Cloopen Group Holding Limited (RAASY) 20-F 10 May 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40004
Entity Registrant Name	Cloopen Group Holding Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Country	CN
Entity Address, Address Line One	16/F, Tower A, Fairmont Tower
Entity Address, Address Line Two	33 Guangshun North Main Street
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100102
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001804583
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
American depositary shares
Title of 12(b) Security	American depositary shares, each representing two Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	RAAS
Security Exchange Name	NYSE
Class A ordinary shares
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share*
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	303,090,509
No Trading Symbol Flag	false
Class B ordinary Shares
Entity Common Stock, Shares Outstanding	25,649,839
Business Contact
Entity Address, Country	CN
Entity Address, Address Line One	16/F, Tower A, Fairmont Tower
Entity Address, Address Line Two	33 Guangshun North Main Street
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100102
City Area Code	86
Local Phone Number	10-6477-5672
Contact Personnel Name	Yipeng Li
Contact Personnel Email Address	liyipeng@yuntongxun.com

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Current assets
Cash	¥ 296,565,209	$ 45,450,607	¥ 164,118,081
Restricted cash (including restricted cash of VIE that can only be used to settle the VIE's own obligation of RMB195,000 and RMB1,893,454 as of December 31, 2019 and 2020)	1,893,454	290,185	195,000
Term deposits	160,349,418	24,574,623	69,762,000
Short-term investments			2,501,024
Accounts receivable - third parties, net (including accounts receivable of VIE that can only be used to settle the VIE's own obligations of RMB168,249,612 and nil as of December 31, 2019 and 2020)	228,892,662	35,079,335	206,629,418
Accounts receivable - a related party, net	9,447,148	1,447,839	12,501,982
Contract assets	36,307,474	5,564,364	25,249,719
Amounts due from related parties	6,275,229	961,721	6,445,606
Prepayments and other current assets (including other receivables of VIE that can only be used to settle the VIE's own obligations of RMB125,690,863 and nil as of December 31, 2019 and 2020)	139,257,239	21,342,106	113,775,649
Total current assets	878,987,833	134,710,780	601,178,479
Non-current assets
Long-term investments	66,162,184	10,139,798	40,077,207
Property and equipment, net	16,416,156	2,515,886	17,904,068
Intangible assets, net	2,022,583	309,974	3,443,178
Deferred income tax assets	1,048,972	160,762	180,222
Other non-current assets	3,824,513	586,132	4,648,976
Total non-current assets	89,474,408	13,712,552	66,253,651
Total assets	968,462,241	148,423,332	667,432,130
Current liabilities
Short-term borrowings (including shortterm borrowings of VIE without recourse to the Company of RMB26,838,032 and RMB20,000,000 as of December 31, 2019 and 2020, respectively)	20,000,000	3,065,134	26,838,032
Accounts payable (including accounts payable of VIE without recourse to the Company of RMB135,194,396 and RMB122,079,582 as of December 31, 2019 and 2020, respectively)	131,599,482	20,168,503	148,828,041
Contract liabilities (including contract liabilities of VIE without recourse to the Company of RMB108,950,803 and RMB95,964,616 as of December 31, 2019 and 2020, respectively)	95,992,689	14,711,523	111,953,381
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)	2,813,041	431,117	3,180,095
Payables to an affiliate of a Series C Redeemable Convertible Preferred Shareholder (including payables to an affiliate of a Series C Redeemable Convertible Preferred Shareholder without recourse to the Company of nil and RMB230,086,500 as of December 31, 2019 and 2020, respectively)	230,086,500	35,262,299
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB52,880,022 and RMB 82,674,385 as of December 31, 2019 and 2020, respectively)	93,967,456	14,401,143	68,768,498
Warrant liabilities	202,271,900	30,999,525
Total current liabilities	776,731,068	119,039,244	359,568,047
Non-current liabilities
Non-current warrant liabilities	19,470,302	2,983,954	19,631,027
Long-term borrowings (including long-term borrowings of VIE without recourse to the Company of RMB 96,190,363 and nil as of December 31, 2019 and 2020, respectively)			96,190,363
Total non-current liabilities	19,470,302	2,983,954	115,821,390
Total liabilities	796,201,370	122,023,198	475,389,437
Commitments and contingencies (Note 19)
MEZZANINE EQUITY
Total mezzanine equity	4,875,825,761	747,252,990	1,444,141,422
SHAREHOLDERS' DEFICIT:
Subscription receivables			(23,219,901)
Accumulated other comprehensive income (loss)	208,672,218	31,980,417	(72,548,649)
Accumulated deficit	(4,914,644,309)	(753,202,193)	(1,140,572,830)
Total shareholders' deficit attributable to Cloopen Group Holding Limited	(4,705,910,151)	(721,212,283)	(1,236,284,513)
Non-controlling interests	2,345,261	359,427	(15,814,216)
Total shareholders' deficit	(4,703,564,890)	(720,852,856)	(1,252,098,729)
Total liabilities, mezzanine equity and shareholders' deficit	968,462,241	148,423,332	667,432,130
Series A Redeemable Convertible Preferred Stock
MEZZANINE EQUITY
Total mezzanine equity	648,327,522	99,360,540	183,371,326
Series B Redeemable Convertible Preferred Stock
MEZZANINE EQUITY
Total mezzanine equity	686,082,312	105,146,714	212,123,212
Series C Redeemable Convertible Preferred Stock
MEZZANINE EQUITY
Total mezzanine equity	1,579,397,468	242,053,252	613,766,867
Series D Redeemable Convertible Preferred Stock
MEZZANINE EQUITY
Total mezzanine equity	444,789,375	68,166,954	205,776,240
Series E Redeemable Convertible Preferred Stock
MEZZANINE EQUITY
Total mezzanine equity	720,043,550	110,351,502	229,103,777
Series F Redeemable Convertible Preferred Shares
MEZZANINE EQUITY
Total mezzanine equity	1,133,364,034	173,695,637
Class A ordinary shares
SHAREHOLDERS' DEFICIT:
Pre-offering Ordinary Shares	28,592	4,382	23,519
Total shareholders' deficit	28,592	4,382	23,519
Class B ordinary Shares
SHAREHOLDERS' DEFICIT:
Pre-offering Ordinary Shares	33,348	5,111	33,348
Total shareholders' deficit	33,348	5,111	¥ 33,348
Series C and Series E Redeemable Convertible Preferred Shares
MEZZANINE EQUITY
Subscription receivables	¥ 336,178,500	$ 51,521,609

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2019$ / shares
Restricted cash	¥ 1,893,454	$ 290,185	¥ 195,000
Accounts receivable - third parties, net	228,892,662	35,079,335	206,629,418
Prepayments and other current assets	139,257,239	21,342,106	113,775,649
Short-term borrowings, including current portion of long-term borrowings	20,000,000	3,065,134	26,838,032
Accounts payable	131,599,482	20,168,503	148,828,041
Contract liabilities	95,992,689	14,711,523	111,953,381
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)	2,813,041	431,117	3,180,095
Accrued expenses and other current liabilities	93,967,456	$ 14,401,143	68,768,498
Long-term borrowings			96,190,363
VIE
Restricted cash	1,893,454		195,000
Accounts receivable - third parties, net	221,613,966		203,270,317
Prepayments and other current assets	125,859,963		97,632,903
Short-term borrowings, including current portion of long-term borrowings	20,000,000		26,838,032
Accounts payable	122,079,582		135,194,396
Contract liabilities	95,964,616		108,950,803
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)	2,813,041		3,180,095
Amounts due to VIE	230,086,500
Accrued expenses and other current liabilities	82,674,385		52,880,022
Long-term borrowings	0		96,190,363
VIE | Accounts receivables
Accounts receivable - third parties, net	0		168,249,612
VIE | Other receivables
Prepayments and other current assets	¥ 0		¥ 10,610,652
Series A Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		$ 0.0001
Redeemable Convertible Preferred, shares authorized | shares	18,642,038	18,642,038	18,642,038
Redeemable Convertible Preferred Shares, shares issued | shares	18,642,038	18,642,038	18,642,038
Redeemable Convertible Preferred Shares, shares outstanding | shares	18,642,038	18,642,038	18,642,038
Redeemable Convertible Preferred Shares, Redemption value	¥ 648,327,522		¥ 183,371,326
Redeemable Convertible Preferred Shares, Liquidation value	¥ 29,420,005		¥ 29,118,733
Series B Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		0.0001
Redeemable Convertible Preferred, shares authorized | shares	19,617,225	19,617,225	19,617,225
Redeemable Convertible Preferred Shares, shares issued | shares	19,617,225	19,617,225	19,617,225
Redeemable Convertible Preferred Shares, shares outstanding | shares	19,617,225	19,617,225	19,617,225
Redeemable Convertible Preferred Shares, Redemption value	¥ 686,082,312		¥ 212,123,212
Redeemable Convertible Preferred Shares, Liquidation value	104,747,884		103,675,227
Series C Redeemable Convertible Preferred Stock
Amounts due to VIE	¥ 230,086,500		¥ 0
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		0.0001
Redeemable Convertible Preferred, shares authorized | shares	44,659,956	44,659,956	44,659,956
Redeemable Convertible Preferred Shares, shares issued | shares	44,659,956	44,659,956	44,659,956
Redeemable Convertible Preferred Shares, shares outstanding | shares	44,659,956	44,659,956	44,659,956
Redeemable Convertible Preferred Shares, Redemption value	¥ 1,579,397,468		¥ 613,766,867
Redeemable Convertible Preferred Shares, Liquidation value	¥ 556,267,838		¥ 550,571,448
Series D Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		0.0001
Redeemable Convertible Preferred, shares authorized | shares	12,462,157	12,462,157	12,462,157
Redeemable Convertible Preferred Shares, shares issued | shares	12,462,157	12,462,157	12,462,157
Redeemable Convertible Preferred Shares, shares outstanding | shares	12,462,157	12,462,157	12,462,157
Redeemable Convertible Preferred Shares, Redemption value	¥ 444,789,375		¥ 205,776,240
Redeemable Convertible Preferred Shares, Liquidation value	¥ 207,905,267		¥ 205,776,240
Series E Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		0.0001
Redeemable Convertible Preferred, shares authorized | shares	20,137,444	20,137,444	13,040,152
Redeemable Convertible Preferred Shares, shares issued | shares	20,137,444	20,137,444	13,040,152
Redeemable Convertible Preferred Shares, shares outstanding | shares	20,137,444	20,137,444	13,040,152
Redeemable Convertible Preferred Shares, Redemption value	¥ 720,043,550		¥ 229,103,777
Redeemable Convertible Preferred Shares, Liquidation value	¥ 330,572,837		¥ 229,103,777
Series F Redeemable Convertible Preferred Shares
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001		0.0001
Redeemable Convertible Preferred, shares authorized | shares	43,381,194	43,381,194	0
Redeemable Convertible Preferred Shares, shares issued | shares	31,581,509	31,581,509	0
Redeemable Convertible Preferred Shares, shares outstanding | shares	31,581,509	31,581,509	0
Redeemable Convertible Preferred Shares, Redemption value	¥ 1,133,364,034
Redeemable Convertible Preferred Shares, Liquidation value	¥ 599,932,345
Class A ordinary shares
Ordinary Shares, par value | $ / shares		$ 0.0001
Ordinary Shares, shares authorized | shares	126,242,010	126,242,010	214,973,841
Ordinary Shares shares issued | shares	41,932,446	41,932,446	34,724,614
Ordinary Shares, shares outstanding | shares	34,795,851	34,795,851	24,869,721
Class B ordinary Shares
Ordinary Shares, par value | $ / shares		$ 0.0001		$ 0.0001
Ordinary Shares, shares authorized | shares	214,857,976	214,857,976	170,492,060
Ordinary Shares shares issued | shares	55,957,962	55,957,962	55,957,962
Ordinary Shares, shares outstanding | shares	55,957,962	55,957,962	55,957,962

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues (including related parties amounts of RMB38,524,686, RMB38,280,256 and RMB 25,681,928 for the years ended December 31, 2018, 2019 and 2020, respectively)	¥ 767,688,120	$ 117,653,352	¥ 650,282,167	¥ 501,488,667
Cost of revenues (including related parties amounts of RMB1,287,644, RMB7,901,958 and RMB386,321 for the years ended December 31, 2018, 2019 and 2020, respectively)	(460,703,549)	(70,605,908)	(382,868,343)	(312,990,993)
Gross profit	306,984,571	47,047,444	267,413,824	188,497,674
Operating expenses:
Research and development expenses (including related parties amounts of nil, nil and RMB6,006,664 for the years ended December 31, 2018, 2019 and 2020, respectively)	(173,015,450)	(26,515,778)	(161,851,588)	(125,990,376)
Selling and marketing	(211,365,882)	(32,393,239)	(173,083,097)	(144,522,222)
General and administrative expenses	(205,895,537)	(31,554,872)	(108,315,378)	(92,365,690)
Total operating expenses	(590,276,869)	(90,463,889)	(443,250,063)	(362,878,288)
Operating loss	(283,292,298)	(43,416,445)	(175,836,239)	(174,380,614)
Interest expenses	(14,301,032)	(2,191,729)	(6,750,341)	(1,685,245)
Interest income	1,166,581	178,786	989,438	416,188
Investment income	12,192	1,869	114,192	384,622
Impairment loss of long-term investments				(5,000,000)
Gain from disposal of equity method investments				366,687
Gain from disposal of subsidiaries, net	14,562,030	2,231,729	21,421
Share of losses of equity method investments	(2,446,221)	(374,900)	(14,592)	(546,530)
Change in fair value of warrant liabilities	(221,462,056)	(33,940,545)	137,969	(450,083)
Change in fair value of long-term investments	2,154,334	330,166	900,000	17,700,000
Foreign currency exchange gains (losses), net	5,390,766	826,171	(2,403,599)	10,401,825
Loss before income taxes	(498,215,704)	(76,354,898)	(182,841,751)	(152,793,150)
Income tax expense	(1,623,961)	(248,883)	(652,610)	(2,672,098)
Net loss	(499,839,665)	(76,603,781)	(183,494,361)	(155,465,248)
Accretion and modifications of Redeemable Convertible Preferred Shares	(3,327,579,958)	(509,973,940)	(141,031,943)	(106,867,153)
Deemed dividends to Series E Redeemable Convertible Preferred Shareholders	(12,070,034)	(1,849,814)
Net loss	(3,839,489,657)	(588,427,535)	(324,526,304)	(262,332,401)
Net loss attributable to noncontrolling interests	(7,657,769)	(1,173,604)	(8,692,578)	(16,219,821)
Net loss attributable to Cloopen Group Holding Limited	(3,831,831,888)	(587,253,931)	(315,833,726)	(246,112,580)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of nil income taxes	271,762,097	41,649,364	(15,305,596)	(59,467,497)
Unrealized holding gain on short-term investments and availableforsale debt securities, net of nil income taxes	9,311,168	1,426,999	121,000	606,265
Less: reclassification adjustment for gain on short-term investments and available-for-sale debt securities realized in net income, net of nil income taxes	(12,192)	(1,869)	(114,192)	(384,622)
Total other comprehensive income (loss)	281,061,073	43,074,494	(15,298,788)	(59,245,854)
Comprehensive loss	(3,558,428,584)	(545,353,041)	(339,825,092)	(321,578,255)
Comprehensive loss attributable to noncontrolling interests	(7,817,563)	(1,198,094)	(8,669,940)	(16,110,735)
Comprehensive loss attributable to Cloopen Group Holding Limited	¥ (3,550,611,021)	$ (544,154,947)	¥ (331,155,152)	¥ (305,467,520)
Net loss per ordinary share
- Basic and diluted | (per share)	¥ (45.12)	$ (6.91)	¥ (3.62)	¥ (2.88)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share
- Basic and diluted | shares	85,103,964	85,103,964	89,567,463	91,083,938

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues, related parties amounts	¥ 25,681,928	¥ 38,280,256	¥ 38,524,686
Cost of revenues, related parties amounts	386,321	7,901,958	1,287,644
Research and development expenses, related parties amounts	6,006,664	0	0
Foreign currency translation adjustment, income taxes	0	0	0
Unrealized holding gain on available for sale securities, income taxes	0	0	0
Reclassification adjustment for gain on available for sale securities realized in net income, income taxes	¥ 0	¥ 0	¥ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT	Additional paid-in capitalCNY (¥)	Subscription receivableCNY (¥)	Accumulated other comprehensive lossCNY (¥)	Accumulated other comprehensive lossUSD ($)	Accumulated deficitCNY (¥)	Accumulated deficitUSD ($)	Total shareholders' deficit attributable to Cloopen Group Holding LimitedCNY (¥)	Total shareholders' deficit attributable to Cloopen Group Holding LimitedUSD ($)	Non-controlling interestsCNY (¥)	Non-controlling interestsUSD ($)	Class A ordinary sharesCNY (¥)shares	Class A ordinary sharesUSD ($)shares	Class B ordinary SharesCNY (¥)shares	Class B ordinary SharesUSD ($)shares	CNY (¥)	USD ($)
Balance as of beginning of year at Dec. 31, 2017		¥ (23,219,901)	¥ 2,127,717		¥ (617,135,467)		¥ (638,170,784)		¥ 10,302,025		¥ 23,519		¥ 33,348		¥ (627,868,759)
Balance as of beginning of year (in shares) at Dec. 31, 2017 | shares													55,957,962	55,957,962
Balance as of beginning of year (in shares) at Dec. 31, 2017 | shares											34,724,614	34,724,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in the ownership interest in the subsidiaries	¥ 597,565						597,565		(597,565)
Net loss					(139,245,427)		(139,245,427)		(16,219,821)						(155,465,248)
Share-based compensation	6,792,679						6,792,679								6,792,679
Accretion of Redeemable Convertible Preferred Shares	(7,390,244)				(99,476,909)		(106,867,153)								(106,867,153)
Foreign currency translation adjustment, net of nil income taxes			(59,487,926)				(59,487,926)		20,429						(59,467,497)
Unrealized holding gain on short-term investments and availableforsale debt securities, net of nil income taxes			366,453				366,453		239,812						606,265
Less: reclassification adjustment for gain on short-term investments and available-for-sale debt securities realized in net income, net of nil income taxes			(233,467)				(233,467)		(151,155)						(384,622)
Balance as of end of year at Dec. 31, 2018		(23,219,901)	(57,227,223)		(855,857,803)		(936,248,060)		(6,406,275)		¥ 23,519		¥ 33,348		(942,654,335)
Balance as of end of year (in shares) at Dec. 31, 2018 | shares													55,957,962	55,957,962
Balance as of end of year (in shares) at Dec. 31, 2018 | shares											34,724,614	34,724,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in the ownership interest in the subsidiaries	1,104,816						1,104,816		738,001						1,842,817
Inducement cost	4,768,612						4,768,612								4,768,612
Net loss					(174,801,783)		(174,801,783)		(8,692,578)						(183,494,361)
Share-based compensation	27,454,903						27,454,903								27,454,903
Accretion of Redeemable Convertible Preferred Shares	(31,118,699)				(109,913,244)		(141,031,943)								(141,031,943)
Foreign currency translation adjustment, net of nil income taxes			(15,325,783)				(15,325,783)		20,187						(15,305,596)
Unrealized holding gain on short-term investments and availableforsale debt securities, net of nil income taxes			76,276				76,276		44,724						121,000
Less: reclassification adjustment for gain on short-term investments and available-for-sale debt securities realized in net income, net of nil income taxes			(71,919)				(71,919)		(42,273)						(114,192)
Balance as of end of year at Dec. 31, 2019		(23,219,901)	(72,548,649)		(1,140,572,830)		(1,236,284,513)		(15,814,216)		¥ 23,519		¥ 33,348		(1,252,098,729)
Balance as of end of year (in shares) at Dec. 31, 2019 | shares											24,869,721	24,869,721	55,957,962	55,957,962
Balance as of end of year (in shares) at Dec. 31, 2019 | shares											34,724,614	34,724,614	55,957,962	55,957,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares to Baiyi's noncontrolling interest shareholders as share based compensation	33,950,732						33,953,355				¥ 2,623				33,953,355
Issuance of ordinary shares to Baiyi's noncontrolling interest shareholders as share based compensation (in shares) | shares											3,706,745	3,706,745
Purchase of the non-controlling interests of the Group's subsidiaries	35,255,509						35,253,059		(19,160,340)		¥ (2,450)				(16,092,719)
Purchase of the non-controlling interests of the Group's subsidiaries (in shares) | shares											3,501,087	3,501,087
Receipt of subscription receivables		1,045					1,045								1,045
Change in the ownership interest in the subsidiaries	831,703						831,703		(6,816,700)						(5,984,997)
Net loss					(492,181,896)		(492,181,896)		(7,657,769)						(499,839,665)	$ (76,603,781)
Share-based compensation	59,896,889	¥ 23,218,856					83,115,745								83,115,745
Accretion of Redeemable Convertible Preferred Shares	¥ (57,760,409)				(3,269,819,549)		(3,327,579,958)								(3,327,579,958)
Deemed dividends to Series E Redeemable Convertible Preferred Shareholders					(12,070,034)		(12,070,034)								(12,070,034)	(1,849,814)
Foreign currency translation adjustment, net of nil income taxes			271,921,523				271,921,523		(159,426)						271,762,097	41,649,364
Unrealized holding gain on short-term investments and availableforsale debt securities, net of nil income taxes			9,307,147				9,307,147		4,021						9,311,168	1,426,999
Less: reclassification adjustment for gain on short-term investments and available-for-sale debt securities realized in net income, net of nil income taxes			(7,803)				(7,803)		(4,389)						(12,192)	(1,869)
Balance as of end of year at Dec. 31, 2020			¥ 208,672,218	$ 31,980,417	¥ (4,914,644,309)	$ (753,202,193)	¥ (4,705,910,151)	$ (721,212,283)	¥ 2,345,261	$ 359,427	¥ 28,592	$ 4,382	¥ 33,348	$ 5,111	¥ (4,703,564,890)	$ (720,852,856)
Balance as of end of year (in shares) at Dec. 31, 2020 | shares											34,795,851	34,795,851	55,957,962	55,957,962
Balance as of end of year (in shares) at Dec. 31, 2020 | shares											41,932,446	41,932,446	55,957,962	55,957,962

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
Foreign currency translation adjustment, income taxes	¥ 0	¥ 0	¥ 0
Unrealized holding gain on available for sale securities, income taxes	0	0	0
Reclassification adjustment for gain on available for sale securities realized in net income, income taxes	¥ 0	¥ 0	¥ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Operating activities:
Net loss	¥ (499,839,665)	$ (76,603,781)	¥ (183,494,361)	¥ (155,465,248)
Adjustments to reconcile net loss to net cash used in operating activities
Allowance for doubtful accounts	19,432,158	2,978,109	8,278,788	151,315
Share-based compensation	117,066,477	17,941,223	27,454,903	6,792,679
Depreciation and amortization	8,598,057	1,317,710	8,291,998	7,678,156
Deferred income tax expense (benefit)	(868,750)	(133,142)	344,760	1,699,063
Loss (gain) from disposal of property and equipment	(49,014)	(7,512)	79,293	535
Impairment on longterm investments				5,000,000
Investment income	(12,192)	(1,869)	(114,192)	(384,622)
Accretion of interest expenses on unsecured loans	12,717,532	1,949,047
Gain from disposal of equity method investments				(366,687)
Gain from disposal of subsidiaries, net	(14,562,030)	(2,231,729)	(21,421)
Share of losses of equity method investments	2,446,221	374,900	14,592	546,530
Change in fair value of warrant liabilities	221,462,056	33,940,545	(137,969)	450,083
Change in fair value of long-term investments	(2,154,334)	(330,166)	(900,000)	(17,700,000)
Unrealized foreign exchange (gain)/loss	(5,390,766)	(826,171)	2,403,599	(10,401,825)
Changes in operating assets and liabilities, net of effect of disposal of subsidiaries:
Accounts receivable - third parties, net	(38,500,863)	(5,900,515)	(84,015,130)	10,756,355
Accounts receivable - a related party, net	3,215,615	492,815	7,515,391	5,226,503
Contract assets	(14,749,988)	(2,260,535)	(7,795,842)	1,035,973
Amounts due from related parties	(39,623)	(6,072)	(3,935,606)
Prepayments and other current assets	(20,745,602)	(3,179,403)	(27,104,905)	(5,922,204)
Other noncurrent assets	824,463	126,354	356,087	(178,043)
Accounts payable	(17,224,423)	(2,639,758)	58,573,620	(14,718,200)
Contract liabilities	(15,960,692)	(2,446,083)	14,690,962	21,893,568
Amounts due to a related party	(367,054)	(56,253)	2,024,992	1,155,103
Accrued expenses and other current liabilities	20,583,712	3,154,592	11,105,885	(17,866,765)
Net cash used in operating activities	(224,118,705)	(34,347,694)	(166,384,556)	(160,617,731)
Investing activities:
Cash paid for purchase of property and equipment	(5,469,561)	(838,247)	(10,094,269)	(7,661,615)
Cash paid for purchase of intangible assets	(515,000)	(78,927)	(378,069)	(1,290,061)
Cash received from disposal of affiliates				3,435,002
Cash paid for purchase of longterm investments	(457,326)	(70,088)	(5,688,340)	(1,000,000)
Cash received from disposal of property and equipment	62,416	9,566	496,221
Cash paid for purchase of short-term investments			(34,000,000)	(49,000,000)
Cash received from sale of short-term investments	2,512,192	385,010	34,614,192	58,384,622
Cash disposed of from deconsolidation of subsidiaries	(1,462,776)	(224,180)
Payment of interest free loans provided to related parties	(3,950,000)	(605,364)		(4,000,000)
Collection of interest free loans provided to related parties	4,160,000	637,548	310,000	3,180,000
Cash paid for term deposits	(160,349,418)	(24,574,623)	(69,762,000)
Cash received from maturity of term deposits	69,762,000	10,691,494
Net cash provided by / (used in) investing activities	(95,707,473)	(14,667,811)	(84,502,265)	2,047,948
Financing activities:
Payment of issuance costs	(6,281,530)	(962,687)	(12,427,087)	(1,793,926)
Proceeds from long-term borrowings			106,092,000
Repayment of long-term borrowings	(106,092,000)	(16,259,310)
Cash paid to acquire subsidiaries' equity interests held by non-controlling shareholders, net	(16,095,169)	(2,466,693)	(4,000,000)
Payment of initial public offering ("IPO") costs	(5,713,633)	(875,653)
Cash received from capital contribution from non-controlling shareholder			2,145,732
Proceeds from short-term bank borrowings	20,000,000	3,065,134	19,941,451	33,731,653
Repayment for short-term bank borrowings	(26,838,032)	(4,113,108)	(12,988,851)	(27,502,356)
Net cash provided by financing activities	457,641,336	70,136,603	325,409,445	165,410,731
Effect of foreign currency exchange rate changes on cash	(3,669,576)	(562,388)	2,866,654	7,821,409
Net increase in cash and restricted cash	134,145,582	20,558,710	77,389,278	14,662,357
Cash and restricted cash at the beginning of the year	164,313,081	25,182,081	86,923,803	72,261,446
Cash and restricted cash at the end of the year	298,458,663	45,740,791	164,313,081	86,923,803
Supplemental information
Interest paid	1,607,706	246,392	1,844,998	1,442,249
Income tax paid	131,921	20,218	43,389	394,057
Income taxes refund	(32,764)	(5,021)	(897)	(14,359)
Non-cash investing and financing activities:
Transfer of equity interest of subsidiaries at nil consideration	5,632,315	863,190	3,303,447	597,565
Issuance of ordinary shares as the consideration for purchase of noncontrolling interests	27,025,334	4,141,814
Accrual for IPO Costs	275,120	42,164
Accrual for Series F financing issuance costs	5,548,788	850,389
Exercise of Series E Warrant	16,549,825	2,536,372
Series D Redeemable Convertible Preferred Shares
Financing activities:
Proceeds from issuance of Redeemable Convertible Preferred Shares				¥ 160,975,360
Series E Redeemable Convertible Preferred Shares
Financing activities:
Proceeds from issuance of Redeemable Convertible Preferred Shares			¥ 226,646,200
Series F Redeemable Convertible Preferred Shares
Financing activities:
Proceeds from issuance of Redeemable Convertible Preferred Shares	¥ 598,661,700	$ 91,748,920

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2020CNY (¥)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Consideration for transferring equity interest of subsidiaries	¥ 0

