Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | KANZHUN LIMITED |
Entity Central Index Key | 0001842827 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-40460 |
Entity Incorporation, State or Country Code | E9 |
Entity Ex Transition Period | false |
Entity Address, Address Line One | 18/F, GrandyVic Building |
Entity Address, Address Line Two | Taiyanggong Middle Road |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100020 |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Address, Country | CN |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Yu Zhang |
Entity Address, Address Line One | 18/F, GrandyVic Building |
Entity Address, Address Line Two | Taiyanggong Middle Road |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100020 |
City Area Code | 86 |
Local Phone Number | 10-8462-8340 |
Entity Address, Country | CN |
Contact Personnel Email Address | ir@kanzhun.com |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each ADS represents two of our Class A ordinary shares, par value US$0.0001 per share) |
Trading Symbol | BZ |
Security Exchange Name | NASDAQ |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 727,855,233 |
Title of 12(b) Security | Class A Ordinary Shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 140,830,401 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 11,341,758 | $ 1,779,769 | ¥ 3,998,203 |
Short-term investments | 884,996 | 138,875 | 536,401 |
Accounts receivable | 1,002 | 157 | 6,999 |
Amounts due from related parties | 6,615 | 1,038 | 40,799 |
Prepayments and other current assets | 724,583 | 113,703 | 164,910 |
Total current assets | 12,958,954 | 2,033,542 | 4,747,312 |
Non-current assets | |||
Property, equipment and software, net | 369,126 | 57,924 | 191,355 |
Intangible assets, net | 458 | 72 | 549 |
Right-of-use assets, net | 309,085 | 48,502 | 144,063 |
Other non-current assets | 4,000 | 628 | |
Total non-current assets | 682,669 | 107,126 | 335,967 |
Total assets | 13,641,623 | 2,140,668 | 5,083,279 |
Current liabilities (including amounts of the consolidated VIE and VIE's subsidiaries without recourse to the primary beneficiary of RMB1,717,020 and RMB2,762,123 (US$433,437) as of December 31, 2020 and 2021, respectively) | |||
Accounts payable | 52,963 | 8,311 | 41,856 |
Deferred revenue | 1,958,570 | 307,342 | 1,200,349 |
Other payables and accrued liabilities | 645,138 | 101,236 | 418,259 |
Operating lease liabilities, current | 127,531 | 20,012 | 59,559 |
Total current liabilities | 2,784,202 | 436,901 | 1,720,023 |
Non-current liabilities (including amounts of the consolidated VIE and VIE's subsidiaries without recourse to the primary beneficiary of RMB76,373 and RMB178,844 (US$28,065) as of December 31, 2020 and 2021, respectively) | |||
Operating lease liabilities, non-current | 183,365 | 28,774 | 76,373 |
Total non-current liabilities | 183,365 | 28,774 | 76,373 |
Total liabilities | 2,967,567 | 465,675 | 1,796,396 |
Commitments and contingencies (Note 17) | |||
Mezzanine equity | |||
Subscription receivables from shareholders | (103,596) | ||
Total mezzanine equity | 5,587,000 | ||
Shareholders' (deficit)/equity | |||
Ordinary shares | 554 | 87 | 81 |
Treasury shares | |||
Additional paid-in capital | 14,624,386 | 2,294,886 | 452,234 |
Accumulated other comprehensive loss | (257,765) | (40,449) | (130,387) |
Accumulated deficit | (3,693,119) | (579,531) | (2,622,045) |
Total shareholders' (deficit)/equity | 10,674,056 | 1,674,993 | (2,300,117) |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | ¥ 13,641,623 | $ 2,140,668 | 5,083,279 |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | 36,177 | ||
Series B Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | 67,976 | ||
Series C Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | 478,565 | ||
Series D Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | 380,782 | ||
Series E Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | 1,845,033 | ||
Series F Redeemable Convertible Preferred Stock [Member] | |||
Mezzanine equity | |||
Total mezzanine equity | ¥ 2,882,063 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020$ / shares |
Current liabilities | ¥ 2,784,202 | $ 436,901 | ¥ 1,720,023 | |
Non current liabilities | ¥ 183,365 | $ 28,774 | ¥ 76,373 | |
Common stock par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock shares authorized | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |
Treasury stock common shares | 21,097,870 | 21,097,870 | 3,657,853 | |
Common Class A [Member] | ||||
Common stock shares issued | 748,953,103 | 748,953,103 | 11,533,640 | |
Common stock shares outstanding | 727,855,233 | 727,855,233 | 7,875,787 | |
Common Class B [Member] | ||||
Common stock shares issued | 140,830,401 | 140,830,401 | 121,108,037 | |
Common stock shares outstanding | 140,830,401 | 140,830,401 | 121,108,037 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 60,000,000 | |
Temporary equity shares issued | 0 | 0 | 60,000,000 | |
Temporary equity shares outstanding | 0 | 0 | 60,000,000 | |
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 40,000,000 | |
Temporary equity shares issued | 0 | 0 | 40,000,000 | |
Temporary equity shares outstanding | 0 | 0 | 40,000,000 | |
Series C Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 147,068,133 | |
Temporary equity shares issued | 0 | 0 | 147,068,133 | |
