Kingsoft Cloud Holdings Limited (KC) 20-F 30 Apr 24 2023 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39278
Entity Registrant Name	Kingsoft Cloud Holdings Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	3,805,284,801
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001795589
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Beijing, the People’s Republic of China
Business Contact
Document and Entity Information
Contact Personnel Name	Haijian He
City Area Code	86
Extension	10
Local Phone Number	6292 7777
Entity Address, Address Line One	Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
American Depositary Shares
Document and Entity Information
Title of 12(b) Security	American depositary shares, each ADS represents 15 ordinary shares, par valueUS$0.001 per share
Trading Symbol	KC
Security Exchange Name	NASDAQ
Ordinary Shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par value US$0.001 per share*
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,255,287	$ 317,651	¥ 3,419,166
Restricted cash	234,194	32,986	114,560
Accounts receivable, net of allowance for credit losses of RMB47,962 and RMB24,743 (US$3,485) as of December 31, 2022 and 2023, respectively	1,529,915	215,484	2,402,430
Short-term investments			1,253,670
Prepayments and other assets	1,812,692	255,312	1,612,022
Amounts due from related parties	¥ 266,036	$ 37,470	¥ 246,505
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties
Total current assets	¥ 6,098,124	$ 858,903	¥ 9,048,353
Non-current assets:
Property and equipment, net	2,186,145	307,912	2,132,994
Intangible assets, net	834,478	117,534	1,008,020
Goodwill	4,605,724	648,703	4,605,724
Prepayments and other assets	870,781	122,647	21,263
Equity investments	259,930	36,610	273,580
Amounts due from related parties	¥ 56,264	$ 7,925	¥ 5,758
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties
Operating lease right-of-use assets	¥ 158,832	$ 22,371	¥ 220,539
Total non-current assets	8,972,154	1,263,702	8,267,878
Total assets	15,070,278	2,122,605	17,316,231
Current liabilities:
Accounts payable (including accounts payable of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB2,113,674 and RMB1,646,804 (US$231,947) as of December 31, 2022 and 2023, respectively)	1,805,083	254,241	2,301,958
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB644,858 and RMB1,003,831 (US$141,387) as of December 31, 2022 and 2023, respectively)	2,838,085	399,736	2,830,826
Short-term bank loans (including short-term bank loans of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB885,500 and RMB1,110,896 (US$156,466) as of December 31, 2022 and 2023, respectively)	1,110,896	156,466	909,500
Income tax payable (including income tax payable of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB nil and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)	63,961	9,009	51,892
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB388,308 and RMB902,154 (US$127,066) as of December 31, 2022 and 2023, respectively)	¥ 931,906	$ 131,256	¥ 427,727
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties
Current operating lease liabilities (including current operating lease liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB87,142 and RMB63,830 (US$8,990) as of December 31, 2022 and 2023, respectively)	¥ 78,659	$ 11,079	¥ 136,723
Total current liabilities	6,828,590	961,787	6,658,626
Non-current liabilities:
Long-term bank loan (including long-term bank loan of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB nil and RMB 100,000 (US$14,085) as of December 31, 2022 and 2023, respectively)	100,000	14,085
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB nil and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)	142,565	20,080	167,052
Non-current operating lease liabilities (including non-current operating lease liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB90,138 and RMB64,466 (US$9,080) as of December 31, 2022 and 2023, respectively)	78,347	11,035	123,059
Total non-current liabilities	995,784	140,254	1,074,106
Total liabilities	7,824,374	1,102,041	7,732,732
Commitments and contingencies
Shareholders' equity:
Ordinary shares (par value of US$0.001 per share; 40,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,801 and 3,805,284,801 shares issued, 3,508,413,941 and 3,562,097,466 shares outstanding as of December 31, 2022 and 2023, respectively)	25,443	3,584	25,062
Treasury shares	(208,385)	(29,350)	(208,385)
Additional paid-in capital	18,811,028	2,649,478	18,648,205
Statutory reserves funds	21,765	3,066	14,700
Accumulated deficit	(12,315,041)	(1,734,539)	(10,131,636)
Accumulated other comprehensive income	555,342	78,218	453,074
Total Kingsoft Cloud Holdings Limited shareholders' equity	6,890,152	970,457	8,801,020
Non-controlling interests	355,752	50,107	782,479
Total equity	7,245,904	1,020,564	9,583,499
Total liabilities, non-controlling interests and shareholders' equity	15,070,278	2,122,605	17,316,231
Related parties
Non-current liabilities:
Other liabilities	40,069	5,644	413,464
Non-related parties
Non-current liabilities:
Other liabilities	¥ 634,803	$ 89,410	¥ 370,531

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Accounts receivable, allowance for credit losses	¥ 24,743	$ 3,485	¥ 47,962
Accounts payable	1,805,083	254,241	2,301,958
Accrued expenses and other current liabilities	2,838,085	399,736	2,830,826
Short-term bank loans	1,110,896	156,466	909,500
Income tax payable	63,961	9,009	51,892
Amounts due to related parties	¥ 931,906	$ 131,256	¥ 427,727
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties
Current operating lease liabilities	¥ 78,659	$ 11,079	¥ 136,723
Long-term bank loans	100,000	14,085
Deferred tax liabilities	142,565	20,080	167,052
Non-current operating lease liabilities	¥ 78,347	$ 11,035	¥ 123,059
Ordinary shares par value (per share) | $ / shares		$ 0.001
Ordinary shares, shares authorized (in shares)	40,000,000,000	40,000,000,000	40,000,000,000
Ordinary shares issued	3,805,284,801	3,805,284,801	3,805,284,801
Ordinary shares outstanding	3,562,097,466	3,562,097,466	3,508,413,941
Related parties
Other liabilities	¥ 40,069	$ 5,644	¥ 413,464
Non-related parties
Other liabilities	634,803	89,410	370,531
VIEs and VIEs' subsidiaries
Accounts payable	1,646,804	231,947	2,113,674
Accrued expenses and other current liabilities	1,003,831	141,387	644,858
Short-term bank loans	1,110,896	156,466	885,500
Income tax payable	0	0	0
Amounts due to related parties	¥ 902,154	$ 127,066	¥ 388,308
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties
Current operating lease liabilities	¥ 63,830	$ 8,990	¥ 87,142
Long-term bank loans	100,000	14,085	0
Deferred tax liabilities	0	0	0
Non-current operating lease liabilities	64,466	9,080	90,138
VIEs and VIEs' subsidiaries | Related parties
Other liabilities	40,069	5,644	413,464
VIEs and VIEs' subsidiaries | Non-related parties
Other liabilities	¥ 415,367	$ 58,503	¥ 284,971

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 7,047,461	$ 992,614	¥ 8,180,107	¥ 9,060,784
Cost of revenues (including related party amounts of RMB980, RMB nil and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, respectively)	(6,197,292)	(872,870)	(7,750,569)	(8,709,496)
Gross profit	850,169	119,744	429,538	351,288
Operating expenses:
Selling and marketing expenses	(460,221)	(64,821)	(560,059)	(518,167)
General and administrative expenses	(1,060,022)	(149,301)	(1,149,677)	(601,702)
Research and development expenses	(784,807)	(110,538)	(971,216)	(1,043,811)
Impairment of long-lived assets	(653,670)	(92,067)	0
Total operating expenses	(2,958,720)	(416,727)	(2,680,952)	(2,163,680)
Operating loss	(2,108,551)	(296,983)	(2,251,414)	(1,812,392)
Interest income	78,410	11,044	80,743	71,942
Interest expense	(146,026)	(20,567)	(137,812)	(52,040)
Foreign exchange gain (loss)	(57,211)	(8,058)	(334,629)	37,822
Other gain (loss), net	(32,673)	(4,602)	(43,810)	83,606
Other income, net	100,363	14,136	23,007	95,047
Loss before income taxes	(2,165,688)	(305,030)	(2,663,915)	(1,576,015)
Income tax expense	17,959	2,529	24,473	15,741
Net loss	(2,183,647)	(307,559)	(2,688,388)	(1,591,756)
Less: net loss attributable to non-controlling interests	(7,307)	(1,029)	(30,204)	(3,044)
Net loss attributable to Kingsoft Cloud Holdings Limited	¥ (2,176,340)	$ (306,530)	¥ (2,658,184)	¥ (1,588,712)
Net loss per share:
Basic | (per share)	¥ (0.61)	$ (0.09)	¥ (0.73)	¥ (0.46)
Diluted | (per share)	¥ (0.61)	$ (0.09)	¥ (0.73)	¥ (0.46)
Shares used in the net loss per share computation:
Basic	3,558,354,940	3,558,354,940	3,623,838,985	3,441,729,444
Diluted	3,558,354,940	3,558,354,940	3,623,838,985	3,441,729,444
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments	¥ 102,241	$ 14,400	¥ 660,697	¥ (139,575)
Comprehensive loss	(2,081,406)	(293,159)	(2,027,691)	(1,731,331)
Less: Comprehensive loss attributable to non-controlling interests	(7,334)	(1,033)	(30,463)	(3,177)
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited	(2,074,072)	(292,126)	(1,997,228)	(1,728,154)
Public cloud services
Revenues:
Total revenues	4,381,741	617,155	5,360,282	6,159,085
Enterprise cloud services
Revenues:
Total revenues	2,663,993	375,216	2,816,976	2,897,817
Others
Revenues:
Total revenues	¥ 1,727	$ 243	¥ 2,849	¥ 3,882

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenue from related party	¥ 7,047,461	$ 992,614	¥ 8,180,107	¥ 9,060,784
Cost of revenue from related party	6,197,292	872,870	7,750,569	8,709,496
Other comprehensive income (loss), net of tax	0		0	0
Related parties
Revenue from related party	1,107,342	155,965	1,128,665	929,524
Cost of revenue from related party	0	0	0	980
Public cloud services
Revenue from related party	4,381,741	617,155	5,360,282	6,159,085
Public cloud services | Related parties
Revenue from related party	981,049	138,178	1,043,183	905,755
Enterprise cloud services
Revenue from related party	2,663,993	375,216	2,816,976	2,897,817
Enterprise cloud services | Related parties
Revenue from related party	125,857	17,726	85,482	23,695
Others
Revenue from related party	1,727	243	2,849	3,882
Others | Related parties
Revenue from related party	¥ 436	$ 61	¥ 0	¥ 74

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands		Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Treasury shares CNY (¥)		Treasury shares USD ($)	Additional paid-in capital Camelot Technology Co Ltd CNY (¥)	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Accumulated other comprehensive income(loss) CNY (¥)	Accumulated other comprehensive income(loss) USD ($)	Statutory reserve funds CNY (¥)	Statutory reserve funds USD ($)	Accumulated deficit Adjustment CNY (¥)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	Total Kingsoft Cloud Holdings Limited shareholders' equity Camelot Technology Co Ltd CNY (¥)	Total Kingsoft Cloud Holdings Limited shareholders' equity Adjustment CNY (¥)	Total Kingsoft Cloud Holdings Limited shareholders' equity CNY (¥)	Total Kingsoft Cloud Holdings Limited shareholders' equity USD ($)	Non-controlling interests Camelot Technology Co Ltd CNY (¥)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	Camelot Technology Co Ltd CNY (¥)	Adjustment CNY (¥)	CNY (¥)	USD ($)
Balance at Dec. 31, 2020		¥ 22,801						¥ 14,149,984		¥ (68,440)				¥ (5,684)	¥ (5,864,356)			¥ (5,684)	¥ 8,239,989			¥ 61			¥ (5,684)	¥ 8,240,050
Balance (in shares) at Dec. 31, 2020 | shares	[1]	3,339,618,633	3,339,618,633
Net loss for the year															(1,588,712)				(1,588,712)			(3,044)				(1,591,756)
Appropriation to statutory reserves												¥ 7,723			(7,723)
Business acquisition		¥ 1,598						3,615,485											3,617,083			891,590				4,508,673
Business acquisition (In shares) | shares	[1]	247,475,446	247,475,446
Other comprehensive income (loss)										(139,442)									(139,442)			(133)				(139,575)
Share-based compensation								434,350											434,350							434,350
Exercise and vesting of share-based awards		¥ 383						45,982											46,365							46,365
Exercise and vesting of share-based awards (in shares) | shares	[1]	59,287,761	59,287,761
Balance at Dec. 31, 2021		¥ 24,782						18,245,801		(207,882)		7,723			(7,466,475)				10,603,949			888,474				11,492,423
Balance (in shares) at Dec. 31, 2021 | shares	[1]	3,646,381,840	3,646,381,840
Net loss for the year															(2,658,184)				(2,658,184)			(30,204)				(2,688,388)
Appropriation to statutory reserves												6,977			(6,977)
Other comprehensive income (loss)										660,956									660,956			(259)				660,697
Capital contribution from non-controlling interests																						2,143				2,143
Disposal of a subsidiary																						(9,136)				(9,136)
Share-based compensation								392,291											392,291			(68,539)				323,752
Exercise and vesting of share-based awards		¥ 280						10,113											10,393							10,393
Exercise and vesting of share-based awards (in shares) | shares		45,933,211	45,933,211
Repurchase of ordinary shares				¥ (208,385)	[1]														(208,385)							(208,385)
Repurchase of ordinary shares (in shares) | shares		(183,901,110)	(183,901,110)
Balance at Dec. 31, 2022		¥ 25,062		(208,385)	[1]			18,648,205		453,074		14,700			(10,131,636)				8,801,020			782,479				9,583,499
Balance (in shares) at Dec. 31, 2022 | shares	[1]	3,508,413,941	3,508,413,941
Net loss for the year															(2,176,340)				(2,176,340)			(7,307)				(2,183,647)	$ (307,559)
Appropriation to statutory reserves												7,065			(7,065)
Other comprehensive income (loss)										102,268									102,268			(27)				102,241
Disposal of a subsidiary																						(437)				(437)
Share-based compensation								175,557											175,557			6,088				181,645
Exercise and vesting of share-based awards		¥ 381						10,802											11,183							11,183
Exercise and vesting of share-based awards (in shares) | shares	[1]	53,683,525	53,683,525
Acquisition of non-controlling interests (Note 4)							¥ (23,536)										¥ (23,536)				¥ (425,918)			¥ (449,454)
Balance at Dec. 31, 2023		¥ 25,443	$ 3,584	¥ (208,385)		$ (29,350)		¥ 18,811,028	$ 2,649,478	¥ 555,342	$ 78,218	¥ 21,765	$ 3,066		¥ (12,315,041)	$ (1,734,539)			¥ 6,890,152	$ 970,457		¥ 355,752	$ 50,107			¥ 7,245,904	$ 1,020,564
Balance (in shares) at Dec. 31, 2023 | shares	[1]	3,562,097,466	3,562,097,466
[1]As of December 31, 2021, 2022 and 2023, 158,902,970, 112,969,750 and 59,286,225 ordinary shares, respectively, were issued in relation to the share awards. These shares are legally issued but not outstanding.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Ordinary shares issued in relation to the share awards	59,286,225	112,969,750	158,902,970

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	¥ (2,183,647)	$ (307,559)	¥ (2,688,388)	¥ (1,591,756)
Adjustments to reconcile net loss to net cash (used in) generated from operating activities:
Depreciation and amortization	940,482	132,464	1,157,424	855,604
Share-based compensation	181,645	25,584	359,835	434,350
Provision for credit losses	502,185	70,730	346,867	112,013
(Gain) loss from disposal of property and equipment	22,996	3,239	28,788	(5,814)
Changes in fair value of equity investments	10,780	1,518	354	(82,492)
Gain on disposal of equity investments	(100)	(14)		(10,363)
Impairment of equity investments	13,582	1,913	14,940
Changes in fair value of purchase consideration of a business acquisition	14,433	2,033	28,516	9,249
Gain on disposal of a subsidiary	(6,022)	(848)
Changes in fair value of purchase contingent consideration of a business acquisition				(7,034)
Impairment of contract costs			7,270
Impairment of long-lived assets	653,670	92,067	0
Issuance costs expensed for offerings			38,872
Foreign exchange (gain) loss	57,211	8,058	334,629	(37,822)
Deferred income tax	(24,487)	(3,449)	(35,195)	(11,852)
Non-cash operating lease expense	42,617	6,002	72,244	52,648
Changes in operating assets and liabilities:
Accounts receivable	375,242	52,852	827,589	(947,790)
Prepayments and other assets	(216,303)	(30,465)	132,639	30,883
Amounts due from related parties	(13,007)	(1,832)	(39,581)	(2,075)
Accounts payable	(621,327)	(87,512)	(585,424)	593,410
Accrued expenses and other liabilities	183,381	25,829	251,751	(91,018)
Operating lease liabilities	(37,401)	(5,268)	(43,701)	(31,791)
Amounts due to related parties	(73,522)	(10,355)	(15,192)	2,064
Income tax payable	8,522	1,200	(5,263)	20,717
Net cash (used in) generated from operating activities	(169,070)	(23,813)	188,974	(708,869)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases and prepayments of property and equipment	(1,958,759)	(275,886)	(1,418,634)	(723,285)
Disposal of property and equipment	12,310	1,734	34,635	8,319
Purchases of intangible assets	(5,979)	(842)	(18,774)	(12,106)
Purchases of short-term investments	(550,151)	(77,487)	(2,549,508)	(2,568,325)
Proceeds from maturities of short-term investments	1,830,492	257,819	4,043,262	2,720,186
Acquisition of equity investments	(12,070)	(1,700)	(63,356)	(52,493)
Disposal of equity investments	2,647	373		63,476
Acquisition of business, net of cash acquired			(157,484)	139,350
Asset-related government grants received	4,372	616	99,571	3,255
Disposal of a subsidiary	3,952	557	(2,577)
Net cash used in investing activities	(673,186)	(94,816)	(32,865)	(421,623)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of long-term bank loan				(74,351)
Proceeds from Long-term bank loan	100,000	14,085
Repayments of short-term bank loans	(963,000)	(135,636)	(1,375,325)	(496,707)
Proceeds from short-term bank loans	1,164,396	164,002	936,658	1,540,166
Settlement of share-based awards			(43,981)
Acquisition of non-controlling interests	(100,000)	(14,085)
Principal repayments of financing leases	(13,308)	(1,874)
Payments of offering costs			(25,338)
Settlements and modifications of financial liabilities arising from business combinations	(577,809)	(81,383)
Capital contribution from non-controlling interests			2,143
Proceeds from loans due to related parties	900,000	126,763	300,000	1,192,455
Repayments of loans due to related parties	(741,978)	(104,506)	(755,719)
Proceeds from exercise of options	3,847	542	17,801	50,924
Repurchases of ordinary shares			(208,385)
Net cash generated from (used in) financing activities	(227,852)	(32,092)	(1,152,146)	2,212,487
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	25,863	3,643	73,142	(50,048)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,044,245)	(147,078)	(996,037)	1,081,995
Cash, cash equivalents, and restricted cash at beginning of year	3,533,726	497,715	4,456,621	3,424,674
Cash, cash equivalents, and restricted cash at end of year	2,489,481	350,637	3,533,726	4,456,621
Supplemental disclosures of cash flow information:
Restricted cash	234,194	32,986	114,560	239,093
Income taxes paid	33,923	4,778	64,932	6,874
Interest expense paid	96,730	13,624	130,322	45,844
Non-cash investing and financing activities:
Purchases of property and equipment included in accrued expenses and other liabilities	458,978	64,646	120,530	759,391
Purchase consideration included in accrued expenses and other liabilities	678,732	95,597	1,208,985	1,328,508
Consideration for acquisition of non-controlling interests included in accrued expenses and other liabilities	¥ 352,483	$ 49,646
Offering costs included in accrued expenses and other liabilities			¥ 13,534
Non-cash acquisition of business				¥ 3,617,083