DESCRIPTION OF BUSINESS, ORGANI

DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2020
DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION Organization and principal activities Cloopen Group Holding Limited (“the Company”), through its wholly-owned subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as “the Group”), is principally engaged in providing integrated communication services based on cloud computing technology. The Group’s principal operations and geographic markets are mainly in the People’s Republic of China (“PRC”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIE and VIE’s subsidiaries. The VIE arrangements The Group operates its cloud communication business in the PRC through Beijing Ronglian Yitong Information Technology Co., Ltd. (“Ronglian Yitong”, or the “VIE”), a limited liability company established under the laws of the PRC on March 31, 2009. Ronglian Yitong and its subsidiaries holds the necessary PRC operating licenses for the online businesses. The equity interests of Ronglian Yitong are legally held by Mr. Changxun Sun, the founder, chairman of board of directors and chief executive officer, Mr. Jianhong Zhou, the director of the Company, Lhasa Heye Investment Management Co., Ltd., and Beijing Hongshan Shengde Equity Investment Center (Limited Partnership) who act as nominee equity holders of the VIE on behalf of Anxun Guantong (Beijing) Technology Co., Ltd. (“Anxun Guantong” or “WFOE”), the Company’s wholly-owned subsidiary. A series of contractual agreements, including Powers of Attorney, Exclusive Business Cooperation Agreement, Equity Pledge Agreement, Exclusive Option Agreement and Spousal Consent Letter (collectively, the “VIE Agreements”), were entered among the Company, Anxun Guantong, Ronglian Yitong and its nominee equity holders. Pursuant to the VIE Agreements, the Company is able to exercise effective control over, bears the risks of, enjoys substantially all of the economic benefits of the VIE, and has an exclusive option to purchase all or part of the equity interests in the VIE when and to the extent permitted by the PRC law at the lowest price possible. The Company’s management concluded that Ronglian Yitong is a VIE and the Company is its primary beneficiary. As such, the consolidated financial statements of the VIE are included in the consolidated financial statements of the Company. The principal terms of the VIE Agreements are further described below. 1) Powers of Attorney The Company and each of the equity holders of Ronglian Yitong entered into Powers of Attorney. Pursuant to the Powers of Attorney, the equity holders of Ronglian Yitong irrevocably appointed Anxun Guantong as their attorney-in-fact to exercise all equity holder rights, including, but not limited to, proposing, convening and attending in the equity holders’ meeting, appointing or removing directors, executive officers and senior management, disposing of all or part of the equity holder’s interests in Ronglian Yitong, casting the equity holders’ votes on matters requiring equity holders’ approval and doing all other acts in the capacity of the equity holders as permitted by Ronglian Yitong’s Memorandum and Articles of Association. In addition, the Company has a right to assign its rights and benefits under the Powers of Attorney to any other parties without an advance notice to the equity holders of Ronglian Yitong. The Powers of Attorney shall continue in force and be irrevocable as long as the equity holders of Ronglian Yitong remain as the equity holders of Ronglian Yitong. 2) Exclusive Business Cooperation Agreement Anxun Guantong and Ronglian Yitong entered into an Exclusive Business Cooperation Agreement, whereby Anxun Guantong is appointed as the exclusive service provider for the provision of business support, technology and consulting services to Ronglian Yitong. Unless a written consent is given by Anxun Guantong, Ronglian Yitong is not allowed to engage a third party to provide such services, while Anxun Guantong is able to designate another party to render such services to Ronglian Yitong. Ronglian Yitong shall pay Anxun Guantong on a monthly basis a service fee, which shall be equal to 100% of the monthly net profits of Ronglian Yitong, and Anxun Guantong has the sole discretion to adjust the basis of calculation of the service fee amount according to service provided to Ronglian Yitong. Anxun Guantong owns the exclusive intellectual property rights, whether created by Anxun Guantong or Ronglian Yitong, as a result of the performance of the Exclusive Business Cooperation Agreement unless terminated in writing by Anxun Guantong. The Exclusive Business Cooperation Agreement may be extended if confirmed in writing by Anxun Guantong prior to the expiration thereof. The extended term shall be determined by Anxun Guantong, and Ronglian Yitong shall accept such extended term unconditionally. 3) Equity Pledge Agreement An Equity Pledge Agreement was entered into by and among Anxun Guantong, Ronglian Yitong and equity holders of Ronglian Yitong. To guarantee payment from Ronglian Yitong, including but not limited to the service fee pursuant to the Exclusive Business Cooperation Agreement, and the performance of Ronglian Yitong and the nominee equity holders’ obligations under the contractual arrangements including the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Powers of Attorney, the equity holders of Ronglian Yitong pledged their respective equity in Ronglian Yitong to Anxun Guantong under the Equity Pledge Agreement as collateral. In the event Ronglian Yitong fails to pay Anxun Guantong its service fee, Anxun Guantong will have the right to sell the pledged equity and apply the proceeds received to pay any outstanding service fees due by Ronglian Yitong to Anxun Guantong. The equity holders of Ronglian Yitong agree that, during the term of the Equity Pledge Agreement, they will not dispose of the pledged equity or create or allow any encumbrance on the pledged equity, and they also agree that Anxun Guantong’s rights relating to the equity pledges shall not be prejudiced by any legal actions of the equity holders of Ronglian Yitong , their successors or their designees. Except that the pledge of approximately 1.55% of the equity interests of VIE is subject to the registration in compliance with the PRC Property Rights Law, the equity pledge was registered with the relevant local administration for industry and commerce in October 2019 and may only be terminated upon the fulfillment of all contractual obligations under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Powers of Attorney. During the term of the Equity Pledge Agreement, Anxun Guantong is entitled to receive dividends attributable to the pledged Ronglian Yitong equity. 4) Exclusive Option Agreement Each of the equity holders of Ronglian Yitong entered into an Exclusive Option Agreement with Anxun Guantong, and Ronglian Yitong, pursuant to which the equity holders of Ronglian Yitong granted Anxun Guantong or other person upon the designation by Anxun Guantong, an irrevocable and exclusive option to purchase, at its discretion and to the extent permitted under the PRC law, all or part of the equity holders’ interests in Ronglian Yitong at the lowest price that the PRC law permits at the time unless a valuation of the equity is required by the PRC law. The equity holders of Ronglian Yitong commit that without the prior written consent of Anxun Guantong, the equity holders of Ronglian Yitong will not, among other things, (1) change or amend the Memorandum and Articles of Association , increase or decrease Ronglian Yitong’s registered capital, change its structure of registered capital in other manners; (2) sell, transfer, mortgage or dispose of in any manner any assets of Ronglian Yitong or legal or beneficial interest in the business or revenue of Ronglian Yitong, or allow the encumbrance thereon of any security interest; (3) incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the ordinary course of business other than through loans and (ii) debts disclosed to Anxun Guantong for which Anxun Guantong’s written consent has been obtained; (4) providing any person with any loan or credit or guarantee in any form; (5) cause or permit Ronglian Yitong to merge, consolidate with, acquire or invest in any person, and/or sell permit Ronglian Yitong to sell assets with a value of over RMB500,000; (6) in any manner distribute dividends to its shareholders; (7) create any pledge or encumbrance on their equity interests in Ronglian Yitong; (8) transfer or otherwise dispose of their equity interests in Ronglian Yitong and its equity holders shall appoint those individuals recommended by Anxun Guantong as directors of Ronglian Yitong. Ronglian Yitong shall provide operating and financial information to the Company at the request of Anxun Guantong and ensure the continuance of the business. The Exclusive Option Agreement will remain effective until all equity interests in Ronglian Yitong held by its equity holders are transferred or assigned to the Company or its designee. Ronglian Yitong and its equity holders shall not have any right to terminate the Exclusive Option Agreement. 5) Spousal Consent Letter Pursuant to the Spousal Consent Letters executed by the spouse of the principal individual shareholder of the VIE, the signing spouse confirmed that she does not enjoy any right or interest in connection with the equity interests of the VIE. The spouse also irrevocably agreed that she would not claim in the future any right or interest in connection with the equity interests in the VIE held by her spouse. Risks in relation to the VIE structure In the opinion of the Company’s management, the VIE Agreements have resulted in the WFOE having the power to direct activities that most significantly impact the VIE, including appointing key management, setting up operating policies, exerting financial controls and transferring profit or assets out of the VIE at its discretion. The Company considers that it has the right to receive all the benefits and assets of the VIE. As the VIE was established as a limited liability company under the PRC law, its creditors do not have recourse to the general credit of the Company for the liabilities of the VIE, and the Company does not have the obligation to assume the liabilities of the VIE. The Company has determined that the VIE Agreements are in compliance with the PRC laws and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the VIE Agreements; and if the equity holders of the VIE were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. The Company’s ability to control the VIE also depends on the rights provided to the Company under the Powers of Attorney to vote on all matters requiring equity holders’ approval in the respective VIE. As noted above, the Company believes these Powers of Attorney are legally enforceable but yet they may not be as effective as direct equity ownership. In addition, if the corporate structure of the Group or the contractual arrangements among the Company, Anxun Guantong, the VIE and its respective equity holders were found to be in violation of any existing PRC laws and regulations, the relevant PRC regulatory authorities could: ● revoke the business license and/or operating licenses of such entities; ● discontinue or place restrictions or onerous conditions on the Group’s operations; ● impose fines, confiscating the income from the VIE, or imposing other requirements with which the Group may not be able to comply; ● require the Group to restructure its ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would affect the Company’s ability to consolidate, derive economic interests from, or exert effective control over the VIE; or ● restrict or prohibit our use of the proceeds of this offering to finance our business and operations in the PRC. The imposition of any of the above restrictions or actions may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Company to lose the right to direct the activities of the VIE or the right to receive its economic benefits, the Company would no longer be able to consolidate the VIE. The Company’s management believes that the likelihood to lose the Company’s current ownership structure or the contractual arrangements with the VIE is remote based on the current facts and circumstances. There is no VIE in which the Company has a variable interest but is not the primary beneficiary. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIE. The following consolidated assets and liabilities information of the Group’s VIE as of December 31, 2019 and 2020, and consolidated revenues, net loss and cash flow information for the years then ended, have been included in the accompanying consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2020 ​ ​ RMB ​ RMB Cash 120,450,112 58,443,775 Restricted cash 195,000 1,893,454 Short-term investments ​ 2,501,024 — Accounts receivable - third parties, net* ​ 203,270,317 221,613,966 Accounts receivable - related parties, net** ​ 15,010,001 ​ 11,355,167 Contract assets ​ 25,249,719 36,307,474 Amounts due from related parties ​ 6,445,606 6,275,229 Prepayments and other current assets ​ 97,632,903 125,859,963 Total current assets 470,754,682 461,749,028 Long-term investments 40,077,207 66,162,184 Property and equipment, net 10,261,327 11,163,961 Intangible assets, net 2,004,396 2,022,583 Deferred income tax assets 180,222 1,048,972 Other non-current assets 4,445,326 3,620,864 Total assets 527,723,160 545,767,592 Short-term borrowings ​ 26,838,032 20,000,000 Accounts payable ​ 135,194,396 ​ 122,079,582 Contract liabilities ​ 108,950,803 95,964,616 Amounts due to related parties*** ​ 595,457,305 631,164,373 Payables to an affiliate of a Series C Redeemable Convertible Preferred Shareholder — 230,086,500 Accrued expenses and other current liabilities 52,880,022 82,674,385 Total current liabilities 919,320,558 1,181,969,456 Long-term borrowings 96,190,363 — Total liabilities 1,015,510,921 1,181,969,456 * As of December 31, 2019, accounts receivable - third parties, net and prepayments and other current assets include accounts receivable - third parties and other receivables of Ronglian Yitong Technology that were pledged to secure bank borrowings amounting to RMB168,249,612 and RMB10,610,652, respectively. The secured bank loans matured on December 18, 2020 and accounts receivable - third parties and other receivables of Ronglian Yitong Technology were released from pledge on the same day (please refer to Note 10 for details). ** Accounts receivable-related parties, net includes accounts receivable, net due from the Company and its subsidiaries, which are eliminated upon consolidation, and accounts receivable, net due from a company that controls a shareholder of the Company of RMB12,501,982 and RMB9,447,148 as of December 31, 2019 and 2020. *** Amounts due to related parties include amounts due to the Company and its subsidiaries, which are eliminated upon consolidation, and amounts due to a company that controls a shareholder of the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Revenues 498,345,481 640,145,645 738,931,945 Net loss (111,087,374) ​ (145,457,499) (156,301,399) Net cash used in operating activities (4,590,430) ​ (31,078,480) (20,062,451) Net cash provided by / (used in) investing activities ​ 2,098,931 ​ (15,547,418) (4,840,970) Net cash provided by / (used in) financing activities ​ 6,229,297 ​ 113,044,600 (35,404,462) Net increase / (decrease) in cash and restricted cash ​ 3,737,798 ​ 66,418,702 (60,307,883) Cash and restricted cash at the beginning of the year ​ 50,488,612 ​ 54,226,410 120,645,112 Cash and restricted cash at the end of the year 54,226,410 ​ 120,645,112 60,337,229 ​ In accordance with VIE Agreements, WFOE has the power to direct the activities of the VIE. Therefore, the Company considers that there are no assets in the VIE that can be used only to settle obligations of the VIE, except for restricted cash of RMB195,000 and RMB1,893,454 as of December 31, 2019 and 2020, respectively, accounts receivable of RMB168,249,612 and other receivables included in prepayments and other current assets of RMB10,610,652 as of December 31, 2019, that were pledged to secured bank borrowings. The creditors of VIEs do not have recourse to the general credit of WFOE.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Group’s ability to operate profitably, to generate cash flows from operations, and its ability to attract investors and to borrow funds on reasonable economic terms. Reclassification of prior-year presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. Reclassifications have been made to the Consolidated Balance Sheet as of December 31, 2019, including: 1) Presenting “Accounts receivable – a related party, net” totaling RMB 12.5 million as a separate balance sheet line item, which was previously reported in “Accounts receivables, net”; 2) Presenting “Accounts receivable - third parties, net” totaling RMB 206.6 million as a separate balance sheet line item, which was previously reported in “Accounts receivables, net”; 3) Presenting “Amounts due from related parties” totaling RMB 3.9 million as a separate balance sheet line item, which was previously reported in “Prepayments and other current assets”; 4) Presenting “Amounts due to a related party” totaling RMB 3.2 million as a separate balance sheet line item, which was previously reported in “Accounts payable”. These changes in classification and presentation do not affect previously reported financial position, results of operations, and cash flows for the year ended December 31, 2019. (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE for which the WFOE is the primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, exercises effective control over the activities that most impact the economic performance, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All intercompany transactions and balances among the Company, its subsidiaries, the VIE, and the VIE’s subsidiaries have been eliminated upon consolidation. (c) Use of Estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, determining the selling price of products and services in multiple element revenue arrangements, the allowance for doubtful accounts receivable and contract assets, depreciable lives and recoverability of property and equipment and intangible assets, the realization of deferred income tax assets, the fair value of share based compensation awards, redeemable convertible preferred shares, available-for-sale debt securities, other equity investments and warrant liabilities, and the fair value of the ordinary shares to determine the existence of beneficial conversion feature of the redeemable convertible preferred shares. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (d) Convenience Translation Translations of the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB6.5250, representing the noon buying rate in The City of New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. (e) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (f) Cash Cash consists of cash on hand and cash at bank. Cash at bank are deposited in financial institutions at below locations: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Cash on hand 118,613 719 Cash balances include deposits in: Financial institutions in the mainland of the PRC — Denominated in Renminbi (“RMB”) 52,225,475 68,083,153 — Denominated in US$ 103,577,057 223,435,361 — Denominated in Hong Kong S.A.R. Dollar (“HKD”) 19,057 17,088 Total cash balances held at mainland PRC financial institutions 155,821,589 291,535,602 Financial institutions in Japan ​ — Denominated in Japanese Yen 8,177,879 5,028,888 Total cash balances held at Japan financial institutions 8,177,879 5,028,888 Total cash balances held at financial institutions 163,999,468 296,564,490 Total cash balances 164,118,081 296,565,209 ​ The bank deposits, including term deposits and restricted cash, with financial institutions in the mainland of the PRC and Japan are insured by the government authorities up to RMB500,000 and JPY10,000,000, respectively. The bank deposits including term deposits and restricted cash are insured by the government authorities with amounts up to RMB8,665,785 and RMB13,402,156 as of December 31, 2019 and 2020, respectively. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in the PRC and Japan with acceptable credit rating. (g) Restricted cash Cash balances that have restrictions as to withdrawal or usage are considered restricted cash. Restricted cash that will be released to cash within the next 12 months is classified as current asset, while the balance restricted for use longer than one year is classified as non-current asset on the consolidated balance sheets. (h) Term deposits Term deposits represent deposits at banks with original maturities more than three months but less than one year. The Group’s term deposits were denominated in US$ and were deposited at financial institutions in the mainland of the PRC with the interest rate of 2.4% and 1% per annum as of December 31, 2019 and 2020, respectively. Term deposits maintained at financial institutions consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB US$ denominated bank deposits with financial institutions in the PRC 69,762,000 160,349,418 ​ To limit exposure to credit risk relating to bank deposits, the Company primarily places term deposits only with large financial institutions in the PRC with acceptable credit rating. (i) Accounts Receivable Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. Management considers the following factors when determining the collectability of specific accounts: historical experience, credit worthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. An allowance for doubtful accounts is made and recorded into general and administrative expenses based on aging of accounts receivable and on any specifically identified accounts receivable that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Group does not have any off-balance sheet credit exposure related to its customers. (j) Long-term Investments Debt securities The Group accounts for debt securities as available-for-sale (“AFS”) when they are not classified as either trading or held-to-maturity. AFS securities are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of AFS securities are determined on a specific-identification basis. An impairment loss on the AFS securities are recognized in the consolidated statement of comprehensive loss when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the years ended December 31, 2018, 2019 and 2020. Equity method investments The Group applies the equity method to account for an equity interest in an investee over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method of accounting, the Group’s share of the investee’s results of operations is reported as share of losses of equity method investments in the consolidated statements of comprehensive loss. The Group recognizes an impairment loss when there is a decline in value below the carrying value of the equity method investment that is considered to be other than temporary. The process of assessing and determining whether impairment on an investment is other than temporary requires a significant amount of judgment. To determine whether an impairment is other than temporary, management considers whether it has the ability and intent to hold the investment until recovery and whether evidence indicating the carrying value of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the decline in value, any change in value subsequent to the period end, and forecasted performance of the investee. Other equity investments The Group measures investments in equity securities at cost, adjusted for changes resulting from impairments and observable price changes in orderly transactions for identical or similar securities of the same issuer. The Group considers information in periodic financial statements and other documentation provided by the investees to determine whether observable price changes have occurred. The Group makes a qualitative assessment considering impairment indicators to evaluate whether the equity investments without a readily determinable fair value is impaired at each reporting period, and written down to its fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. If an equity security without a readily determinable fair value is impaired, the Group includes an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount. (k) Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. The estimated useful lives are as follows: ​ ​ ​ ​ Computer and office equipment 3 Furniture and fixtures 3 Motor vehicles 5 years Leasehold improvements The shorter of lease terms and estimated useful lives Software 5 ​ Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred. (l) Intangible Assets, net Intangible assets represent telecommunication business operation licenses and software copyrights that acquired through assets acquisition, which are initially recognized and measured at cost, and amortized on a straight-line basis over their respective estimated useful lives, which range from 3 (m) Impairment of Long-lived Assets Long-lived assets such as property and equipment and intangible assets with finite lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment of long-lived assets was recognized for the years ended December 31, 2018, 2019 and 2020. (n) Value Added Taxes The Company’s PRC subsidiaries are subject to value added tax (“VAT”). Revenue from providing cloud communication services and communication devices sales are generally subject to VAT at the rate of 6% and 13% since April 1, 2019, or 6% to 16% between May 1, 2018 and April 1, 2019, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. (o) Short-term Investments The Group’s short-term investments represent the Group’s investments in financial products managed by financial institutions in the PRC which are redeemable at the option of the Group on any working day. Short-term investments are reported at fair value, with unrealized holding gains or losses, net of any related income tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive loss until realized. Realized gains or losses from the sale of short-term investments are determined on a specific identification basis and are recorded as investment income when earned. (p) Warrant Liabilities The freestanding warrants to purchase redeemable convertible preferred shares at a future date were determined to be freestanding instruments that were accounted for as liabilities. At initial recognition, the Group recorded the warrant liabilities on the consolidated balance sheets at their estimated fair value and changes in estimated fair values were included in the change in fair value of warrant liabilities on the consolidated statement of comprehensive loss or allocated to the proceeds from the issuance of the debt instrument to the warrants based on the warrant liabilities fair value. The warrant liabilities are subject to remeasurement at each reporting period and the Group adjusted the carrying value of the warrant liabilities to fair value at the end of each reporting period utilizing the binominal option pricing model, with changes in estimated fair value included in the change in fair value of warrant liabilities on the consolidated statement of comprehensive loss. (q) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: 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. Accounting guidance also 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. Financial assets and liabilities of the Group primarily consist of cash, restricted cash, term deposits, short-term investments, accounts receivable - third parties, net, accounts receivable – a related party, net, other receivables included in prepayments and other current assets, available-for-sale debt securities, other equity investments, equity method investment, amounts due from related parties, short-term borrowings and long-term borrowings, accounts payable, contract liabilities, other payables included in accrued expenses and other current liabilities and warrant liabilities. The Group measures short-term investments at fair value on a recurring basis. Short-term investments include financial products issued by financial institutions, which are valued based on prices per units quoted by issuers and are categorized in Level 2 of the fair value hierarchy. Available-for-sale debt securities, other equity investments and warrant liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. As of December 31, 2019 and 2020, the carrying values of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets, such as intangible assets and property and equipment, would be measured at fair value only if they were determined to be impaired. (r) Revenue recognition The Company generate substantially all of the Company’s revenues from the following services and products: (1) (2) (3) The Company recognizes revenue upon the transfer of control of promised products or services provided to the Company’s customers, in the amount of consideration the Company expect to receive for those products or services (excluding sales taxes collected on behalf of government authorities). The Company’s revenue contracts generally do not include a right of return in relation to the delivered products or services. The timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company record a contract asset when revenue is recognized prior to invoicing, and a contract liability when payment is received from a customer in advance of revenue recognition. The Company generally issue invoices based on contract terms, which may be when the services are completed, upon customer acceptance of the Company’s deliverables or at preset milestones. Payments are due with standard payment terms which are generally not more than 90 days from invoice issuance. CPaaS revenues The Company accounts for revenue from customers’ usage of text message and voice call services on the Company’s CPaaS platform as two separate performance obligations. The Company’s service fees are determined by applying the contractual unit price to the monthly usage volume of text messages sent or minutes of voice calls placed and a contractual monthly fixed charge per subscriber multiplied by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to send text messages and place voice calls are sold separately to customers with observable standalone selling prices. The service contracts are generally with a length between 3 Cloud-based CC revenues Customers subscribe to the Company’s basic Cloud-based CC services at a fixed monthly fee and pay for other value-added services on a usage basis. The Company recognizes the monthly service fees ratably over the contract period during which the Company is obligated to grant customers continuous access to those basic Cloud-based CC services. Revenue for other value-added services on top of the basic subscription is determined by applying the contractual unit price to the monthly usage volume and recognized when the related services are provided to customers. The basic subscription is sold to customers at the same price with or without the value-added services, so the transaction price is allocated on the basis of observable stand-alone selling prices. The service contracts are generally with a length between 3 Cloud-based UC&C revenues The Company offers customized Cloud-based UC&C solutions to customers with tailored functionalities and interfacing capabilities suitable to their complicated IT environment. The Company has identified that the nature of our overall promise to customers as the provision of an appropriately customized and interfaced software solution comprising the customized UC&C license and other highly interdependent and interrelated services, and have accounted for the promise as one combined performance obligation. The Company applies an iterative process to design, test and implement the software in customers’ IT environment and recognizes revenue for this performance obligation over a period of time during which the control of the customized UC&C solution is progressively transferred to the customers. The Company uses an input method to estimate progress, based on the proportion of the labour hours incurred relative to the estimated total labour hours. The Company’s Cloud-based UC&C contracts generally include a standard assurance-type warranty. (s) Cost of Revenues Cost of revenues mainly consists of payroll and related costs for employees, communication service expense associated with the use of facilities and equipment by these employees, such as rental and depreciation expenses, communication service expense charges to telecom operators or its distributors and cloud service fees to cloud service providers. (t) Research and Development Expenses Research and development expenses mainly consist of payroll and related costs for employees involved in researching and developing new technologies, in the field of cloud communication, and outsourced design expenses as well as expenses associated with the use by these functions of facilities and equipment, such as rental and depreciation expenses. Research and development expenses are expensed as incurred. (u) Selling and Marketing Expenses Selling and marketing expenses mainly consist of advertising expenses, promotion expenses, payroll and related expenses for personnel engaged in selling and marketing activities and expenses associated with the use by these functions of facilities and equipment, such as rental and depreciation expenses. Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2018, 2019 and 2020, the advertising expenses were RMB12,013,725, RMB15,842,771 and RMB27,253,585, respectively. (v) General and Administrative Expenses General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, such as rental and depreciation expenses, professional fees and other general corporate expenses. (w) Share-based Compensation Share-based awards granted to the founders in the form of restricted shares are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded-vesting method. The Group elects to recognize the effect of forfeitures in compensation cost when they occur. Share-based awards granted to employees are measured at the grant date fair value of the awards, and are recognized as compensation expense with graded-vesting schedules over the requisite service period for each separately vesting portion (or tranche) of the award. The Group elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. Share-based compensation in relation to the restricted ordinary shares is measured based on the fair value of the Company’s ordinary shares at the grant date of the award, which is estimated using the income approach and equity allocation method. Estimation of the fair value of the Company’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the binominal option pricing model. The determination of the fair value of share options is affected by the fair value of the Company’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions. A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. The Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For awards not being fully vested, the Company recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards over the remaining requisite service period after modification. (x) Employee Benefits The Company’s subsidiaries and the VIE and VIE’s subsidiaries in the PRC participate in a government mandated, multi-employers, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to RMB60,765,557, RMB66,161,467 and RMB43,023,105 for the years ended December 31, 2018, 2019 and 2020, respectively. (y) Income Taxes Current income taxes are provided on the basis of income before income taxes for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse to the temporary differences between the financial statements’ carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the 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. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2019 and 2020, the Group did not have any significant unrecognized uncertain tax positions. (z) Operating Leases The Group leases premises for offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. (aa) Foreign Currency Translation and Foreign Currency Risks The Company’s reporting currency is RMB. The functional currency of the Company and its subsidiary incorporated at Hong Kong S.A.R. is the US$. The functional currency of the Company’s subsidiary incorporated at Japan is JPY. The functional currency of the Company’s PRC subsidiary, the VIE and th

CASH AND RESTRICTED CASH

CASH AND RESTRICTED CASH	12 Months Ended
	Dec. 31, 2020
CASH AND RESTRICTED CASH
CASH AND RESTRICTED CASH	3. CASH AND RESTRICTED CASH A reconciliation of cash and restricted cash in the consolidated balance sheets to the amounts in the consolidated statement of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Cash 164,118,081 296,565,209 Restricted cash 195,000 1,893,454 Total cash and restricted cash shown in the consolidated statements of cash flows 164,313,081 298,458,663 ​ The balances of restricted cash were mainly related to bank deposits for performance guarantee, which were restricted for use as of December 31, 2019 and 2020, and will be released from restriction within the next 12 months.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	12 Months Ended
	Dec. 31, 2020
SHORT TERM INVESTMENTS
SHORT-TERM INVESTMENTS	4. SHORT-TERM INVESTMENTS ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Aggregate cost basis 2,500,000 — Gross unrealized holding gain 1,024 — Aggregate fair value 2,501,024 — ​ The Group’s short-term investments represent wealth management products issued by commercial banks in the PRC which are redeemable on demand of the Group. The wealth management products are invested in debt securities issued by the PRC government, corporate debt securities, bank deposits, central bank bills and other securities issued by other financial institutions.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Accounts receivable - third parties ​ 228,332,843 ​ 266,496,793 Allowance for doubtful accounts - third parties ​ (21,703,425) ​ (37,604,131) Accounts receivable - third parties, net ​ 206,629,418 ​ 228,892,662 ​ ​ ​ ​ ​ Accounts receivable - a related party ​ 13,159,981 ​ 9,944,366 Allowance for doubtful accounts - a related party ​ (657,999) ​ (497,218) Accounts receivable - a related party, net 12,501,982 9,447,148 ​ The movement of the allowance for doubtful accounts including both accounts receivable due from third parties and a related party is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Allowance for doubtful accounts - third parties ​ 2018 ​ 2019 ​ 2020 ​ RMB RMB RMB Balance at the beginning of the year 19,048,819 18,218,164 21,703,425 Additions charged to (reversal of) bad debt expense (830,655) 8,071,880 15,900,706 Write‑off — (4,586,619) — Balance at the end of the year 18,218,164 21,703,425 37,604,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Allowance for doubtful accounts - a related party 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year — 1,033,769 657,999 Additions charged to (reversal of) bad debt expense 1,033,769 (375,770) (160,781) Balance at the end of the year 1,033,769 657,999 497,218 ​ As of December 31, 2019, accounts receivable – third parties, net includes accounts receivable that were pledged for bank borrowings (see Note 10).

PREPAYMENTS AND OTHER CURRENT A

PREPAYMENTS AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2020
PREPAYMENTS AND OTHER CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT ASSETS	6. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets as of December 31, 2019 and 2020 consisted of the following: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Advance to suppliers 78,609,793 108,082,414 Deposits 6,378,261 10,405,023 Staff advances 13,776,145 6,295,894 Deductible input VAT 12,056,458 11,692,900 Receivables from third party payment platforms 2,418,033 2,295,382 Others 536,959 485,626 Prepayments and Other Current Assets 113,775,649 139,257,239 ​

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS	12 Months Ended
	Dec. 31, 2020
LONG TERM INVESTMENTS
LONG-TERM INVESTMENTS	7. LONG-TERM INVESTMENTS ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Available ‑ for ‑ sale debt securities Beijing Chenfeng Network Technology Co., Ltd. 2,500,000 11,800,000 Total available ‑ for ‑ sale debt securities 2,500,000 11,800,000 ​ ​ ​ ​ ​ Equity method investments ​ Beijing Lianxinzhihui Technology Co., Ltd. 3,788,867 3,751,676 Shenzhen City Yunjitong Technology Co., Ltd. 7,383,678 7,383,678 Beijing Jingu Shitong Technology Co., Ltd — 14,210,508 Shenyang Yunrongxin Technology Co., Ltd 2,000,000 2,000,000 Total equity method investments 13,172,545 27,345,862 Less: impairment of equity method investments (9,383,678) (9,383,678) Total equity method investments, net 3,788,867 17,962,184 ​ ​ ​ ​ ​ Other equity investments Shanghai Yuhuan Information System Co., Ltd. 25,600,000 25,600,000 Beijing Hujingtiaoyue Technology Co., Ltd. 5,000,000 5,000,000 Hangzhou Paileyun Technology Co., Ltd. 3,188,340 5,800,000 Sichuan Taojinniwo Information Technology Co., Ltd. 6,657,838 6,657,838 Beijing Hanyuhaikuo Software Technology Co., Ltd. 5,000,000 5,000,000 Total other equity investments 45,446,178 48,057,838 Less: impairment of other equity investments (11,657,838) (11,657,838) Total other equity investments, net 33,788,340 36,400,000 Total long ‑ term investments 40,077,207 66,162,184 ​ Available-for-sale debt securities On September 2, 2019, Ronglian Yitong entered into a shares purchase agreement to acquire 10% equity interest of Beijing Chenfeng Network Technology Co., Ltd. (“Beijing Chenfeng”), which is principally engaged in provision of customer relationship management solutions, at a cash consideration of RMB2,500,000. The investment was classified as AFS debt security because the investment contains substantive liquidation preference and redemption provision and is redeemable at the option of the investor. As of December 31, 2019 and 2020, the fair value of the entire invested capital of Beijing Chenfeng was estimated using an income approach, and the fair value of the debt security is estimated based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise, as well as the rights of each equity classes. This method involves a forward-looking analysis of the potential future outcomes available to the enterprise, the estimation of future and present value under each outcome, and the application of a probability factor to each outcome as of the valuation date. The significant inputs for the valuation model include, but not limited to, future cash flows, discount rate, and the selection of comparable companies operating in similar businesses. There was no fair value change based on the fair value of the entire invested capital of Beijing Chenfeng using an income approach and the equity allocation method for the year ended December 31, 2019 or as of December 31, 2019 considering the investment date was September 2, 2019, which is a short period between investment date and December 31, 2019. Unrealized gain of RMB9,300,000, net of nil income taxes were recorded in other comprehensive income for the year ended December 31, 2020. Equity method investments In September 2017, Ronglian Yitong acquired 16% equity interest of Beijing Lianxinzhihui Technology Co., Ltd., which is principally engaged in provision of big data solutions in the area of fraud prevention and precision marketing, at a cash consideration of RMB4.5 million. Ronglian Yitong has the right to appoint one out of three directors. The investments are accounted for under the equity method as Ronglian Yitong is able to exercise significant influence through its board representation. The Company recognized its share of loss of this equity investment of RMB546,530, RMB14,592 and RMB37,191 for the years ended December 31, 2018, 2019 and 2020, respectively. On March 23, 2020, a new third-party investor acquired 7.69% of the equity interest of one subsidiary, Beijing Jingu Shitong Technology Co., Ltd. (“Jingu”), which led to the reduction of the Group’s ownership from 60% to 55.38%. Accordingly, the article of association of Jingu was updated that all the matters should be voted and agreed by shareholders with at least 2/3 2/3 Upon the deconsolidation of Jingu, the Group recorded a gain from disposal of a subsidiary amounting to RMB14,897,034, of which approximately RMB13,871,309 was the remeasurement of the retained non-controlling investment in Jingu to fair value. The Group uses the equity method to account for its retained interest in Jingu as it had the ability to exercise significant influence over the entity and reports its share of losses of equity method investments in Jingu on the consolidated statements of comprehensive loss. For the year ended December 31, 2020, the Group’s share of loss of Jingu was approximately RMB2,409,030. Management evaluated whether there was other than temporary impairment based on the facts, including recent financing activities, projected and historical financial performance. The Company performed an impairment analysis and recognized an other than temporary loss for the investments of Shenzhen City Yunjitong Technology Co., Ltd and Shenyang Yunrongxin Technology Co., Ltd of RMB9.4 million prior to January 1, 2018. Other equity investments In August 2019, Ronglian Yitong entered into a shares purchase agreement to acquire 3% equity interest of Hangzhou Paileyun Technology Co., Ltd. (“Hangzhou Paileyun”), which is principally engaged in provision of real-time voice and video cloud communication services, at a cash consideration of RMB3,188,340. According to the shares purchase agreement, Ronglian Yitong does not have the right to appoint any directors. The Group accounts for its investment in Hangzhou Paileyun as other equity investments since its investment is not in-substance common stock due to the liquidation preference feature, and does not have readily determinable fair value. The Group elected to measure other equity investments without a readily determinable fair value at cost adjusted for changes resulting from impairments, if any, and observable price changes in orderly transactions for the identical or similar securities of the same issuer. The Group did not identify any observable price changes requiring an adjustment to the investments in Hangzhou Paileyun during the year ended December 31, 2019. In August 2020, Hangzhou Paileyun entered into new financing agreements with new investors. After Hangzhou Paileyun’s new financing, Ronglian Yitong’s equity interest remained at 3% as Ronglian Huitong made an additional investment of RMB457,326 in Hangzhou Paileyun pursuant to a capital increase agreement. In December 2020, Hangzhou Paileyun entered into another financing agreement with certain other new investors, which diluted Ronglian Yitong’s equity interest in Hanzhou Paileyun from 3% to 2.88%. The new financing from third parties provided an observable price for Ronglian Yitong’s investment in Hangzhou Paileyun and Ronglian Yitong evaluated the investment’s carrying amount based on the observable price and recognized a gain of RMB2,154,334 from the change in fair value during the year ended December 31, 2020. The new financing agreement with new investors provided the observable price for other equity investment and the fair value adjustment was determined primarily based on the market approach as of the transaction date, which takes into consideration a number of factors including recent financing pricing which shall be adjusted as similar securities to reflect difference in the rights and obligations between the equity security that was transacted and the equity security held by the Company, and discount rates from traded companies in the industry and requires the Company to make certain assumptions and estimates regarding industry factors. Specifically, some of the significant unobservable inputs included discount of lack of marketability. The assumptions are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on the fair values. In September 2017, Ronglian Yitong entered into a share purchase agreement to acquire 6.56% equity interest of Beijing Hujingtiaoyue Technology Co., Ltd. (“Hujingtiaoyue”), which is principally engaged in provision of artificial intelligence marketing solutions, at a cash consideration of RMB4 million. According to the shares purchase agreement, Ronglian Yitong, together with another shareholder, has the right to appoint one director. The Group accounts for its investment in Hujingtiaoyue as other equity investments since its investment is not in-substance common stock due to the liquidation preference feature, and does not have readily determinable fair value. The Group elected to measure other equity investments without a readily determinable fair value at cost adjusted for changes resulting from impairments, if any, and observable price changes in orderly transactions for the identical or similar securities of the same issuer. In June 2018, Hujingtiaoyue entered into new financing agreements with new investors. After Hujingtiaoyue’s new financing, Ronglian Yitong’s equity interest in Hujingtiaoyue decreased to 5.45% and Ronglian Yitong, together with another shareholder, remains the right to appoint one director. The new financing provided an observable price for Ronglian Yitong’s investment in Hujingtiaoyue and Ronglian Yitong evaluated the investments carrying amount based on the observable price and recognized a gain of RMB100,000 from the change in fair value. In May 2019, Hujingtiaoyue entered into new financing agreements with new investors. After Hujingtiaoyue’s new financing, Ronglian Yitong’s equity interest in Hujingtiaoyue further decreased to 4.29% and Ronglian Yitong, together with another shareholder, remains the right to appoint one director. The new financing provided an observable price for Ronglian Yitong’s investments in Hujingtiaoyue and Ronglian Yitong evaluated this investment’s carrying amount based on the observable price, and recognized a gain of RMB900,000 from the change in fair value. The Company did not identify any observable price changes requiring adjustments or other-than-temporary impairment loss to the investments except for Hujingtiaoyue for the year ended December 31, 2019 and Hangzhou Paileyun for the year ended December 31, 2020. Management evaluated whether there was other than temporary impairment based on the facts, including recent financing activities, which shall be adjusted as similar securities to reflect difference in the rights and obligations between the equity security that was transacted and the equity security held by the Company, and projected and historical financial performance. The Company performed an impairment analysis and recognized an other than temporary loss for the investments of Sichuan Taojinniwo Information Technology Co., Ltd. and Beijing Hanyuhaikuo Software Technology Co., Ltd. of RMB11.7 million prior to January 1, 2018.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	8. PROPERTY AND EQUIPMENT, NET Property and equipment as of December 31, 2019 and 2020 consisted of the following: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Computer and office equipment 23,913,290 26,162,529 Furniture and fixtures 1,540,476 2,511,918 Motor vehicles 653,303 263,196 Leasehold improvement 369,247 566,507 Software 10,627,169 12,872,664 Property and Equipment 37,103,485 42,376,814 Less: Accumulated depreciation (19,199,417) (25,960,658) Property and Equipment, net 17,904,068 16,416,156 ​ Depreciation expenses were RMB5,574,439, RMB6,152,479 and RMB6,877,787 for the years ended December 31, 2018, 2019 and 2020, respectively. Depreciation expenses on property and equipment were allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2018 2019 2020 ​ RMB ​ RMB RMB Cost of revenues 818,112 ​ 1,310,170 1,641,973 Research and development expenses 777,841 ​ 1,304,893 1,160,673 Selling and marketing expenses 1,985,829 ​ 2,335,885 2,119,406 General and administrative expenses 1,992,657 ​ 1,201,531 1,955,735 Total depreciation expenses 5,574,439 ​ 6,152,479 6,877,787 ​

