Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | Chindata Group Holdings Limited |
Entity Central Index Key | 0001807192 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39556 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 47 Laiguangying East Road |
Entity Address, Address Line Two | Chaoyang District, |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100012 |
Entity Address, Country | CN |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 47 Laiguangying East Road |
Entity Address, Address Line Two | Chaoyang District, |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100012 |
Entity Address, Country | CN |
Contact Personnel Name | Dongning Wang |
City Area Code | 400 |
Local Phone Number | 879-7679 |
Contact Personnel Email Address | ir@chindatagroup.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 344,577,783 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 385,881,598 |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Trading Symbol | CD |
Title of 12(b) Security | American Depositary Shares, each representing two Class A ordinary shares, par value US$0.00001 per share |
Security Exchange Name | NASDAQ |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.00001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 6,705,612 | $ 1,027,680 | ¥ 1,038,897 |
Restricted cash | 102,598 | 15,724 | 14,365 |
Accounts receivable, net of allowance of RMB4,770 and RMB12,496 (US$1,915) as of December 31, 2019 and 2020, respectively | 422,224 | 64,709 | 304,695 |
Value added taxes recoverable | 182,982 | 28,043 | 80,715 |
Amount due from related parties | 64,093 | 9,823 | 88,929 |
Prepayments and other current assets | 112,467 | 17,234 | 45,530 |
Total current assets | 7,589,976 | 1,163,213 | 1,573,131 |
Non-current assets | |||
Property and equipment, net | 6,423,830 | 984,495 | 4,404,587 |
Operating lease right-of-use assets | 635,683 | 97,423 | 430,288 |
Finance lease right-of use assets | 144,615 | 22,163 | 155,347 |
Intangible assets | 320,299 | 49,088 | 360,749 |
Goodwill | 472,883 | 72,472 | 466,320 |
Deferred tax assets | 18,789 | 2,880 | 3,611 |
Restricted cash | 103,253 | 15,824 | 66,578 |
Value added taxes recoverable | 357,125 | 54,732 | 247,851 |
Other non-current assets | 193,145 | 29,600 | 62,721 |
Total non-current assets | 8,669,622 | 1,328,677 | 6,198,052 |
Total assets | 16,259,598 | 2,491,890 | 7,771,183 |
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB107,511 and RMB102,267 (US$15,672) as of December 31, 2019 and 2020, respectively): | |||
Short-term bank loans | 66,135 | 10,136 | 15,000 |
Current portion of long-term bank loans | 230,778 | 35,368 | 48,347 |
Accounts payable | 1,186,030 | 181,767 | 959,372 |
Amounts due to related parties | 37,468 | 5,742 | 60,187 |
Income taxes payable | 47,272 | 7,245 | 7,790 |
Current portion of operating lease liabilities | 40,131 | 6,150 | 37,767 |
Current portion of finance lease liabilities | 4,906 | 752 | 5,485 |
Derivative liabilities | 8,671 | 1,329 | 3,159 |
Accrued expenses and other current liabilities | 211,549 | 32,421 | 129,672 |
Total current liabilities | 1,832,940 | 280,910 | 1,266,779 |
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB226,933 and RMB212,413 (US$32,554) as of December 31, 2019 and 2020, respectively): | |||
Long-term bank loans | 3,892,120 | 596,493 | 2,692,154 |
Operating lease liabilities | 204,305 | 31,311 | 217,523 |
Finance lease liabilities | 59,986 | 9,193 | 61,161 |
Deferred tax liabilities | 254,431 | 38,993 | 211,539 |
Derivative liabilities | 16,123 | 2,471 | 6,344 |
Other non-current liabilities | 260,225 | 39,881 | 78,510 |
Total non-current liabilities | 4,687,190 | 718,342 | 3,267,231 |
Total liabilities | 6,520,130 | 999,252 | 4,534,010 |
Shareholders’ equity: | |||
Ordinary shares (par value of US$0.00001 per share, 5,000,000,000 shares authorized, 566,716,480 shares issued and outstanding as of December 31, 2019; 4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding; 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020) | 46 | 7 | 34 |
Additional paid-in capital | 10,510,516 | 1,610,807 | 3,512,291 |
Statutory reserves | 82,792 | 12,688 | 13,908 |
Accumulated other comprehensive income (loss) | (172,586) | (26,450) | 40,011 |
Accumulated deficit | (681,300) | (104,414) | (329,071) |
Total shareholders’ equity | 9,739,468 | 1,492,638 | 3,237,173 |
Total liabilities and shareholders’ equity | ¥ 16,259,598 | $ 2,491,890 | ¥ 7,771,183 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares |
Accounts receivables, allowance | ¥ 12,496 | $ 1,915 | ¥ 4,770 |
Current liabilities | 1,832,940 | 280,910 | 1,266,779 |
Non-current liabilities | ¥ 4,687,190 | $ 718,342 | ¥ 3,267,231 |
Common stock, par value per share | $ / shares | $ 0.00001 | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 |
Common stock, shares, issued | 566,716,480 | ||
Common stock, value, outstanding | 566,716,480 | ||
VIEs | |||
Current liabilities | ¥ 1,226,685 | $ 187,997 | ¥ 1,105,046 |
Non-current liabilities | 212,413 | 32,554 | 226,933 |
VIEs | Nonrecourse | |||
Current liabilities | 102,267 | 15,672 | 107,511 |
Non-current liabilities | ¥ 212,413 | $ 32,554 | ¥ 226,933 |
Class A Ordinary Shares | |||
Common stock, shares authorized | 4,500,000,000 | 4,500,000,000 | |
Common stock, shares, issued | 344,577,783 | 344,577,783 | |
Common stock, value, outstanding | 344,577,783 | 344,577,783 | |
Class B Ordinary Shares | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares, issued | 380,214,434 | 380,214,434 | |
Common stock, value, outstanding | 380,214,434 | 380,214,434 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Revenue | ||||
Total revenue | ¥ 1,831,077,000 | $ 280,625 | ¥ 853,010,000 | ¥ 98,484,000 |
Cost of revenue | ||||
Gross profit | 732,781,000 | 112,304 | 242,789,000 | (36,776,000) |
Operating expenses | ||||
Selling and marketing expenses | (99,092,000) | (15,187) | (47,496,000) | (5,092,000) |
General and administrative expenses | (564,286,000) | (86,481) | (232,837,000) | (57,980,000) |
Research and development expenses | (41,175,000) | (6,310) | (24,510,000) | |
Impairment of goodwill | 0 | 0 | (21,598,000) | |
Total operating expenses | (704,553,000) | (107,978) | (304,843,000) | (84,670,000) |
Operating (loss) income | 28,228,000 | 4,326 | (62,054,000) | (121,446,000) |
Interest income | 27,616,000 | 4,232 | 7,161,000 | 97,000 |
Interest expense | (238,384,000) | (36,534) | (102,290,000) | (24,344,000) |
Foreign exchange gain (loss) | (3,548,000) | (544) | (2,438,000) | 808,000 |
Changes in fair value of financial instruments | (12,717,000) | (1,949) | (11,189,000) | 2,643,000 |
Others, net | (17,201,000) | (2,636) | (633,000) | 1,322,000 |
Loss before income taxes | (216,006,000) | (33,105) | (171,443,000) | (140,920,000) |
Income tax benefit (expense) | (67,339,000) | (10,320) | 1,742,000 | 2,759,000 |
Net loss | (283,345,000) | (43,425) | (169,701,000) | (138,161,000) |
Less: Net income attributable to non-controlling interests | 4,742,000 | |||
Net loss attributable to Chindata Group Holdings Limited | ¥ (283,345,000) | $ (43,425) | ¥ (174,443,000) | ¥ (138,161,000) |
Net loss per share: | ||||
Basic and diluted | (per share) | ¥ (0.46) | $ (0.07) | ¥ (0.44) | ¥ (1.42) |
Shares used in the net loss per share: | ||||
Basic and diluted | shares | 613,673,576 | 613,673,576 | 397,153,121 | 97,550,502 |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | ¥ (212,597,000) | $ (32,582) | ¥ 21,967,000 | ¥ 18,032,000 |
Comprehensive loss | (495,942,000) | (76,007) | (147,734,000) | (120,129,000) |
Less: Comprehensive income attributable to non-controlling interests | 4,742,000 | |||
Comprehensive loss attributable to Chindata Group Holdings Limited | (495,942,000) | (76,007) | (152,476,000) | (120,129,000) |
Colocation Services | ||||
Revenue | ||||
Total revenue | 1,701,911,000 | 260,829 | 678,348,000 | |
Cost of revenue | ||||
Cost of revenue | (960,586,000) | (147,216) | (422,254,000) | |
Colocation Services | Third Party | ||||
Revenue | ||||
Total revenue | 1,618,857,000 | 248,100 | 583,277,000 | |
Colocation Services | Related Party | ||||
Revenue | ||||
Total revenue | 83,054,000 | 12,729 | 95,071,000 | |
Colocation Rental | ||||
Revenue | ||||
Total revenue | 124,991,000 | 19,156 | 128,870,000 | 93,423,000 |
Cost of revenue | ||||
Cost of revenue | (135,160,000) | (20,714) | (152,961,000) | (132,766,000) |
Others | ||||
Revenue | ||||
Total revenue | 4,175,000 | 640 | 45,792,000 | 5,061,000 |
Cost of revenue | ||||
Cost of revenue | ¥ (2,550,000) | $ (391) | ¥ (35,006,000) | ¥ (2,494,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Ordinary SharesCNY (¥)shares | Ordinary SharesUSD ($)shares | Additional Paid-In CapitalCNY (¥) | Additional Paid-In CapitalUSD ($) | Statutory ReservesCNY (¥) | Statutory ReservesUSD ($) | Accumulated Other Comprehensive Income (Loss)CNY (¥) | Accumulated Other Comprehensive Income (Loss)USD ($) | Accumulated DeficitCNY (¥) | Accumulated DeficitUSD ($) | Total Chindata Group Holdings Limited Shareholders' EquityCNY (¥) | Total Chindata Group Holdings Limited Shareholders' EquityUSD ($) | Non-Controlling InterestsCNY (¥) | |
Beginning Balance at Dec. 31, 2017 | ¥ 834 | ¥ 3,381 | ¥ 12 | ¥ (2,559) | ¥ 834 | |||||||||||
Beginning balance, shares at Dec. 31, 2017 | shares | 1 | 1 | ||||||||||||||
Net (loss) income | (138,161) | (138,161) | (138,161) | |||||||||||||
Issuance of ordinary shares | 795,186 | ¥ 8 | 795,178 | 795,186 | ||||||||||||
Issuance of ordinary shares, shares | shares | 168,092,122 | 168,092,122 | ||||||||||||||
Other comprehensive income (loss) | 18,032 | 18,032 | 18,032 | |||||||||||||
Ending Balance at Dec. 31, 2018 | 675,891 | ¥ 8 | 798,559 | 18,044 | (140,720) | 675,891 | ||||||||||
Ending balance, shares at Dec. 31, 2018 | shares | 168,092,123 | 168,092,123 | ||||||||||||||
Net (loss) income | (169,701) | (174,443) | (174,443) | ¥ 4,742 | ||||||||||||
Issuance of ordinary shares | 2,345,270 | ¥ 23 | 2,345,247 | 2,345,270 | ||||||||||||
Issuance of ordinary shares, shares | shares | 370,288,533 | 370,288,533 | ||||||||||||||
Capital contribution from non-controlling interests of a subsidiary | [1] | 300,000 | 300,000 | |||||||||||||
Purchase of non-controlling interests | [1] | ¥ 3 | 304,739 | 304,742 | ¥ (304,742) | |||||||||||
Purchase of non-controlling interests, shares | shares | [1] | 28,335,824 | 28,335,824 | |||||||||||||
Share-based compensation (Note 12) | 63,746 | 63,746 | 63,746 | |||||||||||||
Appropriation of statutory reserves | ¥ 13,908 | (13,908) | ||||||||||||||
Other comprehensive income (loss) | 21,967 | 21,967 | 21,967 | |||||||||||||
Ending Balance at Dec. 31, 2019 | ¥ 3,237,173 | ¥ 34 | 3,512,291 | 13,908 | 40,011 | (329,071) | 3,237,173 | |||||||||
Ending balance, shares at Dec. 31, 2019 | shares | 566,716,480 | 566,716,480 | 566,716,480 | 566,716,480 | ||||||||||||
Net (loss) income | ¥ (283,345) | $ (43,425) | (283,345) | (283,345) | ||||||||||||
Issuance of ordinary shares | 1,769,645 | ¥ 4 | 1,769,641 | 1,769,645 | ||||||||||||
Issuance of ordinary shares, shares | shares | 46,075,737 | 46,075,737 | ||||||||||||||
Share issuance upon the initial public offering (“IPO”) and concurrent private placements, net of issuance costs | 4,858,617 | ¥ 8 | 4,858,609 | 4,858,617 | ||||||||||||
Share issuance upon the initial public offering (“IPO”) and concurrent private placements, net of issuance costs, shares | shares | 112,000,000 | 112,000,000 | ||||||||||||||
Share-based compensation (Note 12) | 369,975 | 369,975 | 369,975 | |||||||||||||
Appropriation of statutory reserves | 68,884 | (68,884) | ||||||||||||||
Other comprehensive income (loss) | (212,597) | (212,597) | (212,597) | |||||||||||||
Ending Balance at Dec. 31, 2020 | ¥ 9,739,468 | $ 1,492,638 | ¥ 46 | $ 7 | ¥ 10,510,516 | $ 1,610,807 | ¥ 82,792 | $ 12,688 | ¥ (172,586) | $ (26,450) | ¥ (681,300) | $ (104,414) | ¥ 9,739,468 | $ 1,492,638 | ||
Ending balance, shares at Dec. 31, 2020 | shares | 724,792,217 | 724,792,217 | ||||||||||||||
[1] | On March 14, 2019, the non-controlling interests made a pro-rata contribution to a subsidiary of the Group. In July 2019, the Company subsequently repurchased this outstanding non-controlling interests through the issuance of ordinary shares amounting to US$44,118. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 1 Months Ended |
Jul. 31, 2019USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Repurchase of outstanding non-controlling interests through issuance of ordinary shares | $ 44,118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (283,345,000) | $ (43,425) | ¥ (169,701,000) | ¥ (138,161,000) |
Adjustments to reconcile net loss to net cash (used in) generated from operating activities: | ||||
Depreciation and amortization | 410,694,000 | 62,942 | 241,175,000 | 88,630,000 |
Non-cash expense relating to prepaid land use rights | 2,860,000 | 438 | 1,249,000 | |
Share-based compensation | 349,846,000 | 53,616 | 63,746,000 | |
Impairment of goodwill | 0 | 0 | 21,598,000 | |
Loss (gain) on disposal of long-lived assets | (6,528,000) | (1,000) | 47,000 | |
Allowance for doubtful accounts | 3,850,000 | 590 | 5,265,000 | 80,000 |
Deferred income taxes | 7,375,000 | 1,130 | (2,373,000) | (3,314,000) |
Changes in fair value of financial instruments | 12,717,000 | 1,949 | 11,189,000 | (2,643,000) |
Foreign exchange (gain) loss | 3,548,000 | 544 | 2,438,000 | (808,000) |
Loss on debt extinguishment | 4,567,000 | |||
Amortization of debt issuance cost | 33,455,000 | 5,127 | 10,887,000 | 1,027,000 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (121,890,000) | (18,680) | (160,595,000) | 4,003,000 |
Amount due from related parties | 88,887,000 | 13,623 | (420,000) | |
Value added taxes recoverable | 6,900,000 | 1,057 | (11,482,000) | |
Prepayments and other current assets | (38,934,000) | (5,967) | (11,225,000) | 12,587,000 |
Operating lease right-of-use assets | 10,800,000 | 1,655 | (7,065,000) | 401,000 |
Other non-current assets | (3,510,000) | (538) | 12,797,000 | (1,475,000) |
Accounts payable | 21,236,000 | 3,255 | 46,274,000 | (20,424,000) |
Income taxes payable | 28,622,000 | 4,387 | (1,007,000) | (201,000) |
Amount due to related parties | (61,740,000) | (9,462) | (32,578,000) | 191,000 |
Accrued expenses and other current liabilities | 69,142,000 | 10,596 | 29,988,000 | 7,855,000 |
Operating lease liabilities | (10,854,000) | (1,663) | 5,510,000 | (258,000) |
Other non-current liabilities | 141,779,000 | 21,728 | 1,481,000 | 5,311,000 |
Net cash (used in) generated from operating activities | 664,910,000 | 101,902 | 40,167,000 | (25,601,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property and equipment and intangible assets, net of proceeds from sale of property and equipment | (2,424,647,000) | (371,593) | (1,611,253,000) | (1,052,317,000) |
Purchase of land use rights | (287,630,000) | (44,081) | (30,346,000) | |
Cash paid for business combination, net of cash acquired | (22,992,000) | (3,524) | (1,879,040,000) | |
Cash paid for equity method investment | (34,000,000) | (5,211) | ||
Net cash used in investing activities | (2,769,269,000) | (424,409) | (3,520,639,000) | (1,052,317,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of ordinary shares | 1,810,200,000 | 277,425 | 2,274,133,000 | 866,323,000 |
Proceeds from IPO and concurrent private placements, net of issuance cost | 4,871,804,000 | 746,637 | ||
Principal portion of finance lease payments | (18,441,000) | (2,826) | (11,105,000) | (75,851,000) |
Proceeds from short-term bank loans | 68,971,000 | 10,570 | 15,000,000 | |
Proceeds from long-term bank loans | 1,743,315,000 | 267,175 | 2,408,457,000 | 407,247,000 |
Payment of debt issuance cost | (47,128,000) | (7,223) | (68,897,000) | (10,785,000) |
Contribution from non-controlling interests of a subsidiary | 300,000,000 | |||
Repayment of short-term bank loans | (15,000,000) | (2,299) | ||
Repayment of long-term bank loans | (224,919,000) | (34,470) | (461,260,000) | (9,562,000) |
Net cash generated from financing activities | 8,188,802,000 | 1,254,989 | 4,456,328,000 | 1,177,372,000 |
Exchange rate effect on cash, cash equivalents and restricted cash | (292,820,000) | (44,877) | (719,000) | 19,891,000 |
Net increase in cash, cash equivalents, and restricted cash | 5,791,623,000 | 887,605 | 975,137,000 | 119,345,000 |
Cash, cash equivalents and restricted cash at beginning of year | 1,119,840,000 | 171,623 | 144,703,000 | 25,358,000 |
Cash, cash equivalents and restricted cash at end of year | 6,911,463,000 | 1,059,228 | 1,119,840,000 | 144,703,000 |
Supplemental disclosures of cash flow information: | ||||
Cash and cash equivalents | 6,705,612,000 | 1,027,680 | 1,038,897,000 | 104,207,000 |
Restricted cash | 205,851,000 | 31,548 | 80,943,000 | 40,496,000 |
Interest expense paid | 197,581,000 | 30,281 | 83,872,000 | 14,295,000 |
Income taxes paid | 27,774,000 | 4,257 | 1,020,000 | 206,000 |
Supplemental disclosures of non-cash information: | ||||
Purchase of property and equipment included in accounts payable | ¥ 1,121,253,000 | $ 171,840 | 524,843,000 | ¥ 9,086,000 |
Purchase of non-controlling interests through issuance of ordinary shares | ¥ 304,742,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Chindata Group Holdings Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on December 27, 2018. The Company, its subsidiaries, the variable interest entities, and subsidiaries of the variable interest entities are hereinafter collectively referred to as the “Group”. The Group is principally engaged in the provision of internet data center (“IDC”) colocation and rental services in Asia-Pacific emerging markets. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its subsidiaries, the variable interest entities, and subsidiaries of the variable interest entities, which are primarily located in the People’s Republic of China (the “PRC” or “China”), and Malaysia. As described below, the Company, through a series of transactions which are accounted for as a reorganization of entities and transfer of businesses under common control (the “Reorganization”), became the parent entity of its subsidiaries, the variable interest entities and the subsidiaries of the variable interest entities. Accordingly, these consolidated financial statements reflect the historical operations of the Company as if the current organization structure had been in existence throughout the periods presented. Reorganization In preparation for the Company’s planned initial public offering (“IPO”) in the United States, the following transactions were undertaken to reorganize the legal structure of the Company and to transfer the IDC colocation and rental businesses to the Company. (i) Integral Investments South Asia III was incorporated on March 24, 2016 and, on November 1, 2017, acquired Bridge Data Centres Malaysia Sdn Bhd, which is engaged in the IDC rental business (collectively, “Bridge Group”). The ultimate controlling shareholder of Investments South Asia III was the same as the Company. (ii) On November 27, 2018, Stack Midco Limited was incorporated as a limited liability company in the Cayman Islands. The ultimate controlling shareholder of Stack Midco Limited is the same as the Company. On April 26, 2019, Stack Midco Limited purchased 100% equity interest of Chindata (Xiamen) Science and Technology Co., Ltd. (“Chindata Xiamen”), which is engaged in the IDC colocation business for a total purchase consideration of approximately RMB2,772,317 (Note 16). Stack Midco Limited together with Chindata Xiamen are collectively hereinafter referred to as the Stack Group. (iii) On July 15, 2019 (“Reorganization Date”), the Company entered into a series of business and assets transfer agreements with Stack Group and Bridge Group, respectively, pursuant to which Stack Group and Bridge Group transferred all the operating assets and liabilities related to their IDC colocation and rental businesses, respectively, to the Company. As all the Company, Integral Investments South Asia III and Stack Midco Limited are under common control before and after the Reorganization Date, the Reorganization is accounted for in a manner similar to a pooling-of-interest with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. All of the revenues and costs of conducting the IDC colocation and rental businesses incurred by Stack Group and Bridge Group, respectively, prior to the Reorganization but after the ultimate controlling shareholder obtained control were reflected in the Company’s consolidated statements of comprehensive loss. On July 30 and July 31, 2020, several investors acquired an aggregate of 36,860,590 ordinary shares of the Company at US$5.43 per share. On August 14 and August 18, 2020, several investors acquired an aggregate of 119,796,921 ordinary shares of the Company at US$5.43 per share (“Pre-IPO private placements”). Among which, 9,215,147 shares were newly issued and 110,581,774 shares were sold and transferred from existing shareholders of the Company. In September 2020, the Company’s shareholders approved the dual-class share structure such that ordinary shares will consist of Class A ordinary shares and Class B ordinary shares, which will become effective immediately prior to the completion of the Company’s IPO. On October 2, 2020, the Company completed its IPO on the NASDAQ Global Select Market. The Company offered 40,000,000 ADSs representing 80,000,000 Class A ordinary shares at US$13.50 per ADS. Concurrently with the IPO, several investors purchased 10,000,000 ADSs at US$13.50 per ADS, representing 20,000,000 Class A ordinary shares (“Concurrent Private Placements”). Additionally, the underwriters exercised their options to purchase an additional 6,000,000 ADSs representing 12,000,000 Class A ordinary shares at US$13.50 per ADS. Net proceeds from the IPO including the over-allotment option and the Concurrent Private Placements after deducting underwriting discount and issuance cost were RMB4,871,804 (US$746,637). Upon completion of the IPO, all outstanding ordinary shares were converted on a one-for-one basis into 338,584,043 Class A ordinary shares and 386,208,174 Class B ordinary shares, respectively. 