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	​ 1. ORGANIZATION AND BASIS OF PRESENTATION Kingsoft Cloud Holdings Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on January 3, 2012. The Company, its subsidiaries, its variable interest entities, and subsidiaries of its variable interest entities are hereinafter collectively referred to as the “Group”. The Group is principally engaged in the provision of cloud services. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its subsidiaries, the variable interest entities, and subsidiaries of its variable interest entities, which are located in mainland China, Hong Kong (“HK”), Japan and the United States (the “U.S.”). The Company’s principal subsidiaries, variable interest entities, and subsidiaries of its variable interest entities, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of equity ​ ​ ​ ​ Place of ​ Issued ​ Date of ​ interest ​ ​ ​ ​ establishment ​ ordinary/registered ​ establishment/ ​ attributable to ​ ​ Name and operations share capital acquisition the Company Principal activities ​ ​ ​ ​ ​ ​ ​ ​ Direct (%) Indirect (%) ​ ​ Subsidiaries: ​ ​ ​ ​ ​ ​ Kingsoft Cloud Corporation Limited ​ HK ​ HK$2 million ​ February 1, 2012 100 ​ — ​ Cloud services Beijing Kingsoft Cloud Technology Co., Ltd. (“Beijing Kingsoft Cloud”) * ​ Mainland China ​ RMB910,000 ​ April 9, 2012 ​ — ​ 100 ​ Research and development Beijing Yunxiang Zhisheng Technology Co., Ltd. (“Yunxiang Zhisheng”) * ​ Mainland China ​ RMB1,390,000 ​ December 15, 2015 — ​ 100 ​ Research and development Camelot Technology Co., Ltd. (“Camelot Technology”) ** ​ Mainland China ​ RMB250,000 ​ September 3, 2021 — ​ 92.23 ​ Enterprise digital solutions and related services Hainan Yangpu Kingsoft Cloud Information Technology Co., Ltd. ** ​ Mainland China ​ RMB2,844,252 ​ August 4, 2022 — ​ 100 ​ Cloud services Variable interest entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zhuhai Kingsoft Cloud Technology Co., Ltd. (“Zhuhai Kingsoft Cloud”) ** ​ Mainland China ​ RMB11,080 ​ November 9, 2012 Nil ​ — ​ Investment holding Kingsoft Cloud (Beijing) Information Technology Co., Ltd. (“Kingsoft Cloud Information”) ** ​ Mainland China ​ RMB10,000 ​ April 13, 2018 Nil ​ — ​ Investment holding Variable interest entities’ subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beijing Kingsoft Cloud Network Technology Co., Ltd. (“Beijing Kingsoft Cloud Network Technology”) ** ​ Mainland China ​ RMB200,000 ​ November 9, 2012 — ​ Nil ​ Cloud services Beijing Jinxun Ruibo Network Technology Co., Ltd. (“Beijing Jinxun Ruibo”) ** ​ Mainland China ​ RMB10,000 ​ December 17, 2015 — ​ Nil ​ Cloud services Nanjing Qianyi Shixun Information Technology Co., Ltd. ** ​ Mainland China ​ RMB15,000 ​ March 31, 2016 — ​ Nil ​ Cloud services Wuhan Kingsoft Cloud Information Technology Co., Ltd. ** ​ Mainland China ​ RMB100,000 ​ December 26, 2017 — ​ Nil ​ Cloud services Kingsoft Cloud (Tianjin) Technology Development Co., Ltd. ** ​ Mainland China ​ RMB100,000 ​ May 30, 2019 — ​ Nil ​ Cloud services Qingyang Kingsoft Cloud Data Information Technology Co., Ltd.** ​ Mainland China ​ RMB20,000 ​ March 9, 2021 ​ — ​ Nil ​ Cloud services * These companies are registered as wholly foreign-owned enterprises and limited liability enterprises under the law of mainland China. ** These companies are registered as limited liability enterprises under the law of mainland China. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) To comply with laws and regulations of mainland China which prohibit foreign control of companies that engage in value-added telecommunication services, the Group primarily conducts its business in mainland China through its variable interest entities, Zhuhai Kingsoft Cloud and Kingsoft Cloud Information, and subsidiaries of its variable interest entities (collectively, the “VIEs”). The equity interests of the VIEs are legally held by mainland China shareholders (the “Nominee Shareholders”). Despite the lack of technical majority ownership, the Company through WFOE has effective control of the VIEs through a series of contractual arrangements (the “Contractual Agreements”). Through the Contractual Agreements, the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interests in the VIEs to the Company and therefore, the Company has the power to direct the activities of the VIEs that most significantly impact its economic performance. The Company also has the ability and obligation to absorb substantially all of the profits and all the expected losses of the VIEs that potentially could be significant to the VIEs. Therefore, the Company is the primary beneficiary of the VIEs. Based on the above, the Company consolidates the VIEs in accordance with SEC Regulation SX-3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation The following is a summary of the Contractual Agreements: Shareholder Voting Right Trust Agreements Pursuant to the shareholder voting right trust agreements signed amongst Beijing Kingsoft Cloud, Zhuhai Kingsoft Cloud and its Nominee Shareholders, each Nominee Shareholder irrevocably authorizes the person designated by Beijing Kingsoft Cloud to act as his, her or its attorney-in-fact (“AIF”) to exercise on such Nominee Shareholder’s behalf any and all rights that such shareholder has in respect of his, her or its equity interests in Zhuhai Kingsoft Cloud. Beijing Kingsoft Cloud has the right to replace the authorized AIF at any time upon written notice without consent from the other parties. The rights as a shareholder of Zhuhai Kingsoft Cloud, including, but not limited to, the right to attend shareholders’ meetings, vote on any resolution that requires a shareholder vote, such as the appointment of executive directors and senior management. The shareholder voting right trust agreements are valid as long as the Nominee Shareholders remain the shareholders of the VIEs. Zhuhai Kingsoft Cloud and its Nominee Shareholders have no right to unilaterally terminate the agreement. The terms of the shareholder voting right trust agreements signed amongst Yunxiang Zhisheng, Kingsoft Cloud Information and its Nominee Shareholders are the same as the terms described above. Loan Agreements Beijing Kingsoft Cloud has granted interest-free loans with an aggregate amount of RMB279 to one shareholder of Zhuhai Kingsoft Cloud. The loan was solely for the purposes of capital injection of Zhuhai Kingsoft Cloud. The loans are only repayable by the shareholder through a transfer of her equity interests in Zhuhai Kingsoft Cloud to Beijing Kingsoft Cloud or its designated person(s). The terms of the loan agreement signed between Yunxiang Zhisheng and all Nominee Shareholders of Kingsoft Cloud Information are the same as the terms described above, except that the total amount of loans extended to all Nominee Shareholders of Kingsoft Cloud Information is RMB10,000. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) Exclusive Purchase Option Agreements Pursuant to the exclusive purchase option agreement amongst Beijing Kingsoft Cloud, Zhuhai Kingsoft Cloud and its Nominee Shareholders, Beijing Kingsoft Cloud has an exclusive irrevocable option to purchase, all or part of the equity interests in Zhuhai Kingsoft Cloud, when and to the extent permitted under laws of mainland China. The purchase price of the equity interests in Zhuhai Kingsoft Cloud shall be equal to the minimum amount of consideration permitted by applicable laws of mainland China or either RMB0.001 or the loan amount, whichever is higher. Without the prior consent of the WFOE, the VIEs and the Nominee Shareholders shall not: (i) amend the articles of association, (ii) increase or decrease the registered capital, (iii) sell or otherwise dispose of their assets or beneficial interest, (iv) create or allow any encumbrance on their assets or other beneficial interests, (v) extend any loans to third parties, (vi) enter into any material contracts (except those contracts entered into in the ordinary course of business), (vii) merge with or acquire any other persons or make any investments, or (viii) distribute dividends to their shareholders. Any proceeds received by the Nominee Shareholders from the exercise of the option, distribution of profits or dividends, shall be remitted to the WFOE or their designated person(s), to the extent permitted under laws of mainland China. In addition, the Nominee Shareholders granted Beijing Kingsoft Cloud an exclusive right to designate one or more persons to purchase all or part of the equity interests in Zhuhai Kingsoft Cloud. The exclusive purchase option agreement will terminate when the Nominee Shareholders transfer all of their equity interests in Zhuhai Kingsoft Cloud to Beijing Kingsoft Cloud or its designated person(s). The terms of the exclusive purchase option agreement signed amongst Yunxiang Zhisheng, Kingsoft Cloud Information and its Nominee Shareholders are the same as the terms described above. Exclusive Consultation and Technical Services Agreements Pursuant to the exclusive consultation and technical services agreement between Beijing Kingsoft Cloud and Zhuhai Kingsoft Cloud, Beijing Kingsoft Cloud has the sole and exclusive right to provide Zhuhai Kingsoft Cloud consulting services and technical services. Without the prior written consent of Beijing Kingsoft Cloud, Zhuhai Kingsoft Cloud may not directly or indirectly accept any services subject to the exclusive consultation and technical services agreement from any third party, while Beijing Kingsoft Cloud has the right to designate any party to provide such services. Zhuhai Kingsoft Cloud will pay Beijing Kingsoft Cloud a service fee periodically which is adjustable at the sole discretion of Beijing Kingsoft Cloud. The exclusive consultation and technical services agreements will remain effective unless terminated by the WFOE at its sole discretion. The terms of the exclusive consultation and technical services agreement signed between Yunxiang Zhisheng and Kingsoft Cloud Information are the same as the terms described above, except that the agreement will continuously remain effective unless both parties agree to terminate the agreement. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) Equity Pledge Agreements Pursuant to the equity pledge agreement amongst Beijing Kingsoft Cloud, Zhuhai Kingsoft Cloud and its Nominee Shareholders, the Nominee Shareholders have pledged all of their equity interests in Zhuhai Kingsoft Cloud to Beijing Kingsoft Cloud to guarantee performance of their obligations under the Contractual Agreements described above. During the term of the equity pledge agreement, Beijing Kingsoft Cloud has the right to receive all of Zhuhai Kingsoft Cloud’s dividends and profits distributed on the pledged equity. In the event of a breach by Zhuhai Kingsoft Cloud or any of its Nominee Shareholders of the contractual obligations under the equity pledge agreement, Beijing Kingsoft Cloud, as pledgee, will have the right to dispose of the pledged equity interests in Zhuhai Kingsoft Cloud and will have priority in receiving the proceeds from such disposal. Zhuhai Kingsoft Cloud and its Nominee Shareholders undertake that, without the prior written consent of Beijing Kingsoft Cloud, they will not transfer, or create or allow any encumbrance on the pledged equity interests. The equity pledge agreements will be in effect permanently until Zhuhai Kingsoft Cloud and its Nominee Shareholders have fulfilled all the obligations under the Contractual Agreements. The terms of the equity pledge agreement signed amongst Yunxiang Zhisheng, Kingsoft Cloud Information and its Nominee Shareholders are the same as the terms described above. Financial Support Undertaking Letter Pursuant to the financial support undertaking letter, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable laws and regulations of mainland China, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIEs or their Nominee Shareholders do not have sufficient funds or are unable to repay. Resolutions of all Shareholders and resolution of the Board of Directors of the Company The Shareholders and the Company’s Board of Directors resolved that the rights under the Shareholder Voting Right Trust Agreements and the Exclusive Purchase Option Agreements were assigned to the Board of Directors of the Company or any officer authorized by the Board of Directors. In the opinion of the Company’s legal counsel, (i) the ownership structure relating to the VIEs complies with current laws and regulations of mainland China; (ii) the Contractual Agreements with the VIEs and the Nominee Shareholders are valid, binding and enforceable on all parties to these Contractual Agreements and do not violate current laws or regulations of mainland China; and (iii) the resolutions are valid in accordance with the articles of association of the Company and Cayman Islands Law. 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) However, uncertainties in mainland China legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future laws or regulations of mainland China and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the Nominee Shareholders of the VIEs may have interests that are different from those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the Contractual Agreements with the VIEs. In addition, if the Nominee Shareholders will not remain the shareholders of the VIEs, breach, or cause the VIEs to breach, or refuse to renew the existing Contractual Arrangements the Company has with them and the VIEs, the Company may not be able to effectively control the VIEs and receive economic benefits from them, which may result in deconsolidation of the VIEs. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future laws or regulations of mainland China, the Company may be subject to penalties, including but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ ASSETS Current assets: Cash and cash equivalents 1,231,226 900,262 ​ 126,799 Restricted cash 107,840 89,981 ​ 12,674 Accounts receivable, net of allowance for credit losses of RMB32,413 and RMB20,606 (US$2,902) as of December 31, 2022 and 2023, respectively ​ 2,032,260 1,127,936 ​ 158,866 Prepayments and other assets 927,040 1,067,695 ​ 150,382 Amounts due from related parties 216,346 182,484 ​ 25,702 Amounts due from subsidiaries of the Group 2,538,670 ​ 1,292,182 ​ 182,000 Total current assets 7,053,382 4,660,540 ​ 656,423 Non-current assets: ​ ​ ​ ​ Property and equipment, net 1,978,937 2,053,109 ​ 289,174 Intangible assets, net 83,393 61,604 ​ 8,677 Prepayments and other assets 20,257 870,630 ​ 122,626 Goodwill 48,814 48,815 ​ 6,875 Equity investments 179,697 166,114 ​ 23,397 Amounts due from related parties 4,712 56,036 ​ 7,893 Operating lease right-of-use assets 147,719 125,804 ​ 17,719 Total non-current assets 2,463,529 3,382,112 ​ 476,361 Total assets 9,516,911 8,042,652 ​ 1,132,784 Current liabilities: ​ ​ ​ ​ Accounts payable 2,113,674 1,646,804 ​ 231,947 Accrued expenses and other liabilities 644,858 1,003,831 ​ 141,387 Short-term bank loans 885,500 1,110,896 ​ 156,466 Amounts due to related parties 388,308 902,154 ​ 127,066 Current operating lease liabilities 87,142 63,830 ​ 8,990 Amounts due to subsidiaries of the Group 3,854,844 4,157,542 ​ 585,578 Total current liabilities 7,974,326 8,885,057 ​ 1,251,434 Non-current liabilities: ​ ​ ​ ​ Long-term bank loan — 100,000 ​ 14,085 Other liabilities 284,971 415,367 ​ 58,503 Non-current operating lease liabilities 90,138 64,466 ​ 9,080 Amounts due to related parties 413,464 40,069 ​ 5,644 Amounts due to subsidiaries of the Group 7,206,545 7,023,253 ​ 989,204 Total non-current liabilities 7,995,118 7,643,155 ​ 1,076,516 Total liabilities 15,969,444 16,528,212 ​ 2,327,950 ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenues 7,972,143 5,571,837 4,599,721 647,857 Net loss (1,556,904) (2,211,057) (2,110,022) (297,190) Net cash used in operating activities ​ (958,748) (144,977) (286,575) (40,363) Net cash used in investing activities (843,586) (1,167,374) (1,833,636) (258,262) Net cash generated from financing activities 2,612,563 567,592 1,809,799 254,905 ​ The carrying amounts of the assets, liabilities and the results of operations of the VIEs and their subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and their subsidiaries, the nature of the assets in these VIEs and their subsidiaries and the type of the involvement of the Company in these VIEs and their subsidiaries. The revenue-producing assets that are held by the VIEs and their subsidiaries comprise mainly electronic equipment, and data center machinery and equipment. The VIEs and their subsidiaries contributed an aggregate of 88.0%, 68.1% and 65.3% of the Group’s consolidated revenue for the years ended December 31, 2021, 2022 and 2023, respectively, after elimination of inter-entity transactions. As of December 31, 2022 and 2023, except for RMB585,005 and RMB421,901 (US$59,424) of VIEs’ subsidiaries’ electronic equipment that was secured for the loans borrowed from Xiaomi Group (Note 13 and Note 19), and RMB14,695 and RMB23,091 (US$3,252) of a VIE’s subsidiary’s restricted cash that was secured for certain payables to suppliers and to guarantee certain revenue contracts, respectively, there was no other pledge or collateralization of the VIEs and VIEs’ subsidiaries’ assets that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries. Other than the amounts due to subsidiaries of the Group (which are eliminated upon consolidation), all remaining liabilities of the VIEs and VIEs’ subsidiaries are without recourse to the Company.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIEs, and the subsidiaries of the VIEs for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation. Going concern consideration The Group’s consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Going concern consideration (Continued) As of December 31, 2023, the Group had an accumulated deficit and net current liabilities of RMB12,315,041 (US$1,734,539) and RMB730,466 (US$102,884), respectively. The Group has primarily funded the operations through revenue generated from contracts with customers, equity financing, and proceeds from financing facilities such as bank loans and related party loans. In view of such circumstance, management has given careful consideration to the liquidity of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. As of December 31, 2023, the Group had cash, cash equivalents, restricted cash and short-term investments of RMB2,489,481 (US$350,637). In addition, the Group had existing credit facilities available from Kingsoft Corporation Limited, Xiaomi Corporation and its subsidiaries, and banks. Based on above, management believes that it is appropriate to prepare the Group’s consolidated financial statements using the going concern basis. Therefore, the consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Group be unable to continue as a going concern. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit losses for accounts receivable, contract assets and amounts due from related parties, measurement of operating and finance lease right-of-use assets and lease liabilities, impairment of long-lived assets, impairment of goodwill, useful lives of long-lived assets, realization of deferred tax assets, uncertain tax positions, share-based compensation expense, the purchase price allocation and fair value of non-controlling interests and contingent consideration with respect to business combinations, the fair value of equity investments and standalone selling prices of performance obligation of revenue contracts. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the Company’s subsidiaries located in the U.S. is U.S. dollars (“US$”). The functional currency of the Company’s subsidiaries and the VIEs and VIEs’ subsidiaries located in mainland China is Renminbi (“RMB”). The functional currencies of the Company’s subsidiaries located in Japan and Hong Kong are Japanese Yen (“Yen”) and Hong Kong dollars (“HK$”), respectively. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ equity. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB7.0999 per US$1.00 on December 31, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks or other financial institutions which have original maturities of less than three months. As of December 31, 2022 and 2023, a majority of the Group’s cash and cash equivalents were held by financial institutions located in mainland China and Hong Kong. Deposits held in mainland China are subject to restrictions on foreign exchange and the ability to transfer cash outside of mainland China. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500. Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$500 thousands. As an offshore holding company, the Company is permitted under laws and regulations of mainland China to provide funding from the proceeds of its of offshore fundraising activities to its mainland China subsidiaries only through loans or capital contributions, and to its VIEs only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements. For the year ended December 31, 2023, there have been the following cash transfers between the Company, the Company's subsidiaries, the Company’s VIEs and their subsidiaries: - The Company and its subsidiaries made capital contribution amounted to RMB 1,347,145 (US $189,741 ) to the WFOE. - The Company and its subsidiaries provided loans amounted to RMB 1,415,327 (US $199,345 ) to the VIEs and their subsidiaries, and the VIEs and their subsidiaries provided loans amounted to RMB 2,000 (US $282 ) to the Company and its subsidiaries. - The Company and its subsidiaries transferred RMB 370,511 (US $52,185 ) to the VIEs and their subsidiaries as initial payment for certain fixed assets purchased from the VIEs and their subsidiaries. - The VIEs and their subsidiaries transferred RMB 32,308 (US $4,550 ) to the Company’s subsidiaries in mainland China, and the Company’s subsidiaries in mainland China transferred RMB 11,508 (US $1,621 ) to the VIEs and their subsidiaries, respectively, for services provided. There were no other cash transferred, dividends or distributions between the VIEs and their subsidiaries and the Company and the Company’s subsidiaries for the year ended December 31, 2023. In addition, the Group has not generated sufficient distributable profits to pay dividends or fully settle amounts due to the Company. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Restricted cash As of December 31, 2022, substantially all of the Group’s restricted cash was held by financial institutions located in mainland China, and mainly represents cash secured for certain payables to suppliers. As of December 31, 2023, substantially all of the Group’s restricted cash was held by financial institutions located in mainland China and Hong Kong, and mainly represents cash secured to guarantee certain bank loans and certain payables to suppliers. Short-term investments The Group’s short-term investments comprise primarily of cash deposits at fixed rates with original maturities of greater than three months, but less than 12 months. As of December 31, 2022, all of the Group’s short-term investments were held by financial institutions located in mainland China and Hong Kong. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Non-controlling interests A non-controlling interest is recognized to reflect the portion of subsidiaries’ equity which is not attributable, directly or indirectly, to the Group. Consolidated net loss on the consolidated statements of comprehensive loss includes the net loss attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as ”non-controlling interests” in the Group’s consolidated balance sheets. Business combinations The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations Equity investments a) Equity investments with readily determinable fair value Equity investments with readily determinable fair value, except for those accounted for under the equity method and those that result in consolidation of the investee, are measured at fair value, and any changes in fair value are recognized in the consolidated statements of comprehensive loss. In 2022, the Group purchased equity interest of a company listed on the Hong Kong Stock Exchange for a cash consideration of RMB63,356. The fair value of the equity interests was RMB44,808 and RMB30,273 (US$4,264) as of December 31, 2022 and 2023, respectively, and unrealized losses for the equity investments with readily determinable fair value totaling RMB22,683 and RMB12,469 (US$1,756) were recorded in “Other gain (loss), net” on the consolidated statement of comprehensive loss for the years ended December 31, 2022 and 2023, respectively. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Equity investments (Continued) b) Equity investments without readily determinable fair value The Group’s equity investments without readily determinable fair value are primarily long-term investments in unlisted companies based in mainland China that are not in-substance common stock. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurements and Disclosures The Group makes a qualitative assessment of whether the equity investments are impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in the statements of comprehensive loss equal to the difference between the carrying value and fair value. In February 2022, the Group disposed certain equity interests in Beijing Yunshu Xunlian Technology Co., Ltd. (“Beijing Yunshu”), and deconsolidated Beijing Yunshu’s financial results from the Group’s consolidated financial statements from the date of disposal. The Group measured its remaining interests in Beijing Yunshu at fair value upon deconsolidation, and the loss recognized from the disposal of Beijing Yunshu was immaterial. Subsequent to the deconsolidation, the Group owns 15.63% equity interests in Beijing Yunshu and the remaining equity interests are accounted for using the measurement alternative. The Group recognized RMB82,492, RMB22,452 and RMB nil (US$ nil) of unrealized gains (upward adjustments), RMB nil, RMB nil and RMB nil (US$ nil) of unrealized losses (downward adjustments), and RMB nil, RMB14,940 and RMB13,582 (US$1,913) of unrealized losses (impairment), in other gain (loss), net on the consolidated statements of comprehensive loss for the years ended December 31, 2021,2022 and 2023, respectively. c) Equity method investments The Group’s investment in common stock or in-substance common stock in entity in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall In April 2023, the Group obtained 49% equity interests in an equity investment for a total cash consideration of RMB12,070 (US$1,700). The Group can exercise significant influence over the investee, and therefore, the Group accounts for such investment as an equity method investment in accordance with ASC 323. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Equity investments (Continued) The total carrying value of equity investments held were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Equity investments without readily determinable fair value: Initial cost basis 114,256 124,196 124,196 17,493 Cumulative unrealized gains 96,793 119,245 119,245 16,795 Cumulative unrealized losses (including impairment) — (14,940) (28,522) (4,017) Foreign currency translation (3,883) 271 979 138 ​ 207,166 228,772 215,898 30,409 Equity investment with readily determinable fair value: ​ ​ ​ ​ Initial cost basis — 63,356 42,437 5,977 Cumulative unrealized losses — (22,683) (12,469) (1,756) Realized gain on equity investments sold ​ — ​ — ​ 100 ​ 14 Foreign currency translation — 4,135 205 29 ​ — 44,808 30,273 4,264 Equity method investment ​ ​ ​ ​ ​ ​ ​ ​ Initial cost basis ​ — ​ — ​ 12,070 ​ 1,700 Share of profit from equity method investment ​ — ​ — ​ 1,689 ​ 237 ​ ​ — ​ — ​ 13,759 ​ 1,937 Total carrying value 207,166 273,580 259,930 36,610 ​ Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable and contract assets, equity investments, accounts payable, purchase consideration payable, payables for acquisitions of non-controlling interests, certain other liabilities, amounts due from and due to related parties and short-term bank loans. For equity investments without readily determinable fair value, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Group, with the assistance of an independent third-party valuation firm, determined the estimated fair value of its equity investments using the alternative measurement. The Group measures equity investments with readily determinable fair value using the market approach based on the quoted prices in an active market. The carrying amounts of the bank loans approximate to their fair values due to the fact that the related interest rates approximate the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The Group measures its purchase consideration payable at fair value on a recurring basis. The fair value of purchase consideration payable is estimated by discounting cash flows using interest rates currently available for similar debts instruments of comparable maturities. The Group applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying amounts of the remaining financial instruments approximate to their fair values because of their short-term maturities. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) 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—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 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. a) Assets and liabilities measured at fair value on a recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ losses ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ RMB RMB RMB RMB RMB As of December 31, 2022 Purchase consideration payable (1,208,985) — (1,208,985) — (28,516) Equity investments with readily determinable fair value ​ 44,808 ​ 44,808 ​ — ​ — ​ (22,683) As of December 31, 2023 ​ ​ ​ ​ ​ Purchase consideration payable (678,732) — (678,732) — (14,433) Equity investments with readily determinable fair value 30,273 30,273 — — (12,469) ​ b) Assets and liabilities measured at fair value on a non-recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ gains ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (losses) ​ RMB RMB RMB RMB RMB As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investments accounted for using measurement alternative 228,772 — — 228,772 22,452 As of December 31, 2023 ​ ​ Equity investments accounted for using measurement alternative 215,898 — — 215,898 — Long-lived assets in public cloud asset group (Note 8) ​ 3,026,228 ​ — ​ — ​ 3,026,228 ​ (653,670) ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (continued) b) Assets and liabilities measured at fair value on a non-recurring basis (Continued) The non-recurring fair value measurements to the carrying amount of equity investments accounted for using measurement alternative usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Group. These non-recurring fair value measurements were measured by using the observable transaction price and other unobservable inputs (level 3) as of the observable transaction dates. Refer to Note 8 for the non-recurring fair value measurements to long-lived assets. Accounts receivable and contract assets, net The Group maintains an allowance for credit losses in accordance with ASC 326, Credit Losses Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Property and equipment under finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the leased assets or the lease term. Estimated useful lives for the property and equipment are as follows: ​ ​ ​ ​ Estimated Category ​ Useful Life Electronic equipment ​ 3-4 years Office equipment and fixtures 5 years Data center machinery and equipment 10 years Building 50 years ​ Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property and equipment, net (Continued) 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. Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible assets are to be consumed. The estimated useful lives for the intangible assets are as follows: ​ ​ ​ ​ Estimated Category ​ Useful Life Customer relationships 6 years Patents and technologies 6-10 years Trademarks and domain names 10 years Software and copyrights 3-10 years Others 3 years ​ If an intangible asset is determined to have an indefinite life, it should not be amortized until its useful life is determined to be no longer indefinite. As of December 31, 2022 and 2023, the Group did not have any intangible assets with indefinite lives. Impairment of long-lived assets The Group evaluates its long-lived assets 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 long-lived assets in an asset group 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. Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall (“ASC 280”), the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one operating segment. The Group does not distinguish between markets or segments for purposes of internal reporting. A majority of the Group’s revenues were generated from mainland China and a majority of the long-lived assets of the Group are located in mainland China, and therefore, no geographical segments are presented. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. Goodwill is allocated to the reporting units of the Group that are expected to benefit from the synergies of the business combination based on the estimated fair value at the date of acquisition. A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Group determines reporting units by first identifying its operating segments, and then assesses whether any components of these segments constituted a business for which discrete financial information is available and where the segment manager regularly reviews the operating results of that component. As of December 31, 2022 and 2023, the Group had two reporting units, consisting of Cloud service and solutions and Cloud-based digital solution and services. Because, except for those two reporting units identified, other components below the consolidated level either did not have discrete financial information or their operating results were not regularly reviewed by the segment manager. The Group assesses goodwill for impairment in accordance with ASC 350-20, Intangibles—Goodwill and Other: Goodwill Revenue recognition The Group applies the five-step model outlined in ASC 606, Revenue from Contracts with Customers Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, historical discounting trends for services, gross margin objectives, internal costs, and industry technology lifecycles. Timing of revenue recognition may differ from the timing of invoicing to customers. For certain revenue contracts, customers are required to pay before the services are delivered to the customer. The Group recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity’s performance and the customer’s payment. Contract liabilities represent the excess of payments received as compared to the consideration earned and are reflected in “accrued expenses and other liabilities” in the Group’s consolidated balance sheets. Contract assets primarily relate to the Group’s rights to consideration for work completed in relation to its services performed but not billed at the reporting date and are reflected in “prepayments and other assets” in the Group’s consolidated balance sheets. The contract assets are transferred to the receivables when the rights become unconditional. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. Pursuant to ASC 606-10-32-2A, the Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of value added taxes (“VAT”) and surcharges. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Public cloud services The Group provides integrated cloud-based services including cloud computing, storage and delivery. Substantially all of the Group’s public cloud service revenue is recognized on a monthly basis based on utilization and duration. The nature of the Group’s performance obligation is a single performance obligation under these contracts to stand ready to provide an unspecified quantity of integrated cloud-based services each day throughout the contract period. The Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the transaction consideration is fixed based on utilization records and no variable consideration exists. The Group also generates public cloud service revenue from prepaid subscription packages, which are recognized ratably over the fixed subscription period. Enterprise cloud services The Group provides comprehensive customized cloud-based and enterprise digital solutions, which are typically completed within twelve months (“Solutions”). The components within the Solutions are not distinct within the context of the contract because they are considered highly interdependent and the customer can only benefit from these components in conjunction with one another as a two-way dependency exists. In connections with Solutions, the Group also provides post-delivery maintenance and upgrade services that are mainly technical support services performed by the Group’s technical support team. Therefore, the arrangement has three performance obligations, the Solutions, maintenance and upgrades. Revenue allocated to the Solutions and upgrades, is recognized at a point in time only upon customer acceptance of the Solutions and upon delivery of the specified upgrade, respectively. Revenue allocated to maintenance is recognized over time because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed term. Revenue allocated to maintenance and upgrades during the periods presented was immaterial. The Group also provides enterprise digital services. The series of enterprise digital services are substantially the same from day to day, and each day of the service is considered to be distinct and separately identifiable as it benefits the customer daily. Further, the uncertainty related to the service consideration is resolved on a daily basis as the Group satisfies its obligation to perform enterprise digital service daily with enforceable right to payment for performance completed to date. Thus, revenue is recognized as service is performed and the customer simultaneously receives and consumes the benefits from the service daily. Cost of revenue Cost of revenues primarily includes bandwidth and internet data center costs (“IDC costs”), depreciation expense of electronic equipment, data center machinery and equipment, salaries and benefits for employees directly involved in revenue generation activities, and other expenses directly attributable to the provision of services. Research and development Research and development expenses primarily consist of payroll and related expenses for employees and third-party service provider costs in the development for new products and services and enhancement of the Group’s service offerings. The Group expenses research and development costs as they are incurred. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Advertising expenditures Advertising costs are expensed when incurred and are included in sales and marketing expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2021, 2022 and 2023, the advertising expenses were RMB24,070, RMB9,512 and RMB9,114 (US$1,284), respectively. Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government grants of non-operating nature and with no further conditions to be met are recorded as non-operating income in “Other income, net” when received. The remaining government grants are related to acquisition of assets. The grants are recorded as “deferred government grants” included in the accrued expenses and other liabilities line items in the consolidated balance sheets when received. Once the Group fulfills the conditions stipulated under the grant, the grant amount is deducted from the carrying amount of the asset with a corresponding reduction in the deferred government grant balance. Leases The Group determines if an arrangement is a lease or contains a lease at lease inception. For leases with lease and non-lease components, the Group has elected to apply the practical expedient to not separate the lease component and its associated non-lease component. Lease terms are based on the non-cancelable term of

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	12 Months Ended
	Dec. 31, 2023
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS	3. CONCENTRATION OF RISKS Concentration of credit risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable and contract assets. The Group expects that there is no significant credit risk associated with cash and cash equivalents, restricted cash and short-term investments, which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, the VIEs and the subsidiaries of VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. Accounts receivable and contract assets are typically unsecured and are derived from revenues earned from reputable customers. As of December 31, 2022, the Group had one customer, with receivable balances exceeding 10% of the total accounts receivable balances. As of December 31, 2023, the Group had two customers accounted for more than 10% of the total accounts receivable balances. As of December 31, 2022 and 2023, the Group had two customers with contracts asset balances exceeding 10% of the total contract assets balances, respectively. The risks with respect to accounts receivable and contract assets are mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to existing competitors; new trends in new technologies and industry standards; control of telecommunication infrastructures by local regulators and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in mainland China. 3. CONCENTRATION OF RISKS (Continued) Business, customer, political, social and economic risks (Continued) Revenue from two customers accounted for 22% and 13%, respectively, of total revenues during the year ended December 31, 2021. Revenue from two customers accounted for 20% and 11%, respectively, of total revenues during the year ended December 31, 2022. Revenue from two customers accounted for 15% and 12%, respectively, of total revenues during the year ended December 31, 2023. Currency convertibility risk The Group transacts a majority of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the mainland China government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. 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 mainland China foreign exchange trading system market. The Group has not made any foreign currency payments that are subject to approval by the PBOC or other institutions during the periods presented. While the Group’s mainland China subsidiaries, VIEs and subsidiaries of the VIEs have not converted cash and cash equivalents in RMB to a foreign currency for the periods presented, they plan to convert in the future to repay the amounts due to the Company’s subsidiary. 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 RMB against U.S. dollar, there was appreciation of approximately 2.3% during the year ended December 31, 2021, and depreciations of approximately 8.2% and 2.9% during the years ended December 31, 2022 and 2023, respectively. It is difficult to predict how market forces or mainland China or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. To the extent that the Group needs to convert the U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against the U.S. dollar would have an adverse effect on the RMB amount the Group would receive from the conversion. Conversely, if the Group decides to convert RMB into the U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s earnings or losses.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2023
BUSINESS COMBINATION
BUSINESS COMBINATION	4. BUSINESS COMBINATION Acquisition of Shenzhen Yunfan In March 2021, the Group completed the acquisition of 100% equity interest in Shenzhen Yunfan Acceleration Technology Co., Ltd. and its subsidiary (collectively, “Shenzhen Yunfan”). Shenzhen Yunfan is mainly engaged in providing content distribution, acceleration and other cloud-related IaaS and PaaS edge computing solutions, and the acquisition is expected to enhance the Group’s expertise in public cloud services. The results of Shenzhen Yunfan have been included in the Group’s consolidated financial statements since April 2021. The total cash purchase consideration was RMB126,400 (US$19,835). The Group recognized RMB586 (US$92) of net assets acquired excluding intangible assets, RMB77,000 (US$12,083) of intangible assets which comprised of technology, trademark and domain name, and RMB48,814 (US$7,660) of goodwill resulted from the acquisition. Goodwill recognized represents the expected synergies from integrating Shenzhen Yunfan with the Group’s existing cloud business and is not deductible for tax purposes. Acquisition of Beijing Yunshu In April 2021, the Group completed the acquisition of 86.21% equity interest in Beijing Yunshu, which the Group expected to enhance the Group’s public cloud services. The total cash purchase price was RMB7,034 (US$1,104) contingent consideration. The results of Beijing Yunshu’s operations were included in the Group’s consolidated financial statements since April 2021 until Beijing Yunshu was deconsolidated in February 2022. Acquisition of Camelot In September 2021, the Group completed the acquisition of 100% equity interests in Camelot Employee Scheme INC. (“CES”), which legally held 79.53% equity interests in Camelot Technology and its subsidiaries (collectively referred to as “Camelot”). Camelot is mainly engaged in enterprise digital solutions and enterprise digital services, and the acquisition is expected to further develop the Group’s enterprise cloud business. The results of Camelot have been included in the consolidated financial statements of the Group since September 2021. The total purchase consideration was RMB5,290,553, which consisted of a cash consideration of RMB751,974 and an equity consideration of RMB4,538,579. Goodwill recognized represents the expected synergies from integrating Camelot with the Group’s existing enterprise cloud business and is not tax deductible. ​ 4. BUSINESS COMBINATION (Continued) Acquisition of Camelot (Continued) During the second quarter of 2022, the Group completed the allocation of the purchase price to the individual assets acquired and liabilities assumed. The table below summaries the final determination of the estimated fair values of the assets acquired and liabilities assumed from Camelot as of the acquisition date: ​ ​ ​ ​ ​ ​ Camelot ​ RMB US$ Total fair value of purchase consideration 5,290,553 767,058 Less: ​ Cash and cash equivalents 618,439 89,665 Restricted cash 1,126 163 Accounts receivable and other assets 940,511 136,361 Property and equipment, net 13,792 2,000 Intangible assets: ​ Customer relationship 620,100 89,906 Trademarks 474,000 68,724 Copyrights 34,100 4,944 Deferred tax assets 54,419 7,890 Deferred tax liabilities (268,490) (38,927) Accounts payable and other liabilities (871,903) (126,415) Non-controlling interests (882,451) (127,943) Goodwill 4,556,910 660,690 ​ The valuations used in the purchase price allocation for the acquisitions were determined by the Group with the assistance of independent third-party valuation firms using the income approach (a Level 3 measurement). Significant assumptions used in the valuation of intangible assets included projected revenue growth rates, operating margin, customer attrition rates, royalty rates and discount rate. Non-controlling interests at the acquisition date was measured by applying the equity percentage held by non-controlling shareholders and a discount for lack of control premium to the fair value of the acquired business of Camelot. In October 2022, the Company entered into share purchase agreements with the non-controlling shareholders of Camelot Technology to acquire an aggregate of 9.50% of equity interests in Camelot Technology for a total cash consideration of RMB456,000 (US$66,114). In April 2023, the Company paid RMB100,000 (US14,085) of the first installment of the consideration, and completed the acquisition of non-controlling interests in accordance with the share purchase agreements. The remaining purchase consideration installments will be settled by October 31, 2024.