Temporary equity shares outstanding | 0 | 0 | 147,068,133 | |
Series D Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 60,856,049 | |
Temporary equity shares issued | 0 | 0 | 60,856,049 | |
Temporary equity shares outstanding | 0 | 0 | 60,856,049 | |
Series E Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 144,073,367 | |
Temporary equity shares issued | 0 | 0 | 144,073,367 | |
Temporary equity shares outstanding | 0 | 0 | 144,073,367 | |
Series F Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | ||
Temporary equity shares authorized | 0 | 0 | 99,354,585 | |
Temporary equity shares issued | 0 | 0 | 99,354,585 | |
Temporary equity shares outstanding | 0 | 0 | 99,354,585 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Current liabilities | ¥ | ¥ 2,789,346 | ¥ 2,089,447 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | ||||
Current liabilities | 2,762,123 | $ 433,437 | 1,717,020 | |
Non current liabilities | ¥ 178,844 | $ 28,065 | ¥ 76,373 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Revenues | ||||
Revenues | ¥ 4,259,128 | $ 668,350 | ¥ 1,944,359 | ¥ 998,720 |
Operating cost and expenses | ||||
Cost of revenues | (554,648) | (87,036) | (240,211) | (137,812) |
Sales and marketing expenses | (1,942,670) | (304,847) | (1,347,532) | (916,832) |
Research and development expenses | (821,984) | (128,987) | (513,362) | (325,569) |
General and administrative expenses | (1,991,123) | (312,451) | (797,008) | (132,999) |
Total operating cost and expenses | (5,310,425) | (833,321) | (2,898,113) | (1,513,212) |
Other operating income, net | 14,977 | 2,350 | 8,849 | 2,573 |
Loss from operations | (1,036,320) | (162,621) | (944,905) | (511,919) |
Investment income | 24,744 | 3,883 | 9,095 | 9,718 |
Financial income, net | 9,735 | 1,528 | 3,098 | 145 |
Foreign exchange gain/(loss) | (1,961) | (308) | (5,074) | 1 |
Other expenses, net | (7,745) | (1,215) | (4,109) | |
Loss before income tax expense | (1,011,547) | (158,733) | (941,895) | (502,055) |
Income tax expense | (59,527) | (9,341) | ||
Net loss | (1,071,074) | (168,074) | (941,895) | (502,055) |
Accretion on convertible redeemable preferred shares to redemption value | (164,065) | (25,745) | (283,981) | (232,319) |
Net loss attributable to ordinary shareholders | (1,235,139) | (193,819) | (1,225,876) | (734,374) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments | (127,378) | (19,988) | (149,539) | 25,354 |
Total comprehensive loss | ¥ (1,198,452) | $ (188,062) | ¥ (1,091,434) | ¥ (476,701) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
— Basic and diluted | 529,343,027 | 529,343,027 | 111,172,986 | 107,114,306 |
Net loss per share attributable to ordinary shareholders | ||||
— Basic and diluted | (per share) | ¥ (2.33) | $ (0.37) | ¥ (11.03) | ¥ (6.86) |
Online recruitment services to enterprise customers | ||||
Revenues | ||||
Revenues | ¥ 4,219,026 | $ 662,057 | ¥ 1,927,178 | ¥ 986,859 |
Others | ||||
Revenues | ||||
Revenues | ¥ 40,102 | $ 6,293 | ¥ 17,181 | ¥ 11,861 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Variable Interest Entity, Primary Beneficiary [Member]CNY (¥) | Ordinary sharesCNY (¥)shares | Treasury sharesCNY (¥)shares | Additional paid-in capitalCNY (¥) | Accumulated other comprehensive (loss)/incomeCNY (¥) | Accumulated deficitCNY (¥) | Common Class A [Member]shares | Common Class A [Member]IPO [Member]CNY (¥) | Common Class A [Member]Coatue PE Asia Twenty Six LLC [Member]CNY (¥) | Common Class A [Member]Ordinary sharesIPO [Member]CNY (¥)shares | Common Class A [Member]Ordinary sharesCoatue PE Asia Twenty Six LLC [Member]CNY (¥)shares | Common Class A [Member]Treasury sharesVariable Interest Entity, Primary Beneficiary [Member]shares | Common Class A [Member]Additional paid-in capitalIPO [Member]CNY (¥) | Common Class A [Member]Additional paid-in capitalCoatue PE Asia Twenty Six LLC [Member]CNY (¥) | Common Class B [Member]CNY (¥)shares | Common Class B [Member]TECHWOLF LIMITED [Member]CNY (¥) | Common Class B [Member]Ordinary sharesCNY (¥)shares | Common Class B [Member]Ordinary sharesTECHWOLF LIMITED [Member]CNY (¥)shares | Common Class B [Member]Additional paid-in capitalCNY (¥) | Common Class B [Member]Additional paid-in capitalTECHWOLF LIMITED [Member]CNY (¥) |
Balance (in shares) at Dec. 31, 2018 | shares | 100,080,000 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | shares | 9,920,000 | |||||||||||||||||||||
Balance at Dec. 31, 2018 | ¥ (986,166) | ¥ 62 | ¥ 0 | ¥ (6,202) | ¥ (980,026) | |||||||||||||||||
Net loss | (502,055) | ¥ (464,373) | (502,055) | |||||||||||||||||||
Foreign currency translation adjustments | 25,354 | 25,354 | ||||||||||||||||||||
Share-based compensation | 34,250 | ¥ 34,250 | ||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ (232,319) | (34,250) | (198,069) | |||||||||||||||||||
Cancellation of ordinary shares, Shares | shares | (9,920,000) | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | shares | 100,080,000 | 100,080,000 | 100,080,000 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | shares | 0 | |||||||||||||||||||||
Balance at Dec. 31, 2019 | ¥ (1,660,936) | ¥ 62 | ¥ 0 | 0 | 19,152 | (1,680,150) | ||||||||||||||||
Net loss | (941,895) | (303,061) | (941,895) | |||||||||||||||||||
Foreign currency translation adjustments | (149,539) | (149,539) | ||||||||||||||||||||
