service providers to complete the purchase of physical checkup package services, which is not controlled by the Group prior to being transferred to the corporations and life insurance companies. The Group fulfills its performance obligation at a point in time when the employees and policy holders of corporations and life insurance companies, respectively, complete the physical checkups at which the Group records the net amount that it retains from such completed transaction as revenue. The Group also enters into arrangements to deliver both cancer screening and detection tests and physical checkup package services. The Group is the principal for the cancer screening and detection tests and the agent for physical checkup package services. Revenues for cancer screening and detection tests and physical checkup are both recognized at a point in time when the performance obligation is satisfied upon delivery of the cancer screening and detection test results to the end customers and completion of physical checkup respectively. As the Group acts as both the principal and agent in the arrangement, the Group allocates the transaction price to each performance obligation on a relative stand-alone selling price basis. Revenue from Technology services The Group provides a series of technology services including but not limited to market research, designing, coding, developing, testing, etc. to a client for a contractual term of two years. As the series of services are an integral part of a project of which the goal is to enable the client to produce a cancer-treatment medical device, none of the mentioned services can be isolated and identified as a distinct performance obligation. The Group concluded that the combined services in the contract constitutes a single performance obligation. The contract price is fully allocated to the single performance obligation. The Group uses input methods to measure the progress toward complete satisfaction of the performance obligation. Input methods measure progress based on resources consumed or efforts expended relative to total resources expected to be consumed or total efforts expected to be expended. The completion percentage is determined by costs incurred/total costs estimated to be incurred. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Retail revenue The Group started retail business of genetic testing kits and skin-care products in fiscal 2021. Customers pay upfront and the Group delivers the ordered products. Revenue was recognized at point of time. For the year ended December 31, 2021, the retail revenue was insignificant. All revenues are generated in the PRC. Contract balances The payment terms and conditions within the Group’s contracts vary by the type of services and the customers. Contract assets relate to the Group’s conditional right to consideration for completed performance obligations under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. The Group does not have contract assets for the years presented. In instances where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that its contracts generally do not include a significant financing component. Contract liabilities represent considerations received from corporations, life insurance companies and technology services client in advance of satisfying the Group’s performance obligations under the contract, which are presented in “advance from customers” in the consolidated balance sheets. For the years ended December 31, 2020 and 2021, advance from customers amounted to RMB3,682 and RMB4,174 (US$655), respectively. PRC Value-Added Taxes (“VAT”) and surcharges The services of the Group are subject to 6% of Value-Added Taxes. Retail sales are subject to 3% or 13% of Value-Added Taxes. The Group is subject to education surtax and urban maintenance and construction tax, on the services provided in the PRC. Practical expedients The Group has applied the following practical expedients: (i) The transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied has not been disclosed , as substantially all of the Group’s contracts have a duration of one year or less. (ii) The Group recognizes incremental costs to obtain a contract as expenses when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses. (s) Costs of revenues Costs of revenues consists of staff costs, outsourced testing costs, blood sample taking costs, medical consumable costs, share-based compensation, depreciation of CDA equipment, purchase cost of retail products. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (t) Advertising expenditures Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses. For the years ended December 31, 2019, 2020 and 2021, the advertising expense amounted to RMB922, RMB664 and RMB515 (US$81) respectively. (u) Research and development expenses Research and development expenses primarily are comprised of costs incurred in performing research and development activities, including related personnel and consultant’s salaries, benefits, share-based compensation and related costs, raw materials and supplies for internally-developed product candidates and external costs of outside vendors engaged to conduct clinical development activities and trials. The Group expenses research and development expenses as they are incurred. (v) Government grants Government grants include financial incentives in the form of cash subsidies that involve no conditions or continuing performance obligations of the Group. Government grants are recognized as other non-operating income upon receipt. For government grants related to assets in the form of land use rights, the government grants are recorded as deferred income when received. The deferred income is then recognized in other income, net in the consolidated statement of comprehensive loss on a systematic basis over the useful life of the related asset. Government grants recognized in other income for the years ended December 31, 2019, 2020 and 2021 were RMB 2,806, RMB7,541 and RMB565 (US$88). (w) Leases Leases are classified at the inception date as either a capital lease or an operating lease. The Group assesses a lease to be a capital lease if any of the following conditions exist: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life, or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an occurrence of an obligation at the inception of the lease. The Group has no capital leases for the years presented. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective lease terms. The Group leases office space, storage unit, research laboratory, employee accommodation and manufacturing space under operating lease agreements. Certain of the lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease expense on straight-line basis over the term of the lease. (x) Employee benefit expenses As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The total expenses the Group incurred for the plan were RMB3,249, RMB1,645 and RMB3,884 (US$609) for the years ended December 31, 2019, 2020 and 2021, respectively. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (y) Share-based compensation The Group accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or an equity award. All the Group’s share-based awards were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Group has elected to recognize share-based compensation using the straight-line method for all share-based awards granted with graded vesting based on service conditions. The Group accounts for forfeitures as they occur in accordance with ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. The Black-Scholes Model were applied in determining the estimated fair value of the options granted to employees and non-employees. (z) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expenses. (aa) Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same |
ACQUISITION
ACQUISITION | 12 Months Ended |
Dec. 31, 2021 | |
ACQUISITION | |
ACQUISITION | 4. ACQUISITION On August 15, 2021, the Group completed a step acquisition of 60% equity interest in Anpai Shanghai, consisting of an acquisition of 40% equity interest of Anpai Shanghai acquired from Dr. Chang Yu for a consideration of RMB 8,500 (US$1,333) approved by the Board of Directors (the “Board”), and an investment of 20% equity interest in Anpai Shanghai which the Group has already held prior to August 15, 2021. Anpai Shanghai is engaged in mainly provides physical examination services and other health consulting services in PRC. As a result of the acquisition, the Group obtains the control on Anpai Shanghai, therefore consolidates Anpai Shanghai. The Group recognized a gain from a step acquisition of RMB 3,240 (US$508) on the prior 20% investment in Anpai Shanghai. On September 22, 2021, Dr. Chris Chang Yu executed an Offset Agreement, pursuant to which the exercise price associated with Dr. Chris Chang Yu’s 250,000 ADSs (US$945 or RMB 6,105) was credited against the purchase price of Anpai Shanghai due to Dr. Chris Chang Yu (RMB 8,500), resulting in a net amount due from the Group to Dr. Chris Chang Yu of (RMB 2,395). The Group issued 106,395 ordinary shares (fair market value US$3.49 per share) to settle the amount due to Dr. Chris Chang Yu. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed for the acquired entities at the acquisition date, which represents the net purchase price allocation at the date of the acquisition based on a valuation performed by an independent valuation firm engaged by the Group: Amount RMB USD Cash acquired 41 6 Other receivables 196 31 Total current assets 237 37 Property and equipment, net 420 66 Intangible assets, net 9,170 1,439 Goodwill 12,758 2,002 Total assets 22,585 3,544 Current liabilities 1,472 231 Deferred tax liability 2,293 360 Total liabilities 3,765 591 Previous held 20% Equity Value 3,440 540 40% Equity Value with noncontrolling interest 6,880 1,080 Total consideration of 40% Equity Value 8,500 1,333 Goodwill is mainly attributable to the excess of the consideration paid over the fair value of the net assets acquired that cannot be recognized separately as identifiable assets, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. None of the goodwill is expected to be deductible for income tax purposes. The impact of the acquisition of Anpai Shanghai to the pro forma consolidated statements of income and other comprehensive income was not material. The intangible assets are mainly attributable to customer relationship acquired through the acquisition, which are amortized over 6.4 years. Since the completion of acquisition, there was approximately RMB 1,572 (US$247) revenue through Anpai included in the Group’s revenue for the year ended December 31, 2021. |
OTHER CURRENT ASSETS, NET
OTHER CURRENT ASSETS, NET | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT ASSETS, NET | |
OTHER CURRENT ASSETS, NET | 5. OTHER CURRENT ASSETS, NET Other current assets consist of the following: As of December 31, 2020 2021 RMB RMB US$ Tax recoverable 1,649 1,853 291 Deposits and others 1,753 2,053 322 3,402 3,906 613 Allowance for doubtful accounts (99) (556) (87) Total 3,303 3,350 526 Movement in the allowances for doubtful debts were as follows: Years ended December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 3 99 15 Additional provision 96 457 72 Balance at end of year 99 556 87 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY AND EQUIPMENT, NET | |
PROPERTY AND EQUIPMENT, NET | 6 . PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of December 31, 2020 2021 RMB RMB US$ Buildings 16,029 16,029 2,515 Leasehold improvements — 1,448 227 Furniture, fixtures and equipment 11,133 12,977 2,037 Motor vehicles 517 512 80 Total 27,679 30,966 4,859 Less: Accumulated depreciation (10,028) (12,715) (1,995) 17,651 18,251 2,864 Construction in progress 1,616 2,013 316 Property and equipment, net 19,267 20,264 3,180 Construction in progress represents the renovation of an office building and spare parts for medical equipment which the Group will used to assemble new equipment in house. Depreciation expense was RMB2,059, RMB 2,441 and RMB2,727 (US$428) for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment charges were recognized on the property and equipment for the years ended December 31, 2019, 2020 and 2021. |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights | |
LAND USE RIGHTS, NET | |
LAND USE RIGHTS, NET | 7 . LAND USE RIGHTS, NET Land use rights, net consists of the following: As of December 31, 2020 2021 RMB RMB US$ Land use rights, cost 1,388 1,388 218 Less: Accumulated depreciation (222) (250) (39) Land use rights, net 1,166 1,138 179 Amortization expense of the land use rights for the years ended December 31, 2019, 2020 and 2021 was RMB28, RMB28 and RMB28 (US$ 4), respectively. As of December 31, 2021, expected amortization expense for the land use rights is approximately RMB28 in 2022, RMB28 in 2023, RMB28 in 2024, RMB28 in 2025, RMB28 in 2026 and RMB998 in 2027 and thereafter. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2021 | |
Purchased software and Medical License Intangibles | |
INTANGIBLE ASSETS, NET | |
INTANGIBLE ASSETS, NET | 8 . INTANGIBLE ASSETS, NET Intangible assets, net consist of the following: As of December 31, 2020 2021 RMB RMB US$ Software 1,331 1,297 204 Customer relationship — 9,170 1,439 Medical license 5,300 5,300 832 Total 6,631 15,767 2,475 Less: Accumulated amortization (2,035) (1,610) (253) Less: Impairment-medical license — (5,300) (832) Intangible assets, net 4,596 8,857 1,390 Amortization expense for the years ended December 31, 2019, 2020 and 2021 amounted to RMB577, RMB630 and RMB1,155 (US$182), respectively. For the year ended December 31, 2021, due to the slow research development activities in Shiji (Hainan) Medical Technology Ltd., the Group evaluated the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition and determined that the fair value of intangible assets of Shiji (Hainan) Medical Technology Ltd. was nil. Therefore, the Group impaired the net carrying value of the intangible assets acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. of RMB3,828 (US$601). The estimated aggregate amortization expense for each of the five succeeding years is as follows: Year ending December 31, RMB 2022 1,595 2023 1,447 2024 1,447 2025 1,447 2026 1,447 Thereafter 1,474 Total 8,857 |
LONG-TERM INVESTMENTS, NET
LONG-TERM INVESTMENTS, NET | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM INVESTMENTS, NET | |
LONG-TERM INVESTMENTS, NET | 9 . LONG-TERM INVESTMENTS, NET Long-term investments, net consisted of the following: As of December 31, 2020 2021 2021 RMB RMB US$ Equity method investments Anpac Beijing Health Management Co., Ltd (“Anpac Beijing”). 789 923 145 Shanghai Moxu Bio-medical Science Co., Ltd.(“Moxu”) 94 — — Equity securities without readily determinable fair values Jiangsu Anpac Health Management Co., Ltd. (“Jiangsu Anpac”) 2,750 2,750 432 Less: Impairment (2,750) (2,750) (432) Total 883 923 145 Equity method investments On October 19, 2017, the Group and other third parties established Anpac Beijing, of which the Group initially owned 35% of the investment. In October 2019, the Group’s registered shareholding ratio of Anpac Beijing decreased from 35% to 18% according to the resolution of Anpac Beijing signed in October 2019, but the Group still have significant influence on the operation and strategic decisions of Anpac Beijing. For the year ended December 31, 2021, the Group included RMB 134 (US$21) investment income based on its equity portion of Anpac Beijing’s earnings for the year ended December 31, 2021. On June 8, 2018, the Group and other third parties established Moxu, of which the Group owned 20% of the investment, Moxu was deregistered on June 30, 2021. On May 15, 2021, the Group and other third parties established Advanced Life Therapeutics Co., Ltd. (“Advanced Life”), of which the Group owned 40% of its registered capital based on the business registration filed with the local authority. But the Group did not make capital contribution yet, because Advanced Life has not commenced its intended operation. The Group has one seat in the board of directors and can exercise significant influence on the management and operation of Advanced Life. The Group accounts for Advanced Life as long-term investment with equity method. Equity securities without readily determinable fair values In January 2016, the Group and other third parties established Jiangsu Anpac, of which the Group owned 10% of the investment. In November 2017, the Group further acquired a 5% equity interest. The Group accounted for the investment under cost method since the Group does not have the ability to exert significant influence over Jiangsu Anpac. With the adoption of ASU 2016-01, the Group accounted for it as equity securities without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the carrying value of the equity investment in current earnings. For the years ended December 31, 2019, 2020 and 2021, the Group recognized impairment loss of RMB1,320 RMB1,430 and Nil in Jiangsu Anpac investment, respectively. |
SHORT-TERM DEBTS
SHORT-TERM DEBTS | 12 Months Ended |
Dec. 31, 2021 | |
SHORT-TERM DEBTS | |
SHORT-TERM DEBTS | 10. SHORT-TERM DEBTS As of December 31, 2020 2021 2021 RMB RMB US$ Short-term bank and other borrowings (i) 6,000 5,900 926 Convertible loan (“CL”) (ii) 2,232 27,859 4,372 Total 8,232 33,759 5,298 (i) The short-term borrowing as of December 31, 2021 consisted of RMB 5,900 borrowing that had a fixed annual interest rate of 4.35% and are due on September 30, 2022. The short-term borrowing as of December 31, 2020 consisted of RMB 6,000 borrowing that had fixed annual interest rates of 4.15% , and were fully repaid upon maturities in fiscal 2021. These borrowings are pledged by certain properties of the Group and the Founder, and guaranteed by the Founder. Interest expense recognized for short-term borrowings for the years ended December 31, 2020 and 2021 were RMB 728 and RMB 238 (US $37 ), respectively. (ii) On July 30, 2020, the Group issued convertible loans with an aggregate principal amount of RMB 1,689 (US $265 ) to EMA Financial, LLC. (“EMC”). The CL is originally due in nine months and bears interest of 10% per annum if the conversion feature is not triggered. The CL is ultimately guaranteed by the Founder’s personal assets. The Group has elected to recognize the CL at fair value and therefore there was no further evaluation of embedded features for bifurcation. The loan was fully converted into 54,642 shares on February 17, 2021. The fair value of convertible loan immediately prior to conversion was assessed at RMB 2,283 . On February 5, 2021, the Group issued convertible loans with an aggregate principal amount of RMB12,745 (US$2,000) to four investors consisting of Heng Zhang (“HZ”), Jie Wang, Hongyu Wang and Layette Holdings Inc. The CL is originally due in one year and bears interest of 0% per annum if the conversion feature is not triggered. Pursuant to the CL agreement, the conversion price is lower of (i) US$15 or (ii) the lower of 82% of the closing bidding price or 80% of Volume Weighted Average Price(VWAP) during the ten consecutive trading days immediately preceding conversion, but not lower than US$1. The Group has elected to recognize the CL at fair value and therefore there was no further evaluation of embedded features for bifurcation. The convertible loans were fully converted into 563,800 shares (refer to Note 12) on June 21, 2021. The fair value of convertible loan immediately prior to conversion was assessed at RMB16,176. On May 31, 2021, the Group issued convertible loan with a principal amount of RMB4,479 (US$703) to Ascent Investor Relations Inc., The CL is originally due in one year and bears interest of 0% per annum if the conversion feature is not triggered. Pursuant to the CL agreement, the conversion price is lower of (i) US$15 or (ii) the lower of 82% of the closing bidding price or 80% of Volume Weighted Average Price(VWAP) during the ten consecutive trading days immediately preceding conversion, but not lower than US$1 (“floor price”). On February 5, 2022, the Group entered into an amendment agreement, pursuant to which the floor price of was reduced to US$0.10 per share. The Group has elected to recognize the CL at fair value and therefore there was no further evaluation of embedded features for bifurcation. As of December 31, 2021, the fair value of the outstanding convertible loan balance was RMB5,481 (US$860). 10. SHORT-TERM DEBTS (CONTINUED) On July 22, 2021, the Group issued convertible loans (the “Registered Convertible Debentures”) to certain investors in a registered direct offering with an aggregate principal amount of US $3,014 for discounted price of US $2,740. The convertible loans are originally due in one year and bears interest of 0% per annum if the conversion feature is not triggered. Pursuant to the agreement, the conversion price is lower of (i) US$15 or (ii) the lower of 82% of the closing bidding price or 80% of Volume Weighted Average Price(VWAP) during the ten consecutive trading days immediately preceding conversion, but not lower than US$1 (“floor price”). On February 5, 2022, the Group entered into an amendment agreement, pursuant to which the floor price was reduced to US$0.10 per share. The Group has elected to recognize the CL at fair value and therefore there was no further evaluation of embedded features for bifurcation. The convertible loans were partially converted into 114,234 shares (refer to Note 12) on December 10, 2021. The fair value of convertible loan immediately prior to conversion was assessed at RMB1,321. As of December 31, 2021, the fair value of the outstanding convertible loan balance was RMB22,378 (US$3,512). For the years ended December 31, 2019, 2020 and 2021, due to change in fair value of convertible loans, the Group recognized unrealized losses of RMB5,296, unrealized income of RMB6,630 and unrealized losses of RMB9,073 (US$1,424), respectively, in other expense. Interest expense recognized for CL for the years ended December 31, 2020 and 2021 were RMB451 and RMB3,797(US$596), respectively. The weighted average interest rate for the years ended December 31, 2020 and 2021 were 8.40% and 3.97%, respectively. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 11 . ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2020 2021 2021 RMB RMB US$ Salary and welfare payable 6,866 8,101 1,271 Payable for acquisition of noncontrolling interests 245 245 38 Accrued rental 1,768 1,140 179 Accrued expenses 14,136 8,174 1,283 Value added tax and other taxes payable 263 417 65 Payable for property and equipment 559 71 11 Accrued utilities 52 58 9 Other payables 1,464 1,564 246 Total 25,353 19,770 3,102 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