REVENUES, OTHER GAIN (LOSS), NE

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET	12 Months Ended
	Dec. 31, 2023
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET	5. REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Public cloud services recognized over time 6,159,085 5,360,282 4,381,741 617,155 Enterprise cloud services: ​ ​ Recognized at a point in time 2,159,869 711,466 580,741 81,796 Recognized over time 737,948 2,105,510 2,083,252 293,420 ​ 2,897,817 2,816,976 2,663,993 375,216 Others: ​ ​ Recognized at a point in time 1,208 — — — Recognized over time 2,674 2,849 1,727 243 ​ 3,882 2,849 1,727 243 ​ 9,060,784 8,180,107 7,047,461 992,614 ​ The transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2023 are related to enterprise cloud services and others, which are as follows: ​ ​ ​ ​ ​ ​ RMB US$ Within one year 18,196 2,563 More than one year 48,982 6,899 Total 67,178 9,462 ​ Contract liabilities relate to contracts where the Group received payments but has not yet satisfied the related performance obligations. The advance consideration received from customers for the services is a contract liability until services are provided to the customer. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue recognized from amounts included in contract liabilities at the beginning of the period 112,221 192,428 233,143 32,837 ​ 5. REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET (Continued) The following table presents the Group’s other gain (loss), net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Gross unrealized gain on equity investments held 82,492 22,452 1,689 237 Gross unrealized loss (including impairment) on equity investments held — (37,623) (26,051) (3,668) Net realized gain (loss) on equity investments sold 10,363 (123) 100 14 Gain on disposal of a subsidiary ​ — ​ — ​ 6,022 ​ 848 Changes in fair value of purchase consideration in a business acquisition (9,249) (28,516) (14,433) (2,033) ​ 83,606 (43,810) (32,673) (4,602) ​ The following table presents the Group’s other income, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Government grants* 100,759 56,867 114,282 16,096 Income from ADS Reimbursement (Note 12) 9,967 10,386 12,696 1,788 Value added tax transferred out (23,721) (32,766) (37,237) (5,245) Gain on disposal of property and equipment 7,107 156 (451) (64) Others 935 (11,636) 11,073 1,561 ​ 95,047 23,007 100,363 14,136 * Government grants primarily included grants for rental expenses and interests paid for bank loans, and deductions or refund of other taxes.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	6. ACCOUNTS RECEIVABLE, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Accounts receivable 2,450,392 1,554,658 218,969 Allowance for credit losses (47,962) (24,743) (3,485) Accounts receivable, net 2,402,430 1,529,915 215,484 ​ The movements of the allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Balance at beginning of the year 15,770 32,265 47,962 6,755 Adoption of ASC 326* 5,684 — — — Provision for expected credit losses 121,731 323,848 550,891 77,592 Write-offs charged against the allowance for credit losses** (101,202) (273,286) (497,391) (70,056) Recoveries during the year (9,718) (34,865) (76,719) (10,806) Balance at end of the year 32,265 47,962 24,743 3,485 * On January 1, 2021, the Group adopted ASC 326 using a modified retrospective approach and did not restate the comparable prior periods, which resulted in a cumulative effect to increase the opening balance of accumulated deficit on January 1, 2021 by RMB5,684. ** The increase in write-offs charged against the allowance for credit losses was mainly due to the deterioration of third-party customers’ financial condition resulted from their worsening business operation impacted by economic conditions.

PREPAYMENTS AND OTHER ASSETS

PREPAYMENTS AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER ASSETS
PREPAYMENTS AND OTHER ASSETS	​ 7. PREPAYMENTS AND OTHER ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current portion: Prepayments to suppliers 194,796 ​ 269,743 37,993 Contract costs* 133,084 ​ 157,011 22,115 Contract assets, net** 488,226 ​ 543,083 76,492 VAT prepayments 678,847 ​ 749,718 105,596 Interest receivable 21,955 ​ 1,416 199 Individual income tax receivable*** (Note 12) 3,742 ​ 11,027 1,553 Others 91,372 ​ 80,694 11,364 ​ 1,612,022 ​ 1,812,692 255,312 Non-current portion: ​ ​ ​ ​ Prepayments for electronic equipment**** 19,211 ​ 860,636 121,218 Others 2,052 ​ 10,145 1,429 ​ 21,263 ​ 870,781 122,647 * The amount represents costs incurred in advance of revenue recognition arising from direct and incremental costs related to enterprise cloud services provided. Such contract costs are recognized as cost of revenue upon the recognition of the related revenues. ** The amount represents the Group’s rights to consideration for work completed in relation to its services performed but not billed at the end of respective periods. The increase in contract assets as of December 31, 2023 as compared to the year ended December 31, 2022 is a result of slowdown in the billing process. The allowance for credit losses on contract assets were RMB21,453 and RMB40,168 (US$5,658) as of December 31, 2022 and 2023, respectively. The amounts charged to expenses for credit losses on contract assets were RMB19,862 and RMB19,183 (US$2,702), and write-offs charged against the allowance were RMB nil and RMB468 (US$66) for the years ended December 31, 2022 and 2023, respectively. *** The amount represents amounts due from certain employees related to their individual income taxes (“IIT”) arising from exercise and vesting of share-based awards. ****The increase in prepayments for electronic equipment was mainly for the purchase of computing power equipment. Except disclosed separately, the expected credit loss rate and the loss allowance for the remaining financial assets included in prepayments and other assets were immaterial as of December 31, 2022 and 2023.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	8. PROPERTY AND EQUIPMENT, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Electronic equipment 5,421,548 5,484,660 772,498 Office equipment and fixtures 15,376 11,207 1,578 Data center machinery and equipment 319,652 315,086 44,379 Building 161,428 128,793 18,140 Construction in progress 3,459 335,162 47,206 ​ 5,921,463 6,274,908 883,801 Less: accumulated depreciation ​ (3,788,469) (4,088,763) (575,889) Property and equipment, net 2,132,994 2,186,145 307,912 ​ Depreciation expense for the years ended December 31, 2021, 2022 and 2023 was RMB783,305, RMB983,509 and RMB760,023 (US$107,047), respectively. ​ For the year ended December 31, 2022, the Group performed recoverability tests using the undiscounted cash flows method, and concluded that the long-lived assets were recoverable. As such, the Group did not recognize any impairments of long-lived assets for the year ended December 31, 2022. In consideration of the continuous declines in public cloud service revenue as result of the Group’s partial scale-down of its content delivery network (“CDN”) services, the Group performed recoverability tests and the results indicated that long-lived assets associated with the public cloud asset group were not recoverable during the year ended December 31, 2023. As the estimated fair value of these assets was below their carrying value, the Group recognized a total of RMB653,670 (US$92,067) of impairment loss on its long-lived assets for the year ended December 31, 2023. The Group determines the fair value of the asset group using the discounted cash flows method with the assistance of an independent third-party valuation firm. The significant assumptions used in the discounted cash flows included revenue growth rates for public cloud services, IDC costs, and discount rate, all of which were classified as level 3 inputs under the fair value hierarchy. The Group performed a recoverability test for the public cloud asset group as of December 31, 2023, and no further impairment is considered necessary.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	9. INTANGIBLE ASSETS, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Customer relationships 620,500 621,159 87,488 Patents and technologies 60,900 60,900 8,578 Trademarks and domain names 497,939 497,968 70,137 Software and copyrights 88,502 82,168 11,573 Others 3,707 4,134 582 ​ 1,271,548 1,266,329 178,358 Less: accumulated amortization ​ ​ ​ Customer relationships (130,701) (228,561) (32,192) Patents and technologies (17,763) (27,913) (3,931) Trademarks and domain names (70,494) (120,281) (16,941) Software and copyrights (41,286) (51,459) (7,248) Others (3,284) (3,637) (512) ​ (263,528) (431,851) (60,824) Intangible assets, net 1,008,020 834,478 117,534 ​ Amortization expense of intangible assets for the years ended December 31, 2021, 2022 and 2023 was RMB72,299, RMB173,915 and RMB180,459 (US$25,417), respectively. As of December 31, 2023, estimated amortization expense of the existing intangible assets for each of the next five years and thereafter is as follows: ​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 171,738 ​ 24,189 2025 167,084 ​ 23,533 2026 163,407 ​ 23,015 2027 150,206 ​ 21,156 2028 and thereafter 182,043 ​ 25,641 Total 834,478 ​ 117,534 ​ ​

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2023
GOODWILL
GOODWILL	10. GOODWILL ​ The Group’s goodwill was recognized from the business acquisitions in 2021. The changes in the carrying amount of goodwill were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cloud-based ​ ​ ​ ​ Cloud service ​ digital solutions ​ ​ ​ and solutions and services Total ​ ​ RMB ​ RMB ​ RMB Balance as of December 31, 2021 3,669,031 ​ 956,084 ​ 4,625,115 Disposal of a subsidiary ​ (15,268) ​ — ​ (15,268) Adjustments to fair values of preliminary purchase price allocation ​ (3,259) ​ (864) ​ (4,123) Balance as of December 31, 2022 ​ 3,650,504 ​ 955,220 ​ 4,605,724 Balance as of December 31, 2023 3,650,504 ​ 955,220 ​ 4,605,724 Balance as of December 31, 2023, in US$ 514,163 ​ 134,540 ​ 648,703 ​ Cloud service and solutions reporting unit As of December 31, 2022 and 2023, the Group elected to bypass the qualitative assessment and proceed directly to perform quantitative assessment for the goodwill allocated to Cloud service and solutions reporting unit due to industry and market considerations, and overall financial performance of the reporting unit. The fair value of this reporting unit has been determined using the discounted cash flow approach with the assistance of an independent third-party valuation firm. Significant assumptions used included projected revenue growth rates for public cloud services revenue, IDC costs, and discount rate. As of December 31, 2023, the fair value of the Cloud service and solutions reporting unit amounted to RMB8,886,000 exceeded its carrying amount by RMB4,110,892 or 86%. No impairment loss was recognized for the years ended December 31, 2022 and 2023. Cloud-based digital solution and services reporting unit. As of December 31, 2022 and 2023, the Group performed qualitative assessment for the goodwill allocated to Cloud-based digital solution and services reporting unit and concluded it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. In consideration of the timing of last quantitative assessment performed, the Group updated its quantitative assessment for the year ended December 31, 2023. The fair value of this reporting unit has been determined using the discounted cash flow approach with the assistance of an independent third-party valuation firm. Significant assumptions used included projected revenue growth rates, gross margin, and discount rate. As of December 31, 2023, as the fair value of the Cloud-based digital solution and services reporting unit amounted to RMB3,159,000 exceeded its carrying amount by RMB588,204 or 22.88%, no impairment loss was recognized.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	11. LEASES The Group’s operating leases mainly related to office space and buildings, and its finance leases are related to electronic equipment, and data center machinery and equipment. Certain finance leases include a bargain purchase option, contain variable lease payments based on the actual usage of the machinery and equipment, and have no fixed or in-substance fixed lease payments for the first two years of the lease term. Certain operating leases include rental free periods and rental escalation clause, which are factored into the Group’s determination of lease payments when appropriate. 11. LEASES (Continued) The components of lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Operating lease costs 52,648 72,244 53,172 7,489 Short-term lease costs 11,317 15,493 46,220 6,510 Finance lease costs: Depreciation of finance lease assets — 9,204 22,361 3,149 Interest on finance lease liabilities — 5,491 15,563 2,192 Variable lease payments — 7,237 23,054 3,248 Total finance lease costs — 21,932 60,978 8,589 ​ Other information related to leases where the Group is the lessee is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2021 2022 2023 Weighted-average remaining lease term: ​ Operating leases 8.3 years 7.7 years 9.5 years Finance leases — 9.3 years 7.8 years ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ Operating leases 6.18 % 5.88 % 5.88 % Finance leases — 5.90 % 5.84 % ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Cash payments for operating leases 35,214 47,385 53,086 7,477 Cash payments for finance leases — — 13,308 1,874 ​ 11. LEASES (Continued) Lease assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Operating leases 6,915 47,288 11,016 1,552 Finance leases — 175,324 169,350 23,852 ​ The undiscounted future minimum payments under the Group’s operating and finance lease liabilities and reconciliation to the operating and finance lease liabilities recognized on the consolidated balance sheet as of December 31, 2023 were as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease ​ Finance lease ​ ​ RMB US$ RMB US$ 2024 79,605 11,212 ​ 42,971 ​ 6,052 2025 28,128 3,962 ​ 65,674 ​ 9,250 2026 13,278 1,870 ​ 64,889 ​ 9,139 2027 10,118 1,425 ​ 51,372 ​ 7,236 2028 and thereafter 52,414 7,382 ​ 222,612 ​ 31,354 Total future lease payments 183,543 25,851 ​ 447,518 ​ 63,031 Less: imputed interest (26,537) (3,737) ​ (92,950) ​ (13,091) Total lease liability balance 157,006 22,114 ​ 354,568 ​ 49,940 ​

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	12. ACCRUED EXPENSES AND OTHER LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current portion: ​ Customer advances* ​ 411,467 434,252 61,163 Salary and welfare payable ​ 671,124 698,783 98,422 Purchase of property and equipment ​ 120,530 458,978 64,646 Accrued expenses ​ 188,533 124,943 17,598 Other tax and surcharges payable ​ 110,242 117,323 16,525 Deferred government grants** ​ 17,257 3,867 545 Purchase consideration payable*** ​ 1,208,985 529,648 74,599 Payables for acquisition of non-controlling interests (Note 4) ​ — ​ 352,483 ​ 49,646 Finance lease liabilities ​ — ​ 36,262 ​ 5,107 Individual income tax payable**** (Note 7) ​ 3,742 7,999 1,127 Others***** ​ 98,946 73,547 10,358 ​ 2,830,826 2,838,085 399,736 Non-current portion: ​ ​ ​ ​ Deferred government grants** ​ 104,156 87,181 12,279 Purchase consideration payable*** ​ — 149,084 20,998 Finance lease liabilities ​ 180,815 ​ 318,306 ​ 44,832 Unrecognized tax benefit ​ 40,539 ​ 43,590 ​ 6,140 Others***** ​ 45,021 36,642 5,161 ​ 370,531 634,803 89,410 * The amount represents contract liabilities for the rendering of services. The increase in customer advances as of December 31, 2023 is a result of the increase in consideration received from the Group’s customers. ** The amount primarily represents government subsidies for the constructions of a data center in mainland China. *** As of August 25, 2023, the Company has entered into supplementary agreements (the “Supplementary Agreements”) with the founder shareholders and certain non-founder selling shareholders, to adjust the settlement timing and method of the remaining outstanding purchase consideration. Balance as of December 31, 2023 underlying and in accordance with these Supplementary Agreements will be settled by cash by August 31, 2025. **** Represents IIT payable to the tax bureau on behalf of certain employees related to their exercise and vesting of share-based awards. ***** In July 2020, the Company received a reimbursement of US$7,469 (equivalent to RMB47,597) from the depository for the establishment and maintenance of the ADS program (“ADS Reimbursement”). As of December 31, 2022 and 2023, RMB10,762 and RMB10,945 (US$1,542) were included in the current portion, and RMB14,350 and RMB3,648 (US$514) were included in the non-current portion of accrued expenses and other liabilities, respectively. The ADS Reimbursement will be released to the consolidated statements of comprehensive loss in equal amounts over the ADS program term.

LOANS

LOANS	12 Months Ended
	Dec. 31, 2023
LOANS
LOANS	13. LOANS Bank loans As of December 31, 2022 and 2023, the Group had a total of RMB909,500 and RMB1,110,896 (US$156,466) of short-term bank loans, respectively. Short-term bank loans are unsecured, and the weighted average interest rate as of December 31, 2022 and 2023 was 4.16% and 3.60%, respectively. The short-term bank loans will be repayable within one year. As of December 31, 2023, the Group had an unsecured long-term bank loan of RMB100,000 (US$14,085) with fixed annual interest rate of 4.10%. The long-term bank loan will be repayable in December 2026. There are no commitment fees and conditions under which lines may be withdrawn associated with the Group’s unused facilities. Related party loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current ​ ​ ​ ​ Kingsoft Group * ​ — 500,000 70,424 Xiaomi Group** ​ 340,129 363,223 51,159 ​ ​ 340,129 863,223 121,583 Non-current: ​ ​ ​ ​ ​ ​ Xiaomi Group ** ​ 413,464 ​ 40,069 ​ 5,644 ​ ​ 413,464 ​ 40,069 ​ 5,644 ​ ​ 753,593 ​ 903,292 ​ 127,227 * On December 4, 2023, the Group entered into a loan facility framework agreement with Kingsoft Corporation Limited (the “Kingsoft Loan Facility”). Under the terms of the Kingsoft Loan Facility, the Group may borrow from Kingsoft Corporation Limited, from December 5, 2023 to December 31, 2025, a principal amount of up to RMB1,500,000 to finance the Group’s capital expenditure needs on electronic equipment procurement. The Kingsoft Loan Facility comprises of an one-time unsecured loan facility for amount up to RMB500,000, which has a repayment term of no more than ten months. Any additional borrowings under the Kingsoft Loan Facility should be secured by the Group’s property and equipment, and have a repayment term of no more than 18 months. In December 2023, the Group drew down RMB500,000 from the one time unsecured loan facility with fixed annual interest rate of 3.75% per annum, and the loan will be repayable in September 2024. ** During 2021 and 2022, the Group entered into several loan agreements with fixed annual interest rates of 4.36% and 3.98% with Xiaomi Group, respectively. During 2023, the Group entered into two loan agreements with Xiaomi Group to obtain loans from Xiaomi Group with fixed annual interest rates of 6.00% and 6.50%, respectively. The loans are secured by the Group’s electronic equipment and the carrying amount of the electronic equipment pledged was RMB585,005 and RMB421,901 (US$59,424) as of December 31, 2022, and 2023, respectively. 13. LOANS (Continued) As of December 31, 2023, the bank loans and the related party loans will be repaid according to the following schedule: ​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 ​ 1,986,534 279,797 2025 ​ 40,921 ​ 5,764 2026 100,000 14,085 ​ 2,127,455 299,646 ​

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2023
TAXATION
TAXATION	14. TAXATION Enterprise income tax Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Hong Kong The subsidiaries incorporated in Hong Kong are subject to income tax at the rate of 16.5% on the estimated assessable profits arising in Hong Kong. For the periods presented, the Group did not make any provisions for Hong Kong profit tax as the Group did not generate any assessable profits arising in Hong Kong. Under the Hong Kong tax law, the subsidiaries in Hong Kong are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. China The Group’s mainland China entities are subject to the statutory income tax rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. Certain subsidiaries of the Group being qualified as a High New Technology Enterprise (‘‘HNTE’’) are entitled to the preferential income tax rate of 15%. Dividends, interests, rent or royalties payable by the Group’s mainland China entities to non-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% EIT, namely withholding tax, unless the respective non-resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax. Loss before income taxes consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Mainland China (1,646,607) ​ (2,475,677) (2,139,795) (301,384) Non-Mainland China 70,592 ​ (188,238) (25,893) (3,646) ​ (1,576,015) ​ (2,663,915) (2,165,688) (305,030) ​ 14. TAXATION (Continued) Enterprise income tax (Continued) The current and deferred components of income tax expense appearing in the consolidated statements of comprehensive loss are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Current income tax expense 27,593 ​ 59,668 42,446 ​ 5,978 Deferred income tax benefit (11,852) ​ (35,195) (24,487) ​ (3,449) ​ 15,741 ​ 24,473 17,959 ​ 2,529 ​ The reconciliation of income tax expense computed using the mainland China statutory tax rate to the actual income tax expense is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Loss before income tax (1,576,015) (2,663,915) (2,165,688) ​ (305,030) Income tax computed at the mainland China statutory tax rate of 25% ​ (394,004) (665,978) (541,422) ​ (76,258) Effect of tax holiday and preferential tax rates 7,083 52,651 110,393 ​ 15,549 Effect of different tax rates in different jurisdictions (1,681) 58,266 21,918 ​ 3,087 Other non-taxable income (24,999) (28,993) (26,008) ​ (3,663) Non-deductible expenses 36,719 5,727 6,379 ​ 898 Share-based compensation costs 108,588 90,015 45,411 ​ 6,396 Research and development super deduction (146,639) (64,718) (132,163) ​ (18,615) Withholding tax and others 9,552 10,785 9,771 ​ 1,376 Change in valuation allowance 434,056 525,169 397,137 ​ 55,936 True-up adjustments in respect of prior year’s annual tax filing (3,474) (15,195) 49,940 ​ 7,034 Expiration of tax loss forward ​ — ​ 124,555 ​ 83,300 ​ 11,733 Tax rate change on deferred items (9,460) (67,811) (6,697) ​ (944) Income tax expense 15,741 24,473 17,959 ​ 2,529 ​ ​ 14. TAXATION (Continued) Deferred tax The significant components of the Group’s deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax assets: ​ Tax loss carried forward ​ 2,318,161 2,447,162 ​ 344,676 Accrued expenses ​ 84,428 91,794 ​ 12,929 Depreciation ​ 17,073 19,095 ​ 2,689 Allowance for doubtful accounts ​ 85,666 185,467 ​ 26,122 Government grant ​ 5,779 21,808 ​ 3,072 Operating lease liabilities ​ 57,828 28,405 ​ 4,001 Accrued interest ​ 197,767 215,659 ​ 30,375 Finance lease liabilities ​ 47,505 ​ 80,286 ​ 11,308 Impairment of long-lived assets ​ — ​ 129,036 ​ 18,174 Others ​ 8,241 11,557 ​ 1,628 Less: valuation allowance ​ (2,415,627) (2,809,601) ​ (395,724) ​ 406,821 420,668 ​ 59,250 Deferred tax liabilities: ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ 46,367 25,464 ​ 3,587 One-time deduction for fixed asset purchases ​ 231,532 292,141 ​ 41,147 Long-lived assets arising from acquisition ​ 238,672 204,032 ​ 28,737 Finance lease right-of-use assets ​ 41,530 ​ 17,452 ​ 2,458 Others ​ 15,772 24,144 ​ 3,401 ​ 573,873 563,233 ​ 79,330 ​ ​ ​ ​ ​ ​ ​ Net deferred tax liabilities ： ​ 167,052 ​ 142,565 ​ 20,080 ​ The Group operates through several subsidiaries, VIEs and subsidiaries of VIEs and the valuation allowance is considered for each subsidiary, VIE and subsidiary of VIE on an individual basis. As of December 31, 2022 and 2023, the Group’s total deferred tax assets before valuation allowances were RMB2,822,448 and RMB3,230,269 (US$454,974), respectively. As of December 31, 2022 and 2023, the Group recorded valuation allowances of RMB2,415,627 and RMB2,809,601 (US$395,724), respectively, on its deferred tax assets that are not more-likely-than-not to be realized. As of December 31, 2023, the Group had net losses of approximately RMB10,017,814 (US$1,410,980) mainly deriving from entities in the mainland China and Hong Kong. The tax losses in the mainland China can be carried forward for five years to offset future taxable profits and the period was extended to ten years for entities that qualify as HNTE. The tax losses of entities in the mainland China will expire between 2024 and 2028 and the tax losses of entities in the mainland China that qualify as HNTE will expire between 2024 and 2033, if not utilized. The tax losses in Hong Kong can be carried forward without an expiration date. ​ 14. TAXATION (Continued) Unrecognized tax benefits As of December 31, 2022 and 2023, the Group had unrecognized tax benefits of RMB58,718 and RMB61,030 (US$8,596), of which RMB18,179 and RMB17,440 (US$2,456), respectively, were presented as a reduction to the deferred tax assets related to tax losses carryforward, and the remaining amounts of RMB40,539 and RMB43,590 (US$6,140), respectively, were presented in other liabilities in the consolidated balance sheets. The Group does not expect the amount of unrecognized tax benefits to increase significantly in the next 12 months. As of December 31, 2022 and 2023, there were RMB40,539 and RMB43,590 (US$6,140) of unrecognized tax benefits that if recognized would impact the annual effective tax rate, respectively. A reconciliation of the beginning and ending balances of unrecognized tax benefit is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB US$ Balance at beginning of the year 59,049 58,718 ​ 8,270 Additions from the business acquisitions — — ​ — Additions based on tax position related to current year 15,894 9,449 ​ 1,331 Additions based on tax positions related to prior year ​ 22,462 ​ 4,652 ​ 655 Reductions for tax positions related to prior years ​ (38,687) ​ (11,789) ​ (1,660) Balance at end of the year 58,718 61,030 ​ 8,596 ​ For the periods presented, the Group did not record any interest related to unrecognized tax benefits. In general, the tax authorities have three to five years to conduct examinations of the tax filings of the Group’s subsidiaries located in mainland China. Accordingly, the subsidiaries’ tax years of 2018 through 2023 remain open to examination by the respective tax authorities. There are no ongoing examinations by tax authorities for any of the Group’s subsidiaries.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	15. SHARE-BASED PAYMENTS ​ The Company has three share-based compensation plans under which awards may be granted to employees, namely, the 2013 Share Option Scheme, the 2013 Share Award Scheme and 2021 Share Award Scheme. The maximum aggregate numbers of ordinary shares that are authorized to be issued under the 2013 Share Option Scheme, 2013 Share Award Scheme and 2021 Share Award Scheme are 209,750,000, 215,376,304 and 380,528,480, respectively. These plans have a contractual term of ten years. The share-based awards are accounted for as equity awards and generally vest over a period from two to five years. 15. SHARE-BASED PAYMENTS (Continued) 2013 Share Option Scheme A summary of the activity for the options granted under the 2013 Share Option Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ grant-date ​ remaining ​ intrinsic ​ options price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 38,366,108 0.07 0.86 6.01 6,972 Forfeited (1,147,119) 0.07 1.84 — — Exercised (4,363,286) 0.07 0.63 — — Outstanding, December 31, 2023 32,855,703 0.07 0.85 5.01 5,864 Vested and expected to vest at December 31, 2023 32,855,703 0.07 0.85 5.01 5,864 Exercisable at December 31, 2023 27,962,196 0.07 0.68 4.68 4,994 ​ The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s ordinary share as of December 31, 2022 and 2023 and the option’s respective exercise price. Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 were RMB79,224, RMB26,299 and RMB5,510 (US$776), respectively. The weighted-average grant-date fair value of the share-based awards granted during the years ended December 31, 2021 and 2022 were US$2.80 and US$0.36 per option, respectively. There were no options granted during the year ended December 31, 2023. The aggregate fair value of the share-based awards vested during the years ended December 31, 2021, 2022 and 2023 were RMB51,892, RMB84,098, and RMB46,725 (US$6,581), respectively. As of December 31, 2023, there were RMB14,236 (US$2,005) of total unrecognized employee share-based compensation expenses, related to unvested share-based awards, which are expected to be recognized over a weighted-average period of 0.93 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. 2013 Share Award Scheme A summary of the activity for the restricted shares issued under the 2013 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ shares grant-date fair value ​ ​ ​ ​ US$ Outstanding, December 31, 2022 30,148,902 1.33 Vested (9,271,339) 1.08 Forfeited (7,740,183) 1.45 Outstanding, December 31, 2023 13,137,380 1.22 Expected to vest at December 31, 2023 13,137,380 1.22 ​ ​ 15. SHARE-BASED PAYMENTS (Continued) 2013 Share Award Scheme (Continued) The weighted-average grant-date fair value of the share-based awards granted during the years ended December 31, 2021 and 2022 were US$2.04 and US$1.29 per share, respectively. There were no share-based awards granted during the year ended December 31, 2023. The aggregate fair value of the share-based awards vested during the years ended December 31, 2021, 2022 and 2023 were RMB90,121, RMB119,156, and RMB71,379 (US$10,053), respectively. As of December 31, 2023, there were RMB34,537 (US4,864) of total unrecognized share-based compensation expenses related to unvested share-based awards which are expected to be recognized over a weighted-average period of 1.13 years. The fair value of the restricted shares is the fair value of the Company’s ordinary shares at their respective grant dates. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. A summary of the activity for the options granted under the 2013 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ grant-date ​ remaining ​ intrinsic ​ options price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 17,068,100 0.87 0.31 6.97 — Forfeited (2,611,210) 0.87 0.29 — — Outstanding, December 31, 2023 14,456,890 0.87 0.32 5.97 — Vested and expected to vest at December 31, 2023 14,456,890 0.87 0.32 5.97 — Exercisable at December 31, 2023 12,391,620 0.87 0.31 5.96 — ​ The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s ordinary share as of December 31, 2022 and 2023 and the option’s respective exercise price. Total intrinsic value of options exercised for the year ended December 31, 2021 was RMB1,561. No options were exercised during the years ended December 31, 2022 or 2023. The weighted-average grant-date fair value of the share-based awards granted during the year ended December 31, 2021 was US$0.31 per option. There were no options granted under 2013 Share Aware Scheme during the years ended December 31, 2022 and 2023. The aggregate fair value of the share-based awards vested during the years ended December 31, 2021, 2022 and 2023 were RMB16,192, RMB11,462, and RMB9,045 (US$1,274), respectively. As of December 31, 2023, there were RMB1,420 (US$200) of total unrecognized employee share-based compensation expenses, related to unvested share-based awards, which are expected to be recognized over a weighted-average period of 0.83 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. ​ 15. SHARE-BASED PAYMENTS (Continued) 2021 Share Award Scheme In November 2021, the Company adopted the 2021 Share Award Scheme. A summary of the activity for the restricted shares with option features (the “RSUs”) issued under the 2021 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ grant- ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ date ​ remaining ​ intrinsic ​ the RSUs price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 104,003,481 0.01 0.32 9.44 25,786 Granted 154,646,877 0.01 0.27 — — Exercised (40,048,900) 0.01 0.28 — — Forfeited (12,449,108) 0.01 0.37 — — Outstanding, December 31, 2023 206,152,350 0.01 0.29 9.38 54,682 Vested and expected to vest at December 31, 2023 206,152,350 0.01 0.29 9.38 54,682 Exercisable at December 31, 2023 63,021,373 0.01 0.26 9.23 15,251 ​ The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s ordinary share as of December 31, 2023 and the exercise price of respective share-based awards. There were no share-based awards exercised during the year ended December 31, 2021. Total intrinsic value of the share-based awards exercised for the years ended December 31, 2022 and 2023 were RMB5,297 and RMB68,812 (US$9,692), respectively. There were no awards granted during the year ended December 31, 2021. The weighted-average grant date fair value of the share-based awards granted during the years ended December 31, 2022 and 2023 were US$0.33 and US$0.27 per share, respectively. The aggregate fair value of the share-based awards vested during the years ended December 31, 2022 and 2023 were RMB18,371 and RMB108,925 (US$15,342), respectively. As of December 31, 2023, there were RMB254,503 (US$35,846) of total unrecognized employee share-based compensation expenses, related to unvested share-based awards, which are expected to be recognized over a weighted-average period of 1.57 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. ​ Others In connection with the acquisition of Shenzhen Yunfan, the Company granted 11,684,432 restricted shares to certain employees that contain 1-3 years’ service vesting condition. As of December 31, 2022 and 2023, 6,981,396 and 11,684,432 of restricted shares were vested, respectively. As of December 31, 2023, there were no unvested share-based awards. ​ 15. SHARE-BASED PAYMENTS (Continued) Fair value of share options The fair value of share options was determined using the binomial tree model, with the assistance from an independent third-party appraiser. The binomial model requires the input of highly subjective assumptions, including the expected share price volatility and the exercise multiple. For expected volatility, the Company has made reference to historical volatility of several comparable companies. The exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it has considered the statistics on exercise patterns of employees compiled by Huddart and Lang in Huddart, S., and M. Lang. 1996. “Employee Stock Option Exercises: An Empirical Analysis.” Journal of Accounting and Economics, vol. 21, no. 1(February):5-43, which are widely adopted by valuers as authoritative guidance on expected exercise multiples. For the employee exit rate, which represents the annual turnover rate of employees leaving services, the Group uses the historical employee exiting data to have an estimate of that input. The risk-free rate for the period within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. The assumptions used to estimate the fair value of the share options granted for the years ended December 31, 2021 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 Risk-free rate 1.13%-1.62% ​ 1.75%-2.93% Expected volatility range 36.28%-38.03% ​ 35.62%-46.22% Exercise multiple 2.20-2.80 2.20-2.80 Fair market value per ordinary share as at valuation dates US$1.97-US$3.49 US$0.24-US$0.73 ​ Share-based awards of Camelot Camelot subsidiary also had an equity incentive plan granting share-based awards that contain 3-year ​ The acquisition date fair value of each Camelot Award is estimated using the binomial tree option pricing model with the following assumptions: ​ ​ ​ ​ ​ 2021 Risk-free rate 0.21 % Expected volatility 50.56 % Exercise multiple 2.20 ​ Fair market value per ordinary share as at valuation dates RMB23.00 ​ ​ In November 2022, the Company’s board of directors approved to replace all outstanding Camelot Awards with cash consideration of RMB43,981 and 27,500,715 share-based awards of the Company under the 2021 Share Award Scheme. 15. SHARE-BASED PAYMENTS (Continued) The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Cost of revenues 17,481 15,618 9,757 1,374 Selling and marketing expenses 72,594 68,562 6,977 983 General and administrative expenses 193,886 187,843 114,766 16,164 Research and development expenses 150,389 87,812 50,145 7,063 ​ 434,350 359,835 181,645 25,584 ​