1. ORGANIZATION (Continued) As of December 31, 2020, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ acquisition Place of establishment Percentage of equity interest attributable to the Company Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Company Limited (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Company Limited (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Xiamen) Science and Technology Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Chindata (Hebei) Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Datong Qinhuai Data Company Limited April 26, 2019 PRC 100 % Provision of technical and consulting services Bridge Data Centres Malaysia Sdn Bhd November 1, 2017 Malaysia 100 % Provision of IDC colocation rental services Variable interest entities: Sitan (Beijing) Data Technology Company Limited (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Technology Company Limited (“Hebei Qinshu”) July 10, 2019 PRC Nil Provision of IDC colocation services Variable interest entities’ subsidiaries: Chindata (Beijing) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Sidake Hebei Data Technology Company Limited April 26, 2019 PRC Nil Provision of IDC colocation services Datong Sitan Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Chindata (Shenzhen) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services * each or collectively referred to as the “WFOE”. To comply with PRC laws and regulations which prohibit foreign control of companies that engage in value-added telecommunication services, the Group primarily conducts its business in the PRC through its variable interest entities, Beijing Sitan and Hebei Qinshu, and subsidiaries of the variable interest entities (collectively, the “VIEs”). The equity interests of the VIEs are legally held by PRC shareholders (the “Nominee Shareholders”). Despite the lack of technical majority ownership, the Company has effective control of the VIEs through a series of contractual arrangements (the “Contractual Agreements”) and a parent-subsidiary relationship exists between the Company and the VIEs. Through the Contractual Agreements, the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interests in the VIEs to the WFOE, who immediately assigned the voting rights underlying their equity interests in the VIEs to Stack Midco Limited, which is a wholly-owned subsidiary of the Company. Therefore, the Company has the power to direct the activities of the VIEs that most significantly impact its economic performance. The Company also has the ability and obligation to absorb substantially all of the profits and all the expected losses of the VIEs that potentially could be significant to the VIEs. Based on the above, the Company consolidates the VIEs in accordance with SEC Regulation SX-3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation The following is a summary of the Contractual Agreements: 1. ORGANIZATION (Continued) Power of Attorneys Pursuant to the Power of Attorneys among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders agreed to entrust to the Suzhou Stack an irrevocable proxy to exercise all of their voting rights as shareholders of Beijing Sitan and approve on behalf of the Nominee Shareholders, all related legal documents pertinent to the exercise of their rights in their capacity as the shareholders of Beijing Sitan. Suzhou Stack is also entitled to transfer or assign its voting rights to any other person or entity at its own discretion and without giving prior notice to the Nominee Shareholders or obtaining their consent. The Power of Attorneys remains valid for as long as the Nominee Shareholders remains shareholders of Beijing Sitan. Suzhou Stack may terminate the Power of Attorneys at its sole discretion, whereas under no circumstances may Beijing Sitan or its Nominee Shareholders terminate this agreement. The terms of the Power of Attorneys signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Purchase Option Agreement Pursuant to the Purchase Option Agreement among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders irrevocably granted to Suzhou Stack or its designees (i) an exclusive option to purchase, when and to the extent permitted under PRC laws, all or part of the equity interests in Beijing Sitan or all or part of the assets held by Beijing Sitan and (ii) an exclusive right to cause the Nominee Shareholders to transfer their equity interest in Beijing Sitan to Suzhou Stack or any designated third party. Suzhou Stack has the sole discretion to decide when to exercise the option, whether in part or full. The exercise price of the option to purchase all or part of the equity interests in Beijing Sitan or assets held by Beijing Sitan will be the minimum amount of consideration permitted under the then-applicable PRC laws. Without the prior consent of Suzhou Stack, Beijing Sitan and its Nominee Shareholders shall not: (i) amend the articles of association, (ii) increase or decrease the registered capital, (iii) sell or otherwise dispose of their assets or beneficial interest, (iv) create or allow any encumbrance on their assets or other beneficial interests, (v) extend any loans to third parties, (vi) enter into any material contracts (except those contracts entered into in the ordinary course of business), (vii) merge with or acquire any other persons or make any investments, or (viii) distribute dividends to their shareholders. The Purchase Option Agreement will remain in effect until all the equity interests held by Nominee Shareholders or the assets held by Beijing Sitan are transferred to Suzhou Stack or its designated party. Suzhou Stack may terminate the Purchase Option Agreement at its sole discretion, whereas under no circumstances may Beijing Sitan or its Nominee Shareholders terminate this agreement. In April 2020, the Purchase Option Agreement was supplemented such that any proceeds received by the Nominee Shareholders from the exercise of the option, distribution of profits or dividends, shall be remitted to Suzhou Stack or its designated person(s), to the extent permitted under PRC laws. The terms of the Purchase Option Agreement signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Exclusive Business Cooperation Agreement Pursuant to the Exclusive Business Cooperation Agreement between Suzhou Stack and Beijing Sitan, Suzhou Stack has the exclusive right to provide technical and consulting services to Beijing Sitan related to the IDC business, including but not limited to the technology, management, network support, business consulting, intellectual licensing, equipment or office leasing, market consulting, system integration, product development and system maintenance. Without the prior written consent of Suzhou Stack, Beijing Sitan may not accept any services subject to this Exclusive Business Cooperation Agreement from any third party, while Suzhou Stack has the right to designate any party to provide such services. In return, Beijing Sitan agrees to pay a service fee to Suzhou Stack. Suzhou Stack has the right to unilaterally adjust the service fee. The Exclusive Business Cooperation Agreement has an initial term of ten years, which will be automatically extended for a successive ten-year term upon expiration unless terminated by Suzhou Stack at its sole discretion, whereas under no circumstances may Beijing Sitan terminate this agreement. The terms of the Exclusive Business Cooperation Agreement signed between Hebei Stack and Hebei Qinshu are the same as the terms described above. 1. ORGANIZATION (Continued) Equity Pledge Agreement Under the Equity Pledge Agreement among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders have pledged all of their equity interests in Beijing Sitan to Suzhou Stack to guarantee performance of Beijing Sitan and their obligations under the Contractual Agreements described above. During the term of the Equity Pledge Agreement, Suzhou Stack has the right to receive all of Beijing Sitan’s dividends and profits distributed on the pledged equity. In the event of a breach by Beijing Sitan or any of its Nominee Shareholders of the contractual obligations under the Equity Pledge Agreement, Suzhou Stack, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Sitan and will have priority in receiving the proceeds from such disposal. Beijing Sitan and its Nominee Shareholders, undertake that, without the prior written consent of Suzhou Stack, they will not transfer, or create or allow any encumbrance on the pledged equity interests. The Equity Pledge Agreement will be valid until Beijing Sitan and its Nominee Shareholders fulfill all contractual obligations under the Contractual Agreement. The terms of the Equity Pledge Agreement signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Financial Support Undertaking Letter Pursuant to the financial support undertaking letter, Stack Midco Limited is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. Stack Midco Limited will not request repayment of the loans or borrowings if the VIEs or its Nominee Shareholders do not have sufficient funds or are unable to repay. Resolution of the Board of Directors of Stack Midco Limited The Board of Directors of Stack Midco Limited resolved that the rights under the Power of Attorneys and the Purchase Option Agreement were assigned to the Board of Directors of Stack Midco Limited or any officer authorized by the Board of Directors. In the opinion of the Company’s legal counsel, i) the ownership structure of the Company, including its subsidiaries in the PRC and VIEs are in compliance with all existing PRC laws and regulations; and (ii) each of the Contractual Agreements with Stack Midco Limited, the WFOE, VIEs and the Nominee Shareholders governed by PRC laws, are legal, valid and binding, enforceable against such parties, and will not result in any violation of PRC laws or regulations currently in effect; (iii) the resolutions are valid in accordance with the articles of association of Stack Midco Limited and Cayman Islands Law. However, uncertainties in the PRC legal system could cause relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual agreements. Furthermore, the Nominee Shareholders of the VIEs may have interests that are different from those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the Contractual Agreements with the VIEs. In addition, if the Nominee Shareholders will not remain the shareholders of the VIEs, breach, or cause the VIEs to breach, or refuse to renew, the existing Contractual Agreements the Company has with them and the VIEs, the Company may not be able to effectively control the VIEs and receive economic benefits from them, which may result in deconsolidation of the VIEs. In addition, if the current structure or any of the Contractual Agreements were found to be in violation of any existing or future PRC laws or regulations, the Company may be subject to penalties, including but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. 1. ORGANIZATION (Continued) The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs included in the Company’s consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows: As at December 31, 2019 2020 2020 RMB RMB US$ Current assets Cash and cash equivalents 78,706 251,589 38,558 Accounts receivable, net 281,619 399,451 61,219 Amounts due from subsidiaries of the Group 299,240 229,845 35,225 Value added taxes recoverable 11,911 3,367 516 Amounts due from related parties 88,929 35 5 Prepayments and other current assets 3,591 5,715 876 Total current assets 763,996 890,002 136,399 Non-current assets Property and equipment, net 70,872 64,727 9,920 Operating lease right-of-use assets 251,193 239,155 36,652 Intangible assets 22,706 20,251 3,104 Amounts due from subsidiaries of the Group 300,000 300,000 45,977 Deferred tax assets — 10,598 1,624 Other non-current assets 8,175 8,783 1,346 Total non-current assets 652,946 643,514 98,623 Total assets 1,416,942 1,533,516 235,022 Current liabilities Accounts payable 19,569 31,694 4,857 Income taxes payable 174 1,288 197 Amounts due to subsidiaries of the Group 997,535 1,124,418 172,325 Amounts due to related parties 14,539 — — Current portion of operating lease liabilities 37,401 38,054 5,832 Accrued expenses and other current liabilities 35,828 31,231 4,786 Total current liabilities 1,105,046 1,226,685 187,997 Non-current liabilities Operating lease liabilities 217,321 204,305 31,311 Deferred tax liabilities 5,206 3,131 480 Other non-current liabilities 4,406 4,977 763 Total non-current liabilities 226,933 212,413 32,554 Total liabilities 1,331,979 1,439,098 220,551 1. ORGANIZATION (Continued) For the year ended December 31, 2019 2020 2020 RMB RMB US$ Revenue 712,115 1,706,086 261,469 Net income (loss) 29 (52,771 ) (8,088 ) Net cash generated from operating activities 80,433 122,772 18,816 Net cash used in investing activities (14,762) (12,115 ) (1,857 ) The revenue-producing assets that are held by the VIEs comprise of property and equipment, and operating lease right-of-use assets. The VIEs contributed an aggregate of 83% and 93% of the Group’s consolidated revenue for the year ended December 31, 2019 and 2020, after elimination of inter-entity transactions. As of December 31, 2020, there was no pledge or collateralization of the VIEs’ assets that can only be used to settle obligations of the VIEs. Other than the amounts due to subsidiaries of the Group (which are eliminated upon consolidation), all remaining liabilities of the VIEs are without recourse to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, and the VIEs for which a wholly-owned subsidiary of the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation. Results of subsidiaries, businesses acquired from third parties and the VIEs are consolidated from the date on which control is obtained by the Company. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for doubtful accounts, the purchase price allocation with respect to business combinations, useful lives of long-lived assets, impairment of long-lived assets and goodwill, realization of deferred tax assets, measurement of right-of-use assets and lease liabilities, legal contingencies, share-based compensation expense, and the fair value of financial instruments. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.5250 per US$1.00 on December 31, 2020 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the subsidiaries in Cayman is U.S. dollars (“US$”). The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks which are unrestricted as to withdrawal or use and have original maturities of less than three months. Restricted cash Restricted cash primarily represent cash and cash equivalents, pledged as security for the Group’s bank loans. Accounts receivable and allowance for doubtful accounts Accounts receivable are carried at net realizable value. An allowance for doubtful accounts is recorded when collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence including the aging of the receivable, the customer’s payment history, its current credit-worthiness and current economic trends. Accounts receivable are written off when deemed uncollectible. Capitalized interest Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in construction in progress in accordance with ASC 835, Interest Derivative instruments ASC Topic 815, Derivatives and Hedging 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, accounts receivable, derivatives, contingent receivable, amounts due from and due to related parties, accounts payable, certain other current assets and liabilities, short-term bank loans and long-term bank loans. The carrying amount of the long-term bank loans approximates its fair value due to the fact that the related interest rate approximates the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The derivatives and contingent receivable were recorded at fair value as determined on the respective issuance or origination date and subsequently adjusted to its fair value at each reporting date. The Group determined the fair values of the derivatives and contingent receivable with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures , ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 9,503 — Contingent receivable (Note 16) — — 14,630 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable (Note 16) — — 13,609 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) The Group measured the fair value of its contingent receivable on a recurring basis using significant unobservable (Level 3) inputs as of December 31, 2019 and 2020. The valuation of the contingent receivable is performed using Monte Carlo simulation model with unobservable inputs including weighted average cost of capital as well as the performance target, which is assessed by the Group. The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of December 31, 2018 — Recognized during the year ended December 31, 2019 13,503 Fair value change 1,127 Balance as of December 31, 2019 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 The amount of total gain for the year ended December 31, 2020 7,762 The amount of total gain for the year ended December 31, 2020 (US$) 1,190 The Group did not transfer any assets or liabilities in or out of Level 3 during all periods presented. Equity method investments The Group’s investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are generally accounted for under the equity method of accounting, as the Group concluded it does not have control, but has the ability to exercise significant influence over the investees. Equity method investments are initially measured at cost, and are subsequently adjusted for cash contributions, distributions and the Group's share of the income and losses of the investees. The Group records its equity method investment in “Other non-current assets” in the consolidated balance sheets. The Group's proportionate share of the income or loss from its equity method investment are recorded in “Others, net” in the consolidated statements of comprehensive loss, which is insignificant in 2020. The Group reviews its investment periodically to determine if any investment may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. No impairment loss was recognized for the years presented. Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 40 years Data center equipment 10 to 20 years Furniture and office equipment 3 to 5 years Computers and network equipment 5 years Motor vehicles 5 years Purchased software 5 years Leasehold improvements Lesser of useful life or lease term Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. Inventories Inventories consist of materials used in delivering the Group’s other services to the customers, which are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value. Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license 4 years Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there was no impairment of any of the Group’s long-lived assets. Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Business combinations of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. For transactions determined to be asset acquisitions, the Group allocates the total cost of the acquisition, including transaction costs, to the assets acquired based on their relative fair values. Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Intangibles—Goodwill and Other Intangibles—Goodwill and Other Simplifying the Test for Goodwill Impairment Asset retirement costs A majority of the Group’s buildings are self-owned. Therefore, the Group’s asset retirement obligations are limited to its leased building space. The leased building space is subject to long-term arrangements, which in certain cases require the leased building space to be returned to the landlords in its original condition. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred. The corresponding asset retirement costs are capitalized as part of the cost of leasehold improvements and are depreciated over the shorter of the useful life of the asset or the term of the lease subsequent to the initial measurement. The Group accretes the liability in relation to the asset retirement obligations over time and the accretion expense is recorded in cost of revenues. Asset retirement obligations are recorded in other non-current liabilities with the balance of RMB3,885 and RMB3,993 (US$612) as of December 31, 2019 and 2020, respectively. Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Among other disclosures, ASC 220, Comprehensive Income 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Leases In February 2016, ASU No. 2016-02, Leases (Topic 842) Revenue from Contracts with Customers The Group determines if an arrangement is a lease at inception. The lease agreements include both lease and non-lease components, which the Group availed itself of the practical expedient for lessees and lessors and elected an accounting policy by class of underlying asset to combine lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-10-25. The Group’s leases do not contain any material residual value guarantees or material restrictive covenants. Lessee accounting The Group recognizes ROU assets and liabilities on the lease commencement date based on the present value of lease payments over the lease term. As the rate implicit in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The ROU assets also include any lease payments made, net of lease incentives. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. The Group has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Group’s policy election to combine lease and non-lease components for its leases. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Lessor accounting The Group’s lessor portfolio consists of only operating leases for the periods presented. The Group’s policy election is to combine lease and non-lease components, by underlying class of asset, and account for them as one component if they have the same timing and pattern of transfer. The combined component is accounted for in accordance with ASC 842 if the lease component is predominant, and in accordance with ASC 606 if the non-lease component is predominant. Revenue recognition Effective January 1, 2017, the Group elected to adopt the requirements of ASC 606 using the full retrospective method. The Group applies the five-step model outlined in ASC 606. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition (Continued) Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, gross margin objectives, internal costs, and industry technology lifecycles. Timing of revenue recognition is generally the same as the timing of invoicing to customers. Contract assets and contract liabilities were nil as of December 31, 2019 and 2020. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price, and accordingly, recognized revenues net of value added taxes (“VAT”) and surcharges. Colocation services The Group provides integrated IDC colocation services including utilities, hosting, cooling, operating and maintaining (collectively, “Colocation Resources”) its customers’ servers and equipment in the Group’s buildings in the PRC. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide a series of distinct IDC colocation services daily throughout the fixed contract period. The Group is a lessor in some of its IDC colocation service arrangements and the lease component qualifies as an operating lease. Under ASC 842, these contracts qualify for a practical expedient available to lessors to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. The Group applied this practical expedient and have accounted for the combined component under ASC 606 because the non-lease components is predominant. For wholesale and retail data center contracts, the Group’s efforts or inputs are expended evenly throughout the performance period that typically ranges from one to ten years, hence, the Group recognizes revenue over time using a time-based measure, on a straight-line basis. The remaining hyperscale data center contracts include a contractual minimum resulting in a portion of the consideration being fixed (“Fixed Consideration”). The Group’s efforts or inputs are not expended evenly throughout the performance period, which is generally ten years for such contracts. The Fixed Consideration is included in the transaction price for the entire contract period, and recognized as revenue based on cumulative utilization of capacity from contract inception through the end of the reporting period. The variable consideration for each month is allocated to the distinct colocation services for the particular month in accordance with ASC 606-10-32-40 because the variable consideration relates to the Group’s efforts to satisfy the collocation services for that month and reflects the value of the Group’s colocation services delivered to the customer. Therefore, the Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the uncertainty related to the transaction price is resolved based on the utilization records because the variable consideration specifically relates to the transfer of the distinct services during that month. Colocation rental The Group rents out hyperscale data center space to customers in Malaysia. The Group applied the practical expedient to account for lease and non-lease components associated with the lease as a single lease component under ASC 842 as the lease component is predominant. Colocation rental revenue is recognized on a straight-line basis over the lease term. Others Others mainly includes fiber optic cable and other fitting services provided at the customers’ request. The Group uses construction progress reports, an output measure, to recognize revenue over time provided all revenue recognition criteria have been met, as it most faithfully depicts the Group’s performance toward complete satisfaction of the performance obligation. As of December 31, 2020, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) is related to colocation services, does not include any variable consideration, and amounted to RMB12,587,598 (US$1,929,134). The Company expects to recognize as revenue 11%, 47% and 42% of these performance obligations within twelve months, one to five years, and after five years, respectively. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Cost of revenues Cost of revenues consists mainly of utility fees, depreciation of property and equipment, bandwidth costs, rental costs, salaries and benefits for employees directly involved in revenue generation activities, and other expenses directly attributable to the provision of services. Research and development expense Research and development expenses primarily consist of salaries and benefits for research and development personnel, and third party service provider costs. The Group expenses research and development costs as they are incurred. Government grants Government grants received from provincial and local governments are related to acquisition of assets. The grants are recorded as “deferred government grants” and are included in the “Accrued expenses and other current liabilities”, or “Other non-current liabilities” line items in the consolidated balance sheets when received. Once the Group fulfills the conditions stipulated under the grant, the grant amount will be released to the consolidated statements of comprehensive loss in equal amounts over the expected useful life of the related asset, as a reduction of the related depreciation expense. Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Cancellation of the awards accompanied by the concurrent grant of a replacement award is also accounted for as a modification of the terms of the cancelled awards. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Group recognizes over the remaining requisite service period and upon the satisfaction of performance condition, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Group recognizes is the cost of the original award. Employee benefit expenses All eligible employees of the Group in the PRC are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group recorded employee benefit expenses of nil, RMB16,210 and RMB18,385 (US$2,818) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group also maintains a government mandated employee provident fund schemes to cover employees of its wholly owned subsidiaries in Malaysia. The employee provident fund schemes are considered a defined contribution plan. Employer and employee contributions are made based on various percentages of salaries and wages that vary based on employee age and other factors. The Group’s contributions into the program amounted to RMB1,082, RMB1,150 and RMB1,049 (US$161) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group has no further payment obligations once the contributions have been paid. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Loss per share In accordance with ASC 260, Earnings Per Share Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits, if any, will be recorded in the “other non-current liabilities” in the accompanying consolidated financial statements is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Concentration of risks Concentration of credit risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, contingent receivable and amounts due from related parties. The Group expects that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, and the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The risk with respect to the contingent receivable is mitigated by the ongoing assessment of the counterparty’s credit quality by reference to the counterparty’s default history. Accounts receivable and amounts due from related parties are typically unsecured and are derived from revenues earned from customers. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Concentration of risks (Continued) Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to existing competitors; and new trends in new technologies and industry standards; control of telecommunication infrastructures by local regulators and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. Two customers accounted for 32.8% and 21.8%, respectively, of total revenues during the year ended December 31, 2018, and 68.2% and 11.1%, respectively, of total revenues during the year ended December 31, 2019. One customer accounted for 81.7% of total revenues during the year ended December 31, 2020. Interest rate risk The Group is exposed to interest rate risk on its interest-bearing liabilities. As of December 31, 2020, a hypothetical 1% increase or decrease in annual interest rates of RMB- |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | 3. REVENUE The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Colocation services recognized over time — 678,348 1,701,911 260,829 Colocation rental recognized over time 93,423 128,870 124,991 19,156 Others recognized over time 5,061 45,792 4,175 640 98,484 853,010 1,831,077 280,625 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASE | 4. LEASE Lessee Accounting The Group’s leases consist of the leasing of building and office space, land, fiber optics and certain equipment. The Group’s land use rights represent land leased for constructing and operating IDC colocation service or rental businesses in the PRC, Malaysia and India. The land use rights represent lease prepayments that are amortized over the term of the land use rights, some of which include options to extend the leases that have not been included in the calculation of the Group’s ROU assets and lease liabilities. Variable lease payments were immaterial for the periods presented. The components of lease expense were as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating lease cost 2,798 24,224 40,479 6,204 Finance lease cost 6,096 8,931 4,724 724 Short-term lease cost — 1,661 2,208 338 8,894 34,816 47,411 7,266 4. LEASE (Continued) Lessee Accounting (Continued) Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2021 41,613 6,377 5,466 838 Year ending December 31, 2022 35,712 5,473 5,568 853 Year ending December 31, 2023 28,977 4,441 5,659 867 Year ending December 31, 2024 28,423 4,356 5,774 885 Year ending December 31, 2025 and thereafter 275,242 42,183 178,953 27,426 Total lease payments 409,967 62,830 201,420 30,869 Less imputed interest (165,531 ) (25,369 ) (136,528 ) (20,924 ) Present value of lease liabilities 244,436 37,461 64,892 9,945 Other supplemental information related to leases is summarized below: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 2,703 21,092 40,275 6,172 Operating cash flows used in finance leases 4,956 6,599 6,008 921 Financing cash flows used in finance leases 75,691 9,230 18,441 2,826 Lease liabilities arising from obtaining right-of-use assets Operating leases 1,357 13,044 8,091 1,240 Finance leases 62,404 178 708 109 As at December 31, 2019 2020 Weighted-average remaining lease term (years) Operating leases 14.53 13.68 Finance leases 28.24 27.07 Weighted-average discount rate Operating leases 8.58 % 8.59 % Finance leases 9.06 % 9.05 % Lessor Accounting The Group’s lease contracts in Malaysia do not have the option to extend or terminate the lease or provide the customer the right to purchase the As at December 31, 2020 RMB US$ Year ending December 31, 2021 84,313 12,922 Year ending December 31, 2022 73,844 11,317 Year ending December 31, 2023 54,175 8,303 Year ending December 31, 2024 9,587 1,469 Year ending December 31, 2025 and thereafter 33,506 5,135 Total 255,425 39,146 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable Net [Abstract] | |
ACCOUNTS RECEIVABLE | 5. ACCOUNTS RECEIVABLE As at December 31, 2019 2020 2020 RMB RMB US$ Accounts receivable 309,465 434,720 66,624 Allowance for doubtful accounts (4,770 ) (12,496 ) (1,915 ) Accounts receivable, net 304,695 422,224 64,709 The movements in the allowance for doubtful accounts were as follows: 2019 2020 2020 RMB RMB US$ Balance at beginning of the year 98 4,770 731 Provisions 4,710 7,726 1,184 Write-offs (38 ) — — Balance at end of the year 4,770 12,496 1,915 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT As at December 31, 2019 2020 2020 RMB RMB US$ Buildings 1,190,980 1,909,633 292,664 Data center equipment 2,375,136 3,945,877 604,732 Furniture and office equipment 13,560 11,934 1,829 Computers and network equipment 9,928 16,677 2,556 Motor vehicles 3,873 6,868 1,053 Purchased software 3,608 6,984 1,070 Leasehold improvements 32,202 36,358 5,572 Construction in progress 1,111,263 1,196,551 183,379 4,740,550 7,130,882 1,092,855 Less: accumulated depreciation (335,963 ) (707,052 ) (108,360 ) Property and equipment, net 4,404,587 6,423,830 984,495 Depreciation expense for the years ended December 31, 2018, 2019 and 2020 was RMB83,910, RMB208,415 and RMB369,686 (US$56,657), respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS As at December 31, 2019 2020 2020 RMB RMB US$ Acquired customer relationships 399,255 397,979 60,993 Acquired license — 2,556 392 Less: accumulated amortization (38,506 ) (80,236 ) (12,297 ) Intangible assets, net 360,749 320,299 49,088 The Group recorded amortization expense of RMB4,721, RMB32,760 and RMB42,292 (US$6,482) for the years ended 2018, 2019 and 2020, respectively. As of December 31, 2020, estimated amortization expense of the existing intangible assets for each of the next five years is RMB42,405, RMB42,405, RMB39,592, RMB37,740 and RMB37,247, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL | 8. GOODWILL Stack Group Balance as of January 1, 2019 — Goodwill acquired (Note 16) 466,320 Balance as of December 31, 2019 466,320 Goodwill acquired (Note 16) 6,563 Balance as of December 31, 2020 472,883 Balance as of December 31, 2020 (US$) 72,472 For the year ended December 31, 2018, the costs of integrating the business of Bridge Group exceeded the benefits of the acquisition due to stiff competition during the year ended December 31, 2018, therefore, the Group applied the one-step quantitative test and fully impaired the goodwill. The fair value of the reporting unit was determined using the discounted cash flow (“DCF”) method. For the years ended December 31, 2019 and 2020, the Group performed a qualitative assessment based on the requirements of ASC 350-20. The Group evaluated all relevant factors including, but not limited to, macroeconomic conditions, industry and market conditions and financial performance. The Group weighed all factors in their entirety and concluded that it was not more-likely-than-not the fair value was less than the carrying amount of the reporting unit, and further impairment testing on goodwill was unnecessary. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As at December 31, 2019 2020 2020 RMB RMB US$ Payroll payable 25,762 48,339 7,408 Interest payable 8,472 14,639 2,244 Deferred government grants 4,092 8,629 1,322 Other tax and surcharges payable 23,510 28,904 4,430 Accrued expenses 52,485 52,768 8,087 Others 15,351 58,270 8,930 129,672 211,549 32,421 |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2020 | |
Secured Longterm Debt Current And Noncurrent [Abstract] | |
BANK LOANS | 10. BANK LOANS The Group’s borrowings consisted of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Secured short-term bank loan 15,000 66,135 10,136 Secured long-term bank loan 2,740,501 4,122,898 631,861 2,755,501 4,189,033 641,997 10. BANK LOANS (Continued) The Group entered into loan agreements with various financial institutions for data center project development and working capital purpose with terms ranging from 1 to 7 years. As of December 31, 2019, the Group had total financing credit facilities of RMB1,734,000, US$175,000 and MYR248,000 from various financial institutions, of which the unused amount was RMB184,349, US$50,000 and MYR nil, respectively. As of December 31, 2020, the Group had total financing credit facilities of RMB2,700,000, US$265,000 and MYR248,000 from various financial institutions, of which the unused amount was RMB128,911, US$30,000 and MYR nil, respectively. As of December 31, 2020, certain bank borrowings denominated in RMB are secured by certain subsidiaries’ cash of RMB41,000, and accounts receivable, property and equipment and land use rights with net book value of RMB277,992, RMB2,023,663, and RMB109,551 respectively. One loan facility amounted to US$40,000 is guaranteed by a standby letter of credit of US$50,000. Others are guaranteed by designated subsidiaries of the Group or secured by property, assets, deposits and shares of designated subsidiaries. The weighted average interest rate on short-term bank loan as of December 31, 2019 and 2020 was 5.66% and 7.00%, respectively. The weighted average interest rate on long-term bank loans as of December 31, 2019 and 2020 was 8.36% and 7.87%, respectively. Management assessed that there were no breach of loan covenants for all its bank borrowings as of December 31, 2019 and 2020. On April 30, 2019, the Group terminated a long-term loan facility and repaid in full the outstanding indebtedness and accrued interest amounting to RMB456,660 and RMB732, respectively. The Group accounted for this termination as a debt extinguishment pursuant to ASC 470-50, Debt—Modifications and Exchanges As of December 31, 2020, the loan principal will be due according to the following schedule: RMB US$ 2021 296,913 45,504 2022 1,850,212 283,557 2023 489,116 74,960 2024 786,924 120,601 2025 and thereafter 953,623 146,149 4,376,788 670,771 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 11. TAXATION Enterprise income tax Under the current laws of the Cayman Islands, the Company and certain subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. The Group’s PRC entities are subject to the statutory income tax rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. Chindata (Hebei) Co., Ltd. being qualified as a High New Technology Enterprise (“HNTE”) is entitled to the preferential income tax rate of 15% for three years from 2018 to 2020. Dividends, interests, rent or royalties payable by the Group’s PRC entities, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% EIT, namely withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax. The Group’s Malaysian subsidiaries subject to income tax at the statutory rate of 24% in accordance with Malaysia corporate income tax laws and regulations. Profit (loss) before income taxes consists of: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ PRC — 77,079 102,329 15,682 Non-PRC (140,920 ) (248,522 ) (318,335 ) (48,787 ) (140,920 ) (171,443 ) (216,006 ) (33,105 ) The current and deferred components of income tax expense (benefit) appearing in the consolidated statements of comprehensive loss are as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Current income tax 555 631 59,964 9,190 Deferred income tax (3,314 ) (2,373 ) 7,375 1,130 (2,759 ) (1,742 ) 67,339 10,320 11. TAXATION (Continued) A reconciliation of the differences between the statutory tax rate and the effective tax rate for enterprise income tax is as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income tax (140,920 ) (171,443 ) (216,006 ) (33,105 ) Income tax benefit computed at the PRC statutory tax rate of 25% (35,230 ) (42,861 ) (54,001 ) (8,276 ) Effect of differing tax rates in different jurisdictions 4,150 23,599 35,228 5,399 Effect of PRC preferential tax rates — (3,346 ) (22,350 ) (3,425 ) Research and development super-deduction — (4,001 ) (7,557 ) (1,158 ) Effect of tax rate changes on deferred taxes — — 5,325 816 Non-deductible expenses and non-taxable income, net* 19,446 384 106,892 16,382 Change in valuation allowance 8,875 24,483 3,802 582 Income tax (benefit) expense (2,759 ) (1,742 ) 67,339 10,320 * Primarily represents share-based compensation expense, impairment of goodwill, other non-deductible professional expenses, and income from entities not subject to income tax. Deferred tax The significant components of the Group’s deferred tax assets and liabilities are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax assets Tax loss carry forward 67,708 67,873 10,402 Unabsorbed capital allowance 50,475 63,297 9,701 Depreciation and amortization expense 18,809 23,887 3,661 Operating lease 63,823 60,878 9,330 Accrued expenses and others 16,865 35,245 5,402 Less: Valuation allowance* 73,997 71,229 10,916 143,683 179,951 27,580 As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax liabilities Property and equipment 173,777 222,489 34,098 Acquisition of intangible assets 89,474 105,805 16,215 Debt issuance cost 15,588 13,243 2,030 Operating lease 63,823 64,358 9,863 Others 8,949 9,698 1,487 351,611 415,593 63,693 Presentation in the consolidated balance sheets: Deferred tax assets 3,611 18,789 2,880 Deferred tax liabilities 211,539 254,431 38,993 Net deferred tax liabilities 207,928 235,642 36,113 11. TAXATION (Continued) * Based upon the level of historical taxable income, scheduled reversal of deferred tax liabilities and projections for future taxable income over the periods in which the deferred tax assets are realizable, management recorded full valuation allowance against deferred tax assets of those subsidiaries and VIEs that are in a cumulative loss as of December 31, 2019 and 2020, except for the portion that can be realized by matching reversals of deferred tax liabilities. As of December 31, 2020, the aggregate undistributed earnings from the Company’s WFOEs As of December 31, 2020, the Group had net losses of approximately RMB277,719 (US$42,562) mainly deriving from entities in the PRC and Malaysia. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period can be extended to ten years for entities that qualify as HNTE. The tax losses of entities in the PRC will begin to expire in 2023, if not utilized. The tax losses in Malaysia can be carried forward for seven years to offset future taxable profit. The tax losses of entities in Malaysia will begin to expire in 2024, if not utilized. The Group evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive income(loss). As of and for the years ended December 31, 2018, 2019 and 2020, there were no significant impact from tax uncertainties on the Group’s financial position and result of operations. The Group does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. In general, the tax authorities have five to seven years to conduct examinations of the tax filings of the Group’s subsidiaries. Accordingly, the subsidiaries’ tax years of 2015 through 2020 remain open to examination by the respective tax authorities. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED PAYMENTS | 12. SHARE-BASED PAYMENTS 2019 Plan In December 2019, BCPE Stack ESOP Holdco Limited (“ESOP Holdco”, a shareholder of the Company) approved a share option plan (“2019 Plan”) with a contractual term of ten years. On January 8, 2020, options for the purchase of 17,633,120 ESOP Holdco Class B shares (“Class B Options”) were granted to certain employees of the Group. These options are accounted for as equity awards and contain both service and performance vesting conditions. 60% of the options granted will vest in three or four equal installments over a three to four year service period while the remaining 40% of the options will vest in two equal installments of 20% each if prespecified performance targets related to the return on the Company’s ordinary shares are achieved. The corresponding Class B shares of the vested option can be exchanged for the Company’s ordinary shares on a one-for-one basis at any time after completion of the IPO. As of December 31, 2020, no ESOP Holdco Class B shares were exchanged for the Company’s ordinary shares. Pursuant to the terms and conditions of the 2019 Plan, grantees may early exercise all or a portion of the Class B Options granted prior to the completion of an IPO, however, such ESOP Holdco Class B shares issued upon exercise or the underlying ordinary shares of the Company exchangeable for after IPO still remain subject to the original service and performance vesting conditions. On April 13, 2020, all of the 17,633,120 Class B Options were early exercised into the corresponding ESOP Holdco Class B shares. The Company considered the rights and obligations of the awards under this arrangement and concluded that the early exercise of the options was not considered substantive for accounting purposes in accordance with ASC 718-10-55-31. A portion of the Class B options with service conditions granted under 2019 Plan are subject to accelerated vesting upon listing of the Company’s equity securities on the stock exchange. On September 30, 2020 (“Listing Date”), the Company’s ADSs commenced trading on the NASDAQ, and share-based compensation expenses of RMB27,580 (US$4,227) were immediately recognized for 3,808,818 ESOP Holdco Class B shares with vesting accelerated. 12. SHARE-BASED PAYMENTS (Continued) A summary of the activity is stated below: Number of share options/ESOP Holdco Class B shares Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 — n/a Granted 17,633,120 1.73 Vested (7,789,995 ) 1.79 Forfeited — n/a Awarded and unvested as of December 31, 2020 9,843,125 1.68 Expected to vest as of December 31, 2020 9,843,125 1.68 The weighted-average exercise price for granted share options during the year ended December 31, 2020 was US$0.73. 2020 Plan In May 2020, the Company’s Board of Directors approved a share option plan (“2020 Plan”) with a contractual term of ten years. The maximum aggregate number of ordinary shares that are authorized to be issued under the 2020 Plan is 5,667,164. On May 29, 2020, 5,667,164 share options were granted to an employee of the Group. These awards are accounted for as equity awards and contain both service and performance vesting conditions. 50% of the award granted will vest in four equal installments over a four year service period while the remaining 50% of the awards will vest in two equal installments of 25% each if prespecified performance targets related to the return of the Company’s ordinary shares are achieved. In September 2020, the Company’s Board of Directors approved to increase maximum aggregate number of ordinary shares that are authorized to be issued under the 2020 Plan to 11,334,328. 