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2020
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	9. INTANGIBLE ASSETS, NET The following table summarizes the Company’s intangible assets, as of December 31, 2019 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Gross ​ ​ ​ Net ​ average ​ ​ carrying ​ Accumulated ​ carrying ​ amortization ​ ​ amount amortization amount Period ​ ​ RMB ​ RMB ​ RMB ​ Years Software copyrights 4,302,000 (3,264,250) 1,037,750 6.8 Telecommunication business operation licenses 5,744,940 (3,339,512) 2,405,428 4.0 Total 10,046,940 (6,603,762) 3,443,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ Weighted ​ ​ Gross ​ ​ ​ Net ​ average ​ ​ carrying ​ Accumulated ​ carrying ​ amortization ​ ​ amount ​ amortization ​ amount ​ period ​ ​ RMB ​ RMB ​ RMB ​ Years Software copyrights 2,372,000 (1,630,750) 741,250 8.0 Telecommunication business operation licenses 5,906,192 (4,624,859) 1,281,333 4.0 Total 8,278,192 (6,255,609) 2,022,583 ​ Amortization expenses for intangible assets recognized as general and administrative expenses were RMB2,103,717, RMB2,139,519 and RMB1,720,270 for the years ended December 31, 2018, 2019 and 2020, respectively. The estimated amortization expense for the next five years is as follows: ​ ​ ​ ​ RMB 2021 1,039,747 2022 645,792 2023 288,422 2024 45,069 2025 3,553 ​

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2020
BORROWINGS
BORROWINGS	10. BORROWINGS ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Secured bank loans 26,838,032 — Unsecured bank loans — 20,000,000 Short ‑ term borrowings 26,838,032 20,000,000 Longs-term borrowings 96,190,363 — ​ Secured bank loans During the years ended December 31, 2018, 2019 and 2020, Ronglian Yitong obtained short-term borrowings with amounts of RMB33,731,653, RMB19,941,451 and nil, respectively, from Silicon Valley Bank (“SPD”) and repaid SPD with amounts of RMB27,502,356, RMB12,988,851 and RMB26,838,032, respectively. As of December 31, 2019, the Company’s secured bank borrowings bear a weighted average interest rate of 7.51% per annum. The short-term bank borrowings were pledged by accounts receivable - third parties of Ronglian Yitong and were jointly guaranteed by the Company, Beijing Ronglian 7Moor Technology Co., Ltd. (“Ronglian 7Moor”), and Beijing Ronglian Guanghui Technology Co., Ltd. (“Ronglian Guanghui”), subsidiaries of the Company. As of December 31, 2019, accounts receivable - third parties of Ronglian Yitong with amounts of RMB168,249,612 and other receivables included in prepayments and other current assets of RMB10,610,652 were pledged to secure bank borrowings from SPD. Upon the secured bank loans matured on December 18, 2020, the accounts receivable and other receivables of Ronglian Yitong Technology were released from the pledge. Unsecured bank loans During the year ended December 31, 2020, Ronglian Yitong obtained short-term borrowings with amounts of RMB20,000,000 from Bank of Beijing (“BOB”). As of December 31, 2020, the Company’s unsecured bank borrowings bear a weighted average interest rate of 3.85% per annum. The unsecured bank loans mature at various times within one year and contain no renewal terms. Long-term borrowings On September 25, 2019, the Company borrowed two unsecured loans in total of US$15 million (equivalent to RMB106.1 million) with detachable warrants from two PRC onshore investment funds. The warrants entitled the PRC onshore investment funds to purchase 6,112,570 Series E Redeemable Convertible Preferred Shares (see Note 12). At initial recognition, the Company recorded the warrants as liabilities at their estimated fair value in the amount of US$2.1 million (equivalent to RMB14.8 million) and the remaining proceeds of US$12.9 million (equivalent to RMB91.2 million) were allocated to the non-current interest free loan. The difference between US$12.9 million (equivalent to RMB91.2 million) allocated to the non-current interest free loan and the US$15 million (equivalent to RMB106.1 million), the repayment amount, is accreted as interest expense over the 16.5 months term of the loans using an effective interest rate of 11.59%. The Company repaid such unsecured loans on December 30, 2020.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Accrued payroll and social insurance 45,688,185 51,919,137 Taxes payable 17,011,290 29,028,359 Accrued issuance costs for Series F financing — 5,548,788 Deposits 2,235,945 1,144,769 Staff reimbursements 1,841,772 2,437,562 Other payables 1,991,306 3,888,841 Accrued expenses and other current liabilities 68,768,498 93,967,456 ​

WARRANT LIABILITIES

WARRANT LIABILITIES	12 Months Ended
	Dec. 31, 2020
WARRANT LIABILITIES
WARRANT LIABILITIES	12. WARRANT LIABILITIES The Company classified the warrants to purchase redeemable convertible preferred shares as warrant liabilities and adjusted the carrying value of the warrant liabilities to fair value at the end of each reporting period utilizing the binomial option pricing model, which involves significant assumptions including the risk-free interest rate, the expected volatility, expected dividend yield and expected term. The risk-free interest rate was based on the U.S. Treasury rate for the expected remaining life of preferred shares warrants. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s warrant liabilities. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the remaining life of the warrant liabilities. Series C Warrant In February 2016, Ronglian Yitong entered into a two The fair value of the warrant liability to China Equities HK Limited for purchasing Series C Redeemable Convertible Preferred Shares as of December 31, 2019 and 2020 are estimated with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 Risk‑free rate of return 2.60% ​ 1.15% Volatility 45% ​ 45% Expected dividend yield 0% ​ 0% Fair value of underlying Series C Redeemable Convertible Preferred Shares US$1.97 US$5.42 Expected term 3.7 years 2.7 years ​ Series E Warrant During the Company’s Series E financing in September 2019, two PRC onshore investment funds would also like to invest in the Series E Redeemable Convertible Preferred Shares. However, these two PRC onshore investment funds were required to obtain ODI approvals from relevant PRC government authorities and complete foreign currency exchange procedures before conducting an outbound direct investment pursuant to the PRC laws. To facilitate these two PRC onshore investment funds to invest in the Series E Redeemable Convertible Preferred Shares with the same preference and rights as other three offshore investment funds, a series of agreements were entered into by the Company and Ronglian Yitong. On September 25, 2019, Ronglian Yitong entered into loan agreements with the two PRC onshore investment funds to borrow two loans in the amount of US$9.0 million and US$6.0 million, respectively (equivalent to RMB106,092,000 in total). The Company also entered into warrant purchase agreements with the two PRC onshore investment funds, which entitle the PRC onshore investment funds to purchase 6,112,570 Series E Redeemable Convertible Preferred Shares at Series E’s issuance price of US$2.45 per share. Such preferred shares shall be issuable upon the exercise of the warrants once the two investors obtain the government approval and complete the exchange procedures for ODI. The warrants are exercisable through February 28, 2021. If the government approval is not obtained before the due date of the loans, the warrants are lapsed. At initial recognition, the Group allocated the proceeds from the issuance of the debt instrument to the warrants based on the warrant liabilities’ fair value. The warrant liabilities are subject to remeasurement at each reporting period. On March 25, 2020 and July 15, 2020, the Company issued 3,706,745 and 3,501,087 ordinary shares, in connection with the purchase of non-controlling interests of the Group’s subsidiaries. Pursuant to the anti-dilution provision in the Series E financing arrangement, the two PRC onshore investment funds were entitled to additional 123,677 and 190,597 warrants to purchase Series E Redeemable Convertible Preferred Shares, respectively. On November 3, 2020, the warrants in connection with Series E financing were exercised and the Company issued 6,426,844 Series E Redeemable Convertible Preferred Shares to the offshore affiliates of the two PRC onshore investment funds (the “Offshore Affiliates”) in exchange for two promissory notes in the aggregate amount of US$15 million. Therefore, the preferred shares issued in connection with the exercise of Series E warrants was recorded in mezzanine equity in an amount of RMB122,642,269. The fair value of the warrant to purchase 6,112,570 Series E Redeemable Convertible Preferred Shares is US$2,100,000 (equivalent to RMB14,852,880) at the issuance date and US$2,000,000 (equivalent to RMB13,952,400) as of December 31, 2019.The fair value of additional warrants issued to purchase the additional 123,677 and 190,597 Series E Redeemable Convertible Preferred Shares is US$73,268 (equivalent to RMB515,611) at issuance date and total fair value of the warrant to purchase 6,426,844 Series E Redeemable Convertible Preferred Shares at the exercise date of Series E warrants is US$2,471,709 (equivalent to RMB 16,549,825). The fair value of the warrant liability issued to two PRC onshore investment funds for purchasing Series E Redeemable Convertible Preferred Shares as of December 31, 2019 are estimated with the following assumptions used: ​ ​ ​ ​ ​ December 31, ​ ​ 2019 Risk‑free rate of return 2.58% Volatility 55% Expected dividend yield 0% Fair value of underlying Series E Redeemable Convertible Preferred Shares US$2.49 Expected term 1.2 years ​ Series F Warrant On November 13, 2020, the Company agreed to issue a warrant to Novo Investment HK Limited (“Novo Investment”) with the exercise price of US$34,000,000. Novo Investment may, within six months commencing from the issuance date, subscribe for an aggregate of 11,799,685 Series F Redeemable Convertible Preferred Shares of the Company, par value of US$0.0001 per share, at the exercise price of US$2.8814 per share, subject to adjustment. On January 7, 2021, the Series F warrant was fully exercised with the exercise price of US$34,000,000 and the Company issued 11,799,685 Series F Redeemable Convertible Preferred Shares to Novo Investment (Note 21(c)). At initial recognition, the Group recorded the warrant liabilities on the consolidated balance sheet at its estimated fair value and subsequently, at each reporting date, recorded changes in estimated fair value included in the change in fair value of warrant liabilities on the consolidated statement of comprehensive loss. The fair value of the warrant to purchase 11,799,685 Series F Redeemable Convertible Preferred Shares is US$4,800,000 (equivalent to RMB31,816,800) at the issuance date and US$31,000,000 (RMB202,271,900) as of December 31, 2020. The fair value of the warrant liability issued to Novo Investment for purchasing Series F Redeemable Convertible Preferred Shares as of December 31, 2020 are estimated with the following assumptions used: ​ ​ ​ ​ ​ December 31, ​ ​ 2020 Risk‑free rate of return 1.07% Volatility 30% Expected dividend yield 0% Fair value of underlying Series F Redeemable Convertible Preferred Shares US$5.50 Expected term 0.36 years ​

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED SHARES	12 Months Ended
	Dec. 31, 2020
REDEEMABLE CONVERTIBLE PREFERRED SHARES
REDEEMABLE CONVERTIBLE PREFERRED SHARES	13. REDEEMABLE CONVERTIBLE PREFERRED SHARES On July 30, 2014, the Company issued 18,642,038 Series A Redeemable Convertible Preferred Shares (“Series A Preferred Shares”) at US$0.1475 per share with total consideration of US$2,750,000 (equivalent to RMB16,902,050). On February 6, 2015, the Company issued 19,617,225 Series B Redeemable Convertible Preferred Shares (“Series B Preferred Shares”) at US$0.52 per share with total consideration of US$10,200,000 (equivalent to RMB62,691,240). On June 10, 2016, the Company issued 18,608,315 Series C Redeemable Convertible Preferred Shares (“Series C Preferred Shares”) to investors at US$1.34 per share with total consideration of US$25,000,000 (equivalent to RMB165,466,000). Also on June 10, 2016, Max Connect Limited (“Max Connect”), incorporated in the Cayman Islands, purchased 26,051,641 Series C Redeemable Convertible Preferred Shares at nominal consideration. On the same day, Beijing Hongshan Shengde Equity Investment Center (Limited Partnership) (“Hongshan Shengde”), registered in the People’s Republic of China and is an affiliate of Max Connect, and Ronglian Yitong and its nominee shareholders entered into a capital increase agreement, pursuant to which, Hongshan Shengde invested into Ronglian Yitong with cash of RMB230,086,500 (equivalent to US$35,000,000). On November 3, 2020, the Company, Max Connect and Hongshan Shengde agreed to change certain investment arrangements relating to Max Connect’s investment in Series C Redeemable Convertible Preferred Shares and Hongshan Shengde’s investment in Ronglian Yitong, pursuant to which, (1) Max Honest Ltd. (“Max Honest”), incorporated in the Cayman Islands and is an affiliate of Max Connect and Hongshan Shengde, would be designated as the new holder of 26,051,641 Series C Redeemable Convertible Preferred Shares which was previously held by Max Connect, and (2) the capital increase arrangement with Ronglian Yitong would be terminated. On the same day, the holder of Series C Redeemable Convertible Preferred Shares was re-designated: Max Connect surrendered 26,051,641 Series C Redeemable Convertible Preferred Shares for nominal consideration, and the Company approved the issue of 26,051,641 Series C Redeemable Convertible Preferred Shares to Max Honest for a consideration of US$35,000,000, which would be paid via a promissory note. To facilitate the repayment of the promissory note issued by Max Honest, the Company intends for Ronglian Yitong to pay to Hongshan Shengde the cash consideration that Max Honest have promised for its Series C Redeemable Convertible Preferred Shares and Max Honest will return such cash consideration to the Company. The net impact of those transactions will be to transfer a certain amount of cash from the Company’s subsidiary to the Company, with no net impact on cash. On November 3, 2020, the subscription receivable of US$35,000,000 from Max Honest was recorded as a reduction of mezzanine equity, and the payable by Ronglian Yitong to Hongshan Shengde with an amount of RMB230,086,500 was recorded in liabilities. On March 19, 2018, the Company issued 12,462,157 Series D Redeemable Convertible Preferred Shares (“Series D Preferred Shares”) at US$2.05 per share with total consideration of US$25,600,000 (equivalent to RMB160,975,360). On August 28, 2019, the Company issued 13,040,152 Series E Redeemable Convertible Preferred Shares (“Series E Preferred Shares”) at US$2.45 per share with total consideration of US$32,000,000 (equivalent to RMB226,646,200). The issuance costs were US$1,765,769 (equivalent to RMB12,427,087). On March 25, 2020 and July 15, 2020, the Company issued 3,706,745 and 3,501,087 ordinary shares, in connection with the purchase of non-controlling interests of the Group’s subsidiaries. Pursuant to the anti-dilution provision in the Series E financing arrangement, the Company issued 263,843 and 406,605 additional Series E Preferred shares at par value to existing Series E Preferred Shareholders on March 25, 2020 and July 15, 2020, respectively. The newly issued preferred shares were deemed as dividends to the existing Series E Preferred Shares. On November 13, 2020, the Company issued 31,581,509 Series F Redeemable Convertible Preferred Shares (“Series F Preferred Shares”) at US$2.88 per share with total consideration of US$91,000,000 (equivalent to RMB598,661,700). The issuance costs were US$1,807,278 (equivalent to RMB11,830,318). In February 2021, the Company completed its IPO on the New York stock exchange and issued 23,000,000 ADSs for a net proceeds of US$342.2 million (equivalent to RMB2.2 billion) at an issuance price of US$16 per ADS. Each ADS represents two ordinary shares. The issued and outstanding 158,900,014 redeemable convertible preferred shares were converted to Class A ordinary shares on a one-for-one-basis at the same time in the amount of US$1.27 billion (equivalent to RMB8.20 billion) (Note 21(e)), which includes accretion from January 1, 2021 to February 9, 2021, the date of the Company’s initial public offering. The Company’s redeemable convertible preferred shares activities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB Series A Series B Series C Series D Series E Series F Total Balance as of January 1, 2018 ​ 128,754,021 ​ 153,434,897 ​ 473,035,494 ​ — ​ — ​ — ​ 755,224,412 Issuance for cash ​ — ​ — ​ — ​ 160,975,360 ​ — ​ — ​ 160,975,360 Issuance costs paid ​ — ​ — ​ — ​ (1,793,926) ​ — ​ — ​ (1,793,926) Modifications ​ — ​ — ​ 4,654,516 ​ — ​ — ​ — ​ 4,654,516 Accretion of Redeemable Convertible Preferred Shares ​ 21,341,595 ​ 22,457,999 ​ 45,290,526 ​ 13,122,517 ​ — ​ — ​ 102,212,637 Foreign currency translation adjustment ​ 7,275,547 ​ 8,559,710 ​ 25,672,740 ​ 15,143,355 ​ — ​ — ​ 56,651,352 Balance as of December 31, 2018 157,371,163 184,452,606 548,653,276 187,447,306 — — ​ 1,077,924,351 Issuance for cash — — — — 226,646,200 — ​ 226,646,200 Issuance costs — — — — (12,427,087) — ​ (12,427,087) Inducement cost* — — — — (4,768,612) — ​ (4,768,612) Modifications — — 6,716,297 5,562,201 — — ​ 12,278,498 Accretion of Redeemable Convertible Preferred Shares 23,148,378 24,359,297 48,739,310 9,510,712 22,995,748 — ​ 128,753,445 Foreign currency translation adjustment 2,851,785 3,311,309 9,657,984 3,256,021 (3,342,472) — ​ 15,734,627 Balance as of December 31, 2019 183,371,326 212,123,212 613,766,867 205,776,240 229,103,777 — ​ 1,444,141,422 Exercise of Series E warrants ​ — ​ — ​ — ​ — ​ 122,642,269 ​ — ​ 122,642,269 Issuance for cash ​ — ​ — ​ — ​ — ​ — ​ 598,661,700 ​ 598,661,700 Issuance costs ​ — ​ — ​ — ​ — ​ — ​ (11,830,318) ​ (11,830,318) Deemed dividends — — — — 12,070,034 — ​ 12,070,034 Accretion of Redeemable Convertible Preferred Shares 504,054,460 515,537,848 1,062,760,468 266,737,805 396,239,268 582,250,109 ​ 3,327,579,958 Foreign currency translation adjustment (39,098,264) (41,578,748) (97,129,867) (27,724,670) (40,011,798) (35,717,457) ​ (281,260,804) Balance as of December 31, 2020 ​ 648,327,522 ​ 686,082,312 ​ 1,579,397,468 ​ 444,789,375 ​ 720,043,550 ​ 1,133,364,034 ​ 5,212,004,261 Subscription receivables ​ — ​ — ​ (230,086,500) ​ — ​ (106,092,000) ​ — ​ (336,178,500) Carrying amount as of December 31, 2020 648,327,522 686,082,312 1,349,310,968 444,789,375 613,951,550 1,133,364,034 ​ 4,875,825,761 * On August 28, 2019, the Series E investors requested to restrict one of the founders, Mr. Li’s ordinary shares for a period of three years, which was a protective clause and was an inducement made to facilitate the investment in the Series E Preferred Shares on behalf of the Company. Therefore, the fair value of the restricted shares recognized as additional paid-in capital and reflected as a reduction of the proceeds allocated to the Series E Preferred Shares. The fair value of restricted shares was estimated by management with the assistance of valuer and involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. As of August 28, 2019, the fair value of the restricted shares was determined to be RMB4,768,612 based on the Company’s ordinary share price on August 28, 2019. The redemption amounts in each of the five years following the date of the latest statement of financial position presented are greater of (1) 100% of the Preferred Shares issue price with an 8% compound per annum, plus any declared but unpaid dividends on such Preferred Shares, which is nil, US$318,355,915, nil, nil and nil as of December 31, 2021, 2022, 2023, 2024 and 2025 and (2) the fair market value of the relevant Preferred Shares. The rights, preferences and privileges of the Redeemable Convertible Preferred Shares are as follows: Redemption Rights Prior to the issuance of Series C Preferred Shares in June 2016, Series A and B Preferred Shares shall be redeemable at the option of holders of the Series A and B Preferred Shares, at any time after the earliest of (i) the fifth (5th) anniversary of the Series A Preferred Shares issue date, if a Qualified Initial Public Offering (“Qualified IPO”), has not been consummated by then, (ii) the time when any material adverse change in the regulatory environment occurs, under which circumstance the captive structure of the Group becomes, has become, or is threaten to become invalid, illegal or unenforceable, or (iii) the date that there is a material breach by the Company or by any direct or indirect owners of the ordinary shares of any of their respective representations, warranties, or undertakings under the transaction documents. Upon the issuance of Series C Preferred Shares in June 2016, the redemption term of Series A and Series B Preferred Shares were modified to be the same as Series C Preferred Shares, in which they were redeemable at the option of holders of these preferred shares: at any time after the fourth (4th) anniversary of the issuance date of Series C Preferred Shares, if the Company has not consummated a Qualified IPO by then, which extends the redemption start date of Series A and B Preferred Shares was extended from July 30, 2019 to June 9, 2020 to be in line with the optional redemption date of Series C Preferred Shares. Upon the issuance of Series D Preferred Shares in February 2018, the redemption term of Series A, B and C Preferred Shares were modified to be the same as Series D Preferred Shares, in which they were redeemable at the option of holders of these preferred shares: at any time after the third (3rd) anniversary of the issuance date of Series D Preferred Shares, if the Company has not consummated a Qualified IPO by then, which extends the redemption start date of Series A, B and C Preferred Shares was extended from June 9, 2020 to March 18, 2021 to be in line with the optional redemption date of Series D Preferred Shares. Upon the issuance of Series E Preferred Shares in August 2019, the redemption term of Series A, B, C and D Preferred Shares were modified to be the same as Series E Preferred Shares, in which they were redeemable at the option of holders of these preferred shares: at any time after the third anniversary of the issuance date of Series E Preferred Shares, if the Company has not consummated a Qualified IPO by then, which extends the redemption start date of Series A, B, C and D Preferred Shares was extended from March 18, 2021 to August 27, 2022 to be in line with the optional redemption date of Series E Preferred Shares. The redemption term of Series F Preferred Shares remained the same as Series E Preferred Shares. The redemption price equals to the greater of (1) 100% of the Preferred Shares issue price with an 8% compound per annum, plus any declared but unpaid dividends on such Preferred Shares, and (2) the fair market value of the relevant Preferred Shares. The fair value of the relevant Preferred Shares was determined by management with the assistance from a valuation firm using management’s estimates and assumptions. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of the Redeemable Convertible Preferred Shares to equal the redemption value at the end of each reporting period, as if it were also the redemption date for the Redeemable Convertible Preferred Shares. The Company determines whether an amendment or modification to the terms of Series A, B, C and D Preferred Shares represents an extinguishment based on a fair value approach. If the fair value of the preferred shares immediately before and after the amendment is significantly different (by more than 10%), the amendment or modification represents an extinguishment. The Company has determined that the amendment to the terms of Series A, B, C and D Preferred Shares did not represent an extinguishment, and therefore modification accounting was applied by analogy to the modification guidance contained in ASC 718 20, Compensation—Stock Compensation. The Company accounts for modifications that result in an increase to the fair value of the modified preferred shares as a deemed dividend reconciling net loss to net loss attributable to ordinary shareholders as there is a transfer of value from the ordinary shareholders to the preferred shareholders. Modifications that result in a decrease in the fair value of the modified preferred shares were not recognized. Upon the issuance of Series D Preferred Shares in February 2018, the increase in fair value of Series C Preferred Shares at the modification date resulting from extension of optional redemption date were US$703,375 (equivalent to RMB 4,654,516). Upon the issuance of Series E Preferred Shares in August 2019, the increase in fair value of Series C Preferred Shares and Series D Preferred Shares at the modification date resulting from extension of optional redemption date were US$973,588 (equivalent to RMB6,716,297) and US$806,291 (equivalent to RMB5,562,201), respectively. The inputs for appraising the fair value of the modified preferred shares are the redemption term, volatility, dividend rate and risk-free interest rate. Conversion Rights Each preferred share shall be convertible, at the option of the holder, at any time after the date of issuance of such preferred shares according to a conversion ratio, subject to adjustments for dilution, including but not limited to share splits, share combination, share dividends and distribution and certain other events. Each preferred share shall automatically be converted into ordinary shares, at the applicable then-effective conversion price upon the earlier of (a) the closing of a Qualified IPO, or (b) the date specified by written consent or agreement of the holders of a majority of each round of Preferred Shares with respect to each round of Preferred Shares. Voting Rights Each preferred share shall be entitled to that number of votes corresponding to the number of ordinary shares on an as converted basis. Preferred shares shall vote separately as a class with respect to certain specified matters. Otherwise, the holders of preferred shares and ordinary shares shall vote together as a single class. Dividend Rights Preferred shares holders are entitled to receive dividends at the rate of 8% of the applicable preferred shares issue price, payable out of funds or assets legally available. Such dividends shall be payable only if declared by the Board of Directors and shall be non-cumulative. The Company is not obliged to declare, pay, set aside or make such dividends to preferred shares holders except for (i) a distribution made in liquidation; (ii) applicable exempted distribution, including (a) the purchase, repurchase or redemption of ordinary shares by the Company from terminated employees, officers or consultants in accordance with the ESOP or the share restriction agreement, or pursuant to the exercise of a contractual right of first refusal held by the Company, if any, or pursuant to written contractual arrangements with the Company approved by the Board, and (b) the purchase, repurchase or redemption of the Preferred Shares;(iii) all declared but unpaid dividends on the preferred shares have been paid in full, and (iv) a dividend or distribution is likewise declared, paid, set aside or made, respectively, at the same time with respect to each issued and outstanding preferred share such that the dividend or distribution declared, paid, set aside or made to the holder shall be equal to the dividend or distribution that such holder would have received if such preferred share had been converted into ordinary Shares immediately prior to the record date for such dividend or distribution, or if no such record date is established, the date such dividend or distribution is made, and if such share then participated in and the holder received such dividend or distribution. Liquidation Preferences In the event of any liquidation including deemed liquidation, dissolution or winding up of the Company, holders of the preferred shares shall be entitled to receive a per share amount equal to 100% of the original preferred shares issue price with an 8% compound per annum, plus any declared but unpaid dividends on such preferred shares, in the sequence of Series F Preferred Shares, Series E Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares. After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be ratably distributed among the holders of the Preferred Shares, on an as-converted basis, together with the holders of the ordinary shares. The Company classified all series of Redeemable Convertible Preferred Shares as mezzanine equity in the consolidated balance sheets since they are contingently redeemable at the option of the holders after a specified time period. The Company evaluated the embedded conversion option in all series preferred shares to determine if the embedded conversion option require bifurcation and accounting for as a derivative. The Company concluded the embedded conversion option did not need to be bifurcated pursuant to ASC 815 Derivatives and Hedging

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2020
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	14. SHARE-BASED COMPENSATION Restricted ordinary shares On August 28, 2019, 8,154,893 ordinary shares held by Cloopen Co., Ltd., which is wholly owned by Mr. Sun Changxun, became restricted with a graded vesting as to 1/3 2/3 In March 2020, the Company, through the VIE, obtained 38% equity interest in one subsidiary, Beijing Baiyi High-tech Information Technology Co., Ltd. (“Baiyi”) from the non-controlling shareholders, who are also the management employees in Baiyi. This transaction was accounted for as equity transactions of changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary according to ASC Topic 810-10-45-23. Therefore, no gain or loss shall be recognized in consolidated statements of comprehensive loss. At the same time, the Company issued 3,706,745 ordinary shares at par value to the management employees. These ordinary shares became restricted and subject to a graded vesting that 1,853,373 restricted ordinary shares will vest on March 25, 2021 and the remaining 1,853,372 restricted ordinary shares will vest evenly over the next twelve months. The fair value of the shares of US$4,855,836 are amortized to consolidated statements of comprehensive loss over the vesting term of two years. In July 2020, the Company accelerated the vesting of 3,706,745 restricted shares so that all the restricted shares vested immediately. The Company accounted for the modification as a Type I (probable-to-probable) modification. Such a modification resulted in the unrecognized share-based compensation expense of US$3,502,071 to be recognized as general and administrative expenses at the time of the modification. A summary of the Company’s restricted ordinary shares held by the Company’s employees for the years ended December 31, 2018, 2019 and 2020 is presented below: ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ ​ shares ​ date fair value Unvested as of January 1, 2018 3,964,184 0.38 Vested (3,964,184) 0.38 Unvested as of December 31, 2018 — — Granted 8,154,893 1.32 Unvested as of December 31, 2019 8,154,893 1.32 Granted 3,706,745 1.31 Vested (6,425,043) 1.31 Unvested as of December 31, 2020 5,436,595 1.32 ​ Total compensation expenses recognized for restricted ordinary shares for the years ended December 31, 2018, 2019 and 2020 were allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB General and administrative expenses 1,404,438 ​ 15,126,755 70,618,377 Total restricted ordinary shares compensation expenses 1,404,438 ​ 15,126,755 70,618,377 ​ In addition to the restricted ordinary shares held by the Company’s employees, 1,700,000 ordinary shares were held by a non-employee founder, which were restricted and have been vested immediately upon the completion of the Company’s initial public offering on February 9, 2021. The fair value of 1,700,000 restricted ordinary shares on grant date is US$110,500. As of December 31, 2020, total unrecognized compensation expense related to restricted ordinary shares were RMB21,312,280, all of which were recognized as compensation expenses on February 9, 2021, the date of the Company’s initial public offering. Shares Options In January 2017, the Company’s shareholders and board of directors approved a share option Plan (“2016 Share Plan”), under which a maximum aggregate number of 21,119,408 ordinary shares may be issued pursuant to all awards to be granted. In September 2018, the Company’s shareholders and board of directors approved that the maximum aggregate number of ordinary shares may be issued under 2016 Share Plan shall be modified to 25,838,502 pre-offering Class A Ordinary Shares. In March 2020 and July 2020, the Company’s shareholders and board of directors approved that the maximum aggregate number of ordinary shares may be issued under 2016 Share Plan shall be modified to 26,419,211 and 29,525,465 pre-offering Class A Ordinary Shares, respectively. In addition, the options may be exercised with respect to 25% to 50% of the shares subject to the options as of the first anniversary of the vesting commencement date with the remaining shares subject to the options shall become vested in equal monthly installments over a period of 12 Under the 2016 Share Plan, 5,412,917, 2,750,000 and 7,700,228 share options were granted to employees, officers, and board members for the years ended December 31, 2018, 2019 and 2020, respectively. A summary of the share options activities for the years ended December 31, 2018, 2019 and 2020 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ Number of ​ exercise ​ contractual ​ Aggregate ​ ​ shares ​ price ​ years ​ intrinsic value ​ ​ ​ ​ US$ ​ ​ ​ US$ Outstanding as of January 1, 2018 17,285,084 0.21 Granted 5,412,917 0.35 Forfeited (748,000) 0.25 Outstanding as of December 31, 2018 21,950,001 0.24 Granted 2,750,000 0.26 Forfeited (3,448,846) 0.27 Outstanding as of December 31, 2019 21,251,155 0.24 Granted 7,700,228 0.30 Forfeited (3,626,948) 0.27 ​ ​ Outstanding as of December 31, 2020 ​ 25,324,435 ​ 0.25 ​ ​ ​ ​ Vested and expected to vest as of December 31, 2020 ​ 25,324,435 ​ 0.25 ​ 6.60 ​ 17,774,121 Exercisable as of December 31, 2020 13,714,193 0.21 4.63 9,130,955 ​ The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ Grant dates: ​ 2018 2019 2020 Risk‑free rate of return 3.7%-4.0% ​ 2.50%‑2.90% ​ 1.64%-1.91% ​ Volatility 45-50% ​ 45% ​ 45% ​ Expected dividend yield 0% ​ 0% ​ 0% ​ Exercise multiple 2.20 ​ 2.20 2.20 ​ Fair value of underlying ordinary share US$1.14- US$1.19 ​ US$1.19 ‑ US$1.36 US$1.31 ‑ US$5.32 ​ Expiration terms 10 years ​ 10 years 10 years ​ ​ The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the option valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. The expected 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 The weighted average grant date fair value of the share options granted during the years ended December 31, 2018, 2019 and 2020 was US$0.90, US$1.09 and US$1.53, respectively. Compensation expense recognized for share options during the years ended December 31, 2018, 2019 and 2020 is allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Cost of revenues 142,416 598,204 485,987 Research and development expenses 1,474,597 ​ 305,554 1,396,422 Selling and marketing expenses 163,658 ​ 4,901,300 998,779 General and administrative expenses 3,607,570 ​ 6,523,090 15,276,678 Total share option compensation expenses 5,388,241 ​ 12,328,148 18,157,866 ​ As of December 31, 2020, RMB71,120,802 of total unrecognized compensation expense related to share options that are expected to be recognized until 2024 respectively. The share options are expected to be recognized over a weighted average period of approximately 3.75 years. Ordinary shares issued to management employees to acquire their equity interests in the majority-owned subsidiaries In July 2020, the Company, through the VIE, obtained minority interest in three majority-owned subsidiaries from the non-controlling shareholders, among which there are management employees of the three subsidiaries. The consideration included cash consideration of RMB16,095,169 and 3,501,087 ordinary shares, which were issued by the Company on July 15, 2020. These transactions were accounted for as equity transactions of changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary according to ASC Topic 810-10-45-23. Therefore, no gain or loss shall be recognized in consolidated statements of comprehensive loss. The difference between fair value of consideration paid to certain management employees and fair value of the non-controlling interest at the time of acquisition is recognized as share-based compensation expenses in the amount of RMB5,071,378 for the year ended December 31, 2020. Cash consideration of RMB16,095,169 was fully paid before December 31, 2020. Waiver of subscription receivable due from a shareholder On June 10, 2016, the Company issued 16,982,978 ordinary shares at fair value to Mr. Changxun Sun, for an aggregate consideration of US$3,674,376 (the “Subscription Price”). On November 3, 2020, all the shareholders and directors of the Company passed a special resolution to waive the Subscription Price, except for the par value which would be paid by Mr. Changxun Sun. The waiver of the subscription receivable with Mr. Changxun Sun was recorded as compensation expense of US$3,672,678 (equivalent to RMB23,218,856) in the consolidated statements of comprehensive loss for the year ended December 31, 2020.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	15. FAIR VALUE MEASUREMENT The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total RMB Level 1 Level 2 Level 3 Fair Value Assets Short ‑ term investments Short‑term investments (Note 4) — 2,501,024 — 2,501,024 Long ‑ term investments Available‑for‑sale debt securities (Note 7) — — 2,500,000 2,500,000 Other equity investments (Note 7) — — 33,788,340 33,788,340 Total — — 36,288,340 36,288,340 Liabilities Warrant liabilities (Note 12) — — 19,631,027 19,631,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Total RMB Level 1 Level 2 Level 3 Fair Value Assets Long ‑ term investments Available‑for‑sale debt securities (Note 7) — — 11,800,000 11,800,000 Other equity investments (Note 7) — — 36,400,000 36,400,000 Total — — 48,200,000 48,200,000 Liabilities ​ ​ Warrant liabilities (Note 12) — — 221,742,202 221,742,202 ​ The table below reflects the reconciliation from the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy for the years ended December 31, 2018, 2019 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in ​ included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included ​ other ​ other ​ ​ ​ ​ January 1, ​ ​ ​ ​ ​ in ​ comprehensive ​ comprehensive ​ December 31, RMB 2018 Purchase/Issue Sell earnings loss loss 2018 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short ‑ term investments Short‑term investments (Note 4) 11,772,573 49,000,000 58,384,622 384,622 221,643 — 2,994,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long ‑ term investments Other equity investments (Note 7) 12,000,000 — — 17,700,000 — — 29,700,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Warrant liabilities (Note 12) 4,351,777 — — 450,083 — 235,729 5,037,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other other ​ ​ ​ ​ January 1, ​ Purchase/ ​ ​ ​ Included in ​ comprehensive comprehensive ​ December 31, RMB ​ 2019 ​ Issue ​ Sell ​ earnings ​ loss loss ​ 2019 Assets Short ‑ term investments Short‑term investments (Note 4) 2,994,216 34,000,000 34,614,192 114,192 6,808 — 2,501,024 Long ‑ term investments Available‑for‑sale debt securities (Note 7) — 2,500,000 — — — — 2,500,000 Other equity investments (Note 7) 29,700,000 3,188,340 — 900,000 — — 33,788,340 Total 29,700,000 5,688,340 — 900,000 — — 36,288,340 Liabilities Warrant liabilities (Note 12) 5,037,589 14,852,880 — (137,969) — (121,473) 19,631,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other other ​ ​ ​ ​ January 1, ​ Purchase/ ​ ​ ​ Included in ​ comprehensive comprehensive ​ December 31, RMB 2020 Issue Sell / Exercise earnings loss loss 2020 Assets Short ‑ term investments Short‑term investments (Note 4) 2,501,024 — 2,512,192 12,192 (1,024) — — Long ‑ term investments Available‑for‑sale debt securities (Note 7) 2,500,000 — — — 9,300,000 — 11,800,000 Other equity investments (Note 7) 33,788,340 457,326 — 2,154,334 — — 36,400,000 Total 36,288,340 457,326 — 2,154,334 9,300,000 — 48,200,000 Liabilities ​ ​ Warrant liabilities (Note 12) 19,631,027 — 16,549,825 221,462,056 — (2,801,056) 221,742,202 ​