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2023
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS	16. RESTRICTED NET ASSETS ​ The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant statutory laws and regulations of mainland China permit payments of dividends by the Group’s mainland China subsidiaries only out of its retained earnings, if any, as determined in accordance with accounting standards and regulations of mainland China. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s mainland China subsidiaries. The Company has not previously declared or paid any cash dividend or dividend in kind and has no plan to declare or pay any dividends in the near future. In accordance with the Regulations on Enterprises with Foreign Investment of China and its Articles of Association, the Company’s mainland China subsidiaries, being foreign-invested enterprises established in the mainland China, are required to provide certain statutory reserves, namely the general reserve fund, enterprise expansion fund and staff welfare and bonus fund, all of which are appropriated from net profit as reported in its mainland China statutory accounts. The Company’s mainland China subsidiaries are required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such fund has reached 50% of its registered capital based on the enterprise’s mainland China statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the mainland China subsidiaries. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. In accordance with the mainland China Company Laws, the Company’s mainland China subsidiaries and the VIEs must make appropriations from their annual after-tax profits as reported in their mainland China statutory accounts to non-distributable reserve funds, namely statutory surplus fund, statutory public welfare fund and discretionary surplus fund. The VIEs are required to allocate at least 10% of their after-tax profits to the statutory surplus fund until such fund has reached 50% of their respective registered capital. Appropriation to discretionary surplus is made at the discretion of the Board of Directors of the VIEs. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. Under laws and regulations of mainland China, there are restrictions on the Company’s mainland China subsidiaries and the VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of net assets restricted include paid-in capital and statutory reserve funds of the Company’s mainland China subsidiaries and the net assets of the VIEs and VIEs’ subsidiaries in which the Company has no legal ownership, totaling RMB4,084,202 (US$575,248) as of December 31 2023; therefore, in accordance with Rules 504 and 4.08(e)(3) of Regulation S-X, the condensed parent company only financial statements as of December 31, 2022 and 2023 and for each of the three years in the period ended December 31, 2023 are disclosed in Note 23. 16. RESTRICTED NET ASSETS (Continued) Furthermore, cash transfers from the Company’s mainland China subsidiaries to its subsidiaries outside of China are subject to mainland China government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the mainland China subsidiaries and VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2023
LOSS PER SHARE
LOSS PER SHARE	17. LOSS PER SHARE ​ Basic and diluted loss per share for each of the years presented are calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Numerator: Net loss attributable to Kingsoft Cloud Holdings Limited (1,588,712) (2,658,184) (2,176,340) (306,530) Denominator: ​ ​ ​ ​ Weighted average number of ordinary shares outstanding - basic and diluted 3,441,729,444 3,623,838,985 3,558,354,940 3,558,354,940 Basic and diluted loss per share (0.46) (0.73) (0.61) (0.09) ​ For the years ended December 31, 2021, 2022 and 2023, the effects of all options and awarded shares were excluded from the computation of diluted loss per share for the periods presented as their effects would be anti-dilutive.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	18. SHAREHOLDERS’ EQUITY On September 3, 2021, the Company issued 247,475,446 ordinary shares in connection with the acquisition of Camelot. On December 17, 2021, the Company’s shareholders and Board of Directors approved to increase the Company’s authorized share capital to US$40,000 divided into 40,000,000,000 ordinary shares with a par value of US$0.001 each. On March 31, 2022, the Company’s shareholders and Board of Directors authorized a share repurchase program (“2022 Share Repurchase Program”) under which the Company may repurchase up to US$100,000 of its ordinary shares in the form of ADSs during a twelve-month period. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. Under the 2022 Share Repurchase Program, the Company has repurchased 183,901,110 ordinary shares for the year ended December 31, 2022. On December 30, 2022, the Company completed its listing by way of introduction on the Main Board of The Stock Exchange of Hong Kong Limited (the “HK Stock Exchange”).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	19. RELATED PARTY TRANSACTIONS a) Related Parties Name of principal related parties Relationship with the Group Kingsoft Corporation Limited and its subsidiaries (other than all of entities of the Group) (“Kingsoft Group”) ​ Principal shareholder of the Company ​ ​ ​ Xiaomi Corporation and its subsidiaries (“Xiaomi Group”) ​ Entity controlled by a director of the Company ​ b) The Group had the following related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ Public cloud services provided to Xiaomi Group 749,597 ​ 804,647 763,338 107,514 Public cloud services provided to Kingsoft Group 156,158 ​ 187,907 217,333 30,611 Public cloud services provided to other related parties ​ — ​ 50,629 ​ 378 ​ 53 Enterprise cloud services provided to Xiaomi Group 22,857 ​ 74,590 104,967 14,784 Enterprise cloud services provided to Kingsoft Group 838 ​ 10,892 18,690 2,632 Enterprise cloud services provided to other related parties ​ — ​ — ​ 2,200 ​ 310 Other services provided to Kingsoft Group 74 ​ — — — Other services provided to other related parties ​ — ​ — ​ 436 ​ 61 ​ 929,524 ​ 1,128,665 1,107,342 155,965 Purchase of devices from Xiaomi Group 1,349 ​ 144 91 13 Interest expense on loans due to Xiaomi Group 16,633 ​ 48,707 39,703 5,592 Interest expense on a loan due to Kingsoft Group 4,088 ​ 18,364 958 135 Rental of building from Xiaomi Group* 56,452 ​ 48,766 39,713 5,593 Rental of office space, and administrative services from Kingsoft Group 13,321 ​ 13,931 9,167 1,291 ​ 91,843 ​ 129,912 89,632 12,624 * The Group entered into agreements to lease building and office space from Xiaomi Group. As of December 31, 2022 and 2023, the related operating lease right-of-use assets amounted to RMB167,697 and RMB115,622 (US$16,285) and operating lease liabilities amounted to RMB224,346 and RMB132,146 (US$18,612), respectively. ​ 19. RELATED PARTY TRANSACTIONS (Continued) c) The Group had the following related party balances at the end of the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due from related parties: ​ ​ Trade related: ​ ​ ​ ​ Xiaomi Group ​ 200,577 189,027 26,623 Kingsoft Group ​ 34,550 ​ 61,901 ​ 8,719 Other related parties* ​ 6,268 ​ 71,372 ​ 10,053 ​ ​ ​ ​ ​ ​ ​ Non-trade related: ​ ​ ​ ​ Kingsoft Group ​ 10,868 — — ​ ​ 252,263 ​ 322,300 ​ 45,395 Amounts due to related parties: ​ ​ ​ ​ ​ ​ Trade related: ​ ​ ​ ​ ​ ​ Kingsoft Group ​ 14,069 ​ 5,824 ​ 820 Xiaomi Group ​ 44,245 ​ 26,520 ​ 3,735 Other related parties ​ — ​ 7,055 ​ 994 ​ ​ ​ ​ ​ Non-trade related: ​ ​ ​ ​ Kingsoft Group** ​ 29,284 529,284 74,548 Xiaomi Group** ​ 753,593 ​ 403,292 ​ 56,803 ​ ​ 841,191 ​ 971,975 ​ 136,900 * Amount as of December 31, 2023 included RMB ** All the balances with related parties except for the loans from Xiaomi Group were unsecured. All outstanding balances except for related party loans as disclosed in Note 13 are repayable on demand. The effect of ASC 326 to due from related parties was immaterial.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	20. COMMITMENTS AND CONTINGENCIES ​ Other commitments On May 30, 2023 and August 1, 2023, the Group entered into two non-cancelable one-year internet data center service agreements pursuant to which the Group has total minimum contractual purchase commitments amounting to RMB1,150,000 (US$161,974). As of December 31, 2023, the remaining purchase commitment is RMB520,013 (US$73,242). Contingencies The Group is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, financial position or results of operations.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ ​ ​ ​ ​ RMB Balance as of January 1, 2021 (68,440) Foreign currency translation adjustments, net of tax of nil ​ (139,442) Balance as of December 31, 2021 ​ (207,882) Foreign currency translation adjustments, net of tax of nil 660,956 Balance as of December 31, 2022 453,074 Foreign currency translation adjustments, net of tax of nil 102,268 Balance as of December 31, 2023 555,342 Balance as of December 31, 2023, in US$ 78,218 ​ There have been no reclassifications out of accumulated other comprehensive income (loss) to net loss for the periods presented.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS In January and March 2024, the Group entered into two loan agreements amounted to RMB400,000 in aggregate with Xiaomi Group. The loans are secured by the Group's electronic equipment and repayable by July and September 2025, respectively. In March and April 2024, the Group drew down RMB700,000 and RMB300,000 under the Kingsoft Loan Facility, respectively. The loans are secured by the Group’s property and equipment, and repayable in September and October 2025, respectively.

CONDENSED FINANCIAL INFORMATION

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	12 Months Ended
	Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	23. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY ​ Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ ASSETS Current assets: Cash and cash equivalents 169,743 21,752 ​ 3,064 Restricted cash ​ — ​ 171 ​ 24 Prepayments and other assets 34,141 30,456 ​ 4,290 Amounts due from subsidiaries (other than WFOE)* 4,354,380 1,834,723 ​ 258,415 Amounts due from WFOE ​ 100,000 ​ 100,000 ​ 14,085 Total current assets 4,658,264 1,987,102 ​ 279,878 Non-current assets: ​ ​ ​ ​ Investments in subsidiaries 5,518,634 6,019,179 ​ 847,784 Total non-current assets 5,518,634 6,019,179 ​ 847,784 Total assets 10,176,898 8,006,281 ​ 1,127,662 LIABILITIES AND SHAREHOLDERS’ EQUITY ​ ​ ​ Current liabilities: ​ ​ ​ Accrued expenses and other liabilities 1,309,490 916,574 ​ 129,098 Income tax payable 2,764 2,835 ​ 399 Amounts due to WFOE 5,287 5,377 ​ 757 Amounts due to VIEs and VIEs’ subsidiaries ​ 43,987 ​ 38,610 ​ 5,437 Total current liabilities 1,361,528 963,396 ​ 135,691 Other liabilities 14,350 152,733 ​ 21,514 Total non-current liabilities 14,350 152,733 ​ 21,514 Total liabilities 1,375,878 1,116,129 ​ 157,205 Commitments and contingencies ​ ​ ​ Shareholders’ equity: ​ ​ ​ Ordinary shares (par value of US$0.001 per share; 40,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,801 and 3,805,284,801 shares issued, 3,508,413,941 and 3,562,097,466 ​ 25,062 25,443 ​ 3,584 Treasury shares ​ (208,385) ​ (208,385) ​ (29,350) Additional paid-in capital ​ 18,648,205 18,811,028 ​ 2,649,478 Accumulated deficit ​ (10,116,936) (12,293,276) ​ (1,731,473) Accumulated other comprehensive income ​ 453,074 555,342 ​ 78,218 Total Kingsoft Cloud Holdings Limited shareholders’ equity ​ 8,801,020 6,890,152 ​ 970,457 Total liabilities and shareholders’ equity ​ 10,176,898 8,006,281 ​ 1,127,662 ​ ​ 23. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ (40,913) ​ (148,392) (36,736) ​ (5,175) Total operating expenses ​ (40,913) ​ (148,392) (36,736) ​ (5,175) Operating loss ​ ​ ​ ​ ​ ​ ​ Interest income ​ 15,224 ​ 12,430 3,830 ​ 539 Interest expense ​ - ​ - ​ (28,339) ​ (3,991) Foreign exchange gain (loss) ​ 10,198 ​ (39,426) 8,078 ​ 1,138 Other income, net ​ 9,889 ​ 10,372 12,683 ​ 1,786 Other loss, net ​ - ​ (37,764) ​ (14,433) ​ (2,033) Share of (losses) gains of subsidiaries ​ (121,100) ​ (264,260) 62,514 ​ 8,806 Contractual interests in VIEs and VIEs’ subsidiaries** ​ (1,461,042) ​ (2,190,364) (2,183,913) ​ (307,598) Loss before income taxes ​ (1,587,744) ​ (2,657,404) (2,176,316) ​ (306,528) Income tax expense ​ (968) ​ (780) (24) ​ (2) Net loss ​ (1,588,712) ​ (2,658,184) (2,176,340) ​ (306,530) Other comprehensive income (loss), net of tax of nil : ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ (139,442) ​ 660,956 102,268 ​ 14,404 Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders ​ (1,728,154) ​ (1,997,228) (2,074,072) ​ (292,126) * Majority of amounts due from the Company’s subsidiaries were ultimately provided to the VIEs and their subsidiaries by the Company’s subsidiaries. Except for the Company’s investments in Camelot, the carrying amounts of investments in subsidiaries and the VIEs were reduced to zero by the Company’s share of contractual interests in cumulative losses as of December 31, 2022, and 2023, and the carrying amounts of “amounts due from subsidiaries” were further adjusted. ** It represents the primary beneficiary’s share of losses generated from the VIEs and their subsidiaries. Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB RMB ​ US$ Net cash generated from (used in) operating activities ​ 1,178,019 (40,310) (66,851) ​ (9,416) Net cash (used in) generated from investing activities (1,179,393) 358,010 609,277 ​ 85,815 Net cash used in financing activities ​ (815) (215,923) (681,660) ​ (96,010) Effect of exchange rate changes on cash and cash equivalents 3,570 (1,427) (8,586) ​ (1,209) Net increase (decrease) in cash and cash equivalents 1,381 100,350 (147,820) ​ (20,820) Cash and cash equivalents at beginning of the year 68,012 69,393 169,743 ​ 23,908 Cash and cash equivalents at end of the year 69,393 169,743 21,923 ​ 3,088 ​ 23. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and the VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).
Principles of consolidation	Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIEs, and the subsidiaries of the VIEs for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation.
Going concern consideration	Going concern consideration The Group’s consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements. As of December 31, 2023, the Group had an accumulated deficit and net current liabilities of RMB12,315,041 (US$1,734,539) and RMB730,466 (US$102,884), respectively. The Group has primarily funded the operations through revenue generated from contracts with customers, equity financing, and proceeds from financing facilities such as bank loans and related party loans. In view of such circumstance, management has given careful consideration to the liquidity of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. As of December 31, 2023, the Group had cash, cash equivalents, restricted cash and short-term investments of RMB2,489,481 (US$350,637). In addition, the Group had existing credit facilities available from Kingsoft Corporation Limited, Xiaomi Corporation and its subsidiaries, and banks. Based on above, management believes that it is appropriate to prepare the Group’s consolidated financial statements using the going concern basis. Therefore, the consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Group be unable to continue as a going concern.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit losses for accounts receivable, contract assets and amounts due from related parties, measurement of operating and finance lease right-of-use assets and lease liabilities, impairment of long-lived assets, impairment of goodwill, useful lives of long-lived assets, realization of deferred tax assets, uncertain tax positions, share-based compensation expense, the purchase price allocation and fair value of non-controlling interests and contingent consideration with respect to business combinations, the fair value of equity investments and standalone selling prices of performance obligation of revenue contracts. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates.
Foreign currency	Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the Company’s subsidiaries located in the U.S. is U.S. dollars (“US$”). The functional currency of the Company’s subsidiaries and the VIEs and VIEs’ subsidiaries located in mainland China is Renminbi (“RMB”). The functional currencies of the Company’s subsidiaries located in Japan and Hong Kong are Japanese Yen (“Yen”) and Hong Kong dollars (“HK$”), respectively. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ equity.
Convenience translation	Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB7.0999 per US$1.00 on December 31, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks or other financial institutions which have original maturities of less than three months. As of December 31, 2022 and 2023, a majority of the Group’s cash and cash equivalents were held by financial institutions located in mainland China and Hong Kong. Deposits held in mainland China are subject to restrictions on foreign exchange and the ability to transfer cash outside of mainland China. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500. Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$500 thousands. As an offshore holding company, the Company is permitted under laws and regulations of mainland China to provide funding from the proceeds of its of offshore fundraising activities to its mainland China subsidiaries only through loans or capital contributions, and to its VIEs only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements. For the year ended December 31, 2023, there have been the following cash transfers between the Company, the Company's subsidiaries, the Company’s VIEs and their subsidiaries: - The Company and its subsidiaries made capital contribution amounted to RMB 1,347,145 (US $189,741 ) to the WFOE. - The Company and its subsidiaries provided loans amounted to RMB 1,415,327 (US $199,345 ) to the VIEs and their subsidiaries, and the VIEs and their subsidiaries provided loans amounted to RMB 2,000 (US $282 ) to the Company and its subsidiaries. - The Company and its subsidiaries transferred RMB 370,511 (US $52,185 ) to the VIEs and their subsidiaries as initial payment for certain fixed assets purchased from the VIEs and their subsidiaries. - The VIEs and their subsidiaries transferred RMB 32,308 (US $4,550 ) to the Company’s subsidiaries in mainland China, and the Company’s subsidiaries in mainland China transferred RMB 11,508 (US $1,621 ) to the VIEs and their subsidiaries, respectively, for services provided. There were no other cash transferred, dividends or distributions between the VIEs and their subsidiaries and the Company and the Company’s subsidiaries for the year ended December 31, 2023. In addition, the Group has not generated sufficient distributable profits to pay dividends or fully settle amounts due to the Company.
Restricted cash	Restricted cash As of December 31, 2022, substantially all of the Group’s restricted cash was held by financial institutions located in mainland China, and mainly represents cash secured for certain payables to suppliers. As of December 31, 2023, substantially all of the Group’s restricted cash was held by financial institutions located in mainland China and Hong Kong, and mainly represents cash secured to guarantee certain bank loans and certain payables to suppliers.
Short-term investments	Short-term investments The Group’s short-term investments comprise primarily of cash deposits at fixed rates with original maturities of greater than three months, but less than 12 months. As of December 31, 2022, all of the Group’s short-term investments were held by financial institutions located in mainland China and Hong Kong. ​
Non-controlling interests	Non-controlling interests A non-controlling interest is recognized to reflect the portion of subsidiaries’ equity which is not attributable, directly or indirectly, to the Group. Consolidated net loss on the consolidated statements of comprehensive loss includes the net loss attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as ”non-controlling interests” in the Group’s consolidated balance sheets.
Business combinations	Business combinations The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations
Equity investments	Equity investments a) Equity investments with readily determinable fair value Equity investments with readily determinable fair value, except for those accounted for under the equity method and those that result in consolidation of the investee, are measured at fair value, and any changes in fair value are recognized in the consolidated statements of comprehensive loss. In 2022, the Group purchased equity interest of a company listed on the Hong Kong Stock Exchange for a cash consideration of RMB63,356. The fair value of the equity interests was RMB44,808 and RMB30,273 (US$4,264) as of December 31, 2022 and 2023, respectively, and unrealized losses for the equity investments with readily determinable fair value totaling RMB22,683 and RMB12,469 (US$1,756) were recorded in “Other gain (loss), net” on the consolidated statement of comprehensive loss for the years ended December 31, 2022 and 2023, respectively. b) Equity investments without readily determinable fair value The Group’s equity investments without readily determinable fair value are primarily long-term investments in unlisted companies based in mainland China that are not in-substance common stock. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurements and Disclosures The Group makes a qualitative assessment of whether the equity investments are impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in the statements of comprehensive loss equal to the difference between the carrying value and fair value. In February 2022, the Group disposed certain equity interests in Beijing Yunshu Xunlian Technology Co., Ltd. (“Beijing Yunshu”), and deconsolidated Beijing Yunshu’s financial results from the Group’s consolidated financial statements from the date of disposal. The Group measured its remaining interests in Beijing Yunshu at fair value upon deconsolidation, and the loss recognized from the disposal of Beijing Yunshu was immaterial. Subsequent to the deconsolidation, the Group owns 15.63% equity interests in Beijing Yunshu and the remaining equity interests are accounted for using the measurement alternative. The Group recognized RMB82,492, RMB22,452 and RMB nil (US$ nil) of unrealized gains (upward adjustments), RMB nil, RMB nil and RMB nil (US$ nil) of unrealized losses (downward adjustments), and RMB nil, RMB14,940 and RMB13,582 (US$1,913) of unrealized losses (impairment), in other gain (loss), net on the consolidated statements of comprehensive loss for the years ended December 31, 2021,2022 and 2023, respectively. c) Equity method investments The Group’s investment in common stock or in-substance common stock in entity in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall In April 2023, the Group obtained 49% equity interests in an equity investment for a total cash consideration of RMB12,070 (US$1,700). The Group can exercise significant influence over the investee, and therefore, the Group accounts for such investment as an equity method investment in accordance with ASC 323. The total carrying value of equity investments held were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Equity investments without readily determinable fair value: Initial cost basis 114,256 124,196 124,196 17,493 Cumulative unrealized gains 96,793 119,245 119,245 16,795 Cumulative unrealized losses (including impairment) — (14,940) (28,522) (4,017) Foreign currency translation (3,883) 271 979 138 ​ 207,166 228,772 215,898 30,409 Equity investment with readily determinable fair value: ​ ​ ​ ​ Initial cost basis — 63,356 42,437 5,977 Cumulative unrealized losses — (22,683) (12,469) (1,756) Realized gain on equity investments sold ​ — ​ — ​ 100 ​ 14 Foreign currency translation — 4,135 205 29 ​ — 44,808 30,273 4,264 Equity method investment ​ ​ ​ ​ ​ ​ ​ ​ Initial cost basis ​ — ​ — ​ 12,070 ​ 1,700 Share of profit from equity method investment ​ — ​ — ​ 1,689 ​ 237 ​ ​ — ​ — ​ 13,759 ​ 1,937 Total carrying value 207,166 273,580 259,930 36,610
Fair value measurements	Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable and contract assets, equity investments, accounts payable, purchase consideration payable, payables for acquisitions of non-controlling interests, certain other liabilities, amounts due from and due to related parties and short-term bank loans. For equity investments without readily determinable fair value, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Group, with the assistance of an independent third-party valuation firm, determined the estimated fair value of its equity investments using the alternative measurement. The Group measures equity investments with readily determinable fair value using the market approach based on the quoted prices in an active market. The carrying amounts of the bank loans approximate to their fair values due to the fact that the related interest rates approximate the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The Group measures its purchase consideration payable at fair value on a recurring basis. The fair value of purchase consideration payable is estimated by discounting cash flows using interest rates currently available for similar debts instruments of comparable maturities. The Group applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying amounts of the remaining financial instruments approximate to their fair values because of their short-term maturities. 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—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 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. a) Assets and liabilities measured at fair value on a recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ losses ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ RMB RMB RMB RMB RMB As of December 31, 2022 Purchase consideration payable (1,208,985) — (1,208,985) — (28,516) Equity investments with readily determinable fair value ​ 44,808 ​ 44,808 ​ — ​ — ​ (22,683) As of December 31, 2023 ​ ​ ​ ​ ​ Purchase consideration payable (678,732) — (678,732) — (14,433) Equity investments with readily determinable fair value 30,273 30,273 — — (12,469) ​ b) Assets and liabilities measured at fair value on a non-recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ gains ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (losses) ​ RMB RMB RMB RMB RMB As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investments accounted for using measurement alternative 228,772 — — 228,772 22,452 As of December 31, 2023 ​ ​ Equity investments accounted for using measurement alternative 215,898 — — 215,898 — Long-lived assets in public cloud asset group (Note 8) ​ 3,026,228 ​ — ​ — ​ 3,026,228 ​ (653,670) The non-recurring fair value measurements to the carrying amount of equity investments accounted for using measurement alternative usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Group. These non-recurring fair value measurements were measured by using the observable transaction price and other unobservable inputs (level 3) as of the observable transaction dates. Refer to Note 8 for the non-recurring fair value measurements to long-lived assets.
Accounts receivable and contract assets, net	Accounts receivable and contract assets, net The Group maintains an allowance for credit losses in accordance with ASC 326, Credit Losses
Property and equipment, net	Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Property and equipment under finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the leased assets or the lease term. Estimated useful lives for the property and equipment are as follows: ​ ​ ​ ​ Estimated Category ​ Useful Life Electronic equipment ​ 3-4 years Office equipment and fixtures 5 years Data center machinery and equipment 10 years Building 50 years ​ Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property 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.
Intangible assets	Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible assets are to be consumed. The estimated useful lives for the intangible assets are as follows: ​ ​ ​ ​ Estimated Category ​ Useful Life Customer relationships 6 years Patents and technologies 6-10 years Trademarks and domain names 10 years Software and copyrights 3-10 years Others 3 years ​ If an intangible asset is determined to have an indefinite life, it should not be amortized until its useful life is determined to be no longer indefinite. As of December 31, 2022 and 2023, the Group did not have any intangible assets with indefinite lives.
Impairment of long-lived assets	Impairment of long-lived assets The Group evaluates its long-lived assets 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 long-lived assets in an asset group 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.
Segment reporting	Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall (“ASC 280”), the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one operating segment. The Group does not distinguish between markets or segments for purposes of internal reporting. A majority of the Group’s revenues were generated from mainland China and a majority of the long-lived assets of the Group are located in mainland China, and therefore, no geographical segments are presented.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. Goodwill is allocated to the reporting units of the Group that are expected to benefit from the synergies of the business combination based on the estimated fair value at the date of acquisition. A reporting unit is defined as an operating segment or one level below an operating segment referred to as a component. The Group determines reporting units by first identifying its operating segments, and then assesses whether any components of these segments constituted a business for which discrete financial information is available and where the segment manager regularly reviews the operating results of that component. As of December 31, 2022 and 2023, the Group had two reporting units, consisting of Cloud service and solutions and Cloud-based digital solution and services. Because, except for those two reporting units identified, other components below the consolidated level either did not have discrete financial information or their operating results were not regularly reviewed by the segment manager. The Group assesses goodwill for impairment in accordance with ASC 350-20, Intangibles—Goodwill and Other: Goodwill
Revenue recognition	Revenue recognition The Group applies the five-step model outlined in ASC 606, Revenue from Contracts with Customers Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, historical discounting trends for services, gross margin objectives, internal costs, and industry technology lifecycles. Timing of revenue recognition may differ from the timing of invoicing to customers. For certain revenue contracts, customers are required to pay before the services are delivered to the customer. The Group recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity’s performance and the customer’s payment. Contract liabilities represent the excess of payments received as compared to the consideration earned and are reflected in “accrued expenses and other liabilities” in the Group’s consolidated balance sheets. Contract assets primarily relate to the Group’s rights to consideration for work completed in relation to its services performed but not billed at the reporting date and are reflected in “prepayments and other assets” in the Group’s consolidated balance sheets. The contract assets are transferred to the receivables when the rights become unconditional. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. Pursuant to ASC 606-10-32-2A, the Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of value added taxes (“VAT”) and surcharges. Public cloud services The Group provides integrated cloud-based services including cloud computing, storage and delivery. Substantially all of the Group’s public cloud service revenue is recognized on a monthly basis based on utilization and duration. The nature of the Group’s performance obligation is a single performance obligation under these contracts to stand ready to provide an unspecified quantity of integrated cloud-based services each day throughout the contract period. The Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the transaction consideration is fixed based on utilization records and no variable consideration exists. The Group also generates public cloud service revenue from prepaid subscription packages, which are recognized ratably over the fixed subscription period. Enterprise cloud services The Group provides comprehensive customized cloud-based and enterprise digital solutions, which are typically completed within twelve months (“Solutions”). The components within the Solutions are not distinct within the context of the contract because they are considered highly interdependent and the customer can only benefit from these components in conjunction with one another as a two-way dependency exists. In connections with Solutions, the Group also provides post-delivery maintenance and upgrade services that are mainly technical support services performed by the Group’s technical support team. Therefore, the arrangement has three performance obligations, the Solutions, maintenance and upgrades. Revenue allocated to the Solutions and upgrades, is recognized at a point in time only upon customer acceptance of the Solutions and upon delivery of the specified upgrade, respectively. Revenue allocated to maintenance is recognized over time because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed term. Revenue allocated to maintenance and upgrades during the periods presented was immaterial. The Group also provides enterprise digital services. The series of enterprise digital services are substantially the same from day to day, and each day of the service is considered to be distinct and separately identifiable as it benefits the customer daily. Further, the uncertainty related to the service consideration is resolved on a daily basis as the Group satisfies its obligation to perform enterprise digital service daily with enforceable right to payment for performance completed to date. Thus, revenue is recognized as service is performed and the customer simultaneously receives and consumes the benefits from the service daily.
Cost of revenue	Cost of revenue Cost of revenues primarily includes bandwidth and internet data center costs (“IDC costs”), depreciation expense of electronic equipment, data center machinery and equipment, salaries and benefits for employees directly involved in revenue generation activities, and other expenses directly attributable to the provision of services.
Research and development	Research and development Research and development expenses primarily consist of payroll and related expenses for employees and third-party service provider costs in the development for new products and services and enhancement of the Group’s service offerings. The Group expenses research and development costs as they are incurred.
Advertising expenditures	Advertising expenditures Advertising costs are expensed when incurred and are included in sales and marketing expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2021, 2022 and 2023, the advertising expenses were RMB24,070, RMB9,512 and RMB9,114 (US$1,284), respectively.
Government grants	Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government grants of non-operating nature and with no further conditions to be met are recorded as non-operating income in “Other income, net” when received. The remaining government grants are related to acquisition of assets. The grants are recorded as “deferred government grants” included in the accrued expenses and other liabilities line items in the consolidated balance sheets when received. Once the Group fulfills the conditions stipulated under the grant, the grant amount is deducted from the carrying amount of the asset with a corresponding reduction in the deferred government grant balance.
Leases	Leases The Group determines if an arrangement is a lease or contains a lease at lease inception. For leases with lease and non-lease components, the Group has elected to apply the practical expedient to not separate the lease component and its associated non-lease component. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that we will exercise that option. The Group recognizes a right-of-use asset and a lease liability on the consolidated balance sheets based on the present value of the lease payments over the lease term at commencement date. Variable lease payments that do not depend on an index or a rate are not included in the lease payments and are recognized in earnings in the period in which the event or condition that triggers the payment occurs. The Group has also elected the practical expedient for the short-term lease exemption for contracts with lease terms of 12 months or less. Operating lease expense is recorded on a straight-line basis over the lease term. Finance lease right-of-use assets are depreciated on a straight-line basis over the lesser of the useful life of the leased assets or the lease term. Interests on finance lease liabilities are determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Finance lease right-of-use assets are included in “Property and equipment, net” in the consolidated balance sheets. Current and non-current portions of finance lease liabilities are included in “Accrued expenses and other liabilities” and “Other liabilities”, respectively, in the consolidated balance sheets. As most of the Group’s leases do not provide an implicit rate, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (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 shareholders and distributions to shareholders. Among other disclosures, ASC 220, Comprehensive Income
Income taxes	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 arising from underpayment of income taxes shall be computed in accordance with the related tax laws of mainland China. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits that, if any, will be recorded in “other non-current liabilities” in the accompanying consolidated financial statements is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.
Share-based compensation	Share-based compensation The Group applies ASC 718, Compensation—Stock Compensation The Group uses the accelerated method for all awards granted with graded vesting based on service conditions, and elected to account for forfeitures as they occur. The Group, with the assistance of an independent third-party valuation firm, determined the fair value of the share-based awards granted to employees. The binomial option pricing model was applied in determining the estimated fair value of the options granted to employees. A change in the terms or conditions of share options is accounted for as a modification of share-based awards. The Group calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested share-based awards, the Group recognizes incremental compensation cost in the period the modification occurred. For unvested share-based awards, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. Cancellation of an award accompanied by the concurrent grant of (or offer to grant) a replacement award is accounted for as a modification of the terms of the cancelled award.
Treasury shares	Treasury shares Treasury shares represent ordinary shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method. Under this method, repurchase of ordinary shares was recorded as treasury shares at historical purchase price.
Loss per share	Loss per share In accordance with ASC 260, Earnings Per Share For the years ended December 31, 2021, 2022 and 2023, ordinary share equivalents consist of ordinary shares issuable upon the exercise of share options and vesting of awarded shares. Ordinary share equivalents are excluded from the computation of diluted per share if their effects would be anti-dilutive.
Employee benefit expenses	Employee benefit expenses All eligible employees of the Group are entitled to staff welfare benefits including medical care, welfare grants, unemployment insurance and pension benefits through a mainland China government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries. The Group is required to make contributions to the plans out of the amounts accrued. The mainland China government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group has no further payment obligations once the contributions have been paid. The Group recorded employee benefit expenses of RMB310,126, RMB431,929 and RMB389,146 (US$54,810) for the years ended December 31, 2021, 2022 and 2023, respectively.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Public entities with a single reportable segment have to provide all the disclosures required by ASC topic 280, including the significant segment expense disclosures. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Group is currently evaluating the provisions of ASU 2023-07 and expects to adopt it for the year ending December 31, 2024 . In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”), amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for the Group for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Group is currently evaluating the ASU to determine its impact on our income tax disclosures and expects to adopt it for the year ending December 31, 2025.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
Schedule of Principal Subsidiaries Variable Interest Entities, and Subsidiaries	The Company’s principal subsidiaries, variable interest entities, and subsidiaries of its variable interest entities, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of equity ​ ​ ​ ​ Place of ​ Issued ​ Date of ​ interest ​ ​ ​ ​ establishment ​ ordinary/registered ​ establishment/ ​ attributable to ​ ​ Name and operations share capital acquisition the Company Principal activities ​ ​ ​ ​ ​ ​ ​ ​ Direct (%) Indirect (%) ​ ​ Subsidiaries: ​ ​ ​ ​ ​ ​ Kingsoft Cloud Corporation Limited ​ HK ​ HK$2 million ​ February 1, 2012 100 ​ — ​ Cloud services Beijing Kingsoft Cloud Technology Co., Ltd. (“Beijing Kingsoft Cloud”) * ​ Mainland China ​ RMB910,000 ​ April 9, 2012 ​ — ​ 100 ​ Research and development Beijing Yunxiang Zhisheng Technology Co., Ltd. (“Yunxiang Zhisheng”) * ​ Mainland China ​ RMB1,390,000 ​ December 15, 2015 — ​ 100 ​ Research and development Camelot Technology Co., Ltd. (“Camelot Technology”) ** ​ Mainland China ​ RMB250,000 ​ September 3, 2021 — ​ 92.23 ​ Enterprise digital solutions and related services Hainan Yangpu Kingsoft Cloud Information Technology Co., Ltd. ** ​ Mainland China ​ RMB2,844,252 ​ August 4, 2022 — ​ 100 ​ Cloud services Variable interest entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zhuhai Kingsoft Cloud Technology Co., Ltd. (“Zhuhai Kingsoft Cloud”) ** ​ Mainland China ​ RMB11,080 ​ November 9, 2012 Nil ​ — ​ Investment holding Kingsoft Cloud (Beijing) Information Technology Co., Ltd. (“Kingsoft Cloud Information”) ** ​ Mainland China ​ RMB10,000 ​ April 13, 2018 Nil ​ — ​ Investment holding Variable interest entities’ subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beijing Kingsoft Cloud Network Technology Co., Ltd. (“Beijing Kingsoft Cloud Network Technology”) ** ​ Mainland China ​ RMB200,000 ​ November 9, 2012 — ​ Nil ​ Cloud services Beijing Jinxun Ruibo Network Technology Co., Ltd. (“Beijing Jinxun Ruibo”) ** ​ Mainland China ​ RMB10,000 ​ December 17, 2015 — ​ Nil ​ Cloud services Nanjing Qianyi Shixun Information Technology Co., Ltd. ** ​ Mainland China ​ RMB15,000 ​ March 31, 2016 — ​ Nil ​ Cloud services Wuhan Kingsoft Cloud Information Technology Co., Ltd. ** ​ Mainland China ​ RMB100,000 ​ December 26, 2017 — ​ Nil ​ Cloud services Kingsoft Cloud (Tianjin) Technology Development Co., Ltd. ** ​ Mainland China ​ RMB100,000 ​ May 30, 2019 — ​ Nil ​ Cloud services Qingyang Kingsoft Cloud Data Information Technology Co., Ltd.** ​ Mainland China ​ RMB20,000 ​ March 9, 2021 ​ — ​ Nil ​ Cloud services * These companies are registered as wholly foreign-owned enterprises and limited liability enterprises under the law of mainland China. ** These companies are registered as limited liability enterprises under the law of mainland China.
Schedule of Assets Liabilities Results of Variable Interest Entities	The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ ASSETS Current assets: Cash and cash equivalents 1,231,226 900,262 ​ 126,799 Restricted cash 107,840 89,981 ​ 12,674 Accounts receivable, net of allowance for credit losses of RMB32,413 and RMB20,606 (US$2,902) as of December 31, 2022 and 2023, respectively ​ 2,032,260 1,127,936 ​ 158,866 Prepayments and other assets 927,040 1,067,695 ​ 150,382 Amounts due from related parties 216,346 182,484 ​ 25,702 Amounts due from subsidiaries of the Group 2,538,670 ​ 1,292,182 ​ 182,000 Total current assets 7,053,382 4,660,540 ​ 656,423 Non-current assets: ​ ​ ​ ​ Property and equipment, net 1,978,937 2,053,109 ​ 289,174 Intangible assets, net 83,393 61,604 ​ 8,677 Prepayments and other assets 20,257 870,630 ​ 122,626 Goodwill 48,814 48,815 ​ 6,875 Equity investments 179,697 166,114 ​ 23,397 Amounts due from related parties 4,712 56,036 ​ 7,893 Operating lease right-of-use assets 147,719 125,804 ​ 17,719 Total non-current assets 2,463,529 3,382,112 ​ 476,361 Total assets 9,516,911 8,042,652 ​ 1,132,784 Current liabilities: ​ ​ ​ ​ Accounts payable 2,113,674 1,646,804 ​ 231,947 Accrued expenses and other liabilities 644,858 1,003,831 ​ 141,387 Short-term bank loans 885,500 1,110,896 ​ 156,466 Amounts due to related parties 388,308 902,154 ​ 127,066 Current operating lease liabilities 87,142 63,830 ​ 8,990 Amounts due to subsidiaries of the Group 3,854,844 4,157,542 ​ 585,578 Total current liabilities 7,974,326 8,885,057 ​ 1,251,434 Non-current liabilities: ​ ​ ​ ​ Long-term bank loan — 100,000 ​ 14,085 Other liabilities 284,971 415,367 ​ 58,503 Non-current operating lease liabilities 90,138 64,466 ​ 9,080 Amounts due to related parties 413,464 40,069 ​ 5,644 Amounts due to subsidiaries of the Group 7,206,545 7,023,253 ​ 989,204 Total non-current liabilities 7,995,118 7,643,155 ​ 1,076,516 Total liabilities 15,969,444 16,528,212 ​ 2,327,950
Schedule of Operations and Cash Flows Results of Variable Interest Entities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenues 7,972,143 5,571,837 4,599,721 647,857 Net loss (1,556,904) (2,211,057) (2,110,022) (297,190) Net cash used in operating activities ​ (958,748) (144,977) (286,575) (40,363) Net cash used in investing activities (843,586) (1,167,374) (1,833,636) (258,262) Net cash generated from financing activities 2,612,563 567,592 1,809,799 254,905