5,666,345 share options with service and/or performance vesting conditions were then granted to certain employees of the Group. These awards are accounted for as equity awards. Pursuant to the option award agreement, a portion of the share options with service conditions are subject to accelerated vesting upon listing of the Company’s equity securities on the stock exchange. Share-based compensation expenses of RMB21,914 (US$3,358) were immediately recognized for 1,125,600 share options with vesting accelerated on the Listing Date. In October 2020, 2,805,000 share A summary of the activity under 2020 Plan is stated below: Number of share options Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 — n/a Granted 14,138,509 5.43 Exercised* (5,667,164 ) 3.55 Forfeited (2,000 ) 4.61 Awarded and unvested as of December 31, 2020 8,469,345 6.68 Expected to vest as of December 31, 2020 8,469,345 6.68 Exercisable as of December 31, 2020 1,696,614 4.63 12. SHARE-BASED PAYMENTS (Continued) * On August 26, 2020, 5,667,164 share options were early exercised with an exercise cash consideration of US$5,667 received by the Company. The Company’s ordinary shares issued for the grantee’s early exercise still remain subject to the existing service and performance vesting conditions. The Company has a right (but not the obligation) to repurchase the vested shares at fair market value, and the unvested shares at the lower of fair market value or the option’s exercise price at any time during a six-month period following the grantee’s termination of services. The Company considered the rights and obligations of the options under this arrangement and concluded that the early exercise of the options was not considered substantive for accounting purposes in accordance with ASC 718-10-55-31, and recorded the proceeds received from early exercise as a liability. The weighted-average exercise price for granted and forfeited share options during the year ended December 31, 2020 was US$1.47 and US$1.00, respectively. The weighted-average exercise price for share options outstanding as of December 31, 2020 was US$1.79. The weighted-average exercise price for share options expected to vest and exercisable as of December 31, 2020 was US$1.79 and US$1.01, respectively. The aggregate intrinsic value represents the difference between the fair value of the Company`s ordinary share as of December 31, 2020 and the option’s respective exercise price. The aggregate intrinsic value of share options outstanding and currently exercisable as of December 31, 2020 was US$55,150 and US$12,373, respectively. The weighted-average remaining contractual term of share options outstanding and currently exercisable is 9.70 and 9.67 years, respectively. During the year ended December 31, 2020, share-based compensation of RMB234,291 (US$35,907) recognized for awards granted under 2019 Plan and 2020 Plan pertained only to the awards with service vesting conditions. As of December 31, 2020, there was US$73,257 of total unrecognized employee share-based compensation expenses related to unvested share-based awards under 2019 Plan and 2020 Plan, which are expected to be recognized over a weighted-average period of 1.63 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. ISUs On September 11, 2019, BCPE Bridge Cayman, L . . On August 18, 2020 (“Modification Date”), in connection with the Company’s Pre-IPO private placements (Note 1), BCPE Bridge sold shares representing 21.81% of its shareholding to new investors, and the cash consideration received will be distributed to the shareholders including the SBC Platform (the “Modification”). As part of the Modification, US$30.5 million equivalent to RMB210,986 will be distributed to ISU holders in lieu of underlying ISUs according to the existing ISU vesting schedule. The Company has concluded that future service from the grantees is required for unvested ISUs. Therefore, as of the Modification Date, under ASC 718 the cash settlement was accounted for as a (i) settlement for vested ISUs with no incremental share-based compensation expenses recognized, and (ii) a modification for unvested ISUs, whereby the cash settlement amount in excess of the corresponding original fair value of cash-settled ISU was recorded on the Modification Date on a pro rata basis for the portion of the lapsed service period and remaining additional share-based compensation will be recognized over the remaining vesting schedule. In October 2020, the SBC Platform redeemed its 1,000,000 26,797,650 pursuant to the terms of the original SBC Platform and related ISU agreements The Company recognized share-based compensation expenses of nil, RMB63,746 and RMB135,682 (US$20,794) for the years ended December 31, 2018, 2019 and 2020, respectively. 12. SHARE-BASED PAYMENTS (Continued) A summary of the ISU activities is stated below: Number of ISUs Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 423,000 17.26 Granted 244,409 127.57 Vested (121,892 ) 71.64 Forfeited (160,000 ) 40.32 Awarded and unvested as of December 31, 2020 385,517 74.78 Expected to vest as of December 31, 2020 385,517 74.78 As of December 31, 2020, there was US$ 22,899 of total unrecognized employee share-based compensation expenses related to unvested ISUs, which are expected to be recognized over a weighted-average period of 1.50 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. Fair value of share options and ISUs The fair value of share options was determined using the binomial option valuation model, with the assistance of an independent appraiser. The binomial model requires the input of a few key assumptions. For expected volatility, the Company made reference to historical volatility of several comparable companies. The exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it considered the statistics on exercise patterns of employees compiled by Huddart and Lang in Huddart, S., and M. Lang. 1996. “Employee Stock Option Exercises: An Empirical Analysis.” Journal of Accounting and Economics, vol. 21, no. 1 (February):5-43, which are widely adopted by valuers as authoritative guidance on expected exercise multiples. The risk-free rate for the period within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. The fair value of the ordinary shares underlying the options, was also determined with the assistance of an independent appraiser, using an income approach (discounted cash flow method). The assumptions used to estimate the fair value of the share options granted during the year ended December 31, 2020 2019 Plan 2020 Plan Risk-free rate 1.90% 0.57% – 1.90% Expected volatility range 39.65% – 39.78% 39.65% – 40.53% Exercise multiple 2.80 2.80 Fair value per ordinary share as at valuation dates US$2.32 US$4.45 – US$14.00 The fair value of the ISUs is the fair value of BCPE Bridge Cayman, L.P. Class B units at the grant date, which was determined by allocating the BCPE Bridge Cayman, L.P. equity value between the Class A and Class B units based on the predetermined distribution rate. 12. SHARE-BASED PAYMENTS (Continued) A summary of share-based compensation expenses recognized in income and capitalized as part of the cost of assets for the years ended December 31, 2018, 2019 and 2020 is as follows: 2018 2019 2020 2020 RMB RMB RMB US$ Cost of revenue — — 32,990 5,056 Selling and marketing — — 21,691 3,324 General and administrative — 63,746 295,165 45,236 Construction in progress — — 20,127 3,085 Total share-based compensation expenses — 63,746 369,973 56,701 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS a) Related parties Affiliate of the Company (collectively hereinafter referred to as “Company Affiliates”) Wangsu Science and Technology Limited Corporation (“Wangsu”) Zhangjiakou Qinyun Information Technology Co., Ltd. (“Qinyun”) Affiliates of ultimate controlling shareholder of the Company (collectively hereinafter referred to as “Affiliates”) Bain Capital Private Equity Advisors (China) Ltd. Bain Capital Private Equity, LP Bain Capital Mauritius BCPE Bridge Cayman L.P. BCC Mauritius Holdings PCC Affiliates of certain shareholders of the Company (collectively hereinafter referred to as “Shareholder Affiliates”) Abiding Joy HK Limited Stackdata Joy HK Limited Datalake HK Limited b) The Group had the following related party transactions, except for transactions disclosed in other notes: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Purchase of services from Wangsu* — 104,312 83,382 12,779 Net revenue from colocation services provided to Wangsu** — 95,071 83,054 12,729 Management consulting services provided by Affiliates*** 11,300 16,434 59,741 9,156 Management consulting services provided by Shareholder Affiliates*** — 8,438 13,016 1,995 Gain on divestiture of Qinyun and related assets**** — — 6,562 1,006 11,300 224,255 245,755 37,665 * A portion of the services purchased comprised of certain Colocation Resources purchased from Wangsu, which are not distinct within the context of the Company’s revenue arrangement with Wangsu. Thus, in accordance with ASC 606-10-32-25, the entire consideration for these Colocation Resources (“Consideration Payable”) is accounted for as a reduction of revenue. ** Colocation services revenue from Wangsu for the period April 26, 2019 to December 31, 2019 and January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB70,861 and RMB62,440 (US$9,569), respectively. *** In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB50,000 (US$7,663) and RMB11,000 (US$1,686), payable in cash to the Affiliates and the Shareholder Affiliates, respectively. **** On August 4, 2020, the Group disposed 100% of equity interests of Qinyun for nil consideration as Qinyun was in a net deficit position, of which 99.9% and 0.1% was transferred to the Group’s Chief Executive Officer, Mr. Jing Ju and a third-party individual, respectively. Subsequently, the Group transferred certain assets to Qinyun for cash consideration of RMB64,000, which is recorded in due from related party, as a noncash investing activity in consolidated statements of cash flows. The gain resulting from the divestiture of Qinyun and related assets transfer was RMB6,562 (US$1,006). c) The Group had the following related party balances at the end of the year: 13. RELATED PARTY TRANSACTIONS (Continued) As at December 31, 2019 2020 2020 RMB RMB US$ Amounts due from related parties: Company Affiliates 88,929 64,093 9,823 Amounts due to related parties: Company Affiliates 29,275 — — Affiliates 22,890 490 75 Shareholder Affiliates 8,022 36,978 5,667 60,187 37,468 5,742 All the balances with related parties as of December 31, 2019 and 2020 were unsecured. All outstanding balances are also repayable on demand unless otherwise disclosed. No allowance for doubtful accounts was recognized for the amount due from related parties for the years ended December 31, 2019 and 2020. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | 14. LOSS PER SHARE Basic and diluted loss per share for each of the years presented are calculated as follows: For the year ended December 31, 2018 2019 2020 Ordinary shares Class A Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to ordinary shareholders—basic and diluted (138,161 ) (174,443 ) (105,403 ) (16,154 ) (177,942 ) (27,271 ) Denominator: Weighted average number of shares outstanding—basic and diluted 97,550,502 397,153,121 228,284,218 228,284,218 385,389,358 385,389,358 (1.42 ) (0.44 ) (0.46 ) (0.07 ) (0.46 ) (0.07 ) The Company’s ordinary shares held by the SBC Platform after redemption of BCPE Bridge Class B Units and in exchange for such ordinary shares that will be transferred to ISU grantees upon vest are factored in the computation of basic and diluted loss per share in 2020 (Note 12). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) RMB Balance as of January 1, 2018 12 Foreign currency translation adjustments, net of tax of nil 18,032 Balance as of December 31, 2018 18,044 Foreign currency translation adjustments, net of tax of nil 21,967 Balance as of December 31, 2019 40,011 Foreign currency translation adjustments, net of tax of nil (212,597 ) Balance as of December 31, 2020 (172,586 ) Balance as of December 31, 2020, in US$ (26,450 ) There have been no reclassifications out of accumulated other comprehensive income (loss) to net loss for the periods presented. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | 16. BUSINESS COMBINATION The Reorganization On April 26, 2019 (the “Acquisition Date”), the Group through its PRC subsidiary acquired 100% of the equity interests in Chindata Xiamen, a PRC company, to further develop the Group’s IDC colocation services. Details of the purchase consideration on the Acquisition Date are as follows: RMB Cash consideration 2,785,820 Contingent receivable (13,503 ) 2,772,317 Pursuant to the acquisition agreement, the Group has an enforceable right to the return of previously transferred consideration of up to RMB48,000 in aggregate, if certain predetermined performance targets are not achieved by Chindata Xiamen during 2019 and 2020, respectively. The Group determined the fair value of the contingent receivable on the Acquisition Date, and as of December 31, 2019 and December 31, 2020 with the assistance of an independent appraiser. During the years ended December 31, 2019 and 2020, a remeasurement gain of RMB1,127 and RMB7,762 (US$1,190), respectively, was recognized through profit or loss. The acquisition was accounted for as a business combination. Goodwill recognized represents the expected synergies from integrating Chindata Xiamen’s operations with the Group’s existing IDC colocation services, and is not tax deductible. The purchase price allocation for the acquisition is based on a valuation determined by the Group with the assistance of an independent appraiser. The following table summarizes the fair values of the assets acquired and liabilities assumed on the Acquisition Date: RMB Purchase consideration 2,772,317 Less: Cash and cash equivalents 892,009 Restricted cash 14,771 Other current assets 304,495 Property and equipment, net 1,591,412 Customer relationships 372,025 Operating lease right-of-use assets 392,286 Other non-current assets 113,038 Other current liabilities (670,648 ) Deferred tax liabilities (116,019 ) Other non-current liabilities (587,372 ) Goodwill 466,320 16. BUSINESS COMBINATION (Continued) Identifiable intangible assets acquired are customer relationships, which was valued using a relief from royalty approach and has an estimated remaining useful life of approximately 10 years. The unaudited pro forma information for the years ended December 31, 2018 and 2019 set forth below gives effect to the acquisition as if it had occurred at January 1, 2018. The pro forma results have been calculated after applying the Group’s accounting policies and including adjustments primarily related to the depreciation and amortization of acquired property and equipment and intangible assets, interest expense on the borrowings to fund the acquisition, the elimination of transaction costs that was incurred as a result of the acquisition, the income tax effects and the incremental net income (loss) attributable to the non-controlling interests, as applicable. The pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been occurred had the acquisition been consummated as of that time or that may result in the future: For the year ended December 31, 2018 2019 RMB (unaudited) RMB (unaudited) Pro forma revenue 418,910 1,098,383 Pro forma net loss attributable to Chindata Group Holdings Limited (202,714 ) (141,745 ) 2020 Acquisition On November 1, 2020(the “2020 Acquisition Date”), the Group completed its acquisition of 100% equity interest of Huailai Huizhi Construction Co., Ltd. (“Huizhi”) for purchase consideration of RMB39,612, to enhance its data center construction expertise to generate cost savings for colocation services. The acquisition was accounted for as a business combination. Goodwill recognized represents the expected synergies from integrating Huizhi’s operation with the Group’s existing IDC colocation services, and is not tax deductible. The purchase price allocation for the acquisition is based on a valuation determined by the Group with the assistance of an independent appraiser. The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2020 Acquisition Date: RMB US$ Purchase consideration 39,612 6,071 Settlement of accounts payable due to Huizhi (174,695 ) (26,773 ) Total purchase consideration (135,083 ) (20,702 ) Less: Cash and cash equivalents 16,008 2,453 Other current assets 24,085 3,691 Property and equipment, net 641 98 Other non-current assets 1,022 157 Current liabilities (183,402 ) (28,108 ) Goodwill 6,563 1,007 The actual results of operations after the Acquisition Date and pro-forma results of operations for this acquisition have not been presented because the effects of this acquisition were insignificant after elimination of the transactions between the Group and Huizhi. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Restricted Net Assets [Abstract] | |
RESTRICTED NET ASSETS | 17. RESTRICTED NET ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the Regulations on Enterprises with Foreign Investment of China and their Articles of Association, the Company’s wholly foreign-owned enterprises, being foreign invested enterprise established in the PRC, are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the staff welfare and bonus fund are at the discretion of the Company’s wholly foreign-owned enterprises. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. In accordance with the PRC Company Laws, the VIEs must make appropriations from their annual after-tax profits as reported in their PRC statutory accounts to non-distributable reserve funds, namely statutory reserve and discretionary surplus reserve. The VIEs are required to allocate at least 10% of their after-tax profits to the statutory reserve until such fund has reached 50% of their respective registered capital. Appropriation to discretionary surplus reserve is at the discretion of the VIEs. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. As of December 31, 2020, the Group’s PRC subsidiaries and VIEs had appropriated RMB82,792 (US$12,688) to their reserves. Furthermore, registered share capital and capital reserve accounts of the Company’s PRC subsidiaries and the VIEs are also restricted from distribution. As a result, the restrictions amounted to approximately RMB2,594,646 (US$397,647) as of December 31, 2020. Therefore, in accordance with Rules 504 and 4.08(e)(3) of Regulation S-X, the condensed parent company only financial statements are disclosed in Note 21. Cash transfers from the Company’s PRC subsidiaries to its subsidiaries outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 18. COMMITMENTS AND CONTINGENCIES Capital expenditure commitments The Group has commitments amounting to RMB681,263 (US$104,408) for the purchase of certain data center equipment and construction in progress as of December 31, 2020, which are scheduled to be paid within one to two years. Contingencies In August 2020 (“Termination Date”), Bridge Datacentres (Mumbai) LLP (“Bridge Mumbai”), the Company’s subsidiary in India, exercised its rights under the force majeure clause and terminated its construction contact with Sterling & Wilson Private Limited (“S&W”), the contractor of its data center in India. Pursuant to the termination, S&W made a claim against Bridge Mumbai towards amounts payable for work performed through Termination Date, other costs and losses. In turn, Bridge Mumbai also submitted a claim against S&W towards the refund of cash advance payments previously made, and losses caused by S&W including delay in work performed, defective work, and replacement of contractor. In March 2021, Bridge Mumbai submitted a statement of defense. Based on management’s estimation and legal counsel’s advice, RMB32,558 (US$4,990) has been accrued and recorded in “Others, net” in the consolidated statements of comprehensive loss. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 19. SEGMENT INFORMATION The Group has one segment. Its CODM is the Board of Directors, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. Net revenues by geographic area are based upon the location of the customers. Total net revenues by geographic area are presented as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ PRC — 712,115 1,706,086 261,469 Malaysia 98,484 140,895 124,991 19,156 98,484 853,010 1,831,077 280,625 Long-lived assets by geographic area are presented as follows: As at December 31, 2019 2020 2020 RMB RMB US$ PRC 3,807,201 6,016,479 922,066 Malaysia 974,353 958,408 146,882 India 208,668 229,241 35,133 4,990,222 7,204,128 1,104,081 |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 20. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY Condensed Balance Sheets As at December 31, 2019 2020 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 10,482 3,514,736 538,657 Amounts due from subsidiaries of the Group 2,252 2,894 444 Total current assets 12,734 3,517,630 539,101 Non-current assets Investment in subsidiaries 3,239,690 6,318,785 968,397 Total non-current assets 3,239,690 6,318,785 968,397 Total assets 3,252,424 9,836,415 1,507,498 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 15,251 36,978 5,667 Accrued expenses and other payables — 28,410 4,356 Total current liabilities 15,251 65,388 10,023 Non-current liabilities: Other non-current liabilities — 31,559 4,837 Total non-current liabilities — 31,559 4,837 Total liabilities 15,251 96,947 14,860 Shareholders’ equity Ordinary shares (par value of US$0.00001 per share, 5,000,000,000 shares authorized; 566,716,480 shares issued and outstanding as of December 31, 2019; 4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding, 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020) 34 46 7 Additional paid-in capital 3,512,291 10,510,516 1,610,807 Statutory reserve 13,908 82,792 12,688 Accumulated other comprehensive income (loss) 40,011 (172,586 ) (26,450 ) Accumulated deficit (329,071 ) (681,300 ) (104,414 ) Total shareholders’ equity 3,237,173 9,739,468 1,492,638 Total liabilities and shareholders’ equity 3,252,424 9,836,415 1,507,498 2 0 . CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive Loss For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating expenses General and administrative expenses — (33,523 ) (53,945 ) (8,267 ) Total operating expenses — (33,523 ) (53,945 ) (8,267 ) Operating loss — (33,523 ) (53,945 ) (8,267 ) Interest income — — 1,854 284 Interest expense — 47 — — Share of losses of subsidiaries and the VIEs (138,161 ) (140,967 ) (232,287 ) (35,600 ) Foreign currency exchange loss — — (1,193 ) (183 ) Others, net — — 2,226 341 Net loss attributable to ordinary shareholders (138,161 ) (174,443 ) (283,345 ) (43,425 ) Other comprehensive income (foreign currency translation adjustments), net of tax of nil: 18,032 21,967 (212,597 ) (32,582 ) Comprehensive loss (120,129 ) (152,476 ) (495,942 ) (76,007 ) 20. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash used in operating activities — (26,093 ) (22,553 ) (3,456 ) Net cash used in investing activities — (601,174 ) (2,893,144 ) (443,394 ) Net cash generated from financing activities — 637,792 6,683,039 1,024,221 Effect of exchange rate changes on cash and cash equivalents — (43 ) (263,088 ) (40,320 ) Net increase in cash and cash equivalents — 10,482 3,504,254 537,051 Cash and cash equivalents at beginning of the year — — 10,482 1,606 Cash and cash equivalents at end of the year — 10,482 3,514,736 538,657 Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and the VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, and the VIEs for which a wholly-owned subsidiary of the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation. Results of subsidiaries, businesses acquired from third parties and the VIEs are consolidated from the date on which control is obtained by the Company. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for doubtful accounts, the purchase price allocation with respect to business combinations, useful lives of long-lived assets, impairment of long-lived assets and goodwill, realization of deferred tax assets, measurement of right-of-use assets and lease liabilities, legal contingencies, share-based compensation expense, and the fair value of financial instruments. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. |
Convenience translation | Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.5250 per US$1.00 on December 31, 2020 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Foreign currency | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the subsidiaries in Cayman is U.S. dollars (“US$”). The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks which are unrestricted as to withdrawal or use and have original maturities of less than three months. |