SHAREHOLDERS' EQUITY | |
SHAREHOLDERS' EQUITY | 12. SHAREHOLDERS’ EQUITY Ordinary Shares On October 29, 2019, the board of directors approved the re-designation of the authorized share capital of 100,000 ordinary shares to 71,369 Class A ordinary shares and 28,631 Class B ordinary shares. On October 31, 2019, the board of directors approved the increase of authorized share capital of the Class A and Class B ordinary shares to 700,000 and 300,000, respectively. 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 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. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. On October 31, 2019, the board of directors approved a share split of 1 As of December 31, 2020 and 2021, the Group is authorized to issue 70,000,000 Class A Ordinary shares with US$0.01 par value per share. As of December 31, 2020 and 2021, 9,192,660 and 16,604,402 Class A ordinary shares were issued outstanding issued outstanding Completion of IPO On January 30, 2020, the Group completed its IPO on the Nasdaq Stock Exchange. The Group offered 1,333,360 ADSs, representing 1,333,360 Class A ordinary shares at offering price of US$12.00 per ADS (each of ADS represents one Class A ordinary share). The net proceeds to the Group from the IPO, after deducting commissions and offering expenses of approximately RMB35,200 (US$5,395), were RMB 75,460 (or approximately US$ 11,565). Conversion of convertible loans On February 17, 2021, the Group issued 54,642 shares for conversion of EMC convertible loan based on the conversion price of $5.12 per share. On June 21, 2021, the Group issued 563,800 shares on June 21, 2021 for HZ convertible loan based on the conversion price ranging from $3.52-$3.55 per share. On December 10, 2021, the Group issued 114,234 shares for the Registered Convertible Debentures based on the conversion price ranging from $1.09-2.16 per share. 12. SHAREHOLDERS’ EQUITY (CONTINUED) Shares issued for service On July 28, 2020, the Group entered into a service agreement with a public relationship (“PR”) firm. Pursuant to the service agreement, the Group is required to pay 70,000 class A ordinary shares for the PR service by the period ended on September 29, 2020. The fair value of the PR service was RMB 2,706 (US$415) determined based on the Group’s share price on July 28, 2020. The Group issued 35,000 Class A ordinary shares for the year ended December 31, 2020 and the remaining 35,000 Class A ordinary share were issued subsequently to December 31, 2020. Since the remaining 35,000 Class A ordinary shares is legally required to be issued by December 31, 2020, the Group included it in the calculation of the number of shares issued and outstanding as of December 31, 2020. Shares issued for reserve On July 30, 2020, the Group issued 243,000 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion. On August 7, 2020, the Group issued 257,000 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion On March 16, 2021, the Group issued 2,000,000 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion. On July 23, 2021, the Group issued 1,625,893 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion. On July 28, 2021, the Group issued 4,230 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion. The Group then transferred total of 732,676 Class A ordinary shares to the holders of EMC convertible loan, HZ convertible loan and the Registered Convertible Debentures upon conversions. As of December 31, 2021, the Group still had the remaining 3,397,447 Class A ordinary shares held in an escrow account as reserve solely for potential convertible loans conversion. Private placements On February 20, 2021, the Group entered into a share purchase agreement with Dr. Chris Chang Yu, under which Dr. Chris Chang Yu purchased 152,100 ordinary shares at the price of US$4.56 per share. The receivable was offset with previous balance due to Dr. Chris Chang Yu. On February 21, 2021, the Group entered into a share subscription agreement with a third-party Chinese investor, under which the Group issued 387,597 Class A ordinary Shares at price of US$4.80 to the investor for gross proceeds of RMB 12,000 (US$1,883) on February 24, 2021. The Group paid a finder’s fee in the form of 19,174 Class A ordinary shares to a Chinese consultant on March 22, 2021 in connection with this transaction. On May 12, 2021, the Group entered into a share subscription agreement with a third-party investor, under which the Group issued 238,095 Class A ordinary Shares at price of US$4.2 to the investor for gross proceeds of RMB6,470 (US$1,015). On June 22, 2021, the Group entered into a share subscription agreement with a third-party investor, under which the Group issued 425,532 Class A ordinary Shares at price of US$3.76 to the investor for gross proceeds of RMB10,353 (US $1,6225 On November 15, 2021, the Group closed a public offering of 1,132,111 Class A ordinary Shares at price of US$2.22 to a third-party investor for gross proceeds of RMB 16,041 (US$2,517), after deducting underwriting discount and other offering expenses, net proceeds amounted to RMB13,528 (US$2,123). 12. SHAREHOLDERS’ EQUITY (CONTINUED) On September 22, 2021, Dr. Chris Chang Yu executed an Offset Agreement, pursuant to which the exercise price associated with Dr. Chris Chang Yu’s 250,000 ADSs (RMB 6,105 or US$945) was credited against the purchase price of Anpai Shanghai due to Dr. Chris Chang Yu (RMB 8,500 or US$1,334), resulting in a net amount due from the Group to Dr. Chris Chang Yu of (RMB 2,395 or US$376). The Group issued 106,395 ordinary shares at fair market value US$3.49 per share to settle the amount due to Dr. Chris Chang Yu. Transfer of Class B ordinary shares to Class A ordinary shares For the year ended December 31, 2021, 90,000 Class B ordinary shares were transferred to Class A ordinary share due to shareholder’s transfer. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
SHARE BASED COMPENSATION | |
SHARE BASED COMPENSATION | 13. SHARE BASED COMPENSATION On February 1, 2010, the shareholders and Board of Directors (the “Board”) of the Company approved a resolution which authorized the chairman of the Board to grant share options to its eligible employees, directors, officers and consultants of the Group of a number of shares not exceeding 1,190,000 before July 1, 2017. On July 1, 2017, in order to provide additional incentives to attract and retain key employees, directors, officers and consultants of outstanding ability and to motivate them to exert their best efforts, the shareholders and the Board further approved a resolution to grants in the future up to 2,726,600. The options granted are vested either (i) immediately upon grant date; or (ii) over various vesting schedule which no more than four years. As of December 31, 2021, there was no options available to be issued under this share incentive plan. After the Group completed its IPO, all the new options were granted under 2019 Share Incentive Plan discussed below. On October 31, 2019, the shareholders and the Board approved the 2019 Share Incentive Plan (“2019 Plan”) which authorized the compensation committee or such other committee to grant share options to directors, service provider, advisor, employees and consultants of the Group of a number of shares not exceeding 1,105,300. On July 5, 2021, the Board and the Compensation Committee of the Board approved the Amended and Restated 2019 Plan. The maximum number of Class A Ordinary Shares shall be 1,885,300, including (i) up to 780,000 Class A Ordinary Shares issuable under the Amended and Restated 2019 Share Incentive Plan and (ii) up to 1,105,300 Class A Ordinary Shares issuable upon exercise of outstanding options granted under the Amended and Restated 2019 Share Incentive Plan. On April 14, 2022, the Group’s board of directors approved and adopted a 2022 equity incentive plan with an aggregate of 2,800,000 options. These options will be granted to employees and professionals during 2022 and 2023 and vest in four years. As of December 31, 2021, there was 375,686 options still available to be issued under the Restated 2019 Share Incentive Plan. For the year ended December 31, 2020, the Board approved to issue share options to its eligible employees, directors, officers and consultants of the Group of 650,000 under 2019 Plan with exercise price ranging from $3.78 per share to $12 per share and contractual life of 10 years. These options vest over 0-4 years term based on the related option agreements. For the year ended December 31, 2021, the Board approved to issue share options to its eligible employees, directors, officers and consultants of the Group of 889,614 under 2019 Plan with exercise price ranging from $0 per share to $7.56 per share and contractual life of 10 years. All these options were vested over 0-4 years term based on the related option agreements. 13. SHARE BASED COMPENSATION (CONTINUED) Employees The options granted to employees are measured based on the grant date fair value of the equity instrument. They are accounted for as equity awards and contain only service vesting conditions. The following table summarized the Group’s employee share option activities: Weighted Weighted Average Weighted Average Remaining Aggregate Number of Average Grant date Contractual Intrinsic Options Exercise Price Fair Value Term Value US$ per US$ per option option Years US$ Share options outstanding at January 1, 2019 631,500 0.0002 6.43 7.22 6,090 Granted 327,000 0.0004 9.80 — — Forfeited (42,000) Nil 9.68 — — Share options outstanding at December 31, 2019 916,500 0.0003 7.48 7.26 8,985 Granted 379,000 9.07 3.10 — — Exercised (213,700) — 8.13 — — Forfeited (30,000) 0.0001 3.04 — — Share options outstanding at December 31, 2020 1,051,800 3.27 5.87 7.37 3,616 Granted 552,814 2.49 3.47 — — Exercised (544,014) — — — — Share options outstanding at December 31, 2021 1,060,600 3.65 4.91 7.07 637 Vested and exercisable at December 31, 2021 650,750 2.91 5.12 6.11 531 The aggregate intrinsic value in the table above represents the difference between the exercise price of the awards and the fair value of the underlying Ordinary Shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant Ordinary Shares. For the years ended December 31, 2019, 2020 and 2021, the total fair value of the equity awards vested were RMB 12,376 and RMB 11,725 and RMB 17,912 (US$2,811) respectively. As of December 31, 2021, there was RMB6,091 (USD$943) in total unrecognized employee share-based compensation expense related to unvested options, that may be adjusted for actual forfeitures occurring in the future. Total unrecognized compensation cost may be recognized over a weighted-average period of 1.25 years. 13. SHARE BASED COMPENSATION (CONTINUED) Nonemployees The options granted to nonemployees are accounted for as equity awards with service and/or performance vesting conditions. The following table summarized the Group’s nonemployee share option activity: Weighted Weighted Weighted Average Average Average Remaining Aggregate Number of Exercise Grant date Contractual Intrinsic Options Price Fair Value Term Value US$ per US$ per option option Years US$ Share options outstanding at January 1, 2019 93,700 0.0004 7.53 8.11 904 Granted 153,300 0.0003 9.80 Share options outstanding at December 31, 2019 247,000 0.0003 8.94 8.40 2,422 Granted 271,000 8.44 3.07 — — Forfeited — — — — — Exercised (70,700) 1.60 6.66 — — Share options outstanding at December 31, 2020 447,300 4.86 5.85 8.55 1,166 Granted 336,800 0.94 3.83 — — Exercised (412,400) — — — — Share options outstanding at December 31, 2021 371,700 5.92 4.77 7.88 148 Vested and exercisable at December 31, 2021 335,200 5.98 4.91 7.78 136 The aggregate intrinsic value in the table above represents the difference between the exercise price of the awards and the fair value of the underlying Ordinary Shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant Ordinary Shares. The total fair value of the equity awards vested during the years ended December 31, 2019, 2020 and 2021 were RMB 9,284, RMB 6,037 and RMB 10,561 (US$1,657) respectively. As of December 31, 2021, there was RMB 140 (US$22) of total unrecognized nonemployee share-based compensation expenses, related to unvested share-based awards. Total unrecognized compensation cost may be recognized over a weighted-average period of 0.49 years. Fair value of options Prior to January 1, 2021, the Group used binominal models for the stock option valuation. Starting from January 1, 2021, the Group used Black-Scholes simplified method instead of binominal model for valuation of new options issued for the year ended December 31, 2021. The assumptions used to value the share options granted to employees and nonemployee were as follows: For the year ended December 31, 2019 2020 2021 Risk-free interest rate 1.55%-2.50 % 0.55%-0.93 % 0.36%-1.05 % Expected volatility range 60.37%-64.48 % 49%-65 % 85.6%-87.5 % Fair market value per ordinary share as at grant dates US$9.61-9.80 US$1.74-$4.83 US$1.57-US$5.63 13. SHARE BASED COMPENSATION (CONTINUED) Fair value of options (continued) The estimated fair value of the Group’s options at their respective grant dates was determined with the assistance of an independent third-party valuation firm for the years ended December 31, 2019 and 2020. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant for a term consistent with the contractual term of the awards. Expected volatility is estimated based on the historical volatility ordinary shares of several comparable companies in the same industry. The expected exercise multiple is based on management’s estimation, which the Group believes is representative of the future. On September 27, 2021, the Board of directors approved to award Dr. Chris Chang Yu 252,925 ordinary shares (fair market value US$3.49 per share) for his contribution to the Group. Total share-based compensation associated with the award amounted to RMB 5,694 (US$894). The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenues 327 327 305 48 Selling and marketing expenses 5,393 1,113 3,523 553 Research and development expenses 2,534 3,534 7,366 1,156 General and administrative expenses 24,601 12,788 22,973 3,605 Total share-based compensation expenses 32,855 17,762 34,167 5,362 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | 14. INCOME TAXES BVI The Company is incorporated in the BVI and conducts its primary business operations through the subsidiaries in the PRC and the U.S. Under the current laws of the BVI, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no BVI withholding tax will be imposed. PRC The Group’s subsidiaries in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. Changhe Bio-Medical Technology (Yangzhou) Co., Ltd., Changwei System Technology (Shanghai) Co., Ltd., Anpac Bio-Medical Technology (Shanghai) Co., Ltd. and Shiji (Hainan) Medical Technology Ltd. are entitled to a preferential income tax rate of 20%, as they qualify as small and micro-sized enterprises. Under the PRC Income Tax Laws, an enterprise which qualifies as a High and New Technology Enterprise (“the HNTE”) is entitled to a preferential tax rate of 15% provided it continues to meet HNTE qualification standards on an annual basis. Changwei System Technology (Shanghai) Co., Ltd. qualifies as an HNTE and is entitled for a preferential tax rate of 15% from 2021 to 2023. Dividends, interests, rent and royalties payable by the Group’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with PRC that provides for a reduced withholding tax rate or an exemption from withholding tax. United States AnPac US is subject to the U.S. federal corporate income tax at a rate of 21% for the years ended December 31, 2019, 2020 and 2021, respectively. AnPac US is also subject to state income tax in California for the years ended December 31, 2019, 2020 and 2021. The Group’s loss before income taxes consisted of: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Non-PRC (56,658) (51,328) (87,641) (13,754) PRC (45,181) (29,325) (33,626) (5,277) Total (101,839) (80,653) (121,267) (19,031) The current and deferred components of income tax benefit appearing in the consolidated statements of comprehensive income are as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current tax benefit 130 — — — Deferred tax benefit 88 88 1,180 185 Total 218 88 1,180 185 14. INCOME TAXES (CONTINUED) United States (continued) The reconciliation of tax computed by applying the statutory income tax rate of 25% for the year ended December 31, 2019, 2020 and 2021 applicable to the PRC operations to income tax benefit were as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Loss before income taxes (101,839) (80,653) (121,267) (19,031) Income tax benefit computed at the statutory income tax rate at 25% 25,460 20,163 30,317 4,757 Non-deductible expenses (5,141) 2,475 (538) (84) International rate differences (11,367) (9,606) (18,708) (2,936) Preferential tax rate differences (710) (552) (1,099) (172) Effect of change in tax rate 789 — (1,967) (309) Change in valuation allowance (8,813) (12,392) (6,825) (1,071) Income tax benefit 218 88 1,180 185 Deferred Taxes The significant components of deferred taxes were as follows: As of December 31, 2020 2021 2021 RMB RMB US$ Deferred tax assets: Net loss carryforward 34,417 40,986 6,432 Accrued expenses 1,359 1,460 229 Provision for doubtful accounts 857 1,012 159 Valuation allowance (36,633) (43,458) (6,820) Total deferred tax assets. — — — Deferred tax liabilities: Long-lived assets arising from acquisitions (1,045) (2,158) (339) Total deferred tax liabilities. (1,045) (2,158) (339) The Group operates through several subsidiaries. Valuation allowance is considered for each of the entities. Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss carry forwards. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2021 and 2020, the Company and all of its subsidiaries were in cumulative loss position, valuation allowances were provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized. As of December 31, 2021, the Group had net operating losses carryforward of RMB164,308 (US$ 25,783) derived from entities in the PRC and the U.S., of which can be carried forward per tax regulation to offset future taxable income. The PRC net operating losses of RMB121,535 (US$ 19,071) will expire from 2022 to 2026 if not utilized. The U.S. net operating losses of RMB42,773 (US$ 6,712) can be utilized indefinitely. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