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2020
INCOME TAX
INCOME TAX	16. INCOME TAX a) Income tax The Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. No stamp duty is payable in respect of the issue of the shares or on an instrument of transfer in respect of a share. Hong Kong S.A.R. Under the current Hong Kong S.A.R. Inland Revenue Ordinance, the Company’s Hong Kong S.A.R. subsidiary is subject to Hong Kong S.A.R. profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong S.A.R. Payments of dividends by the Hong Kong S.A.R. subsidiary to the Company is not subject to withholding tax in Hong Kong S.A.R. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements as the subsidiary in Hong Kong has no assessable profits for the years ended December 31, 2018, 2019 and 2020. Japan The Company’s Japan subsidiary, Cloopen Japan Co., Ltd., is subject to Japanese corporation tax (including national corporation tax, local enterprise tax and other income-based taxes) on its worldwide income. The statutory effective tax rate is approximately 30% to 34%, depending on the size of the company. Dividends paid by a Japanese company are generally subject to Japanese withholding tax. If the Japanese company paying dividends is a non-listed company and the payee is a non-resident of Japan, the rate of such withholding tax is 20.42% under Japanese Tax law. The Company enjoys preferential withholding tax rate of 10% under Japan-China tax treaty. The PRC, excluding Hong Kong S.A.R. The Group’s PRC subsidiaries, the VIE, and the VIE’s subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. In March 2007, a new enterprise income tax law (the “New EIT Law”) in the PRC was enacted which became effective on January 1, 2008. The New EIT Law applies a unified 25% enterprise income tax (“EIT”) rate to both foreign invested enterprises and domestic enterprises, unless a preferential EIT rate is otherwise stipulated. On April 14, 2008, relevant governmental regulatory authorities released further qualification criteria, application procedures and assessment processes for meeting the High and New Technology Enterprise (“HNTE”) status under the New EIT Law which would entitle qualified and approved entities to a favorable EIT tax rate of 15%. In April 2009 and June 2017, the State Administration for Taxation (“SAT”) issued Circular Guoshuihan (2009) No. 203 (“Circular 203”) and SAT Announcement (2017) No. 24 (“Announcement 24”) stipulating that entities which qualified for the HNTE status should apply with in-charge tax authorities to enjoy the reduced EIT rate of 15% provided under the New EIT Law starting from the year when the new HNTE certificate becomes effective. The HNTE certificate is effective for a period of three years and can be renewed for another three years. Subsequently, an entity needs to re-apply for the HNTE status in order to be able to enjoy the preferential tax rate of 15%. Ronglian 7Moor obtained the HNTE certificate in December 2016, and subsequently renewed the HNTE certificate in October 2019. Thus, Ronglian 7Moor is entitled to a preferential tax rate of 15% from 2016 to 2021. Beijing Baiyi High-Tech Information Technology Co., Ltd., a subsidiary of the Company, obtained the HNTE certificate in October 2017, which expired in October 2020. In October 2020, Baiyi renewed its HNTE status which entitles it to the preferential income tax rate of 15% from 2020 to 2022. Ronglian Guanghui and Beijing Yunrong Tianxia Technology Co., Ltd., subsidiaries of the Company, obtained the HNTE certificates in December 2017, which expired in December 2020. Thus, Ronglian Guanghui and Beijing Yunrong Tianxia Technology Co., Ltd was entitled to the preferential tax rate of 15% from 2017 to 2019. In October 2020, Beijing Yunrong Tianxia Technology Co., Ltd., renewed its HNTE status which entitled it to the preferential income tax rate of 15% from 2020 to 2022. Due to business scope change, Ronglian Guanghui has no plan to renew the HNTE certificates and could not entitle to the preferential tax rate of 15% after the HNTE certificate became void from January 1, 2020. Ronglian Yitong, a subsidiary of the Company, obtained the HNTE certificate in September 2015 and subsequently renewed the HNTE certificate in September 2018. Thus, it was entitled to the preferential tax rate of 15% from 2015 to 2020. Ronglian Yitong is currently in the process of renewing its HNTE certificate for another three years. Beijing Ronglian Huitong Technology Co., Ltd. and Shenzhen Zhongtian Wangjing Technology Co., Ltd., subsidiaries of the Company, obtained the HNTE certificates in December 2019. Thus, they are entitled to the preferential tax rate of 15% from 2019 to 2021. If any entities fail to maintain the HNTE qualification under the New EIT Law, they will no longer qualify for the preferential tax rate of 15%. The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for the PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the CIT Law define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside the PRC should be considered a resident enterprise for PRC tax purposes. The components of loss before income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB The Cayman Islands* (8,508,744) (27,173,956) (331,728,653) Hong Kong S.A.R* (100,880) ​ (21,374) (1,270,314) Japan* (1,843,749) ​ 4,080,678 6,054,598 The PRC, excluding Hong Kong S.A.R. (142,339,777) ​ (159,727,099) (171,271,335) Total (152,793,150) ​ (182,841,751) (498,215,704) ​ *Entities not subject to income tax ​ Withholding tax on undistributed dividends The CIT law also imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside of Mainland China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within Mainland China or if the received dividends have no connection with the establishment or place of such immediate holding company within Mainland China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with the PRC. According to the arrangement between Mainland China and Hong Kong S.A.R. on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in Mainland China to its immediate holding company in Hong Kong S.A.R. will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The Group did not record any dividend withholding tax, as the Group’s PRC entities, have no retained earnings in any of the years presented. Income tax expense recognized in the consolidated statements of comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Current income tax expense 973,035 307,850 2,492,711 Deferred income tax expense (benefit) 1,699,063 ​ 344,760 (868,750) Total income tax expense 2,672,098 ​ 652,610 1,623,961 ​ Reconciliation of the differences between the income tax benefit computed based on the PRC statutory income tax rate and the Group’s income tax expense for the years ended December 31, 2018, 2019 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Computed expected income tax benefit (38,198,288) (45,710,438) (124,553,926) Non-deductible expenses / taxable deemed income ​ ​ ​ ​ Share-based compensation 1,698,170 ​ 6,863,726 29,266,619 Accretion of interest expenses on unsecured loans — ​ 1,001,827 3,179,383 Non-deductible entertainment 1,210,158 ​ 968,832 984,405 Change in fair value of warrant liabilities ​ 112,521 ​ (34,492) ​ 55,365,514 Taxable deemed interest income from inter-company interest-free loans 176,832 ​ 989,741 2,786,532 Others 745,488 ​ 1,629,482 3,343,107 Entities not subject to income tax 884,692 ​ (1,217,586) (3,270,423) Research and development expenses bonus deduction (12,090,177) ​ (24,851,250) (21,890,430) HNTE tax incentives ​ (744,674) ​ (266,961) ​ — Over provision in respect of prior years ​ (1,582,864) ​ (166,030) ​ (74,125) Others 104,153 ​ 462,947 ​ 652,357 Changes in valuation allowance 50,356,087 ​ 60,982,812 ​ 55,834,948 Actual income tax expense 2,672,098 ​ 652,610 ​ 1,623,961 ​ b) Deferred income tax assets ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB Net operating loss carry forwards 111,643,190 ​ 161,427,285 228,979,794 Uninvoiced expenditures 14,587,617 ​ 23,400,140 6,204,204 Accounts receivable and contract assets allowance 4,877,088 ​ 6,966,170 10,363,565 Long term investments impairment 5,260,379 ​ 5,260,379 5,260,379 Goodwill impairment 1,416,835 ​ 1,416,835 1,416,835 Share of losses of equity method investments — ​ 140,281 751,836 Others 157,237 ​ 28,279 1,356,575 Less: Valuation allowance (132,566,897) ​ (193,549,709) (244,186,061) Total deferred income tax assets, net 5,375,449 ​ 5,089,660 10,147,127 Intangible assets (425,467) ​ (259,438) (185,313) Equity method investment on the gain from the disposal of a subsidiary — ​ — (3,724,258) Change in fair value of long-term investment (4,425,000) ​ (4,650,000) (5,188,584) Total gross deferred income tax liabilities (4,850,467) ​ (4,909,438) (9,098,155) Net deferred income tax assets 524,982 ​ 180,222 1,048,972 ​ As of December 31, 2020, the Group had net operating loss carry forwards of approximately RMB918 million attributable to the PRC including Hong Kong S.A.R. subsidiaries, the VIE, and the VIE’s subsidiaries. The loss carried forward by the PRC companies will expire during the period from year 2021 to year 2030. As of December 31, 2020, the Group had tax loss carry forwards for PRC including Hong Kong S.A.R. income tax purpose of RMB918,304,867, which will expire if unused by the following year-end: ​ ​ ​ ​ Year ending December 31, RMB 2021 23,070,552 2022 127,827,248 2023 20,759,125 2024 33,794,384 2025 104,952,488 Thereafter ​ 607,901,070 Total 918,304,867 ​ A valuation allowance is provided against deferred income tax assets when the Group determines that it is more likely than not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2020, the valuation allowance of RMB244,186,061 was related to the deferred income tax assets of the PRC including Hong Kong S.A.R. entities which were in loss position. As of December 31, 2020, management believes it is more likely than not that the Group will realize the deferred income tax assets, net of the valuation allowance. Changes in valuation allowance are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year (82,210,810) (132,566,897) (193,549,709) Additions (50,356,087) ​ (60,982,812) (55,834,948) Decrease upon disposal of a subsidiary — ​ — 5,198,596 Balance at the end of the year (132,566,897) ​ (193,549,709) (244,186,061) ​ According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiary, the VIE and the VIE’s subsidiaries for the years from 2015 to 2020 are open to examination by the PRC tax authorities.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2020
NET LOSS PER SHARE
NET LOSS PER SHARE	17. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Numerator: Net loss (155,465,248) ​ (183,494,361) (499,839,665) Accretion and modifications of Redeemable Convertible Preferred Shares (106,867,153) ​ (141,031,943) (3,327,579,958) Deemed dividends to Series E Redeemable Convertible Preferred Shareholders — ​ — (12,070,034) Numerator for basic and diluted net loss per ordinary share calculation (262,332,401) ​ (324,526,304) (3,839,489,657) Denominator: ​ ​ ​ ​ Weighted average number of pre‑offering Class A and pre‑offering Class B ordinary shares 91,083,938 ​ 89,567,463 85,103,964 Denominator for basic and diluted net loss per ordinary share calculation 91,083,938 ​ 89,567,463 85,103,964 Net loss per ordinary share attributable to pre ‑ offering Class A and pre ‑ offering Class B ordinary shareholders ​ ​ ​ ​ — Basic and diluted (2.88) ​ (3.62) (45.12) ​ Securities that could potentially dilute basic net loss per ordinary share in the future that were not included in the computation of diluted net loss per ordinary share because to do so would have been antidilutive for the years ended December 31, 2018, 2019 and 2020 are as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 Share options 21,950,001 21,251,155 25,324,435 Restricted ordinary shares 1,700,000 ​ 9,854,893 7,136,595 Redeemable Convertible Preferred Shares 95,381,376 ​ 108,421,528 147,100,329 Warrants 661,376 ​ 6,773,946 12,461,061 ​

REVENUE INFORMATION

REVENUE INFORMATION	12 Months Ended
	Dec. 31, 2020
REVENUE INFORMATION
REVENUE INFORMATION	18. REVENUE INFORMATION Revenues The Group’s revenues are disaggregated by major products/services lines, timing of revenue recognition and primary geographical markets (based on the location of customers) as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Major products/services lines ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB CPaaS — Text messaging 167,859,282 ​ 234,745,048 265,182,655 — Voice calls 60,285,356 ​ 67,128,537 71,991,638 — Others (Note1) 27,060,127 ​ 43,383,515 62,919,144 Cloud‑based CC 129,198,999 ​ 173,593,018 245,135,106 Cloud‑based UC&C 111,931,266 ​ 123,165,257 118,310,137 Other services 5,153,637 ​ 8,266,792 4,149,440 Revenues 501,488,667 ​ 650,282,167 767,688,120 Note 1: Others include CPaaS revenue from the customers’ use of the Group’s Internet of Things (IoT) and jointly-operated CPaaS platforms. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Timing of revenue recognition ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Point in time 353,009,329 474,920,173 597,627,257 Over time 148,479,338 ​ 175,361,994 170,060,863 Revenues 501,488,667 ​ 650,282,167 767,688,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Primary geographical markets (based on the location of customers) ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB The PRC 498,615,542 640,290,226 739,975,367 Japan 2,873,125 ​ 9,991,941 27,712,753 Revenues 501,488,667 ​ 650,282,167 767,688,120 ​ Contract Assets and Contract Liabilities The Group’s contract assets and contract liabilities as of December 31, 2019 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 ​ ​ RMB RMB Contract assets 25,249,719 36,307,474 Contract liabilities 111,953,381 95,992,689 ​ The contract assets primarily relate to the Group’s rights to consideration for work performed but not invoiced at the reporting date on Cloud-based UC&C projects. The contract assets are transferred to receivables when the rights to consideration become unconditional. The contract liabilities primarily related to the advanced consideration received from customers in relation to the subsequent provision of Cloud-based CC services and/or customization and implementation of Cloud-based UC&C projects. The contract liabilities will be recognized as revenue when the Group fulfils its performance obligations to transfer the promised products or services to customers, which is expected to occur within one year. Changes in the contract assets balances for the years ended December 31, 2018, 2019 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Gross amount at the beginning of the year 20,021,820 18,985,847 26,781,689 Increases due to revenue recognized during the year 53,536,894 ​ 62,994,291 53,180,927 Transfers to accounts receivable during the year (54,572,867) ​ (55,198,449) (38,430,939) Gross amount at the end of the year 18,985,847 ​ 26,781,689 41,531,677 Allowance for contract assets (949,292) ​ (1,531,970) (5,224,203) Contract assets, net 18,036,555 ​ 25,249,719 36,307,474 ​ The movement of the allowance for contract assets is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year 1,001,091 949,292 1,531,970 Additions charged to (reversal of) bad debt expense (51,799) 582,678 3,692,233 Balance at the end of the year 949,292 1,531,970 5,224,203 ​ Changes in the contract liabilities balances for the years ended December 31, 2018, 2019 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year 74,361,332 98,417,522 111,953,381 Revenue recognized that was included in the contract liabilities balance at the beginning of the year (67,051,465) ​ (84,099,618) (81,807,185) Increase due to cash received, excluding amount recognized as revenue during the year 91,107,655 ​ 97,635,477 65,846,493 Balance at the end of the year 98,417,522 ​ 111,953,381 95,992,689 ​ The amounts of revenue recognized for the years ended December 31, 2018, 2019 and 2020 that were included in the contract liabilities balances at the beginning of the year are RMB67.1 million, RMB84.1 million and RMB81.8 million, respectively. The Company has elected the practical expedient in ASC 606-10-50-14(a) to not disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	19. COMMITMENTS AND CONTINGENCIES Lease commitments The Group leases its offices under non-cancelable operating lease agreements. Rental expenses were RMB17,687,924, RMB19,386,322 and RMB23,563,373 for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, future minimum lease commitments, all under office and facilities non-cancelable operating lease agreements, were as follows: ​ ​ ​ Year ended December 31, RMB 2021 22,225,857 2022 18,649,509 2023 4,551,612 ​ Except for those disclosed above, the Group did not have any significant capital or other commitments, long-term obligations, or guarantees as of December 31, 2020. Legal Proceedings On April 19, 2021, the Group and certain of the Group’s current and former directors and officers and the underwriters in the initial public offering and the agent for service of process in the United States were named as defendants in a securities class action filed in the Supreme Court of the State of New York, New York County. The action, purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of their trading in the ADSs, alleges that the Group’s registration statement on Form F-1 in connection with the initial public offering contained material misstatements and omissions in violation of the U.S. federal securities laws, including those relating to the estimates on financial results of the fourth quarter of 2020. The plaintiff sought to, among others, have the court certify the class action as well as award damages, reasonable costs and expenses and other relief as deemed appropriate by the court in favor of the class. This action remains in its preliminary stage, and the Group are currently unable to estimate the potential loss, if any, associated with the resolution of such lawsuit, if it proceeds. The Group believe this case is without merit and intend to defend the actions vigorously. In accordance with ASC Topic 450, no accrual of loss contingency was accrued as of December 31, 2020 since it is not probable that a liability has incurred and the amount of loss cannot be reasonably estimated.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS (i) Name of Related Parties Relationship with the Company Beijing Puhui Sizhong Technology Limited Company ​ A company controlled by Mr. Changxun Sun ​ Changxun Sun, Zhiqiang Xu, Muchao Deng ​ Three management employees ​ Beijing Jingu Shitong Technology Co., Ltd ​ An equity investee ​ Hi Sun Technology (China) Limited ​ A company that controls Main Access Limited, an entity that is a shareholder of the Company ​ ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Note 2018 2019 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest free loans provided to related parties: -Three management employees (a) 4,000,000 — 2,550,000 -Beijing Jingu Shitong Technology Co., Ltd (a) — — 1,400,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest free loans collected from related parties: -Three management employees (a) 3,180,000 310,000 4,160,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cloud-based UC&C services provided to a related party: -Hi Sun Technology (China) Limited (b) 38,524,686 38,280,256 25,681,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ Sub-lease income from an equity investee: -Beijing Jingu Shitong Technology Co., Ltd (c) — — 316,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ Project development services purchased from a related party: -Hi Sun Technology (China) Limited (d) 1,287,644 7,901,958 386,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development services purchased from a related party: -Hi Sun Technology (China) Limited (d) — — 6,006,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental expenses paid for a related party: -Beijing Puhui Sizhong Technology Limited Company (e) 130,000 100,000 150,000 ​ (a) Interest free loans provided to and collected from related parties For the years ended December 31, 2018, 2019 and 2020, the Company provided interest-free loans of RMB 4,000,000, nil and RMB2,550,000, respectively, to the three management employees of the Group. For the years ended December 31, 2018, 2019 and 2020, the Company collected interest-free loans of RMB3,180,000, RMB310,000 and RMB4,160,000, respectively, from the three management employees of the Group. As of December 31, 2019 and 2020, the amounts due from the three management employees were RMB2,510,000, and RMB900,000, respectively. The Company received repayments of RMB900,000 in cash from the three management employees of the Group in January 2021. For the year ended December 31, 2020, the Company provided interest-free loans of RMB1,400,000 to Beijing Jingu Shitong Technology Co., Ltd. (“Jingu”). As of December 31, 2020, the amount due from Jingu was RMB1,400,000. The Company received RMB1,400,000 in cash from Jingu in January 2021. (b) Cloud-based UC&C services provided to a related party The Company provided Cloud-based UC&C services to subsidiaries of Hi Sun Technology (China) Limited (“Hi Sun Group”), a company which controls Main Access Limited, one of the Company’s shareholders. Revenues of RMB38,524,686, RMB38,280,256 and RMB25,681,928 were recorded in the consolidated statements of comprehensive loss for the years ended December 31, 2018, 2019 and 2020, respectively. Amounts due from Hi Sun Group were RMB12,501,982 and RMB9,447,148 as of December 31, 2019 and 2020, which are included in accounts receivable - a related party, net on the consolidated balance sheets. Deposits for performance guarantee, which are included in amounts due from related parties on the consolidated balance sheets, were RMB3,935,606 as of December 31, 2019 and 2020, respectively. (c) Sub-lease income from an equity investee For the year ended December 31, 2020, the Group leased office to Jingu with sub-lease income of RMB316,981. As of December 31, 2020, the amount due from the equity investee was RMB39,623. (d) Outsourcing services purchased from a related party The Company purchased project development services from Hi Sun Group, which is included in cost of revenues of RMB1,287,644, RMB7,901,958 and RMB386,321 for the years ended December 31, 2018, 2019 and 2020, respectively and research and development services, which is included in research and development expenses of nil, nil and RMB6,006,664 for the years ended December 31, 2018, 2019 and 2020, respectively. Amounts due to Hi Sun Group were RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively, which is included in amounts due to a related party on the consolidated balance sheets. (e) Rental expenses paid for a related party For the years ended December 31, 2018, 2019 and 2020, the Group paid rental expenses of RMB130,000, RMB100,000 and RMB150,000, respectively on behalf of Beijing Puhui Sizhong Technology Limited Company (“Puhui Sizhong”), a company affiliated with Mr. Changxun Sun, the Group’s founder and a board member. The Group did not expect to collect the amount paid from Puhui Sizhong and therefore recognized the rental expenses paid on behalf of Puhui Sizhong as general and administrative expenses. (iii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Note 2019 2020 ​ ​ ​ ​ ​ ​ ​ Accounts receivable - a related party, net: -Hi Sun Technology (China) Limited (b) 12,501,982 9,447,148 ​ ​ ​ ​ ​ ​ ​ Amounts due from related parties: -Three management employees (a) 2,510,000 900,000 -Beijing Jingu Shitong Technology Co., Ltd (a) (c) — 1,439,623 -Hi Sun Technology (China) Limited (b) 3,935,606 3,935,606 Total amounts due from related parties ​ 6,445,606 6,275,229 ​ ​ ​ ​ ​ ​ ​ Amounts due to a related party: ​ -Hi Sun Technology (China) Limited (d) 3,180,095 2,813,041 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS (a) Coronavirus Impact Since the outbreak of COVID-19 throughout China and other countries and regions, a series of precautionary and control measures have been implemented worldwide to contain the virus. The outbreak of COVID-19 has had certain negative impact on the overall economy of the regions where the Company deliver its products or services. Any economic slowdown and/or negative business sentiment could potentially have an impact on the industries in which the Company’s major customers operate, including the settlement of the outstanding accounts receivable from these customers. The Group will continue to closely focus on both global and domestic situation of concerning its prevention and control, and cope with the related impacts on the Company actively. (b) Share option issuance Subsequent to December 31, 2020, the Company granted share options to purchase up to 4,025,499 ordinary shares with a weighted-average exercise price of US$0.248 per share. Based on the fair value per share at issuance date, the Company estimates it will recognize approximately RMB205.4 million (equivalent to US$31.5 million) (unaudited) of share-based compensation expense related to these share options over the requisite service period of 3 (c) Exercise of Series F warrant On January 7, 2021, the Series F warrant (Note 12) was fully exercised with the exercise price of US$34,000,000 and the Company issued 11,799,685 Series F Redeemable Convertible Preferred Shares to Novo Investment. (d) Acquisition of equity interest in a majority-owned subsidiary In January 2021, the Company acquired 45% equity interest in a majority-owned subsidiary, Cloopen Japan Co., Ltd. (“Cloopen Japan”) by issuing 1,424,312 ordinary shares to the non-controlling shareholders, who are also the management employees in Cloopen Japan. These transactions were accounted for as equity transactions of changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary according to ASC Topic 810-10-45-23. Therefore, no gain or loss shall be recognized in consolidated statements of comprehensive loss. The difference between fair value of consideration paid to the management employees and fair value of the non-controlling interest at the time of acquisition is recognized as share-based compensation expenses in the amount of RMB21.5 million (unaudited). (e) Initial Public Offering In February 2021, the Company completed its IPO on the New York stock exchange and issued 23,000,000 ADSs for a net proceeds of US$342.2 million (equivalent to RMB2.2 billion) at an issuance price of US$16 per ADS. Each ADS represents two ordinary shares. The issued and outstanding 158,900,014 redeemable convertible preferred shares were converted to Class A ordinary shares on a one-for-one-basis at the same time in the amount of US$1.27 billion (equivalent to RMB8.20 billion), which includes accretion from January 1, 2021 to February 9, 2021, the date of the Company’s initial public offering. The issued and outstanding 95,140,749 pre-offering ordinary shares were converted to Class A ordinary shares on a one-for-one-basis at the same time, and the remaining 25,649,839 pre-offering ordinary shares were converted to Class B ordinary shares. (f) Acquisition of EliteCRM On March 10, 2021, the Company entered into a definitive agreement to acquire all the equity interests of EliteCRM in exchange for RMB180 million, which is a customer relationship management software provider. The Company completed the acquisition on March 22, 2021. At the same time, the Company paid 70% of cash consideration amounting to RMB126 million and issued 2,411,177 ordinary shares to certain management members of EliteCRM, which become restricted and are subject to a vesting schedule of two years and forfeiture to the extent any restricted shares remains unvested in case of early termination of employment. The remaining RMB54 million will be paid by December 31, 2021. The transaction will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations and the allocation of the consideration transferred to the assets acquired and liabilities assumed, and the related estimated lives of depreciable tangible and identifiable intangible assets will require a significant amount of judgment. As of the date of this filing, the initial accounting for this business combination and pro forma analysis for this business combination was incomplete as the Company is in the process of determining the fair value of assets acquired and liabilities assumed at the acquisition date. (g) Exercise of Series C warrants On March 22, 2021, China Equities HK Limited (“China Equities”) exercised the Series C warrants (Note 12), which entitled China Equities to purchase an aggregate of 664,611 shares of the Company’s Series C Redeemable Convertible Preferred Shares at an exercise price of US$0.9404 per share. China Equities paid the exercise price by surrendering 26,042 Series C Redeemable Convertible Preferred Shares that it would entitle to receive upon a cash exercise of the warrant. Accordingly, by virtue of the cashless exercise of the warrant, the Company issued 638,569 Class A Ordinary Shares to China Equities, assuming the conversion and redesignation of all series C Redeemable Convertible Preferred Shares into Class A Ordinary Shares on a one-for-one basis after the Company’s consummation of IPO.