Restricted cash | Restricted cash Restricted cash primarily represent cash and cash equivalents, pledged as security for the Group’s bank loans. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are carried at net realizable value. An allowance for doubtful accounts is recorded when collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence including the aging of the receivable, the customer’s payment history, its current credit-worthiness and current economic trends. Accounts receivable are written off when deemed uncollectible. |
Capitalized interest | Capitalized interest Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in construction in progress in accordance with ASC 835, Interest |
Derivative instruments | Derivative instruments ASC Topic 815, Derivatives and Hedging |
Fair value measurements | Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, accounts receivable, derivatives, contingent receivable, amounts due from and due to related parties, accounts payable, certain other current assets and liabilities, short-term bank loans and long-term bank loans. The carrying amount of the long-term bank loans approximates its fair value due to the fact that the related interest rate approximates the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The derivatives and contingent receivable were recorded at fair value as determined on the respective issuance or origination date and subsequently adjusted to its fair value at each reporting date. The Group determined the fair values of the derivatives and contingent receivable with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures , ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 9,503 — Contingent receivable (Note 16) — — 14,630 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable (Note 16) — — 13,609 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) The Group measured the fair value of its contingent receivable on a recurring basis using significant unobservable (Level 3) inputs as of December 31, 2019 and 2020. The valuation of the contingent receivable is performed using Monte Carlo simulation model with unobservable inputs including weighted average cost of capital as well as the performance target, which is assessed by the Group. The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of December 31, 2018 — Recognized during the year ended December 31, 2019 13,503 Fair value change 1,127 Balance as of December 31, 2019 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 The amount of total gain for the year ended December 31, 2020 7,762 The amount of total gain for the year ended December 31, 2020 (US$) 1,190 The Group did not transfer any assets or liabilities in or out of Level 3 during all periods presented. |
Equity method investments | Equity method investments The Group’s investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are generally accounted for under the equity method of accounting, as the Group concluded it does not have control, but has the ability to exercise significant influence over the investees. Equity method investments are initially measured at cost, and are subsequently adjusted for cash contributions, distributions and the Group's share of the income and losses of the investees. The Group records its equity method investment in “Other non-current assets” in the consolidated balance sheets. The Group's proportionate share of the income or loss from its equity method investment are recorded in “Others, net” in the consolidated statements of comprehensive loss, which is insignificant in 2020. The Group reviews its investment periodically to determine if any investment may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. No impairment loss was recognized for the years presented. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 40 years Data center equipment 10 to 20 years Furniture and office equipment 3 to 5 years Computers and network equipment 5 years Motor vehicles 5 years Purchased software 5 years Leasehold improvements Lesser of useful life or lease term Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. |
Inventories | Inventories Inventories consist of materials used in delivering the Group’s other services to the customers, which are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value. |
Intangible assets, net | Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license 4 years |
Impairment of long-lived assets other than goodwill | Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there was no impairment of any of the Group’s long-lived assets. |
Segment reporting | Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, |
Business combinations | Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Business combinations of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. For transactions determined to be asset acquisitions, the Group allocates the total cost of the acquisition, including transaction costs, to the assets acquired based on their relative fair values. |
Goodwill | Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Intangibles—Goodwill and Other Intangibles—Goodwill and Other Simplifying the Test for Goodwill Impairment |
Asset retirement costs | Asset retirement costs A majority of the Group’s buildings are self-owned. Therefore, the Group’s asset retirement obligations are limited to its leased building space. The leased building space is subject to long-term arrangements, which in certain cases require the leased building space to be returned to the landlords in its original condition. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred. The corresponding asset retirement costs are capitalized as part of the cost of leasehold improvements and are depreciated over the shorter of the useful life of the asset or the term of the lease subsequent to the initial measurement. The Group accretes the liability in relation to the asset retirement obligations over time and the accretion expense is recorded in cost of revenues. Asset retirement obligations are recorded in other non-current liabilities with the balance of RMB3,885 and RMB3,993 (US$612) as of December 31, 2019 and 2020, respectively. |
Comprehensive loss | Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Among other disclosures, ASC 220, Comprehensive Income |
Leases | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Leases In February 2016, ASU No. 2016-02, Leases (Topic 842) Revenue from Contracts with Customers The Group determines if an arrangement is a lease at inception. The lease agreements include both lease and non-lease components, which the Group availed itself of the practical expedient for lessees and lessors and elected an accounting policy by class of underlying asset to combine lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-10-25. The Group’s leases do not contain any material residual value guarantees or material restrictive covenants. Lessee accounting The Group recognizes ROU assets and liabilities on the lease commencement date based on the present value of lease payments over the lease term. As the rate implicit in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The ROU assets also include any lease payments made, net of lease incentives. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. The Group has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Group’s policy election to combine lease and non-lease components for its leases. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Lessor accounting The Group’s lessor portfolio consists of only operating leases for the periods presented. The Group’s policy election is to combine lease and non-lease components, by underlying class of asset, and account for them as one component if they have the same timing and pattern of transfer. The combined component is accounted for in accordance with ASC 842 if the lease component is predominant, and in accordance with ASC 606 if the non-lease component is predominant. |
Revenue recognition | Revenue recognition Effective January 1, 2017, the Group elected to adopt the requirements of ASC 606 using the full retrospective method. The Group applies the five-step model outlined in ASC 606. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition (Continued) Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, gross margin objectives, internal costs, and industry technology lifecycles. Timing of revenue recognition is generally the same as the timing of invoicing to customers. Contract assets and contract liabilities were nil as of December 31, 2019 and 2020. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price, and accordingly, recognized revenues net of value added taxes (“VAT”) and surcharges. Colocation services The Group provides integrated IDC colocation services including utilities, hosting, cooling, operating and maintaining (collectively, “Colocation Resources”) its customers’ servers and equipment in the Group’s buildings in the PRC. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide a series of distinct IDC colocation services daily throughout the fixed contract period. The Group is a lessor in some of its IDC colocation service arrangements and the lease component qualifies as an operating lease. Under ASC 842, these contracts qualify for a practical expedient available to lessors to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. The Group applied this practical expedient and have accounted for the combined component under ASC 606 because the non-lease components is predominant. For wholesale and retail data center contracts, the Group’s efforts or inputs are expended evenly throughout the performance period that typically ranges from one to ten years, hence, the Group recognizes revenue over time using a time-based measure, on a straight-line basis. The remaining hyperscale data center contracts include a contractual minimum resulting in a portion of the consideration being fixed (“Fixed Consideration”). The Group’s efforts or inputs are not expended evenly throughout the performance period, which is generally ten years for such contracts. The Fixed Consideration is included in the transaction price for the entire contract period, and recognized as revenue based on cumulative utilization of capacity from contract inception through the end of the reporting period. The variable consideration for each month is allocated to the distinct colocation services for the particular month in accordance with ASC 606-10-32-40 because the variable consideration relates to the Group’s efforts to satisfy the collocation services for that month and reflects the value of the Group’s colocation services delivered to the customer. Therefore, the Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the uncertainty related to the transaction price is resolved based on the utilization records because the variable consideration specifically relates to the transfer of the distinct services during that month. Colocation rental The Group rents out hyperscale data center space to customers in Malaysia. The Group applied the practical expedient to account for lease and non-lease components associated with the lease as a single lease component under ASC 842 as the lease component is predominant. Colocation rental revenue is recognized on a straight-line basis over the lease term. Others Others mainly includes fiber optic cable and other fitting services provided at the customers’ request. The Group uses construction progress reports, an output measure, to recognize revenue over time provided all revenue recognition criteria have been met, as it most faithfully depicts the Group’s performance toward complete satisfaction of the performance obligation. As of December 31, 2020, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) is related to colocation services, does not include any variable consideration, and amounted to RMB12,587,598 (US$1,929,134). The Company expects to recognize as revenue 11%, 47% and 42% of these performance obligations within twelve months, one to five years, and after five years, respectively. |
Cost of revenues | Cost of revenues Cost of revenues consists mainly of utility fees, depreciation of property and equipment, bandwidth costs, rental costs, salaries and benefits for employees directly involved in revenue generation activities, and other expenses directly attributable to the provision of services. |
Research and development expense | Research and development expense Research and development expenses primarily consist of salaries and benefits for research and development personnel, and third party service provider costs. The Group expenses research and development costs as they are incurred. |
Government grants | Government grants Government grants received from provincial and local governments are related to acquisition of assets. The grants are recorded as “deferred government grants” and are included in the “Accrued expenses and other current liabilities”, or “Other non-current liabilities” line items in the consolidated balance sheets when received. Once the Group fulfills the conditions stipulated under the grant, the grant amount will be released to the consolidated statements of comprehensive loss in equal amounts over the expected useful life of the related asset, as a reduction of the related depreciation expense. |
Share-based compensation | Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Cancellation of the awards accompanied by the concurrent grant of a replacement award is also accounted for as a modification of the terms of the cancelled awards. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Group recognizes over the remaining requisite service period and upon the satisfaction of performance condition, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Group recognizes is the cost of the original award. |
Employee benefit expenses | Employee benefit expenses All eligible employees of the Group in the PRC are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group recorded employee benefit expenses of nil, RMB16,210 and RMB18,385 (US$2,818) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group also maintains a government mandated employee provident fund schemes to cover employees of its wholly owned subsidiaries in Malaysia. The employee provident fund schemes are considered a defined contribution plan. Employer and employee contributions are made based on various percentages of salaries and wages that vary based on employee age and other factors. The Group’s contributions into the program amounted to RMB1,082, RMB1,150 and RMB1,049 (US$161) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group has no further payment obligations once the contributions have been paid. |
Loss per share | Loss per share In accordance with ASC 260, Earnings Per Share |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits, if any, will be recorded in the “other non-current liabilities” in the accompanying consolidated financial statements is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. |
Concentration of risks | Concentration of risks Concentration of credit risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, contingent receivable and amounts due from related parties. The Group expects that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, and the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The risk with respect to the contingent receivable is mitigated by the ongoing assessment of the counterparty’s credit quality by reference to the counterparty’s default history. Accounts receivable and amounts due from related parties are typically unsecured and are derived from revenues earned from customers. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Concentration of risks (Continued) Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to existing competitors; and new trends in new technologies and industry standards; control of telecommunication infrastructures by local regulators and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. Two customers accounted for 32.8% and 21.8%, respectively, of total revenues during the year ended December 31, 2018, and 68.2% and 11.1%, respectively, of total revenues during the year ended December 31, 2019. One customer accounted for 81.7% of total revenues during the year ended December 31, 2020. Interest rate risk The Group is exposed to interest rate risk on its interest-bearing liabilities. As of December 31, 2020, a hypothetical 1% increase or decrease in annual interest rates of RMB-denominated borrowings, US-denominated borrowings and MYR-denominated borrowings, in aggregate, would increase or decrease total interest expense by approximately RMB38,403 (US$5,886). Investments in floating rate interest earning instruments carry a degree of interest rate risk. The Group has not been, and do not expect to be, exposed to material interest rate risks relating to such investments. Currency convertibility risk The Group transacts a majority of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollar, there was a depreciation and an appreciation of approximately 1.3% and 6.3% during the years ended December 31, 2019 and 2020, respectively. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. To the extent that the Group needs to convert U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Group would receive from the conversion. Conversely, if the Group decides to convert RMB into U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s earnings or losses. |
Recent accounting pronouncements | Recent accounting pronouncements The Group is an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Group elected to take advantage of the extended transition periods. However, this election will not apply should the Group cease to be classified as an EGC. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses Measurement of Credit Losses Financial Instruments—Credit Losses |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Principal Subsidiaries Variable Interest Entities and Subsidiaries of Variable Interest Entities | As of December 31, 2020, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ acquisition Place of establishment Percentage of equity interest attributable to the Company Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Company Limited (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Company Limited (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Xiamen) Science and Technology Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Chindata (Hebei) Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Datong Qinhuai Data Company Limited April 26, 2019 PRC 100 % Provision of technical and consulting services Bridge Data Centres Malaysia Sdn Bhd November 1, 2017 Malaysia 100 % Provision of IDC colocation rental services Variable interest entities: Sitan (Beijing) Data Technology Company Limited (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Technology Company Limited (“Hebei Qinshu”) July 10, 2019 PRC Nil Provision of IDC colocation services Variable interest entities’ subsidiaries: Chindata (Beijing) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Sidake Hebei Data Technology Company Limited April 26, 2019 PRC Nil Provision of IDC colocation services Datong Sitan Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Chindata (Shenzhen) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services * each or collectively referred to as the “WFOE”. |
Schedule of Assets Liabilities and Result of Operations and Cash Flow of VIEs | The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs included in the Company’s consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows: As at December 31, 2019 2020 2020 RMB RMB US$ Current assets Cash and cash equivalents 78,706 251,589 38,558 Accounts receivable, net 281,619 399,451 61,219 Amounts due from subsidiaries of the Group 299,240 229,845 35,225 Value added taxes recoverable 11,911 3,367 516 Amounts due from related parties 88,929 35 5 Prepayments and other current assets 3,591 5,715 876 Total current assets 763,996 890,002 136,399 Non-current assets Property and equipment, net 70,872 64,727 9,920 Operating lease right-of-use assets 251,193 239,155 36,652 Intangible assets 22,706 20,251 3,104 Amounts due from subsidiaries of the Group 300,000 300,000 45,977 Deferred tax assets — 10,598 1,624 Other non-current assets 8,175 8,783 1,346 Total non-current assets 652,946 643,514 98,623 Total assets 1,416,942 1,533,516 235,022 Current liabilities Accounts payable 19,569 31,694 4,857 Income taxes payable 174 1,288 197 Amounts due to subsidiaries of the Group 997,535 1,124,418 172,325 Amounts due to related parties 14,539 — — Current portion of operating lease liabilities 37,401 38,054 5,832 Accrued expenses and other current liabilities 35,828 31,231 4,786 Total current liabilities 1,105,046 1,226,685 187,997 Non-current liabilities Operating lease liabilities 217,321 204,305 31,311 Deferred tax liabilities 5,206 3,131 480 Other non-current liabilities 4,406 4,977 763 Total non-current liabilities 226,933 212,413 32,554 Total liabilities 1,331,979 1,439,098 220,551 For the year ended December 31, 2019 2020 2020 RMB RMB US$ Revenue 712,115 1,706,086 261,469 Net income (loss) 29 (52,771 ) (8,088 ) Net cash generated from operating activities 80,433 122,772 18,816 Net cash used in investing activities (14,762) (12,115 ) (1,857 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 9,503 — Contingent receivable (Note 16) — — 14,630 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable (Note 16) — — 13,609 |
Schedule of Reconciliation of all financial Instruments Measured at Fair Value on a Recurring Basis Using Level 3 Unobservable Inputs | The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of December 31, 2018 — Recognized during the year ended December 31, 2019 13,503 Fair value change 1,127 Balance as of December 31, 2019 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 The amount of total gain for the year ended December 31, 2020 7,762 The amount of total gain for the year ended December 31, 2020 (US$) 1,190 |
Schedule of Property Plant and Equipment Estimated Useful Lives of Assets | Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 40 years Data center equipment 10 to 20 years Furniture and office equipment 3 to 5 years Computers and network equipment 5 years Motor vehicles 5 years Purchased software 5 years Leasehold improvements Lesser of useful life or lease term |
Schedule of Estimated Useful Life for Intangible Assets | The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license 4 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues From Contracts With Customers Disaggregated by Material Revenue Category | The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Colocation services recognized over time — 678,348 1,701,911 260,829 Colocation rental recognized over time 93,423 128,870 124,991 19,156 Others recognized over time 5,061 45,792 4,175 640 98,484 853,010 1,831,077 280,625 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating lease cost 2,798 24,224 40,479 6,204 Finance lease cost 6,096 8,931 4,724 724 Short-term lease cost — 1,661 2,208 338 8,894 34,816 47,411 7,266 4. LEASE (Continued) |
Schedule of Maturities of Lease Liabilities | Lessee Accounting (Continued) Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2021 41,613 6,377 5,466 838 Year ending December 31, 2022 35,712 5,473 5,568 853 Year ending December 31, 2023 28,977 4,441 5,659 867 Year ending December 31, 2024 28,423 4,356 5,774 885 Year ending December 31, 2025 and thereafter 275,242 42,183 178,953 27,426 Total lease payments 409,967 62,830 201,420 30,869 Less imputed interest (165,531 ) (25,369 ) (136,528 ) (20,924 ) Present value of lease liabilities 244,436 37,461 64,892 9,945 |