RELATED PARTY TRANSACTIONS AND BALANCES | 15. RELATED PARTY TRANSACTIONS AND BALANCES 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. The related parties that had transactions or balances with the Group in 2019, 2020 and 2021 consisted of: Related Party Nature of the party Relationship with the Group Dr. Chris Chang Yu Individual Co-Founder and Chairman with majority voting control* Ms. Lin Yu Individual Director of the Group* Anpai (Shanghai) Healthcare Management and Consulting Co., Ltd. (“Anpai”) Health management Equity investee of the Group Anpac Beijing Health management Equity investee of the Group Jiaxing Zhijun Sihang Investment Partnership Enterprises (limited partnership) (“Jiaxing Zhijun”) Private equity investment Shareholder Jiaxing Zhijun Investment Management Co., Ltd. (“Zhijun”) Investment management General partner of the shareholder CRS Investor Controlled by Dr. Chris Chang Yu Jiangsu Anpac Health management Equity investee of the Group Shanghai Yulin Information Technology Co., Ltd. (“Shanghai Yulin”) Information technology Controlled by Ms. Lin Yu Weidong Dai Individual Director of the Group Xuedong Du Individual Director of the Group Rouou Ying Individual Supervisor of AnPac Lishui Xing Pu Individual Director of AnPac Lishui Shanghai Muqing Industrial Co., Ltd. (“Shanghai Muqing Industrial”) Investor Equity investee of AnPac Muqing Shanghai Muqing Jiahe Healthcare Management Co., Ltd. (Shanghai Muqing Jiahe) Health management Controlled by Shanghai Muqing industrial Advanced Life Investor The Group owns 40% equity interest Annadi Life Therapeutics Co., Ltd (“Annadi”) Health management Controlled by Advance * Dr. Chris Chang Yu resigned from his position as the Chief Executive Officer (“CEO”) of the Company and Chairman of the Board subsequently on April 6, 2022 and appointed as Co-Chairman and Co-CEO in May 2022. Ms. Lin Yu resigned from her position as director of the Board on July 19, 2021. 15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Related party balances As of December 31, 2020 2021 2021 RMB RMB US$ Due from related parties: Anpai 215 — — Shanghai Yulin 13 10 2 Shanghai Muqing Jiahe 9 9 1 Anpac Beijing 200 200 31 Xuedong Du 832 116 18 Xing Pu 8 — — 1,277 335 52 Allowance – (135) (21) Due from related parties, net 1,277 200 31 As of December 31, 2020 2021 2021 RMB RMB US$ Due to related parties: CRS 2,802 — — Zhijun 55 55 9 Jiaxing Zhijun 877 856 134 Jiangsu Anpac 302 3 — Weidong Dai 22 10 2 Rouou Ying 4 — — Shanghai Muqing Industrial 68 131 21 Advanced Life — 491 77 Annadi — 925 145 4,130 2,471 388 15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (b) Related party transactions During the year ended December 31, 2019, 2020 and 2021, related party transactions consisted of the following: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Revenue rendered to Anpac Beijing 3 1 — — Revenue rendered to Jiangsu Anpac 64 39 121 19 Revenue rendered to Anpai 616 96 — — Revenue serviced to Annadi — — 1,284 201 Consulting service received from Anpac Beijing 2,199 898 2,190 344 Consulting service received from Jiangsu Anpac — 8 — — Consulting service received from Anpai — — 129 20 Rent from Shanghai Muqing industrial — 443 411 64 Purchase ordinary shares with the advance from Jiaxing Zhijun 25,000 — — — Repayment to Jiaxing Zhijun — (17,261) — — Interest expense to Jiaxing Zhijun 1,579 1,664 1,935 304 Loan from CRS 1,202 1,498 — — Repayment of loan to CRS (1,262) (2,071) (2,803) (440) Issuance shares for stock option exercised by Dr. Chris Chang Yu (See Note 12) — — 6,125 961 Issuance shares for settlement off related party loan from Dr. Chris Chang Yu (See Note 12) — — 6,891 1,081 Share based compensation to Dr. Chris Chang Yu and bonus — — 6,430 1,009 Loan to Shanghai Yulin (2,885) — — — Repayment of loan from Shanghai Yulin 2,872 — — — Repayment to Jiangsu Anpac (150) — (300) (47) (c) Guarantor The Group’s short-term borrowings of RMB 5,900 borrowing are guaranteed by Dr. Chris Chang Yu. |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTED NET ASSETS | |
RESTRICTED NET ASSETS | 16. RESTRICTED NET ASSETS In accordance with the PRC Regulations on Enterprises with Foreign Investment, an enterprise established in the PRC with foreign investment is required to make appropriations to certain statutory reserves, namely a general reserve fund, an enterprise expansion fund, a staff welfare fund and a bonus fund, all of which are appropriated from net profit as reported in its PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profits to a general reserve fund until such fund has reached 50% of its respective registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus funds are at the discretion of the board of directors for the foreign invested enterprises. For other subsidiaries incorporated in the PRC, the general reserve fund was appropriated based on 10% of net profits as reported in each subsidiary’s PRC statutory accounts. General reserve and statutory surplus funds are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective company. Staff welfare and bonus fund and statutory public welfare funds are restricted to capital expenditures for the collective welfare of employees. The reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. As of December 31, 2020 and 2021, the PRC subsidiaries did not have after-tax profit and therefore no statutory reserves were allocated. In addition, under PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer their net assets to the Company in the form of dividend payments, loans or advances. As of December 31, 2020 and 2021, restricted net assets of the Company’s PRC subsidiaries were RMB166,729 and RMB181,934 (US$ 28,549), respectively. Furthermore, cash transfers from the Group’s PRC subsidiaries to the Group’s subsidiaries outside of the PRC are subject to the PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the Group’s PRC subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 17. COMMITMENTS AND CONTINGENCIES (a) Operating lease commitments The Group has entered into lease agreements for its business operations. Such leases are classified as operating leases. Future minimum lease payments under non-cancellable operating lease agreements at December 31, 2021 were as follows: Twelve months ending December 31, Minimum lease payment RMB US$ 2022 2,328 365 2023 1,111 174 2024 1,019 160 2025 1,041 163 2026 1,062 167 2027 and thereafter 3,789 595 Total 10,350 1,624 17. COMMITMENTS AND CONTINGENCIES (CONTINUED) (b) Litigation In the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. The Group accrues the liability when the loss is probable and reasonably estimable. As of December 31, 2020, the Group is not a party to any legal or administrative proceedings which will have a material adverse effect on the Group’s business, financial position, results of operations and cash flows. On October 14, 2020, Cao Wang (a former employee) filed a lawsuit against Dr. Chis Chang Yu and the Company for a debt dispute of approximately RMB890. This case is still under investigation by the court as of the date of this filing. As of December 31, 2021, the Group has recorded a liability of RMB 890 (US$140) based on the best estimate of the management and the Company’s legal counsel as of December 31, 2021, which was included in accrued expenses and other current liabilities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS The Group has received a Staff determination letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated March 24, 2022, notifying the Group of the Staff’s determination to delist the Company’s securities from The Nasdaq Global Market due to its failure to regain compliance with the minimum $50,000 Market Value of Listed Securities required for continued listing as set forth in Listing Rule 5450(b)(2)(A) (the “ MVLS”), following the 180 calendar day compliance period. The Letter also indicates that the Group has not met the minimum standard requirements of $10,000 in stockholders’ equity, $50,000 in total assets and $50,000 in total revenue. Pursuant to the Letter, unless the Group requests an appeal of the Letter, trading of the Company’s American Depositary Shares will be suspended at the opening of business on April 4, 2022, and Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Group’s securities from listing and registration on the Nasdaq Stock Market. On May 4, 2022, the Nasdaq Hearings Panel has granted the request of the Group to transfer its shares from the Nasdaq Global Market to Nasdaq Capital Market, effective at the open of trading on May 6, 2022. The Group issued an aggregate of 4,842,197 shares for the Registered Convertible Debentures in principal balance of RMB17,891 (US$2,807) by March 16, 2022 at the conversion prices ranging from US$0.34 to US$1.0 per share. The Group issued an aggregate of 3,232,397 shares for the fully settlement of Ascent Convertible Debentures in principal balance of RMB4,480 (US$703) by April 26, 2022 at the conversion prices ranging from US$0.16 to US$0.33 per share. On March 29, 2022, the Group signed an investment agreement with Shanghai Stonedrop Investment Management Center (Limited Partnership) (“Stonedrop”), a previous investor of the Group. Stonedrop agreed to invest RMB2,000 (approximately $314) to the Group in exchange for 872,829 shares. The Group received RMB 1,000 (US$157) as the date of this report. On April 2, 2022, the Group entered into an Investment Agreement with Stonedrop. Under the terms of the agreement, Stonedrop is expected to invest an aggregate of $15,000 in the Group during the following 30 months. The Group shall issue 7,250,000 shares in exchange for the first tranche of $3,000. The purchase price for the rest of investments shall be 90% of the closing share price at the date that the Group closes the related tranche of investments or negotiable. As the date of the report, the Group has not received any funds from this agreement. On April 4, 2022, the Group signed an investment agreement with an unrelated investor - Hunan Weitou Scientific Technology Co., Ltd. (“Weitou”). Weitou is expected to invest an aggregate of $15,000 during the following 30 months. The Group shall issue 7,250,000 shares in exchange for the first tranche of $3,000. The purchase price for the rest of investments shall be 90% of the closing share price at the date that the Group closes the related tranche of investments or negotiable. As the date of the report, the Group has not received any funds from this agreement. 18. SUBSEQUENT EVENTS (CONTINUED) On April 6, 2022, Dr. Chris Chang Yu resigned from his position as the Chief Executive Officer (“CEO”) of the Group and Chairman of the Board, the Chairperson of the Nominating/Corporate Governance Committee, and a member of the Compensation Committee. Effective April 6, 2022, the Board of Directors (the “Board”) of the Group appointed Dr. Aidong Chen as new CEO and Chairman of the Board. On April 7, 2022, the Group signed an investment agreement with Dr. Chris Chang Yu, who agreed to invest a total of $10,000 in the Group in three installments: $3,000 on September 15, 2022, $3,000 on August 15, 2023 and $4,000 on December 15, 2023. The purchase prices shall be 90% of the average closing share price of the first five trading days in (a) September 2022 for the first investment installment, (b) August 2023 and (c) December 2023. As the date of the report, the Group has not received any funds from this agreement. On April 14, 2022, the Group’s board of directors approved and adopted a 2022 equity incentive plan with an aggregate of 2,800,000 options. These options will be granted to employees and professionals during 2022 and 2023 and vest in four years. On May 10, 2022, the Group signed a share purchase agreement with Mr. Trung Tri Doan, who agreed to invest $1,400 in the Group in exchange for 4,912,281 shares. In connection with this share purchase agreement, Dr. Chris Chang Yu was appointed as Co-Chairman and Co-CEO. As the date of the report, the Group has not received any fund from this investment. |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 19 . PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 68 3,152 495 Advances to suppliers 4,467 3,621 568 Amounts due from affiliates and subsidiaries 58,341 80,640 12,654 Other current assets 1,187 110 17 Total current assets 64,063 87,523 13,734 Non-current assets: Investments in subsidiaries (49,424) (59,917) (9,402) Other assets — — — TOTAL ASSETS 14,639 27,606 4,332 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Short-term debts 2,232 27,859 4,373 Amounts due to related parties 4,206 1,347 211 Accrued expenses and other current liabilities 5,253 2,899 454 Total liabilities 11,691 32,105 5,038 Shareholders’ (deficit) equity: Class A Ordinary shares (US$0.01 par value per share; 70,000,000 shares authorized, 9,192,660 and 16,604,402 shares issued outstanding 618 1,096 172 Class B Ordinary shares (US$0.01 par value per share; 30,000,000 authorized, 2,863,100 and 2,773,100 shares issued outstanding 191 185 29 Additional paid-in capital 354,295 465,334 73,021 Accumulated deficit (356,951) (475,646) (74,639) Accumulated other comprehensive income 4,795 4,532 711 Total shareholders’ (deficit) equity 2,948 (4,499) (706) TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT 14,639 27,606 4,332 19 . PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Continued) Condensed statements of comprehensive loss For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating loss: Selling and marketing expenses (5,393) (3,922) (6,380) (1,001) Research and development expenses (2,534) (4,800) (8,893) (1,396) General and administrative expenses (31,884) (33,499) (48,328) (7,584) Loss from operations (39,811) (42,221) (63,601) (9,981) Interest expense (1,576) (393) (3,737) (586) Other (expense) income, net 23 (692) 214 34 Change in fair value of convertible debt (5,296) 6,630 (9,073) (1,424) Share of losses of subsidiaries (54,400) (43,799) (42,498) (6,671) Loss before income taxes and net loss (101,060) (80,475) (118,695) (18,628) Other comprehensive income, net of tax — Fair value change relating to Company’s own credit risk on convertible loan (955) (108) — — — Foreign currency translation adjustment 2,978 2,793 (263) (41) Total comprehensive loss (99,037) (77,790) (118,958) (18,669) Condensed statements of cash flows As of December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash used in operating activities (11,922) (65,043) (33,402) (5,243) Net cash used in investing activities (31,415) (79,461) (31,315) (4,914) Net cash provided by financing activities 39,648 144,408 68,001 10,670 Effect of exchange rate changes on cash and cash equivalents 30 120 (200) (29) Net increase (decrease) in cash and cash equivalents (3,659) 24 3,084 484 Cash and cash equivalents at beginning of year 3,703 44 68 11 Cash and cash equivalents at end of year 44 68 3,152 495 |
SUMMARY OF PRINCIPAL ACCOUNTI_2
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | (b) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are those entities in which the Group, 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, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. All intercompany transactions and balances are eliminated upon consolidation. |
Use of estimates | (c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Areas where management uses subjective judgement include, but are not limited to allowance for doubtful accounts, share-based compensation, deferred tax and uncertain tax position, valuation of convertible loans, useful lives of intangible assets and property and equipment, and impairment of long-lived assets, goodwill and long-term investments. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences could be material to the consolidated financial statements. |
Foreign currency | (d) Foreign currency The functional currency of the Company and AnPac US is the United States dollar and its reporting currency is Renminbi (“RMB”). The functional currency of the Company’s PRC subsidiaries is the RMB as determined based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. The financial statements of the Company and AnPac US are translated from the functional currency to the reporting currency, RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Group uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ deficit. |
Convenience translation | (e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.3726 on December 31, 2021, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted, realized or settled into US$ at such rate or at any other rate. |
Cash and cash equivalents | (f) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal or use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. |
Accounts receivable, net of allowance for doubtful accounts | (g) Accounts receivable, net of allowance for doubtful accounts Accounts receivable are recorded at their invoiced amounts, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded when the collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence, including aging of the receivable, the customer’s payment history, its current creditworthiness and current economic trends. Accounts receivable are written off after all collection efforts have ceased. The Group regularly reviews the adequacy and appropriateness of the allowance for doubtful accounts. Accounts receivable for the years ended December 31, 2020 and 2021 were as follows: Years ended December 31, 2020 2021 RMB RMB US$ Accounts receivable 8,096 6,699 1,052 Allowance for doubtful accounts (304) (1,145) (180) Balance at end of year 7,792 5,554 872 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (g) Accounts receivable, net of allowance for doubtful accounts (continued) Movement in the allowances for doubtful debts were as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Balance at beginning of year 198 177 304 48 Additional provision 168 758 841 132 Write-offs (189) (631) — — Balance at end of year 177 304 1,145 180 |
Inventories | (h) Inventories Inventories are stated at the lower of cost or net realizable value. Cost of inventories are determined using the first in first out method. The Group records inventory reserves for obsolete and slow-moving inventory. |
Property and equipment | (i) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Leasehold improvements Over the shorter of the lease term or estimated useful lives Buildings 20 years Furniture, fixtures and equipment 3-10 years Motor vehicles 3-5 years Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. |
Long-term investments | (j) Long-term investments The Group’s long-term investments include equity method investments and equity investments without readily determinable fair values. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (j) Long-term investments (continued) Investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures Investments in equity securities without readily determinable fair values are measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These investments are measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the consolidated statements of comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. For the years ended December 31, 2019, 2020 and 2021, the Group recognized an impairment on its equity investment in Jiangsu Anpac Health Management Co., Ltd. of RMB1,320, RMB1,430 and Nil, respectively. For the years ended December 31, 2019, 2020 and 2021, the operation of Jiangsu Anpac Health Management Co., Ltd. was inactive. |
Business combinations | (k) Business combinations The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of the cost of the acquisition, fair value of the noncontrolling 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 identifiable net assets of the acquiree, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable net assets acquired, liabilities assumed and noncontrolling interest is based on various assumptions and valuation methodologies requiring considerable judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the acquiree’s current business model and industry comparisons. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from forecasted amounts and the differences could be material. |
Intangible assets | (l) Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. Intangible assets have estimated useful lives from the date of purchase as follows: Category Estimated useful life Software 3-10 years Medical license 15 years Customer relationship 6.4 years |
Land use right, net | (m) Land use right, net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent lease prepayments to the PRC government and are carried at cost less accumulated amortization. Land use rights are amortized on a straight-line basis over the terms of the land use right of 50 years. |
Goodwill | (n) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable assets acquired less liabilities assumed of an acquired business. Goodwill acquired in a business combination is not amortized, but instead tested for impairment at least annually, or more frequently if certain circumstances indicate a possible impairment may exist. In accordance with ASC 350-20, Intangibles-Goodwill and Other, Goodwill, only The Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test in accordance with ASC 350-20. If the Group believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the two-step quantitative impairment test described below is required. Otherwise, no further testing is required. 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. In performing the two-step quantitative impairment test, the first step compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired, and the Group is not required to perform further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the Group must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. The fair value of the reporting unit is allocated to its assets and liabilities in a manner similar to a purchase price allocation in order to determine the implied fair value of the reporting unit goodwill. If the carrying amount of the goodwill is greater than its implied fair value, the excess is recognized as an impairment loss. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (n) Goodwill (continued) For the years ended December 31, 2019 and 2020, the Group performed a qualitative assessment for the reporting unit. Based on the requirements of ASC 350-20, the Group evaluated all relevant qualitative and quantitative factors, weighed all factors in their entirety and concluded that it was not more-likely-than-not that the fair value of the reporting unit was less than its carrying amount. Therefore, no goodwill impairment was recognized as of December 31, 2019 and 2020. For the year ended December 31, 2021, the Group performed the two-step quantitative impairment test and determined that the fair value of goodwill acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. in fiscal 2017 is nil. Therefore, the Group impaired the goodwill acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. of RMB2,223(US$349). |