PARENT ONLY FINANCIAL INFORMATI

PARENT ONLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
PARENT ONLY FINANCIAL INFORMATION
PARENT ONLY FINANCIAL INFORMATION	22. PARENT ONLY FINANCIAL INFORMATION The following condensed parent company financial information of Cloopen Group Holding Limited has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. As of December 31, 2020, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Cloopen Group Holding Limited, except for those, which have been separately disclosed in the consolidated financial statements. ​ (a) Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Assets ​ ​ Current assets ​ ​ Cash 355,008 1,144,361 Term deposits ​ — ​ 160,349,418 Other current assets 17,409 358,925 Total current assets 372,417 161,852,704 Non ‑ current assets: Investments in and amounts due from subsidiaries and consolidated VIE and VIE’s subsidiaries 227,116,226 465,440,853 Total non ‑ current assets 227,116,226 465,440,853 Total assets 227,488,643 627,293,557 Liabilities Current liabilities Amounts due to VIE ​ — ​ 230,086,500 Accrued expenses and other current liabilities 707 5,549,245 Warrant liabilities — 202,271,900 Total current liabilities 707 437,907,645 Non ‑ current liabilities Non‑current warrant liabilities 19,631,027 19,470,302 Total non ‑ current liabilities 19,631,027 19,470,302 Total liabilities 19,631,734 457,377,947 Mezzanine equity Series A Redeemable Convertible Preferred Shares 183,371,326 648,327,522 Series B Redeemable Convertible Preferred Shares 212,123,212 686,082,312 Series C Redeemable Convertible Preferred Shares 613,766,867 1,579,397,468 Series D Redeemable Convertible Preferred Shares 205,776,240 444,789,375 Series E Redeemable Convertible Preferred Shares 229,103,777 720,043,550 Series F Redeemable Convertible Preferred Shares ​ — ​ 1,133,364,034 Subscription receivables for Series C and Series E Redeemable Convertible Preferred Shares ​ — ​ (336,178,500) Total mezzanine equity 1,444,141,422 4,875,825,761 Shareholders’ deficit: Pre‑offering Class A ordinary shares 23,519 28,592 Pre‑offering Class B ordinary shares 33,348 33,348 Subscription receivables (23,219,901) — Accumulated other comprehensive income (loss) (72,548,649) 208,672,218 Accumulated deficit (1,140,572,830) (4,914,644,309) Total shareholders’ deficit (1,236,284,513) (4,705,910,151) Total liabilities, mezzanine equity and shareholders’ deficit 227,488,643 627,293,557 ​ ​ (b) Condensed Statements of Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Total operating expenses (7,618,417) (38,552,132) (108,331,537) Change in fair value of warrant liabilities ​ (450,083) ​ 137,969 ​ (221,462,056) Share of losses from subsidiaries and consolidated VIE and VIE’s subsidiaries (147,396,748) ​ (145,080,198) (170,046,072) Loss before income taxes (155,465,248) ​ (183,494,361) (499,839,665) Income tax expense — ​ — — Net loss (155,465,248) ​ (183,494,361) (499,839,665) Accretion and modification of Redeemable Convertible Preferred Shares (106,867,153) ​ (141,031,943) (3,327,579,958) Deemed dividends to Series E Redeemable Convertible Preferred Shareholders — ​ — (12,070,034) Net loss attributable to ordinary shareholders (262,332,401) ​ (324,526,304) (3,839,489,657) ​ (c) Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Net cash used in operating activities (268,540) (3,038,499) (1,221,553) Net cash used in investing activities (154,188,532) ​ (218,538,384) (597,733,655) Net cash provided by financing activities 159,782,892 ​ 215,232,018 601,198,643 Effect of foreign currency exchange rate changes on cash 550,960 ​ (10,038) (1,454,082) Net (decrease) increase in cash 5,876,780 ​ (6,354,903) 789,353 Cash at the beginning of the year 833,131 ​ 6,709,911 355,008 Cash at the end of the year 6,709,911 ​ 355,008 1,144,361 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Group’s ability to operate profitably, to generate cash flows from operations, and its ability to attract investors and to borrow funds on reasonable economic terms. Reclassification of prior-year presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. Reclassifications have been made to the Consolidated Balance Sheet as of December 31, 2019, including: 1) Presenting “Accounts receivable – a related party, net” totaling RMB 12.5 million as a separate balance sheet line item, which was previously reported in “Accounts receivables, net”; 2) Presenting “Accounts receivable - third parties, net” totaling RMB 206.6 million as a separate balance sheet line item, which was previously reported in “Accounts receivables, net”; 3) Presenting “Amounts due from related parties” totaling RMB 3.9 million as a separate balance sheet line item, which was previously reported in “Prepayments and other current assets”; 4) Presenting “Amounts due to a related party” totaling RMB 3.2 million as a separate balance sheet line item, which was previously reported in “Accounts payable”. These changes in classification and presentation do not affect previously reported financial position, results of operations, and cash flows for the year ended December 31, 2019.
Principles of Consolidation	(b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE for which the WFOE is the primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, exercises effective control over the activities that most impact the economic performance, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All intercompany transactions and balances among the Company, its subsidiaries, the VIE, and the VIE’s subsidiaries have been eliminated upon consolidation.
Use of Estimates	(c) Use of Estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, determining the selling price of products and services in multiple element revenue arrangements, the allowance for doubtful accounts receivable and contract assets, depreciable lives and recoverability of property and equipment and intangible assets, the realization of deferred income tax assets, the fair value of share based compensation awards, redeemable convertible preferred shares, available-for-sale debt securities, other equity investments and warrant liabilities, and the fair value of the ordinary shares to determine the existence of beneficial conversion feature of the redeemable convertible preferred shares. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Convenience Translation	(d) Convenience Translation Translations of the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB6.5250, representing the noon buying rate in The City of New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate.
Commitments and Contingencies	(e) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.
Cash	(f) Cash Cash consists of cash on hand and cash at bank. Cash at bank are deposited in financial institutions at below locations: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Cash on hand 118,613 719 Cash balances include deposits in: Financial institutions in the mainland of the PRC — Denominated in Renminbi (“RMB”) 52,225,475 68,083,153 — Denominated in US$ 103,577,057 223,435,361 — Denominated in Hong Kong S.A.R. Dollar (“HKD”) 19,057 17,088 Total cash balances held at mainland PRC financial institutions 155,821,589 291,535,602 Financial institutions in Japan ​ — Denominated in Japanese Yen 8,177,879 5,028,888 Total cash balances held at Japan financial institutions 8,177,879 5,028,888 Total cash balances held at financial institutions 163,999,468 296,564,490 Total cash balances 164,118,081 296,565,209 ​ The bank deposits, including term deposits and restricted cash, with financial institutions in the mainland of the PRC and Japan are insured by the government authorities up to RMB500,000 and JPY10,000,000, respectively. The bank deposits including term deposits and restricted cash are insured by the government authorities with amounts up to RMB8,665,785 and RMB13,402,156 as of December 31, 2019 and 2020, respectively. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in the PRC and Japan with acceptable credit rating.
Restricted cash	(g) Restricted cash Cash balances that have restrictions as to withdrawal or usage are considered restricted cash. Restricted cash that will be released to cash within the next 12 months is classified as current asset, while the balance restricted for use longer than one year is classified as non-current asset on the consolidated balance sheets.
Term deposits	(h) Term deposits Term deposits represent deposits at banks with original maturities more than three months but less than one year. The Group’s term deposits were denominated in US$ and were deposited at financial institutions in the mainland of the PRC with the interest rate of 2.4% and 1% per annum as of December 31, 2019 and 2020, respectively. Term deposits maintained at financial institutions consist of the following: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB US$ denominated bank deposits with financial institutions in the PRC 69,762,000 160,349,418 ​ To limit exposure to credit risk relating to bank deposits, the Company primarily places term deposits only with large financial institutions in the PRC with acceptable credit rating.
Accounts Receivable	(i) Accounts Receivable Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. Management considers the following factors when determining the collectability of specific accounts: historical experience, credit worthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. An allowance for doubtful accounts is made and recorded into general and administrative expenses based on aging of accounts receivable and on any specifically identified accounts receivable that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Group does not have any off-balance sheet credit exposure related to its customers.
Long-term Investments	(j) Long-term Investments Debt securities The Group accounts for debt securities as available-for-sale (“AFS”) when they are not classified as either trading or held-to-maturity. AFS securities are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of AFS securities are determined on a specific-identification basis. An impairment loss on the AFS securities are recognized in the consolidated statement of comprehensive loss when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the years ended December 31, 2018, 2019 and 2020. Equity method investments The Group applies the equity method to account for an equity interest in an investee over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method of accounting, the Group’s share of the investee’s results of operations is reported as share of losses of equity method investments in the consolidated statements of comprehensive loss. The Group recognizes an impairment loss when there is a decline in value below the carrying value of the equity method investment that is considered to be other than temporary. The process of assessing and determining whether impairment on an investment is other than temporary requires a significant amount of judgment. To determine whether an impairment is other than temporary, management considers whether it has the ability and intent to hold the investment until recovery and whether evidence indicating the carrying value of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the decline in value, any change in value subsequent to the period end, and forecasted performance of the investee. Other equity investments The Group measures investments in equity securities at cost, adjusted for changes resulting from impairments and observable price changes in orderly transactions for identical or similar securities of the same issuer. The Group considers information in periodic financial statements and other documentation provided by the investees to determine whether observable price changes have occurred. The Group makes a qualitative assessment considering impairment indicators to evaluate whether the equity investments without a readily determinable fair value is impaired at each reporting period, and written down to its fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. If an equity security without a readily determinable fair value is impaired, the Group includes an impairment loss in net income equal to the difference between the fair value of the investment and its carrying amount.
Property and Equipment, net	(k) Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. The estimated useful lives are as follows: ​ ​ ​ ​ Computer and office equipment 3 Furniture and fixtures 3 Motor vehicles 5 years Leasehold improvements The shorter of lease terms and estimated useful lives Software 5 ​ Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.
Intangible Assets, net	(l) Intangible Assets, net Intangible assets represent telecommunication business operation licenses and software copyrights that acquired through assets acquisition, which are initially recognized and measured at cost, and amortized on a straight-line basis over their respective estimated useful lives, which range from 3
Impairment of Long-lived Assets	(m) Impairment of Long-lived Assets Long-lived assets such as property and equipment and intangible assets with finite lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment of long-lived assets was recognized for the years ended December 31, 2018, 2019 and 2020.
Value Added Taxes	(n) Value Added Taxes The Company’s PRC subsidiaries are subject to value added tax (“VAT”). Revenue from providing cloud communication services and communication devices sales are generally subject to VAT at the rate of 6% and 13% since April 1, 2019, or 6% to 16% between May 1, 2018 and April 1, 2019, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets.
Short-term Investments	(o) Short-term Investments The Group’s short-term investments represent the Group’s investments in financial products managed by financial institutions in the PRC which are redeemable at the option of the Group on any working day. Short-term investments are reported at fair value, with unrealized holding gains or losses, net of any related income tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive loss until realized. Realized gains or losses from the sale of short-term investments are determined on a specific identification basis and are recorded as investment income when earned.
Warrant Liabilities	(p) Warrant Liabilities The freestanding warrants to purchase redeemable convertible preferred shares at a future date were determined to be freestanding instruments that were accounted for as liabilities. At initial recognition, the Group recorded the warrant liabilities on the consolidated balance sheets at their estimated fair value and changes in estimated fair values were included in the change in fair value of warrant liabilities on the consolidated statement of comprehensive loss or allocated to the proceeds from the issuance of the debt instrument to the warrants based on the warrant liabilities fair value. The warrant liabilities are subject to remeasurement at each reporting period and the Group adjusted the carrying value of the warrant liabilities to fair value at the end of each reporting period utilizing the binominal option pricing model, with changes in estimated fair value included in the change in fair value of warrant liabilities on the consolidated statement of comprehensive loss.
Fair Value Measurements	(q) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: 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. Accounting guidance also 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. Financial assets and liabilities of the Group primarily consist of cash, restricted cash, term deposits, short-term investments, accounts receivable - third parties, net, accounts receivable – a related party, net, other receivables included in prepayments and other current assets, available-for-sale debt securities, other equity investments, equity method investment, amounts due from related parties, short-term borrowings and long-term borrowings, accounts payable, contract liabilities, other payables included in accrued expenses and other current liabilities and warrant liabilities. The Group measures short-term investments at fair value on a recurring basis. Short-term investments include financial products issued by financial institutions, which are valued based on prices per units quoted by issuers and are categorized in Level 2 of the fair value hierarchy. Available-for-sale debt securities, other equity investments and warrant liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. As of December 31, 2019 and 2020, the carrying values of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets, such as intangible assets and property and equipment, would be measured at fair value only if they were determined to be impaired.
Revenue recognition	(r) Revenue recognition The Company generate substantially all of the Company’s revenues from the following services and products: (1) (2) (3) The Company recognizes revenue upon the transfer of control of promised products or services provided to the Company’s customers, in the amount of consideration the Company expect to receive for those products or services (excluding sales taxes collected on behalf of government authorities). The Company’s revenue contracts generally do not include a right of return in relation to the delivered products or services. The timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company record a contract asset when revenue is recognized prior to invoicing, and a contract liability when payment is received from a customer in advance of revenue recognition. The Company generally issue invoices based on contract terms, which may be when the services are completed, upon customer acceptance of the Company’s deliverables or at preset milestones. Payments are due with standard payment terms which are generally not more than 90 days from invoice issuance. CPaaS revenues The Company accounts for revenue from customers’ usage of text message and voice call services on the Company’s CPaaS platform as two separate performance obligations. The Company’s service fees are determined by applying the contractual unit price to the monthly usage volume of text messages sent or minutes of voice calls placed and a contractual monthly fixed charge per subscriber multiplied by the number of subscribers recorded by the Company’s CPaaS platform where relevant. The cloud-based services to send text messages and place voice calls are sold separately to customers with observable standalone selling prices. The service contracts are generally with a length between 3 Cloud-based CC revenues Customers subscribe to the Company’s basic Cloud-based CC services at a fixed monthly fee and pay for other value-added services on a usage basis. The Company recognizes the monthly service fees ratably over the contract period during which the Company is obligated to grant customers continuous access to those basic Cloud-based CC services. Revenue for other value-added services on top of the basic subscription is determined by applying the contractual unit price to the monthly usage volume and recognized when the related services are provided to customers. The basic subscription is sold to customers at the same price with or without the value-added services, so the transaction price is allocated on the basis of observable stand-alone selling prices. The service contracts are generally with a length between 3 Cloud-based UC&C revenues The Company offers customized Cloud-based UC&C solutions to customers with tailored functionalities and interfacing capabilities suitable to their complicated IT environment. The Company has identified that the nature of our overall promise to customers as the provision of an appropriately customized and interfaced software solution comprising the customized UC&C license and other highly interdependent and interrelated services, and have accounted for the promise as one combined performance obligation. The Company applies an iterative process to design, test and implement the software in customers’ IT environment and recognizes revenue for this performance obligation over a period of time during which the control of the customized UC&C solution is progressively transferred to the customers. The Company uses an input method to estimate progress, based on the proportion of the labour hours incurred relative to the estimated total labour hours. The Company’s Cloud-based UC&C contracts generally include a standard assurance-type warranty.
Cost of Revenues	(s) Cost of Revenues Cost of revenues mainly consists of payroll and related costs for employees, communication service expense associated with the use of facilities and equipment by these employees, such as rental and depreciation expenses, communication service expense charges to telecom operators or its distributors and cloud service fees to cloud service providers.
Research and Development Expenses	(t) Research and Development Expenses Research and development expenses mainly consist of payroll and related costs for employees involved in researching and developing new technologies, in the field of cloud communication, and outsourced design expenses as well as expenses associated with the use by these functions of facilities and equipment, such as rental and depreciation expenses. Research and development expenses are expensed as incurred.
Selling and Marketing Expenses	(u) Selling and Marketing Expenses Selling and marketing expenses mainly consist of advertising expenses, promotion expenses, payroll and related expenses for personnel engaged in selling and marketing activities and expenses associated with the use by these functions of facilities and equipment, such as rental and depreciation expenses. Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2018, 2019 and 2020, the advertising expenses were RMB12,013,725, RMB15,842,771 and RMB27,253,585, respectively.
General and Administrative Expenses	(v) General and Administrative Expenses General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, such as rental and depreciation expenses, professional fees and other general corporate expenses.
Share-based Compensation	(w) Share-based Compensation Share-based awards granted to the founders in the form of restricted shares are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded-vesting method. The Group elects to recognize the effect of forfeitures in compensation cost when they occur. Share-based awards granted to employees are measured at the grant date fair value of the awards, and are recognized as compensation expense with graded-vesting schedules over the requisite service period for each separately vesting portion (or tranche) of the award. The Group elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. Share-based compensation in relation to the restricted ordinary shares is measured based on the fair value of the Company’s ordinary shares at the grant date of the award, which is estimated using the income approach and equity allocation method. Estimation of the fair value of the Company’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the binominal option pricing model. The determination of the fair value of share options is affected by the fair value of the Company’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions. A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. The Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For awards not being fully vested, the Company recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards over the remaining requisite service period after modification.
Employee Benefits	(x) Employee Benefits The Company’s subsidiaries and the VIE and VIE’s subsidiaries in the PRC participate in a government mandated, multi-employers, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to RMB60,765,557, RMB66,161,467 and RMB43,023,105 for the years ended December 31, 2018, 2019 and 2020, respectively.
Income Taxes	(y) Income Taxes Current income taxes are provided on the basis of income before income taxes for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse to the temporary differences between the financial statements’ carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the 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. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2019 and 2020, the Group did not have any significant unrecognized uncertain tax positions.
Operating Leases	(z) Operating Leases The Group leases premises for offices under non-cancellable operating leases. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term.
Foreign Currency Translation and Foreign Currency Risks	(aa) Foreign Currency Translation and Foreign Currency Risks The Company’s reporting currency is RMB. The functional currency of the Company and its subsidiary incorporated at Hong Kong S.A.R. is the US$. The functional currency of the Company’s subsidiary incorporated at Japan is JPY. The functional currency of the Company’s PRC subsidiary, the VIE and the VIE’s subsidiaries is RMB. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated statements of comprehensive loss. The financial statements of the Company, its subsidiary incorporated at Hong Kong S.A.R. and its subsidiary incorporated at Japan are translated from the functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings (deficits) generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the consolidated statements of changes in shareholders’ deficit. RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.
Concentration and Risk	(bb) Concentration and Risk Concentration of customers and suppliers No customers individually represent greater than 10.0% of total revenues of the Group during the years ended December 31, 2019 and 2020. No suppliers individually represent greater than 10.0% of total purchases of the Group during the years ended December 31, 2019 and 2020. No customers individually represent greater than 10.0% of accounts receivable, net including related party amounts and contract assets as of December 31, 2019 and 2020. No suppliers individually represent greater than 10.0% of total accounts payable of the Group as of December 31, 2019 and 2020. No customers individually represent greater than 10.0% of contract liabilities of the Group as of December 31, 2019 and 2020. No suppliers individually represent greater than 10.0% of prepayments and other current assets excluding related party amounts of the Group as of December 31, 2019. One supplier individually represents 10.1% of prepayments and other current assets excluding related party amounts of the Group as of December 31, 2020. Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, term deposits, short-term investments and accounts receivable. The Group’s investment policy requires cash, restricted cash, term deposits and short-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Group regularly evaluates the credit standing of the counterparties or financial institutions. The Group conducts credit evaluations on its customers prior to delivery of goods or services. The assessment of customer creditworthiness is primarily based on historical collection records, research of publicly available information and customer on-site visits by senior management. Based on this analysis, the Group determines what credit terms, if any, to offer to each customer individually. If the assessment indicates a likelihood of collection risk, the Company will not deliver the services or sell the products to the customer or require the customer to pay cash, post letters of credit to secure payment or to make significant down payments. Interest rate risk The Group’s short-term bank borrowings bears interests at fixed rates. If the Group were to renew these loans, the Group might be subject to interest rate risk.
Loss per Share	(cc) Loss per Share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities does not have contractual obligation to share losses. The Company’s preferred shares and restricted ordinary shares are participating securities. The preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis and the restricted ordinary shares are participating securities as the holders of the restricted ordinary shares have a non-forfeitable right to receive dividends with all ordinary shares. Neither the preferred shares nor the restricted ordinary shares has a contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to the ordinary shares, preferred shares and restricted ordinary shares; whereas any undistributed net loss is allocated to ordinary shares only. Unvested restricted ordinary shares are excluded from the weighted average number of ordinary shares outstanding because the restricted ordinary shareholders must return the restricted ordinary shares to the Company, if the specified condition are not met. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and shares issuable upon the exercise of warrants, and ordinary shares issuable upon the vest of restricted ordinary shares or exercise of outstanding share option (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive.
Segment Reporting	(dd) Segment Reporting The Company’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s chief executive officer and management personnel do not segregate the Group’s business by product or service. All products and services are viewed as in one and the only operating segment.
Statutory Reserves	(ee) Statutory Reserves In accordance with the PRC Company Laws, the Group’s PRC subsidiary, VIE and VIE’s subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. During the years ended December 31, 2019 and 2020, the profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was nil and RMB1.45 million (equivalent to US$0.22 million), respectively. No appropriation to discretionary surplus fund was made for any of the periods presented by the Group’s PRC subsidiary, VIE and VIE’s subsidiaries.
Recent Accounting Pronouncements	(ff) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases Financial Instruments—Credit Losses (Topic 326) Derivatives and Hedging (Topic 815), and Leases (Topic 842), Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Leases In June 2016, the FASB amended ASU 2016-13, Financial Instruments— Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Financial Instruments — Credit Losses In August 2018, the FASB issued ASU No. 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) — Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15).

DESCRIPTION OF BUSINESS, ORGA_2

DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2020
DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION
Schedule of consolidated assets and liabilities information of the Group's VIE and consolidated revenues, net loss and cash flow information	​ ​ ​ ​ ​ ​ ​ December 31, ​ 2019 2020 ​ ​ RMB ​ RMB Cash 120,450,112 58,443,775 Restricted cash 195,000 1,893,454 Short-term investments ​ 2,501,024 — Accounts receivable - third parties, net* ​ 203,270,317 221,613,966 Accounts receivable - related parties, net** ​ 15,010,001 ​ 11,355,167 Contract assets ​ 25,249,719 36,307,474 Amounts due from related parties ​ 6,445,606 6,275,229 Prepayments and other current assets ​ 97,632,903 125,859,963 Total current assets 470,754,682 461,749,028 Long-term investments 40,077,207 66,162,184 Property and equipment, net 10,261,327 11,163,961 Intangible assets, net 2,004,396 2,022,583 Deferred income tax assets 180,222 1,048,972 Other non-current assets 4,445,326 3,620,864 Total assets 527,723,160 545,767,592 Short-term borrowings ​ 26,838,032 20,000,000 Accounts payable ​ 135,194,396 ​ 122,079,582 Contract liabilities ​ 108,950,803 95,964,616 Amounts due to related parties*** ​ 595,457,305 631,164,373 Payables to an affiliate of a Series C Redeemable Convertible Preferred Shareholder — 230,086,500 Accrued expenses and other current liabilities 52,880,022 82,674,385 Total current liabilities 919,320,558 1,181,969,456 Long-term borrowings 96,190,363 — Total liabilities 1,015,510,921 1,181,969,456 * As of December 31, 2019, accounts receivable - third parties, net and prepayments and other current assets include accounts receivable - third parties and other receivables of Ronglian Yitong Technology that were pledged to secure bank borrowings amounting to RMB168,249,612 and RMB10,610,652, respectively. The secured bank loans matured on December 18, 2020 and accounts receivable - third parties and other receivables of Ronglian Yitong Technology were released from pledge on the same day (please refer to Note 10 for details). ** Accounts receivable-related parties, net includes accounts receivable, net due from the Company and its subsidiaries, which are eliminated upon consolidation, and accounts receivable, net due from a company that controls a shareholder of the Company of RMB12,501,982 and RMB9,447,148 as of December 31, 2019 and 2020. *** Amounts due to related parties include amounts due to the Company and its subsidiaries, which are eliminated upon consolidation, and amounts due to a company that controls a shareholder of the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Revenues 498,345,481 640,145,645 738,931,945 Net loss (111,087,374) ​ (145,457,499) (156,301,399) Net cash used in operating activities (4,590,430) ​ (31,078,480) (20,062,451) Net cash provided by / (used in) investing activities ​ 2,098,931 ​ (15,547,418) (4,840,970) Net cash provided by / (used in) financing activities ​ 6,229,297 ​ 113,044,600 (35,404,462) Net increase / (decrease) in cash and restricted cash ​ 3,737,798 ​ 66,418,702 (60,307,883) Cash and restricted cash at the beginning of the year ​ 50,488,612 ​ 54,226,410 120,645,112 Cash and restricted cash at the end of the year 54,226,410 ​ 120,645,112 60,337,229

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of cash on hand and cash at bank	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Cash on hand 118,613 719 Cash balances include deposits in: Financial institutions in the mainland of the PRC — Denominated in Renminbi (“RMB”) 52,225,475 68,083,153 — Denominated in US$ 103,577,057 223,435,361 — Denominated in Hong Kong S.A.R. Dollar (“HKD”) 19,057 17,088 Total cash balances held at mainland PRC financial institutions 155,821,589 291,535,602 Financial institutions in Japan ​ — Denominated in Japanese Yen 8,177,879 5,028,888 Total cash balances held at Japan financial institutions 8,177,879 5,028,888 Total cash balances held at financial institutions 163,999,468 296,564,490 Total cash balances 164,118,081 296,565,209
Schedule of term deposits maintained at banks	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB US$ denominated bank deposits with financial institutions in the PRC 69,762,000 160,349,418
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ Computer and office equipment 3 Furniture and fixtures 3 Motor vehicles 5 years Leasehold improvements The shorter of lease terms and estimated useful lives Software 5

CASH AND RESTRICTED CASH (Table

CASH AND RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2020
CASH AND RESTRICTED CASH
Schedule of reconciliation of cash and restricted cash	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Cash 164,118,081 296,565,209 Restricted cash 195,000 1,893,454 Total cash and restricted cash shown in the consolidated statements of cash flows 164,313,081 298,458,663

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
SHORT TERM INVESTMENTS
Schedule of short-term investments	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Aggregate cost basis 2,500,000 — Gross unrealized holding gain 1,024 — Aggregate fair value 2,501,024 —

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
Summary of accounts receivables, net	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Accounts receivable - third parties ​ 228,332,843 ​ 266,496,793 Allowance for doubtful accounts - third parties ​ (21,703,425) ​ (37,604,131) Accounts receivable - third parties, net ​ 206,629,418 ​ 228,892,662 ​ ​ ​ ​ ​ Accounts receivable - a related party ​ 13,159,981 ​ 9,944,366 Allowance for doubtful accounts - a related party ​ (657,999) ​ (497,218) Accounts receivable - a related party, net 12,501,982 9,447,148
Summary of movement of the allowance for doubtful accounts including both account receivables due from third parties and related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Allowance for doubtful accounts - third parties ​ 2018 ​ 2019 ​ 2020 ​ RMB RMB RMB Balance at the beginning of the year 19,048,819 18,218,164 21,703,425 Additions charged to (reversal of) bad debt expense (830,655) 8,071,880 15,900,706 Write‑off — (4,586,619) — Balance at the end of the year 18,218,164 21,703,425 37,604,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Allowance for doubtful accounts - a related party 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year — 1,033,769 657,999 Additions charged to (reversal of) bad debt expense 1,033,769 (375,770) (160,781) Balance at the end of the year 1,033,769 657,999 497,218 ​

PREPAYMENTS AND OTHER CURRENT_2

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
PREPAYMENTS AND OTHER CURRENT ASSETS
Schedule of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Advance to suppliers 78,609,793 108,082,414 Deposits 6,378,261 10,405,023 Staff advances 13,776,145 6,295,894 Deductible input VAT 12,056,458 11,692,900 Receivables from third party payment platforms 2,418,033 2,295,382 Others 536,959 485,626 Prepayments and Other Current Assets 113,775,649 139,257,239

LONG-TERM INVESTMENTS (Tables)

LONG-TERM INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
LONG TERM INVESTMENTS
Schedule of long-term investments	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Available ‑ for ‑ sale debt securities Beijing Chenfeng Network Technology Co., Ltd. 2,500,000 11,800,000 Total available ‑ for ‑ sale debt securities 2,500,000 11,800,000 ​ ​ ​ ​ ​ Equity method investments ​ Beijing Lianxinzhihui Technology Co., Ltd. 3,788,867 3,751,676 Shenzhen City Yunjitong Technology Co., Ltd. 7,383,678 7,383,678 Beijing Jingu Shitong Technology Co., Ltd — 14,210,508 Shenyang Yunrongxin Technology Co., Ltd 2,000,000 2,000,000 Total equity method investments 13,172,545 27,345,862 Less: impairment of equity method investments (9,383,678) (9,383,678) Total equity method investments, net 3,788,867 17,962,184 ​ ​ ​ ​ ​ Other equity investments Shanghai Yuhuan Information System Co., Ltd. 25,600,000 25,600,000 Beijing Hujingtiaoyue Technology Co., Ltd. 5,000,000 5,000,000 Hangzhou Paileyun Technology Co., Ltd. 3,188,340 5,800,000 Sichuan Taojinniwo Information Technology Co., Ltd. 6,657,838 6,657,838 Beijing Hanyuhaikuo Software Technology Co., Ltd. 5,000,000 5,000,000 Total other equity investments 45,446,178 48,057,838 Less: impairment of other equity investments (11,657,838) (11,657,838) Total other equity investments, net 33,788,340 36,400,000 Total long ‑ term investments 40,077,207 66,162,184 ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Computer and office equipment 23,913,290 26,162,529 Furniture and fixtures 1,540,476 2,511,918 Motor vehicles 653,303 263,196 Leasehold improvement 369,247 566,507 Software 10,627,169 12,872,664 Property and Equipment 37,103,485 42,376,814 Less: Accumulated depreciation (19,199,417) (25,960,658) Property and Equipment, net 17,904,068 16,416,156
Schedule of depreciation expenses on property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2018 2019 2020 ​ RMB ​ RMB RMB Cost of revenues 818,112 ​ 1,310,170 1,641,973 Research and development expenses 777,841 ​ 1,304,893 1,160,673 Selling and marketing expenses 1,985,829 ​ 2,335,885 2,119,406 General and administrative expenses 1,992,657 ​ 1,201,531 1,955,735 Total depreciation expenses 5,574,439 ​ 6,152,479 6,877,787

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2020
INTANGIBLE ASSETS, NET
Schedule of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Gross ​ ​ ​ Net ​ average ​ ​ carrying ​ Accumulated ​ carrying ​ amortization ​ ​ amount amortization amount Period ​ ​ RMB ​ RMB ​ RMB ​ Years Software copyrights 4,302,000 (3,264,250) 1,037,750 6.8 Telecommunication business operation licenses 5,744,940 (3,339,512) 2,405,428 4.0 Total 10,046,940 (6,603,762) 3,443,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ Weighted ​ ​ Gross ​ ​ ​ Net ​ average ​ ​ carrying ​ Accumulated ​ carrying ​ amortization ​ ​ amount ​ amortization ​ amount ​ period ​ ​ RMB ​ RMB ​ RMB ​ Years Software copyrights 2,372,000 (1,630,750) 741,250 8.0 Telecommunication business operation licenses 5,906,192 (4,624,859) 1,281,333 4.0 Total 8,278,192 (6,255,609) 2,022,583
Schedule of estimated amortization expense	The estimated amortization expense for the next five years is as follows: ​ ​ ​ ​ RMB 2021 1,039,747 2022 645,792 2023 288,422 2024 45,069 2025 3,553

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2020
BORROWINGS
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Secured bank loans 26,838,032 — Unsecured bank loans — 20,000,000 Short ‑ term borrowings 26,838,032 20,000,000 Longs-term borrowings 96,190,363 —

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB Accrued payroll and social insurance 45,688,185 51,919,137 Taxes payable 17,011,290 29,028,359 Accrued issuance costs for Series F financing — 5,548,788 Deposits 2,235,945 1,144,769 Staff reimbursements 1,841,772 2,437,562 Other payables 1,991,306 3,888,841 Accrued expenses and other current liabilities 68,768,498 93,967,456

WARRANT LIABILITIES (Tables)

WARRANT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited
Class of Warrant or Right [Line Items]
Schedule of fair value of the warrant liability assumptions	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 Risk‑free rate of return 2.60% ​ 1.15% Volatility 45% ​ 45% Expected dividend yield 0% ​ 0% Fair value of underlying Series C Redeemable Convertible Preferred Shares US$1.97 US$5.42 Expected term 3.7 years 2.7 years
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Schedule of fair value of the warrant liability assumptions	​ ​ ​ ​ ​ December 31, ​ ​ 2019 Risk‑free rate of return 2.58% Volatility 55% Expected dividend yield 0% Fair value of underlying Series E Redeemable Convertible Preferred Shares US$2.49 Expected term 1.2 years
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited
Class of Warrant or Right [Line Items]
Schedule of fair value of the warrant liability assumptions	​ ​ ​ ​ ​ December 31, ​ ​ 2020 Risk‑free rate of return 1.07% Volatility 30% Expected dividend yield 0% Fair value of underlying Series F Redeemable Convertible Preferred Shares US$5.50 Expected term 0.36 years