Summary of Other Supplemental Information Related to Leases | Other supplemental information related to leases is summarized below: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 2,703 21,092 40,275 6,172 Operating cash flows used in finance leases 4,956 6,599 6,008 921 Financing cash flows used in finance leases 75,691 9,230 18,441 2,826 Lease liabilities arising from obtaining right-of-use assets Operating leases 1,357 13,044 8,091 1,240 Finance leases 62,404 178 708 109 As at December 31, 2019 2020 Weighted-average remaining lease term (years) Operating leases 14.53 13.68 Finance leases 28.24 27.07 Weighted-average discount rate Operating leases 8.58 % 8.59 % Finance leases 9.06 % 9.05 % |
Summary of Minimum Lease Payments Expected to be Collected | As of As at December 31, 2020 RMB US$ Year ending December 31, 2021 84,313 12,922 Year ending December 31, 2022 73,844 11,317 Year ending December 31, 2023 54,175 8,303 Year ending December 31, 2024 9,587 1,469 Year ending December 31, 2025 and thereafter 33,506 5,135 Total 255,425 39,146 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable Net [Abstract] | |
Summary of Accounts Receivable | As at December 31, 2019 2020 2020 RMB RMB US$ Accounts receivable 309,465 434,720 66,624 Allowance for doubtful accounts (4,770 ) (12,496 ) (1,915 ) Accounts receivable, net 304,695 422,224 64,709 |
Summary of Movements in Allowance for Doubtful Accounts | The movements in the allowance for doubtful accounts were as follows: 2019 2020 2020 RMB RMB US$ Balance at beginning of the year 98 4,770 731 Provisions 4,710 7,726 1,184 Write-offs (38 ) — — Balance at end of the year 4,770 12,496 1,915 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | As at December 31, 2019 2020 2020 RMB RMB US$ Buildings 1,190,980 1,909,633 292,664 Data center equipment 2,375,136 3,945,877 604,732 Furniture and office equipment 13,560 11,934 1,829 Computers and network equipment 9,928 16,677 2,556 Motor vehicles 3,873 6,868 1,053 Purchased software 3,608 6,984 1,070 Leasehold improvements 32,202 36,358 5,572 Construction in progress 1,111,263 1,196,551 183,379 4,740,550 7,130,882 1,092,855 Less: accumulated depreciation (335,963 ) (707,052 ) (108,360 ) Property and equipment, net 4,404,587 6,423,830 984,495 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As at December 31, 2019 2020 2020 RMB RMB US$ Acquired customer relationships 399,255 397,979 60,993 Acquired license — 2,556 392 Less: accumulated amortization (38,506 ) (80,236 ) (12,297 ) Intangible assets, net 360,749 320,299 49,088 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | Stack Group Balance as of January 1, 2019 — Goodwill acquired (Note 16) 466,320 Balance as of December 31, 2019 466,320 Goodwill acquired (Note 16) 6,563 Balance as of December 31, 2020 472,883 Balance as of December 31, 2020 (US$) 72,472 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | As at December 31, 2019 2020 2020 RMB RMB US$ Payroll payable 25,762 48,339 7,408 Interest payable 8,472 14,639 2,244 Deferred government grants 4,092 8,629 1,322 Other tax and surcharges payable 23,510 28,904 4,430 Accrued expenses 52,485 52,768 8,087 Others 15,351 58,270 8,930 129,672 211,549 32,421 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Secured Longterm Debt Current And Noncurrent [Abstract] | |
Summary of Group's Borrowings | The Group’s borrowings consisted of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Secured short-term bank loan 15,000 66,135 10,136 Secured long-term bank loan 2,740,501 4,122,898 631,861 2,755,501 4,189,033 641,997 |
Summary of Loan Principal Due | As of December 31, 2020, the loan principal will be due according to the following schedule: RMB US$ 2021 296,913 45,504 2022 1,850,212 283,557 2023 489,116 74,960 2024 786,924 120,601 2025 and thereafter 953,623 146,149 4,376,788 670,771 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Profit (Loss) Before Income Taxes | Profit (loss) before income taxes consists of: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ PRC — 77,079 102,329 15,682 Non-PRC (140,920 ) (248,522 ) (318,335 ) (48,787 ) (140,920 ) (171,443 ) (216,006 ) (33,105 ) |
Summary of Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) appearing in the consolidated statements of comprehensive loss are as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Current income tax 555 631 59,964 9,190 Deferred income tax (3,314 ) (2,373 ) 7,375 1,130 (2,759 ) (1,742 ) 67,339 10,320 |
Schedule of Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax | A reconciliation of the differences between the statutory tax rate and the effective tax rate for enterprise income tax is as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income tax (140,920 ) (171,443 ) (216,006 ) (33,105 ) Income tax benefit computed at the PRC statutory tax rate of 25% (35,230 ) (42,861 ) (54,001 ) (8,276 ) Effect of differing tax rates in different jurisdictions 4,150 23,599 35,228 5,399 Effect of PRC preferential tax rates — (3,346 ) (22,350 ) (3,425 ) Research and development super-deduction — (4,001 ) (7,557 ) (1,158 ) Effect of tax rate changes on deferred taxes — — 5,325 816 Non-deductible expenses and non-taxable income, net* 19,446 384 106,892 16,382 Change in valuation allowance 8,875 24,483 3,802 582 Income tax (benefit) expense (2,759 ) (1,742 ) 67,339 10,320 * Primarily represents share-based compensation expense, impairment of goodwill, other non-deductible professional expenses, and income from entities not subject to income tax. |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | The significant components of the Group’s deferred tax assets and liabilities are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax assets Tax loss carry forward 67,708 67,873 10,402 Unabsorbed capital allowance 50,475 63,297 9,701 Depreciation and amortization expense 18,809 23,887 3,661 Operating lease 63,823 60,878 9,330 Accrued expenses and others 16,865 35,245 5,402 Less: Valuation allowance* 73,997 71,229 10,916 143,683 179,951 27,580 As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax liabilities Property and equipment 173,777 222,489 34,098 Acquisition of intangible assets 89,474 105,805 16,215 Debt issuance cost 15,588 13,243 2,030 Operating lease 63,823 64,358 9,863 Others 8,949 9,698 1,487 351,611 415,593 63,693 Presentation in the consolidated balance sheets: Deferred tax assets 3,611 18,789 2,880 Deferred tax liabilities 211,539 254,431 38,993 Net deferred tax liabilities 207,928 235,642 36,113 11. TAXATION (Continued) * Based upon the level of historical taxable income, scheduled reversal of deferred tax liabilities and projections for future taxable income over the periods in which the deferred tax assets are realizable, management recorded full valuation allowance against deferred tax assets of those subsidiaries and VIEs that are in a cumulative loss as of December 31, 2019 and 2020, except for the portion that can be realized by matching reversals of deferred tax liabilities. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumptions Used to Estimate Fair Value of Share Options Granted | The assumptions used to estimate the fair value of the share options granted during the year ended December 31, 2020 2019 Plan 2020 Plan Risk-free rate 1.90% 0.57% – 1.90% Expected volatility range 39.65% – 39.78% 39.65% – 40.53% Exercise multiple 2.80 2.80 Fair value per ordinary share as at valuation dates US$2.32 US$4.45 – US$14.00 |
Summary of Share-based Compensation Expenses Recognized in Income and Capitalized as Part of the Cost of Assets | A summary of share-based compensation expenses recognized in income and capitalized as part of the cost of assets for the years ended December 31, 2018, 2019 and 2020 is as follows: 2018 2019 2020 2020 RMB RMB RMB US$ Cost of revenue — — 32,990 5,056 Selling and marketing — — 21,691 3,324 General and administrative — 63,746 295,165 45,236 Construction in progress — — 20,127 3,085 Total share-based compensation expenses — 63,746 369,973 56,701 |
2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity is stated below: Number of share options/ESOP Holdco Class B shares Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 — n/a Granted 17,633,120 1.73 Vested (7,789,995 ) 1.79 Forfeited — n/a Awarded and unvested as of December 31, 2020 9,843,125 1.68 Expected to vest as of December 31, 2020 9,843,125 1.68 |
2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity under 2020 Plan is stated below: Number of share options Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 — n/a Granted 14,138,509 5.43 Exercised* (5,667,164 ) 3.55 Forfeited (2,000 ) 4.61 Awarded and unvested as of December 31, 2020 8,469,345 6.68 Expected to vest as of December 31, 2020 8,469,345 6.68 Exercisable as of December 31, 2020 1,696,614 4.63 |
ISUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the ISU activities is stated below: Number of ISUs Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2019 423,000 17.26 Granted 244,409 127.57 Vested (121,892 ) 71.64 Forfeited (160,000 ) 40.32 Awarded and unvested as of December 31, 2020 385,517 74.78 Expected to vest as of December 31, 2020 385,517 74.78 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The Group had the following related party transactions, except for transactions disclosed in other notes: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Purchase of services from Wangsu* — 104,312 83,382 12,779 Net revenue from colocation services provided to Wangsu** — 95,071 83,054 12,729 Management consulting services provided by Affiliates*** 11,300 16,434 59,741 9,156 Management consulting services provided by Shareholder Affiliates*** — 8,438 13,016 1,995 Gain on divestiture of Qinyun and related assets**** — — 6,562 1,006 11,300 224,255 245,755 37,665 * A portion of the services purchased comprised of certain Colocation Resources purchased from Wangsu, which are not distinct within the context of the Company’s revenue arrangement with Wangsu. Thus, in accordance with ASC 606-10-32-25, the entire consideration for these Colocation Resources (“Consideration Payable”) is accounted for as a reduction of revenue. ** Colocation services revenue from Wangsu for the period April 26, 2019 to December 31, 2019 and January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB70,861 and RMB62,440 (US$9,569), respectively. *** In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB50,000 (US$7,663) and RMB11,000 (US$1,686), payable in cash to the Affiliates and the Shareholder Affiliates, respectively. **** On August 4, 2020, the Group disposed 100% of equity interests of Qinyun for nil consideration as Qinyun was in a net deficit position, of which 99.9% and 0.1% was transferred to the Group’s Chief Executive Officer, Mr. Jing Ju and a third-party individual, respectively. Subsequently, the Group transferred certain assets to Qinyun for cash consideration of RMB64,000, which is recorded in due from related party, as a noncash investing activity in consolidated statements of cash flows. The gain resulting from the divestiture of Qinyun and related assets transfer was RMB6,562 (US$1,006). |
Summary of Related Party Balances | The Group had the following related party balances at the end of the year: As at December 31, 2019 2020 2020 RMB RMB US$ Amounts due from related parties: Company Affiliates 88,929 64,093 9,823 Amounts due to related parties: Company Affiliates 29,275 — — Affiliates 22,890 490 75 Shareholder Affiliates 8,022 36,978 5,667 60,187 37,468 5,742 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Loss Per Share | Basic and diluted loss per share for each of the years presented are calculated as follows: For the year ended December 31, 2018 2019 2020 Ordinary shares Class A Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to ordinary shareholders—basic and diluted (138,161 ) (174,443 ) (105,403 ) (16,154 ) (177,942 ) (27,271 ) Denominator: Weighted average number of shares outstanding—basic and diluted 97,550,502 397,153,121 228,284,218 228,284,218 385,389,358 385,389,358 (1.42 ) (0.44 ) (0.46 ) (0.07 ) (0.46 ) (0.07 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | RMB Balance as of January 1, 2018 12 Foreign currency translation adjustments, net of tax of nil 18,032 Balance as of December 31, 2018 18,044 Foreign currency translation adjustments, net of tax of nil 21,967 Balance as of December 31, 2019 40,011 Foreign currency translation adjustments, net of tax of nil (212,597 ) Balance as of December 31, 2020 (172,586 ) Balance as of December 31, 2020, in US$ (26,450 ) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PRC Subsidiary | |
Business Acquisition [Line Items] | |
Summary of Purchase Consideration on Acquisition Date | Details of the purchase consideration on the Acquisition Date are as follows: RMB Cash consideration 2,785,820 Contingent receivable (13,503 ) 2,772,317 |
Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed on the Acquisition Date: RMB Purchase consideration 2,772,317 Less: Cash and cash equivalents 892,009 Restricted cash 14,771 Other current assets 304,495 Property and equipment, net 1,591,412 Customer relationships 372,025 Operating lease right-of-use assets 392,286 Other non-current assets 113,038 Other current liabilities (670,648 ) Deferred tax liabilities (116,019 ) Other non-current liabilities (587,372 ) Goodwill 466,320 16. BUSINESS COMBINATION (Continued) |
Summary of Proforma Information | The pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been occurred had the acquisition been consummated as of that time or that may result in the future: For the year ended December 31, 2018 2019 RMB (unaudited) RMB (unaudited) Pro forma revenue 418,910 1,098,383 Pro forma net loss attributable to Chindata Group Holdings Limited (202,714 ) (141,745 ) |
Huailai Huizhi Construction Co. Ltd. | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2020 Acquisition Date: RMB US$ Purchase consideration 39,612 6,071 Settlement of accounts payable due to Huizhi (174,695 ) (26,773 ) Total purchase consideration (135,083 ) (20,702 ) Less: Cash and cash equivalents 16,008 2,453 Other current assets 24,085 3,691 Property and equipment, net 641 98 Other non-current assets 1,022 157 Current liabilities (183,402 ) (28,108 ) Goodwill 6,563 1,007 |
Segment Information (Table)
Segment Information (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Net Revenues by Geographic Area | Net revenues by geographic area are based upon the location of the customers. Total net revenues by geographic area are presented as follows: For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ PRC — 712,115 1,706,086 261,469 Malaysia 98,484 140,895 124,991 19,156 98,484 853,010 1,831,077 280,625 |
Summary of Long-lived Assets by Geographic Area | Long-lived assets by geographic area are presented as follows: As at December 31, 2019 2020 2020 RMB RMB US$ PRC 3,807,201 6,016,479 922,066 Malaysia 974,353 958,408 146,882 India 208,668 229,241 35,133 4,990,222 7,204,128 1,104,081 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements | Condensed Balance Sheets As at December 31, 2019 2020 2020 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 10,482 3,514,736 538,657 Amounts due from subsidiaries of the Group 2,252 2,894 444 Total current assets 12,734 3,517,630 539,101 Non-current assets Investment in subsidiaries 3,239,690 6,318,785 968,397 Total non-current assets 3,239,690 6,318,785 968,397 Total assets 3,252,424 9,836,415 1,507,498 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 15,251 36,978 5,667 Accrued expenses and other payables — 28,410 4,356 Total current liabilities 15,251 65,388 10,023 Non-current liabilities: Other non-current liabilities — 31,559 4,837 Total non-current liabilities — 31,559 4,837 Total liabilities 15,251 96,947 14,860 Shareholders’ equity Ordinary shares (par value of US$0.00001 per share, 5,000,000,000 shares authorized; 566,716,480 shares issued and outstanding as of December 31, 2019; 4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding, 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020) 34 46 7 Additional paid-in capital 3,512,291 10,510,516 1,610,807 Statutory reserve 13,908 82,792 12,688 Accumulated other comprehensive income (loss) 40,011 (172,586 ) (26,450 ) Accumulated deficit (329,071 ) (681,300 ) (104,414 ) Total shareholders’ equity 3,237,173 9,739,468 1,492,638 Total liabilities and shareholders’ equity 3,252,424 9,836,415 1,507,498 2 0 . CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive Loss For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Operating expenses General and administrative expenses — (33,523 ) (53,945 ) (8,267 ) Total operating expenses — (33,523 ) (53,945 ) (8,267 ) Operating loss — (33,523 ) (53,945 ) (8,267 ) Interest income — — 1,854 284 Interest expense — 47 — — Share of losses of subsidiaries and the VIEs (138,161 ) (140,967 ) (232,287 ) (35,600 ) Foreign currency exchange loss — — (1,193 ) (183 ) Others, net — — 2,226 341 Net loss attributable to ordinary shareholders (138,161 ) (174,443 ) (283,345 ) (43,425 ) Other comprehensive income (foreign currency translation adjustments), net of tax of nil: 18,032 21,967 (212,597 ) (32,582 ) Comprehensive loss (120,129 ) (152,476 ) (495,942 ) (76,007 ) 20. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash used in operating activities — (26,093 ) (22,553 ) (3,456 ) Net cash used in investing activities — (601,174 ) (2,893,144 ) (443,394 ) Net cash generated from financing activities — 637,792 6,683,039 1,024,221 Effect of exchange rate changes on cash and cash equivalents — (43 ) (263,088 ) (40,320 ) Net increase in cash and cash equivalents — 10,482 3,504,254 537,051 Cash and cash equivalents at beginning of the year — — 10,482 1,606 Cash and cash equivalents at end of the year — 10,482 3,514,736 538,657 |
Organization - Additional Infor
Organization - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Oct. 02, 2020CNY (¥) | Oct. 02, 2020USD ($)$ / sharesshares | Apr. 26, 2019CNY (¥) | Dec. 31, 2020shares | Dec. 31, 2019shares | Aug. 18, 2020$ / sharesshares | Jul. 31, 2020$ / sharesshares |
Organization [Line Items] | |||||||
Equity interest | 100.00% | ||||||
Purchase consideration | ¥ | ¥ 2,772,317 | ||||||
Number of ordinary shares acquired | 36,860,590 | ||||||
Shares price per share | $ / shares | $ 5.43 | ||||||
Common stock, shares, issued | 566,716,480 | ||||||
VIEs | |||||||
Organization [Line Items] | |||||||
Percentage of revenue contribution by VIE | 93.00% | 83.00% | |||||
Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 344,577,783 | ||||||
Class B | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 380,214,434 | ||||||
Pre IPO Private Placements | |||||||
Organization [Line Items] | |||||||
Number of ordinary shares acquired | 119,796,921 | ||||||
Shares price per share | $ / shares | $ 5.43 | ||||||
Common stock, shares, issued | 9,215,147 | ||||||
Number of shares sold and transferred from existing shareholders | 110,581,774 | ||||||
IPO | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 40,000,000 | ||||||
IPO | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 80,000,000 | ||||||
Conversion of outstanding shares | 338,584,043 | ||||||
IPO | Class B | |||||||
Organization [Line Items] | |||||||
Conversion of outstanding shares | 386,208,174 | ||||||
Concurrent Private Placement | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 10,000,000 | ||||||
Concurrent Private Placement | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 20,000,000 | ||||||
Underwriter's Option | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 6,000,000 | ||||||
Underwriter's Option | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 12,000,000 | ||||||
IPO and Concurrent Private Placement | |||||||
Organization [Line Items] | |||||||
Underwriting discount and issuance cost | ¥ 4,871,804 | $ 746,637 |
Organization - Schedule of Prin
Organization - Schedule of Principal Subsidiaries Variable Interest Entities and Subsidiaries of Variable Interest Entities (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Stack Midco Limited | Cayman | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Nov. 27, 2018 |
Place of establishment | Cayman |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Investment holding |
Suzhou Stack | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Dec. 10, 2018 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of technical and consulting services |
Hebei Stack | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 10, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of technical and consulting services |
Chindata (Xiamen) Science and Technology Co., Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of technical and consulting services |
Chindata (Hebei) Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of technical and consulting services |
Datong Qinhuai Data Company Limited | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of technical and consulting services |
Bridge Data Centres Malaysia Sdn Bhd | Malaysia | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Nov. 1, 2017 |
Place of establishment | Malaysia |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | Provision of IDC colocation rental services |
Variable Interest Entities | Beijing Sitan | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Dec. 19, 2018 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Variable Interest Entities | Hebei Qinshu | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 10, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Variable Interest Entities’ Subsidiaries | Chindata Beijing Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Variable Interest Entities’ Subsidiaries | Sidake Hebei Data Technology Company Limited | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Variable Interest Entities’ Subsidiaries | Datong Sitan Data Science and Technology Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Variable Interest Entities’ Subsidiaries | Shenzhen | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Organization - Schedule of Asse
Organization - Schedule of Assets Liabilities and Result of Operations and Cash Flow of VIEs (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Current assets | |||||
Cash and cash equivalents | ¥ 6,705,612 | ¥ 1,038,897 | ¥ 104,207 | $ 1,027,680 | |
Accounts receivable, net | 422,224 | 304,695 | 64,709 | ||
Value added taxes recoverable | 182,982 | 80,715 | 28,043 | ||
Amount due from related parties | 64,093 | 88,929 | 9,823 | ||
Prepayments and other current assets | 112,467 | 45,530 | 17,234 | ||
Total current assets | 7,589,976 | 1,573,131 | 1,163,213 | ||
Non-current assets | |||||
Property and equipment, net | 6,423,830 | 4,404,587 | 984,495 | ||
Operating lease right-of-use assets | 635,683 | 430,288 | 97,423 | ||
Intangible assets | 320,299 | 360,749 | 49,088 | ||
Deferred tax assets | 18,789 | 3,611 | 2,880 | ||
Other non-current assets | 193,145 | 62,721 | 29,600 | ||
Total non-current assets | 8,669,622 | 6,198,052 | 1,328,677 | ||
Total assets | 16,259,598 | 7,771,183 | 2,491,890 | ||
Current liabilities | |||||
Accounts payable | 1,186,030 | 959,372 | 181,767 | ||
Amounts due to related parties | 37,468 | 60,187 | 5,742 | ||
Current portion of operating lease liabilities | 40,131 | 37,767 | 6,150 | ||
Total current liabilities | 1,832,940 | 1,266,779 | 280,910 | ||
Non-current liabilities | |||||
Operating lease liabilities | 204,305 | 217,523 | 31,311 | ||
Deferred tax liabilities | 254,431 | 211,539 | 38,993 | ||