Impairment of long-lived assets other than goodwill | (o) Impairment of Long-lived assets other than goodwill The Group evaluates its long-lived assets, including property and equipment and intangibles with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. The adjusted carrying amount of the assets become new cost basis and are depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Given no events or changes in circumstances indicating the carrying amount of long-lived assets may not be recovered through the related future net cash flows, the Group did not perform such an evaluation for the years ended December 31, 2019 and 2020. For the year ended December 31, 2021, due to the slow development of Shiji (Hainan) Medical Technology Ltd., the Group evaluated the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition and determined that the fair value of intangible assets of Shiji (Hainan) Medical Technology Ltd. was nil. Therefore, the Group impaired the intangible assets acquired from the acquisition of Shiji (Hainan) Medical Technology Ltd. of RMB3,828 (US$601). |
Fair value of financial instruments | (p) Fair value of financial instruments The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (p) Fair value of financial instruments (continued) ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group’s financial instruments include cash and cash equivalents, accounts receivables, accounts payable, other receivables, other payables and short-term debt. The carrying values of these financial instruments approximate their fair values due to their short-term maturities. The Group elected the fair value option to account for its convertible loans. The Group engaged an independent valuation firm to perform the valuation. The fair value of the convertible loans as of December 31, 2020 and 2021 was RMB2,232 and RMB27,859 (US$4,372) calculated using the binomial tree model. The convertible loans are classified as level 3 instruments as the valuation was determined based on unobservable inputs which are supported by little or no market activity and reflect the Group’s own assumptions in measuring fair value. Significant estimates used in developing the fair value of the convertible loans include time to maturity, risk-free interest rate, straight debt discount rate, probability to convert and expected timing of conversion. Refer to Note 10 for additional information. As the inputs used in developing the fair value for level 3 instruments are unobservable, and require significant management estimate, a change in these inputs could result in a significant change in the fair value measurement. The following is a reconciliation of the beginning and ending balances for convertible loans measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2020 and 2021: As of December 31, 2020 2021 2021 RMB RMB US$ Opening balance 24,568 2,232 350 New convertible loans issued 1,830 32,344 5,076 Conversion of other payable to convertible loan — 4,534 711 Repayments (17,261) — — Conversion of convertible loans — (20,110) (3,155) Loss on change in fair value of convertible loan 532 9,073 1,424 Gain on settlement of convertible loan (7,162) — — Other comprehensive income -foreign exchange translations (275) (214) (34) Total 2,232 27,859 4,372 |
Revenue recognition | (q) The Group derives its revenues principally from customers through the Group’s cancer screening and detection test and physical checkup package services. Revenue is recognized when the Group satisfies the performance obligations in an amount of consideration to which the Group expects to be entitled to in exchange for those services. The Group evaluates the presentation of revenue on a gross or net basis based on whether it controls the services provided to customers and is the principal (i.e., “gross”), or the Group arranges for other parties to provide the service to the customers and is an agent (i.e., “net”). The Group presents value-added taxes as a reduction from revenues. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Revenue from cancer screening and detection tests Revenue from cancer screening and detection test are primarily generated through administration of the tests to the Group’s customer constituents, the Group’s cancer screening and detection tests based on CDA technology and other cancer screening and detection technologies, such as biomarker-based tests, to its customers (primarily corporations and life insurance companies). A contract exists when the master service agreement has been executed and the customer submitting a service request, which is a placed order. The Group’s contracts have a single performance obligation which is satisfied upon rendering of the cancer screening and detection tests and delivery of the cancer screening and detection test results to the customer or customer’s employee as well as individual policy holder. The Group acts as the principal as it controls the cancer screening and detection tests before it is transferred to the customer and records revenue on a gross basis at a point in time, when the cancer screening and detection test results are delivered to the customer. The Group accrues 5% of the revenue from cancer screening and detection tests as warranty liability which was included in accrued expenses and other current liabilities. Revenue from physical checkup packages The Group facilitates corporations and life insurance companies to procure physical checkup package services for their employees and policy holders, respectively, from third-party physical checkup package service providers. The Group enters into contracts with corporations and life insurance companies and physical checkup service providers. The Group considers both the corporations and life insurance companies and the third-party physical checkup package service providers as its customers in this type of transaction. The Group’s performance obligation is to facilitate the corporations and life insurance companies and the third-party physical checkup package service providers to complete the purchase of physical checkup package services, which is not controlled by the Group prior to being transferred to the corporations and life insurance companies. The Group fulfills its performance obligation at a point in time when the employees and policy holders of corporations and life insurance companies, respectively, complete the physical checkups at which the Group records the net amount that it retains from such completed transaction as revenue. The Group also enters into arrangements to deliver both cancer screening and detection tests and physical checkup package services. The Group is the principal for the cancer screening and detection tests and the agent for physical checkup package services. Revenues for cancer screening and detection tests and physical checkup are both recognized at a point in time when the performance obligation is satisfied upon delivery of the cancer screening and detection test results to the end customers and completion of physical checkup respectively. As the Group acts as both the principal and agent in the arrangement, the Group allocates the transaction price to each performance obligation on a relative stand-alone selling price basis. Revenue from Technology services The Group provides a series of technology services including but not limited to market research, designing, coding, developing, testing, etc. to a client for a contractual term of two years. As the series of services are an integral part of a project of which the goal is to enable the client to produce a cancer-treatment medical device, none of the mentioned services can be isolated and identified as a distinct performance obligation. The Group concluded that the combined services in the contract constitutes a single performance obligation. The contract price is fully allocated to the single performance obligation. The Group uses input methods to measure the progress toward complete satisfaction of the performance obligation. Input methods measure progress based on resources consumed or efforts expended relative to total resources expected to be consumed or total efforts expected to be expended. The completion percentage is determined by costs incurred/total costs estimated to be incurred. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Retail revenue The Group started retail business of genetic testing kits and skin-care products in fiscal 2021. Customers pay upfront and the Group delivers the ordered products. Revenue was recognized at point of time. For the year ended December 31, 2021, the retail revenue was insignificant. All revenues are generated in the PRC. Contract balances The payment terms and conditions within the Group’s contracts vary by the type of services and the customers. Contract assets relate to the Group’s conditional right to consideration for completed performance obligations under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. The Group does not have contract assets for the years presented. In instances where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that its contracts generally do not include a significant financing component. Contract liabilities represent considerations received from corporations, life insurance companies and technology services client in advance of satisfying the Group’s performance obligations under the contract, which are presented in “advance from customers” in the consolidated balance sheets. For the years ended December 31, 2020 and 2021, advance from customers amounted to RMB3,682 and RMB4,174 (US$655), respectively. PRC Value-Added Taxes (“VAT”) and surcharges The services of the Group are subject to 6% of Value-Added Taxes. Retail sales are subject to 3% or 13% of Value-Added Taxes. The Group is subject to education surtax and urban maintenance and construction tax, on the services provided in the PRC. Practical expedients The Group has applied the following practical expedients: (i) The transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied has not been disclosed , as substantially all of the Group’s contracts have a duration of one year or less. (ii) The Group recognizes incremental costs to obtain a contract as expenses when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses. |
Costs of revenues | (s) Costs of revenues Costs of revenues consists of staff costs, outsourced testing costs, blood sample taking costs, medical consumable costs, share-based compensation, depreciation of CDA equipment, purchase cost of retail products. |
Advertising expenditures | (t) Advertising expenditures Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses. For the years ended December 31, 2019, 2020 and 2021, the advertising expense amounted to RMB922, RMB664 and RMB515 (US$81) respectively. |
Research and development expenses | (u) Research and development expenses Research and development expenses primarily are comprised of costs incurred in performing research and development activities, including related personnel and consultant’s salaries, benefits, share-based compensation and related costs, raw materials and supplies for internally-developed product candidates and external costs of outside vendors engaged to conduct clinical development activities and trials. The Group expenses research and development expenses as they are incurred. |
Government grants | (v) Government grants Government grants include financial incentives in the form of cash subsidies that involve no conditions or continuing performance obligations of the Group. Government grants are recognized as other non-operating income upon receipt. For government grants related to assets in the form of land use rights, the government grants are recorded as deferred income when received. The deferred income is then recognized in other income, net in the consolidated statement of comprehensive loss on a systematic basis over the useful life of the related asset. Government grants recognized in other income for the years ended December 31, 2019, 2020 and 2021 were RMB 2,806, RMB7,541 and RMB565 (US$88). |
Leases | (w) Leases Leases are classified at the inception date as either a capital lease or an operating lease. The Group assesses a lease to be a capital lease if any of the following conditions exist: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life, or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an occurrence of an obligation at the inception of the lease. The Group has no capital leases for the years presented. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective lease terms. The Group leases office space, storage unit, research laboratory, employee accommodation and manufacturing space under operating lease agreements. Certain of the lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease expense on straight-line basis over the term of the lease. |
Employee benefit expenses | (x) Employee benefit expenses As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The total expenses the Group incurred for the plan were RMB3,249, RMB1,645 and RMB3,884 (US$609) for the years ended December 31, 2019, 2020 and 2021, respectively. |
Share-based compensation | (y) Share-based compensation The Group accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or an equity award. All the Group’s share-based awards were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Group has elected to recognize share-based compensation using the straight-line method for all share-based awards granted with graded vesting based on service conditions. The Group accounts for forfeitures as they occur in accordance with ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. The Black-Scholes Model were applied in determining the estimated fair value of the options granted to employees and non-employees. |
Income taxes | (z) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expenses. |
Comprehensive loss | (aa) Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive loss includes net loss and foreign currency translation differences, and is presented in the consolidated statements of comprehensive loss. |
Segment reporting | (bb) Segment reporting The Group’s Chief Executive Officer is the chief operating decision-maker that reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Group as a whole and hence, the Group has only one reportable segment in accordance with ASC 280, Segment Reporting. The Group operates and manages its business as a single |
Loss per share | (cc) Loss per share Loss per share is calculated in accordance with ASC 260, Earnings per Share. Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. 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 the ordinary shares issuable upon the conversion of the share options, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Group’s consolidated statements of comprehensive loss. The rights, including the liquidation and dividend rights, of the holders of our Class A and Class B ordinary shares are identical, except with respect to voting. Each Class A ordinary share is entitled to one vote; and 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. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For the years ended December 31, 2019, 2020 and 2021, the net loss per share amounts are the same for Class A and Class B common ordinary shares because the holders of each class are entitled to equal per share dividends or distributions in liquidation. The Group did not include share options in the computation of diluted earnings per share for the years ended December 31, 2019, 2020 and 2021, because those share options were anti-dilutive for loss per share. |
Concentrations of Risk | (dd) Risks, Uncertainties and Concentrations COVID-19 As a result of the pandemic of COVID-19 in China, the United States and the world, the Group’s operations have been, and may continue to be, adversely impacted by disruptions in business activities, commercial transactions and general uncertainties surrounding the duration of the outbreaks and the various governments’ business, travel and other restrictions. These adverse effects could include the Group’s ability to market and conduct its tests in China, commercialize its tests in the United States and carry out research studies and activities in China and the United States, temporary closures of its laboratory facilities and offices in China and the United States and its customers’ and suppliers’ facilities, the delay in construction of its new Philadelphia laboratory, delayed supply of products and services from its suppliers, and delayed or cancelled orders from its customers (such as due to temporary decreased demand for disease screening and detection or physical checkup services or generally due to reduced commercial activities). In addition, the Group’s business operations could be disrupted if any of its employees is suspected of contracting the coronavirus or any other epidemic disease, since its employees could be quarantined and/or its offices be shut down for disinfection. In particular, the closing of blood sampling points countrywide in China since the Chinese New Year in 2020, as a measure by the Chinese government to contain the spread of COVID-19, significantly reduced the number of samples that the Group could collect for its CDA tests. Despite partial recovery of the blood sampling points in April 2020, the number of blood samples that the Group can collect was still limited for the years ended December 31, 2020 and 2021 and there were delays of orders and cancellation of some orders for planned CDA tests and physical checkups from the Group’s customers. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (dd) Risks, Uncertainties and Concentrations (continued) The Group’s total revenue and gross margins for the year ended December 31, 2021 decreased comparing to fiscal 2020, which was mainly attributable to less cancer screening and detection tests orders under the impact of the pandemic. The Group continued to work in obtaining the Class III medical device certification in China (which entered clinical test phase). While the Group strives to bring in new customers and launch new tests to mitigate the negative impact of COVID-19, it has no control over the development of the COVID-19 situations in China, the United States or around the world and therefore may not be able to achieve a revenue growth or maintain its historical revenue level in future periods. Despite the delay caused by the pandemic, the Group has made the new Philadelphia laboratory ready for use and obtained laboratory developed test (LDT) designation in the US. The downturn brought by and the duration of the coronavirus pandemic is difficult to assess or predict and actual effects will depend on many factors beyond the Group’s control, including the increased world-wide spread of COVID-19 and the relevant governments’ actions to contain COVID-19 or treat its impact. The extent to which COVID-19 may impact the Group’s results continues to remains uncertain. The business, results of operations, financial condition and prospects could be adversely affected directly, as well as to the extent that the coronavirus or any other epidemic harms the Chinese and the United States’ economies in general. Subsequent to December 31, 2021, the Group’s operations were impacted by a resurgence of COVID-19 in Shanghai, China. The resulting lockdown policies in city of Shanghai have forced the Group to temporarily halt operations in its Shanghai office. Given the uncertainty of this situation, the related financial impact cannot be reasonably estimated at this time. The Group will continue to maintain flexibility in the operations and proactively manage the impact of COVID-19 to its business operations and financial statements. Concentration of credit risk Financial instruments that potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivables. As of December 31, 2020 and 2021, the aggregate amounts of cash and cash equivalents of RMB2,366 and RMB4,237 (US$665), respectively, were held at major financial institutions located in the PRC and RMB650 and RMB 5,014 (US$787), respectively, were deposited with major financial institutions located outside the PRC. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. Historically, deposits in Chinese banks are secured due to the state policy on protecting depositors’ interests. However, China promulgated a new Bankruptcy Law in August 2006 that came into effect on June 1, 2007 which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the new Bankruptcy Law, a Chinese bank may go into bankruptcy. In addition, since China’s concession to the World Trade Organization, foreign banks have been gradually permitted to operate in China and have been significant competitors against Chinese banks in many aspects, especially since the opening of the Renminbi business to foreign banks in late 2006. Therefore, the risk of bankruptcy of those Chinese banks in which the Group has deposits has increased. In the event of bankruptcy of one of the banks which holds the Group’s deposits, the Group is unlikely to claim its deposits back in full since the bank is unlikely to be classified as a secured creditor based on PRC laws. Accounts receivables, unsecured and denominated in RMB, are exposed to credit risk. As of December 31, 2020, two customers accounted for 49% and 11% of total accounts receivables, respectively. As of December 31, 2021, two customers accounted for 43% and 12% of total accounts receivables. The risk is mitigated by credit evaluations the Group performs on its customers. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (dd) Risks, Uncertainties and Concentrations (continued) Business, customer, supplier, political and economic risks The Group participates in a dynamic industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; intellectual property considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC. The Group is also reliant on contract manufacturers that manufacture key components of its CDA device used in its diagnostic testing. For the years ended December 31, 2019, the Group had two customers that accounted for more than 10% of the total revenues. For the year ended December 31, 2020, the Group had two customers that accounted for 29% and 15% of total revenues, respectively. For the year ended December 31, 2021, the Group had three customers that accounted for 36%, 17% and 11% of total revenues, respectively. For the years ended December 31, 2019, the Group had two suppliers that accounted for more than 10% of cost of revenues. For the year ended December 31, 2020, the Group had four suppliers that accounted for 17%, 14%, 13% and 11% of total cost of revenues, respectively. For the year ended December 31, 2021, the Group had three suppliers that accounted for 11%, 11% and 10% of total cost of revenues, respectively. As of December 31, 2020, one supplier accounted for 28% of total accounts payables. As of December 31, 2021, four suppliers accounted for 22%, 13%, 12%and 12% of total accounts payables, respectively. Currency convertibility risk A significant portion of the Group’s expenses, assets and liabilities are denominated in RMB. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into U.S. dollar or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approvals of foreign currency payments by the PBOC or other institutions require submitting a payment application form together with relevant documents. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For U.S. dollar against RMB, there was appreciation of approximately 1.3%, depreciation of 6.3% and appreciation of 2.3% in the years ended December 31, 2019, 2020 and 2021, respectively. It is difficult to predict how market forces or PRC or the U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (dd) Risks, Uncertainties and Concentrations (continued) The functional currency and the reporting currency of the Company and AnPac US are the US$ and the RMB, respectively. Most of the revenues and costs of the Group are denominated in RMB, while a portion of cash and cash equivalents and convertible loans (“CL“) are denominated in US$. It is difficult to predict how market forces or PRC or the U.S. government policy may impact the exchange rate between the Renminbi and the US$ in the future. Any significant fluctuation of the valuation of RMB may materially affect the Group’s cash flows, revenues, earnings and financial position, and the value of any dividends payable on the ADS in US$. |