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of total carrying value of equity investments held	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Equity investments without readily determinable fair value: Initial cost basis 114,256 124,196 124,196 17,493 Cumulative unrealized gains 96,793 119,245 119,245 16,795 Cumulative unrealized losses (including impairment) — (14,940) (28,522) (4,017) Foreign currency translation (3,883) 271 979 138 ​ 207,166 228,772 215,898 30,409 Equity investment with readily determinable fair value: ​ ​ ​ ​ Initial cost basis — 63,356 42,437 5,977 Cumulative unrealized losses — (22,683) (12,469) (1,756) Realized gain on equity investments sold ​ — ​ — ​ 100 ​ 14 Foreign currency translation — 4,135 205 29 ​ — 44,808 30,273 4,264 Equity method investment ​ ​ ​ ​ ​ ​ ​ ​ Initial cost basis ​ — ​ — ​ 12,070 ​ 1,700 Share of profit from equity method investment ​ — ​ — ​ 1,689 ​ 237 ​ ​ — ​ — ​ 13,759 ​ 1,937 Total carrying value 207,166 273,580 259,930 36,610
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ losses ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ RMB RMB RMB RMB RMB As of December 31, 2022 Purchase consideration payable (1,208,985) — (1,208,985) — (28,516) Equity investments with readily determinable fair value ​ 44,808 ​ 44,808 ​ — ​ — ​ (22,683) As of December 31, 2023 ​ ​ ​ ​ ​ Purchase consideration payable (678,732) — (678,732) — (14,433) Equity investments with readily determinable fair value 30,273 30,273 — — (12,469) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ Total Fair ​ for identical ​ observable ​ unobservable ​ Total ​ ​ Value ​ assets ​ inputs ​ inputs ​ gains ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ (losses) ​ RMB RMB RMB RMB RMB As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investments accounted for using measurement alternative 228,772 — — 228,772 22,452 As of December 31, 2023 ​ ​ Equity investments accounted for using measurement alternative 215,898 — — 215,898 — Long-lived assets in public cloud asset group (Note 8) ​ 3,026,228 ​ — ​ — ​ 3,026,228 ​ (653,670)
Schedule of property plant and equipment useful lives	​ ​ ​ ​ Estimated Category ​ Useful Life Electronic equipment ​ 3-4 years Office equipment and fixtures 5 years Data center machinery and equipment 10 years Building 50 years ​
Schedule of finite lived intangible assets useful lives	​ ​ ​ ​ Estimated Category ​ Useful Life Customer relationships 6 years Patents and technologies 6-10 years Trademarks and domain names 10 years Software and copyrights 3-10 years Others 3 years

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS COMBINATION
Summary of fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ Camelot ​ RMB US$ Total fair value of purchase consideration 5,290,553 767,058 Less: ​ Cash and cash equivalents 618,439 89,665 Restricted cash 1,126 163 Accounts receivable and other assets 940,511 136,361 Property and equipment, net 13,792 2,000 Intangible assets: ​ Customer relationship 620,100 89,906 Trademarks 474,000 68,724 Copyrights 34,100 4,944 Deferred tax assets 54,419 7,890 Deferred tax liabilities (268,490) (38,927) Accounts payable and other liabilities (871,903) (126,415) Non-controlling interests (882,451) (127,943) Goodwill 4,556,910 660,690 ​

REVENUES, OTHER GAIN (LOSS), _2

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET
Summary of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Public cloud services recognized over time 6,159,085 5,360,282 4,381,741 617,155 Enterprise cloud services: ​ ​ Recognized at a point in time 2,159,869 711,466 580,741 81,796 Recognized over time 737,948 2,105,510 2,083,252 293,420 ​ 2,897,817 2,816,976 2,663,993 375,216 Others: ​ ​ Recognized at a point in time 1,208 — — — Recognized over time 2,674 2,849 1,727 243 ​ 3,882 2,849 1,727 243 ​ 9,060,784 8,180,107 7,047,461 992,614
Summary of revenue, remaining performance obligation	​ The transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2023 are related to enterprise cloud services and others, which are as follows: ​ ​ ​ ​ ​ ​ RMB US$ Within one year 18,196 2,563 More than one year 48,982 6,899 Total 67,178 9,462
Summary of contract with customer liability recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue recognized from amounts included in contract liabilities at the beginning of the period 112,221 192,428 233,143 32,837
Schedule of other gain (loss), net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Gross unrealized gain on equity investments held 82,492 22,452 1,689 237 Gross unrealized loss (including impairment) on equity investments held — (37,623) (26,051) (3,668) Net realized gain (loss) on equity investments sold 10,363 (123) 100 14 Gain on disposal of a subsidiary ​ — ​ — ​ 6,022 ​ 848 Changes in fair value of purchase consideration in a business acquisition (9,249) (28,516) (14,433) (2,033) ​ 83,606 (43,810) (32,673) (4,602)
Schedule of other income , net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Government grants* 100,759 56,867 114,282 16,096 Income from ADS Reimbursement (Note 12) 9,967 10,386 12,696 1,788 Value added tax transferred out (23,721) (32,766) (37,237) (5,245) Gain on disposal of property and equipment 7,107 156 (451) (64) Others 935 (11,636) 11,073 1,561 ​ 95,047 23,007 100,363 14,136 * Government grants primarily included grants for rental expenses and interests paid for bank loans, and deductions or refund of other taxes.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
Schedule of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Accounts receivable 2,450,392 1,554,658 218,969 Allowance for credit losses (47,962) (24,743) (3,485) Accounts receivable, net 2,402,430 1,529,915 215,484
Schedule of the movement in the allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Balance at beginning of the year 15,770 32,265 47,962 6,755 Adoption of ASC 326* 5,684 — — — Provision for expected credit losses 121,731 323,848 550,891 77,592 Write-offs charged against the allowance for credit losses** (101,202) (273,286) (497,391) (70,056) Recoveries during the year (9,718) (34,865) (76,719) (10,806) Balance at end of the year 32,265 47,962 24,743 3,485 * On January 1, 2021, the Group adopted ASC 326 using a modified retrospective approach and did not restate the comparable prior periods, which resulted in a cumulative effect to increase the opening balance of accumulated deficit on January 1, 2021 by RMB5,684. ** The increase in write-offs charged against the allowance for credit losses was mainly due to the deterioration of third-party customers’ financial condition resulted from their worsening business operation impacted by economic conditions.

PREPAYMENTS AND OTHER ASSETS (T

PREPAYMENTS AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER ASSETS
Schedule of prepayments and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current portion: Prepayments to suppliers 194,796 ​ 269,743 37,993 Contract costs* 133,084 ​ 157,011 22,115 Contract assets, net** 488,226 ​ 543,083 76,492 VAT prepayments 678,847 ​ 749,718 105,596 Interest receivable 21,955 ​ 1,416 199 Individual income tax receivable*** (Note 12) 3,742 ​ 11,027 1,553 Others 91,372 ​ 80,694 11,364 ​ 1,612,022 ​ 1,812,692 255,312 Non-current portion: ​ ​ ​ ​ Prepayments for electronic equipment**** 19,211 ​ 860,636 121,218 Others 2,052 ​ 10,145 1,429 ​ 21,263 ​ 870,781 122,647 * The amount represents costs incurred in advance of revenue recognition arising from direct and incremental costs related to enterprise cloud services provided. Such contract costs are recognized as cost of revenue upon the recognition of the related revenues. ** The amount represents the Group’s rights to consideration for work completed in relation to its services performed but not billed at the end of respective periods. The increase in contract assets as of December 31, 2023 as compared to the year ended December 31, 2022 is a result of slowdown in the billing process. The allowance for credit losses on contract assets were RMB21,453 and RMB40,168 (US$5,658) as of December 31, 2022 and 2023, respectively. The amounts charged to expenses for credit losses on contract assets were RMB19,862 and RMB19,183 (US$2,702), and write-offs charged against the allowance were RMB nil and RMB468 (US$66) for the years ended December 31, 2022 and 2023, respectively. *** The amount represents amounts due from certain employees related to their individual income taxes (“IIT”) arising from exercise and vesting of share-based awards. ****The increase in prepayments for electronic equipment was mainly for the purchase of computing power equipment.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Electronic equipment 5,421,548 5,484,660 772,498 Office equipment and fixtures 15,376 11,207 1,578 Data center machinery and equipment 319,652 315,086 44,379 Building 161,428 128,793 18,140 Construction in progress 3,459 335,162 47,206 ​ 5,921,463 6,274,908 883,801 Less: accumulated depreciation ​ (3,788,469) (4,088,763) (575,889) Property and equipment, net 2,132,994 2,186,145 307,912

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Customer relationships 620,500 621,159 87,488 Patents and technologies 60,900 60,900 8,578 Trademarks and domain names 497,939 497,968 70,137 Software and copyrights 88,502 82,168 11,573 Others 3,707 4,134 582 ​ 1,271,548 1,266,329 178,358 Less: accumulated amortization ​ ​ ​ Customer relationships (130,701) (228,561) (32,192) Patents and technologies (17,763) (27,913) (3,931) Trademarks and domain names (70,494) (120,281) (16,941) Software and copyrights (41,286) (51,459) (7,248) Others (3,284) (3,637) (512) ​ (263,528) (431,851) (60,824) Intangible assets, net 1,008,020 834,478 117,534
Schedule of amortization expense of intangible assets	​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 171,738 ​ 24,189 2025 167,084 ​ 23,533 2026 163,407 ​ 23,015 2027 150,206 ​ 21,156 2028 and thereafter 182,043 ​ 25,641 Total 834,478 ​ 117,534

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL
Schedule of carrying value of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cloud-based ​ ​ ​ ​ Cloud service ​ digital solutions ​ ​ ​ and solutions and services Total ​ ​ RMB ​ RMB ​ RMB Balance as of December 31, 2021 3,669,031 ​ 956,084 ​ 4,625,115 Disposal of a subsidiary ​ (15,268) ​ — ​ (15,268) Adjustments to fair values of preliminary purchase price allocation ​ (3,259) ​ (864) ​ (4,123) Balance as of December 31, 2022 ​ 3,650,504 ​ 955,220 ​ 4,605,724 Balance as of December 31, 2023 3,650,504 ​ 955,220 ​ 4,605,724 Balance as of December 31, 2023, in US$ 514,163 ​ 134,540 ​ 648,703

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Operating lease costs 52,648 72,244 53,172 7,489 Short-term lease costs 11,317 15,493 46,220 6,510 Finance lease costs: Depreciation of finance lease assets — 9,204 22,361 3,149 Interest on finance lease liabilities — 5,491 15,563 2,192 Variable lease payments — 7,237 23,054 3,248 Total finance lease costs — 21,932 60,978 8,589
Schedule of other information related to the leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2021 2022 2023 Weighted-average remaining lease term: ​ Operating leases 8.3 years 7.7 years 9.5 years Finance leases — 9.3 years 7.8 years ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ Operating leases 6.18 % 5.88 % 5.88 % Finance leases — 5.90 % 5.84 %
Schedule of cash paid for amounts included in measurement of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Cash payments for operating leases 35,214 47,385 53,086 7,477 Cash payments for finance leases — — 13,308 1,874
Schedule of lease assets obtained in exchange for lease obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Operating leases 6,915 47,288 11,016 1,552 Finance leases — 175,324 169,350 23,852
Schedule of undiscounted future minimum payments under the operating and financing lease liabilities and reconciliation to the operating and financing lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease ​ Finance lease ​ ​ RMB US$ RMB US$ 2024 79,605 11,212 ​ 42,971 ​ 6,052 2025 28,128 3,962 ​ 65,674 ​ 9,250 2026 13,278 1,870 ​ 64,889 ​ 9,139 2027 10,118 1,425 ​ 51,372 ​ 7,236 2028 and thereafter 52,414 7,382 ​ 222,612 ​ 31,354 Total future lease payments 183,543 25,851 ​ 447,518 ​ 63,031 Less: imputed interest (26,537) (3,737) ​ (92,950) ​ (13,091) Total lease liability balance 157,006 22,114 ​ 354,568 ​ 49,940 ​

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current portion: ​ Customer advances* ​ 411,467 434,252 61,163 Salary and welfare payable ​ 671,124 698,783 98,422 Purchase of property and equipment ​ 120,530 458,978 64,646 Accrued expenses ​ 188,533 124,943 17,598 Other tax and surcharges payable ​ 110,242 117,323 16,525 Deferred government grants** ​ 17,257 3,867 545 Purchase consideration payable*** ​ 1,208,985 529,648 74,599 Payables for acquisition of non-controlling interests (Note 4) ​ — ​ 352,483 ​ 49,646 Finance lease liabilities ​ — ​ 36,262 ​ 5,107 Individual income tax payable**** (Note 7) ​ 3,742 7,999 1,127 Others***** ​ 98,946 73,547 10,358 ​ 2,830,826 2,838,085 399,736 Non-current portion: ​ ​ ​ ​ Deferred government grants** ​ 104,156 87,181 12,279 Purchase consideration payable*** ​ — 149,084 20,998 Finance lease liabilities ​ 180,815 ​ 318,306 ​ 44,832 Unrecognized tax benefit ​ 40,539 ​ 43,590 ​ 6,140 Others***** ​ 45,021 36,642 5,161 ​ 370,531 634,803 89,410 * The amount represents contract liabilities for the rendering of services. The increase in customer advances as of December 31, 2023 is a result of the increase in consideration received from the Group’s customers. ** The amount primarily represents government subsidies for the constructions of a data center in mainland China. *** As of August 25, 2023, the Company has entered into supplementary agreements (the “Supplementary Agreements”) with the founder shareholders and certain non-founder selling shareholders, to adjust the settlement timing and method of the remaining outstanding purchase consideration. Balance as of December 31, 2023 underlying and in accordance with these Supplementary Agreements will be settled by cash by August 31, 2025. **** Represents IIT payable to the tax bureau on behalf of certain employees related to their exercise and vesting of share-based awards. ***** In July 2020, the Company received a reimbursement of US$7,469 (equivalent to RMB47,597) from the depository for the establishment and maintenance of the ADS program (“ADS Reimbursement”). As of December 31, 2022 and 2023, RMB10,762 and RMB10,945 (US$1,542) were included in the current portion, and RMB14,350 and RMB3,648 (US$514) were included in the non-current portion of accrued expenses and other liabilities, respectively. The ADS Reimbursement will be released to the consolidated statements of comprehensive loss in equal amounts over the ADS program term.