Other non-current liabilities | 260,225 | 78,510 | 39,881 | ||
Total non-current liabilities | 4,687,190 | 3,267,231 | 718,342 | ||
Total liabilities | 6,520,130 | 4,534,010 | 999,252 | ||
Total revenue | 1,831,077 | $ 280,625 | 853,010 | 98,484 | |
Net income (loss) | (283,345) | (43,425) | (169,701) | (138,161) | |
Net cash generated from operating activities | 664,910 | 101,902 | 40,167 | (25,601) | |
Net cash used in investing activities | (2,769,269) | (424,409) | (3,520,639) | ¥ (1,052,317) | |
VIEs | |||||
Current assets | |||||
Cash and cash equivalents | 251,589 | 78,706 | 38,558 | ||
Accounts receivable, net | 399,451 | 281,619 | 61,219 | ||
Amounts due from subsidiaries of the Group | 229,845 | 299,240 | 35,225 | ||
Value added taxes recoverable | 3,367 | 11,911 | 516 | ||
Amount due from related parties | 35 | 88,929 | 5 | ||
Prepayments and other current assets | 5,715 | 3,591 | 876 | ||
Total current assets | 890,002 | 763,996 | 136,399 | ||
Non-current assets | |||||
Property and equipment, net | 64,727 | 70,872 | 9,920 | ||
Operating lease right-of-use assets | 239,155 | 251,193 | 36,652 | ||
Intangible assets | 20,251 | 22,706 | 3,104 | ||
Amounts due from subsidiaries of the Group | 300,000 | 300,000 | 45,977 | ||
Deferred tax assets | 10,598 | 0 | 1,624 | ||
Other non-current assets | 8,783 | 8,175 | 1,346 | ||
Total non-current assets | 643,514 | 652,946 | 98,623 | ||
Total assets | 1,533,516 | 1,416,942 | 235,022 | ||
Current liabilities | |||||
Accounts payable | 31,694 | 19,569 | 4,857 | ||
Income taxes payable | 1,288 | 174 | 197 | ||
Amounts due to subsidiaries of the Group | 1,124,418 | 997,535 | 172,325 | ||
Amounts due to related parties | 0 | 14,539 | 0 | ||
Current portion of operating lease liabilities | ¥ 38,054 | ¥ 37,401 | $ 5,832 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | cd:OperatingLeaseLiabilityCurrentMember | cd:OperatingLeaseLiabilityCurrentMember | cd:OperatingLeaseLiabilityCurrentMember | ||
Accrued expenses and other current liabilities | ¥ 31,231 | ¥ 35,828 | $ 4,786 | ||
Total current liabilities | 1,226,685 | 1,105,046 | 187,997 | ||
Non-current liabilities | |||||
Operating lease liabilities | ¥ 204,305 | ¥ 217,321 | $ 31,311 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | cd:OperatingLeaseLiabilityNoncurrentMember | cd:OperatingLeaseLiabilityNoncurrentMember | cd:OperatingLeaseLiabilityNoncurrentMember | ||
Deferred tax liabilities | ¥ 3,131 | ¥ 5,206 | $ 480 | ||
Other non-current liabilities | 4,977 | 4,406 | 763 | ||
Total non-current liabilities | 212,413 | 226,933 | 32,554 | ||
Total liabilities | 1,439,098 | 1,331,979 | $ 220,551 | ||
Total revenue | 1,706,086 | 261,469 | 712,115 | ||
Net income (loss) | (52,771) | (8,088) | 29 | ||
Net cash generated from operating activities | 122,772 | 18,816 | 80,433 | ||
Net cash used in investing activities | ¥ (12,115) | $ (1,857) | ¥ (14,762) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information1 (Details) | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 11.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 47.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 42.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 0 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) RM in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020MYR (RM) | Dec. 31, 2019MYR (RM) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Convenience translation rate (USD to RMB) | 6.5250 | 6.5250 | 6.5250 | ||||
Interest expenses incurred | ¥ 330,573,000 | $ 50,663 | ¥ 120,170,000 | ¥ 24,344,000 | |||
Interest expenses incurred capitalized | 92,189,000 | $ 14,129 | 17,880,000 | 0 | |||
Impairment loss | 0 | 0 | |||||
Inventory write-downs | 0 | 0 | |||||
Impairment of long-lived assets | 0 | 0 | |||||
Impairment of goodwill | 0 | ¥ 0 | ¥ 21,598,000 | ||||
Revenue, performance obligation | ¥ 12,587,598,000 | $ 1,929,134 | |||||
Foreign currency exchange rate depreciation | 1.30% | ||||||
Foreign currency exchange rate appreciation | 6.30% | 6.30% | |||||
RMB US and MYR-Denominated Borrowings | Interest Rate Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Hypothetical increase or decrease in annual interest rates of denominated borrowings | 1.00% | 1.00% | |||||
Increase or decrease total interest expense | ¥ 38,403,000 | 5,886 | |||||
Accounts Receivable | Customer Two | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration of credit risk percent | 10.00% | 10.00% | 10.00% | ||||
Accounts Receivable | Customer One | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration of credit risk percent | 10.00% | 10.00% | 10.00% | ||||
Revenue | Customer Two | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration of credit risk percent | 11.10% | 21.80% | |||||
Revenue | Customer One | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration of credit risk percent | 68.20% | 32.80% | |||||
Revenue | Customer Three | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration of credit risk percent | 81.70% | 81.70% | |||||
PRC | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Employee benefit expenses | ¥ 18,385,000 | $ 2,818 | ¥ 16,210,000 | ¥ 0 | |||
Malaysia | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Employee benefit expenses | 1,049,000 | 161 | 1,150,000 | 1,082,000 | |||
Other Noncurrent Liabilities | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Asset retirement obligations | 3,993,000 | 3,885,000 | 612 | ||||
ASC 815 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Notional amount of derivative contracts | 110,000,000 | $ 160,000 | RM 644,654 | RM 644,654 | |||
Gain (loss) recognized | ¥ (20,479,000) | $ (3,139) | ¥ (12,316,000) | ¥ 2,643,000 | |||
Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Revenue performance obligation period | 1 year | 1 year | |||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Revenue performance obligation period | 10 years | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative liabilities | ¥ 24,794 | ¥ 9,503 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Contingent receivable (Note 16) | ¥ 13,609 | ¥ 14,630 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Reconciliation of all financial Instruments Measured at Fair Value on a Recurring Basis Using Level 3 Unobservable Inputs (Details) - Fair Value, Recurring - Significant Unobservable Inputs (Level 3) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | ¥ 14,630 | ¥ 0 | |
Recognized during the year ended | 13,503 | ||
Settlement | (8,783) | ||
Fair value change | 7,762 | 1,127 | |
Year end balance | 13,609 | ¥ 14,630 | |
The amount of total gain for the year ended December 31, 2020 | ¥ 7,762 | $ 1,190 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule Schedule of Property Plant and Equipment Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 40 years |
Data Center Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 10 years |
Data Center Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Furniture and Office Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Furniture and Office Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Computers and Network Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Motor Vehicles | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Purchased Software | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | Lesser of useful life or lease term |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life for Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Acquired License | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 4 years |
Minimum | Acquired Customer Relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 5 years |
Maximum | Acquired Customer Relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 10 years |
Revenue - Summary of Revenues F
Revenue - Summary of Revenues From Contracts With Customers Disaggregated by Material Revenue Category (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 1,831,077 | $ 280,625 | ¥ 853,010 | ¥ 98,484 |
Colocation Services Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,701,911 | 260,829 | 678,348 | 0 |
Colocation Rental Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 124,991 | 19,156 | 128,870 | 93,423 |
Others Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 4,175 | $ 640 | ¥ 45,792 | ¥ 5,061 |
Lease - Summary of Components o
Lease - Summary of Components of Lease Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Lease Cost [Abstract] | ||||
Operating lease cost | ¥ 40,479 | $ 6,204 | ¥ 24,224 | ¥ 2,798 |
Finance lease cost | 4,724 | 724 | 8,931 | 6,096 |
Short-term lease cost | 2,208 | 338 | 1,661 | 0 |
Lease expense | ¥ 47,411 | $ 7,266 | ¥ 34,816 | ¥ 8,894 |
Lease - Schedule of Maturities
Lease - Schedule of Maturities of Lease Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) |
Operating Leases | ||
Year ending December 31, 2021 | ¥ 41,613 | $ 6,377 |
Year ending December 31, 2022 | 35,712 | 5,473 |
Year ending December 31, 2023 | 28,977 | 4,441 |
Year ending December 31, 2024 | 28,423 | 4,356 |
Year ending December 31, 2025 and thereafter | 275,242 | 42,183 |
Total lease payments | 409,967 | 62,830 |
Less imputed interest | (165,531) | (25,369) |
Present value of lease liabilities | ¥ 244,436 | $ 37,461 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | cd:OperatingLeaseLiabilityMember | cd:OperatingLeaseLiabilityMember |
Finance Leases | ||
Year ending December 31, 2021 | ¥ 5,466 | $ 838 |
Year ending December 31, 2022 | 5,568 | 853 |
Year ending December 31, 2023 | 5,659 | 867 |
Year ending December 31, 2024 | 5,774 | 885 |
Year ending December 31, 2025 and thereafter | 178,953 | 27,426 |
Total lease payments | 201,420 | 30,869 |
Less imputed interest | (136,528) | (20,924) |
Present value of lease liabilities | ¥ 64,892 | $ 9,945 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | cd:FinanceLeaseLiabilitiesMember | cd:FinanceLeaseLiabilitiesMember |
Lease - Summary of Other Supple
Lease - Summary of Other Supplemental Information Related to Leases (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Leases [Abstract] | ||||
Operating cash flows used in operating leases | ¥ 40,275 | $ 6,172 | ¥ 21,092 | ¥ 2,703 |
Operating cash flows used in finance leases | 6,008 | 921 | 6,599 | 4,956 |
Financing cash flows used in finance leases | 18,441 | 2,826 | 9,230 | 75,691 |
Lease liabilities arising from obtaining right-of-use assets | ||||
Operating leases | 8,091 | 1,240 | 13,044 | 1,357 |
Finance leases | ¥ 708 | $ 109 | ¥ 178 | ¥ 62,404 |
Weighted-average remaining lease term (years) | ||||
Operating leases | 13 years 8 months 4 days | 13 years 8 months 4 days | 14 years 6 months 10 days | |
Finance leases | 27 years 25 days | 27 years 25 days | 28 years 2 months 26 days | |
Weighted-average discount rate | ||||
Operating leases | 8.59% | 8.59% | 8.58% | |
Finance leases | 9.05% | 9.05% | 9.06% |
Lease - Summary of Minimum Leas
Lease - Summary of Minimum Lease Payments Expected to be Collected (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
Year ending December 31, 2021 | ¥ 84,313 | $ 12,922 |
Year ending December 31, 2022 | 73,844 | 11,317 |
Year ending December 31, 2023 | 54,175 | 8,303 |
Year ending December 31, 2024 | 9,587 | 1,469 |
Year ending December 31, 2025 and thereafter | 33,506 | 5,135 |
Total | ¥ 255,425 | $ 39,146 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Accounts Receivable Net [Abstract] | |||||
Accounts receivable | ¥ 434,720 | $ 66,624 | ¥ 309,465 | ||
Allowance for doubtful accounts | (12,496) | (1,915) | (4,770) | $ (731) | ¥ (98) |
Accounts receivable, net | ¥ 422,224 | $ 64,709 | ¥ 304,695 |
Accounts Receivable - Summary_2
Accounts Receivable - Summary of Movements in Allowance for Doubtful Accounts (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at beginning of the year | ¥ 4,770 | $ 731 | ¥ 98 |
Provisions | 7,726 | 1,184 | 4,710 |
Write-offs | (38) | ||
Balance at end of the year | ¥ 12,496 | $ 1,915 | ¥ 4,770 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 7,130,882 | $ 1,092,855 | ¥ 4,740,550 |
Less: accumulated depreciation | (707,052) | (108,360) | (335,963) |
Property and equipment, net | 6,423,830 | 984,495 | 4,404,587 |
Buildings | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 1,909,633 | 292,664 | 1,190,980 |
Data Center Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 3,945,877 | 604,732 | 2,375,136 |
Furniture and Office Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 11,934 | 1,829 | 13,560 |
Computers and Network Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 16,677 | 2,556 | 9,928 |
Motor Vehicles | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 6,868 | 1,053 | 3,873 |
Purchased Software | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 6,984 | 1,070 | 3,608 |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 36,358 | 5,572 | 32,202 |
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 1,196,551 | $ 183,379 | ¥ 1,111,263 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | ¥ 369,686 | $ 56,657 | ¥ 208,415 | ¥ 83,910 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Acquired customer relationships | ¥ 397,979 | $ 60,993 | ¥ 399,255 |
Acquired license | 2,556 | 392 | |
Less: accumulated amortization | (80,236) | (12,297) | (38,506) |
Intangible assets, net | ¥ 320,299 | $ 49,088 | ¥ 360,749 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | ¥ 42,292 | $ 6,482 | ¥ 32,760 | ¥ 4,721 |
Estimated amortization expense, 2021 | 42,405 | |||
Estimated amortization expense, 2022 | 42,405 | |||
Estimated amortization expense, 2023 | 39,592 | |||
Estimated amortization expense, 2024 | 37,740 | |||
Estimated amortization expense, 2025 | ¥ 37,247 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 466,320 | ||
Ending balance | 472,883 | $ 72,472 | ¥ 466,320 |
Stack Group | |||
Goodwill [Line Items] | |||
Beginning balance | 466,320 | ||
Goodwill acquired (Note 16) | 6,563 | 466,320 | |
Ending balance | ¥ 472,883 | $ 72,472 | ¥ 466,320 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Accounts Payable And Accrued Liabilities Current [Abstract] | |||
Payroll payable | ¥ 48,339 | $ 7,408 | ¥ 25,762 |
Interest payable | 14,639 | 2,244 | 8,472 |
Deferred government grants | 8,629 | 1,322 | 4,092 |
Other tax and surcharges payable | 28,904 | 4,430 | 23,510 |
Accrued expenses | 52,768 | 8,087 | 52,485 |
Others | 58,270 | 8,930 | 15,351 |
Accrued expenses and other current liabilities | ¥ 211,549 | $ 32,421 | ¥ 129,672 |
Bank Loans - Summary of Group's
Bank Loans - Summary of Group's Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Secured Longterm Debt Current And Noncurrent [Abstract] | |||
Secured short-term bank loan | ¥ 66,135 | $ 10,136 | ¥ 15,000 |
Secured long-term bank loan | 4,122,898 | 631,861 | 2,740,501 |
Bank loan | ¥ 4,189,033 | $ 641,997 | ¥ 2,755,501 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Details) $ in Thousands | Apr. 30, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020MYR (RM) | Dec. 31, 2019USD ($) | Dec. 31, 2019MYR (RM) |
Debt Instrument [Line Items] | |||||||
Financing credit facilities, amount | ¥ 2,700,000,000 | ¥ 1,734,000,000 | $ 265,000 | RM 248,000 | $ 175,000 | RM 248,000 | |
Unused loan facilities for bank borrowings | ¥ 128,911,000 | ¥ 184,349,000 | $ 30,000 | RM 0 | $ 50,000 | RM 0 | |
Weighted average interest rate on short-term bank loan | 7.00% | 5.66% | 7.00% | 7.00% | 5.66% | 5.66% | |
Weighted average interest rate on long-term bank loans | 7.87% | 8.36% | 7.87% | 7.87% | 8.36% | 8.36% | |
Breach of loan | ¥ 0 | ¥ 0 | |||||
Extinguishment loss recorded | ¥ 4,567,000 | ||||||
Indebtedness | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of long-term debt | 456,660,000 | ||||||
Accrued Interest | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of long-term debt | ¥ 732,000 | ||||||
Secured Debt | Bank Borrowings | Cash | |||||||
Debt Instrument [Line Items] | |||||||
Loan facility amount | 41,000,000 | ||||||
Secured Debt | Bank Borrowings | Accounts Receivable | |||||||
Debt Instrument [Line Items] | |||||||
Loan facility amount | 277,992,000 | ||||||
Secured Debt | Bank Borrowings | Property and Equipment | |||||||
Debt Instrument [Line Items] | |||||||
Loan facility amount | 2,023,663,000 | ||||||
Secured Debt | Bank Borrowings | Land Use Rights | |||||||
Debt Instrument [Line Items] | |||||||
Loan facility amount | ¥ 109,551,000 | ||||||
Secured Debt | Standby Letter of Credit | Bank Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Loan facility amount | $ | $ 50,000 | ||||||
Secured Debt | Standby Letter of Credit | Bank Borrowings | One Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Financing credit facilities, amount | $ | $ 40,000 | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Loan agreements, term | 1 year | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Loan agreements, term | 7 years |
Bank Loans - Summary of Loan Pr
Bank Loans - Summary of Loan Principal Due (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Secured Longterm Debt Current And Noncurrent [Abstract] | ||
2021 | ¥ 296,913 | $ 45,504 |
2022 | 1,850,212 | 283,557 |
2023 | 489,116 | 74,960 |
2024 | 786,924 | 120,601 |
2025 and thereafter | 953,623 | 146,149 |
Loan principal due | ¥ 4,376,788 | $ 670,771 |
Taxation - Additional Informati
Taxation - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Tax Credit Carryforward [Line Items] | ||||
Statutory income tax rate | 25.00% | 25.00% | 25.00% | |
Preferential income tax rate | 15.00% | |||
Effective period of certificate | 3 years | |||
Withholding income tax rate | 10.00% | |||
Undistributed earnings | ¥ 414,987,000 | $ 63,600 | ||
Impact from tax uncertainties | ¥ 0 | ¥ 0 | ¥ 0 | |
Income tax examination, description | In general, the tax authorities have five to seven years to conduct examinations of the tax filings of the Group’s subsidiaries. | |||
Income tax examination years under examination | 2015 2016 2017 2018 2019 2020 | |||
Earliest Tax Year | ||||
Tax Credit Carryforward [Line Items] | ||||
Time period that tax authorities could conduct examinations of entity tax filings | 5 years | |||
Latest Tax Year | ||||
Tax Credit Carryforward [Line Items] | ||||
Time period that tax authorities could conduct examinations of entity tax filings | 7 years | |||
PRC and Malaysia | ||||
Tax Credit Carryforward [Line Items] | ||||
Operating loss | ¥ 277,719,000 | $ 42,562 | ||
PRC | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax losses carry forward duration | 5 years | |||
Tax loss carry forward extended duration | 10 years | |||
Operating loss carryforwards expiration year | 2023 | |||
Malaysia | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax losses carry forward duration | 7 years | |||
Operating loss carryforwards expiration year | 2024 | |||
Malaysia | ||||
Tax Credit Carryforward [Line Items] | ||||
Statutory income tax rate | 24.00% |
Taxation - Summary of Profit (L
Taxation - Summary of Profit (Loss) Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
PRC | ¥ 102,329 | $ 15,682 | ¥ 77,079 | |
Non-PRC | (318,335) | (48,787) | (248,522) | ¥ (140,920) |
Loss before income taxes | ¥ (216,006) | $ (33,105) | ¥ (171,443) | ¥ (140,920) |
Taxation - Summary of Current a
Taxation - Summary of Current and Deferred Components of Income Tax Expense (Benefit) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | ¥ 59,964 | $ 9,190 | ¥ 631 | ¥ 555 |
Deferred income tax | 7,375 | 1,130 | (2,373) | (3,314) |
Income tax expense (benefit) | ¥ 67,339 | $ 10,320 | ¥ (1,742) | ¥ (2,759) |
Taxation - Schedule of Reconcil
Taxation - Schedule of Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||||
Loss before income tax | ¥ (216,006) | $ (33,105) | ¥ (171,443) | ¥ (140,920) |
Income tax benefit computed at the PRC statutory tax rate of 25% | (54,001) | (8,276) | (42,861) | (35,230) |
Effect of differing tax rates in different jurisdictions | 35,228 | 5,399 | 23,599 | 4,150 |
Effect of PRC preferential tax rates | (22,350) | (3,425) | (3,346) | |
Research and development super-deduction | (7,557) | (1,158) | (4,001) | |
Effect of tax rate changes on deferred taxes | 5,325 | 816 | ||
Non-deductible expenses and non-taxable income, net | 106,892 | 16,382 | 384 | 19,446 |
Change in valuation allowance | 3,802 | 582 | 24,483 | 8,875 |
Income tax expense (benefit) | ¥ 67,339 | $ 10,320 | ¥ (1,742) | ¥ (2,759) |
Taxation - Schedule of Reconc_2
Taxation - Schedule of Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Taxation - Schedule of Signific
Taxation - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Deferred tax assets | |||
Tax loss carry forward | ¥ 67,873 | $ 10,402 | ¥ 67,708 |
Unabsorbed capital allowance | 63,297 | 9,701 | 50,475 |
Depreciation and amortization expense | 23,887 | 3,661 | 18,809 |
Operating lease | 60,878 | 9,330 | 63,823 |
Accrued expenses and others | 35,245 | 5,402 | 16,865 |
Less: Valuation allowance | 71,229 | 10,916 | 73,997 |
Deferred tax assets | 179,951 | 27,580 | 143,683 |
Deferred tax liabilities | |||
Property and equipment | 222,489 | 34,098 | 173,777 |
Acquisition of intangible assets | 105,805 | 16,215 | 89,474 |
Debt issuance cost | 13,243 | 2,030 | 15,588 |
Operating lease | 64,358 | 9,863 | 63,823 |
Others | 9,698 | 1,487 | 8,949 |
Deferred tax liabilities | 415,593 | 63,693 | 351,611 |
Deferred tax assets | 18,789 | 2,880 | 3,611 |
Deferred tax liabilities | 254,431 | 38,993 | 211,539 |
Net deferred tax liabilities | ¥ 235,642 | $ 36,113 | ¥ 207,928 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) $ / shares in Units, $ in Thousands | Sep. 30, 2020CNY (¥)shares | Sep. 30, 2020USD ($)shares | Aug. 26, 2020CNY (¥)shares | Aug. 18, 2020CNY (¥) | Aug. 18, 2020USD ($) | May 29, 2020shares | Apr. 13, 2020shares | Sep. 11, 2019Installmentshares | Oct. 31, 2020USD ($)shares | Sep. 30, 2020CNY (¥)shares | Sep. 30, 2020USD ($)shares | May 31, 2020Installmentshares | Dec. 31, 2019 | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Jan. 08, 2020shares |
BCPE Bridge Cayman, L.P. | Pre IPO Private Placements | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Percentage of shareholding | 21.81% | 21.81% | ||||||||||||||||
Amount to be distributed to ISU holders | ¥ 210,986,000 | $ 30,500 | ||||||||||||||||
Class B Ordinary Shares | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Conversion of outstanding shares | 26,797,650 | |||||||||||||||||
2019 Plan | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Weighted-average exercise price for share options granted | $ / shares | $ 0.73 | |||||||||||||||||
2020 Plan | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
ESOP contractual term | 10 years | |||||||||||||||||
Share-based payment award, options, exercised | 5,667,164 | 5,667,164 | 5,667,164 | |||||||||||||||
Share-based compensation expense | ¥ 21,914,000 | $ 3,358 | ||||||||||||||||
Number of shares vesting accelerated | 1,125,600 | 1,125,600 | ||||||||||||||||
Weighted-average exercise price for share options granted | $ / shares | $ 1.47 | |||||||||||||||||
Number of shares granted | 5,667,164 | 14,138,509 | 14,138,509 | |||||||||||||||
Stock option vesting percentage | 50.00% | |||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 2 | |||||||||||||||||
Proceeds from stock option exercised | ¥ | ¥ 5,667,000 | |||||||||||||||||
Weighted-average exercise price for share options forfeited | $ / shares | $ 1 | |||||||||||||||||
Weighted-average exercise price for share options outstanding | $ / shares | 1.79 | |||||||||||||||||
Weighted-average exercise price for share options expected to vest | $ / shares | 1.79 | |||||||||||||||||
Weighted-average exercise price for share options exercisable | $ / shares | $ 1.01 | |||||||||||||||||
Aggregate intrinsic value of share options outstanding | $ | $ 55,150 | |||||||||||||||||