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)	12 Months Ended
	Dec. 31, 2020
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Schedule of redeemable convertible preferred shares activities	The Company’s redeemable convertible preferred shares activities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMB Series A Series B Series C Series D Series E Series F Total Balance as of January 1, 2018 ​ 128,754,021 ​ 153,434,897 ​ 473,035,494 ​ — ​ — ​ — ​ 755,224,412 Issuance for cash ​ — ​ — ​ — ​ 160,975,360 ​ — ​ — ​ 160,975,360 Issuance costs paid ​ — ​ — ​ — ​ (1,793,926) ​ — ​ — ​ (1,793,926) Modifications ​ — ​ — ​ 4,654,516 ​ — ​ — ​ — ​ 4,654,516 Accretion of Redeemable Convertible Preferred Shares ​ 21,341,595 ​ 22,457,999 ​ 45,290,526 ​ 13,122,517 ​ — ​ — ​ 102,212,637 Foreign currency translation adjustment ​ 7,275,547 ​ 8,559,710 ​ 25,672,740 ​ 15,143,355 ​ — ​ — ​ 56,651,352 Balance as of December 31, 2018 157,371,163 184,452,606 548,653,276 187,447,306 — — ​ 1,077,924,351 Issuance for cash — — — — 226,646,200 — ​ 226,646,200 Issuance costs — — — — (12,427,087) — ​ (12,427,087) Inducement cost* — — — — (4,768,612) — ​ (4,768,612) Modifications — — 6,716,297 5,562,201 — — ​ 12,278,498 Accretion of Redeemable Convertible Preferred Shares 23,148,378 24,359,297 48,739,310 9,510,712 22,995,748 — ​ 128,753,445 Foreign currency translation adjustment 2,851,785 3,311,309 9,657,984 3,256,021 (3,342,472) — ​ 15,734,627 Balance as of December 31, 2019 183,371,326 212,123,212 613,766,867 205,776,240 229,103,777 — ​ 1,444,141,422 Exercise of Series E warrants ​ — ​ — ​ — ​ — ​ 122,642,269 ​ — ​ 122,642,269 Issuance for cash ​ — ​ — ​ — ​ — ​ — ​ 598,661,700 ​ 598,661,700 Issuance costs ​ — ​ — ​ — ​ — ​ — ​ (11,830,318) ​ (11,830,318) Deemed dividends — — — — 12,070,034 — ​ 12,070,034 Accretion of Redeemable Convertible Preferred Shares 504,054,460 515,537,848 1,062,760,468 266,737,805 396,239,268 582,250,109 ​ 3,327,579,958 Foreign currency translation adjustment (39,098,264) (41,578,748) (97,129,867) (27,724,670) (40,011,798) (35,717,457) ​ (281,260,804) Balance as of December 31, 2020 ​ 648,327,522 ​ 686,082,312 ​ 1,579,397,468 ​ 444,789,375 ​ 720,043,550 ​ 1,133,364,034 ​ 5,212,004,261 Subscription receivables ​ — ​ — ​ (230,086,500) ​ — ​ (106,092,000) ​ — ​ (336,178,500) Carrying amount as of December 31, 2020 648,327,522 686,082,312 1,349,310,968 444,789,375 613,951,550 1,133,364,034 ​ 4,875,825,761 * On August 28, 2019, the Series E investors requested to restrict one of the founders, Mr. Li’s ordinary shares for a period of three years, which was a protective clause and was an inducement made to facilitate the investment in the Series E Preferred Shares on behalf of the Company. Therefore, the fair value of the restricted shares recognized as additional paid-in capital and reflected as a reduction of the proceeds allocated to the Series E Preferred Shares. The fair value of restricted shares was estimated by management with the assistance of valuer and involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. As of August 28, 2019, the fair value of the restricted shares was determined to be RMB4,768,612 based on the Company’s ordinary share price on August 28, 2019.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
Restricted ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted ordinary shares held by the Company's employees	A summary of the Company’s restricted ordinary shares held by the Company’s employees for the years ended December 31, 2018, 2019 and 2020 is presented below: ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ ​ shares ​ date fair value Unvested as of January 1, 2018 3,964,184 0.38 Vested (3,964,184) 0.38 Unvested as of December 31, 2018 — — Granted 8,154,893 1.32 Unvested as of December 31, 2019 8,154,893 1.32 Granted 3,706,745 1.31 Vested (6,425,043) 1.31 Unvested as of December 31, 2020 5,436,595 1.32
Schedule of compensation expenses recognized	Total compensation expenses recognized for restricted ordinary shares for the years ended December 31, 2018, 2019 and 2020 were allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB General and administrative expenses 1,404,438 ​ 15,126,755 70,618,377 Total restricted ordinary shares compensation expenses 1,404,438 ​ 15,126,755 70,618,377
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of compensation expenses recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Cost of revenues 142,416 598,204 485,987 Research and development expenses 1,474,597 ​ 305,554 1,396,422 Selling and marketing expenses 163,658 ​ 4,901,300 998,779 General and administrative expenses 3,607,570 ​ 6,523,090 15,276,678 Total share option compensation expenses 5,388,241 ​ 12,328,148 18,157,866
Schedule of share options activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ Number of ​ exercise ​ contractual ​ Aggregate ​ ​ shares ​ price ​ years ​ intrinsic value ​ ​ ​ ​ US$ ​ ​ ​ US$ Outstanding as of January 1, 2018 17,285,084 0.21 Granted 5,412,917 0.35 Forfeited (748,000) 0.25 Outstanding as of December 31, 2018 21,950,001 0.24 Granted 2,750,000 0.26 Forfeited (3,448,846) 0.27 Outstanding as of December 31, 2019 21,251,155 0.24 Granted 7,700,228 0.30 Forfeited (3,626,948) 0.27 ​ ​ Outstanding as of December 31, 2020 ​ 25,324,435 ​ 0.25 ​ ​ ​ ​ Vested and expected to vest as of December 31, 2020 ​ 25,324,435 ​ 0.25 ​ 6.60 ​ 17,774,121 Exercisable as of December 31, 2020 13,714,193 0.21 4.63 9,130,955 ​
Schedule of fair value assumptions	The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ Grant dates: ​ 2018 2019 2020 Risk‑free rate of return 3.7%-4.0% ​ 2.50%‑2.90% ​ 1.64%-1.91% ​ Volatility 45-50% ​ 45% ​ 45% ​ Expected dividend yield 0% ​ 0% ​ 0% ​ Exercise multiple 2.20 ​ 2.20 2.20 ​ Fair value of underlying ordinary share US$1.14- US$1.19 ​ US$1.19 ‑ US$1.36 US$1.31 ‑ US$5.32 ​ Expiration terms 10 years ​ 10 years 10 years ​ ​

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENT
Tables of the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total RMB Level 1 Level 2 Level 3 Fair Value Assets Short ‑ term investments Short‑term investments (Note 4) — 2,501,024 — 2,501,024 Long ‑ term investments Available‑for‑sale debt securities (Note 7) — — 2,500,000 2,500,000 Other equity investments (Note 7) — — 33,788,340 33,788,340 Total — — 36,288,340 36,288,340 Liabilities Warrant liabilities (Note 12) — — 19,631,027 19,631,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Total RMB Level 1 Level 2 Level 3 Fair Value Assets Long ‑ term investments Available‑for‑sale debt securities (Note 7) — — 11,800,000 11,800,000 Other equity investments (Note 7) — — 36,400,000 36,400,000 Total — — 48,200,000 48,200,000 Liabilities ​ ​ Warrant liabilities (Note 12) — — 221,742,202 221,742,202
Table of the reconciliation from the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in ​ included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included ​ other ​ other ​ ​ ​ ​ January 1, ​ ​ ​ ​ ​ in ​ comprehensive ​ comprehensive ​ December 31, RMB 2018 Purchase/Issue Sell earnings loss loss 2018 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short ‑ term investments Short‑term investments (Note 4) 11,772,573 49,000,000 58,384,622 384,622 221,643 — 2,994,216 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long ‑ term investments Other equity investments (Note 7) 12,000,000 — — 17,700,000 — — 29,700,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Warrant liabilities (Note 12) 4,351,777 — — 450,083 — 235,729 5,037,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other other ​ ​ ​ ​ January 1, ​ Purchase/ ​ ​ ​ Included in ​ comprehensive comprehensive ​ December 31, RMB ​ 2019 ​ Issue ​ Sell ​ earnings ​ loss loss ​ 2019 Assets Short ‑ term investments Short‑term investments (Note 4) 2,994,216 34,000,000 34,614,192 114,192 6,808 — 2,501,024 Long ‑ term investments Available‑for‑sale debt securities (Note 7) — 2,500,000 — — — — 2,500,000 Other equity investments (Note 7) 29,700,000 3,188,340 — 900,000 — — 33,788,340 Total 29,700,000 5,688,340 — 900,000 — — 36,288,340 Liabilities Warrant liabilities (Note 12) 5,037,589 14,852,880 — (137,969) — (121,473) 19,631,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Gain or Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ translation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in included in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other other ​ ​ ​ ​ January 1, ​ Purchase/ ​ ​ ​ Included in ​ comprehensive comprehensive ​ December 31, RMB 2020 Issue Sell / Exercise earnings loss loss 2020 Assets Short ‑ term investments Short‑term investments (Note 4) 2,501,024 — 2,512,192 12,192 (1,024) — — Long ‑ term investments Available‑for‑sale debt securities (Note 7) 2,500,000 — — — 9,300,000 — 11,800,000 Other equity investments (Note 7) 33,788,340 457,326 — 2,154,334 — — 36,400,000 Total 36,288,340 457,326 — 2,154,334 9,300,000 — 48,200,000 Liabilities ​ ​ Warrant liabilities (Note 12) 19,631,027 — 16,549,825 221,462,056 — (2,801,056) 221,742,202

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAX
Schedule of current and deferred portion of income tax (benefit)/expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB The Cayman Islands* (8,508,744) (27,173,956) (331,728,653) Hong Kong S.A.R* (100,880) ​ (21,374) (1,270,314) Japan* (1,843,749) ​ 4,080,678 6,054,598 The PRC, excluding Hong Kong S.A.R. (142,339,777) ​ (159,727,099) (171,271,335) Total (152,793,150) ​ (182,841,751) (498,215,704)
Schedule of current and deferred portion of income tax (benefit)/expense	Income tax expense recognized in the consolidated statements of comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Current income tax expense 973,035 307,850 2,492,711 Deferred income tax expense (benefit) 1,699,063 ​ 344,760 (868,750) Total income tax expense 2,672,098 ​ 652,610 1,623,961
Schedule of reconciliation of the differences between the income tax benefit computed based on the PRC statutory income tax rate and the Group's income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Computed expected income tax benefit (38,198,288) (45,710,438) (124,553,926) Non-deductible expenses / taxable deemed income ​ ​ ​ ​ Share-based compensation 1,698,170 ​ 6,863,726 29,266,619 Accretion of interest expenses on unsecured loans — ​ 1,001,827 3,179,383 Non-deductible entertainment 1,210,158 ​ 968,832 984,405 Change in fair value of warrant liabilities ​ 112,521 ​ (34,492) ​ 55,365,514 Taxable deemed interest income from inter-company interest-free loans 176,832 ​ 989,741 2,786,532 Others 745,488 ​ 1,629,482 3,343,107 Entities not subject to income tax 884,692 ​ (1,217,586) (3,270,423) Research and development expenses bonus deduction (12,090,177) ​ (24,851,250) (21,890,430) HNTE tax incentives ​ (744,674) ​ (266,961) ​ — Over provision in respect of prior years ​ (1,582,864) ​ (166,030) ​ (74,125) Others 104,153 ​ 462,947 ​ 652,357 Changes in valuation allowance 50,356,087 ​ 60,982,812 ​ 55,834,948 Actual income tax expense 2,672,098 ​ 652,610 ​ 1,623,961
Schedule of deferred income tax assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2018 2019 2020 ​ ​ RMB ​ RMB ​ RMB Net operating loss carry forwards 111,643,190 ​ 161,427,285 228,979,794 Uninvoiced expenditures 14,587,617 ​ 23,400,140 6,204,204 Accounts receivable and contract assets allowance 4,877,088 ​ 6,966,170 10,363,565 Long term investments impairment 5,260,379 ​ 5,260,379 5,260,379 Goodwill impairment 1,416,835 ​ 1,416,835 1,416,835 Share of losses of equity method investments — ​ 140,281 751,836 Others 157,237 ​ 28,279 1,356,575 Less: Valuation allowance (132,566,897) ​ (193,549,709) (244,186,061) Total deferred income tax assets, net 5,375,449 ​ 5,089,660 10,147,127 Intangible assets (425,467) ​ (259,438) (185,313) Equity method investment on the gain from the disposal of a subsidiary — ​ — (3,724,258) Change in fair value of long-term investment (4,425,000) ​ (4,650,000) (5,188,584) Total gross deferred income tax liabilities (4,850,467) ​ (4,909,438) (9,098,155) Net deferred income tax assets 524,982 ​ 180,222 1,048,972
Schedule of tax loss carry forwards for PRC income tax purpose	​ ​ ​ ​ Year ending December 31, RMB 2021 23,070,552 2022 127,827,248 2023 20,759,125 2024 33,794,384 2025 104,952,488 Thereafter ​ 607,901,070 Total 918,304,867
Schedule of changes in valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year (82,210,810) (132,566,897) (193,549,709) Additions (50,356,087) ​ (60,982,812) (55,834,948) Decrease upon disposal of a subsidiary — ​ — 5,198,596 Balance at the end of the year (132,566,897) ​ (193,549,709) (244,186,061)

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
NET LOSS PER SHARE
Schedule of basic and diluted net loss per ordinary share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Numerator: Net loss (155,465,248) ​ (183,494,361) (499,839,665) Accretion and modifications of Redeemable Convertible Preferred Shares (106,867,153) ​ (141,031,943) (3,327,579,958) Deemed dividends to Series E Redeemable Convertible Preferred Shareholders — ​ — (12,070,034) Numerator for basic and diluted net loss per ordinary share calculation (262,332,401) ​ (324,526,304) (3,839,489,657) Denominator: ​ ​ ​ ​ Weighted average number of pre‑offering Class A and pre‑offering Class B ordinary shares 91,083,938 ​ 89,567,463 85,103,964 Denominator for basic and diluted net loss per ordinary share calculation 91,083,938 ​ 89,567,463 85,103,964 Net loss per ordinary share attributable to pre ‑ offering Class A and pre ‑ offering Class B ordinary shareholders ​ ​ ​ ​ — Basic and diluted (2.88) ​ (3.62) (45.12)
Schedule of potentially dilute basic net loss per ordinary share that were not included in the computation of diluted net loss per ordinary share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 Share options 21,950,001 21,251,155 25,324,435 Restricted ordinary shares 1,700,000 ​ 9,854,893 7,136,595 Redeemable Convertible Preferred Shares 95,381,376 ​ 108,421,528 147,100,329 Warrants 661,376 ​ 6,773,946 12,461,061

REVENUE INFORMATION (Tables)

REVENUE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
REVENUE INFORMATION
Schedule of major products/services lines, timing of revenue recognition and primary geographical markets (based on the location of customers)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Major products/services lines ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB CPaaS — Text messaging 167,859,282 ​ 234,745,048 265,182,655 — Voice calls 60,285,356 ​ 67,128,537 71,991,638 — Others (Note1) 27,060,127 ​ 43,383,515 62,919,144 Cloud‑based CC 129,198,999 ​ 173,593,018 245,135,106 Cloud‑based UC&C 111,931,266 ​ 123,165,257 118,310,137 Other services 5,153,637 ​ 8,266,792 4,149,440 Revenues 501,488,667 ​ 650,282,167 767,688,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Timing of revenue recognition ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Point in time 353,009,329 474,920,173 597,627,257 Over time 148,479,338 ​ 175,361,994 170,060,863 Revenues 501,488,667 ​ 650,282,167 767,688,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Primary geographical markets (based on the location of customers) ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB The PRC 498,615,542 640,290,226 739,975,367 Japan 2,873,125 ​ 9,991,941 27,712,753 Revenues 501,488,667 ​ 650,282,167 767,688,120
Schedule of contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2020 ​ ​ RMB RMB Contract assets 25,249,719 36,307,474 Contract liabilities 111,953,381 95,992,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Gross amount at the beginning of the year 20,021,820 18,985,847 26,781,689 Increases due to revenue recognized during the year 53,536,894 ​ 62,994,291 53,180,927 Transfers to accounts receivable during the year (54,572,867) ​ (55,198,449) (38,430,939) Gross amount at the end of the year 18,985,847 ​ 26,781,689 41,531,677 Allowance for contract assets (949,292) ​ (1,531,970) (5,224,203) Contract assets, net 18,036,555 ​ 25,249,719 36,307,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year 1,001,091 949,292 1,531,970 Additions charged to (reversal of) bad debt expense (51,799) 582,678 3,692,233 Balance at the end of the year 949,292 1,531,970 5,224,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Balance at the beginning of the year 74,361,332 98,417,522 111,953,381 Revenue recognized that was included in the contract liabilities balance at the beginning of the year (67,051,465) ​ (84,099,618) (81,807,185) Increase due to cash received, excluding amount recognized as revenue during the year 91,107,655 ​ 97,635,477 65,846,493 Balance at the end of the year 98,417,522 ​ 111,953,381 95,992,689

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Summary of future minimum lease commitments, all under office and facilities non cancelable operating lease agreements	As of December 31, 2020, future minimum lease commitments, all under office and facilities non-cancelable operating lease agreements, were as follows: ​ ​ ​ Year ended December 31, RMB 2021 22,225,857 2022 18,649,509 2023 4,551,612

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Schedule of related parties and related parties transaction	(i) Name of Related Parties Relationship with the Company Beijing Puhui Sizhong Technology Limited Company ​ A company controlled by Mr. Changxun Sun ​ Changxun Sun, Zhiqiang Xu, Muchao Deng ​ Three management employees ​ Beijing Jingu Shitong Technology Co., Ltd ​ An equity investee ​ Hi Sun Technology (China) Limited ​ A company that controls Main Access Limited, an entity that is a shareholder of the Company ​ ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Note 2018 2019 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest free loans provided to related parties: -Three management employees (a) 4,000,000 — 2,550,000 -Beijing Jingu Shitong Technology Co., Ltd (a) — — 1,400,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest free loans collected from related parties: -Three management employees (a) 3,180,000 310,000 4,160,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cloud-based UC&C services provided to a related party: -Hi Sun Technology (China) Limited (b) 38,524,686 38,280,256 25,681,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ Sub-lease income from an equity investee: -Beijing Jingu Shitong Technology Co., Ltd (c) — — 316,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ Project development services purchased from a related party: -Hi Sun Technology (China) Limited (d) 1,287,644 7,901,958 386,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development services purchased from a related party: -Hi Sun Technology (China) Limited (d) — — 6,006,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental expenses paid for a related party: -Beijing Puhui Sizhong Technology Limited Company (e) 130,000 100,000 150,000 (iii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Note 2019 2020 ​ ​ ​ ​ ​ ​ ​ Accounts receivable - a related party, net: -Hi Sun Technology (China) Limited (b) 12,501,982 9,447,148 ​ ​ ​ ​ ​ ​ ​ Amounts due from related parties: -Three management employees (a) 2,510,000 900,000 -Beijing Jingu Shitong Technology Co., Ltd (a) (c) — 1,439,623 -Hi Sun Technology (China) Limited (b) 3,935,606 3,935,606 Total amounts due from related parties ​ 6,445,606 6,275,229 ​ ​ ​ ​ ​ ​ ​ Amounts due to a related party: ​ -Hi Sun Technology (China) Limited (d) 3,180,095 2,813,041

PARENT ONLY FINANCIAL INFORMA_2

PARENT ONLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
PARENT ONLY FINANCIAL INFORMATION
Schedule of Condensed Balance Sheets	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2020 ​ ​ RMB ​ RMB ​ ​ ​ ​ ​ Assets ​ ​ Current assets ​ ​ Cash 355,008 1,144,361 Term deposits ​ — ​ 160,349,418 Other current assets 17,409 358,925 Total current assets 372,417 161,852,704 Non ‑ current assets: Investments in and amounts due from subsidiaries and consolidated VIE and VIE’s subsidiaries 227,116,226 465,440,853 Total non ‑ current assets 227,116,226 465,440,853 Total assets 227,488,643 627,293,557 Liabilities Current liabilities Amounts due to VIE ​ — ​ 230,086,500 Accrued expenses and other current liabilities 707 5,549,245 Warrant liabilities — 202,271,900 Total current liabilities 707 437,907,645 Non ‑ current liabilities Non‑current warrant liabilities 19,631,027 19,470,302 Total non ‑ current liabilities 19,631,027 19,470,302 Total liabilities 19,631,734 457,377,947 Mezzanine equity Series A Redeemable Convertible Preferred Shares 183,371,326 648,327,522 Series B Redeemable Convertible Preferred Shares 212,123,212 686,082,312 Series C Redeemable Convertible Preferred Shares 613,766,867 1,579,397,468 Series D Redeemable Convertible Preferred Shares 205,776,240 444,789,375 Series E Redeemable Convertible Preferred Shares 229,103,777 720,043,550 Series F Redeemable Convertible Preferred Shares ​ — ​ 1,133,364,034 Subscription receivables for Series C and Series E Redeemable Convertible Preferred Shares ​ — ​ (336,178,500) Total mezzanine equity 1,444,141,422 4,875,825,761 Shareholders’ deficit: Pre‑offering Class A ordinary shares 23,519 28,592 Pre‑offering Class B ordinary shares 33,348 33,348 Subscription receivables (23,219,901) — Accumulated other comprehensive income (loss) (72,548,649) 208,672,218 Accumulated deficit (1,140,572,830) (4,914,644,309) Total shareholders’ deficit (1,236,284,513) (4,705,910,151) Total liabilities, mezzanine equity and shareholders’ deficit 227,488,643 627,293,557
Schedule of Condensed Statements of Comprehensive Loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Total operating expenses (7,618,417) (38,552,132) (108,331,537) Change in fair value of warrant liabilities ​ (450,083) ​ 137,969 ​ (221,462,056) Share of losses from subsidiaries and consolidated VIE and VIE’s subsidiaries (147,396,748) ​ (145,080,198) (170,046,072) Loss before income taxes (155,465,248) ​ (183,494,361) (499,839,665) Income tax expense — ​ — — Net loss (155,465,248) ​ (183,494,361) (499,839,665) Accretion and modification of Redeemable Convertible Preferred Shares (106,867,153) ​ (141,031,943) (3,327,579,958) Deemed dividends to Series E Redeemable Convertible Preferred Shareholders — ​ — (12,070,034) Net loss attributable to ordinary shareholders (262,332,401) ​ (324,526,304) (3,839,489,657)
Schedule of Condensed Statements of Cash Flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2018 ​ 2019 ​ 2020 ​ ​ RMB ​ RMB ​ RMB Net cash used in operating activities (268,540) (3,038,499) (1,221,553) Net cash used in investing activities (154,188,532) ​ (218,538,384) (597,733,655) Net cash provided by financing activities 159,782,892 ​ 215,232,018 601,198,643 Effect of foreign currency exchange rate changes on cash 550,960 ​ (10,038) (1,454,082) Net (decrease) increase in cash 5,876,780 ​ (6,354,903) 789,353 Cash at the beginning of the year 833,131 ​ 6,709,911 355,008 Cash at the end of the year 6,709,911 ​ 355,008 1,144,361

DESCRIPTION OF BUSINESS, ORGA_3

DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION (Details) - Ronglian Yitong - CNY (¥)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2020
Exclusive Business Cooperation Agreement
Variable Interest Entity [Line Items]
Percentage of service fee on net profits		100.00%
Equity Pledge Agreement
Variable Interest Entity [Line Items]
Percentage of equity interest pledged	1.55%
Exclusive Option Agreement
Variable Interest Entity [Line Items]
Minimum value for sale of assets		¥ 500,000

DESCRIPTION OF BUSINESS, ORGA_4

DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION - Consolidate (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2017CNY (¥)
Variable Interest Entity [Line Items]
Cash	¥ 719		¥ 118,613
Restricted cash	1,893,454		195,000		$ 290,185
Short-term investments			2,501,024
Accounts receivable - third parties, net	228,892,662		206,629,418		35,079,335
Accounts receivable - a related party, net	9,447,148		12,501,982		1,447,839
Contract assets	36,307,474		25,249,719	¥ 18,036,555	5,564,364
Amounts due from related parties	6,275,229		6,445,606		961,721
Prepayments and other current assets	139,257,239		113,775,649		21,342,106
Total current assets	878,987,833		601,178,479		134,710,780
Long-term investments	66,162,184		40,077,207		10,139,798
Property and equipment, net	16,416,156		17,904,068		2,515,886
Intangible assets, net	2,022,583		3,443,178		309,974
Deferred income tax assets	1,048,972		180,222		160,762
Other noncurrent assets	3,824,513		4,648,976		586,132
Total assets	968,462,241		667,432,130		148,423,332
Short-term borrowings, including current portion of long-term borrowings	20,000,000		26,838,032		3,065,134
Accounts payable	131,599,482		148,828,041		20,168,503
Contract liabilities	95,992,689		111,953,381	98,417,522	14,711,523	¥ 74,361,332
Amounts due to related parties	2,813,041		3,180,095		431,117
Accrued expenses and other current liabilities	93,967,456		68,768,498		14,401,143
Total current liabilities	776,731,068		359,568,047		119,039,244
Long-term borrowings			96,190,363
Total liabilities	796,201,370		475,389,437		$ 122,023,198
Accounts receivables, - third parties, net	9,447,148		12,501,982
Revenues	767,688,120	$ 117,653,352	650,282,167	501,488,667
Net loss	(3,839,489,657)	(588,427,535)	(324,526,304)	(262,332,401)
Net cash used in operating activities	(224,118,705)	(34,347,694)	(166,384,556)	(160,617,731)
Net cash provided by / (used in) investing activities	(95,707,473)	(14,667,811)	(84,502,265)	2,047,948
Net cash provided by / (used in) financing activities	457,641,336	70,136,603	325,409,445	165,410,731
Net increase / (decrease) in cash and restricted cash	134,145,582	20,558,710	77,389,278	14,662,357
Cash and restricted cash at the beginning of the year	164,313,081	25,182,081	86,923,803	72,261,446
Cash and restricted cash at the end of the year	298,458,663	$ 45,740,791	164,313,081	86,923,803
VIE
Variable Interest Entity [Line Items]
Cash	58,443,775		120,450,112
Restricted cash	1,893,454		195,000
Short-term investments			2,501,024
Accounts receivable - third parties, net	221,613,966		203,270,317
Accounts receivable - a related party, net	11,355,167		15,010,001
Contract assets	36,307,474		25,249,719
Amounts due from related parties	6,275,229		6,445,606
Prepayments and other current assets	125,859,963		97,632,903
Total current assets	461,749,028		470,754,682
Long-term investments	66,162,184		40,077,207
Property and equipment, net	11,163,961		10,261,327
Intangible assets, net	2,022,583		2,004,396
Deferred income tax assets	1,048,972		180,222
Other noncurrent assets	3,620,864		4,445,326
Total assets	545,767,592		527,723,160
Short-term borrowings, including current portion of long-term borrowings	20,000,000		26,838,032
Accounts payable	122,079,582		135,194,396
Contract liabilities	95,964,616		108,950,803
Amounts due to related parties	2,813,041		3,180,095
Amounts due to VIE	230,086,500
Accrued expenses and other current liabilities	82,674,385		52,880,022
Total current liabilities	1,181,969,456		919,320,558
Long-term borrowings	0		96,190,363
Total liabilities	1,181,969,456		1,015,510,921
Revenues	738,931,945		640,145,645	498,345,481
Net loss	(156,301,399)		(145,457,499)	(111,087,374)
Net cash used in operating activities	(20,062,451)		(31,078,480)	(4,590,430)
Net cash provided by / (used in) investing activities	(4,840,970)		(15,547,418)	2,098,931
Net cash provided by / (used in) financing activities	(35,404,462)		113,044,600	6,229,297
Net increase / (decrease) in cash and restricted cash	(60,307,883)		66,418,702	3,737,798
Cash and restricted cash at the beginning of the year	120,645,112		54,226,410	50,488,612
Cash and restricted cash at the end of the year	60,337,229		120,645,112	¥ 54,226,410
Restricted cash pledged to secure bank borrowings	1,893,454		195,000
VIE | Asset pledged
Variable Interest Entity [Line Items]
Accounts receivables, - third parties, net	9,447,148		12,501,982
VIE | Short-term borrowings from SPD | Asset pledged
Variable Interest Entity [Line Items]
Accounts receivable pledged to secure bank borrowings			168,249,612
Other receivables pledged to secure bank borrowings			10,610,652
VIE | Consolidation, Eliminations [Member]
Variable Interest Entity [Line Items]
Amounts due to related parties	631,164,373		595,457,305
Equity investor
Variable Interest Entity [Line Items]
Amounts due to related parties	2,813,041		3,180,095
Ronglian Yitong | Short-term borrowings from SPD | Asset pledged
Variable Interest Entity [Line Items]
Accounts receivable - third parties, net	¥ 10,610,652		168,249,612
Prepayments and other current assets			¥ 10,610,652

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2020CNY (¥)$ / ¥	Dec. 31, 2020USD ($)$ / ¥	Dec. 31, 2019CNY (¥)
Accounts receivable - a related party, net	¥ 9,447,148	$ 1,447,839	¥ 12,501,982
Accounts receivable - third parties, net	228,892,662	35,079,335	206,629,418
Amounts due from related parties	6,275,229	961,721	6,445,606
Amounts due to related parties	¥ 2,813,041	$ 431,117	¥ 3,180,095
Foreign Currency Translation [Abstract]
Convenience translation rate | $ / ¥	6.5250	6.5250
Reclassification from accounts receivable, net to accounts receivable - related party, net
Accounts receivable - a related party, net	¥ 12,500,000
Reclassification from accounts receivable, net to accounts receivable - third parties, net
Accounts receivable - third parties, net	206,600,000
Reclassification from prepayments and other current assets to amounts due from related parties
Amounts due from related parties	3,900,000
Reclassification from accounts payable to amounts due to related parties
Amounts due to related parties	¥ 3,200,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020JPY (¥)	Dec. 31, 2019CNY (¥)
Cash and Cash Equivalents [Line Items]
Cash on hand	¥ 719			¥ 118,613
Total cash balances held at financial institutions	296,564,490			163,999,468
Total cash balances	296,565,209	$ 45,450,607		164,118,081
Deposits insured	¥ 13,402,156			¥ 8,665,785
Interest rate, term deposits	1.00%	1.00%	1.00%	2.40%
Bank deposits with financial institution	¥ 160,349,418	$ 24,574,623		¥ 69,762,000
The PRC
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	291,535,602			155,821,589
Deposits insured	500,000
The PRC | RMB
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	68,083,153			52,225,475
The PRC | US$
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	223,435,361			103,577,057
Bank deposits with financial institution	160,349,418			69,762,000
The PRC | HKD
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	17,088			19,057
Japan
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	5,028,888			8,177,879
Deposits insured			¥ 10,000,000
Japan | Yen
Cash and Cash Equivalents [Line Items]
Total cash balances held at financial institutions	¥ 5,028,888			¥ 8,177,879

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long term Investments, Property and Equipment, net and Intangible Assets, net (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Impairment loss on debt securities	¥ 0	¥ 0	¥ 0
Impairment of long-lived assets	¥ 0	¥ 0	¥ 0
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of intangible assets, net	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of intangible assets, net	8 years
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	5 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	5 years
Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	5 years
Software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	5 years
Software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment, net	10 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Value Added Taxes, Revenue recognition, Selling and Marketing Expenses, Employee Benefits (Details)	11 Months Ended	12 Months Ended			21 Months Ended
	Mar. 31, 2019	Dec. 31, 2020CNY (¥)item	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Advertising expenses		¥ 27,253,585	¥ 15,842,771	¥ 12,013,725
Employee social benefits		¥ 43,023,105	¥ 66,161,467	¥ 60,765,557
CPaaS
Disaggregation of Revenue [Line Items]
VAT rate	6.00%				6.00%
Number of Performance obligations | item		2
CPaaS | Minimum
Disaggregation of Revenue [Line Items]
Length of service contracts		3 months
CPaaS | Maximum
Disaggregation of Revenue [Line Items]
Length of service contracts		12 months
Communication devices
Disaggregation of Revenue [Line Items]
VAT rate	16.00%				13.00%
Cloudbased CC | Minimum
Disaggregation of Revenue [Line Items]
Length of service contracts		3 months
Cloudbased CC | Maximum
Disaggregation of Revenue [Line Items]
Length of service contracts		12 months

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and Risk, Statutory Reserves (Details) $ in Thousands	12 Months Ended		24 Months Ended
	Dec. 31, 2020CNY (¥)customer	Dec. 31, 2019CNY (¥)customer	Dec. 31, 2020CNY (¥)customer	Dec. 31, 2020USD ($)customer
Concentration Risk [Line Items]
Profit appropriation to statutory surplus fund	¥ 1,450,000	¥ 0	¥ 1,450,000	$ 220
Accounts Payable
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of suppliers	0	0
Revenues
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of customers	0	0	0	0
Purchases
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of suppliers	0	0
Accounts receivables
Concentration Risk [Line Items]
Concentration risk percentage		10.00%
Number of customers		0
Contract liabilities
Concentration Risk [Line Items]
Concentration risk percentage			10.00%
Number of customers	0		0	0
Prepayments and other current assets
Concentration Risk [Line Items]
Concentration risk percentage	10.10%	10.00%
Number of suppliers	1	0

CASH AND RESTRICTED CASH (Detai

CASH AND RESTRICTED CASH (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
CASH AND RESTRICTED CASH
Cash	¥ 296,565,209	$ 45,450,607	¥ 164,118,081
Restricted cash	1,893,454	290,185	195,000
Total cash and restricted cash shown in the consolidated statements of cash flows	¥ 298,458,663	$ 45,740,791	¥ 164,313,081	$ 25,182,081	¥ 86,923,803	¥ 72,261,446

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
SHORT TERM INVESTMENTS
Aggregate cost basis	¥ 0	¥ 2,500,000
Gross unrealized holding gain	0	1,024
Aggregate fair value	¥ 0	¥ 2,501,024

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
ACCOUNTS RECEIVABLE, NET
Allowance for doubtful accounts	¥ (37,604,131)		¥ (21,703,425)	¥ (18,218,164)	¥ (19,048,819)
Accounts receivable - third parties	266,496,793		228,332,843
Allowance for doubtful accounts - third parties	(37,604,131)		(21,703,425)
Accounts receivable, - third parties, net	228,892,662	$ 35,079,335	206,629,418
Accounts receivable - a related party	9,944,366		13,159,981
Allowance for doubtful accounts - a related party	(497,218)		(657,999)	¥ (1,033,769)
Accounts receivable - a related party, net	¥ 9,447,148		¥ 12,501,982

ACCOUNTS RECEIVABLE, NET - Allo

ACCOUNTS RECEIVABLE, NET - Allowance for doubtful accounts including both account receivables due from third parties and related parties (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement of the allowance for doubtful accounts
Balance at the beginning of the year	¥ 21,703,425	¥ 18,218,164	¥ 19,048,819
Additions charged to (reversal of) bad debt expense	15,900,706	8,071,880	(830,655)
Write-off		(4,586,619)
Balance at the end of the year	37,604,131	21,703,425	18,218,164
Balance at the beginning of the year	657,999	1,033,769
Additions charged to (reversal of) bad debt expense	(160,781)	(375,770)	1,033,769
Balance at the end of the year	¥ 497,218	¥ 657,999	¥ 1,033,769

PREPAYMENTS AND OTHER CURRENT_3

PREPAYMENTS AND OTHER CURRENT ASSETS (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Advance to suppliers	¥ 108,082,414		¥ 78,609,793
Deposits	10,405,023		6,378,261
Staff advances	6,295,894		13,776,145
Deductible input VAT	11,692,900		12,056,458
Receivables from third party payment platforms	2,295,382		2,418,033
Others	485,626		536,959
Prepayments and Other Current Assets	¥ 139,257,239	$ 21,342,106	¥ 113,775,649