Share-based compensation | 124,105 | 124,105 | ||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ (283,981) | (283,981) | ||||||||||||||||||||
Issuance of ordinary shares, Shares | shares | 4,122,853 | |||||||||||||||||||||
Issuance of ordinary shares, Value | ¥ 78,998 | ¥ 3 | ¥ 78,995 | |||||||||||||||||||
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Shares | shares | 24,780,971 | |||||||||||||||||||||
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Value | ¥ 533,131 | ¥ 16 | ¥ 533,115 | |||||||||||||||||||
Issuance of Treasury shares, Shares | shares | 3,657,853 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 128,983,824 | 7,875,787 | 121,108,037 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 3,657,853 | 3,657,853 | 3,657,853 | |||||||||||||||||||
Balance at Dec. 31, 2020 | ¥ (2,300,117) | ¥ 81 | ¥ 0 | 452,234 | (130,387) | (2,622,045) | ||||||||||||||||
Net loss | (1,071,074) | $ (168,074) | ¥ 551,133 | (1,071,074) | ||||||||||||||||||
Foreign currency translation adjustments | (127,378) | (19,988) | (127,378) | |||||||||||||||||||
Share-based compensation | 417,284 | 417,284 | ||||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | (164,065) | $ (25,745) | (164,065) | |||||||||||||||||||
Issuance of ordinary shares, Shares | shares | 110,400,000 | |||||||||||||||||||||
Issuance of ordinary shares, Value | ¥ 6,406,872 | ¥ 70 | ¥ 6,406,802 | |||||||||||||||||||
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Shares | shares | 24,745,531 | |||||||||||||||||||||
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Value | ¥ 1,506,362 | ¥ 16 | ¥ 1,506,346 | |||||||||||||||||||
Repurchase and cancellation of ordinary shares, Shares | shares | (1,181,339) | |||||||||||||||||||||
Repurchase and cancellation of ordinary shares, Value | ¥ (42,264) | ¥ (1) | ¥ (42,263) | |||||||||||||||||||
Conversion of convertible redeemable preferred shares, Shares | shares | 551,352,134 | 551,352,134 | ||||||||||||||||||||
Conversion of convertible redeemable preferred shares, Value | ¥ 5,854,661 | ¥ 353 | 5,854,308 | |||||||||||||||||||
Issuance of ordinary shares for share award plan | shares | 27,786,070 | |||||||||||||||||||||
Exercise of share options, Shares | shares | 54,385,484 | 54,385,484 | 54,385,484 | (10,346,053) | ||||||||||||||||||
Exercise of share options, Value | ¥ 193,775 | ¥ 35 | 193,740 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 868,685,634 | 727,855,233 | 140,830,401 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 21,097,870 | 21,097,870 | 21,097,870 | |||||||||||||||||||
Balance at Dec. 31, 2021 | ¥ 10,674,056 | $ 1,674,993 | ¥ 554 | ¥ 14,624,386 | ¥ (257,765) | ¥ (3,693,119) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities | ||||
Net loss | ¥ (1,071,074) | $ (168,074) | ¥ (941,895) | ¥ (502,055) |
Adjustments to reconcile net loss to net cash (used in)/generated from operating activities: | ||||
Share-based compensation | 417,284 | 65,481 | 124,105 | 34,250 |
Issuance of Class B ordinary shares to TECHWOLF LIMITED (Note 13) | 1,506,362 | 236,381 | 533,131 | 0 |
Depreciation and amortization | 80,100 | 12,569 | 41,095 | 18,062 |
Loss from disposal of property, equipment and software | 110 | 17 | 230 | 27 |
Foreign exchange (gain)/loss | 1,961 | 308 | 5,074 | (1) |
Amortization of right-of-use assets | 109,336 | 17,157 | 66,946 | 39,487 |
Unrealized investment income | (6,595) | (1,035) | 0 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 5,997 | 941 | (5,201) | (1,528) |
Prepayments and other current assets | (403,696) | (63,349) | (46,146) | (66,826) |
Amounts due from related parties | 3,503 | 550 | (2,938) | (28,184) |
Other non-current assets | (4,000) | (628) | 0 | 0 |
Accounts payable | 13,464 | 2,113 | (22,746) | 29,280 |
Deferred revenue | 758,221 | 118,981 | 585,529 | 335,254 |
Other payables and accrued liabilities | 329,802 | 51,753 | 130,541 | 79,320 |
Operating lease liabilities | (99,394) | (15,597) | (71,814) | (42,749) |
Net cash (used in)/generated from operating activities | 1,641,381 | 257,568 | 395,911 | (105,663) |
Cash flows from investing activities | ||||
Purchase of property, equipment and software | (259,891) | (40,783) | (138,211) | (64,040) |
Proceeds from disposal of property, equipment and software | 29 | 5 | 36 | 11 |
Purchase of short-term investments | (3,940,000) | (618,272) | (1,834,390) | (1,171,894) |
Proceeds from maturity of short-term investments | 3,598,000 | 564,605 | 2,439,870 | 12,120 |
Net cash (used in)/generated from investing activities | (601,862) | (94,445) | 467,305 | (1,223,803) |
Cash flows from financing activities | ||||
Proceeds from IPO, net of issuance cost | 6,406,872 | 1,005,379 | 0 | 0 |
Proceeds from exercise of share options | 35,975 | 5,645 | 0 | 0 |
Repurchase of Class B ordinary shares from TECHWOLF LIMITED | (11,584) | (1,818) | 0 | 0 |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost | 0 | 0 | 2,803,114 | 993,475 |
Proceeds from issuance of Class A ordinary shares | 0 | 0 | 78,998 | 0 |
Proceeds from borrowings | 0 | 0 | 0 | 30,000 |
Repayments of borrowings | 0 | 0 | 0 | (30,000) |
Net cash generated from financing activities | 6,431,263 | 1,009,206 | 2,882,112 | 993,475 |
Effect of exchange rate changes on cash and cash equivalents | (127,227) | (19,965) | (154,480) | 43,113 |