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2023
LOANS
Schedule of related party loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Current ​ ​ ​ ​ Kingsoft Group * ​ — 500,000 70,424 Xiaomi Group** ​ 340,129 363,223 51,159 ​ ​ 340,129 863,223 121,583 Non-current: ​ ​ ​ ​ ​ ​ Xiaomi Group ** ​ 413,464 ​ 40,069 ​ 5,644 ​ ​ 413,464 ​ 40,069 ​ 5,644 ​ ​ 753,593 ​ 903,292 ​ 127,227 * On December 4, 2023, the Group entered into a loan facility framework agreement with Kingsoft Corporation Limited (the “Kingsoft Loan Facility”). Under the terms of the Kingsoft Loan Facility, the Group may borrow from Kingsoft Corporation Limited, from December 5, 2023 to December 31, 2025, a principal amount of up to RMB1,500,000 to finance the Group’s capital expenditure needs on electronic equipment procurement. The Kingsoft Loan Facility comprises of an one-time unsecured loan facility for amount up to RMB500,000, which has a repayment term of no more than ten months. Any additional borrowings under the Kingsoft Loan Facility should be secured by the Group’s property and equipment, and have a repayment term of no more than 18 months. In December 2023, the Group drew down RMB500,000 from the one time unsecured loan facility with fixed annual interest rate of 3.75% per annum, and the loan will be repayable in September 2024. ** During 2021 and 2022, the Group entered into several loan agreements with fixed annual interest rates of 4.36% and 3.98% with Xiaomi Group, respectively. During 2023, the Group entered into two loan agreements with Xiaomi Group to obtain loans from Xiaomi Group with fixed annual interest rates of 6.00% and 6.50%, respectively. The loans are secured by the Group’s electronic equipment and the carrying amount of the electronic equipment pledged was RMB585,005 and RMB421,901 (US$59,424) as of December 31, 2022, and 2023, respectively.
Summary of loan principal due according to schedule	​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 ​ 1,986,534 279,797 2025 ​ 40,921 ​ 5,764 2026 100,000 14,085 ​ 2,127,455 299,646 ​

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2023
TAXATION
Schedule of income before income tax, domestic and foreign	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Mainland China (1,646,607) ​ (2,475,677) (2,139,795) (301,384) Non-Mainland China 70,592 ​ (188,238) (25,893) (3,646) ​ (1,576,015) ​ (2,663,915) (2,165,688) (305,030)
Schedule of current and deferred components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Current income tax expense 27,593 ​ 59,668 42,446 ​ 5,978 Deferred income tax benefit (11,852) ​ (35,195) (24,487) ​ (3,449) ​ 15,741 ​ 24,473 17,959 ​ 2,529
Schedule of effective income tax expense reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Loss before income tax (1,576,015) (2,663,915) (2,165,688) ​ (305,030) Income tax computed at the mainland China statutory tax rate of 25% ​ (394,004) (665,978) (541,422) ​ (76,258) Effect of tax holiday and preferential tax rates 7,083 52,651 110,393 ​ 15,549 Effect of different tax rates in different jurisdictions (1,681) 58,266 21,918 ​ 3,087 Other non-taxable income (24,999) (28,993) (26,008) ​ (3,663) Non-deductible expenses 36,719 5,727 6,379 ​ 898 Share-based compensation costs 108,588 90,015 45,411 ​ 6,396 Research and development super deduction (146,639) (64,718) (132,163) ​ (18,615) Withholding tax and others 9,552 10,785 9,771 ​ 1,376 Change in valuation allowance 434,056 525,169 397,137 ​ 55,936 True-up adjustments in respect of prior year’s annual tax filing (3,474) (15,195) 49,940 ​ 7,034 Expiration of tax loss forward ​ — ​ 124,555 ​ 83,300 ​ 11,733 Tax rate change on deferred items (9,460) (67,811) (6,697) ​ (944) Income tax expense 15,741 24,473 17,959 ​ 2,529
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax assets: ​ Tax loss carried forward ​ 2,318,161 2,447,162 ​ 344,676 Accrued expenses ​ 84,428 91,794 ​ 12,929 Depreciation ​ 17,073 19,095 ​ 2,689 Allowance for doubtful accounts ​ 85,666 185,467 ​ 26,122 Government grant ​ 5,779 21,808 ​ 3,072 Operating lease liabilities ​ 57,828 28,405 ​ 4,001 Accrued interest ​ 197,767 215,659 ​ 30,375 Finance lease liabilities ​ 47,505 ​ 80,286 ​ 11,308 Impairment of long-lived assets ​ — ​ 129,036 ​ 18,174 Others ​ 8,241 11,557 ​ 1,628 Less: valuation allowance ​ (2,415,627) (2,809,601) ​ (395,724) ​ 406,821 420,668 ​ 59,250 Deferred tax liabilities: ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ 46,367 25,464 ​ 3,587 One-time deduction for fixed asset purchases ​ 231,532 292,141 ​ 41,147 Long-lived assets arising from acquisition ​ 238,672 204,032 ​ 28,737 Finance lease right-of-use assets ​ 41,530 ​ 17,452 ​ 2,458 Others ​ 15,772 24,144 ​ 3,401 ​ 573,873 563,233 ​ 79,330 ​ ​ ​ ​ ​ ​ ​ Net deferred tax liabilities ： ​ 167,052 ​ 142,565 ​ 20,080
Summary of unrecognized tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB US$ Balance at beginning of the year 59,049 58,718 ​ 8,270 Additions from the business acquisitions — — ​ — Additions based on tax position related to current year 15,894 9,449 ​ 1,331 Additions based on tax positions related to prior year ​ 22,462 ​ 4,652 ​ 655 Reductions for tax positions related to prior years ​ (38,687) ​ (11,789) ​ (1,660) Balance at end of the year 58,718 61,030 ​ 8,596

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
Summary of the activity under the share option scheme	A summary of the activity for the options granted under the 2013 Share Option Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ grant-date ​ remaining ​ intrinsic ​ options price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 38,366,108 0.07 0.86 6.01 6,972 Forfeited (1,147,119) 0.07 1.84 — — Exercised (4,363,286) 0.07 0.63 — — Outstanding, December 31, 2023 32,855,703 0.07 0.85 5.01 5,864 Vested and expected to vest at December 31, 2023 32,855,703 0.07 0.85 5.01 5,864 Exercisable at December 31, 2023 27,962,196 0.07 0.68 4.68 4,994
Summary of the activity for the options issued under the share award scheme	A summary of the activity for the options granted under the 2013 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ grant-date ​ remaining ​ intrinsic ​ options price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 17,068,100 0.87 0.31 6.97 — Forfeited (2,611,210) 0.87 0.29 — — Outstanding, December 31, 2023 14,456,890 0.87 0.32 5.97 — Vested and expected to vest at December 31, 2023 14,456,890 0.87 0.32 5.97 — Exercisable at December 31, 2023 12,391,620 0.87 0.31 5.96 —
Schedule of assumptions used to estimate the fair value of the share options	The assumptions used to estimate the fair value of the share options granted for the years ended December 31, 2021 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 Risk-free rate 1.13%-1.62% ​ 1.75%-2.93% Expected volatility range 36.28%-38.03% ​ 35.62%-46.22% Exercise multiple 2.20-2.80 2.20-2.80 Fair market value per ordinary share as at valuation dates US$1.97-US$3.49 US$0.24-US$0.73 ​
Summary of acquisition date fair value of each share-based award is estimated	The acquisition date fair value of each Camelot Award is estimated using the binomial tree option pricing model with the following assumptions: ​ ​ ​ ​ ​ 2021 Risk-free rate 0.21 % Expected volatility 50.56 % Exercise multiple 2.20 ​ Fair market value per ordinary share as at valuation dates RMB23.00 ​
Summary of the amount of share-based compensation expense included in each of the relevant financial statement line items	The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Cost of revenues 17,481 15,618 9,757 1,374 Selling and marketing expenses 72,594 68,562 6,977 983 General and administrative expenses 193,886 187,843 114,766 16,164 Research and development expenses 150,389 87,812 50,145 7,063 ​ 434,350 359,835 181,645 25,584 ​
2013 Share Award Scheme
SHARE-BASED PAYMENTS
Summary of the activity for the restricted shares issued under the share award scheme	A summary of the activity for the restricted shares issued under the 2013 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ shares grant-date fair value ​ ​ ​ ​ US$ Outstanding, December 31, 2022 30,148,902 1.33 Vested (9,271,339) 1.08 Forfeited (7,740,183) 1.45 Outstanding, December 31, 2023 13,137,380 1.22 Expected to vest at December 31, 2023 13,137,380 1.22
2021 Share Award Scheme
SHARE-BASED PAYMENTS
Summary of the activity for the options issued under the share award scheme	In November 2021, the Company adopted the 2021 Share Award Scheme. A summary of the activity for the restricted shares with option features (the “RSUs”) issued under the 2021 Share Award Scheme is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ average ​ Weighted- ​ ​ ​ ​ ​ ​ Weighted- ​ grant- ​ average ​ Aggregate ​ ​ Number of ​ average exercise ​ date ​ remaining ​ intrinsic ​ the RSUs price fair value contractual term value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 104,003,481 0.01 0.32 9.44 25,786 Granted 154,646,877 0.01 0.27 — — Exercised (40,048,900) 0.01 0.28 — — Forfeited (12,449,108) 0.01 0.37 — — Outstanding, December 31, 2023 206,152,350 0.01 0.29 9.38 54,682 Vested and expected to vest at December 31, 2023 206,152,350 0.01 0.29 9.38 54,682 Exercisable at December 31, 2023 63,021,373 0.01 0.26 9.23 15,251

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
LOSS PER SHARE
Schedule of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Numerator: Net loss attributable to Kingsoft Cloud Holdings Limited (1,588,712) (2,658,184) (2,176,340) (306,530) Denominator: ​ ​ ​ ​ Weighted average number of ordinary shares outstanding - basic and diluted 3,441,729,444 3,623,838,985 3,558,354,940 3,558,354,940 Basic and diluted loss per share (0.46) (0.73) (0.61) (0.09)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of related Parties and nature of relationship	a) Related Parties Name of principal related parties Relationship with the Group Kingsoft Corporation Limited and its subsidiaries (other than all of entities of the Group) (“Kingsoft Group”) ​ Principal shareholder of the Company ​ ​ ​ Xiaomi Corporation and its subsidiaries (“Xiaomi Group”) ​ Entity controlled by a director of the Company
Schedule of related party transactions	b) The Group had the following related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ Public cloud services provided to Xiaomi Group 749,597 ​ 804,647 763,338 107,514 Public cloud services provided to Kingsoft Group 156,158 ​ 187,907 217,333 30,611 Public cloud services provided to other related parties ​ — ​ 50,629 ​ 378 ​ 53 Enterprise cloud services provided to Xiaomi Group 22,857 ​ 74,590 104,967 14,784 Enterprise cloud services provided to Kingsoft Group 838 ​ 10,892 18,690 2,632 Enterprise cloud services provided to other related parties ​ — ​ — ​ 2,200 ​ 310 Other services provided to Kingsoft Group 74 ​ — — — Other services provided to other related parties ​ — ​ — ​ 436 ​ 61 ​ 929,524 ​ 1,128,665 1,107,342 155,965 Purchase of devices from Xiaomi Group 1,349 ​ 144 91 13 Interest expense on loans due to Xiaomi Group 16,633 ​ 48,707 39,703 5,592 Interest expense on a loan due to Kingsoft Group 4,088 ​ 18,364 958 135 Rental of building from Xiaomi Group* 56,452 ​ 48,766 39,713 5,593 Rental of office space, and administrative services from Kingsoft Group 13,321 ​ 13,931 9,167 1,291 ​ 91,843 ​ 129,912 89,632 12,624 * The Group entered into agreements to lease building and office space from Xiaomi Group. As of December 31, 2022 and 2023, the related operating lease right-of-use assets amounted to RMB167,697 and RMB115,622 (US$16,285) and operating lease liabilities amounted to RMB224,346 and RMB132,146 (US$18,612), respectively.
Schedule of related party balances	c) The Group had the following related party balances at the end of the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due from related parties: ​ ​ Trade related: ​ ​ ​ ​ Xiaomi Group ​ 200,577 189,027 26,623 Kingsoft Group ​ 34,550 ​ 61,901 ​ 8,719 Other related parties* ​ 6,268 ​ 71,372 ​ 10,053 ​ ​ ​ ​ ​ ​ ​ Non-trade related: ​ ​ ​ ​ Kingsoft Group ​ 10,868 — — ​ ​ 252,263 ​ 322,300 ​ 45,395 Amounts due to related parties: ​ ​ ​ ​ ​ ​ Trade related: ​ ​ ​ ​ ​ ​ Kingsoft Group ​ 14,069 ​ 5,824 ​ 820 Xiaomi Group ​ 44,245 ​ 26,520 ​ 3,735 Other related parties ​ — ​ 7,055 ​ 994 ​ ​ ​ ​ ​ Non-trade related: ​ ​ ​ ​ Kingsoft Group** ​ 29,284 529,284 74,548 Xiaomi Group** ​ 753,593 ​ 403,292 ​ 56,803 ​ ​ 841,191 ​ 971,975 ​ 136,900 * Amount as of December 31, 2023 included RMB **

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ RMB Balance as of January 1, 2021 (68,440) Foreign currency translation adjustments, net of tax of nil ​ (139,442) Balance as of December 31, 2021 ​ (207,882) Foreign currency translation adjustments, net of tax of nil 660,956 Balance as of December 31, 2022 453,074 Foreign currency translation adjustments, net of tax of nil 102,268 Balance as of December 31, 2023 555,342 Balance as of December 31, 2023, in US$ 78,218

CONDENSED FINANCIAL INFORMATI_2

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)	12 Months Ended
	Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
Summary of Parent Company Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ ASSETS Current assets: Cash and cash equivalents 169,743 21,752 ​ 3,064 Restricted cash ​ — ​ 171 ​ 24 Prepayments and other assets 34,141 30,456 ​ 4,290 Amounts due from subsidiaries (other than WFOE)* 4,354,380 1,834,723 ​ 258,415 Amounts due from WFOE ​ 100,000 ​ 100,000 ​ 14,085 Total current assets 4,658,264 1,987,102 ​ 279,878 Non-current assets: ​ ​ ​ ​ Investments in subsidiaries 5,518,634 6,019,179 ​ 847,784 Total non-current assets 5,518,634 6,019,179 ​ 847,784 Total assets 10,176,898 8,006,281 ​ 1,127,662 LIABILITIES AND SHAREHOLDERS’ EQUITY ​ ​ ​ Current liabilities: ​ ​ ​ Accrued expenses and other liabilities 1,309,490 916,574 ​ 129,098 Income tax payable 2,764 2,835 ​ 399 Amounts due to WFOE 5,287 5,377 ​ 757 Amounts due to VIEs and VIEs’ subsidiaries ​ 43,987 ​ 38,610 ​ 5,437 Total current liabilities 1,361,528 963,396 ​ 135,691 Other liabilities 14,350 152,733 ​ 21,514 Total non-current liabilities 14,350 152,733 ​ 21,514 Total liabilities 1,375,878 1,116,129 ​ 157,205 Commitments and contingencies ​ ​ ​ Shareholders’ equity: ​ ​ ​ Ordinary shares (par value of US$0.001 per share; 40,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,801 and 3,805,284,801 shares issued, 3,508,413,941 and 3,562,097,466 ​ 25,062 25,443 ​ 3,584 Treasury shares ​ (208,385) ​ (208,385) ​ (29,350) Additional paid-in capital ​ 18,648,205 18,811,028 ​ 2,649,478 Accumulated deficit ​ (10,116,936) (12,293,276) ​ (1,731,473) Accumulated other comprehensive income ​ 453,074 555,342 ​ 78,218 Total Kingsoft Cloud Holdings Limited shareholders’ equity ​ 8,801,020 6,890,152 ​ 970,457 Total liabilities and shareholders’ equity ​ 10,176,898 8,006,281 ​ 1,127,662 ​
Summary of Parent Company Income Statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ General and administrative expenses ​ (40,913) ​ (148,392) (36,736) ​ (5,175) Total operating expenses ​ (40,913) ​ (148,392) (36,736) ​ (5,175) Operating loss ​ ​ ​ ​ ​ ​ ​ Interest income ​ 15,224 ​ 12,430 3,830 ​ 539 Interest expense ​ - ​ - ​ (28,339) ​ (3,991) Foreign exchange gain (loss) ​ 10,198 ​ (39,426) 8,078 ​ 1,138 Other income, net ​ 9,889 ​ 10,372 12,683 ​ 1,786 Other loss, net ​ - ​ (37,764) ​ (14,433) ​ (2,033) Share of (losses) gains of subsidiaries ​ (121,100) ​ (264,260) 62,514 ​ 8,806 Contractual interests in VIEs and VIEs’ subsidiaries** ​ (1,461,042) ​ (2,190,364) (2,183,913) ​ (307,598) Loss before income taxes ​ (1,587,744) ​ (2,657,404) (2,176,316) ​ (306,528) Income tax expense ​ (968) ​ (780) (24) ​ (2) Net loss ​ (1,588,712) ​ (2,658,184) (2,176,340) ​ (306,530) Other comprehensive income (loss), net of tax of nil : ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ (139,442) ​ 660,956 102,268 ​ 14,404 Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders ​ (1,728,154) ​ (1,997,228) (2,074,072) ​ (292,126) * Majority of amounts due from the Company’s subsidiaries were ultimately provided to the VIEs and their subsidiaries by the Company’s subsidiaries. Except for the Company’s investments in Camelot, the carrying amounts of investments in subsidiaries and the VIEs were reduced to zero by the Company’s share of contractual interests in cumulative losses as of December 31, 2022, and 2023, and the carrying amounts of “amounts due from subsidiaries” were further adjusted. ** It represents the primary beneficiary’s share of losses generated from the VIEs and their subsidiaries.
Summary of Parent Company Cash Flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB RMB ​ US$ Net cash generated from (used in) operating activities ​ 1,178,019 (40,310) (66,851) ​ (9,416) Net cash (used in) generated from investing activities (1,179,393) 358,010 609,277 ​ 85,815 Net cash used in financing activities ​ (815) (215,923) (681,660) ​ (96,010) Effect of exchange rate changes on cash and cash equivalents 3,570 (1,427) (8,586) ​ (1,209) Net increase (decrease) in cash and cash equivalents 1,381 100,350 (147,820) ​ (20,820) Cash and cash equivalents at beginning of the year 68,012 69,393 169,743 ​ 23,908 Cash and cash equivalents at end of the year 69,393 169,743 21,923 ​ 3,088 ​

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Organization and Basis of Presentation (Details) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 HKD ($)	Dec. 31, 2023 CNY (¥)
Kingsoft Cloud Corporation Limited
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	HK
Issued ordinary/registered share capital | $	$ 2
Date of establishment, subsidiaries	Feb. 01, 2012
Principal activities, subsidiary	Cloud services
Kingsoft Cloud Corporation Limited | Direct holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	100%	100%
Beijing Kingsoft Cloud Technology Co., Ltd. ("Beijing Kingsoft Cloud")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 910,000
Date of establishment, subsidiaries	Apr. 09, 2012
Principal activities, subsidiary	Research and development
Beijing Kingsoft Cloud Technology Co., Ltd. ("Beijing Kingsoft Cloud") | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	100%	100%
Beijing Yunxiang Zhisheng Technology Co., Ltd. ("Yunxiang Zhisheng")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 1,390,000
Date of establishment, subsidiaries	Dec. 15, 2015
Principal activities, subsidiary	Research and development
Beijing Yunxiang Zhisheng Technology Co., Ltd. ("Yunxiang Zhisheng") | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	100%	100%
Camelot Technology Co., Ltd. ("Camelot Technology")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 250,000
Date of establishment, subsidiaries	Sep. 03, 2021
Principal activities, subsidiary	Enterprise digital solutions and related services
Camelot Technology Co., Ltd. ("Camelot Technology") | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	92.23%	92.23%
Hainan Yangpu Kingsoft Cloud Information Technology Co., Ltd.
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 2,844,252
Date of establishment, subsidiaries	Aug. 04, 2022
Principal activities, subsidiary	Cloud services
Hainan Yangpu Kingsoft Cloud Information Technology Co., Ltd. | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	100%	100%
Zhuhai Kingsoft Cloud Technology Co., Ltd. ("Zhuhai Kingsoft Cloud")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 11,080
Date of establishment, subsidiaries	Nov. 09, 2012
Principal activities, Variable Interest Entity VIE	Investment holding
Zhuhai Kingsoft Cloud Technology Co., Ltd. ("Zhuhai Kingsoft Cloud") | Direct holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Kingsoft Cloud (Beijing) Information Technology Co., Ltd. ("Kingsoft Cloud Information")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 10,000
Date of establishment, subsidiaries	Apr. 13, 2018
Principal activities, Variable Interest Entity VIE	Investment holding
Kingsoft Cloud (Beijing) Information Technology Co., Ltd. ("Kingsoft Cloud Information") | Direct holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Beijing Kingsoft Cloud Network Technology Co., Ltd. ("Beijing Kingsoft Cloud Network Technology")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 200,000
Date of establishment/acquisition, variable interest entities	Nov. 09, 2012
Principal activities, Variable Interest Entity VIE	Cloud services
Beijing Kingsoft Cloud Network Technology Co., Ltd. ("Beijing Kingsoft Cloud Network Technology") | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Beijing Jinxun Ruibo Network Technology Co., Ltd. ("Beijing Jinxun Ruibo")
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 10,000
Date of establishment/acquisition, variable interest entities	Dec. 17, 2015
Principal activities, Variable Interest Entity VIE	Cloud services
Beijing Jinxun Ruibo Network Technology Co., Ltd. ("Beijing Jinxun Ruibo") | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Nanjing Qianyi Shixun Information Technology Co., Ltd.
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 15,000
Date of establishment/acquisition, variable interest entities	Mar. 31, 2016
Principal activities, Variable Interest Entity VIE	Cloud services
Nanjing Qianyi Shixun Information Technology Co., Ltd. | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Wuhan Kingsoft Cloud Information Technology Co., Ltd.
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 100,000
Date of establishment/acquisition, variable interest entities	Dec. 26, 2017
Principal activities, Variable Interest Entity VIE	Cloud services
Wuhan Kingsoft Cloud Information Technology Co., Ltd. | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Kingsoft Cloud (Tianjin) Technology Development Co Ltd
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 100,000
Date of establishment/acquisition, variable interest entities	May 30, 2019
Principal activities, Variable Interest Entity VIE	Cloud services
Kingsoft Cloud (Tianjin) Technology Development Co Ltd | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%
Qingyang Kingsoft Cloud Data Information Technology Co., Ltd.
Organization Consolidation And Presentation Of Financial Statements
Place of establishment and operations	Mainland China
Issued ordinary/registered share capital		¥ 20,000
Date of establishment/acquisition, variable interest entities	Mar. 09, 2021
Principal activities, Variable Interest Entity VIE	Cloud services
Qingyang Kingsoft Cloud Data Information Technology Co., Ltd. | Indirect holdings
Organization Consolidation And Presentation Of Financial Statements
Percentage of equity interest attributable to the Company	0%	0%

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021	Dec. 31, 2023 USD ($)
Restricted cash
Organization Consolidation And Presentation Of Financial Statements
Assets secured for payment of liabilities	¥ 23,091	¥ 14,695		$ 3,252
Revenue Benchmark | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated Revenue
Organization Consolidation And Presentation Of Financial Statements
Concentration risk percentage	65.30%	68.10%	88%
Xiaomi Group [Member] | Electronic equipment
Organization Consolidation And Presentation Of Financial Statements
Assets secured for payment of liabilities	¥ 421,901	¥ 585,005		$ 59,424
Beijing Yunxiang Zhisheng Technology Co Ltd
Organization Consolidation And Presentation Of Financial Statements
Payment towards loans to related parties	10,000
Loan To Zhuhai King Soft Cloud | Beijing Kingsoft Cloud Technology Co Ltd
Organization Consolidation And Presentation Of Financial Statements
Payment towards loans to related parties	¥ 279
Exclusive Purchase Option Agreement With Zhuhai King Soft Cloud And Nominee Shareholders | Beijing Kingsoft Cloud Technology Co Ltd
Organization Consolidation And Presentation Of Financial Statements
Equity Method investment per share purchase price | ¥ / shares	¥ 0.001

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Operations and Cash Flows Results of Variable Interest (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Organization Consolidation And Presentation Of Financial Statements
Revenues	¥ 7,047,461	$ 992,614	¥ 8,180,107	¥ 9,060,784
Net loss	(2,176,340)	(306,530)	(2,658,184)	(1,588,712)
Net cash used in operating activities	(169,070)	(23,813)	188,974	(708,869)
Net cash used in investing activities	(673,186)	(94,816)	(32,865)	(421,623)
Net cash generated from financing activities	(227,852)	(32,092)	(1,152,146)	2,212,487
Variable Interest Entity, Primary Beneficiary [Member]
Organization Consolidation And Presentation Of Financial Statements
Revenues	4,599,721	647,857	5,571,837	7,972,143
Net loss	(2,110,022)	(297,190)	(2,211,057)	(1,556,904)
Net cash used in operating activities	(286,575)	(40,363)	(144,977)	(958,748)
Net cash used in investing activities	(1,833,636)	(258,262)	(1,167,374)	(843,586)
Net cash generated from financing activities	¥ 1,809,799	$ 254,905	¥ 567,592	¥ 2,612,563

ORGANIZATION AND BASIS OF PRE_6

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Assets Liabilities Results of Variable Interest Entities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,255,287	$ 317,651	¥ 3,419,166
Restricted cash	234,194	32,986	114,560
Accounts receivable, net of allowance for credit losses of RMB30,082 and RMB32,413 (US$4,699) as of December 31, 2022 and 2023, respectively	1,529,915	215,484	2,402,430
Allowanace for doubtful debt on accounts receivable current	24,743	3,485	47,962	$ 6,755	¥ 32,265	¥ 15,770
Prepayments and other assets	1,812,692	255,312	1,612,022
Amounts due from	266,036	37,470	246,505
Total current assets	6,098,124	858,903	9,048,353
Non-current assets:
Property and equipment, net	2,186,145	307,912	2,132,994
Intangible assets, net	834,478	117,534	1,008,020
Prepayments and other assets	870,781	122,647	21,263
Goodwill	4,605,724	648,703	4,605,724		¥ 4,625,115
Equity investments	259,930	36,610	273,580
Amounts due from related parties	¥ 56,264	$ 7,925	¥ 5,758
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties	Related parties
Operating lease right-of-use assets	¥ 158,832	$ 22,371	¥ 220,539
Total non-current assets	8,972,154	1,263,702	8,267,878
Total assets	15,070,278	2,122,605	17,316,231
Current liabilities:
Accounts payable	1,805,083	254,241	2,301,958
Amounts due to related parties	931,906	131,256	427,727
Current operating lease liabilities	¥ 78,659	$ 11,079	¥ 136,723
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties	Related parties
Total current liabilities	¥ 6,828,590	$ 961,787	¥ 6,658,626
Non-current liabilities:
Non-current operating lease liabilities	78,347	11,035	123,059
Total non-current liabilities	995,784	140,254	1,074,106
Total liabilities	7,824,374	1,102,041	7,732,732
Related parties
Non-current liabilities:
Other liabilities	40,069	5,644	413,464
Non-related parties
Non-current liabilities:
Other liabilities	634,803	89,410	370,531
Variable interest entities
Current assets:
Cash and cash equivalents	900,262	126,799	1,231,226
Restricted cash	89,981	12,674	107,840
Accounts receivable, net of allowance for credit losses of RMB30,082 and RMB32,413 (US$4,699) as of December 31, 2022 and 2023, respectively	1,127,936	158,866	2,032,260
Allowanace for doubtful debt on accounts receivable current	20,606	2,902	32,413
Prepayments and other assets	1,067,695	150,382	927,040
Total current assets	4,660,540	656,423	7,053,382
Non-current assets:
Property and equipment, net	2,053,109	289,174	1,978,937
Intangible assets, net	61,604	8,677	83,393
Prepayments and other assets	870,630	122,626	20,257
Goodwill	48,815	6,875	48,814
Equity investments	166,114	23,397	179,697
Amounts due from related parties	¥ 56,036	$ 7,893	¥ 4,712
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties	Related parties
Operating lease right-of-use assets	¥ 125,804	$ 17,719	¥ 147,719
Total non-current assets	3,382,112	476,361	2,463,529
Total assets	8,042,652	1,132,784	9,516,911
Current liabilities:
Accounts payable	1,646,804	231,947	2,113,674
Accrued expenses and other liabilities	1,003,831	141,387	644,858
Short-term bank loans	1,110,896	156,466	885,500
Amounts due to related parties	902,154	127,066	388,308
Current operating lease liabilities	¥ 63,830	$ 8,990	¥ 87,142
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties	Related parties	Related parties
Total current liabilities	¥ 8,885,057	$ 1,251,434	¥ 7,974,326
Non-current liabilities:
Long-term bank loan	100,000	14,085
Non-current operating lease liabilities	64,466	9,080	90,138
Total non-current liabilities	7,643,155	1,076,516	7,995,118
Total liabilities	16,528,212	2,327,950	15,969,444
Variable interest entities | Related parties
Non-current liabilities:
Other liabilities	40,069	5,644	413,464
Variable interest entities | Related parties
Current assets:
Amounts due from	182,484	25,702	216,346
Current liabilities:
Amounts due to related parties	902,154	127,066	388,308
Non-current liabilities:
Other liabilities	40,069	5,644	413,464
Variable interest entities | Subsidiaries of the Group
Current assets:
Amounts due from	1,292,182	182,000	2,538,670
Current liabilities:
Amounts due to related parties	4,157,542	585,578	3,854,844
Non-current liabilities:
Other liabilities	7,023,253	989,204	7,206,545
Variable interest entities | Non-related parties
Non-current liabilities:
Other liabilities	¥ 415,367	$ 58,503	¥ 284,971