LONG-TERM INVESTMENTS (Details)

LONG-TERM INVESTMENTS (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Investment Holdings [Line Items]
Total long-term investments	¥ 66,162,184	$ 10,139,798	¥ 40,077,207
Available-for-sale debt securities
Investment Holdings [Line Items]
Total long-term investments	11,800,000		2,500,000
Equity method investments
Investment Holdings [Line Items]
Long-term investments before impairment	27,345,862		13,172,545
Less: impairment of long-term investments	(9,383,678)		(9,383,678)
Total long-term investments	17,962,184		3,788,867
Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	48,057,838		45,446,178
Less: impairment of long-term investments	(11,657,838)		(11,657,838)
Total long-term investments	36,400,000		33,788,340
Beijing Chenfeng Network Technology Co., Ltd. | Available-for-sale debt securities
Investment Holdings [Line Items]
Total long-term investments	11,800,000		2,500,000
Beijing Lianxinzhihui Technology Co., Ltd. | Equity method investments
Investment Holdings [Line Items]
Long-term investments before impairment	3,751,676		3,788,867
Shenzhen City Yunjitong Technology Co., Ltd. | Equity method investments
Investment Holdings [Line Items]
Long-term investments before impairment	7,383,678		7,383,678
Beijing Jingu shitong Technology Co., Ltd [Member] | Equity method investments
Investment Holdings [Line Items]
Long-term investments before impairment	14,210,508
Shenyang Yunrongxin Technology Co., Ltd | Equity method investments
Investment Holdings [Line Items]
Long-term investments before impairment	2,000,000		2,000,000
Shanghai Yuhuan Information System Co., Ltd. | Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	25,600,000		25,600,000
Beijing Hujingtiaoyue Technology Co., Ltd. | Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	5,000,000		5,000,000
Hangzhou Paileyun Technology Co., Ltd. | Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	5,800,000		3,188,340
Sichuan Taojinniwo Information Technology Co., Ltd. | Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	6,657,838		6,657,838
Beijing Hanyuhaikuo Software Technology Co., Ltd. | Other equity investments
Investment Holdings [Line Items]
Long-term investments before impairment	¥ 5,000,000		¥ 5,000,000

LONG-TERM INVESTMENTS - Availab

LONG-TERM INVESTMENTS - Available-for-sale debt securities (Details) - CNY (¥)	Sep. 02, 2019	Dec. 31, 2020
Beijing Chenfeng Network Technology Co., Ltd.
Available-for-sale debt securities
Unrealized gain, net of tax		¥ 9,300,000
Unrealized gain, income taxes		¥ 0
Ronglian Yitong | Beijing Chenfeng Network Technology Co., Ltd.
Available-for-sale debt securities
Equity interest obtained	10.00%
Ronglian Yitong | Beijing Chenfeng Network Technology Co., Ltd.
Available-for-sale debt securities
Cash consideration	¥ 2,500,000

LONG-TERM INVESTMENTS - Equity

LONG-TERM INVESTMENTS - Equity method investments (Details)	Mar. 23, 2020CNY (¥)	Sep. 30, 2017CNY (¥)director	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Equity method investments
Share of losses of equity method investments			¥ 2,446,221	$ 374,900	¥ 14,592	¥ 546,530
Beijing Lianxinzhihui Technology Co., Ltd.
Equity method investments
Share of losses of equity method investments			37,191		¥ 14,592	¥ 546,530
Jingu
Equity method investments
Share of losses of equity method investments			¥ 2,409,030
Ownership percentage before reduction	60.00%
Ownership percentage after reduction	55.38%
Minimum percentage of voting rights should be voted and agreed by shareholders	0.66%
Minimum percentage of voting rights which the article of association can be modified with the agreement by shareholders	0.66%
Gain from disposal of subsidiary	¥ 14,897,034
Gain from remeasurement of the retained non-controlling investment	¥ 13,871,309
Shenzhen City Yunjitong Technology Co., Ltd and Shenyang Yunrongxin Technology Co., Ltd
Equity method investments
Other than temporary loss for the investments recognized							¥ 9,400,000
Ronglian Yitong | Beijing Lianxinzhihui Technology Co., Ltd.
Equity method investments
Cash consideration		¥ 4,500,000
Number of directors, right to appoint | director		1
Number of total directors | director		3
Ronglian Yitong | Beijing Lianxinzhihui Technology Co., Ltd.
Equity method investments
Equity interest, equity method investment ( as a percent)		16.00%
Third-party investor | Jingu
Equity method investments
Equity interest, equity method investment ( as a percent)	7.69%

LONG-TERM INVESTMENTS - Oher eq

LONG-TERM INVESTMENTS - Oher equity investments (Details)	1 Months Ended					12 Months Ended
	Aug. 31, 2020CNY (¥)	Aug. 31, 2019CNY (¥)	May 31, 2019CNY (¥)director	Jun. 30, 2018CNY (¥)director	Sep. 30, 2017CNY (¥)director	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Aug. 30, 2020
Other equity investments
Cash consideration						¥ 457,326	$ 70,088	¥ 5,688,340	¥ 1,000,000
Ronglian Yitong | Hangzhou Paileyun Technology Co., Ltd.
Other equity investments
Equity interest (as a percent)	2.88%	3.00%									3.00%
Ronglian Yitong | Beijing Hanyuhaikuo Software Technology Co., Ltd.
Other equity investments
Equity interest (as a percent)					6.56%
Ronglian Yitong | Beijing Hujingtiaoyue Technology Co., Ltd.
Other equity investments
Equity interest (as a percent)			4.29%	5.45%
Number of directors, right to appoint | director			1	1	1
Ronglian Huitong | Hangzhou Paileyun Technology Co., Ltd.
Other equity investments
Equity interest (as a percent)	3.00%
Beijing Hujingtiaoyue Technology Co., Ltd.
Other equity investments
Gain recognized from the change in fair value			¥ 900,000	¥ 100,000
Hangzhou Paileyun Technology Co., Ltd.
Other equity investments
Gain recognized from the change in fair value						¥ 2,154,334
Hangzhou Paileyun Technology Co., Ltd. | Ronglian Yitong
Other equity investments
Cash consideration		¥ 3,188,340
Hangzhou Paileyun Technology Co., Ltd. | Ronglian Huitong
Other equity investments
Cash consideration	¥ 457,326
Beijing Hanyuhaikuo Software Technology Co., Ltd. | Ronglian Yitong
Other equity investments
Cash consideration					¥ 4,000,000
Sichuan Taojinniwo Information Technology Co., Ltd.and Beijing Hanyuhaikuo Software Technology Co., Ltd.
Other equity investments
Other than temporary loss for the investments recognized										¥ 11,700,000

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	¥ 42,376,814	¥ 37,103,485
Less: Accumulated depreciation	(25,960,658)	(19,199,417)
Property and Equipment, net	16,416,156	17,904,068		$ 2,515,886
Depreciation expense	6,877,787	6,152,479	¥ 5,574,439
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	26,162,529	23,913,290
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	2,511,918	1,540,476
Motor vehicles
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	263,196	653,303
Leasehold improvement
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	566,507	369,247
Software
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	¥ 12,872,664	¥ 10,627,169

PROPERTY AND EQUIPMENT, NET - D

PROPERTY AND EQUIPMENT, NET - Depreciation expense (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total depreciation expenses	¥ 6,877,787	¥ 6,152,479	¥ 5,574,439
Cost of revenues
Property, Plant and Equipment [Line Items]
Total depreciation expenses	1,641,973	1,310,170	818,112
Research and development expenses
Property, Plant and Equipment [Line Items]
Total depreciation expenses	1,160,673	1,304,893	777,841
Selling and marketing expenses
Property, Plant and Equipment [Line Items]
Total depreciation expenses	2,119,406	2,335,885	1,985,829
General and administrative expenses
Property, Plant and Equipment [Line Items]
Total depreciation expenses	¥ 1,955,735	¥ 1,201,531	¥ 1,992,657

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	¥ 8,278,192	¥ 10,046,940
Accumulated amortization	(6,255,609)	(6,603,762)
Net carrying amount	2,022,583	3,443,178
Amortization expenses for intangible assets	1,720,270	2,139,519	¥ 2,103,717
Software copyrights
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,372,000	4,302,000
Accumulated amortization	(1,630,750)	(3,264,250)
Net carrying amount	¥ 741,250	¥ 1,037,750
Weighted average amortization period	8 years	6 years 9 months 18 days
Telecommunication business operation licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	¥ 5,906,192	¥ 5,744,940
Accumulated amortization	(4,624,859)	(3,339,512)
Net carrying amount	¥ 1,281,333	¥ 2,405,428
Weighted average amortization period	4 years	4 years

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization expense (Details)	Dec. 31, 2020CNY (¥)
INTANGIBLE ASSETS, NET
2021	¥ 1,039,747
2022	645,792
2023	288,422
2024	45,069
2025	¥ 3,553

BORROWINGS (Details)

BORROWINGS (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Debt Instrument [Line Items]
Short-term bank borrowings	¥ 20,000,000		¥ 26,838,032
Short-term borrowings, including current portion of long-term borrowings	20,000,000	$ 3,065,134	26,838,032
Long-term borrowings			96,190,363
Secured bank loans
Debt Instrument [Line Items]
Short-term bank borrowings			¥ 26,838,032
Unsecured bank loans
Debt Instrument [Line Items]
Short-term bank borrowings	¥ 20,000,000

BORROWINGS - Additional Informa

BORROWINGS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	Nov. 03, 2020CNY (¥)shares	Nov. 03, 2020USD ($)shares	Jul. 15, 2020CNY (¥)shares	Jul. 15, 2020USD ($)shares	Mar. 25, 2020shares	Mar. 15, 2020shares	Dec. 31, 2019USD ($)shares	Sep. 25, 2019CNY (¥)loanshares	Sep. 25, 2019USD ($)loanshares
Debt Instrument [Line Items]
Short-term borrowing repaid	¥ 26,838,032	$ 4,113,108	¥ 12,988,851	¥ 27,502,356
Accounts receivable - third parties, net	228,892,662		206,629,418		$ 35,079,335
Prepayments and other current assets	¥ 139,257,239		¥ 113,775,649		$ 21,342,106
Secured bank loans
Debt Instrument [Line Items]
Weighted average interest rate	7.51%		7.51%		7.51%							7.51%
Unsecured bank loans
Debt Instrument [Line Items]
Weighted average interest rate	3.85%				3.85%
Two loans from two PRC onshore investment funds
Debt Instrument [Line Items]
Short-term borrowing obtained													¥ 106,100,000	$ 15,000,000
Number of unsecured loans | loan													2	2
Term of debt													16 years 6 months	16 years 6 months
Effective interest rate													11.59%	11.59%
Non current interest free loan
Debt Instrument [Line Items]
Short-term borrowing obtained													¥ 91,200,000	$ 12,900,000
Series E Redeemable Convertible Preferred Shares
Debt Instrument [Line Items]
Warrants fair value			¥ 13,952,400									$ 2,000,000
Number of shares the warrants may be converted | shares								190,597	190,597		123,677
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds
Debt Instrument [Line Items]
Warrants fair value			¥ 14,852,880			¥ 16,549,825	$ 2,471,709	¥ 515,611	$ 73,268			$ 2,100,000	¥ 14,800,000	$ 2,100,000
Number of shares the warrants may be converted | shares			6,112,570			6,426,844	6,426,844	190,597	190,597	123,677		6,112,570	6,112,570	6,112,570
Ronglian Yitong | Two loans from two PRC onshore investment funds
Debt Instrument [Line Items]
Short-term borrowing obtained													¥ 106,092,000
Ronglian Yitong | Loan One from two PRC onshore investment funds
Debt Instrument [Line Items]
Short-term borrowing obtained | $														$ 9,000,000
Ronglian Yitong | Loan Two from two PRC onshore investment funds
Debt Instrument [Line Items]
Short-term borrowing obtained | $														$ 6,000,000
Ronglian Yitong | Short-term borrowings from SPD
Debt Instrument [Line Items]
Short-term borrowing obtained	¥ 0		¥ 19,941,451	33,731,653
Short-term borrowing repaid	26,838,032		12,988,851	¥ 27,502,356
Ronglian Yitong | Short-term borrowings from SPD | Asset pledged
Debt Instrument [Line Items]
Accounts receivable - third parties, net	10,610,652		168,249,612
Prepayments and other current assets			¥ 10,610,652
Ronglian Yitong | Short-term borrowings from BOB
Debt Instrument [Line Items]
Short-term borrowing obtained	¥ 20,000,000

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued payroll and social insurance	¥ 51,919,137		¥ 45,688,185
Taxes payable	29,028,359		17,011,290
Accrued issuance costs for Series F financing	(5,548,788)
Deposits	1,144,769		2,235,945
Staff reimbursements	2,437,562		1,841,772
Other payables	3,888,841		1,991,306
Accrued expenses and other current liabilities	¥ 93,967,456	$ 14,401,143	¥ 68,768,498

WARRANT LIABILITIES (Details)

WARRANT LIABILITIES (Details)	Jan. 07, 2021USD ($)shares	Nov. 13, 2020USD ($)$ / sharesshares	Nov. 03, 2020CNY (¥)shares	Nov. 03, 2020USD ($)	Jul. 15, 2020CNY (¥)shares	Mar. 25, 2020shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)$ / sharesshares	Nov. 03, 2020USD ($)shares	Jul. 15, 2020USD ($)shares	Mar. 15, 2020shares	Dec. 31, 2019USD ($)$ / sharesshares	Sep. 25, 2019CNY (¥)shares	Sep. 25, 2019USD ($)$ / sharesshares	Sep. 23, 2016$ / sharesshares	Feb. 29, 2016	Feb. 26, 2016CNY (¥)
Class of Warrant or Right [Line Items]
Share issued (in shares) | shares					3,501,087	3,706,745
Series E warrants reclassified to mezzanine equity | ¥							¥ (122,642,269)
Two loans from two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Term of debt														16 years 6 months	16 years 6 months
Loan amount to borrow														¥ 106,100,000	$ 15,000,000
Novo Investment HK Limited
Class of Warrant or Right [Line Items]
Exercise price of warrants issued | $		$ 34,000,000
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited
Class of Warrant or Right [Line Items]
Number of shares the warrants may be converted | shares							661,376						661,376			661,376
Exercise price | $ / shares																$ 0.945
Warrants fair value							¥ 3,638,995						$ 547,000
Series E Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Number of shares the warrants may be converted | shares					190,597						190,597	123,677
Warrants fair value							13,952,400						$ 2,000,000
Series E warrants reclassified to mezzanine equity | ¥							¥ (122,642,269)
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Number of shares the warrants may be converted | shares			6,426,844		190,597	123,677	6,112,570			6,426,844	190,597		6,112,570	6,112,570	6,112,570
Exercise price | $ / shares															$ 2.45
Warrants fair value			¥ 16,549,825		¥ 515,611		¥ 14,852,880			$ 2,471,709	$ 73,268		$ 2,100,000	¥ 14,800,000	$ 2,100,000
Aggregate amount | $				$ 15,000,000
Series E warrants reclassified to mezzanine equity | ¥			¥ 122,642,269
Series F Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Number of shares the warrants may be converted | shares								11,799,685	11,799,685
Exercise price | $ / shares		$ 2.8814
Warrants fair value								¥ 31,816,800	$ 4,800,000
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001							$ 0.0001				$ 0.0001
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited
Class of Warrant or Right [Line Items]
Number of shares the warrants may be converted | shares	11,799,685	11,799,685
Exercise price | $ / shares		$ 2.8814
Warrants fair value								202,271,900	$ 31,000,000
Exercise price of warrants issued | $	$ 34,000,000
Redeemable Convertible Preferred Shares, par value | $ / shares		$ 0.0001
Ronglian Yitong | Two loans from two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Loan amount to borrow | ¥														¥ 106,092,000
Ronglian Yitong | Loan One from two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Loan amount to borrow | $															9,000,000
Ronglian Yitong | Loan Two from two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Loan amount to borrow | $															$ 6,000,000
Ronglian Yitong | China Equities HK Limited
Class of Warrant or Right [Line Items]
Warrants fair value							¥ 5,678,627	¥ 19,470,302	$ 2,984,000				$ 814,000
Ronglian Yitong | Two-year credit facility
Class of Warrant or Right [Line Items]
Term of debt																	2 years
Borrowing capacity | ¥																		¥ 40,000,000

WARRANT LIABILITIES - Fair valu

WARRANT LIABILITIES - Fair value of the warrant liability assumptions (Details)	Dec. 31, 2020Y	Nov. 13, 2020$ / shares	Dec. 31, 2019Y$ / shares	Sep. 25, 2019$ / shares	Sep. 23, 2016$ / shares
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited
Class of Warrant or Right [Line Items]
Exercise price per share					$ 0.945
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited | Risk-free rate of return
Class of Warrant or Right [Line Items]
Warrant measurement input	1.15		2.60
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited | Volatility
Class of Warrant or Right [Line Items]
Warrant measurement input	45		45
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited | Expected dividend yield
Class of Warrant or Right [Line Items]
Warrant measurement input	0		0
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited | Fair value of underlying Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Warrant measurement input	5.42		1.97
Series C Redeemable Convertible Preferred Shares | China Equities HK Limited | Expected term
Class of Warrant or Right [Line Items]
Warrant measurement input	2.7		3.7
Series C Redeemable Convertible Preferred Shares | Two PRC onshore investment funds | Risk-free rate of return
Class of Warrant or Right [Line Items]
Warrant measurement input			2.58
Series C Redeemable Convertible Preferred Shares | Two PRC onshore investment funds | Volatility
Class of Warrant or Right [Line Items]
Warrant measurement input			55
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds
Class of Warrant or Right [Line Items]
Exercise price per share				$ 2.45
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds | Expected dividend yield
Class of Warrant or Right [Line Items]
Warrant measurement input			0
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds | Fair value of underlying Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Exercise price per share			$ 2.49
Series E Redeemable Convertible Preferred Shares | Two PRC onshore investment funds | Expected term
Class of Warrant or Right [Line Items]
Warrant measurement input | Y			1.2
Series F Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Exercise price per share		$ 2.8814
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited
Class of Warrant or Right [Line Items]
Exercise price per share		$ 2.8814
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited | Risk-free rate of return
Class of Warrant or Right [Line Items]
Warrant measurement input	1.07
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited | Volatility
Class of Warrant or Right [Line Items]
Warrant measurement input	30
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited | Expected dividend yield
Class of Warrant or Right [Line Items]
Warrant measurement input	0
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited | Fair value of underlying Redeemable Convertible Preferred Shares
Class of Warrant or Right [Line Items]
Warrant measurement input	5.50
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited | Expected term
Class of Warrant or Right [Line Items]
Warrant measurement input | Y	0.36

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Share issues (Details)	Nov. 13, 2020CNY (¥)shares	Nov. 13, 2020USD ($)$ / sharesshares	Nov. 03, 2020USD ($)	Jul. 15, 2020shares	Mar. 25, 2020shares	Aug. 28, 2019CNY (¥)shares	Aug. 28, 2019USD ($)$ / sharesshares	Mar. 19, 2018CNY (¥)shares	Mar. 19, 2018USD ($)$ / sharesshares	Jun. 10, 2016CNY (¥)shares	Jun. 10, 2016USD ($)$ / sharesshares	Feb. 06, 2015CNY (¥)shares	Feb. 06, 2015USD ($)$ / sharesshares	Jul. 30, 2014CNY (¥)shares	Jul. 30, 2014USD ($)$ / sharesshares	Feb. 28, 2021CNY (¥)shares	Feb. 28, 2021USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019CNY (¥)shares	Dec. 31, 2018CNY (¥)	Nov. 03, 2020CNY (¥)shares
Redeemable convertible preferred shares activities
Issuance costs paid																		¥ 6,281,530	$ 962,687	¥ 12,427,087	¥ 1,793,926
Hongshan Shengde | Ronglian Yitong
Redeemable convertible preferred shares activities
Cash invested										¥ 230,086,500	$ 35,000,000
Ronglian Yitong | Hongshan Shengde
Redeemable convertible preferred shares activities
Payable to affiliate | ¥																						¥ 230,086,500
Series A Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)														18,642,038	18,642,038
Issue price per share | $ / shares															$ 0.1475
Consideration														¥ 16,902,050	$ 2,750,000
Series B Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)												19,617,225	19,617,225
Issue price per share | $ / shares													$ 0.52
Consideration												¥ 62,691,240	$ 10,200,000
Series C Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)										18,608,315	18,608,315
Issue price per share | $ / shares											$ 1.34
Consideration										¥ 165,466,000	$ 25,000,000
Series C Redeemable Convertible Preferred Shares | Max Connect
Redeemable convertible preferred shares activities
Number of shares approved to issue																						26,051,641
Proceed from issuance of redeemable convertible preferred shares | $			$ 35,000,000
Series C Redeemable Convertible Preferred Shares | Max Connect
Redeemable convertible preferred shares activities
Number of shares owned											26,051,641
Number of shares surrendered																						26,051,641
Series C Redeemable Convertible Preferred Shares | Max Honest
Redeemable convertible preferred shares activities
Number of shares owned																						26,051,641
Series D Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)								12,462,157	12,462,157
Issue price per share | $ / shares									$ 2.05
Consideration								¥ 160,975,360	$ 25,600,000
Series E Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)				406,605	263,843	13,040,152	13,040,152
Issue price per share | $ / shares							$ 2.45
Consideration						¥ 226,646,200	$ 32,000,000
Issuance costs						¥ 12,427,087	$ 1,765,769
Series F Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Shares issued (in shares)	31,581,509	31,581,509
Issue price per share | $ / shares		$ 2.88
Consideration	¥ 598,661,700	$ 91,000,000
Number of shares approved to issue																		43,381,194	43,381,194	0
Issuance costs	¥ 11,830,318	$ 1,807,278
Class A ordinary shares
Redeemable convertible preferred shares activities
Shares issued (in shares)				3,501,087	3,706,745
Subsequent event
Redeemable convertible preferred shares activities
Number of preferred shares converted to class A ordinary shares																158,900,014	158,900,014
Conversion ratio																1	1
IPO | Subsequent event
Redeemable convertible preferred shares activities
Issue price per share | $ / shares																	$ 16
Number of ADS shares issued																23,000,000	23,000,000
Net proceeds from issuance of initial public offering																¥ 2,200,000,000	$ 342,200,000
Number of ordinary shares per ADS																2	2
Number of preferred shares converted to class A ordinary shares																158,900,014	158,900,014
Conversion ratio																1	1

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Share Activities (Details)	Aug. 28, 2019CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Redeemable convertible preferred shares activities
Beginning balance		¥ 1,444,141,422		¥ 1,077,924,351	¥ 755,224,412
Exercise of Series E warrants				122,642,269
Issuance for cash		598,661,700		226,646,200	160,975,360
Issuance costs		(11,830,318)		(12,427,087)	(1,793,926)
Inducement cost				4,768,612
Modifications				12,278,498	4,654,516
Deemed dividends		12,070,034	$ 1,849,814
Accretion of Redeemable Convertible Preferred Shares		3,327,579,958		128,753,445	102,212,637
Foreign currency translation adjustment		(281,260,804)		15,734,627	56,651,352
Ending balance		4,875,825,761	747,252,990	1,444,141,422	1,077,924,351
Subscription receivable		336,178,500
Carrying amount		5,212,004,261
Series A Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Beginning balance		183,371,326		157,371,163	128,754,021
Accretion of Redeemable Convertible Preferred Shares		504,054,460		23,148,378	21,341,595
Foreign currency translation adjustment		(39,098,264)		2,851,785	7,275,547
Ending balance		648,327,522		183,371,326	157,371,163
Carrying amount		648,327,522
Series B Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Beginning balance		212,123,212		184,452,606	153,434,897
Accretion of Redeemable Convertible Preferred Shares		515,537,848		24,359,297	22,457,999
Foreign currency translation adjustment		(41,578,748)		3,311,309	8,559,710
Ending balance		686,082,312		212,123,212	184,452,606
Carrying amount		686,082,312
Series C Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Beginning balance		613,766,867		548,653,276	473,035,494
Modifications				6,716,297	4,654,516
Accretion of Redeemable Convertible Preferred Shares		1,062,760,468		48,739,310	45,290,526
Foreign currency translation adjustment		(97,129,867)		9,657,984	25,672,740
Ending balance		1,349,310,968		613,766,867	548,653,276
Subscription receivable		230,086,500
Carrying amount		1,579,397,468
Series D Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Beginning balance		205,776,240		187,447,306
Issuance for cash					160,975,360
Issuance costs					(1,793,926)
Modifications				5,562,201
Accretion of Redeemable Convertible Preferred Shares		266,737,805		9,510,712	13,122,517
Foreign currency translation adjustment		(27,724,670)		3,256,021	15,143,355
Ending balance		444,789,375		205,776,240	¥ 187,447,306
Carrying amount		444,789,375
Series E Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Beginning balance		229,103,777
Exercise of Series E warrants				122,642,269
Issuance for cash				226,646,200
Issuance costs				(12,427,087)
Inducement cost				4,768,612
Deemed dividends		12,070,034
Accretion of Redeemable Convertible Preferred Shares		396,239,268		22,995,748
Foreign currency translation adjustment		(40,011,798)		(3,342,472)
Ending balance		613,951,550		¥ 229,103,777
Subscription receivable		106,092,000
Carrying amount		720,043,550
Series F Redeemable Convertible Preferred Shares
Redeemable convertible preferred shares activities
Issuance for cash		598,661,700
Issuance costs		(11,830,318)
Accretion of Redeemable Convertible Preferred Shares		582,250,109
Foreign currency translation adjustment		(35,717,457)
Ending balance		1,133,364,034	$ 173,695,637
Carrying amount		¥ 1,133,364,034
Mr. Li
Redeemable convertible preferred shares activities
Restricted period on ordinary shares owed	3 years
Fair value of restricted shares	¥ 4,768,612

REDEEMABLE CONVERTIBLE PREFER_5

REDEEMABLE CONVERTIBLE PREFERRED SHARES - (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Percentage of Preferred Shares issue price for redemption amount	100.00%	100.00%
Percentage of compound per annum for redemption amount	8.00%	8.00%
Forecast
Temporary Equity [Line Items]
Redemption amounts for Preferred Shares			$ 0	$ 0	$ 0	$ 318,355,915	$ 0

REDEEMABLE CONVERTIBLE PREFER_6

REDEEMABLE CONVERTIBLE PREFERRED SHARES Redemption (Details)	1 Months Ended				12 Months Ended
	Aug. 31, 2019USD ($)	Aug. 31, 2019CNY (¥)	Feb. 28, 2018USD ($)	Feb. 28, 2018CNY (¥)	Dec. 31, 2020
Temporary Equity [Line Items]
Percentage of Preferred Shares issue price for redemption amount	100.00%	100.00%			100.00%
Percentage of compound per annum for redemption amount	8.00%	8.00%			8.00%
Dividend entitled (as a percent)					8.00%
Percentage of original preferred shares issue price, in the event of any liquidation	10.00%	10.00%
Series C Redeemable Convertible Preferred Shares
Temporary Equity [Line Items]
Increase in fair value	$ 973,588	¥ 6,716,297	$ 703,375	¥ 4,654,516
Series D Redeemable Convertible Preferred Shares
Temporary Equity [Line Items]
Increase in fair value	$ 806,291	¥ 5,562,201

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted ordinary shares (Details)	Mar. 25, 2021shares	Aug. 28, 2019shares	Jul. 31, 2020USD ($)shares	Mar. 31, 2020$ / sharesshares	Mar. 31, 2022shares	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)shares	Aug. 29, 2019$ / shares
Baiyi
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership (as a percent)				38.00%
Restricted ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares became restricted				3,706,745
Fair value of restricted ordinary shares | $ / shares				$ 4,855,836				$ 10,764,459
Vesting period				2 years
Number of restricted shares became vested			3,706,745
Unrecognized share-based compensation expense			$ 3,502,071				¥ 21,312,280
Restricted ordinary shares | Non-employee founder
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares held							1,700,000
Fair value of restricted ordinary shares | $						$ 110,500
Restricted ordinary shares | Cloopen Co., Ltd.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares became restricted		8,154,893
Restricted ordinary shares | Cloopen Co., Ltd. | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.30%
Restricted ordinary shares | Cloopen Co., Ltd. | Second and third anniversaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		66.60%
Restricted ordinary shares | Kastle Limited | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares became vested	1,853,373				1,853,372

SHARE-BASED COMPENSATION - Re_2

SHARE-BASED COMPENSATION - Restricted ordinary shares activities (Details) - Employees - ¥ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	¥ 1.32	¥ 1.32	¥ 0.38
Weighted average grant date fair value, beginning	1.32		0.38
Weighted average grant date fair value, granted	1.31	1.32	¥ 0.38
Weighted average grant date fair value, vested	1.31
Weighted average grant date fair value, ending	¥ 1.32	¥ 1.32
Number of shares
Beginning balance (in shares)	8,154,893		3,964,184
Granted (in shares)	3,706,745	8,154,893
Vested (in shares)	(6,425,043)		(3,964,184)
Ending balance (in shares)	5,436,595	8,154,893

SHARE-BASED COMPENSATION - Re_3

SHARE-BASED COMPENSATION - Restricted ordinary shares, compensation expenses (Details) - Restricted ordinary shares - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	¥ 70,618,377	¥ 15,126,755	¥ 1,404,438
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	¥ 70,618,377	¥ 15,126,755	¥ 1,404,438

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Shares Options (Details) - Share options - $ / shares	Jan. 01, 2021	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Sep. 30, 2018	Jan. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted exercise price	$ 0.248
Granted (in shares)	4,025,499
2016 Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance								21,119,408
Granted exercise price			$ 0.30	$ 0.26	$ 0.35
Contractual term		10 years	6 years 7 months 6 days
Granted (in shares)			7,700,228	2,750,000	5,412,917
2016 Share Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Vesting period		12 months
Granted exercise price		$ 0.01
2016 Share Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Vesting period		36 months
Granted exercise price		$ 0.38
2016 Share Plan | Class A ordinary shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance		29,525,465				26,419,211	25,838,502

SHARE-BASED COMPENSATION - Sh_2

SHARE-BASED COMPENSATION - Shares options activities (Details) - Share options	Jan. 01, 2021$ / sharesshares	Jul. 31, 2020	Dec. 31, 2020CNY (¥)$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2017$ / shares
Number of shares
Granted (in shares) | shares	4,025,499
Weighted average exercise price
Weighted average exercise price, granted | $ / shares	$ 0.248
2016 Share Plan
Number of shares
Beginning balance (in shares) | shares	25,324,435		21,251,155	21,950,001	17,285,084
Granted (in shares) | shares			7,700,228	2,750,000	5,412,917
Forfeited (in shares) | shares			(3,626,948)	(3,448,846)	(748,000)
Ending balance (in shares) | shares			25,324,435	21,251,155	21,950,001
Weighted average exercise price
Weighted average exercise price, beginning | $ / shares				$ 0.24	$ 0.24	$ 0.25	$ 0.21
Weighted average exercise price, granted | $ / shares			$ 0.30	0.26	0.35
Weighted average exercise price, forfeited | $ / shares			$ 0.27	0.27	0.25
Weighted average exercise price, ending | $ / shares				$ 0.24	$ 0.24	$ 0.25	$ 0.21
Vested and expected to vest
Vested and expected to vest, number of shares | shares			25,324,435			25,324,435
Vested and expected to vest, weighted average exercise price | $ / shares						$ 0.25
Vested and expected to vest, weighted remaining contractual years		10 years	6 years 7 months 6 days
Vested and expected to vest, aggregate intrinsic value | ¥			$ 17,774,121
Exercisable
Exercisable, number of shares | shares			13,714,193			13,714,193
Exercisable, weighted average exercise price | $ / shares						$ 0.21
Exercisable, weighted remaining contractual years			4 years 7 months 17 days
Exercisable, aggregate intrinsic value | $						$ 9,130,955

SHARE-BASED COMPENSATION - Sh_3

SHARE-BASED COMPENSATION - Shares options, assumptions used (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair values of the options granted, assumptions used
Weighted average grant date fair value	$ 1.53	$ 1.09	$ 0.90
Share options
Fair values of the options granted, assumptions used
Risk-free rate of return, minimum	1.64%	2.50%	3.70%
Risk-free rate of return, maximum	1.91%	2.90%	4.00%
Volatility	45.00%	45.00%
Expected dividend yield	0.00%	0.00%	0.00%
Exercise multiple	2.20	2.20	2.20
Expiration terms	10 years	10 years	10 years
Share options | Minimum
Fair values of the options granted, assumptions used
Volatility			45.00%
Fair value of underlying ordinary share	$ 1.31	$ 1.19	$ 1.14
Share options | Maximum
Fair values of the options granted, assumptions used
Volatility			50.00%
Fair value of underlying ordinary share	$ 5.32	$ 1.36	$ 1.19

SHARE-BASED COMPENSATION - Comp

SHARE-BASED COMPENSATION - Compensation expense recognized for shares options (Details) $ in Millions	Jan. 01, 2021CNY (¥)	Jan. 01, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to share options			¥ 71,120,802
Weighted average period share options expected to be recognized			3 years 9 months
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share option compensation expenses	¥ 205,400,000	$ 31.5	¥ 18,157,866	¥ 12,328,148	¥ 5,388,241
Share options | Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share option compensation expenses			485,987	598,204	142,416
Share options | Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share option compensation expenses			1,396,422	305,554	1,474,597
Share options | Selling and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share option compensation expenses			998,779	4,901,300	163,658
Share options | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share option compensation expenses			¥ 15,276,678	¥ 6,523,090	¥ 3,607,570