Net (decrease)/increase in cash and cash equivalents | 7,343,555 | 1,152,364 | 3,590,848 | (292,878) |
Cash and cash equivalents at beginning of the year | 3,998,203 | 627,405 | 407,355 | 700,233 |
Cash and cash equivalents at end of the year | 11,341,758 | 1,779,769 | 3,998,203 | 407,355 |
Supplemental cash flow disclosures | ||||
Cash paid for interest | 0 | 0 | 0 | 349 |
Supplemental schedule of non-cash investing and financing activities | ||||
Accretion on convertible redeemable preferred shares to redemption value | 164,065 | 25,745 | 283,981 | 232,319 |
Changes in payables for purchase of property, equipment and software | ¥ 2,357 | $ 370 | ¥ 21,985 | ¥ 359 |
Principal Activities and Organi
Principal Activities and Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activities and Organization | 1. PRINCIPAL ACTIVITIES AND ORGANIZATION (a) Principal activities KANZHUN LIMITED (“Kanzhun” or the “Company”) was incorporated under the laws of the Cayman Islands on January 16, 2014 as an exempted company with limited liability. The Company, its subsidiaries, consolidated variable interest entity (the “VIE”) and VIE’s subsidiaries (collectively, the “Group”) run an online recruitment platform called “BOSS Zhipin” in the People’s Republic of China (“PRC”). The BOSS Zhipin platform mainly focuses on assisting the recruitment process between job seekers and employers of enterprises and corporations. Through BOSS Zhipin platform, employers, mainly executives or middle-level managers of businesses, could participate directly in the recruiting process. (b) Organization of the Group The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the As of December 31, 2021, the Company’s principal subsidiaries and consolidated VIE are as follows: Place of Date of incorporation Equity Principal activities Subsidiaries Techfish Limited Hong Kong, China February 14, 2014 100 % Investment holding Beijing Glorywolf Co., Ltd. Beijing, China May 7, 2014 100 % Online recruitment VIE Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”) Beijing, China December 25, 2013 100 % Online recruitment (c) Consolidated variable interest entity In order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted businesses, the Group operates its Apps, websites and other restricted businesses in the PRC through a PRC domestic company and its subsidiaries, whose equity interests are held by certain management members of the Company (“Nominee Shareholders”). The Company obtained control over such PRC domestic company by entering into a series of contractual arrangements, through the WFOE, with such PRC domestic company and its respective Nominee Shareholders. As a result, the Company maintains the ability to control such PRC domestic company and is entitled to substantially all of the economic benefits from such PRC domestic company. Management concluded that such PRC domestic company is a VIE of the Company, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the results of operations and assets and liabilities of such PRC domestic company and its subsidiaries in the Group’s consolidated financial statements for all the periods presented. The principal terms of the agreements entered amongst the VIE, the Nominee Shareholders and the WFOE are further described below. Exclusive call option agreement Pursuant to the exclusive call option agreement, the Nominee Shareholders of the VIE have granted the WFOE the exclusive and irrevocable right to purchase or to designate one or more person(s) at its discretion to purchase part or all of the equity interests in the VIE (the “Target Equity”) from the Nominee Shareholders at any time. And the VIE has granted the WFOE the exclusive and irrevocable right to purchase or to designate one or more person(s) at its discretion to purchase part or all of the assets of the VIE (the “Target Assets”) at any time. The total transfer price for the Target Equity or the Target Assets shall be equal to RMB0.1 or subject to the lowest price permitted by PRC laws and regulations. The VIE and its Nominee Shareholders have agreed that without prior written consent of the WFOE or the Company, the Nominee Shareholders or the VIE shall not sell, transfer, pledge or dispose of any of the Target Equity, the Target Assets, or the revenue or business in the VIE. In addition, the VIE covenants that it shall not declare any dividend or change capitalization structure of the VIE or enter into any loan or investment agreements without WFOE or the Company’s prior written consent. Power of attorney Pursuant to the power of attorney, each of the Nominee Shareholders appointed the WFOE as their attorney-in-fact Exclusive technology development, consulting and service agreement Pursuant to the exclusive technology development, consulting and service agreement, the WFOE has agreed to provide to the VIE services, including, but not limited to, research, development, application and implementation of technology, daily maintenance, monitor, debugging, and troubleshooting of the computer network system, consulting services for the procurement of software and hardware systems, and training and technical support services. The VIE shall pay to the WFOE service fees as calculated in such manner as determined by both VIE and WFOE from time to time based on the nature of service, which should be paid