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) item segment	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022	Dec. 31, 2020 CNY (¥)
Accounting Policies
Net current liabilities	¥ 730,466					$ 102,884
Cash and cash equivalents, restricted cash and short term investments	¥ 2,489,481		¥ 3,533,726		¥ 4,456,621	$ 350,637	$ 497,715		¥ 3,424,674
Closing foreign exchange rate of CNY per US$1.00	7.0999					7.0999
Proceeds from loans due to related parties	¥ 900,000	$ 126,763	300,000		1,192,455
Unrealized losses (downward adjustments) recognized	0	0	0		0
Equity securities without readily determinable fair value, upward price adjustment	0	0	22,452		82,492
Equity securities without readily determinable fair value cumulative loss	13,582		14,940		0	$ 1,913
Impairment of long lived assets	653,670	92,067	0
Advertising expenses	9,114	1,284	9,512		24,070
Employee benefit expenses	¥ 389,146	$ 54,810	431,929		310,126
Percentage of equity interests investment	49%	49%
Cash Consideration Paid	¥ 12,070	$ 1,700	63,356		¥ 52,493
Fair value of equity interests	30,273		44,808			4,264
Unrealized losses for the equity investments	12,469	$ 1,756		$ 22,683
Accumulated deficit	¥ (12,315,041)		(10,131,636)			$ (1,734,539)
Percentage of ownership interest in equity investments without readily determinable fair value								15.63%
Number of reporting units | item	2	2
Intangible assets with indefinite lives | ¥	¥ 0		¥ 0
Number of operating segments | segment	1	1
VIEs and VIEs' subsidiaries
Accounting Policies
Capital contribution provided	¥ 1,347,145	$ 189,741
Loan amount provided	1,415,327	199,345
Proceeds from loans due to related parties	2,000	282
Initial payment for certain fixed assets purchased	370,511	52,185
Proceeds for services provided	32,308	4,550
Payments for services received	¥ 11,508	$ 1,621

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of property plant and equipment useful lives (Details)	Dec. 31, 2023
Electronic equipment | Minimum
Property, Plant and Equipment
Estimated Useful Life	3 years
Electronic equipment | Maximum
Property, Plant and Equipment
Estimated Useful Life	4 years
Office equipment and fixtures
Property, Plant and Equipment
Estimated Useful Life	5 years
Data center machinery and equipment
Property, Plant and Equipment
Estimated Useful Life	10 years
Building
Property, Plant and Equipment
Estimated Useful Life	50 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of finite lived intangible assets useful lives (Details)	Dec. 31, 2023
Others
Finite-Lived Intangible Assets
Estimated useful life	3 years
Customer Relationships
Finite-Lived Intangible Assets
Estimated useful life	6 years
Patents and technologies
Finite-Lived Intangible Assets
Estimated useful life	6 years
Patents and technologies | Maximum
Finite-Lived Intangible Assets
Estimated useful life	10 years
Trademarks and domain names
Finite-Lived Intangible Assets
Estimated useful life	10 years
Software and copyrights | Minimum
Finite-Lived Intangible Assets
Estimated useful life	3 years
Software and copyrights | Maximum
Finite-Lived Intangible Assets
Estimated useful life	10 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total carrying value of equity (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Equity investments without readily determinable fair value:
Initial cost basis	¥ 124,196		$ 17,493	¥ 124,196	¥ 114,256
Cumulative unrealized gains	119,245		16,795	119,245	96,793
Cumulative unrealized losses (including impairment)	(28,522)		(4,017)	(14,940)
Foreign currency translation	979		138	271	(3,883)
Equity investments without readily determinable fair value	215,898		30,409	228,772	207,166
Equity investment with readily determinable fair value:
Initial cost basis	42,437		5,977	63,356
Cumulative unrealized losses	(12,469)		(1,756)	(22,683)
Realized gain on equity investments sold	100	$ 14
Foreign currency translation	205		29	4,135
Equity investments with readily determinable fair value	30,273		4,264	44,808
Equity method investment
Initial cost basis	12,070		1,700
Share of profit from equity method investment	1,689	$ 237
Equity method investments	13,759		1,937
Total carrying value	¥ 259,930		$ 36,610	¥ 273,580	¥ 207,166

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total carrying value of equity (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments with readily determinable fair value, total fair value	¥ 30,273		¥ 44,808		$ 4,264
Purchase consideration payable, total losses	(14,433)	$ (2,033)	(28,516)	¥ (9,249)
Equity investments with readily determinable fair value, total losses	0	$ 0	(22,452)	¥ (82,492)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase consideration payable, total fair value	(678,732)		(1,208,985)
Equity investments with readily determinable fair value, total fair value	30,273		44,808
Purchase consideration payable, total losses	(14,433)		(28,516)
Equity investments with readily determinable fair value, total losses	(12,469)		(22,683)
Non-recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments accounted for using measurement alternative	215,898		228,772
Long-lived assets in public cloud asset group (Note 8)	3,026,228
Assets and liabilities measured at fair value on a recurring basis long-lived assets in public cloud asset group	(653,670)
Equity investments accounted for using measurement alternative, total gains (losses)			22,452
FairValueInputsLevel1Member | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments with readily determinable fair value, total fair value	30,273		44,808
FairValueInputsLevel2Member | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase consideration payable, total fair value	(678,732)		(1,208,985)
FairValueInputsLevel3Member | Non-recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments accounted for using measurement alternative	215,898		¥ 228,772
Long-lived assets in public cloud asset group (Note 8)	¥ 3,026,228

Concentration of Risks (Details

Concentration of Risks (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration of Risk
Percentage depreciation in foreign currency exchange rate	2.90%	8.20%	2.30%
Revenue Benchmark | One Customer | Customer Concentration Risk
Concentration of Risk
Concentration risk percentage	15%	20%	22%
Revenue Benchmark | Two customer | Customer Concentration Risk
Concentration of Risk
Concentration risk percentage	12%	11%	13%
Contract asset | Two Customers | Customer Concentration Risk
Concentration of Risk
Concentration risk percentage	10%	10%
Contract asset | One Customer | Customer Concentration Risk
Concentration of Risk
Concentration risk percentage		10%

BUSINESS COMBINATION - Addition

BUSINESS COMBINATION - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended							12 Months Ended
	Apr. 30, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Oct. 31, 2022 CNY (¥)	Oct. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2021 CNY (¥)	Apr. 30, 2021 USD ($)
BUSINESS COMBINATION
Goodwill								¥ 4,605,724		$ 648,703	¥ 4,605,724	¥ 4,625,115
Percentage of equity interests investment								49%	49%
Camelot Group
BUSINESS COMBINATION
Equity interest held					79.53%
Shenzhen Yunfan
BUSINESS COMBINATION
Percentage of equity interests acquired						100%	100%
Cash consideration paid						¥ 126,400	$ 19,835
Business combination intangible assets acquired								¥ 77,000		12,083
Goodwill								48,814		7,660
Business combination recognized identifiable net assets								586		92
Beijing Yunshu
BUSINESS COMBINATION
Percentage of equity interests acquired													86.21%	86.21%
Purchase consideration payable, total fair value													¥ 7,034	$ 1,104
Camelot Group
BUSINESS COMBINATION
Percentage of equity interests acquired			9.50%	9.50%
Cash consideration paid	¥ 100,000	$ 14,085	¥ 456,000	$ 66,114	¥ 751,974
Goodwill								4,556,910		$ 660,690
Consideration paid					5,290,553			¥ 5,290,553	$ 767,058
Equity settled consideration					¥ 4,538,579
Beijing Camelot
BUSINESS COMBINATION
Percentage of equity interests acquired					100%

BUSINESS COMBINATION - Summary

BUSINESS COMBINATION - Summary of fair value of assets acquired and liabilities assumed (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Intangible assets:
Goodwill		¥ 4,605,724		$ 648,703	¥ 4,605,724	¥ 4,625,115
Camelot Group
Fair values of the assets acquired and liabilities assumed
Total fair value of purchase consideration	¥ 5,290,553	5,290,553	$ 767,058
Cash and cash equivalents		618,439		89,665
Restricted cash		1,126		163
Accounts receivable and other assets		940,511		136,361
Property and equipment, net		13,792		2,000
Intangible assets:
Deferred tax assets		54,419		7,890
Deferred tax liabilities		(268,490)		(38,927)
Accounts payable and other liabilities		(871,903)		(126,415)
Non-controlling interests		(882,451)		(127,943)
Goodwill		4,556,910		660,690
Customer Relationships | Camelot Group
Intangible assets:
Intangible assets		620,100		89,906
Trademarks | Camelot Group
Intangible assets:
Intangible assets		474,000		68,724
Copyrights | Camelot Group
Intangible assets:
Intangible assets		¥ 34,100		$ 4,944

REVENUES, OTHER GAIN (LOSS), _3

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	¥ 7,047,461	$ 992,614	¥ 8,180,107	¥ 9,060,784
Public Cloud Service | Transferred over Time
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	4,381,741	617,155	5,360,282	6,159,085
Enterprise cloud services
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	2,663,993	375,216	2,816,976	2,897,817
Enterprise cloud services | Transferred at Point in Time
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	580,741	81,796	711,466	2,159,869
Enterprise cloud services | Transferred over Time
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	2,083,252	293,420	2,105,510	737,948
Product and Service Other
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	1,727	243	2,849	3,882
Product and Service Other | Transferred at Point in Time
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax				1,208
Product and Service Other | Transferred over Time
Disaggregation of Revenue
Revenue from contract with customer, excluding assessed tax	¥ 1,727	$ 243	¥ 2,849	¥ 2,674

REVENUES, OTHER GAIN (LOSS), _4

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET - Summary of Revenue, Remaining Performance Obligation (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	¥ 67,178	$ 9,462
Within One Year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	18,196	2,563
More Than One Year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	¥ 48,982	$ 6,899

REVENUES, OTHER GAIN (LOSS), _5

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET - Summary of Contract with Customer Liability Recognized (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET
Revenue recognized from amounts included in contract liabilities at the beginning of the period	¥ 233,143	$ 32,837	¥ 192,428	¥ 112,221

REVENUES, OTHER GAIN (LOSS), _6

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET - Summary of other gain (loss), net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET
Gross unrealized gain on equity investments held	¥ 1,689	$ 237	¥ 22,452	¥ 82,492
Gross unrealized loss (including impairment) on equity investments held	(26,051)	(3,668)	(37,623)
Net realized gain (loss) on equity investments sold	100	14	(123)	10,363
Gain on disposal of a subsidiary	6,022	848
Changes in fair value of purchase consideration in a business acquisition	(14,433)	(2,033)	(28,516)	(9,249)
Total	¥ (32,673)	$ (4,602)	¥ (43,810)	¥ 83,606

REVENUES, OTHER GAIN (LOSS), _7

REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET - Summary of other income , net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUES, OTHER GAIN (LOSS), NET AND OTHER INCOME, NET
Government grants	¥ 114,282	$ 16,096	¥ 56,867	¥ 100,759
Income from ADS Reimbursement	12,696	1,788	10,386	9,967
Value added tax transferred out	(37,237)	(5,245)	(32,766)	(23,721)
Gain on disposal of property and equipment	(451)	(64)	156	7,107
Others	11,073	1,561	(11,636)	935
Total	¥ 100,363	$ 14,136	¥ 23,007	¥ 95,047

ACCOUNTS RECEIVABLE, NET - Sche

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Accounts receivable	¥ 1,554,658	$ 218,969	¥ 2,450,392
Allowance for credit losses	(24,743)	(3,485)	(47,962)	$ (6,755)	¥ (32,265)	¥ (15,770)
Accounts receivable, net	¥ 1,529,915	$ 215,484	¥ 2,402,430

ACCOUNTS RECEIVABLE, NET - Sc_2

ACCOUNTS RECEIVABLE, NET - Schedule of the Movement in the allowance for Doubtful Accounts (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Balance at beginning of the year	¥ 47,962	$ 6,755	¥ 32,265	¥ 15,770
Adoption of ASC 326				5,684
Provision for expected credit losses	550,891	77,592	323,848	121,731
Write-offs charged against the allowance for credit losses	(497,391)	(70,056)	(273,286)	(101,202)
Recoveries during the year	(76,719)	(10,806)	(34,865)	(9,718)
Balance at end of the year	¥ 24,743	$ 3,485	¥ 47,962	¥ 32,265

PREPAYMENTS AND OTHER ASSETS -

PREPAYMENTS AND OTHER ASSETS - Schedule of Prepayments and Other Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current portion:
Prepayments to suppliers	¥ 269,743	$ 37,993	¥ 194,796
Contract costs	157,011	22,115	133,084
Contract assets, net	543,083	76,492	488,226
VAT prepayments	749,718	105,596	678,847
Interest receivable	1,416	199	21,955
Individual income tax receivable	11,027	1,553	3,742
Others	80,694	11,364	91,372
Total	1,812,692	255,312	1,612,022
Non-current portion:
Prepayments for electronic equipment	860,636	121,218	19,211
Others	10,145	1,429	2,052
Total	¥ 870,781	$ 122,647	¥ 21,263

PREPAYMENTS AND OTHER ASSETS _2

PREPAYMENTS AND OTHER ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
PREPAYMENTS AND OTHER ASSETS
Contract with customer, asset, allowance for credit loss	¥ 40,168		¥ 21,453	$ 5,658
Contract with customer asset credit loss expense	19,183	$ 2,702	19,862
Contract with customer asset, allowance for credit loss, write-offs	¥ 468	$ 66	¥ 0

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment
Property and equipment, gross	¥ 6,274,908		¥ 5,921,463		$ 883,801
Less: accumulated depreciation	(4,088,763)		(3,788,469)		(575,889)
Property and equipment, net	2,186,145		2,132,994		307,912
Depreciation expense	760,023	$ 107,047	983,509	¥ 783,305
Electronic equipment
Property, Plant and Equipment
Property and equipment, gross	5,484,660		5,421,548		772,498
Office equipment and fixtures
Property, Plant and Equipment
Property and equipment, gross	11,207		15,376		1,578
Data center machinery and equipment
Property, Plant and Equipment
Property and equipment, gross	315,086		319,652		44,379
Building
Property, Plant and Equipment
Property and equipment, gross	128,793		161,428		18,140
Construction in progress
Property, Plant and Equipment
Property and equipment, gross	¥ 335,162		¥ 3,459		$ 47,206

PROPERTY AND EQUIPMENT, NET - A

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Impairment of long lived assets	¥ 653,670	$ 92,067	¥ 0

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	¥ 1,266,329	$ 178,358	¥ 1,271,548
Less: accumulated amortization	(431,851)	(60,824)	(263,528)
Intangible assets, net	834,478	117,534	1,008,020
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	621,159	87,488	620,500
Less: accumulated amortization	(228,561)	(32,192)	(130,701)
Patents and technologies
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	60,900	8,578	60,900
Less: accumulated amortization	(27,913)	(3,931)	(17,763)
Trademarks and domain names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	497,968	70,137	497,939
Less: accumulated amortization	(120,281)	(16,941)	(70,494)
Software and copyrights
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	82,168	11,573	88,502
Less: accumulated amortization	(51,459)	(7,248)	(41,286)
Others
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	4,134	582	3,707
Less: accumulated amortization	¥ (3,637)	$ (512)	¥ (3,284)

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
INTANGIBLE ASSETS, NET
Amortization expense of intangible assets	¥ 180,459	$ 25,417	¥ 173,915	¥ 72,299

INTANGIBLE ASSETS, NET - Sche_2

INTANGIBLE ASSETS, NET - Schedule of estimated amortization expense of intangible assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Amortization expense of intangible assets
2024	¥ 171,738	$ 24,189
2025	167,084	23,533
2026	163,407	23,015
2027	150,206	21,156
2028 and thereafter	182,043	25,641
Intangible assets, net	¥ 834,478	$ 117,534	¥ 1,008,020

GOODWILL - Summary of Carrying

GOODWILL - Summary of Carrying Value of Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
GOODWILL
Beginning balance	¥ 4,605,724		¥ 4,625,115
Disposal of a subsidiary			(15,268)
Adjustments to fair values of preliminary purchase price allocation			(4,123)
Ending balance	4,605,724	$ 648,703	4,605,724
Cloud service and solutions
GOODWILL
Beginning balance	3,650,504		3,669,031
Disposal of a subsidiary			(15,268)
Adjustments to fair values of preliminary purchase price allocation			(3,259)
Ending balance	3,650,504	514,163	3,650,504
Cloud-based digital solutions and services
GOODWILL
Beginning balance	955,220		956,084
Adjustments to fair values of preliminary purchase price allocation			(864)
Ending balance	¥ 955,220	$ 134,540	¥ 955,220

GOODWILL - Additional Informati

GOODWILL - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cloud service and solutions
GOODWILL
Impairment loss	¥ 0	¥ 0
Fair value of reporting unit	8,886,000
Fair value in excess of carrying amount	¥ 4,110,892
Percentage of fair value in excess of carrying amount	86%
Cloud-based digital solutions and services
GOODWILL
Impairment loss	¥ 0
Fair value of reporting unit	3,159,000
Fair value in excess of carrying amount	¥ 588,204
Percentage of fair value in excess of carrying amount	22.88%

LEASES - Additional Information

LEASES - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LEASES
Operating lease costs	¥ 53,172	$ 7,489	¥ 72,244	¥ 52,648
Short-term lease costs	46,220	6,510	15,493	¥ 11,317
Depreciation of finance lease assets	22,361	3,149	9,204
Interest on finance lease liabilities	15,563	2,192	5,491
Variable lease payments	23,054	3,248	7,237
Total finance lease costs	¥ 60,978	$ 8,589	¥ 21,932
Weighted average remaining lease term for operating lease	9 years 6 months	9 years 6 months	7 years 8 months 12 days	8 years 3 months 18 days
Weighted average remaining lease term for finance lease	7 years 9 months 18 days	7 years 9 months 18 days	9 years 3 months 18 days
Weighted average discount rate for operating lease	5.88%	5.88%	5.88%	6.18%
Weighted average discount rate for finance lease	5.84%	5.84%	5.90%

LEASES - Cash paid for amounts

LEASES - Cash paid for amounts included in the measurement of lease liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LEASES
Cash payments for operating leases	¥ 53,086	$ 7,477	¥ 47,385	¥ 35,214
Cash payments for finance leases	¥ 13,308	$ 1,874

LEASES - Lease assets obtained

LEASES - Lease assets obtained in exchange for lease obligations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LEASES
Operating leases	¥ 11,016	$ 1,552	¥ 47,288	¥ 6,915
Finance leases	¥ 169,350	$ 23,852	¥ 175,324

LEASES - Summary of Undiscounte

LEASES - Summary of Undiscounted Future Minimum Payments under the Group's Operating Lease Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)
Operating lease
2024	¥ 79,605	$ 11,212
2025	28,128	3,962
2026	13,278	1,870
2027	10,118	1,425
2028 and thereafter	52,414	7,382
Total future lease payments	183,543	25,851
Less: imputed interest	(26,537)	(3,737)
Total lease liability balance	157,006	22,114
Finance lease
2024	42,971	6,052
2025	65,674	9,250
2026	64,889	9,139
2027	51,372	7,236
2028 and thereafter	222,612	31,354
Total future lease payments	447,518	63,031
Less: imputed interest	(92,950)	(13,091)
Total lease liability balance	¥ 354,568	$ 49,940
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Due to Related Parties	Due to Related Parties

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of accrued expenses and other liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current portion:
Customer advances	¥ 434,252	$ 61,163	¥ 411,467
Salary and welfare payable	698,783	98,422	671,124
Purchase of property and equipment	458,978	64,646	120,530
Accrued expenses	124,943	17,598	188,533
Other tax and surcharges payable	117,323	16,525	110,242
Deferred government grants	3,867	545	17,257
Purchase consideration payable	529,648	74,599	1,208,985
Payables for acquisition of non-controlling interests (Note 4)	352,483	49,646
Finance lease liabilities	36,262	5,107
Individual income tax payable	7,999	1,127	3,742
Others	73,547	10,358	98,946
Accounts payable and accrued liabilities current	2,838,085	399,736	2,830,826
Non-current portion:
Deferred government grants	87,181	12,279	104,156
Purchase consideration payable	149,084	20,998
Finance lease liability	318,306	44,832	180,815
Unrecognized tax benefit	43,590	6,140	40,539
Others	36,642	5,161	45,021
Accounts payable and accrued liabilities noncurrent	¥ 634,803	$ 89,410	¥ 370,531

ACCRUED EXPENSES AND OTHER LI_4

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of accrued expenses and other liabilities - additional disclosures (Details) ¥ in Thousands, $ in Thousands	1 Months Ended
	Jul. 31, 2020 CNY (¥)	Jul. 31, 2020 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCRUED EXPENSES AND OTHER LIABILITIES
Purchase consideration payable, current			¥ 529,648	$ 74,599	¥ 1,208,985
Purchase consideration payable, non current			149,084	20,998
Other accrued liabilities recorded as current			73,547	10,358	98,946
Other accrued liabilities recorded as noncurrent			36,642	5,161	45,021
Other Current Liabilities
ACCRUED EXPENSES AND OTHER LIABILITIES
Other accrued liabilities recorded as current			10,945	1,542	10,762
Other Noncurrent Liabilities
ACCRUED EXPENSES AND OTHER LIABILITIES
Other accrued liabilities recorded as noncurrent			¥ 3,648	$ 514	¥ 14,350
ADS Reimbursement
ACCRUED EXPENSES AND OTHER LIABILITIES
Reimbursement received from the depository for the establishment and maintenance of the ads program	¥ 47,597	$ 7,469

LOANS (Details)

LOANS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LOANS
Short-term bank loans	¥ 1,110,896	$ 156,466	¥ 909,500
Weighted average interest rate	3.60%	3.60%	4.16%
Long-term bank loans	¥ 100,000	$ 14,085
Fixed annual interest rate	4.10%	4.10%

LOANS - Related party loans (De

LOANS - Related party loans (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LOANS
Current	¥ 863,223	$ 121,583	¥ 340,129
Non-currnet	40,069	5,644	413,464
Related parties loan	903,292	127,227	753,593
Kingsoft Group
LOANS
Current	500,000	70,424
Xiaomi Group
LOANS
Current	363,223	51,159	340,129
Non-currnet	¥ 40,069	$ 5,644	¥ 413,464

LOANS - Unsecured loans (Detail

LOANS - Unsecured loans (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 04, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LOANS
Proceeds from loans due to related parties			¥ 900,000	$ 126,763	¥ 300,000	¥ 1,192,455
Fixed annual interest rate	4.10%		4.10%	4.10%
Kingsoft Group
LOANS
Fixed annual interest rate	3.75%		3.75%	3.75%
Kingsoft Group | Loan Facility
LOANS
Maximum borrowing capacity		¥ 1,500,000,000,000
Kingsoft Group | Unsecured Loan Facility of 5,00,000 [Member]
LOANS
Maximum borrowing capacity		¥ 500,000
Debt Instrument, Term		10 months
Proceeds from Lines of Credit	¥ 500,000,000,000
Kingsoft Group | Unsecured Loan Facility of 5,00,000 [Member] | Maximum
LOANS
Debt Instrument, Term		18 months

LOANS - Other loans (Details)

LOANS - Other loans (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021	Dec. 31, 2023 USD ($)
LOANS
Carrying amount of the electronic equipment pledged	¥ 421,901	¥ 585,005		$ 59,424
Xiaomi Group
LOANS
Fixed annual interest rate		3.98%	4.36%
Xiaomi Group | Loan Agreement One
LOANS
Fixed annual interest rate	6%
Xiaomi Group | Loan Agreement Two
LOANS
Fixed annual interest rate	6.50%

LOANS - Loan repaid schedule (D

LOANS - Loan repaid schedule (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Loan repaid according to the schedule
2024	¥ 1,986,534	$ 279,797
2025	40,921	5,764
2026	100,000	14,085
Total long term debt	¥ 2,127,455	$ 299,646

TAXATION (Details)

TAXATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
TAXATION
Deferred tax assets gross	¥ 3,230,269	¥ 2,822,448		$ 454,974
Valuation allowance on deferred tax assets	2,809,601	2,415,627		395,724
Operating loss carryforwards	10,017,814			1,410,980
Unrecognized tax benefits	61,030	58,718	¥ 59,049	8,596	$ 8,270
Unrecognized tax benefits setoff against deferred tax assets	17,440	18,179		2,456
Unrecognized tax benefits of remaining amounts	43,590	40,539		6,140
Unrecognized tax benefits that would impact effective tax rate	43,590	¥ 40,539		6,140
Interest related to unrecognized tax benefits | ¥	¥ 0
Tax Withholding On Payment Of Interest And Dividends To Non PRC Resident Enterprises
TAXATION
Tax withholding rates on interest and dividend payments	10%	10%	10%
HK
TAXATION
Income tax rate	16.50%	16.50%	16.50%
CN
TAXATION
Income tax rate	25%	25%	25%
Operating loss carryforwards | $				$ 1,410,980
CN | Beijing Kingsoft Cloud Network Technology Co Ltd | Preferential Income Tax Rate
TAXATION
Income tax rate	15%	15%	15%

TAXATION - Schedule of income b

TAXATION - Schedule of income before income tax, domestic and foreign (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Mainland China	¥ (2,139,795)	$ (301,384)	¥ (2,475,677)	¥ (1,646,607)
Non-mainland China	(25,893)	(3,646)	(188,238)	70,592
Loss before income taxes	¥ (2,165,688)	$ (305,030)	¥ (2,663,915)	¥ (1,576,015)

TAXATION - Schedule of componen

TAXATION - Schedule of components of income tax expense (benefit) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Current income tax expense	¥ 42,446	$ 5,978	¥ 59,668	¥ 27,593
Deferred income tax benefit	(24,487)	(3,449)	(35,195)	(11,852)
Income tax expense	¥ 17,959	$ 2,529	¥ 24,473	¥ 15,741

TAXATION - Reconciliation of in

TAXATION - Reconciliation of income tax expense computed using the PRC statutory tax rate to the actual income tax expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Loss before income tax	¥ (2,165,688)	$ (305,030)	¥ (2,663,915)	¥ (1,576,015)
Income tax computed at the mainland China statutory tax rate of 25%	(541,422)	(76,258)	(665,978)	(394,004)
Effect of tax holiday and preferential tax rates	110,393	15,549	52,651	7,083
Effect of different tax rates in different jurisdictions	21,918	3,087	58,266	(1,681)
Other non-taxable income	(26,008)	(3,663)	(28,993)	(24,999)
Non-deductible expenses	6,379	898	5,727	36,719
Share-based compensation costs	45,411	6,396	90,015	108,588
Research and development super deduction	(132,163)	(18,615)	(64,718)	(146,639)
Withholding tax and others	9,771	1,376	10,785	9,552
Change in valuation allowance	397,137	55,936	525,169	434,056
True-up adjustments in respect of prior year's annual tax filing	49,940	7,034	(15,195)	(3,474)
Expiration of tax loss forward	83,300	11,733	124,555
Tax rate change on deferred items	(6,697)	(944)	(67,811)	(9,460)
Income tax expense	¥ 17,959	$ 2,529	¥ 24,473	¥ 15,741

TAXATION - Significant componen

TAXATION - Significant components of the Group's deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Deferred tax assets:
Tax loss carried forward	¥ 2,447,162	$ 344,676	¥ 2,318,161
Accrued expenses	91,794	12,929	84,428
Depreciation	19,095	2,689	17,073
Allowance for doubtful accounts	185,467	26,122	85,666
Government grant	21,808	3,072	5,779
Operating lease liabilities	28,405	4,001	57,828
Accrued interest	215,659	30,375	197,767
Finance lease liabilities	80,286	11,308	47,505
Impairment of long-lived assets	129,036	18,174	0
Others	11,557	1,628	8,241
Less: valuation allowance	(2,809,601)	(395,724)	(2,415,627)
Deferred tax assets, net	420,668	59,250	406,821
Deferred tax liabilities:
Operating lease right-of-use assets	25,464	3,587	46,367
One-time deduction for fixed asset purchases	292,141	41,147	231,532
Long-lived assets arising from acquisition	204,032	28,737	238,672
Finance lease right-of-use assets	17,452	2,458	41,530
Others	24,144	3,401	15,772
Deferred tax liabilities, gross	563,233	79,330	573,873
Net deferred tax liabilities	¥ 142,565	$ 20,080	¥ 167,052