SHARE-BASED COMPENSATION - Ordi

SHARE-BASED COMPENSATION - Ordinary shares issued to management employees (Details) - Ordinary Shares	1 Months Ended		12 Months Ended
	Sep. 30, 2020CNY (¥)	Jul. 31, 2020CNY (¥)itemshares	Dec. 31, 2020CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of majority owned subsidiaries obtained from the non controlling shareholders | item		3
Cash consideration for subsidiaries obtained from minority shareholders		¥ 16,095,169
Purchase of the non-controlling interests of the Group's subsidiaries (in shares) | shares		3,501,087
Share-based compensation expenses			¥ 5,071,378
Cash paid to acquire subsidiaries' equity interests held by noncontrolling shareholders	¥ 16,095,169

SHARE-BASED COMPENSATION - Waiv

SHARE-BASED COMPENSATION - Waiver of subscription receivable due from a shareholder (Details)	Jul. 15, 2020shares	Mar. 25, 2020shares	Jun. 10, 2016USD ($)shares	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares issued	3,501,087	3,706,745
Mr. Changxun Sun
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares issued			16,982,978
Aggregate consideration | $			$ 3,674,376
Share-based compensation expenses				¥ 23,218,856	$ 3,672,678

FAIR VALUE MEASUREMENT - Fair v

FAIR VALUE MEASUREMENT - Fair value hierarchy of assets and liabilities (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Shortterm investments (Note 4)		¥ 2,501,024	¥ 2,994,216	¥ 11,772,573
Long-term investments	¥ 48,200,000	36,288,340	29,700,000
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities (Note 12)	221,742,202	19,631,027	5,037,589	4,351,777
Available-for-sale debt securities
Assets, Fair Value Disclosure [Abstract]
Long-term investments	11,800,000	2,500,000
Other equity investments
Assets, Fair Value Disclosure [Abstract]
Long-term investments	36,400,000	33,788,340	¥ 29,700,000	¥ 12,000,000
Recurring member
Assets, Fair Value Disclosure [Abstract]
Shortterm investments (Note 4)		2,501,024
Total	48,200,000	36,288,340
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities (Note 12)	221,742,202	19,631,027
Recurring member | Available-for-sale debt securities
Assets, Fair Value Disclosure [Abstract]
Long-term investments	11,800,000	2,500,000
Recurring member | Other equity investments
Assets, Fair Value Disclosure [Abstract]
Long-term investments	36,400,000	33,788,340
Level 2 | Recurring member
Assets, Fair Value Disclosure [Abstract]
Shortterm investments (Note 4)		2,501,024
Level 3 | Recurring member
Assets, Fair Value Disclosure [Abstract]
Total	48,200,000	36,288,340
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities (Note 12)	221,742,202	19,631,027
Level 3 | Recurring member | Available-for-sale debt securities
Assets, Fair Value Disclosure [Abstract]
Long-term investments	11,800,000	2,500,000
Level 3 | Recurring member | Other equity investments
Assets, Fair Value Disclosure [Abstract]
Long-term investments	¥ 36,400,000	¥ 33,788,340

FAIR VALUE MEASUREMENT - Reconc

FAIR VALUE MEASUREMENT - Reconciliation of recurring fair value measurements (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation from the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy
Shortterm investments (Note 4), January 1	¥ 2,501,024	¥ 2,994,216	¥ 11,772,573
Purchase/Issue		34,000,000	49,000,000
Sell / Exercise	2,512,192	34,614,192	58,384,622
Included in earnings	12,192	114,192	384,622
Included in other comprehensive loss	(1,024)	6,808	221,643
Shortterm investments (Note 4), December 31		2,501,024	2,994,216
Long-term investments, January 1	36,288,340	29,700,000
Purchase/Issue	457,326	5,688,340
Included in earnings	2,154,334	900,000
Included in other comprehensive loss	9,300,000
Long-term investments, December 31	48,200,000	36,288,340	29,700,000
Warrant liabilities (Note 12), January 1	19,631,027	5,037,589	4,351,777
Purchase/Issue		14,852,880
Sell	16,549,825
Included in earnings	221,462,056	(137,969)	450,083
Foreign currency translation adjustment included in other comprehensive loss	(2,801,056)	(121,473)	235,729
Warrant liabilities (Note 12), December 31	221,742,202	19,631,027	5,037,589
Available-for-sale debt securities
Reconciliation from the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy
Long-term investments, January 1	2,500,000
Purchase/Issue		2,500,000
Included in other comprehensive loss	9,300,000
Long-term investments, December 31	11,800,000	2,500,000
Other equity investments
Reconciliation from the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy
Long-term investments, January 1	33,788,340	29,700,000	12,000,000
Purchase/Issue	457,326	3,188,340
Included in earnings	2,154,334	900,000	17,700,000
Long-term investments, December 31	¥ 36,400,000	¥ 33,788,340	¥ 29,700,000

INCOME TAX - Description by Tax

INCOME TAX - Description by Tax Authorities (Details) $ in Millions	Dec. 31, 2019	Apr. 14, 2008	Jun. 30, 2017	Jan. 31, 2008	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020HKD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2021
Income Tax and Tax Rate [Line Items]
Tax provision					¥ 1,623,961	$ 248,883		¥ 652,610	¥ 2,672,098
Ronglian 7Moor
Income Tax and Tax Rate [Line Items]
Preferential income tax rate													15.00%
Baiyi
Income Tax and Tax Rate [Line Items]
Preferential income tax rate										15.00%
Ronglian Guanghui and Beijing Yunrong Tianxia Technology Co., Ltd.
Income Tax and Tax Rate [Line Items]
Preferential income tax rate												15.00%
Beijing Yunrong Tianxia Technology Co Ltd
Income Tax and Tax Rate [Line Items]
Preferential income tax rate										15.00%
Ronglian Guanghui
Income Tax and Tax Rate [Line Items]
Preferential income tax rate	15.00%
Ronglian Yitong
Income Tax and Tax Rate [Line Items]
Preferential income tax rate														15.00%
Process of renewing period					3 years	3 years	3 years
Beijing Ronglian Huitong Technology Co., Ltd. and Shenzhen Zhongtian Wangjing Technology Co., Ltd.
Income Tax and Tax Rate [Line Items]
Preferential income tax rate											15.00%
The Cayman Islands
Income Tax and Tax Rate [Line Items]
Payable of stamp duty					¥ 0
Hong Kong S.A.R
Income Tax and Tax Rate [Line Items]
Statutory income tax rate					16.50%	16.50%	16.50%
Assessable profits threshold for preferential income tax rate | $							$ 2
Preferential income tax rate					8.25%	8.25%	8.25%
Tax provision					¥ 0			0
Assessable profits					¥ 0			¥ 0	¥ 0
Japan
Income Tax and Tax Rate [Line Items]
Withholding tax rate					20.42%	20.42%	20.42%
Preferential withholding tax rate					10.00%	10.00%	10.00%
Japan | Minimum
Income Tax and Tax Rate [Line Items]
Statutory income tax rate					30.00%	30.00%	30.00%
Japan | Maximum
Income Tax and Tax Rate [Line Items]
Statutory income tax rate					34.00%	34.00%	34.00%
The PRC
Income Tax and Tax Rate [Line Items]
Statutory income tax rate				25.00%	25.00%	25.00%	25.00%
Preferential income tax rate		15.00%	15.00%		15.00%	15.00%	15.00%
Withholding tax rate					10.00%	10.00%	10.00%
The PRC | Minimum
Income Tax and Tax Rate [Line Items]
Foreign investor ownership in the shares of VIE					25.00%	25.00%	25.00%
The PRC | Maximum
Income Tax and Tax Rate [Line Items]
Preferential withholding tax rate					5.00%	5.00%	5.00%

INCOME TAX - Components of loss

INCOME TAX - Components of loss before income taxes (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Income Tax and Tax Rate [Line Items]
Loss before income taxes	¥ (498,215,704)	$ (76,354,898)	¥ (182,841,751)	¥ (152,793,150)
The Cayman Islands
Income Tax and Tax Rate [Line Items]
Loss before income taxes	(331,728,653)		(27,173,956)	(8,508,744)
Hong Kong S.A.R
Income Tax and Tax Rate [Line Items]
Loss before income taxes	(1,270,314)		(21,374)	(100,880)
Japan
Income Tax and Tax Rate [Line Items]
Loss before income taxes	6,054,598		4,080,678	(1,843,749)
The PRC
Income Tax and Tax Rate [Line Items]
Loss before income taxes	¥ (171,271,335)		¥ (159,727,099)	¥ (142,339,777)

INCOME TAX - Income tax expense

INCOME TAX - Income tax expense (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
INCOME TAX
Current income tax expense	¥ 2,492,711		¥ 307,850	¥ 973,035
Deferred income tax expense (benefit)	(868,750)	$ (133,142)	344,760	1,699,063
Actual income tax expense	¥ 1,623,961	$ 248,883	¥ 652,610	¥ 2,672,098

INCOME TAX - Reconciliation of

INCOME TAX - Reconciliation of the differences between the income tax benefit (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
INCOME TAX
Computed expected income tax benefit	¥ (124,553,926)		¥ (45,710,438)	¥ (38,198,288)
Non-deductible expenses / taxable deemed income
Share-based compensation	29,266,619		6,863,726	1,698,170
Accretion of interest expenses on unsecured loans	3,179,383		1,001,827
Non-deductible entertainment	984,405		968,832	1,210,158
Change in fair value of warrant liabilities	55,365,514		(34,492)	112,521
Taxable deemed interest income from inter-company interest-free loans			989,741	176,832
Others	2,786,532		1,629,482	745,488
Entities not subject to income tax	3,343,107		(1,217,586)	884,692
Research and development expenses bonus deduction	(3,270,423)		(24,851,250)	(12,090,177)
HNTE tax incentives	(21,890,430)		(266,961)	(744,674)
Over provision in respect of prior years	(74,125)		(166,030)	(1,582,864)
Others	652,357		462,947	104,153
Changes in valuation allowance	55,834,948		60,982,812	50,356,087
Actual income tax expense	¥ 1,623,961	$ 248,883	¥ 652,610	¥ 2,672,098

INCOME TAX - Deferred income ta

INCOME TAX - Deferred income tax assets (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAX
Net operating loss carry forwards	¥ 228,979,794	¥ 161,427,285	¥ 111,643,190
Uninvoiced expenditures	6,204,204	23,400,140	14,587,617
Accounts receivable and contract assets allowance	10,363,565	6,966,170	4,877,088
Long term investments impairment	5,260,379	5,260,379	5,260,379
Goodwill impairment	1,416,835	1,416,835	1,416,835
Share of losses of equity method investments	751,836	140,281
Others	1,356,575	28,279	157,237
Less: Valuation allowance	(244,186,061)	(193,549,709)	(132,566,897)	¥ (82,210,810)
Total deferred income tax assets, net	10,147,127	5,089,660	5,375,449
Intangible assets	(185,313)	(259,438)	(425,467)
Equity method investment on the gain from the disposal of a subsidiary	(3,724,258)
Changes in fair value of long-term investments	(5,188,584)	(4,650,000)	(4,425,000)
Total gross deferred income tax liabilities	(9,098,155)	(4,909,438)	(4,850,467)
Net deferred income tax assets	¥ 1,048,972	¥ 180,222	¥ 524,982

INCOME TAX - Net operating loss

INCOME TAX - Net operating loss carry forwards (Details)	Dec. 31, 2020CNY (¥)
INCOME TAX
2021	¥ 23,070,552
2022	127,827,248
2023	20,759,125
2024	33,794,384
2025	104,952,488
Thereafter	607,901,070
Total	¥ 918,304,867

INCOME TAX - Valuation allowanc

INCOME TAX - Valuation allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance [Line Items]
Valuation allowance	¥ 244,186,061	¥ 193,549,709	¥ 132,566,897	¥ 82,210,810
Statute extended limitation period	5 years	10 years
Underpayment of taxes	¥ 100,000
The PRC
Valuation Allowance [Line Items]
Valuation allowance	¥ 244,186,061

INCOME TAX - Changes in valuati

INCOME TAX - Changes in valuation allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAX
Balance at the beginning of the year	¥ (193,549,709)	¥ (132,566,897)	¥ (82,210,810)
Additions	(55,834,948)	(60,982,812)	(50,356,087)
Decrease upon disposal of a subsidiary	5,198,596
Balance at the end of the year	¥ (244,186,061)	¥ (193,549,709)	¥ (132,566,897)

NET LOSS PER SHARE - Reconcilia

NET LOSS PER SHARE - Reconciliation for basic and diluted net loss per ordinary share (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares
Numerator:
Net loss	¥ (499,839,665)	$ (76,603,781)	¥ (183,494,361)	¥ (155,465,248)
Accretion and modifications of Redeemable Convertible Preferred Shares	(3,327,579,958)		(141,031,943)	(106,867,153)
Deemed dividend to Series E Redeemable Convertible Preferred Shareholders	(12,070,034)
Numerator for basic and diluted net loss per ordinary share calculation	¥ (3,839,489,657)	$ (588,427,535)	¥ (324,526,304)	¥ (262,332,401)
Denominator:
Weighted average number of pre-offering Class A and preoffering Class B ordinary shares | shares	85,103,964	85,103,964	89,567,463	91,083,938
Denominator for basic and diluted net loss per ordinary share calculation	¥ 85,103,964		¥ 89,567,463	¥ 91,083,938
Net loss per ordinary share attributable to pre-offering Class A and pre-offering Class B ordinary shareholders
- Basic and diluted | (per share)	¥ (45.12)	$ (6.91)	¥ (3.62)	¥ (2.88)

NET LOSS PER SHARE - Potentiall

NET LOSS PER SHARE - Potentially dilute basic net loss per ordinary share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of diluted net loss per ordinary share	25,324,435	21,251,155	21,950,001
Restricted ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of diluted net loss per ordinary share	7,136,595	9,854,893	1,700,000
Redeemable Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of diluted net loss per ordinary share	147,100,329	108,421,528	95,381,376
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities not included in the computation of diluted net loss per ordinary share	12,461,061	6,773,946	661,376

REVENUE INFORMATION - Disaggreg

REVENUE INFORMATION - Disaggregated by major products/services lines (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Revenues	¥ 767,688,120	$ 117,653,352	¥ 650,282,167	¥ 501,488,667
CPaaS
Disaggregation of Revenue [Line Items]
Revenues
- Text messaging
Disaggregation of Revenue [Line Items]
Revenues	265,182,655		234,745,048	167,859,282
- Voice calls
Disaggregation of Revenue [Line Items]
Revenues	71,991,638		67,128,537	60,285,356
- Others
Disaggregation of Revenue [Line Items]
Revenues	62,919,144		43,383,515	27,060,127
Cloudbased CC
Disaggregation of Revenue [Line Items]
Revenues	245,135,106		173,593,018	129,198,999
Cloudbased UC&C
Disaggregation of Revenue [Line Items]
Revenues	118,310,137		123,165,257	111,931,266
Other services
Disaggregation of Revenue [Line Items]
Revenues	¥ 4,149,440		¥ 8,266,792	¥ 5,153,637

REVENUE INFORMATION - Timing of

REVENUE INFORMATION - Timing of revenue recognition (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Revenues	¥ 767,688,120	$ 117,653,352	¥ 650,282,167	¥ 501,488,667
Point in time
Disaggregation of Revenue [Line Items]
Revenues	597,627,257		474,920,173	353,009,329
Over time
Disaggregation of Revenue [Line Items]
Revenues	¥ 170,060,863		¥ 175,361,994	¥ 148,479,338

REVENUE INFORMATION - Primary g

REVENUE INFORMATION - Primary geographical markets (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disaggregation of Revenue [Line Items]
Revenues	¥ 767,688,120	$ 117,653,352	¥ 650,282,167	¥ 501,488,667
The PRC
Disaggregation of Revenue [Line Items]
Revenues	739,975,367		640,290,226	498,615,542
Japan
Disaggregation of Revenue [Line Items]
Revenues	¥ 27,712,753		¥ 9,991,941	¥ 2,873,125

REVENUE INFORMATION - Contract

REVENUE INFORMATION - Contract assets and contract liabilities (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
REVENUE INFORMATION
Contract assets	¥ 36,307,474	$ 5,564,364	¥ 25,249,719	¥ 18,036,555
Contract liabilities	¥ 95,992,689	$ 14,711,523	¥ 111,953,381	¥ 98,417,522	¥ 74,361,332

REVENUE INFORMATION - Changes i

REVENUE INFORMATION - Changes in the contract assets balances (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2017CNY (¥)
Change in Contract with Customer, Asset [Abstract]
Gross amount at the beginning of the period	¥ 26,781,689	¥ 18,985,847	¥ 20,021,820
Increases due to revenue recognized during the period	53,180,927	62,994,291	53,536,894
Transfers to accounts receivables during the period	(38,430,939)	(55,198,449)	(54,572,867)
Gross amount at the end of the period	41,531,677	26,781,689	18,985,847
Allowance for contract assets	(5,224,203)	(1,531,970)	(949,292)		¥ (1,001,091)
Contract assets, net	¥ 36,307,474	¥ 25,249,719	¥ 18,036,555	$ 5,564,364

REVENUE INFORMATION - Movement

REVENUE INFORMATION - Movement of the allowance for contract assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Contract with Customer, Asset [Abstract]
Balance at the beginning of the period	¥ 1,531,970	¥ 949,292	¥ 1,001,091
Additions charged to (reversal of) bad debt expense	3,692,233	582,678	(51,799)
Balance at the end of the period	¥ 5,224,203	¥ 1,531,970	¥ 949,292

REVENUE INFORMATION - Changes_2

REVENUE INFORMATION - Changes in the contract liabilities balances (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Change in Contract with Customer, Liability [Abstract]
Balance at the beginning of the period	¥ 111,953,381		¥ 98,417,522	¥ 74,361,332
Revenue recognized that was included in the contract liabilities balance at the beginning of the year	(81,807,185)		(84,099,618)	(67,051,465)
Increase due to cash received, excluding amount recognised as revenue during the year	65,846,493		97,635,477	91,107,655
Balance at the end of the period	¥ 95,992,689	$ 14,711,523	¥ 111,953,381	¥ 98,417,522

REVENUE INFORMATION - Revenue r

REVENUE INFORMATION - Revenue recognised (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Contract with Customer, Liability [Abstract]
Revenue recognised that was included in the contract liabilities balance at the beginning of the year	¥ 81,807,185	¥ 84,099,618	¥ 67,051,465

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
Rental expenses	¥ 23,563,373	¥ 19,386,322	¥ 17,687,924
Future minimum lease commitments
2021	22,225,857
2022	18,649,509
2023	¥ 4,551,612

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Jan. 31, 2021CNY (¥)	Jan. 14, 2021CNY (¥)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Interest free loans provided	¥ 3,950,000	$ 605,364		¥ 4,000,000
Interest free loans collected	4,160,000	$ 637,548	¥ 310,000	3,180,000
Advance amount	6,275,229		6,445,606				$ 961,721
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)	2,813,041		3,180,095				$ 431,117
Revenues, related parties amounts	25,681,928		38,280,256	38,524,686
Accounts receivables, - third parties, net	9,447,148		12,501,982
Cost of revenues, related parties amounts	386,321		7,901,958	1,287,644
Beijing Puhui Sizhong Technology Limited Company
Related Party Transaction [Line Items]
Rental expenses paid	150,000		100,000	130,000
Advance amount	1,439,623
Three management employees
Related Party Transaction [Line Items]
Interest free loans provided	2,550,000		0	4,000,000
Interest free loans collected	4,160,000		310,000	3,180,000
Advance amount	900,000		2,510,000
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)					¥ 900,000
Jingu
Related Party Transaction [Line Items]
Interest free loans provided	1,400,000
Advance amount	1,400,000
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)						¥ 1,400,000
Sublease Income	316,981
Cost of revenues, related parties amounts	39,623
Hi Sun Technology (China) Limited
Related Party Transaction [Line Items]
Advance amount	3,935,606		3,935,606
Amounts due to a related party (including amounts due to a related party of VIE without recourse to the Company of RMB3,180,095 and RMB2,813,041 as of December 31, 2019 and 2020, respectively)	2,813,041		3,180,095
Revenues, related parties amounts	25,681,928		38,280,256	38,524,686
Accounts receivables, - third parties, net	9,447,148		12,501,982
Deposits included in prepayments and other current assets, related parties amount	3,935,606		3,935,606
Cost of revenues, related parties amounts	386,321		7,901,958	¥ 1,287,644
Research and development services, related parties amount	6,006,664
Accounts payable, related parties amount	¥ 2,813,041		¥ 3,180,095

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Balance (Detail)	Jan. 31, 2021CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)
Related Party Transaction [Line Items]
Accounts receivable-related party, net		¥ 9,447,148	$ 1,447,839	¥ 12,501,982
Amounts due from related parties		6,275,229	961,721	6,445,606
Amounts due to related parties		2,813,041	$ 431,117	3,180,095
Three management employees
Related Party Transaction [Line Items]
Amounts due from related parties		900,000		2,510,000
Amounts due to related parties	¥ 900,000
Hi Sun Technology (China) Limited
Related Party Transaction [Line Items]
Accounts receivable-related party, net		9,447,148		12,501,982
Amounts due from related parties		3,935,606		3,935,606
Amounts due to related parties		2,813,041		¥ 3,180,095
Beijing Puhui Sizhong Technology Limited Company
Related Party Transaction [Line Items]
Amounts due from related parties		¥ 1,439,623

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 07, 2021USD ($)shares	Jan. 01, 2021USD ($)$ / sharesshares	Jan. 01, 2021CNY (¥)shares	Nov. 13, 2020USD ($)shares	Jan. 31, 2021CNY (¥)shares	Jul. 31, 2020shares	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Novo Investment HK Limited
Subsequent Event [Line Items]
Exercise price of warrants exercised | $				$ 34,000,000
Series F Redeemable Convertible Preferred Shares
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants							11,799,685
Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited
Subsequent Event [Line Items]
Exercise price of warrants exercised | $	$ 34,000,000
Number of shares issued upon exercise of warrants	11,799,685			11,799,685
Subsequent event | Series F Redeemable Convertible Preferred Shares | Novo Investment HK Limited
Subsequent Event [Line Items]
Exercise price of warrants exercised | $	$ 34,000,000
Number of shares issued upon exercise of warrants	11,799,685
Subsequent event | Cloopen Japan
Subsequent Event [Line Items]
Equity interest obtained					45.00%
Share options
Subsequent Event [Line Items]
Number of share options granted		4,025,499	4,025,499
Weighted average exercise price, granted | $ / shares		$ 0.248
Share-based compensation expenses		$ 31,500,000	¥ 205,400,000				¥ 18,157,866	¥ 12,328,148	¥ 5,388,241
Share options | Minimum
Subsequent Event [Line Items]
Requisite service period		3 years	3 years
Share options | Maximum
Subsequent Event [Line Items]
Requisite service period		4 years	4 years
Ordinary Shares
Subsequent Event [Line Items]
Share-based compensation expenses | ¥							¥ 5,071,378
Purchase of the non-controlling interests of the Group's subsidiaries						3,501,087
Ordinary Shares | Subsequent event
Subsequent Event [Line Items]
Share-based compensation expenses | ¥					¥ 21,500,000
Purchase of the non-controlling interests of the Group's subsidiaries					1,424,312

SUBSEQUENT EVENTS- Initial publ

SUBSEQUENT EVENTS- Initial public offering (Details) - 1 months ended Feb. 28, 2021 - Subsequent event $ / shares in Units, $ in Millions, ¥ in Billions	USD ($)$ / sharesshares	CNY (¥)shares
Subsequent Event [Line Items]
Number of preferred shares converted to class A ordinary shares	158,900,014	158,900,014
Number of pre-offering ordinary shares converted to class A ordinary shares	95,140,749	95,140,749
Number of pre-offering ordinary shares converted to class B ordinary shares	25,649,839	25,649,839
Conversion ratio	1	1
IPO
Subsequent Event [Line Items]
Number of ADS shares issued	23,000,000	23,000,000
Net proceeds from issuance of initial public offering	$ 342.2	¥ 2.2
Issue price per share | $ / shares	$ 16
Number of ordinary shares per ADS	2	2
Number of preferred shares converted to class A ordinary shares	158,900,014	158,900,014
Conversion ratio	1	1

SUBSEQUENT EVENTS- Acquisition

SUBSEQUENT EVENTS- Acquisition of EliteCRM (Details) - EliteCRM - Subsequent event - CNY (¥) ¥ in Millions	Mar. 10, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Total cash consideration	¥ 180
Payment of cash consideration	¥ 126	¥ 54
Ordinary shares issued in business acquisition	2,411,177
Business acquisition interest paid	70.00%
Vesting period	2 years

SUBSEQUENT EVENTS- Exercise of

SUBSEQUENT EVENTS- Exercise of Warrants (Details) - Series C Redeemable Convertible Preferred Shares - $ / shares	Mar. 22, 2021	Dec. 31, 2019	Sep. 23, 2016
Subsequent event
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants	664,611
Number of warrants exercised	26,042
Exercise price per share	$ 0.9404
Series C warrants
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants	638,569
China Equities HK Limited
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants		661,376	661,376
Exercise price per share			$ 0.945

PARENT ONLY FINANCIAL INFORMA_3

PARENT ONLY FINANCIAL INFORMATION (Details)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Current assets
Cash	¥ 296,565,209	$ 45,450,607	¥ 164,118,081
Term deposits	160,349,418	24,574,623	69,762,000
Total current assets	878,987,833	134,710,780	601,178,479
Noncurrent assets:
Total non-current assets	89,474,408	13,712,552	66,253,651
Total assets	968,462,241	148,423,332	667,432,130
Current liabilities
Accrued expenses and other current liabilities	93,967,456	14,401,143	68,768,498
Warrant liabilities	202,271,900	30,999,525
Total current liabilities	776,731,068	119,039,244	359,568,047
Non-current liabilities
Non-current warrant liabilities	19,470,302	2,983,954	19,631,027
Total non-current liabilities	19,470,302	2,983,954	115,821,390
Total liabilities	796,201,370	122,023,198	475,389,437
Mezzanine equity
Total mezzanine equity	4,875,825,761	747,252,990	1,444,141,422	¥ 1,077,924,351	¥ 755,224,412
Shareholders' deficit:
Subscription receivables			(23,219,901)
Accumulated other comprehensive income (loss)	208,672,218	31,980,417	(72,548,649)
Accumulated deficit	(4,914,644,309)	(753,202,193)	(1,140,572,830)
Total shareholders' deficit	(4,703,564,890)	(720,852,856)	(1,252,098,729)	(942,654,335)	(627,868,759)
Total liabilities, mezzanine equity and shareholders' deficit	968,462,241	148,423,332	667,432,130
Series A Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	648,327,522	99,360,540	183,371,326
Series B Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	686,082,312	105,146,714	212,123,212
Series C Redeemable Convertible Preferred Stock
Current liabilities
Amounts due to VIE	230,086,500		0
Mezzanine equity
Total mezzanine equity	1,579,397,468	242,053,252	613,766,867
Series D Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	444,789,375	68,166,954	205,776,240
Series E Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	720,043,550	110,351,502	229,103,777
Series F Redeemable Convertible Preferred Shares
Mezzanine equity
Total mezzanine equity	1,133,364,034	173,695,637
Class A ordinary shares
Shareholders' deficit:
Pre-offering Ordinary Shares	28,592	4,382	23,519
Total shareholders' deficit	28,592	4,382	23,519	23,519	23,519
Class B ordinary Shares
Shareholders' deficit:
Pre-offering Ordinary Shares	33,348	5,111	33,348
Total shareholders' deficit	33,348	5,111	33,348	¥ 33,348	¥ 33,348
Series C and Series E Redeemable Convertible Preferred Shares
Mezzanine equity
Subscription receivables	336,178,500	$ 51,521,609
Parent
Current assets
Cash	1,144,361		355,008
Term deposits	160,349,418
Other current assets	358,925		17,409
Total current assets	161,852,704		372,417
Noncurrent assets:
Investments in and amounts due from subsidiaries and consolidated VIE and VIE's subsidiaries	465,440,853		227,116,226
Total non-current assets	465,440,853		227,116,226
Total assets	627,293,557		227,488,643
Current liabilities
Amounts due to VIE	230,086,500
Accrued expenses and other current liabilities	5,549,245		707
Warrant liabilities	202,271,900
Total current liabilities	437,907,645		707
Non-current liabilities
Non-current warrant liabilities	19,470,302		19,631,027
Total non-current liabilities	19,470,302		19,631,027
Total liabilities	457,377,947		19,631,734
Mezzanine equity
Total mezzanine equity	4,875,825,761		1,444,141,422
Shareholders' deficit:
Subscription receivables			(23,219,901)
Accumulated other comprehensive income (loss)	208,672,218		(72,548,649)
Accumulated deficit	(4,914,644,309)		(1,140,572,830)
Total shareholders' deficit	(4,705,910,151)		(1,236,284,513)
Total liabilities, mezzanine equity and shareholders' deficit	627,293,557		227,488,643
Parent | Series A Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	648,327,522		183,371,326
Parent | Series B Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	686,082,312		212,123,212
Parent | Series C Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	1,579,397,468		613,766,867
Parent | Series D Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	444,789,375		205,776,240
Parent | Series E Redeemable Convertible Preferred Stock
Mezzanine equity
Total mezzanine equity	720,043,550		229,103,777
Parent | Series F Redeemable Convertible Preferred Shares
Mezzanine equity
Total mezzanine equity	1,133,364,034
Parent | Class A ordinary shares
Shareholders' deficit:
Pre-offering Ordinary Shares	28,592		23,519
Parent | Class B ordinary Shares
Shareholders' deficit:
Pre-offering Ordinary Shares	33,348		¥ 33,348
Parent | Series C and Series E Redeemable Convertible Preferred Shares
Mezzanine equity
Subscription receivables	¥ 336,178,500

PARENT ONLY FINANCIAL INFORMA_4

PARENT ONLY FINANCIAL INFORMATION - Condensed Statements of Comprehensive Loss (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Total operating expenses	¥ (590,276,869)	$ (90,463,889)	¥ (443,250,063)	¥ (362,878,288)
Change in fair value of warrant liabilities	(221,462,056)	(33,940,545)	137,969	(450,083)
Share of losses from subsidiaries and consolidated VIE and VIE's subsidiaries	(2,446,221)	(374,900)	(14,592)	(546,530)
Loss before income taxes	(498,215,704)	(76,354,898)	(182,841,751)	(152,793,150)
Income tax expense	1,623,961	248,883	652,610	2,672,098
Net loss	(3,839,489,657)	(588,427,535)	(324,526,304)	(262,332,401)
Accretion and modifications of Redeemable Convertible Preferred Shares	(3,327,579,958)		(141,031,943)	(106,867,153)
Deemed dividends to Series E Redeemable Convertible Preferred Shareholders	(12,070,034)	(1,849,814)
Net loss attributable to ordinary shareholders	(3,831,831,888)	$ (587,253,931)	(315,833,726)	(246,112,580)
Parent
Total operating expenses	(108,331,537)		(38,552,132)	(7,618,417)
Change in fair value of warrant liabilities	(221,462,056)		137,969	(450,083)
Share of losses from subsidiaries and consolidated VIE and VIE's subsidiaries	(170,046,072)		(145,080,198)	(147,396,748)
Loss before income taxes	(499,839,665)		(183,494,361)	(155,465,248)
Net loss	(499,839,665)		(183,494,361)	(155,465,248)
Accretion and modifications of Redeemable Convertible Preferred Shares	(3,327,579,958)		(141,031,943)	(106,867,153)
Deemed dividends to Series E Redeemable Convertible Preferred Shareholders	(12,070,034)
Net loss attributable to ordinary shareholders	¥ (3,839,489,657)		¥ (324,526,304)	¥ (262,332,401)

PARENT ONLY FINANCIAL INFORMA_5

PARENT ONLY FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Net cash used in operating activities	¥ (224,118,705)	$ (34,347,694)	¥ (166,384,556)	¥ (160,617,731)
Net cash provided by / (used in) investing activities	(95,707,473)	(14,667,811)	(84,502,265)	2,047,948
Net cash provided by financing activities	457,641,336	70,136,603	325,409,445	165,410,731
Effect of foreign currency exchange rate changes on cash	(3,669,576)	(562,388)	2,866,654	7,821,409
Net increase in cash and restricted cash	134,145,582	20,558,710	77,389,278	14,662,357
Cash and restricted cash at the beginning of the year	164,313,081	25,182,081	86,923,803	72,261,446
Cash and restricted cash at the end of the year	298,458,663	$ 45,740,791	164,313,081	86,923,803
Parent
Net cash used in operating activities	(1,221,553)		(3,038,499)	(268,540)
Net cash provided by / (used in) investing activities	(597,733,655)		(218,538,384)	(154,188,532)
Net cash provided by financing activities	601,198,643		215,232,018	159,782,892
Effect of foreign currency exchange rate changes on cash	(1,454,082)		(10,038)	550,960
Net increase in cash and restricted cash	789,353		(6,354,903)	5,876,780
Cash and restricted cash at the beginning of the year	355,008		6,709,911	833,131
Cash and restricted cash at the end of the year	¥ 1,144,361		¥ 355,008	¥ 6,709,911