quarterly. Service fees should normally be equal to the remaining amount of all revenues less all expenses of VIE. The service fees, and any adjustment or change to the service fees, should be subject to the approval of the WFOE and the board of the Company. The agreement has a term of 10 years unless otherwise terminated by the WFOE and VIE and may renew at the end of each term with the prior written consent of the WFOE for a further term of ten years or otherwise as agreed by the WFOE and VIE. The WFOE retains the exclusive right to terminate the agreements at any time by delivering a written notice 30 days in advance to VIE. Equity interest pledge agreement Pursuant to the equity interest pledge agreement, the Nominee Shareholders of the VIE have pledged 100% equity interests in the VIE to the WFOE to guarantee the payment of service fees by the VIE of its obligations under the exclusive technology development, consulting and service agreement. The equity interest pledge agreement shall remain valid until the full payment of the service fees and the fulfillment of all the obligations under the exclusive technology development, consulting and service agreement. In the event of a breach by the VIE or any of its Nominee Shareholders of contractual obligations under the exclusive technology development, consulting and service agreement, and the equity interest pledge agreement, as the case may be, the WFOE, as pledgee, will have the right to auction or dispose of the pledged equity interests in the VIE and will have priority in receiving the proceeds from such auction or disposal. Spousal consent letter Pursuant to the spousal consent letter, the spouse of each Nominee Shareholder who is a natural person, unconditionally and irrevocably agreed that the equity interests in the VIE held by such Nominee Shareholder will be disposed of pursuant to the equity interest pledge agreement, the exclusive call option agreement and power of attorney. Each of their spouses agreed not to assert any rights over the equity interests in the VIE held by such Nominee Shareholder. In addition, in the event that any spouse obtains any equity interests in VIE held by such Nominee Shareholder for any reason, he or she agreed to be bound by the equity interest pledge agreement, the exclusive option agreement and power of attorney. (d) Risks in relations to the VIE structure The following table set forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIE and VIE’s subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of December 31, 2020 2021 RMB RMB ASSETS Current assets Cash and cash equivalents 183,199 864,851 Short-term investments 525,506 864,557 Accounts receivable 6,999 1,002 Amounts due from Group companies 36,859 86,989 Amounts due from related parties — 6,615 Prepayments and other current assets 146,244 487,598 Total current assets 898,807 2,311,612 Non-current assets Property, equipment and software, net 191,242 368,381 Intangible assets, net 549 458 Right-of-use 144,063 301,288 Other non-current — 4,000 Total non-current 335,854 674,127 Total assets 1,234,661 2,985,739 As of December 31, 2020 2021 RMB RMB LIABILITIES Current liabilities Accounts payable 41,839 52,938 Deferred revenue 1,200,349 1,958,570 Other payables and accrued liabilities 415,273 626,151 Amounts due to Group companies 372,427 27,223 Operating lease liabilities, current 59,559 124,464 Total current liabilities 2,089,447 2,789,346 Non-current Operating lease liabilities, non-current 76,373 178,844 Total liabilities 2,165,820 2,968,190 For the year ended December 31, 2019 2020 2021 RMB RMB RMB Total revenues 998,720 1,944,359 4,259,128 Cost of revenues (133,553 ) (232,261 ) (554,575 ) Net ( ) /income (464,373 ) (303,061 ) 551,133 For the year ended December 31, 2019 2020 2021 RMB RMB RMB Net cash (used in)/generated from operating activities (25,658 ) 494,187 1,717,104 Net cash used in investing activities (66,029 ) (632,568 ) (591,213 ) Net cash generated from/(used in) financing activities 103,596 260,484 (444,239 ) Net increase in cash and cash equivalents 11,909 122,103 681,652 Cash and cash equivalents at beginning of year 49,187 61,096 183,199 Cash and cash equivalents at end of year 61,096 183,199 864,851 Under the contractual arrangements with the VIE, the Company has the power to direct activities of the VIE through the WFOE that most significantly impact the VIE such as having assets transferred out of the VIE at its discretion. Therefore, the Company considers that there is no asset of the VIE that can be used to settle obligations of the VIE except for registered capital and PRC statutory reserves of the VIE amounting to RMB8,992 and RMB9,002 as of December 31, 2020 and 2021, respectively. Since the VIE was incorporated as a limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the WFOE for all the liabilities of the VIE. The Group believes that the contractual arrangements between or among the WFOE, VIE and the Nominee Shareholders are following PRC laws and regulations, as applicable, and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. On March 15, 2019, the Foreign Investment Law was approved and took effect from January 1, 2020. Since the Foreign Investment Law is new, there are substantial uncertainties exist with respect to its implementation and interpretation