TAXATION - Summary of unrecogni

TAXATION - Summary of unrecognized tax benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
TAXATION
Balance at beginning of the year	¥ 58,718	$ 8,270	¥ 59,049
Additions from the business acquisitions			0
Additions based on tax position related to current year	9,449	1,331	15,894
Additions based on tax positions related to prior year	4,652	655	22,462
Reductions for tax positions related to prior years	(11,789)	(1,660)	(38,687)
Balance at end of the year	¥ 61,030	$ 8,596	¥ 58,718

SHARE-BASED PAYMENTS - Summary

SHARE-BASED PAYMENTS - Summary of the activity under the share option scheme (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE-BASED PAYMENTS
Number of options - Vested and expected	0
2013 Share Option Scheme
SHARE-BASED PAYMENTS
Number of options - Outstanding at beginning	38,366,108
Number of options - Granted	0
Number of options - Forfeited	(1,147,119)
Number of options - Exercised	(4,363,286)
Number of options - Outstanding at ending	32,855,703	38,366,108
Number of options - Vested and expected	32,855,703
Number of options - Exercisable	27,962,196
Weighted- average exercise price - Outstanding at beginning	$ 0.07
Weighted- average exercise price - Forfeited	0.07
Weighted- average exercise price - Exercised	0.07
Weighted- average exercise price - Outstanding at ending	0.07	$ 0.07
Weighted- average exercise price - Vested and expected	0.07
Weighted- average exercise price - Exercisable	0.07
Weighted- average grant- date fair value - Outstanding at beginning	0.86
Weighted- average grant- date fair value - Forfeited	1.84
Weighted- average grant- date fair value - Exercised	0.63
Weighted- average grant- date fair value - Outstanding at ending	0.85	$ 0.86
Weighted- average grant- date fair value - Vested and expected	0.85
Weighted- average grant- date fair value - Exercisable	$ 0.68
Weighted- average remaining contractual term - Outstanding	5 years 3 days	6 years 3 days
Weighted- average remaining contractual term - Vested and expected	5 years 3 days
Weighted- average remaining contractual term - Exercisable	4 years 8 months 4 days
Aggregate intrinsic value - Outstanding	$ 5,864	$ 6,972
Aggregate intrinsic value - Vested and expected	5,864
Aggregate intrinsic value - Exercisable	$ 4,994

SHARE-BASED PAYMENTS - Addition

SHARE-BASED PAYMENTS - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2018 shares
SHARE-BASED PAYMENTS
Number of share-based awards granted | ¥				¥ (43,981)
Number of options - Vested and expected		0						0
Maximum
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement vesting period		3 years	3 years
Minimum
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement vesting period		1 year	1 year
2013 Share Option Scheme
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement number of shares authorised									209,750,000
Share based compensation by share based payment arrrangement intrinsic value of options excercised during the period		¥ 5,510	$ 776	26,299		¥ 79,224
Number of options exercised		4,363,286	4,363,286
Share based compensation by share based payment arrangement weighted average grant date fair value of awards granted during the period | $ / shares					$ 0.36		$ 2.80
Aggregate fair value of the share-based awards vested		¥ 46,725	$ 6,581	84,098		51,892
Share based compensation by share based payment arrangement unrecognised compensation		¥ 14,236						$ 2,005
Weighted-average period recognized		11 months 4 days	11 months 4 days
Number of options - Vested and expected		32,855,703						32,855,703
Number of options - Exercised		4,363,286	4,363,286
Number of options - Granted		0	0
2013 Share Award Scheme
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement number of shares authorised									215,376,304
Share based compensation by share based payment arrrangement intrinsic value of options excercised during the period | ¥						1,561
Number of options exercised		0	0
Share based compensation by share based payment arrangement weighted average grant date fair value of awards granted during the period | $ / shares							0.31
Aggregate fair value of the share-based awards vested		¥ 9,045	$ 1,274	11,462		¥ 16,192
Weighted-average period recognized		9 months 29 days	9 months 29 days
Total unrecognized share-based compensation expenses		¥ 1,420						$ 200
Number of options - Vested and expected		14,456,890						14,456,890
Number of options - Exercised		0	0
Number of options - Granted		0	0
2021 Share Award Scheme
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement number of shares authorised									380,528,480
Share based compensation by share based payment arrrangement intrinsic value of options excercised during the period		¥ 68,812	$ 9,692	5,297
Number of options exercised		40,048,900	40,048,900
Share based compensation by share based payment arrangement weighted average grant date fair value of awards granted during the period | $ / shares			$ 0.27		$ 0.33
Aggregate fair value of the share-based awards vested		¥ 108,925	$ 15,342	18,371
Weighted-average period recognized		1 year 6 months 25 days	1 year 6 months 25 days
Total unrecognized share-based compensation expenses		¥ 254,503						$ 35,846
Number of options - Vested and expected		206,152,350						206,152,350
Number of options - Exercised		40,048,900	40,048,900
Number of options - Granted		154,646,877	154,646,877			0
Restricted Shares
SHARE-BASED PAYMENTS
Restricted shares,aggregate fair value | $			$ 11,684,432		$ 6,981,396
Restricted shares, number of shares granted		11,684,432	11,684,432
Restricted Shares | 2013 Share Award Scheme
SHARE-BASED PAYMENTS
Weighted-average period recognized		1 year 1 month 17 days	1 year 1 month 17 days
Restricted shares, total weighted average grant-date fair value granted | $ / shares					$ 1.29		$ 2.04
Restricted shares,aggregate fair value		¥ 71,379	$ 10,053	¥ 119,156		¥ 90,121
Total unrecognized share-based compensation expenses		¥ 34,537						$ 4,864
Restricted shares, number of shares granted		0	0
Camelot Award
SHARE-BASED PAYMENTS
Share based compensation by share based payment arrangement vesting period		3 years	3 years
Camelot Award | 2021 Share Award Scheme
SHARE-BASED PAYMENTS
Number of share-based awards granted | ¥	¥ 43,981
Number of shares issued upon modification of award	27,500,715

SHARE-BASED PAYMENTS - Summar_2

SHARE-BASED PAYMENTS - Summary of the activity for the restricted shares issued under the share award scheme (Details) - 2013 Share Award Scheme - Restricted Shares	12 Months Ended
	Dec. 31, 2023 $ / shares shares
SHARE-BASED PAYMENTS
Number of shares - Outstanding at beginning | shares	30,148,902
Number of shares - Vested | shares	(9,271,339)
Number of shares - Forfeited | shares	(7,740,183)
Number of shares - Outstanding at ending | shares	13,137,380
Number of shares - Expected to vest | shares	13,137,380
Weighted-average grant date fair value - Outstanding at beginning | $ / shares	$ 1.33
Weighted-average grant date fair value - Vested | $ / shares	1.08
Weighted-average grant date fair value - Forfeited | $ / shares	1.45
Weighted-average grant date fair value - Outstanding at ending | $ / shares	1.22
Weighted-average grant date fair value - Expected to vest | $ / shares	$ 1.22

SHARE-BASED PAYMENTS - Summar_3

SHARE-BASED PAYMENTS - Summary of the activity for the options granted under the share award scheme (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 CNY (¥) shares
SHARE-BASED PAYMENTS
Number of options - Vested and expected | shares	0
2013 Share Award Scheme
SHARE-BASED PAYMENTS
Number of options - Outstanding at beginning | shares	17,068,100	17,068,100
Number of options - Granted | shares	0	0
Number of options - Forfeited | shares	(2,611,210)	(2,611,210)
Number of options - Exercised | shares	0	0
Number of options - Outstanding at ending | shares	14,456,890	14,456,890		17,068,100
Number of options - Vested and expected | shares	14,456,890
Number of options - Exercisable | shares	12,391,620
Weighted- average exercise price - Outstanding at beginning	$ 0.87
Weighted- average exercise price - Forfeited	0.87
Weighted- average exercise price - Outstanding at ending	0.87		$ 0.87
Weighted- average exercise price - Vested and expected	0.87
Weighted- average exercise price - Exercisable	0.87
Weighted- average grant- date fair value - Outstanding at beginning	0.31
Weighted- average grant- date fair value - Granted					$ 0.31
Weighted- average grant- date fair value - Forfeited	0.29
Weighted- average grant- date fair value - Outstanding at ending	0.32		0.31
Weighted- average grant date fair value - Vested and expected	0.32
Weighted- average grant- date fair value - Exercisable	$ 0.31
Weighted- average remaining contractual term - Outstanding	0 years	0 years		6 years 11 months 19 days
Weighted- average remaining contractual term - Vested and expected	5 years 11 months 19 days	5 years 11 months 19 days
Weighted- average remaining contractual term - Exercisable	5 years 11 months 15 days	5 years 11 months 15 days
Aggregate intrinsic value - Exercised | ¥						¥ 1,561
2021 Share Award Scheme
SHARE-BASED PAYMENTS
Number of options - Outstanding at beginning | shares	104,003,481	104,003,481
Number of options - Granted | shares	154,646,877	154,646,877				0
Number of options - Forfeited | shares	(12,449,108)	(12,449,108)
Number of options - Exercised | shares	(40,048,900)	(40,048,900)
Number of options - Outstanding at ending | shares	206,152,350	206,152,350		104,003,481
Number of options - Vested and expected | shares	206,152,350
Number of options - Exercisable | shares	63,021,373
Weighted- average exercise price - Outstanding at beginning	$ 0.01
Weighted- average exercise price - Granted	0.01
Weighted- average exercise price - Forfeited	0.01
Weighted- average exercise price - Exercised	0.01
Weighted- average exercise price - Outstanding at ending	0.01		0.01
Weighted- average exercise price - Vested and expected	0.01
Weighted- average exercise price - Exercisable	0.01
Weighted- average grant- date fair value - Outstanding at beginning	0.32
Weighted- average grant- date fair value - Granted	0.27		0.33
Weighted- average grant- date fair value - Forfeited	0.37
Weighted- average grant- date fair value - Exercised	0.28
Weighted- average grant- date fair value - Outstanding at ending	0.29		$ 0.32
Weighted- average grant date fair value - Vested and expected	0.29
Weighted- average grant- date fair value - Exercisable	$ 0.26
Weighted- average remaining contractual term - Outstanding	9 years 4 months 17 days	9 years 4 months 17 days		9 years 5 months 8 days
Weighted- average remaining contractual term - Vested and expected	9 years 4 months 17 days	9 years 4 months 17 days
Weighted- average remaining contractual term - Exercisable	9 years 2 months 23 days	9 years 2 months 23 days
Aggregate intrinsic value - Outstanding | $	$ 54,682		$ 25,786
Aggregate intrinsic value - Exercised	9,692	¥ 68,812		¥ 5,297
Aggregate intrinsic value - Vested and expected | $	54,682
Aggregate intrinsic value - Exercisable | $	$ 15,251

SHARE-BASED PAYMENTS - Summar_4

SHARE-BASED PAYMENTS - Summary of assumptions used to estimate the fair value of the share options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED PAYMENTS
Risk-free rate, Minimum	1.75%	1.13%
Risk-free rate, Maximum	2.93%	1.62%
Expected volatility range, Minimum	35.62%	36.28%
Expected volatility range, Maximum	46.22%	38.03%
Exercise multiple, Minimum	2.20	2.20
Exercise multiple, Maximum	2.80	2.80
Minimum
SHARE-BASED PAYMENTS
Fair market value per ordinary share as at valuation dates	$ 0.24	$ 1.97
Maximum
SHARE-BASED PAYMENTS
Fair market value per ordinary share as at valuation dates	$ 0.73	$ 3.49

SHARE-BASED PAYMENTS - Summar_5

SHARE-BASED PAYMENTS - Summary of acquisition date fair value of each share-based award is estimated (Details) - Camelot Award	12 Months Ended
	Dec. 31, 2021 $ / shares
SHARE-BASED PAYMENTS
Risk-free rate	0.21%
Expected volatility	50.56%
Exercise multiple	2.20
Fair market value per ordinary share as at valuation dates	$ 23

SHARE-BASED PAYMENTS - Summar_6

SHARE-BASED PAYMENTS - Summary of share-based compensation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SHARE-BASED PAYMENTS
Share-based compensation expense	¥ 181,645	$ 25,584	¥ 359,835	¥ 434,350
Cost of revenues
SHARE-BASED PAYMENTS
Share-based compensation expense	9,757	1,374	15,618	17,481
Selling and marketing expenses
SHARE-BASED PAYMENTS
Share-based compensation expense	6,977	983	68,562	72,594
General and administrative expenses
SHARE-BASED PAYMENTS
Share-based compensation expense	114,766	16,164	187,843	193,886
Research and development expenses
SHARE-BASED PAYMENTS
Share-based compensation expense	¥ 50,145	$ 7,063	¥ 87,812	¥ 150,389

RESTRICTED NET ASSETS (Details)

RESTRICTED NET ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)
RESTRICTED NET ASSETS
Reserve fund as percentage of registered capital	50%	50%
Minimum | CN | Subsidiaries
RESTRICTED NET ASSETS
Percentage of annual after tax profit to be allocated to reserve fund	10%
Variable interest entities
RESTRICTED NET ASSETS
Net assets restricted	¥ 4,084,202	$ 575,248
Variable interest entities | Minimum | CN
RESTRICTED NET ASSETS
Percentage of annual after tax profit to be allocated to reserve fund	10%
Statutory funds as a percentage of registered capital	50%

LOSS PER SHARE - Summary of ear

LOSS PER SHARE - Summary of earnings per share basic and diluted (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net loss attributable to Kingsoft Cloud Holdings Limited	¥ (2,176,340)	$ (306,530)	¥ (2,658,184)	¥ (1,588,712)
Denominator:
Weighted average number of ordinary shares outstanding-basic	3,558,354,940	3,558,354,940	3,623,838,985	3,441,729,444
Weighted average number of ordinary shares outstanding-diluted	3,558,354,940	3,558,354,940	3,623,838,985	3,441,729,444
Basic loss per share | (per share)	¥ (0.61)	$ (0.09)	¥ (0.73)	¥ (0.46)
Diluted loss per share | (per share)	¥ (0.61)	$ (0.09)	¥ (0.73)	¥ (0.46)

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 17, 2021 USD ($) $ / shares shares	Sep. 03, 2021 shares
SHAREHOLDERS' EQUITY
Shares repurchased during the period value | ¥			¥ 208,385
Ordinary shares par value (per share) | $ / shares					$ 0.001	$ 0.001		$ 0.001
Ordinary shares, shares authorized (in shares)				40,000,000,000	40,000,000,000		40,000,000,000	40,000,000,000
Ordinary shares issued				3,805,284,801	3,805,284,801		3,805,284,801
Ordinary shares				¥ 25,443	$ 3,584		¥ 25,062	$ 40,000
Camelot
SHAREHOLDERS' EQUITY
Ordinary shares issued									247,475,446
2022 Share Repurchase Program
SHAREHOLDERS' EQUITY
Shares repurchased during the period shares		183,901,110
Shares repurchased during the period value | $		$ 100,000
Repurchase period (in months)	12 months

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of related parties and nature of relationship (Details)	12 Months Ended
	Dec. 31, 2023
Kingsoft Group
RELATED PARTY TRANSACTIONS
Nature of common ownership or management control relationships	Principal shareholder of the Company
Xiaomi Group
RELATED PARTY TRANSACTIONS
Nature of common ownership or management control relationships	Entity controlled by a director of the Company

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Schedule of related party transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
RELATED PARTY TRANSACTIONS
Total revenues	¥ 7,047,461	$ 992,614	¥ 8,180,107	¥ 9,060,784
Related party transaction, amounts of transaction	89,632	12,624	129,912	91,843
Related parties
RELATED PARTY TRANSACTIONS
Total revenues	1,107,342	155,965	1,128,665	929,524
Public Cloud Service | Xiaomi Group
RELATED PARTY TRANSACTIONS
Total revenues	763,338	107,514	804,647	749,597
Public Cloud Service | Kingsoft Group
RELATED PARTY TRANSACTIONS
Total revenues	217,333	30,611	187,907	156,158
Public Cloud Service | Other related parties
RELATED PARTY TRANSACTIONS
Total revenues	378	53	50,629
Others
RELATED PARTY TRANSACTIONS
Total revenues	1,727	243	2,849	3,882
Others | Related parties
RELATED PARTY TRANSACTIONS
Total revenues	436	61	0	74
Others | Kingsoft Group
RELATED PARTY TRANSACTIONS
Total revenues				74
Others | Other related parties
RELATED PARTY TRANSACTIONS
Total revenues	436	61
Purchase of devices | Xiaomi Group
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	91	13	144	1,349
Interest expense on loan | Xiaomi Group
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	39,703	5,592	48,707	16,633
Interest expense on loan | Kingsoft Group
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	958	135	18,364	4,088
Rental of office space and administrative services | Kingsoft Group
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	9,167	1,291	13,931	13,321
Rental of building | Xiaomi Group
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	39,713	5,593	48,766	56,452
Enterprise cloud services
RELATED PARTY TRANSACTIONS
Total revenues	2,663,993	375,216	2,816,976	2,897,817
Enterprise cloud services | Related parties
RELATED PARTY TRANSACTIONS
Total revenues	125,857	17,726	85,482	23,695
Enterprise cloud services | Xiaomi Group
RELATED PARTY TRANSACTIONS
Total revenues	104,967	14,784	74,590	22,857
Enterprise cloud services | Kingsoft Group
RELATED PARTY TRANSACTIONS
Total revenues	18,690	2,632	¥ 10,892	¥ 838
Enterprise cloud services | Other related parties
RELATED PARTY TRANSACTIONS
Total revenues	¥ 2,200	$ 310

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Schedule of related party transactions - additional disclosures (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
RELATED PARTY TRANSACTIONS
Operating lease right-of-use assets	¥ 158,832	$ 22,371	¥ 220,539
Operating lease liabilities	157,006	22,114
Xiaomi Group
RELATED PARTY TRANSACTIONS
Operating lease right-of-use assets	115,622	16,285	167,697
Operating lease liabilities	¥ 132,146	$ 18,612	¥ 224,346

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - Schedule of related party balances (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
RELATED PARTY TRANSACTIONS
Amounts due from related parties	¥ 322,300	$ 45,395	¥ 252,263
Amounts due to related parties	971,975	136,900	841,191
Kingsoft Group | Trade related
RELATED PARTY TRANSACTIONS
Amounts due from related parties	¥ 61,901	$ 8,719	¥ 34,550
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember
Amounts due to related parties	¥ 5,824	$ 820	¥ 14,069
Other Liability, Related Party, Type [Extensible Enumeration]	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember
Kingsoft Group | Non-trade related
RELATED PARTY TRANSACTIONS
Amounts due from related parties			¥ 10,868
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember
Amounts due to related parties	¥ 529,284	$ 74,548	¥ 29,284
Other Liability, Related Party, Type [Extensible Enumeration]	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember	kc:PrincipalShareholderOfCompanyMember
Xiaomi Group | Trade related
RELATED PARTY TRANSACTIONS
Amounts due from related parties	¥ 189,027	$ 26,623	¥ 200,577
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember
Amounts due to related parties	¥ 26,520	$ 3,735	¥ 44,245
Other Liability, Related Party, Type [Extensible Enumeration]	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember
Xiaomi Group | Non-trade related
RELATED PARTY TRANSACTIONS
Amounts due to related parties	¥ 403,292	$ 56,803	¥ 753,593
Other Liability, Related Party, Type [Extensible Enumeration]	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember	kc:EntityControlledByDirectorOfCompanyMember
Other related parties | Trade related
RELATED PARTY TRANSACTIONS
Amounts due from related parties	¥ 71,372	$ 10,053	¥ 6,268
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	kc:RelatedPartiesOthersMember	kc:RelatedPartiesOthersMember	kc:RelatedPartiesOthersMember
Amounts due to related parties	¥ 7,055	$ 994
Other Liability, Related Party, Type [Extensible Enumeration]	kc:RelatedPartiesOthersMember	kc:RelatedPartiesOthersMember	kc:RelatedPartiesOthersMember
Prepayments To Equity Method Investee	¥ 51,778	$ 7,293

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Thousands, $ in Thousands	Aug. 01, 2023 agreement	May 30, 2023 agreement	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Number of non-cancelable internet data center service agreements	2	2
Period of internet data center service agreements (in years)	1 year	1 year
Total contractual minimum purchase commitments			¥ 1,150,000	$ 161,974
Remaining purchase commitment			¥ 520,013	$ 73,242

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) -Schedule of accumulated other comprehensive income (loss) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Beginning Balance	¥ 453,074		¥ (207,882)	¥ (68,440)
Foreign currency translation adjustments, net of tax of nil	102,268		660,956	(139,442)
Ending Balance	¥ 555,342	$ 78,218	¥ 453,074	¥ (207,882)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Additional information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments tax	¥ 0	¥ 0	¥ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event ¥ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2024 CNY (¥)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 CNY (¥) loan
Xiaomi Group
SUBSEQUENT EVENTS
Number of loan agreements | loan			2
Aggregate amount of loan		¥ 400,000	¥ 400,000
Kingsoft Group | Unsecured loan facility
SUBSEQUENT EVENTS
Amount drawn under loan facility	¥ 300,000	¥ 700,000

CONDENSED FINANCIAL INFORMATI_3

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 17, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,255,287	$ 317,651	¥ 3,419,166
Restricted cash	234,194	32,986	114,560
Prepayments and other assets	1,812,692	255,312	1,612,022
Amounts due from	266,036	37,470	246,505
Total current assets	6,098,124	858,903	9,048,353
Non-current assets:
Total non-current assets	8,972,154	1,263,702	8,267,878
Total assets	15,070,278	2,122,605	17,316,231
Current liabilities:
Income tax payable	63,961	9,009	51,892
Amounts due to related parties	931,906	131,256	427,727
Total current liabilities	6,828,590	961,787	6,658,626
Total non-current liabilities	995,784	140,254	1,074,106
Total liabilities	7,824,374	1,102,041	7,732,732
Commitments and contingencies
Shareholders' equity:
Ordinary shares (par value of US$0.001 per share; 40,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,801 and 3,805,284,801 shares issued, 3,508,413,941 and 3,562,097,466 shares outstanding as of December 31, 2022 and 2023, respectively)	25,443	3,584	25,062		$ 40,000
Treasury shares	(208,385)	(29,350)	(208,385)
Additional paid-in capital	18,811,028	2,649,478	18,648,205
Accumulated deficit	(12,315,041)	(1,734,539)	(10,131,636)
Accumulated other comprehensive income	555,342	78,218	453,074	¥ (207,882)		¥ (68,440)
Total equity	7,245,904	1,020,564	9,583,499	¥ 11,492,423		¥ 8,240,050
Total liabilities, non-controlling interests and shareholders' equity	15,070,278	2,122,605	17,316,231
Related parties
Current liabilities:
Other liabilities	40,069	5,644	413,464
Parent Company
Current assets:
Cash and cash equivalents	21,752	3,064	169,743
Restricted cash	171	24
Prepayments and other assets	30,456	4,290	34,141
Total current assets	1,987,102	279,878	4,658,264
Non-current assets:
Investments in subsidiaries	6,019,179	847,784	5,518,634
Total non-current assets	6,019,179	847,784	5,518,634
Total assets	8,006,281	1,127,662	10,176,898
Current liabilities:
Accrued expenses and other liabilities	916,574	129,098	1,309,490
Income tax payable	2,835	399	2,764
Total current liabilities	963,396	135,691	1,361,528
Other liabilities	152,733	21,514	14,350
Total non-current liabilities	152,733	21,514	14,350
Total liabilities	1,116,129	157,205	1,375,878
Commitments and contingencies
Shareholders' equity:
Ordinary shares (par value of US$0.001 per share; 40,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,801 and 3,805,284,801 shares issued, 3,508,413,941 and 3,562,097,466 shares outstanding as of December 31, 2022 and 2023, respectively)	25,443	3,584	25,062
Treasury shares	(208,385)	(29,350)	(208,385)
Additional paid-in capital	18,811,028	2,649,478	18,648,205
Accumulated deficit	(12,293,276)	(1,731,473)	(10,116,936)
Accumulated other comprehensive income	555,342	78,218	453,074
Total equity	6,890,152	970,457	8,801,020
Total liabilities, non-controlling interests and shareholders' equity	8,006,281	1,127,662	10,176,898
Parent Company | Subsidiaries (other than WFOE)
Current assets:
Amounts due from	1,834,723	258,415	4,354,380
Parent Company | WFOE
Current assets:
Amounts due from	100,000	14,085	100,000
Current liabilities:
Amounts due to related parties	5,377	757	5,287
Parent Company | VIEs and VIEs' subsidiaries
Current liabilities:
Amounts due to related parties	¥ 38,610	$ 5,437	¥ 43,987

CONDENSED FINANCIAL INFORMATI_4

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 17, 2021
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	40,000,000,000	40,000,000,000	40,000,000,000
Ordinary shares, shares issued (in shares)	3,805,284,801	3,805,284,801
Ordinary shares, shares outstanding (in shares)	3,562,097,466	3,508,413,941
Parent Company
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, shares authorized (in shares)	40,000,000,000	40,000,000,000
Ordinary shares, shares issued (in shares)	3,805,284,801	3,805,284,801
Ordinary shares, shares outstanding (in shares)	3,562,097,466	3,508,413,941

CONDENSED FINANCIAL INFORMATI_5

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating expenses:
General and administrative expenses	¥ (1,060,022)	$ (149,301)	¥ (1,149,677)	¥ (601,702)
Total operating expenses	(2,958,720)	(416,727)	(2,680,952)	(2,163,680)
Interest income	78,410	11,044	80,743	71,942
Interest Expense	146,026	20,567	137,812	52,040
Foreign exchange gain (loss)	(57,211)	(8,058)	(334,629)	37,822
Other income, net	100,363	14,136	23,007	95,047
Other gain (loss), net	(32,673)	(4,602)	(43,810)	83,606
Loss before income taxes	(2,165,688)	(305,030)	(2,663,915)	(1,576,015)
Income tax expense	(17,959)	(2,529)	(24,473)	(15,741)
Net loss attributable to Kingsoft Cloud Holdings Limited	(2,176,340)	(306,530)	(2,658,184)	(1,588,712)
Other comprehensive income (loss), net of tax of nil:
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited	(2,074,072)	(292,126)	(1,997,228)	(1,728,154)
Other comprehensive income (loss), net of tax	0		0	0
Parent Company
Operating expenses:
General and administrative expenses	(36,736)	(5,175)	(148,392)	(40,913)
Total operating expenses	(36,736)	(5,175)	(148,392)	(40,913)
Interest income	3,830	539	12,430	15,224
Interest Expense	(28,339)	(3,991)
Foreign exchange gain (loss)	8,078	1,138	(39,426)	10,198
Other income, net	12,683	1,786	10,372	9,889
Other gain (loss), net	(14,433)	(2,033)	(37,764)
Share of (losses) gains of subsidiaries	62,514	8,806	(264,260)	(121,100)
Contractual interests in VIEs and VIEs' subsidiaries	(2,183,913)	(307,598)	(2,190,364)	(1,461,042)
Loss before income taxes	(2,176,316)	(306,528)	(2,657,404)	(1,587,744)
Income tax expense	(24)	(2)	(780)	(968)
Net loss attributable to Kingsoft Cloud Holdings Limited	(2,176,340)	(306,530)	(2,658,184)	(1,588,712)
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	102,268	14,404	660,956	(139,442)
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited	(2,074,072)	$ (292,126)	(1,997,228)	(1,728,154)
Other comprehensive income (loss), net of tax	¥ 0		¥ 0	¥ 0

CONDENSED FINANCIAL INFORMATI_6

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Net cash generated from (used in) operating activities	¥ (169,070)	$ (23,813)	¥ 188,974	¥ (708,869)
Net cash (used in) generated from investing activities	(673,186)	(94,816)	(32,865)	(421,623)
Net cash used in financing activities	(227,852)	(32,092)	(1,152,146)	2,212,487
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,044,245)	(147,078)	(996,037)	1,081,995
Cash, cash equivalents, and restricted cash at beginning of year	3,533,726	497,715	4,456,621	3,424,674
Cash, cash equivalents, and restricted cash at end of year	2,489,481	350,637	3,533,726	4,456,621
Parent Company
Net cash generated from (used in) operating activities	(66,851)	(9,416)	(40,310)	1,178,019
Net cash (used in) generated from investing activities	609,277	85,815	358,010	(1,179,393)
Net cash used in financing activities	(681,660)	(96,010)	(215,923)	(815)
Effect of exchange rate changes on cash and cash equivalents	(8,586)	(1,209)	(1,427)	3,570
Net increase (decrease) in cash, cash equivalents, and restricted cash	(147,820)	(20,820)	100,350	1,381
Cash, cash equivalents, and restricted cash at beginning of year	169,743	23,908	69,393	68,012
Cash, cash equivalents, and restricted cash at end of year	¥ 21,923	$ 3,088	¥ 169,743	¥ 69,393