Recent accounting pronouncements | (ff) Recent accounting pronouncements The Group is an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Group elected to take advantage of the extended transition periods. However, this election will not apply should the Group cease to be classified as an EGC. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases, including operating leases, with a term in excess of 12 months. The guidance also expands the quantitative and qualitative disclosure requirements. In July 2018, the FASB issued updates to the lease standard making transition requirements less burdensome. The update provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the Group’s financial statements. The new guidance requires the lessee to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. FASB further issued ASU 2018-11 “Target Improvement” and ASU 2018-20 “Narrow-scope Improvements for Lessors.” In June 2020, the FASB issued ASU No. 2020-05, “Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities” (“ASU 2020-05”) in response to the ongoing impacts to businesses in response to the coronavirus (COVID-19) pandemic. ASU 2020-05 provides a limited deferral of the effective dates for implementing previously issued ASU 842 to give some relief to businesses and the difficulties they are facing during the pandemic. ASU 2020-05 affects entities in the “all other” category and public Not-For-Profit entities that have not gone into effect yet regarding ASU 2016-02, Leases (Topic 842). Entities in the “all other” category may defer to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As an emerging growth company, the Group will adopt this guidance effective January 1, 2022. The Group is expected to recognize ROU assets lease In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The amendments in ASU 2016-13 update guidance on reporting credit losses for financial assets. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Group will adopt ASU 2016-13 on January 1, 2023, and is currently evaluating the impact on its consolidated financial statements of adopting this guidance. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for the Group for the annual reporting periods beginning January 1, 2022 and interim periods beginning January 1, 2023. Early adoption is permitted. The Group does not expect any material impact on the Group’s consolidated financial statements. 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (ff) Recent accounting pronouncements (continued) In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This guidance addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. This standard is effective for the Group beginning January 1, 2022 including interim periods within the fiscal year. The Group does not expect any material impact on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for the Group on January 1, 2022, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Group is currently evaluating the impact of the adoption of ASU 2020-06 on its consolidated financial statements. |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | |
Schedule of subsidiaries | Place of Percentage of Date of Incorporation/ Major subsidiaries Ownership Incorporation Acquisition Major Operation Changhe Bio-Medical Technology (Yangzhou) Co., Ltd. 100 % March 2010 the PRC Cancer screening and detection tests Changwei System Technology (Shanghai) Co., Ltd. 100 % March 2011 the PRC Research and development AnPac Bio-Medical Technology (Lishui) Co., Ltd. (“AnPac Lishui”) 100 % October 2012 the PRC Cancer screening detection tests and device manufacturing AnPac Bio-Medical Technology (Shanghai) Co., Ltd. 100 % April 2014 the PRC Cancer screening and detection tests AnPac Technology USA Co., Ltd. (“AnPac US”) 100 % September 2015 the U.S. Clinical trials for research on cancer screening and detection tests Lishui AnPac Medical Laboratory Co., Ltd. 100 % July 2016 the PRC Cancer screening and detection tests Shiji (Hainan) Medical Technology Ltd. 100 % March 2013 the PRC Cancer screening and detection research Shanghai Muqing AnPac Health Technology Co., Ltd. (“AnPac Muqing”) 51 % March 2019 the PRC Cancer screening and detection tests Anpai (Shanghai) Healthcare Management and Consulting Co., Ltd. 60 % August 15, 2021* the PRC Cancer screening and detection tests * On August 15, 2021, the Group completed the step acquisition of 60% equity interest in Anpai Shanghai. (see Note 3) |
SUMMARY OF PRINCIPAL ACCOUNTI_3
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | |
Schedule of accounts receivable | Accounts receivable for the years ended December 31, 2020 and 2021 were as follows: Years ended December 31, 2020 2021 RMB RMB US$ Accounts receivable 8,096 6,699 1,052 Allowance for doubtful accounts (304) (1,145) (180) Balance at end of year 7,792 5,554 872 |
Schedule of movement in the allowances for doubtful debts | Movement in the allowances for doubtful debts were as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Balance at beginning of year 198 177 304 48 Additional provision 168 758 841 132 Write-offs (189) (631) — — Balance at end of year 177 304 1,145 180 |
Schedule of estimated useful lives of property and equipment | Category Estimated useful life Leasehold improvements Over the shorter of the lease term or estimated useful lives Buildings 20 years Furniture, fixtures and equipment 3-10 years Motor vehicles 3-5 years |
Schedule of finite lived intangible assets estimated useful lives | Category Estimated useful life Software 3-10 years Medical license 15 years Customer relationship 6.4 years |
Schedule of convertible loans measured at fair value on a recurring basis using significant unobservable inputs | The following is a reconciliation of the beginning and ending balances for convertible loans measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2020 and 2021: As of December 31, 2020 2021 2021 RMB RMB US$ Opening balance 24,568 2,232 350 New convertible loans issued 1,830 32,344 5,076 Conversion of other payable to convertible loan — 4,534 711 Repayments (17,261) — — Conversion of convertible loans — (20,110) (3,155) Loss on change in fair value of convertible loan 532 9,073 1,424 Gain on settlement of convertible loan (7,162) — — Other comprehensive income -foreign exchange translations (275) (214) (34) Total 2,232 27,859 4,372 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACQUISITION | |
Summary of the fair values of the assets acquired and liabilities assumed | Amount RMB USD Cash acquired 41 6 Other receivables 196 31 Total current assets 237 37 Property and equipment, net 420 66 Intangible assets, net 9,170 1,439 Goodwill 12,758 2,002 Total assets 22,585 3,544 Current liabilities 1,472 231 Deferred tax liability 2,293 360 Total liabilities 3,765 591 Previous held 20% Equity Value 3,440 540 40% Equity Value with noncontrolling interest 6,880 1,080 Total consideration of 40% Equity Value 8,500 1,333 |
OTHER CURRENT ASSETS, NET (Tabl
OTHER CURRENT ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT ASSETS, NET | |
Summary of other current assets | As of December 31, 2020 2021 RMB RMB US$ Tax recoverable 1,649 1,853 291 Deposits and others 1,753 2,053 322 3,402 3,906 613 Allowance for doubtful accounts (99) (556) (87) Total 3,303 3,350 526 |
Summary of movement in the allowances for doubtful debts | Movement in the allowances for doubtful debts were as follows: Years ended December 31, 2020 2021 RMB RMB US$ Balance at beginning of year 3 99 15 Additional provision 96 457 72 Balance at end of year 99 556 87 |
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 US$ Buildings 16,029 16,029 2,515 Leasehold improvements — 1,448 227 Furniture, fixtures and equipment 11,133 12,977 2,037 Motor vehicles 517 512 80 Total 27,679 30,966 4,859 Less: Accumulated depreciation (10,028) (12,715) (1,995) 17,651 18,251 2,864 Construction in progress 1,616 2,013 316 Property and equipment, net 19,267 20,264 3,180 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Land use rights | |
LAND USE RIGHTS, NET | |
Schedule of components of intangible assets, including land use rights | As of December 31, 2020 2021 RMB RMB US$ Land use rights, cost 1,388 1,388 218 Less: Accumulated depreciation (222) (250) (39) Land use rights, net 1,166 1,138 179 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) - Purchased software and Medical License Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS, NET | |
Schedule of components of intangible assets | As of December 31, 2020 2021 RMB RMB US$ Software 1,331 1,297 204 Customer relationship — 9,170 1,439 Medical license 5,300 5,300 832 Total 6,631 15,767 2,475 Less: Accumulated amortization (2,035) (1,610) (253) Less: Impairment-medical license — (5,300) (832) Intangible assets, net 4,596 8,857 1,390 |
Schedule of estimated amortization expense | Year ending December 31, RMB 2022 1,595 2023 1,447 2024 1,447 2025 1,447 2026 1,447 Thereafter 1,474 Total 8,857 |
LONG-TERM INVESTMENTS, NET (Tab
LONG-TERM INVESTMENTS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM INVESTMENTS, NET | |
Schedule of components of long-term investments | As of December 31, 2020 2021 2021 RMB RMB US$ Equity method investments Anpac Beijing Health Management Co., Ltd (“Anpac Beijing”). 789 923 145 Shanghai Moxu Bio-medical Science Co., Ltd.(“Moxu”) 94 — — Equity securities without readily determinable fair values Jiangsu Anpac Health Management Co., Ltd. (“Jiangsu Anpac”) 2,750 2,750 432 Less: Impairment (2,750) (2,750) (432) Total 883 923 145 |
SHORT-TERM DEBTS (Tables)
SHORT-TERM DEBTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SHORT-TERM DEBTS | |
Schedule of components of short-term debt | As of December 31, 2020 2021 2021 RMB RMB US$ Short-term bank and other borrowings (i) 6,000 5,900 926 Convertible loan (“CL”) (ii) 2,232 27,859 4,372 Total 8,232 33,759 5,298 (i) The short-term borrowing as of December 31, 2021 consisted of RMB 5,900 borrowing that had a fixed annual interest rate of 4.35% and are due on September 30, 2022. The short-term borrowing as of December 31, 2020 consisted of RMB 6,000 borrowing that had fixed annual interest rates of 4.15% , and were fully repaid upon maturities in fiscal 2021. These borrowings are pledged by certain properties of the Group and the Founder, and guaranteed by the Founder. Interest expense recognized for short-term borrowings for the years ended December 31, 2020 and 2021 were RMB 728 and RMB 238 (US $37 ), respectively. (ii) On July 30, 2020, the Group issued convertible loans with an aggregate principal amount of RMB 1,689 (US $265 ) to EMA Financial, LLC. (“EMC”). The CL is originally due in nine months and bears interest of 10% per annum if the conversion feature is not triggered. The CL is ultimately guaranteed by the Founder’s personal assets. The Group has elected to recognize the CL at fair value and therefore there was no further evaluation of embedded features for bifurcation. The loan was fully converted into 54,642 shares on February 17, 2021. The fair value of convertible loan immediately prior to conversion was assessed at RMB 2,283 . |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
Schedule of components of accrued expenses and other current liabilities | As of December 31, 2020 2021 2021 RMB RMB US$ Salary and welfare payable 6,866 8,101 1,271 Payable for acquisition of noncontrolling interests 245 245 38 Accrued rental 1,768 1,140 179 Accrued expenses 14,136 8,174 1,283 Value added tax and other taxes payable 263 417 65 Payable for property and equipment 559 71 11 Accrued utilities 52 58 9 Other payables 1,464 1,564 246 Total 25,353 19,770 3,102 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions used to value share options granted | For the year ended December 31, 2019 2020 2021 Risk-free interest rate 1.55%-2.50 % 0.55%-0.93 % 0.36%-1.05 % Expected volatility range 60.37%-64.48 % 49%-65 % 85.6%-87.5 % Fair market value per ordinary share as at grant dates US$9.61-9.80 US$1.74-$4.83 US$1.57-US$5.63 |
Schedule of share-based compensation expenses included in financial statement line items | For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenues 327 327 305 48 Selling and marketing expenses 5,393 1,113 3,523 553 Research and development expenses 2,534 3,534 7,366 1,156 General and administrative expenses 24,601 12,788 22,973 3,605 Total share-based compensation expenses 32,855 17,762 34,167 5,362 |
Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Group's employee and non employee share option activities | Weighted Weighted Average Weighted Average Remaining Aggregate Number of Average Grant date Contractual Intrinsic Options Exercise Price Fair Value Term Value US$ per US$ per option option Years US$ Share options outstanding at January 1, 2019 631,500 0.0002 6.43 7.22 6,090 Granted 327,000 0.0004 9.80 — — Forfeited (42,000) Nil 9.68 — — Share options outstanding at December 31, 2019 916,500 0.0003 7.48 7.26 8,985 Granted 379,000 9.07 3.10 — — Exercised (213,700) — 8.13 — — Forfeited (30,000) 0.0001 3.04 — — Share options outstanding at December 31, 2020 1,051,800 3.27 5.87 7.37 3,616 Granted 552,814 2.49 3.47 — — Exercised (544,014) — — — — Share options outstanding at December 31, 2021 1,060,600 3.65 4.91 7.07 637 Vested and exercisable at December 31, 2021 650,750 2.91 5.12 6.11 531 |
Nonemployees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Group's employee and non employee share option activities | Weighted Weighted Weighted Average Average Average Remaining Aggregate Number of Exercise Grant date Contractual Intrinsic Options Price Fair Value Term Value US$ per US$ per option option Years US$ Share options outstanding at January 1, 2019 93,700 0.0004 7.53 8.11 904 Granted 153,300 0.0003 9.80 Share options outstanding at December 31, 2019 247,000 0.0003 8.94 8.40 2,422 Granted 271,000 8.44 3.07 — — Forfeited — — — — — Exercised (70,700) 1.60 6.66 — — Share options outstanding at December 31, 2020 447,300 4.86 5.85 8.55 1,166 Granted 336,800 0.94 3.83 — — Exercised (412,400) — — — — Share options outstanding at December 31, 2021 371,700 5.92 4.77 7.88 148 Vested and exercisable at December 31, 2021 335,200 5.98 4.91 7.78 136 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Schedule of loss before income taxes | For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Non-PRC (56,658) (51,328) (87,641) (13,754) PRC (45,181) (29,325) (33,626) (5,277) Total (101,839) (80,653) (121,267) (19,031) |
Schedule of current and deferred components of income tax (expense) benefit | For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current tax benefit 130 — — — Deferred tax benefit 88 88 1,180 185 Total 218 88 1,180 185 |
Schedule of reconciliation of tax computed by applying the statutory income tax rate to income tax (expense) benefit | For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Loss before income taxes (101,839) (80,653) (121,267) (19,031) Income tax benefit computed at the statutory income tax rate at 25% 25,460 20,163 30,317 4,757 Non-deductible expenses (5,141) 2,475 (538) (84) International rate differences (11,367) (9,606) (18,708) (2,936) Preferential tax rate differences (710) (552) (1,099) (172) Effect of change in tax rate 789 — (1,967) (309) Change in valuation allowance (8,813) (12,392) (6,825) (1,071) Income tax benefit 218 88 1,180 185 |
Schedule of components of deferred taxes | As of December 31, 2020 2021 2021 RMB RMB US$ Deferred tax assets: Net loss carryforward 34,417 40,986 6,432 Accrued expenses 1,359 1,460 229 Provision for doubtful accounts 857 1,012 159 Valuation allowance (36,633) (43,458) (6,820) Total deferred tax assets. — — — Deferred tax liabilities: Long-lived assets arising from acquisitions (1,045) (2,158) (339) Total deferred tax liabilities. (1,045) (2,158) (339) |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
Schedule of related parties that had transactions or balances with the Group | Related Party Nature of the party Relationship with the Group Dr. Chris Chang Yu Individual Co-Founder and Chairman with majority voting control* Ms. Lin Yu Individual Director of the Group* Anpai (Shanghai) Healthcare Management and Consulting Co., Ltd. (“Anpai”) Health management Equity investee of the Group Anpac Beijing Health management Equity investee of the Group Jiaxing Zhijun Sihang Investment Partnership Enterprises (limited partnership) (“Jiaxing Zhijun”) Private equity investment Shareholder Jiaxing Zhijun Investment Management Co., Ltd. (“Zhijun”) Investment management General partner of the shareholder CRS Investor Controlled by Dr. Chris Chang Yu Jiangsu Anpac Health management Equity investee of the Group Shanghai Yulin Information Technology Co., Ltd. (“Shanghai Yulin”) Information technology Controlled by Ms. Lin Yu Weidong Dai Individual Director of the Group Xuedong Du Individual Director of the Group Rouou Ying Individual Supervisor of AnPac Lishui Xing Pu Individual Director of AnPac Lishui Shanghai Muqing Industrial Co., Ltd. (“Shanghai Muqing Industrial”) Investor Equity investee of AnPac Muqing Shanghai Muqing Jiahe Healthcare Management Co., Ltd. (Shanghai Muqing Jiahe) Health management Controlled by Shanghai Muqing industrial Advanced Life Investor The Group owns 40% equity interest Annadi Life Therapeutics Co., Ltd (“Annadi”) Health management Controlled by Advance * Dr. Chris Chang Yu resigned from his position as the Chief Executive Officer (“CEO”) of the Company and Chairman of the Board subsequently on April 6, 2022 and appointed as Co-Chairman and Co-CEO in May 2022. Ms. Lin Yu resigned from her position as director of the Board on July 19, 2021. |
Schedule of related party balances | (a) Related party balances As of December 31, 2020 2021 2021 RMB RMB US$ Due from related parties: Anpai 215 — — Shanghai Yulin 13 10 2 Shanghai Muqing Jiahe 9 9 1 Anpac Beijing 200 200 31 Xuedong Du 832 116 18 Xing Pu 8 — — 1,277 335 52 Allowance – (135) (21) Due from related parties, net 1,277 200 31 As of December 31, 2020 2021 2021 RMB RMB US$ Due to related parties: CRS 2,802 — — Zhijun 55 55 9 Jiaxing Zhijun 877 856 134 Jiangsu Anpac 302 3 — Weidong Dai 22 10 2 Rouou Ying 4 — — Shanghai Muqing Industrial 68 131 21 Advanced Life — 491 77 Annadi — 925 145 4,130 2,471 388 |