and the possibility that the VIE will be deemed as a foreign-invested enterprise and subject to relevant restrictions in the future shall not be excluded. If the contractual arrangements establishing the Company’s VIE structure are found to be in violation of any existing law and regulations or future PRC laws and regulations, the relevant PRC government authorities will have broad discretion in dealing with such violation, including, without limitation, levying fines, confiscating our income or the income from the VIE, revoking our business licenses or the business licenses, requiring us to restructure our ownership structure or operations and requiring us to discontinue any portion or all of our value-added businesses or other prohibited businesses. Any of these actions could cause significant disruption to the Company’s business operations and have a severe adverse impact on the Company’s cash flows, financial position and operating performance. If the imposing of these penalties causes the WFOE to lose its rights to direct the activities of and receive economic benefits from the VIE, which in turn may restrict the Company’s ability to consolidate and reflect in its financial statements the financial position and results of operations of its VIE. (e) COVID-19 The Group’s financial performance was not significantly impacted by COVID-19 |
Principal Accounting Policies
Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies | 2. PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below. 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. The Company applies the guidance codified in ASC 810, Consolidations All transactions and balances between the Company, its subsidiaries, consolidated VIE and VIE’s subsidiaries have been eliminated upon consolidation. 2.3 Use of estimates The preparation of the 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 at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Accounting estimates reflected in the Group’s consolidated financial statements include but are not limited to the useful lives of property, equipment and software, impairment of long-lived assets, valuation allowances for deferred tax assets, valuation of ordinary shares and share-based compensation. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable under current circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. 2.4 Foreign curren c y The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and subsidiaries incorporated in Hong Kong and United States of America, is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIE and VIE’s subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in foreign currencies are recorded in the Consolidated Statements of Comprehensive Loss. The financial statements of the Company and subsidiaries located outside of the PRC are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Loss. 2.5 Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of RMB6.3726 per US$1.00 on December 30, 2021 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate or at any other rate. 2.6 Fair value measurements Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount and the measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group mainly consist of cash and cash equivalents, short-term investments, accounts receivables, amounts due from related parties, prepayments and other current assets, accounts payable, certain accrued expenses and other current liabilities. Except for short-term investments, the carrying values of cash and cash equivalents, accounts receivables, amounts due from related parties, prepayments and other current assets, accounts payable, certain accrued expenses and other current liabilities approximates their fair values due to the short-term maturity of these instruments. The Group reports short-term investments at fair value based on Level 2 measurement. 2.7 Cash and cash equivalents Cash includes cash on hand and deposits held by financial institutions that can be added to or withdrawn without limitation or restriction. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities of three months or less. 2.8 Short-term investments Short-term investments are wealth management products issued by commercial banks or other financial institutions, which contains fixed or variable interest with original maturities within one year. These investments are stated at fair value. Changes in the fair value are reflected in investment income in the Consolidation Statements of Comprehensive Loss. 2.9 Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group provides general and specific provisions for bad debts when facts and circumstances indicate that the receivable is unlikely to be collected. If the financial condition of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. No allowance for doubtful accounts were recognized for the years ended December 31, 2019, 2020 and 2021. 