Aggregate intrinsic value of share options currently exercisable | $ | $ 12,373 | |||||||||||||||||
Weighted-average remaining contractual term of share options outstanding | 9 years 8 months 12 days | 9 years 8 months 12 days | ||||||||||||||||
Weighted-average remaining contractual term of share options currently exercisable | 9 years 8 months 1 day | 9 years 8 months 1 day | ||||||||||||||||
2020 Plan | Certain Employees | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Number of shares granted | 2,805,000 | 5,666,345 | 5,666,345 | |||||||||||||||
Stock option vesting service period | 4 years | |||||||||||||||||
2020 Plan | Maximum | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Aggregate number of shares authorized | 11,334,328 | 11,334,328 | 11,334,328 | 11,334,328 | 5,667,164 | 22,291,218 | ||||||||||||
2020 Plan | Service-based Awards | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Stock option vesting percentage | 50.00% | |||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 4 | |||||||||||||||||
Stock option vesting service period | 4 years | |||||||||||||||||
2019 Plan and 2020 Plan | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 73,257 | |||||||||||||||||
Expected to recognized weighted-average period | 1 year 7 months 17 days | 1 year 7 months 17 days | ||||||||||||||||
2019 Plan and 2020 Plan | Service-based Awards | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation expense | $ 35,907 | ¥ 234,291,000 | ||||||||||||||||
ISUs | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation expense | ¥ 135,682,000 | $ 20,794 | ¥ 63,746,000 | ¥ 0 | ||||||||||||||
Expected to recognized weighted-average period | 1 year 6 months | 1 year 6 months | ||||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 22,899 | |||||||||||||||||
Class B | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Share issued to SBC platform | 1,000,000 | |||||||||||||||||
BCPE Stack ESOP Holdco Limited | 2019 Plan | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation expense | ¥ 27,580,000 | $ 4,227 | ||||||||||||||||
Number of shares vesting accelerated | 3,808,818 | 3,808,818 | ||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation expense | ¥ 5,132,000 | $ 787 | ||||||||||||||||
Number of shares vesting accelerated | 31,137 | 31,137 | ||||||||||||||||
Number of shares issued | 1,000,000 | |||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Granted During 2020 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Number of vesting installments of remaining portion | Installment | 2 | |||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Maximum | Granted During 2019 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Service vesting period | 5 years | |||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Maximum | Granted During 2020 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Service vesting period | 4 years | |||||||||||||||||
Number of vesting installments | Installment | 4 | |||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Minimum | Granted During 2019 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Service vesting period | 1 year | |||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Minimum | Granted During 2020 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
Service vesting period | 3 years | |||||||||||||||||
Number of vesting installments | Installment | 3 | |||||||||||||||||
2019 Plan | BCPE Stack ESOP Holdco Limited | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
ESOP contractual term | 10 years | |||||||||||||||||
2019 Plan | BCPE Stack ESOP Holdco Limited | Class B | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||
ESOP purchase options | 17,633,120 | |||||||||||||||||
Share-based payment award, options, exercised | 17,633,120 | |||||||||||||||||
Number of shares exchanged for ordinary shares | 0 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Activity (Details) - $ / shares | Aug. 26, 2020 | May 29, 2020 | Dec. 31, 2020 |
2019 Plan | |||
Weighted average grant date fair value | |||
Granted | $ 1.73 | ||
Vested | 1.79 | ||
Awarded and unvested, ending balance | 1.68 | ||
Expected to vest, ending balance | $ 1.68 | ||
2019 Plan | ESOP Holdco Class B Shares | |||
Number of Options/ISUs | |||
Granted | 17,633,120 | ||
Vested | (7,789,995) | ||
Awarded and unvested, ending balance | 9,843,125 | ||
Expected to vest, ending balance | 9,843,125 | ||
2020 Plan | |||
Number of Options/ISUs | |||
Granted | 5,667,164 | 14,138,509 | |
Exercised | (5,667,164) | (5,667,164) | |
Awarded and unvested, ending balance | 8,469,345 | ||
Expected to vest, ending balance | 8,469,345 | ||
Forfeited | (2,000) | ||
Exercisable, ending balance | 1,696,614 | ||
Weighted average grant date fair value | |||
Granted | $ 5.43 | ||
Exercised | 3.55 | ||
Forfeited | 4.61 | ||
Awarded and unvested, ending balance | 6.68 | ||
Expected to vest, ending balance | 6.68 | ||
Exercisable, ending balance | $ 4.63 | ||
ISUs | |||
Number of Options/ISUs | |||
Awarded and unvested, beginning balance | 423,000 | ||
Granted | 244,409 | ||
Vested | (121,892) | ||
Forfeited | (160,000) | ||
Awarded and unvested, ending balance | 385,517 | ||
Expected to vest, ending balance | 385,517 | ||
Weighted average grant date fair value | |||
Awarded and unvested, beginning balance | $ 17.26 | ||
Granted | 127.57 | ||
Vested | 71.64 | ||
Forfeited | 40.32 | ||
Awarded and unvested, ending balance | 74.78 | ||
Expected to vest, ending balance | $ 74.78 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Assumptions Used to Estimate Fair Value of Share Options Granted (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free rate | 1.90% |
Expected volatility range, minimum | 39.65% |
Expected volatility range, maximum | 39.78% |
Exercise multiple | 2.80 |
Fair value per ordinary share as at valuation dates | $ 2.32 |
2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free rate, minimum | 0.57% |
Risk-free rate, maximum | 1.90% |
Expected volatility range, minimum | 39.65% |
Expected volatility range, maximum | 40.53% |
Exercise multiple | 2.80 |
Minimum | 2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Fair value per ordinary share as at valuation dates | $ 4.45 |
Maximum | 2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Fair value per ordinary share as at valuation dates | $ 14 |
Share-based Payments - Summar_3
Share-based Payments - Summary of Share-based Compensation Expenses Recognized in Income and Capitalized as Part of the Cost of Assets (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 369,973 | $ 56,701 | ¥ 63,746 | ¥ 0 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 32,990 | 5,056 | 0 | 0 |
Selling and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 21,691 | 3,324 | 0 | 0 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 295,165 | 45,236 | 63,746 | 0 |
Construction in Progress | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 20,127 | $ 3,085 | ¥ 0 | ¥ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | ¥ 245,755 | $ 37,665 | ¥ 224,255 | ¥ 11,300 |
Wangsu | ||||
Related Party Transaction [Line Items] | ||||
Purchase of services | 83,382 | 12,779 | 104,312 | |
Net revenue from colocation services provided | 83,054 | 12,729 | 95,071 | |
Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Management consulting services provided | 59,741 | 9,156 | 16,434 | ¥ 11,300 |
Shareholder Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Management consulting services provided | 13,016 | 1,995 | ¥ 8,438 | |
Qinyun | ||||
Related Party Transaction [Line Items] | ||||
Gain on divestiture | ¥ 6,562 | $ 1,006 |
Related Party Transactions - _2
Related Party Transactions - Summary of Related Party Transactions (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | Aug. 04, 2020CNY (¥) | Aug. 04, 2020USD ($) | Dec. 31, 2019CNY (¥) | Oct. 02, 2020CNY (¥) | Oct. 02, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) |
Related Party Transaction [Line Items] | |||||||||
Services revenue | ¥ 70,861 | ¥ 62,440 | $ 9,569 | ||||||
Equity interest | 100.00% | 100.00% | |||||||
Purchase consideration transferred related to disposal of subsidiary | ¥ 64,000 | ||||||||
Gain resulting from assets transfer | ¥ 6,562 | $ 1,006 | |||||||
Chief Executive Officer | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of transfer of consideration | 99.90% | 99.90% | |||||||
Third Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of transfer of consideration | 0.10% | 0.10% | |||||||
Cash Affiliates | |||||||||
Related Party Transaction [Line Items] | |||||||||
Termination expenses | ¥ 50,000 | $ 7,663 | |||||||
Shareholder Affiliates | |||||||||
Related Party Transaction [Line Items] | |||||||||
Termination expenses | ¥ 11,000 | $ 1,686 |
Related Party Transactions - _3
Related Party Transactions - Summary of Related Party Balances (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Amounts due from related parties: | |||
Company Affiliates | ¥ 64,093 | $ 9,823 | ¥ 88,929 |
Amounts due to related parties: | |||
Company Affiliates | 29,275 | ||
Affiliates | 490 | 75 | 22,890 |
Shareholder Affiliates | 36,978 | 5,667 | 8,022 |
Total | ¥ 37,468 | $ 5,742 | ¥ 60,187 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CNY (¥) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Allowance for doubtful accounts recognized for due from related parties amount | ¥ 0 | ¥ 0 |
Loss Per Share - Summary of Bas
Loss Per Share - Summary of Basic and Diluted Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to ordinary shareholders—basic and diluted | ¥ (283,345) | $ (43,425) | ¥ (174,443) | ¥ (138,161) |
Denominator: | ||||
Weighted average number of shares outstanding—basic and diluted | 613,673,576 | 613,673,576 | 397,153,121 | 97,550,502 |
Basic and diluted | (per share) | ¥ (0.46) | $ (0.07) | ¥ (0.44) | ¥ (1.42) |
Ordinary Shares | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders—basic and diluted | ¥ | ¥ (174,443) | ¥ (138,161) | ||
Denominator: | ||||
Weighted average number of shares outstanding—basic and diluted | 397,153,121 | 97,550,502 | ||
Basic and diluted | ¥ / shares | ¥ (0.44) | ¥ (1.42) | ||
Class A | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders—basic and diluted | ¥ (105,403) | $ (16,154) | ||
Denominator: | ||||
Weighted average number of shares outstanding—basic and diluted | 228,284,218 | 228,284,218 | ||
Basic and diluted | (per share) | ¥ (0.46) | $ (0.07) | ||
Class B | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders—basic and diluted | ¥ (177,942) | $ (27,271) | ||
Denominator: | ||||
Weighted average number of shares outstanding—basic and diluted | 385,389,358 | 385,389,358 | ||
Basic and diluted | (per share) | ¥ (0.46) | $ (0.07) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Beginning balance | ¥ 40,011 | ¥ 18,044 | ¥ 12 | |
Foreign currency translation adjustments | (212,597) | $ (32,582) | 21,967 | 18,032 |
Ending balance | ¥ (172,586) | $ (26,450) | ¥ 40,011 | ¥ 18,044 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Foreign currency translation adjustments, net of tax | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 |
Business Combination - Addition
Business Combination - Additional Information (Details) ¥ in Thousands, $ in Thousands | Nov. 01, 2020CNY (¥) | Apr. 26, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Business Acquisition [Line Items] | |||||
Percentage of ownership interests acquired | 100.00% | ||||
Purchase consideration | ¥ 2,772,317 | ||||
PRC Subsidiary | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Apr. 26, 2019 | ||||
Percentage of ownership interests acquired | 100.00% | ||||
Remeasurement gain of profit or loss | ¥ 7,762 | $ 1,190 | ¥ 1,127 | ||
Purchase consideration | ¥ 2,772,317 | ||||
PRC Subsidiary | Maximum | |||||
Business Acquisition [Line Items] | |||||
Total purchase price consideration | ¥ 48,000 | ¥ 48,000 | |||
Estimated remaining useful life of identifiable intangible assets | 10 years | 10 years | |||
Huailai Huizhi Construction Co. Ltd. | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Nov. 1, 2020 | ||||
Percentage of ownership interests acquired | 100.00% | ||||
Purchase consideration | ¥ 39,612 |
Business Combination - Summary
Business Combination - Summary of Purchase Consideration on Acquisition Date (Details) ¥ in Thousands | Apr. 26, 2019CNY (¥) |
Business Acquisition [Line Items] | |
Total purchase price consideration | ¥ 2,772,317 |
PRC Subsidiary | |
Business Acquisition [Line Items] | |
Cash consideration | 2,785,820 |
Contingent receivable | (13,503) |
Total purchase price consideration | ¥ 2,772,317 |
Business Combination - Summar_2
Business Combination - Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Nov. 01, 2020CNY (¥) | Nov. 01, 2020USD ($) | Dec. 31, 2019CNY (¥) | Apr. 26, 2019CNY (¥) |
Business Acquisition [Line Items] | ||||||
Goodwill | ¥ 472,883 | $ 72,472 | ¥ 466,320 | |||
PRC Subsidiary | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | ¥ 2,772,317 | |||||
Cash and cash equivalents | 892,009 | |||||
Restricted cash | 14,771 | |||||
Other current assets | 304,495 | |||||
Property and equipment, net | 1,591,412 | |||||
Customer relationships | 372,025 | |||||
Operating lease right-of-use assets | 392,286 | |||||
Other non-current assets | 113,038 | |||||
Other current liabilities | (670,648) | |||||
Deferred tax liabilities | (116,019) | |||||
Other non-current liabilities | (587,372) | |||||
Goodwill | ¥ 466,320 | |||||
Huailai Huizhi Construction Co. Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | ¥ 39,612 | $ 6,071 | ||||
Settlement of accounts payable due to Huizhi | (174,695) | (26,773) | ||||
Purchase consideration | (135,083) | (20,702) | ||||
Cash and cash equivalents | 16,008 | 2,453 | ||||
Other current assets | 24,085 | 3,691 | ||||
Property and equipment, net | 641 | 98 | ||||
Other non-current assets | 1,022 | 157 | ||||
Current liabilities | (183,402) | (28,108) | ||||
Goodwill | ¥ 6,563 | $ 1,007 |
Business Combination - Summar_3
Business Combination - Summary of Proforma Information (Details) - PRC Subsidiary - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Pro forma revenue | ¥ 1,098,383 | ¥ 418,910 |
Pro forma net loss attributable to Chindata Group Holdings Limited | ¥ (141,745) | ¥ (202,714) |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure Of Restricted Net Assets [Line Items] | |||
Description of allocation of tax profit to general reserve | In accordance with the Regulations on Enterprises with Foreign Investment of China and their Articles of Association, the Company’s wholly foreign-owned enterprises, being foreign invested enterprise established in the PRC, are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. | ||
Statutory reserves | ¥ 82,792 | $ 12,688 | ¥ 13,908 |
Restricted net assets | ¥ 2,594,646 | $ 397,647 | |
VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Description of allocation of tax profit to general reserve | In accordance with the PRC Company Laws, the VIEs must make appropriations from their annual after-tax profits as reported in their PRC statutory accounts to non-distributable reserve funds, namely statutory reserve and discretionary surplus reserve. The VIEs are required to allocate at least 10% of their after-tax profits to the statutory reserve until such fund has reached 50% of their respective registered capital. | ||
Minimum | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Percentage of allocation of after tax profit | 10.00% | ||
Minimum | VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Percentage of allocation of after tax profit | 10.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments | ¥ 681,263 | $ 104,408 | |
Purchase agreement, termination date | August 2020 | August 2020 | |
Others, Net | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Loss contingency accrual | ¥ 32,558 | $ 4,990 | |
Minimum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments, period | 1 year | 1 year | |
Maximum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments, period | 2 years | 2 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 1 |
Segment Information - Summary o
Segment Information - Summary of Net Revenues by Geographic Area (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 1,831,077 | $ 280,625 | ¥ 853,010 | ¥ 98,484 |
PRC | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | 1,706,086 | 261,469 | 712,115 | |
Malaysia | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 124,991 | $ 19,156 | ¥ 140,895 | ¥ 98,484 |
Segment Information - Summary_2
Segment Information - Summary of Long-lived Assets by Geographic Area (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 7,204,128 | $ 1,104,081 | ¥ 4,990,222 |
PRC | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 6,016,479 | 922,066 | 3,807,201 |
Malaysia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 958,408 | 146,882 | 974,353 |
India | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 229,241 | $ 35,133 | ¥ 208,668 |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 6,705,612 | $ 1,027,680 | ¥ 1,038,897 | ¥ 104,207 | |
Total current assets | 7,589,976 | 1,163,213 | 1,573,131 | ||
Non-current assets | |||||
Total non-current assets | 8,669,622 | 1,328,677 | 6,198,052 | ||
Total assets | 16,259,598 | 2,491,890 | 7,771,183 | ||
Current liabilities | |||||
Amounts due to related parties | 37,468 | 5,742 | 60,187 | ||
Total current liabilities | 1,832,940 | 280,910 | 1,266,779 | ||
Non-current liabilities | |||||
Other non-current liabilities | 260,225 | 39,881 | 78,510 | ||
Total non-current liabilities | 4,687,190 | 718,342 | 3,267,231 | ||
Total liabilities | 6,520,130 | 999,252 | 4,534,010 | ||
Shareholders’ equity: | |||||
Ordinary shares (par value of US$0.00001 per share, 5,000,000,000 shares authorized, 566,716,480 shares issued and outstanding as of December 31, 2019; 4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding; 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020) | 46 | 7 | 34 | ||
Statutory reserves | 82,792 | 12,688 | 13,908 | ||
Accumulated other comprehensive income (loss) | (172,586) | (26,450) | 40,011 | ¥ 18,044 | ¥ 12 |
Accumulated deficit | (681,300) | (104,414) | (329,071) | ||
Total shareholders’ equity | 9,739,468 | 1,492,638 | 3,237,173 | ||
Total liabilities and shareholders’ equity | 16,259,598 | 2,491,890 | 7,771,183 | ||
Parent Company | |||||
Current assets | |||||
Cash and cash equivalents | 3,514,736 | 538,657 | 10,482 | ||
Amounts due from subsidiaries of the Group | 2,894 | 444 | 2,252 | ||
Total current assets | 3,517,630 | 539,101 | 12,734 | ||
Non-current assets | |||||
Investment in subsidiaries | 6,318,785 | 968,397 | 3,239,690 | ||
Total non-current assets | 6,318,785 | 968,397 | 3,239,690 | ||
Total assets | 9,836,415 | 1,507,498 | 3,252,424 | ||
Current liabilities | |||||
Amounts due to related parties | 36,978 | 5,667 | 15,251 | ||
Accrued expenses and other payables | 28,410 | 4,356 | |||
Total current liabilities | 65,388 | 10,023 | 15,251 | ||
Non-current liabilities | |||||
Other non-current liabilities | 31,559 | 4,837 | |||
Total non-current liabilities | 31,559 | 4,837 | |||
Total liabilities | 96,947 | 14,860 | 15,251 | ||
Shareholders’ equity: | |||||
Ordinary shares (par value of US$0.00001 per share, 5,000,000,000 shares authorized, 566,716,480 shares issued and outstanding as of December 31, 2019; 4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding; 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020) | 46 | 7 | 34 | ||
Additional paid-in capital | 10,510,516 | 1,610,807 | 3,512,291 | ||
Statutory reserves | 82,792 | 12,688 | 13,908 | ||
Accumulated other comprehensive income (loss) | (172,586) | (26,450) | 40,011 | ||
Accumulated deficit | (681,300) | (104,414) | (329,071) | ||
Total shareholders’ equity | 9,739,468 | 1,492,638 | 3,237,173 | ||
Total liabilities and shareholders’ equity | ¥ 9,836,415 | $ 1,507,498 | ¥ 3,252,424 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares, issued | 566,716,480 | |
Common stock, value, outstanding | 566,716,480 | |
Class A Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 4,500,000,000 | |
Common stock, shares, issued | 344,577,783 | |
Common stock, value, outstanding | 344,577,783 | |
Class B Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 500,000,000 | |
Common stock, shares, issued | 380,214,434 | |
Common stock, value, outstanding | 380,214,434 | |
Parent Company | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares, issued | 566,716,480 | |
Common stock, value, outstanding | 566,716,480 | |
Parent Company | Class A Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 4,500,000,000 | |
Common stock, shares, issued | 344,577,783 | |
Common stock, value, outstanding | 344,577,783 | |
Parent Company | Class B Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 500,000,000 | |
Common stock, shares, issued | 380,214,434 | |
Common stock, value, outstanding | 380,214,434 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Operating expenses | ||||
General and administrative expenses | ¥ 564,286 | $ 86,481 | ¥ 232,837 | ¥ 57,980 |
Total operating expenses | (704,553) | (107,978) | (304,843) | (84,670) |
Operating (loss) income | 28,228 | 4,326 | (62,054) | (121,446) |
Interest income | 27,616 | 4,232 | 7,161 | 97 |
Interest expense | (238,384) | (36,534) | (102,290) | (24,344) |
Net loss attributable to Chindata Group Holdings Limited | (283,345) | (43,425) | (174,443) | (138,161) |
Other comprehensive income (foreign currency translation adjustments), net of tax of nil: | (212,597) | (32,582) | 21,967 | 18,032 |
Comprehensive loss | (495,942) | (76,007) | (147,734) | (120,129) |
Parent Company | ||||
Operating expenses | ||||
General and administrative expenses | (53,945) | (8,267) | (33,523) | |
Total operating expenses | (53,945) | (8,267) | (33,523) | |
Operating (loss) income | (53,945) | (8,267) | (33,523) | |
Interest income | 1,854 | 284 | ||
Interest expense | 47 | |||
Share of losses of subsidiaries and the VIEs | (232,287) | (35,600) | (140,967) | (138,161) |
Foreign currency exchange loss | (1,193) | (183) | ||
Others, net | 2,226 | 341 | ||
Net loss attributable to Chindata Group Holdings Limited | (283,345) | (43,425) | (174,443) | (138,161) |
Other comprehensive income (foreign currency translation adjustments), net of tax of nil: | (212,597) | (32,582) | 21,967 | 18,032 |
Comprehensive loss | ¥ (495,942) | $ (76,007) | ¥ (152,476) | ¥ (120,129) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | ¥ 664,910 | $ 101,902 | ¥ 40,167 | ¥ (25,601) |
Net cash used in investing activities | (2,769,269) | (424,409) | (3,520,639) | (1,052,317) |
Net cash generated from financing activities | 8,188,802 | 1,254,989 | 4,456,328 | 1,177,372 |
Effect of exchange rate changes on cash and cash equivalents | (292,820) | (44,877) | (719) | 19,891 |
Net increase in cash, cash equivalents, and restricted cash | 5,791,623 | 887,605 | 975,137 | ¥ 119,345 |
Parent Company | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | (22,553) | (3,456) | (26,093) | |
Net cash used in investing activities | (2,893,144) | (443,394) | (601,174) | |
Net cash generated from financing activities | 6,683,039 | 1,024,221 | 637,792 | |
Effect of exchange rate changes on cash and cash equivalents | (263,088) | (40,320) | (43) | |
Net increase in cash, cash equivalents, and restricted cash | 3,504,254 | 537,051 | 10,482 | |
Cash and cash equivalents at beginning of the year | 10,482 | 1,606 | ||
Cash and cash equivalents at end of the year | ¥ 3,514,736 | $ 538,657 | ¥ 10,482 |
Condensed Financial Informati_7
Condensed Financial Information of the Parent Company - Basis of Presentation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020CNY (¥) | |
Parent Company | |
Condensed Financial Statements Captions [Line Items] | |
Dividend paid | ¥ 0 |