Schedule of related party transactions summary | For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Revenue rendered to Anpac Beijing 3 1 — — Revenue rendered to Jiangsu Anpac 64 39 121 19 Revenue rendered to Anpai 616 96 — — Revenue serviced to Annadi — — 1,284 201 Consulting service received from Anpac Beijing 2,199 898 2,190 344 Consulting service received from Jiangsu Anpac — 8 — — Consulting service received from Anpai — — 129 20 Rent from Shanghai Muqing industrial — 443 411 64 Purchase ordinary shares with the advance from Jiaxing Zhijun 25,000 — — — Repayment to Jiaxing Zhijun — (17,261) — — Interest expense to Jiaxing Zhijun 1,579 1,664 1,935 304 Loan from CRS 1,202 1,498 — — Repayment of loan to CRS (1,262) (2,071) (2,803) (440) Issuance shares for stock option exercised by Dr. Chris Chang Yu (See Note 12) — — 6,125 961 Issuance shares for settlement off related party loan from Dr. Chris Chang Yu (See Note 12) — — 6,891 1,081 Share based compensation to Dr. Chris Chang Yu and bonus — — 6,430 1,009 Loan to Shanghai Yulin (2,885) — — — Repayment of loan from Shanghai Yulin 2,872 — — — Repayment to Jiangsu Anpac (150) — (300) (47) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of future minimum lease payments under non-cancellable operating lease agreements | Twelve months ending December 31, Minimum lease payment RMB US$ 2022 2,328 365 2023 1,111 174 2024 1,019 160 2025 1,041 163 2026 1,062 167 2027 and thereafter 3,789 595 Total 10,350 1,624 |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
Schedule of condensed balance sheets | As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 68 3,152 495 Advances to suppliers 4,467 3,621 568 Amounts due from affiliates and subsidiaries 58,341 80,640 12,654 Other current assets 1,187 110 17 Total current assets 64,063 87,523 13,734 Non-current assets: Investments in subsidiaries (49,424) (59,917) (9,402) Other assets — — — TOTAL ASSETS 14,639 27,606 4,332 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Short-term debts 2,232 27,859 4,373 Amounts due to related parties 4,206 1,347 211 Accrued expenses and other current liabilities 5,253 2,899 454 Total liabilities 11,691 32,105 5,038 Shareholders’ (deficit) equity: Class A Ordinary shares (US$0.01 par value per share; 70,000,000 shares authorized, 9,192,660 and 16,604,402 shares issued outstanding 618 1,096 172 Class B Ordinary shares (US$0.01 par value per share; 30,000,000 authorized, 2,863,100 and 2,773,100 shares issued outstanding 191 185 29 Additional paid-in capital 354,295 465,334 73,021 Accumulated deficit (356,951) (475,646) (74,639) Accumulated other comprehensive income 4,795 4,532 711 Total shareholders’ (deficit) equity 2,948 (4,499) (706) TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT 14,639 27,606 4,332 |
Schedule of condensed statements of comprehensive loss | For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating loss: Selling and marketing expenses (5,393) (3,922) (6,380) (1,001) Research and development expenses (2,534) (4,800) (8,893) (1,396) General and administrative expenses (31,884) (33,499) (48,328) (7,584) Loss from operations (39,811) (42,221) (63,601) (9,981) Interest expense (1,576) (393) (3,737) (586) Other (expense) income, net 23 (692) 214 34 Change in fair value of convertible debt (5,296) 6,630 (9,073) (1,424) Share of losses of subsidiaries (54,400) (43,799) (42,498) (6,671) Loss before income taxes and net loss (101,060) (80,475) (118,695) (18,628) Other comprehensive income, net of tax — Fair value change relating to Company’s own credit risk on convertible loan (955) (108) — — — Foreign currency translation adjustment 2,978 2,793 (263) (41) Total comprehensive loss (99,037) (77,790) (118,958) (18,669) |
Schedule of condensed statements of cash flows | As of December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash used in operating activities (11,922) (65,043) (33,402) (5,243) Net cash used in investing activities (31,415) (79,461) (31,315) (4,914) Net cash provided by financing activities 39,648 144,408 68,001 10,670 Effect of exchange rate changes on cash and cash equivalents 30 120 (200) (29) Net increase (decrease) in cash and cash equivalents (3,659) 24 3,084 484 Cash and cash equivalents at beginning of year 3,703 44 68 11 Cash and cash equivalents at end of year 44 68 3,152 495 |
ORGANIZATION AND PRINCIPAL AC_3
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jan. 30, 2020CNY (¥)shares | Jan. 30, 2020USD ($)shares | Oct. 31, 2019$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Oct. 29, 2019shares |
Entity Information [Line Items] | ||||||
Ordinary shares authorized | 100,000 | |||||
Stock split ratio | 0.01 | |||||
Changhe Bio-Medical Technology (Yangzhou) Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
Changwei System Technology (Shanghai) Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
AnPac Bio-Medical Technology (Lishui) Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
AnPac Bio-Medical Technology (Shanghai) Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
AnPac Technology USA Co., Ltd. (AnPac US) | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
Lishui AnPac Medical Laboratory Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
Shiji (Hainan) Medical Technology Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 100.00% | |||||
Shanghai Muqing AnPac Health Technology Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 51.00% | |||||
Anpai (Shanghai) Healthcare Management and Consulting Co., Ltd. | ||||||
Entity Information [Line Items] | ||||||
Percentage of Ownership | 60.00% | |||||
ADR [Member] | ||||||
Entity Information [Line Items] | ||||||
Issuance of shares in private placements, net of offering costs (in shares) | 1,333,360 | 1,333,360 | ||||
Class A ordinary shares | ||||||
Entity Information [Line Items] | ||||||
Ordinary shares authorized | 700,000 | 70,000,000 | 70,000,000 | 71,369 | ||
Increased Number Of Shares Authorized | 70,000,000 | |||||
Par value | $ / shares | $ 0.01 | $ 0.01 | ||||
Issuance of shares in private placements, net of offering costs (in shares) | 1,333,360 | 1,333,360 | ||||
Class B ordinary shares | ||||||
Entity Information [Line Items] | ||||||
Ordinary shares authorized | 300,000 | 30,000,000 | 30,000,000 | 28,631 | ||
Increased Number Of Shares Authorized | 30,000,000 | |||||
Par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
IPO | ||||||
Entity Information [Line Items] | ||||||
Proceeds from issuance of ordinary shares in IPO | ¥ 75,460 | $ 11,565 |
LIQUIDITY AND GOING CONCERN U_2
LIQUIDITY AND GOING CONCERN UNCERTAINTIES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
LIQUIDITY AND GOING CONCERN UNCERTAINTIES | |||||
Cash and cash equivalents | ¥ 9,251 | ¥ 3,016 | $ 1,452 | ||
Working capital deficit | 39,357 | 6,176 | |||
Losses | 120,087 | $ 18,846 | 80,565 | ¥ 101,621 | |
Cash flows from operations | 71,709 | 11,252 | 58,967 | 48,600 | |
Cash flow used in investing activities | 3,932 | 618 | ¥ 2,482 | ¥ 3,461 | |
Aggregate investment with investors | 265,826 | $ 41,714 | |||
Proceeds received from short term investments | ¥ 1,000 | $ 157 |
SUMMARY OF PRINCIPAL ACCOUNTI_4
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Convenience Translation, Accounts receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)$ / ¥ | Dec. 31, 2021USD ($)$ / ¥ | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Convenience Translation | ||||||
Convenience translation at noon buying rate | 6.3726 | 6.3726 | ||||
Accounts receivable, net of allowance for doubtful accounts | ||||||
Accounts receivable | ¥ 6,699 | $ 1,052 | ¥ 8,096 | |||
Allowance for doubtful accounts | (1,145) | (180) | (304) | $ (48) | ¥ (177) | ¥ (198) |
Balance at end of period | ¥ 5,554 | $ 872 | ¥ 7,792 |
SUMMARY OF PRINCIPAL ACCOUNTI_5
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Movement in the allowances for doubtful debts (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Movement in the Allowances for Doubtful Debts | ||||
Balance at beginning of period | ¥ 304 | $ 48 | ¥ 177 | ¥ 198 |
Additional provision | 841 | 132 | 758 | 168 |
Write-offs | (631) | (189) | ||
Balance at end of period | ¥ 1,145 | $ 180 | ¥ 304 | ¥ 177 |
SUMMARY OF PRINCIPAL ACCOUNTI_6
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, property and equipment | 20 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, property and equipment | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, property and equipment | 10 years |
Motor vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, property and equipment | 3 years |
Motor vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, property and equipment | 5 years |
SUMMARY OF PRINCIPAL ACCOUNTI_7
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Long-term Investment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Investments | |||
Impairment of long-term investment | ¥ 0 | ¥ 1,430 | ¥ 1,320 |
SUMMARY OF PRINCIPAL ACCOUNTI_8
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Land use right, net and Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Software | Minimum | |
INTANGIBLE ASSETS, NET | |
Estimated useful lives, intangible asset | 3 years |
Software | Maximum | |
INTANGIBLE ASSETS, NET | |
Estimated useful lives, intangible asset | 10 years |
Medical license | |
INTANGIBLE ASSETS, NET | |
Estimated useful lives, intangible asset | 15 years |
Customer relationship | |
INTANGIBLE ASSETS, NET | |
Estimated useful lives, intangible asset | 6 years 4 months |
SUMMARY OF PRINCIPAL ACCOUNTI_9
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Goodwill disclosures | ||||
Number of reporting Unit | 1 | 1 | ||
Number of reportable segment | 1 | 1 | ||
Goodwill impairment recognized | ¥ 2,223 | $ 349 | $ 0 | $ 0 |
Goodwill wrote off | 2,223 | 349 | $ 0 | $ 0 |
Shiji (Hainan) Medical Technology Ltd. | ||||
Goodwill disclosures | ||||
Goodwill impairment recognized | 2,223 | 349 | ||
Fair value of goodwill | ¥ | 0 | |||
Goodwill wrote off | ¥ 2,223 | $ 349 |
SUMMARY OF PRINCIPAL ACCOUNT_10
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Impairment of long-lived assets other than good (Details) - 12 months ended Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Intangible assets wrote off | ¥ 3,828 | $ 601 |
Shiji (Hainan) Medical Technology Ltd. | ||
Fair value of intangible assets | 0 | |
Intangible assets wrote off | ¥ 3,828 | $ 601 |
SUMMARY OF PRINCIPAL ACCOUNT_11
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Fair value of financial instruments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Retained Earnings (Accumulated Deficit) | ¥ (475,646) | $ (74,639) | ¥ (356,951) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,532 | 711 | 4,795 |
Convertible loan ("CL") | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value of the convertible loans | ¥ 27,859 | $ 4,372 | ¥ 2,232 |
SUMMARY OF PRINCIPAL ACCOUNT_12
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Convertible loans measured at fair value on a recurring basis (Details) - Level 3 - Convertible loan ("CL") ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Opening balance | ¥ 2,232 | $ 350 | ¥ 24,568 |
New convertible loans issued | 32,344 | 5,076 | 1,830 |
Conversion of accounts payable to convertible loan | 4,534 | 711 | |
Repayments | (17,261) | ||
Conversion of convertible loans | (20,110) | (3,155) | |
Loss on change in fair value of convertible loan | 9,073 | 1,424 | 532 |
Gain on settlement of convertible loan | (7,162) | ||
Other comprehensive income -foreign exchange translations | (214) | (34) | (275) |
Total | ¥ 27,859 | $ 4,372 | ¥ 2,232 |
SUMMARY OF PRINCIPAL ACCOUNT_13
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Contract balances, Segment reporting (Details) ¥ in Thousands, $ in Thousands | May 01, 2016 | Dec. 31, 2021CNY (¥)segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) |
Contract balances | ||||||
Accrues warranty liability, percent of the revenue | 5.00% | 5.00% | ||||
Contract assets | $ | $ 0 | |||||
Value added tax rate | 6.00% | |||||
Contract liabilities | ¥ 4,174 | ¥ 3,682 | $ 655 | |||
Practical Expedients | ||||||
Nondisclosure of transaction price allocation | true | true | ||||
Recognized incremental costs when incurred | true | true | ||||
Government grants | ||||||
Government grants recognized | ¥ 565 | $ 88 | 7,541 | ¥ 2,806 | ||
Employee benefit expenses | ||||||
Contributions to PRC statutory employee benefit plans | ¥ 3,884 | $ 609 | ¥ 1,645 | ¥ 3,249 | ||
Segment reporting | ||||||
Number of reportable segment | 1 | 1 | ||||
Number of operating segment | 1 | 1 | ||||
Retail revenue | Minimum | ||||||
Contract balances | ||||||
Value added tax rate | 3.00% | 3.00% | ||||
Retail revenue | Maximum | ||||||
Contract balances | ||||||
Value added tax rate | 13.00% | 13.00% |
SUMMARY OF PRINCIPAL ACCOUNT_14
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Loss per share (Details) | 12 Months Ended |
Dec. 31, 2021Voteshares | |
Class A ordinary shares | |
Class of Stock [Line Items] | |
Number of votes per common share | 1 |
Number of shares convertible per share | shares | 1 |
Class B ordinary shares | |
Class of Stock [Line Items] | |
Number of votes per common share | 10 |
SUMMARY OF PRINCIPAL ACCOUNT_15
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Concentration of risks (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019 | Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | ¥ 9,251 | ¥ 3,016 | $ 1,452 | |
(Depreciation) appreciation of exchange rate during the period | 2.30% | 6.30% | 1.30% | |
Credit risk | Geographic concentration | PRC | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | ¥ 4,237 | ¥ 2,366 | 665 | |
Credit risk | Geographic concentration | Non-PRC | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | ¥ 5,014 | ¥ 650 | $ 787 | |
Accounts receivable | Customer concentration | Customer one | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 43.00% | 49.00% | ||
Accounts receivable | Customer concentration | Customer two | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% | 11.00% | ||
Revenue | Customer concentration | Customer one | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 36.00% | 29.00% | ||
Revenue | Customer concentration | Customer two | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 17.00% | 15.00% | 10.00% | |
Revenue | Customer concentration | Customer three | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.00% | |||
Cost of revenues | Supplier concentration | Supplier one | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.00% | 17.00% | ||
Cost of revenues | Supplier concentration | Supplier two | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.00% | 14.00% | 10.00% | |
Cost of revenues | Supplier concentration | Supplier three | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | 13.00% | ||
Cost of revenues | Supplier concentration | Supplier four | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.00% | |||
Accounts payable | Supplier concentration | Supplier one | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 22.00% | 28.00% | ||
Accounts payable | Supplier concentration | Supplier two | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 13.00% | |||
Accounts payable | Supplier concentration | Supplier three | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% | |||
Accounts payable | Supplier concentration | Supplier four | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% |
SUMMARY OF PRINCIPAL ACCOUNT_16
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Recents accounting pronouncements (Details) - Dec. 31, 2021 - Accounting Standards Update 2016-02 [Member] ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Lease liabilities | ¥ | ¥ 8,575 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
ROU assets | ¥ 8,575 | $ 1,346 |
Lease liabilities | $ | $ 1,346 |
SUMMARY OF PRINCIPAL ACCOUNT_17
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Advertising expenditures (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | ||||
Advertising expense | ¥ 515 | $ 81 | ¥ 664 | ¥ 922 |
ACQUISITION (Details)
ACQUISITION (Details) ¥ in Thousands, $ in Thousands | Sep. 22, 2021CNY (¥) | Aug. 15, 2021CNY (¥) | Aug. 15, 2021USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) |
ACQUISITION | ||||||||
Goodwill | ¥ 12,758 | ¥ 2,223 | $ 2,002 | |||||
Total revenues | 17,986 | $ 2,822 | ¥ 20,509 | ¥ 10,845 | ||||
Acquired entities | ||||||||
ACQUISITION | ||||||||
Cash acquired | 41 | 6 | ||||||
Other receivables | 196 | 31 | ||||||
Total current assets | 237 | 37 | ||||||
Property and equipment, net | 420 | 66 | ||||||
Intangible assets, net | 9,170 | 1,439 | ||||||
Goodwill | 12,758 | 2,002 | ||||||
Total assets | 22,585 | 3,544 | ||||||
Current liabilities | 1,472 | 231 | ||||||
Deferred tax liabilities | 2,293 | 360 | ||||||
Total liabilities | 3,765 | 591 | ||||||
Previous held 20% Equity Value | 3,440 | 540 | ||||||
40% Equity Value with noncontrolling interest | 6,880 | $ 1,080 | ||||||
Total consideration of 40% Equity Value | 8,500 | 1,333 | ||||||
Anpai Shanghai | ||||||||
ACQUISITION | ||||||||
Percentage of equity interest | 60.00% | 60.00% | ||||||
Investment percentage of equity interest previously held by group | 20.00% | 20.00% | ||||||
Total revenues | ¥ 1,572 | $ 247 | ||||||
Gain from step acquisition | ¥ 3,240 | $ 508 | ||||||
Anpai Shanghai | Customer relationship | ||||||||
ACQUISITION | ||||||||
Amortization period | 6 years 4 months 24 days | 6 years 4 months 24 days | ||||||
Anpai Shanghai | Dr. Chang Yu | ||||||||
ACQUISITION | ||||||||
Total consideration of 40% Equity Value | ¥ 8,500 | ¥ 8,500 | $ 1,333 | |||||
Percentage of equity interest | 40.00% | 40.00% |
ACQUISITION - Additional Inform
ACQUISITION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 22, 2021USD ($)$ / sharesshares | Sep. 22, 2021CNY (¥)shares | Aug. 15, 2021USD ($) | Aug. 15, 2021CNY (¥) | Jan. 30, 2020shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021$ / shares | Sep. 22, 2021CNY (¥) |
Amount of shares issued | ¥ | ¥ 49,242 | ¥ 75,460 | ¥ 72,602 | |||||||
Class A ordinary shares | ||||||||||
Shares issued | 1,333,360 | |||||||||
ADR [Member] | ||||||||||
Shares issued | 1,333,360 | |||||||||
Dr. Chris Chang Yu | ||||||||||
Shares issued | 252,925 | |||||||||
Amount due to related party | $ 1,334 | ¥ 2,395 | ||||||||
Share price | $ / shares | $ 3.49 | |||||||||
Dr. Chris Chang Yu | Anpai Shanghai | ||||||||||
Consideration for acquisition | ¥ 8,500 | $ 1,333 | ¥ 8,500 | |||||||
Dr. Chris Chang Yu | Class A ordinary shares | ||||||||||
Shares issued | 106,395 | 106,395 | ||||||||
Amount due to related party | $ | $ 376 | |||||||||
Share price | $ / shares | $ 3.49 | |||||||||
Dr. Chris Chang Yu | ADR [Member] | ||||||||||
Shares issued | 250,000 | 250,000 | ||||||||
Amount of shares issued | $ 945 | ¥ 6,105 |
OTHER CURRENT ASSETS, NET (Deta
OTHER CURRENT ASSETS, NET (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
OTHER CURRENT ASSETS, NET | |||||
Tax recoverable | ¥ 1,853 | $ 291 | ¥ 1,649 | ||
Deposits and others | 2,053 | 322 | 1,753 | ||
Other Gross, Current | 3,906 | 613 | 3,402 | ||
Allowance for doubtful accounts | (556) | (87) | (99) | $ (15) | ¥ (3) |
Total | ¥ 3,350 | $ 526 | ¥ 3,303 |
OTHER CURRENT ASSETS, NET - All
OTHER CURRENT ASSETS, NET - Allowances for doubtful debts (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
OTHER CURRENT ASSETS, NET | |||
Balance at beginning of year | ¥ 99 | $ 15 | ¥ 3 |
Additional provision | 457 | 72 | 96 |
Balance at end of year | ¥ 556 | $ 87 | ¥ 99 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Total gross, excluding construction in progress | ¥ 30,966 | ¥ 27,679 | $ 4,859 | ||
Less: Accumulated depreciation | (12,715) | (10,028) | (1,995) | ||
Total net, excluding construction in progress | 18,251 | 17,651 | 2,864 | ||
Property and equipment, net | 20,264 | 19,267 | 3,180 | ||
Depreciation expense | 2,727 | $ 428 | 2,441 | ¥ 2,059 | |
Impairment charges recognized on property and equipment | 0 | 0 | ¥ 0 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 16,029 | 16,029 | 2,515 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 1,448 | 227 | |||
Furniture, fixtures and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 12,977 | 11,133 | 2,037 | ||
Motor vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 512 | 517 | 80 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | ¥ 2,013 | ¥ 1,616 | $ 316 |
LAND USE RIGHTS, NET (Details)
LAND USE RIGHTS, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
LAND USE RIGHTS, NET | |||||
Land use rights, cost | ¥ 15,767 | ¥ 6,631 | $ 2,475 | ||
Less: Accumulated depreciation | (1,610) | (2,035) | (253) | ||
Land use rights, net | 8,857 | 4,596 | 1,390 | ||
Land use rights | |||||
LAND USE RIGHTS, NET | |||||
Land use rights, cost | 1,388 | 1,388 | 218 | ||
Less: Accumulated depreciation | (250) | (222) | (39) | ||
Land use rights, net | 1,138 | 1,166 | $ 179 | ||
Amortization expense | ¥ 28 | $ 4 | ¥ 28 | ¥ 28 |
LAND USE RIGHTS, NET - Addition
LAND USE RIGHTS, NET - Additional information (Details) - Land use rights ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Expected amortization expense | |
2022 | ¥ 28 |
2023 | 28 |
2024 | 28 |
2025 | 28 |
2026 | 28 |
2027 and thereafter | ¥ 998 |
INTANGIBLE ASSETS, NET - Intang
INTANGIBLE ASSETS, NET - Intangible assets (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | ¥ 15,767 | ¥ 6,631 | $ 2,475 | |||
Less: Accumulated depreciation | (1,610) | (2,035) | (253) | |||
Less: Impairment-medical license | (3,828) | $ (601) | ||||
Intangible aseets, net | 8,857 | 4,596 | 1,390 | |||
Shiji (Hainan) Medical Technology Co., Ltd. | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Less: Impairment-medical license | (3,828) | $ (601) | ||||
Purchased software and Medical License Intangibles | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible aseets, net | 8,857 | |||||
Amortization expense | 1,155 | 182 | 630 | ¥ 577 | ||
Software | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | 1,297 | 1,331 | 204 | |||
Customer relationship | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | 9,170 | 1,439 | ||||
Medical license | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | 5,300 | ¥ 5,300 | $ 832 | |||
Less: Impairment-medical license | ¥ (5,300) | $ (832) |
INTANGIBLE ASSETS, NET - Estima
INTANGIBLE ASSETS, NET - Estimated aggregate amortization expense (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Expected amortization expense | |||
Intangible aseets, net | ¥ 8,857 | $ 1,390 | ¥ 4,596 |
Purchased software and Medical License Intangibles | |||
Expected amortization expense | |||
2022 | 1,595 | ||
2023 | 1,447 | ||
2024 | 1,447 | ||
2025 | 1,447 | ||
2026 | 1,447 | ||
Thereafter | 1,474 | ||
Intangible aseets, net | ¥ 8,857 |
LONG-TERM INVESTMENTS, NET (Det
LONG-TERM INVESTMENTS, NET (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2017 | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Oct. 31, 2019 | Jun. 08, 2018 | May 15, 2018 | Oct. 19, 2017 | Jan. 31, 2016 | |
Schedule of Investments [Line Items] | |||||||||||
Less: Impairment | ¥ (2,750) | ¥ (2,750) | $ (432) | ||||||||
Total long-term investments | 923 | 883 | 145 | ||||||||
Impairment of long-term investment | 0 | 1,430 | ¥ 1,320 | ||||||||
Anpac Beijing | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Equity method investments | 923 | 789 | 145 | ||||||||
Ownership percentage, equity method investment | 18.00% | 35.00% | |||||||||
Investment income | 134 | $ 21 | |||||||||
Moxu | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Equity method investments | 94 | ||||||||||
Ownership percentage, equity method investment | 20.00% | ||||||||||
Jiangsu Anpac | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Equity securities without readily determinable fair values | 2,750 | 2,750 | $ 432 | ||||||||
Ownership percentage, cost method investment | 10.00% | ||||||||||
Additional equity interest acquired, cost method investment | 5.00% | ||||||||||
Impairment of long-term investment | ¥ 0 | ¥ 1,430 | ¥ 1,320 | ||||||||
Advanced Life Therapeutics Co., Ltd. ("Advanced Life") | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Ownership percentage, equity method investment | 40.00% |
SHORT-TERM DEBTS (Details)
SHORT-TERM DEBTS (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Feb. 05, 2022$ / floor | Dec. 10, 2021shares | Jul. 22, 2021CNY (¥)$ / floor | Jul. 21, 2021shares | May 31, 2021CNY (¥)$ / floor | Feb. 17, 2021$ / sharesshares | Feb. 05, 2021CNY (¥)$ / floor | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jul. 22, 2021USD ($)$ / shares | May 31, 2021USD ($)$ / shares | Feb. 05, 2021USD ($)$ / shares | Jul. 30, 2020CNY (¥) | Jul. 30, 2020USD ($) |
Short-term Debt [Line Items] | |||||||||||||||||
Short-term debt | ¥ 33,759 | ¥ 8,232 | $ 5,298 | ||||||||||||||
Payment For Convertible Loans | 17,261 | ||||||||||||||||
Fair value change relating to Company's own credit risk on convertible loan | ¥ (108) | ¥ (955) | |||||||||||||||
Weighted average interest rate | 3.97% | 3.97% | 8.40% | ||||||||||||||
Short-term bank and other borrowings | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Short-term debt | ¥ 5,900 | ¥ 6,000 | 926 | ||||||||||||||
Interest expense recognized for short-term borrowings | 238 | $ 37 | 728 | ||||||||||||||
Convertible loan ("CL") | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Short-term debt | 27,859 | 2,232 | $ 4,372 | ||||||||||||||
Unrealized gain loss due to change in fair value of convertible loans | 9,073 | 1,424 | 6,630 | ¥ 5,296 | |||||||||||||
Interest expense recognized on convertible loans | 3,797 | 596 | 451 | ||||||||||||||
Convertible loan ("CL") | Subsequent events. | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Floor price | $ / floor | 0.10 | ||||||||||||||||
Borrowings At Interest Rate Of 4.35% [Member] | Short-term bank and other borrowings | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Short-term debt | ¥ 5,900 | ¥ 6,000 | |||||||||||||||
Fixed interest rate | 4.35% | 4.15% | 4.35% | ||||||||||||||
EMC | Convertible loan ("CL") | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Fixed interest rate | 10.00% | 10.00% | |||||||||||||||
Debt Instrument, Face Amount | ¥ 1,689 | $ 265 | |||||||||||||||
Number of shares issued upon conversion of loan | shares | 54,642 | ||||||||||||||||
Fair value of convertible loan prior to conversion | ¥ 2,283 | ||||||||||||||||
Conversion price | $ / shares | $ 5.12 | ||||||||||||||||
Heng Zhang ("HZ"), Jie Wang, Hongyu Wang and Layette Holdings Inc. | Convertible loan ("CL") | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Fixed interest rate | 0.00% | 0.00% | |||||||||||||||
Term of loan | 1 year | ||||||||||||||||
Debt Instrument, Face Amount | ¥ 12,745 | $ 2,000 | |||||||||||||||
Number of shares issued upon conversion of loan | shares | 563,800 | ||||||||||||||||
Fair value of convertible loan prior to conversion | ¥ 16,176 | ||||||||||||||||
Conversion price | $ / shares | $ 15 | ||||||||||||||||
Percentage of closing bid price in the last reported trade preceding the conversion | 82.00% | ||||||||||||||||
Percentage of VWAPs (daily dollar volume-weighted average price) during the 10 consecutive trading days | 80.00% | ||||||||||||||||
Number of consecutive trading days to calculate VWAPs | 10 | ||||||||||||||||
Floor price | $ / floor | 1 | ||||||||||||||||
Ascent Investor Relations Inc. | Subsequent events. | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Floor price | $ / floor | 0.10 | ||||||||||||||||
Ascent Investor Relations Inc. | Convertible loan ("CL") | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Fixed interest rate | 0.00% | 0.00% | |||||||||||||||
Term of loan | 1 year | ||||||||||||||||
Debt Instrument, Face Amount | ¥ 4,479 | $ 703 | |||||||||||||||
Fair value of convertible loan prior to conversion | $ | $ 860 | ||||||||||||||||
Conversion price | $ / shares | $ 15 | ||||||||||||||||
Percentage of closing bid price in the last reported trade preceding the conversion | 82.00% | ||||||||||||||||
Percentage of VWAPs (daily dollar volume-weighted average price) during the 10 consecutive trading days | 80.00% | ||||||||||||||||
Number of consecutive trading days to calculate VWAPs | 10 | ||||||||||||||||
Floor price | $ / floor | 1 | ||||||||||||||||
Fair value of Convertible outstanding loan | 5,481 | ||||||||||||||||
Certain investors | Convertible loan ("CL") | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Short-term debt | $ | $ 2,740 | ||||||||||||||||
Fixed interest rate | 0.00% | ||||||||||||||||
Term of loan | 1 year | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 3,014 | ||||||||||||||||
Number of shares issued upon conversion of loan | shares | 114,234 | ||||||||||||||||
Fair value of convertible loan prior to conversion | ¥ 1,321 | ||||||||||||||||
Conversion price | $ / shares | $ 15 | ||||||||||||||||
Percentage of closing bid price in the last reported trade preceding the conversion | 82.00% | ||||||||||||||||
Percentage of VWAPs (daily dollar volume-weighted average price) during the 10 consecutive trading days | 80.00% | ||||||||||||||||
Number of consecutive trading days to calculate VWAPs | 10 | ||||||||||||||||
Floor price | $ / floor | 1 | ||||||||||||||||
Fair value of Convertible outstanding loan | ¥ 22,378 | $ 3,512 |
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 | |||
Salary and welfare payable | ¥ 8,101 | $ 1,271 | ¥ 6,866 |
Payable for acquisition of non-controlling interests | 245 | 38 | 245 |
Accrued rental | 1,140 | 179 | 1,768 |
Accrued expenses | 8,174 | 1,283 | 14,136 |
Value added tax and other taxes payable | 417 | 65 | 263 |
Payable for property and equipment | 71 | 11 | 559 |
Accrued utilities | 58 | 9 | 52 |
Other payables | 1,564 | 246 | 1,464 |
Total | ¥ 19,770 | $ 3,102 | ¥ 25,353 |
SHAREHOLDERS' EQUITY - Ordinary
SHAREHOLDERS' EQUITY - Ordinary Shares (Details) | Oct. 31, 2019$ / sharesshares | Dec. 31, 2021Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | Oct. 29, 2019shares |
Class of Stock [Line Items] | ||||
Share split | 0.01 | |||
Number of shares authorized | 100,000 | |||
Class A ordinary shares | ||||
Class of Stock [Line Items] | ||||
Number of shares authorized | 700,000 | 70,000,000 | 70,000,000 | 71,369 |
Increased Number Of Shares Authorized | 70,000,000 | |||
Par value | $ / shares | $ 0.01 | $ 0.01 | ||
Ordinary shares, shares issued | 16,604,402 | 9,192,660 | ||
Ordinary shares, shares outstanding | 16,604,402 | 9,192,660 | ||
Number of votes per common share | Vote | 1 | |||
Number of shares convertible per share | 1 | |||
Class B ordinary shares | ||||
Class of Stock [Line Items] | ||||
Number of shares authorized | 300,000 | 30,000,000 | 30,000,000 | 28,631 |
Increased Number Of Shares Authorized | 30,000,000 | |||
Par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Ordinary shares, shares issued | 2,773,100 | 2,863,100 | ||
Ordinary shares, shares outstanding | 2,773,100 | 2,863,100 | ||
Number of votes per common share | Vote | 10 |
SHAREHOLDERS' EQUITY - Completi
SHAREHOLDERS' EQUITY - Completion of IPO (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jan. 30, 2020CNY (¥)shares | Jan. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Class of Stock [Line Items] | ||||
Commissions and offering expenses | ¥ | ¥ 25,619 | ¥ 7,954 | ||
ADR [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares issued | 1,333,360 | 1,333,360 | ||
Offering price | $ / shares | $ 12 | |||
Class A ordinary shares | ||||
Class of Stock [Line Items] | ||||
Number of shares issued | 1,333,360 | 1,333,360 | ||
IPO | ||||
Class of Stock [Line Items] | ||||
Commissions and offering expenses | ¥ 35,200 | $ 5,395 | ||
Net proceeds from the IPO, after deducting commissions and offering expenses | ¥ 75,460 | $ 11,565 |
SHAREHOLDERS' EQUITY - Conversi
SHAREHOLDERS' EQUITY - Conversion of convertible loans (Details) - Convertible loan ("CL") - $ / shares | Dec. 10, 2021 | Jun. 21, 2021 | Feb. 17, 2021 | Jul. 22, 2021 |
EMC | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Number of shares issued upon conversion of loan | 54,642 | |||
Conversion price per share | $ 5.12 | |||
HZ | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Number of shares issued upon conversion of loan | 563,800 | |||
HZ | Minimum | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Conversion price per share | $ 3.52 | |||
HZ | Maximum | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Conversion price per share | $ 3.55 | |||
Certain investors | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Number of shares issued upon conversion of loan | 114,234 | |||
Conversion price per share | $ 15 | |||
Certain investors | Minimum | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Conversion price per share | $ 1.09 | |||
Certain investors | Maximum | ||||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||||
Conversion price per share | $ 2.16 |
SHAREHOLDERS' EQUITY - Shares i
SHAREHOLDERS' EQUITY - Shares issued for reserve (Details) - Class A ordinary shares - shares | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 29, 2021 | Jul. 23, 2021 | Mar. 16, 2021 | Aug. 07, 2020 | Jul. 30, 2020 | |
Class of Stock [Line Items] | |||||||
Number of shares issued on conversion of convertible loan | 3,397,447 | 4,230 | 1,625,893 | 2,000,000 | 257,000 | 243,000 | |
Stock Issued During Period, Shares, Issued for Services | 35,000 | ||||||
EMC, HZ and Certain investors | Convertible loan ("CL") | |||||||
Class of Stock [Line Items] | |||||||
Number of shares transferred upon conversion | 732,676 |
SHAREHOLDERS' EQUITY - Private
SHAREHOLDERS' EQUITY - Private placements (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Nov. 15, 2021USD ($)$ / sharesshares | Nov. 15, 2021CNY (¥)shares | Jun. 22, 2021USD ($)$ / sharesshares | Jun. 22, 2021CNY (¥)shares | May 12, 2021USD ($)$ / sharesshares | May 12, 2021CNY (¥)shares | Mar. 22, 2021shares | Feb. 24, 2021USD ($) | Feb. 24, 2021CNY (¥) | Feb. 21, 2021$ / sharesshares | Feb. 20, 2021$ / sharesshares | Jul. 28, 2020USD ($)shares | Jul. 28, 2020CNY (¥)shares | Jan. 30, 2020shares | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) |
Gross proceeds | ¥ | ¥ 49,242 | ¥ 75,460 | ¥ 72,602 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | ¥ | ¥ 2,706 | ||||||||||||||||
Share purchase agreement with Dr. Chris Chang Yu | Private Placement | |||||||||||||||||
Number of shares issued | 152,100 | ||||||||||||||||
Share price | $ / shares | $ 4.56 | ||||||||||||||||
Class A ordinary shares | |||||||||||||||||
Number of shares issued | 1,333,360 | ||||||||||||||||
Finder's fee in the form of shares | 35,000 | ||||||||||||||||
Shares required to be issued for service | 70,000 | 70,000 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 415 | ¥ 2,706 | |||||||||||||||
Class A ordinary shares | Private Placement | |||||||||||||||||
Number of shares issued | 1,132,111 | 1,132,111 | |||||||||||||||
Share price | $ / shares | $ 2.22 | ||||||||||||||||
Gross proceeds | ¥ | ¥ 16,041 | ||||||||||||||||
Net proceeds | ¥ | ¥ 13,528 | ||||||||||||||||
Class A ordinary shares | Share Subscription Agreement with Investor | Private Placement | |||||||||||||||||
Number of shares issued | 425,532 | 425,532 | 238,095 | 238,095 | |||||||||||||
Share price | $ / shares | $ 3.76 | $ 4.2 | |||||||||||||||
Gross proceeds | ¥ | ¥ 10,353 | ¥ 6,470 | |||||||||||||||
Class A ordinary shares | Share subscription Agreement With A Chinese Investor | |||||||||||||||||
Share price | $ / shares | $ 4.80 | ||||||||||||||||
Class A ordinary shares | Share subscription Agreement With A Chinese Investor | Private Placement | |||||||||||||||||
Number of shares issued | 387,597 | ||||||||||||||||
Gross proceeds | $ 2,517 | $ 16,225 | $ 1,015 | $ 1,883 | ¥ 12,000 | ||||||||||||
Finder's fee in the form of shares | 21,276 | 21,276 | 19,174 | ||||||||||||||
Net proceeds | $ | $ 2,123 |
SHAREHOLDERS' EQUITY - Chris Ch
SHAREHOLDERS' EQUITY - Chris Chang Yu executed an Offset Agreement (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 27, 2021CNY (¥) | Sep. 22, 2021USD ($)$ / sharesshares | Sep. 22, 2021CNY (¥)shares | Aug. 15, 2021USD ($) | Aug. 15, 2021CNY (¥) | Jan. 30, 2020shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021$ / shares | Sep. 22, 2021CNY (¥) |
Amount of shares issued | ¥ | ¥ 49,242 | ¥ 75,460 | ¥ 72,602 | ||||||||
Class A ordinary shares | |||||||||||
Shares issued | 1,333,360 | ||||||||||
ADR [Member] | |||||||||||
Shares issued | 1,333,360 | ||||||||||
Dr. Chris Chang Yu | |||||||||||
Shares issued | 252,925 | ||||||||||
Amount due to related party | $ 1,334 | ¥ 2,395 | |||||||||
Award for contribution to the company | ¥ | ¥ 2,395 | ||||||||||
Share price | $ / shares | $ 3.49 | ||||||||||
Dr. Chris Chang Yu | Anpai Shanghai | |||||||||||
Consideration for acquisition | ¥ 8,500 | $ 1,333 | ¥ 8,500 | ||||||||
Dr. Chris Chang Yu | Class A ordinary shares | |||||||||||
Shares issued | 106,395 | 106,395 | |||||||||
Amount due to related party | $ | $ 376 | ||||||||||
Share price | $ / shares | $ 3.49 | ||||||||||
Dr. Chris Chang Yu | ADR [Member] | |||||||||||
Shares issued | 250,000 | 250,000 | |||||||||
Amount of shares issued | $ 945 | ¥ 6,105 |
SHAREHOLDERS' EQUITY - Transfer
SHAREHOLDERS' EQUITY - Transfer of Class B ordinary shares to Class A ordinary shares (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Class B ordinary shares | |
Number of shares transferred due to shareholder's transfer | 90,000 |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands | Apr. 14, 2022shares | Sep. 27, 2021CNY (¥) | Sep. 27, 2021USD ($) | Sep. 22, 2021$ / sharesshares | Jan. 30, 2020shares | Oct. 31, 2019$ / sharesshares | Jul. 01, 2017shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2020$ / sharesshares | Oct. 29, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock split ratio | 0.01 | ||||||||||||
Shares authorized | 100,000 | ||||||||||||
Share-based compensation expenses | ¥ 34,167,000 | $ 5,362 | ¥ 17,762,000 | ¥ 32,855,000 | |||||||||
Dr. Chris Chang Yu | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued | 252,925 | 252,925 | |||||||||||
Share Price | $ / shares | $ 3.49 | ||||||||||||
Share-based compensation expenses | ¥ 5,694 | $ 894 | |||||||||||
Class A ordinary shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares authorized | 700,000 | 70,000,000 | 70,000,000 | 71,369 | |||||||||
Par value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
Shares issued | 1,333,360 | ||||||||||||
Class A ordinary shares | Dr. Chris Chang Yu | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued | 106,395 | ||||||||||||
Share Price | $ / shares | $ 3.49 | ||||||||||||
Class B ordinary shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares authorized | 300,000 | 30,000,000 | 30,000,000 | 28,631 | |||||||||
Par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Subsequent events. | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for option grants | 2,800,000 | ||||||||||||
2022 Equity Incentive Plan | Subsequent events. | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares purchased | 2,800,000 | ||||||||||||
Stock options | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for option grants | 1,190,000 | ||||||||||||
Additional shares authorized for option grants | 2,726,600 | ||||||||||||
Stock options | 2019 Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for option grants | 1,105,300 | 889,614 | |||||||||||
Additional shares authorized for option grants | 650,000 | ||||||||||||
Stock options | 2019 Plan | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period | 4 years | 4 years | 4 years |
SHARE BASED COMPENSATION - Empl
SHARE BASED COMPENSATION - Employees and non employees (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2021CNY (¥)shares |
Employees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Options outstanding, beginning of period | shares | 1,051,800 | 1,051,800 | 916,500 | 916,500 | 631,500 | ||||
Granted (in shares) | shares | 552,814 | 552,814 | 379,000 | 379,000 | 327,000 | ||||
Forfeited / Canceled (in shares) | shares | (30,000) | (30,000) | (42,000) | ||||||
Exercised (in shares) | shares | (544,014) | (544,014) | (213,700) | (213,700) | |||||
Options outstanding, end of period | shares | 631,500 | 1,060,600 | 1,060,600 | 1,051,800 | 1,051,800 | 916,500 | 631,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||||
Weighted Average Exercise Price, beginning of period | $ 3.27 | $ 0.0003 | $ 0.0002 | ||||||
Granted, per share | 2.49 | 9.07 | 0.0004 | ||||||
Forfeited / Canceled, per share | 0.0001 | 0 | |||||||
Weighted Average Exercise Price, Ending of period | $ 0.0002 | 3.65 | 3.27 | 0.0003 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||
Weighted Average Grant Date Fair Value, beginning of period | 5.87 | 7.48 | 6.43 | ||||||
Fair value of grants, per share | 3.47 | 3.10 | 9.80 | ||||||
Fair value of forfeitures / Canceled, per share | 3.04 | 9.68 | |||||||
Fair value of exercises, per share | 8.13 | ||||||||
Weighted Average Grant Date Fair Value, end of period | $ 6.43 | $ 4.91 | $ 5.87 | $ 7.48 | |||||
Weighted Average Remaining Contractual Term | 7 years 25 days | 7 years 25 days | 7 years 4 months 13 days | 7 years 4 months 13 days | 7 years 3 months 4 days | 7 years 2 months 19 days | |||
Aggregate Intrinsic Value | $ | $ 6,090 | $ 637 | $ 3,616 | $ 8,985 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||||||
Vested and expected to vest, shares outstanding | shares | 650,750 | 650,750 | |||||||
Vested and expected to vest, weighted average exercise price | $ 2.91 | ||||||||
Vested and expected to vest, weighted average grant date fair value, per share | $ 5.12 | ||||||||
Vested and expected to vest, remaining contractual term | 6 years 1 month 9 days | 6 years 1 month 9 days | |||||||
Vested and expected to vest, aggregate intrinsic value | $ | $ 531 | ||||||||
Fair value of equity awards vested | 2,811 | ¥ 17,912 | ¥ 11,725 | ¥ 12,376 | |||||
Unrecognized employee share-based compensation expense | $ 943 | ¥ 6,091 | |||||||
Period for recognition of unrecognized compensation cost | 1 year 3 months | 1 year 3 months | |||||||
Nonemployees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||||
Options outstanding, beginning of period | shares | 447,300 | 447,300 | 247,000 | 247,000 | 93,700 | ||||
Granted (in shares) | shares | 336,800 | 336,800 | 271,000 | 271,000 | 153,300 | ||||
Exercised (in shares) | shares | (412,400) | (412,400) | (70,700) | (70,700) | |||||
Options outstanding, end of period | shares | 93,700 | 371,700 | 371,700 | 447,300 | 447,300 | 247,000 | 93,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||||
Weighted Average Exercise Price, beginning of period | $ 4.86 | $ 0.0003 | $ 0.0004 | ||||||
Granted, per share | 0.94 | 8.44 | 0.0003 | ||||||
Exercised, per share | 1.60 | ||||||||
Weighted Average Exercise Price, Ending of period | $ 0.0004 | 5.92 | 4.86 | 0.0003 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||||
Weighted Average Grant Date Fair Value, beginning of period | 5.85 | 8.94 | 7.53 | ||||||
Fair value of grants, per share | 3.83 | 3.07 | 9.80 | ||||||
Fair value of exercises, per share | 6.66 | ||||||||
Weighted Average Grant Date Fair Value, end of period | $ 7.53 | $ 4.77 | $ 5.85 | $ 8.94 | |||||
Weighted Average Remaining Contractual Term | 8 years 1 month 10 days | 7 years 10 months 17 days | 7 years 10 months 17 days | 8 years 6 months 16 days | 8 years 6 months 16 days | 8 years 4 months 24 days | |||
Aggregate Intrinsic Value | $ | $ 904 | $ 148 | $ 1,166 | $ 2,422 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||||||
Vested and expected to vest, shares outstanding | shares | 335,200 | 335,200 | |||||||
Vested and expected to vest, weighted average exercise price | $ 5.98 | ||||||||
Vested and expected to vest, weighted average grant date fair value, per share | $ 4.91 | ||||||||
Vested and expected to vest, remaining contractual term | 7 years 9 months 10 days | 7 years 9 months 10 days | |||||||
Vested and expected to vest, aggregate intrinsic value | $ | $ 136 | ||||||||
Fair value of equity awards vested | $ 1,657 | ¥ 10,561 | ¥ 6,037 | ¥ 9,284 | |||||
Unrecognized employee share-based compensation expense | $ 22 | ¥ 140 | |||||||
Period for recognition of unrecognized compensation cost | 5 months 26 days | 5 months 26 days |
SHARE BASED COMPENSATION - Fair
SHARE BASED COMPENSATION - Fair value of options (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum | |||
Fair value of options | |||
Risk-free interest rate | 0.36% | 0.55% | 1.55% |
Expected volatility range | 85.60% | 49.00% | 60.37% |
Fair market value per ordinary share as at grant dates | $ 1.57 | $ 1.74 | $ 9.61 |
Maximum | |||
Fair value of options | |||
Risk-free interest rate | 1.05% | 0.93% | 2.50% |
Expected volatility range | 87.50% | 65.00% | 64.48% |
Fair market value per ordinary share as at grant dates | $ 5.63 | $ 4.83 | $ 9.80 |
SHARE BASED COMPENSATION - Shar
SHARE BASED COMPENSATION - Share-based compensation expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expenses | ¥ 34,167 | $ 5,362 | ¥ 17,762 | ¥ 32,855 |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expenses | 305 | 48 | 327 | 327 |
Sales and marketing | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expenses | 3,523 | 553 | 1,113 | 5,393 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expenses | 7,366 | 1,156 | 3,534 | 2,534 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expenses | ¥ 22,973 | $ 3,605 | ¥ 12,788 | ¥ 24,601 |
SHARE BASED COMPENSATION - Sh_2
SHARE BASED COMPENSATION - Share-based compensation expense 1 (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 05, 2021 | Oct. 31, 2019 | Jul. 01, 2017 | |
Amended and Restated 2019 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for option grants | 1,885,300 | ||||
Amended and Restated 2019 Plan | Class A ordinary shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for option grants | 780,000 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for option grants | 1,190,000 | ||||
Stock options | 2019 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for option grants | 889,614 | 1,105,300 | |||
Number of options still available to be issued | 375,686 | ||||
Expected life | 10 years | 10 years | |||
Stock options | 2019 Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price | $ 0 | $ 3.78 | |||
Vesting period | 0 years | 0 years | |||
Stock options | 2019 Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price | $ 7.56 | $ 12 | |||
Vesting period | 4 years | 4 years | |||
Stock options | Amended and Restated 2019 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for option grants | 1,105,300 |
INCOME TAXES (Details)
INCOME TAXES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Taxes | ||||
Statutory rate | 25.00% | 25.00% | 25.00% | 25.00% |
Loss before income taxes | ||||
Non-PRC | ¥ (87,641) | $ (13,754) | ¥ (51,328) | ¥ (56,658) |
PRC | (33,626) | (5,277) | (29,325) | (45,181) |
Loss before income taxes | (121,267) | (19,031) | (80,653) | (101,839) |
Current and deferred components of income tax (expense) benefit | ||||
Current tax provision | 130 | |||
Deferred tax benefit | 1,180 | 185 | 88 | 88 |
Total | ¥ 1,180 | $ 185 | ¥ 88 | ¥ 218 |
PRC | ||||
Income Taxes | ||||
Statutory rate | 25.00% | 25.00% | ||
Preferential income tax rate | 20.00% | 20.00% | ||
Dividend Withholding Tax Rate Percentage | 10.00% | 10.00% | ||
Preferential income tax rate for HNTE | 15.00% | 15.00% | ||
PRC | Changwei System Technology (Shanghai) Co., Ltd. | ||||
Income Taxes | ||||
Preferential income tax rate for HNTE | 15.00% | 15.00% | ||
Federal | ||||
Income Taxes | ||||
Statutory rate | 21.00% | 21.00% | 21.00% | 21.00% |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of tax (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Statutory rate | 25.00% | 25.00% | 25.00% | 25.00% |
Loss before income taxes | ¥ (121,267) | $ (19,031) | ¥ (80,653) | ¥ (101,839) |
Income tax benefit computed at the statutory income tax rate at 25% | 30,317 | 4,757 | 20,163 | 25,460 |
Non-deductible expenses | (538) | (84) | 2,475 | (5,141) |
International rate differences | (18,708) | (2,936) | (9,606) | (11,367) |
Preferential tax rate differences | (1,099) | (172) | (552) | (710) |
Effect of change in tax rate | (1,967) | (309) | 789 | |
Change in valuation allowance | (6,825) | (1,071) | (12,392) | (8,813) |
Income tax benefit | ¥ 1,180 | $ 185 | ¥ 88 | ¥ 218 |
INCOME TAXES - Components of de
INCOME TAXES - Components of deferred taxes (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred tax assets: | |||
Net loss carryforward | ¥ 40,986 | $ 6,432 | ¥ 34,417 |
Accrued expenses | 1,460 | 229 | 1,359 |
Provision for doubtful accounts | 1,012 | 159 | 857 |
Valuation allowance | (43,458) | (6,820) | (36,633) |
Deferred tax liabilities: | |||
Long-lived assets arising from acquisition | (2,158) | (339) | (1,045) |
Total deferred tax liabilities | ¥ (2,158) | $ (339) | ¥ (1,045) |
INCOME TAXES - Tax losses (Deta
INCOME TAXES - Tax losses (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Operating Loss Carryforwards | ||
Operating Loss Carryforwards | ¥ 164,308 | $ 25,783 |
PRC | ||
Operating Loss Carryforwards | ||
Operating Loss Carryforwards | 121,535 | 19,071 |
Federal | ||
Operating Loss Carryforwards | ||
Operating Loss Carryforwards | ¥ 42,773 | $ 6,712 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Related party balances (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Related Party Transaction [Line Items] | |||
Due from related parties | ¥ 335 | $ 52 | ¥ 1,277 |
Allowance | (135) | (21) | |
Amounts due from related parties, net | 200 | 31 | 1,277 |
Due to related parties | 2,471 | 388 | 4,130 |
Anpai | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 215 | ||
Shanghai Yulin | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 10 | 2 | 13 |
Shanghai Muqing jiahe | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 9 | 1 | 9 |
Anpac Beijing | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 200 | 31 | 200 |
Xuedong Du | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 116 | 18 | 832 |
Xing Pu | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 8 | ||
Rouou Ying | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 4 | ||
Shanghai muqing industrial | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 131 | 21 | 68 |
CRS | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 2,802 | ||
Zhijun | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 55 | 9 | 55 |
Jiangsu Anpac | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 3 | 302 | |
Jiaxing Zhijun | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 856 | 134 | 877 |
Weidong Dai | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 10 | 2 | ¥ 22 |
Advance Life | |||
Related Party Transaction [Line Items] | |||
Due to related parties | ¥ 491 | $ 77 | |
Advance Life | Advance Life | |||
Related Party Transaction [Line Items] | |||
Percentage of equity interest | 40.00% | 40.00% | |
Annadi | |||
Related Party Transaction [Line Items] | |||
Due to related parties | ¥ 925 | $ 145 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Related party transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Short-term borrowing guaranteed by Dr. Chris Chang Yu | ¥ 5,900 | |||
Issuance shares for settlement off related party loan | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | ¥ 6,891 | $ 1,081 | ||
Issuance shares for stock option exercised | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | 6,125 | 961 | ||
Share based compensation | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | 6,430 | 1,009 | ||
Anpac Beijing | ||||
Related Party Transaction [Line Items] | ||||
Revenue rendered | 1 | ¥ 3 | ||
Anpac Beijing | Consulting service | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | 2,190 | 344 | 898 | 2,199 |
Jiangsu Anpac | ||||
Related Party Transaction [Line Items] | ||||
Revenue rendered | 121 | 19 | 39 | 64 |
Repayment of loan | (300) | (47) | (150) | |
Jiangsu Anpac | Consulting service | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | 8 | |||
Anpai | ||||
Related Party Transaction [Line Items] | ||||
Revenue rendered | 96 | 616 | ||
Anpai | Consulting service | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | 129 | 20 | ||
Annadi | ||||
Related Party Transaction [Line Items] | ||||
Revenue rendered | 1,284 | 201 | ||
Shanghai muqing industrial | Rent received | ||||
Related Party Transaction [Line Items] | ||||
Revenue rendered | 411 | 64 | 443 | |
Zhijun | ||||
Related Party Transaction [Line Items] | ||||
Interest expense | 1,935 | 304 | 1,664 | 1,579 |
Repayment of related party loan | (17,261) | |||
Jiaxing Zhijun | Purchase ordinary shares with the advance | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction | 0 | 0 | 0 | 25,000 |
CRS | ||||
Related Party Transaction [Line Items] | ||||
Loan from related party | 1,498 | 1,202 | ||
Repayment of loan | ¥ (2,803) | $ (440) | ¥ (2,071) | (1,262) |
Shanghai Yulin | ||||
Related Party Transaction [Line Items] | ||||
Repayment of loan | 2,872 | |||
Loan to related party | ¥ (2,885) |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required | 50.00% | ||
Percentage of net income which subsidiaries are required to allocate to general reserve fund | 10.00% | ||
Amount of statutory reserve allocated | ¥ 0 | ¥ 0 | |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | ¥ 181,934 | $ 28,549 | ¥ 166,729 |
Minimum | |||
Percentage of net income which a foreign invested enterprise is required to allocate to general reserve fund | 10.00% |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Operating lease commitments (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Operating lease commitments | ||
2022 | ¥ 2,328 | $ 365 |
2023 | 1,111 | 174 |
2024 | 1,019 | 160 |
2025 | 1,041 | 163 |
2026 | 1,062 | 167 |
2027 and thereafter | 3,789 | 595 |
Total | ¥ 10,350 | $ 1,624 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Litigation (Details) ¥ in Thousands, $ in Thousands | Oct. 14, 2020CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) |
COMMITMENTS AND CONTINGENCIES | |||
Debt dispute, damage sought by a former employee | ¥ 890 | ||
Debt dispute liability recorded | ¥ 890 | $ 140 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Apr. 26, 2022CNY (¥)shares | Apr. 26, 2022USD ($)$ / sharesshares | Apr. 04, 2022USD ($)shares | Apr. 02, 2022USD ($)shares | Mar. 24, 2022USD ($) | Mar. 16, 2022CNY (¥)shares | Mar. 16, 2022USD ($)$ / sharesshares | May 31, 2022CNY (¥) | May 31, 2022USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | May 10, 2022USD ($)shares | Apr. 14, 2022shares | Apr. 07, 2022USD ($) | Mar. 29, 2022CNY (¥)shares | Mar. 29, 2022USD ($)shares |
Subsequent Event [Line Items] | ||||||||||||||||
Investment received | ¥ | ¥ 110,668 | ¥ 47,602 | ||||||||||||||
Registered Convertible Debentures | Maximum | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion price per share | $ / shares | $ 1 | |||||||||||||||
Ascent Convertible Debentures | Maximum | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion price per share | $ / shares | $ 0.33 | |||||||||||||||
Subsequent events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Minimum market value | $ 50,000 | |||||||||||||||
Compliance period | 180 days | |||||||||||||||
Minimum standard requirements in stockholders' equity | $ 10,000 | |||||||||||||||
Minimum Standard Requirement In Total Assets | 50,000 | |||||||||||||||
Minimum standard requirements in total revenue | $ 50,000 | |||||||||||||||
Amount agreed to invest from investors | $ 15,000 | $ 1,400 | $ 10,000 | ¥ 2,000 | $ 314 | |||||||||||
Number of shares to exchange for investment from investors | shares | 7,250,000 | 7,250,000 | 4,912,281 | 872,829 | 872,829 | |||||||||||
Investment received | ¥ 1,000 | $ 157 | ||||||||||||||
Maximum period of continuous investment after the first investment closed | 30 months | 30 months | ||||||||||||||
Total continuous investment agreed | $ 15,000 | |||||||||||||||
Amount agreed to invest in first installment | $ 3,000 | $ 3,000 | 3,000 | |||||||||||||
Amount agreed to invest in second installment | 3,000 | |||||||||||||||
Amount agreed to invest in third installment | $ 4,000 | |||||||||||||||
Percentage of the average closing share price of the first five trading days in which purchase price is determined | 90.00% | 90.00% | 90.00% | |||||||||||||
Number of shares authorized for option grants | shares | 2,800,000 | |||||||||||||||
Subsequent events | Registered Convertible Debentures | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares issued for Convertible Debentures. | shares | 4,842,197 | 4,842,197 | ||||||||||||||
Principal balance of debt converted | ¥ 17,891 | $ 2,807 | ||||||||||||||
Subsequent events | Registered Convertible Debentures | Minimum | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion price per share | $ / shares | $ 0.34 | |||||||||||||||
Subsequent events | Ascent Convertible Debentures | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares issued for Convertible Debentures. | shares | 3,232,397 | 3,232,397 | ||||||||||||||
Principal balance of debt converted | ¥ 4,480 | $ 703 | ||||||||||||||
Subsequent events | Ascent Convertible Debentures | Minimum | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion price per share | $ / shares | $ 0.16 | |||||||||||||||
Subsequent events | Dr. Chris Chang Yu. | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Percentage of the average closing share price of the first five trading days in which purchase price is determined | 90.00% |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 9,251 | $ 1,452 | ¥ 3,016 |
Advances to suppliers | 4,704 | 738 | 5,588 |
Amounts due from related parties, net | 200 | 31 | 1,277 |
Other current assets | 3,350 | 526 | 3,303 |
Total current assets | 23,549 | 3,696 | 21,288 |
Non-current assets: | |||
Other assets | 464 | ||
TOTAL ASSETS. | 67,489 | 10,592 | 49,887 |
Current liabilities: | |||
Short-term debts | 33,759 | 5,298 | 8,232 |
Due to related parties | 2,471 | 388 | 4,130 |
Accrued expenses and other current liabilities | 19,770 | 3,102 | 25,353 |
TOTAL LIABILITIES. | 66,171 | 10,385 | 46,610 |
Shareholders' equity: | |||
Additional paid-in capital | 465,334 | 73,021 | 354,295 |
Accumulated deficit | (475,646) | (74,639) | (356,951) |
Accumulated other comprehensive income | 4,532 | 711 | 4,795 |
Total AnPac Bio-Medical Science Co., Ltd. shareholders' (deficit) equity | (4,499) | (706) | 2,948 |
TOTAL LIABILITIES AND EQUITY | 67,489 | 10,592 | 49,887 |
Parent Company | Reportable Legal Entity | |||
Current assets: | |||
Cash and cash equivalents | 3,152 | 495 | 68 |
Advances to suppliers | 3,621 | 568 | 4,467 |
Amounts due from related parties, net | 80,640 | 12,654 | 58,341 |
Other current assets | 110 | 17 | 1,187 |
Total current assets | 87,523 | 13,734 | 64,063 |
Non-current assets: | |||
Investments in subsidiaries | (59,917) | (9,402) | (49,424) |
TOTAL ASSETS. | 27,606 | 4,332 | 14,639 |
Current liabilities: | |||
Short-term debts | 27,859 | 4,373 | 2,232 |
Due to related parties | 1,347 | 211 | 4,206 |
Accrued expenses and other current liabilities | 2,899 | 454 | 5,253 |
TOTAL LIABILITIES. | 32,105 | 5,038 | 11,691 |
Shareholders' equity: | |||
Additional paid-in capital | 465,334 | 73,021 | 354,295 |
Accumulated deficit | (475,646) | (74,639) | (356,951) |
Accumulated other comprehensive income | 4,532 | 711 | 4,795 |
Total AnPac Bio-Medical Science Co., Ltd. shareholders' (deficit) equity | (4,499) | (706) | 2,948 |
TOTAL LIABILITIES AND EQUITY | 27,606 | 4,332 | 14,639 |
Class A ordinary shares | |||
Shareholders' equity: | |||
Ordinary shares | 1,096 | 172 | 618 |
Class A ordinary shares | Parent Company | Reportable Legal Entity | |||
Shareholders' equity: | |||
Ordinary shares | 1,096 | 172 | 618 |
Class B ordinary shares | |||
Shareholders' equity: | |||
Ordinary shares | 185 | 29 | 191 |
Class B ordinary shares | Parent Company | Reportable Legal Entity | |||
Shareholders' equity: | |||
Ordinary shares | ¥ 185 | $ 29 | ¥ 191 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parentheticals (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2019 | Oct. 29, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Ordinary shares authorized | 100,000 | |||
Class A ordinary shares | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Par value | $ 0.01 | $ 0.01 | ||
Ordinary shares authorized | 70,000,000 | 70,000,000 | 700,000 | 71,369 |
Ordinary Shares issued | 16,604,402 | 9,192,660 | ||
Ordinary shares outstanding | 16,604,402 | 9,192,660 | ||
Class B ordinary shares | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Ordinary shares authorized | 30,000,000 | 30,000,000 | 300,000 | 28,631 |
Ordinary Shares issued | 2,773,100 | 2,863,100 | ||
Ordinary shares outstanding | 2,773,100 | 2,863,100 | ||
Parent Company | Class A ordinary shares | Reportable Legal Entity | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Par value | $ 0.01 | $ 0.01 | ||
Ordinary shares authorized | 70,000,000 | 70,000,000 | ||
Ordinary Shares issued | 16,604,402 | 9,192,660 | ||
Ordinary shares outstanding | 16,604,402 | 9,192,660 | ||
Parent Company | Class B ordinary shares | Reportable Legal Entity | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Par value | $ 0.01 | $ 0.01 | ||
Ordinary shares authorized | 30,000,000 | 30,000,000 | ||
Ordinary Shares issued | 2,773,100 | 2,863,100 | ||
Ordinary shares outstanding | 2,773,100 | 2,863,100 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of comprehensive loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating loss: | ||||
Selling and marketing expenses | ¥ (21,420) | $ (3,361) | ¥ (19,674) | ¥ (13,633) |
Research and development expenses | (16,204) | (2,543) | (11,576) | (9,839) |
General and administrative expenses | (80,676) | (12,660) | (74,757) | (69,088) |
Loss from operations | (112,097) | (17,591) | (94,556) | (89,082) |
Interest expense | (4,257) | (668) | (1,143) | (2,609) |
Other income (expense), net | 990 | 155 | 9,096 | (1,823) |
Change in fair value of convertible debt | 9,073 | 1,424 | (6,630) | 5,296 |
Net loss attributable to ordinary shareholders | (118,695) | (18,628) | (80,475) | (101,060) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (263) | (41) | 2,793 | 2,978 |
Other comprehensive (loss) income, net of tax: | ||||
Fair value change relating to Company's own credit risk on convertible loan | (108) | (955) | ||
Foreign currency translation adjustment | (263) | (41) | 2,793 | 2,978 |
Total comprehensive loss attributable to ordinary shareholders | (118,958) | (18,669) | (77,790) | (99,037) |
Parent Company | Reportable Legal Entity | ||||
Operating loss: | ||||
Selling and marketing expenses | (6,380) | (1,001) | (3,922) | (5,393) |
Research and development expenses | (8,893) | (1,396) | (4,800) | (2,534) |
General and administrative expenses | (48,328) | (7,584) | (33,499) | (31,884) |
Loss from operations | (63,601) | (9,981) | (42,221) | (39,811) |
Interest expense | (3,737) | (586) | (393) | (1,576) |
Other income (expense), net | 214 | 34 | (692) | 23 |
Change in fair value of convertible debt | (9,073) | (1,424) | 6,630 | (5,296) |
Share of losses of subsidiaries | (42,498) | (6,671) | (43,799) | (54,400) |
Net loss attributable to ordinary shareholders | (118,695) | (18,628) | (80,475) | (101,060) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (263) | (41) | 2,793 | 2,978 |
Other comprehensive (loss) income, net of tax: | ||||
Fair value change relating to Company's own credit risk on convertible loan | (108) | (955) | ||
Foreign currency translation adjustment | (263) | (41) | 2,793 | 2,978 |
Total comprehensive loss attributable to ordinary shareholders | ¥ (118,958) | $ (18,669) | ¥ (77,790) | ¥ (99,037) |
PARENT COMPANY ONLY CONDENSED_6
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of cash flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash used in operating activities | ¥ (71,709) | $ (11,252) | ¥ (58,967) | ¥ (48,600) |
Net cash used in investing activities | (3,932) | (618) | (2,482) | (3,461) |
Net cash provided by financing activities | 83,420 | 13,090 | 60,924 | 46,108 |
Effect of exchange rate changes on cash and cash equivalents | (1,544) | (241) | (2,584) | (809) |
Net increase (decrease) in cash and cash equivalents | 6,235 | 979 | (3,109) | (6,762) |
Cash and cash equivalents at beginning of year | 3,016 | 473 | 6,125 | 12,887 |
Cash and cash equivalents at end of year | 9,251 | 1,452 | 3,016 | 6,125 |
Reportable Legal Entity | Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash used in operating activities | (33,402) | (5,243) | (65,043) | (11,922) |
Net cash used in investing activities | (31,315) | (4,914) | (79,461) | (31,415) |
Net cash provided by financing activities | 68,001 | 10,670 | 144,408 | 39,648 |
Effect of exchange rate changes on cash and cash equivalents | (200) | (29) | 120 | 30 |
Net increase (decrease) in cash and cash equivalents | 3,084 | 484 | 24 | (3,659) |
Cash and cash equivalents at beginning of year | 68 | 11 | 44 | 3,703 |
Cash and cash equivalents at end of year | ¥ 3,152 | $ 495 | ¥ 68 | ¥ 44 |