2.10 Property, equipment and software Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Electronic equipment 3-5 Leasehold improvement Shorter of lease terms or estimated useful lives of the assets Furniture and fixtures 5 years Motor vehicles 3-5 Software 5 years The majority of electronic equipment includes servers. The Group recognized the gain or loss on the disposal of property, equipment and software in the Consolidated Statements of Comprehensive Loss. 2.11 Intangible assets Intangible assets purchased are recognized and measured at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: Category Estimated useful lives Domains 10 years 2.12 Impairment of long-lived assets Long-lived assets are evaluated 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 value of an asset may not be fully recoverable or that the useful life is shorter than that the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. No impairment of long-lived assets was recognized for the years ended December 31, 2019, 2020 and 2021. 2.13 Revenue recognition The Group accounted for revenue under ASC 606, Revenue from Contracts with Customers To achieve that core principle, the Group applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct services. Revenue is recognized upon the transfer of control of promised services to a customer. Revenue is recorded net of value added tax (“VAT”). The Group generates revenue by providing services to the enterprise customers and job seekers to assist in the recruitment process over mobile apps and websites, which means matching enterprise customers with suitable job seekers through AI matching technology, and stimulating real time interaction between them via in-app communication Online recruitment services to enterprise customers The Group provides online recruitment support services carrying different kinds of features on the Group’s platform, mainly including paid job postings, bulk invite-sending tools, message sending tools and other services. Enterprise customers could also purchase subscription packages which contain an array of features, including popular in-demand jobs Based on the historical pattern by which the Group satisfies its performance obligation and how enterprise customers benefit from the Group’s performance obligations, the Group recognizes its revenue from the services provided under two models: time-based model and item-based model. Time-based model Under the time-based model, the Group’s obligation is to deliver corresponding services to enterprise customers during a particular subscription period, a certain paid job posting display period, or a certain privilege period for virtual tools such as message sending, etc., ranging from one month up to one year. For the services covered within a particular subscription package, they have the same contract period length during the subscription period. The revenues recognized under this time-based model for the years ended December 31, 2019, 2020 and 2021 were RMB717,721, RMB1,527,671 and RMB3,043,692, respectively. The Group records the upfront cash payments from the enterprise customers as deferred revenue and then recognizes the revenue on a straight-line basis over the subscription period in which the enterprise customers are entitled to the corresponding privileges, as the Group is standing ready to provide services and a time-based measure of progress best reflects the satisfaction of the performance obligations. Item-based model Under the item-based model, the Group’s obligation is to deliver corresponding services in the form of other various virtual tools. Revenues for services provided in form of such virtual tools are recognized at the point in time when the services are provided to the enterprise customers. The Group records the upfront cash payments from the enterprise customers as part of deferred revenue, and then recognizes the revenue at the point in time upon the Group delivers the corresponding services or at the point when the virtual tools expire. The revenues recognized at the point in time under the item-based model for the years ended December 31, 2019, 2020 and 2021 were RMB269,138, RMB399,507 and RMB1,175,334, respectively. Other services Other services mainly represent paid value-added services offered to job seekers, including priority placement of their professional profiles, increased resume exposure to enterprise customers, candidate competitive analysis, message filtering services and five-dimensional personality test, etc. The Group defines enterprise customers who contributed revenue of RMB50 or more annually as key accounts, who contributed revenue between RMB5 and RMB50 annually as mid-sized small-sized For the year ended December 31, 2019 2020 2021 RMB RMB RMB Online recruitment services to enterprise customers —Key accounts 155,819 330,795 928,360 —Mid-sized 363,282 696,325 1,513,506 —Small-sized 467,758 900,058 1,777,160 Other s 11,861 17,181 40,102 Total 998,720 1,944,359 4,259,128 Arrangements with multiple performance obligations The Group’s contracts with enterprise customers may include bulk sales of services in the form of virtual tools and services contained in subscription packages, and therefore multiple performance obligations exist. For those services in the form of virtual tools and contained in subscription packages included in bulk sales, the selling prices are consistently made references of the standalone selling prices when sold separately. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price, considering bulk sale price discounts offered to certain enterprise customers where applicable. Deferred revenue The Group records deferred revenue when the Group receives enterprise customers’ payments in advance of transferring control of service to customers. Substantially all deferred revenue recorded are expected to be recognized as revenues during the subsequent annual period. Remaining performance obligations Remaining performance obligations represent the amount of contracted future revenues not yet recognized as the amounts relate to undelivered performance obligations. Substantially all of Group’s contracts are less than one year in duration. As such, the Group has elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. 2.14 Cost of revenues Cost of services consist primarily of settlement costs of third-party on-line payment and bandwidth service costs, server 2.15 Sales and marketing expenses Sales and marketing expenses consist primarily of advertising expenses, payroll and other employee-related expenses for the Group’s sales and marketing staff as well as office rental and property management fees for sales functions. Advertising expenses generally represent online traffic acquisition and branding activities costs. For the years ended December 31, 2019, 2020 and 2021, advertising expenses totaled RMB538,940, RMB812,415 and RMB997,650, respectively. 2.16 Research and development expenses Research and development expenses primarily consist of payroll and other employee-related costs and office rental and property management fees for research and development functions. All research and development costs are expensed as incurred. 2.17 General and administrative expenses General and administrative expenses consist primarily of payroll and other employee-related expenses for the Group’s managerial and administrative staff , 2.18 Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries , VIE and VIE’s subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses contributed by the Group, including accrued and unpaid amounts , were RMB103,817, RMB135,478 and RMB256,533 for the years ended December 31, 2019, 2020 and 2021, respectively. 2.19 Share-based compensation The Group grants share options and restricted share units (“RSUs”) to its management, other key employees and eligible nonemployees. Such compensation is accounted for in accordance with ASC 718, Compensation-Stock Compensation ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, 2018-07, Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the straight-line method over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an IPO or change of control as a performance condition, are measured at the grant date fair value. Cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded upon the completion of the Company’s IPO in June 2021. The fair value of share options is estimated using the binomial option-pricing model. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions. The fair value of the RSUs, which were granted subsequent to the completion of the Company’s IPO, is estimated based on the fair value of the underlying ordinary shares of the Company on the grant date. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards. 2.20 Operating leases The Group applied ASC 842, Leases right-of-use right-of-use right-of-use non-lease RMB50,570 and total operating lease liabilities of RMB50,089 on the Consolidated Balance Sheets. For operating lease with a term of one year or less, the Group has elected to not recognize a lease liability or lease right-of-use 2.21 Taxation Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for deferred income taxes under the liability method in accordance with ASC 740, Income Tax The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed 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 ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. 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 in the period in which the audit is concluded. 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. As of December 31, 2020 and 2021, the Group did not have any significant unrecognized uncertain tax positions. 2.22 Statutory reserves The certain non-distributable reserve In accordance with the laws applicable to the foreign investment enterprises enterprises their after-tax profits the after-tax profits In addition, in accordance with the PRC Company Law, the Group’s consolidated VIE and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their after-tax profits to non-distributable reserve the after-tax profits The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. No appropriation to any reserve fund was made for the years ended December 31, 2019, 2020 and 2021. 2.23 Comprehensive income/(loss) Comprehensive income/(loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding those resulting from investments by shareholders and distributions to shareholders. The Group recognizes foreign currency translation adjustments as other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Loss. As such adjustments do not incur income tax obligations, there are no tax adjustments to arrive at other comprehensive income/(loss) on a net-of-tax 2.24 Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC and substantially all the Group’s revenue is derived from entities within the PRC, no geographical segments are presented. 2.25 Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The net loss will be adjusted by deducting (1) dividends declared in the period on preferred shares (if any), (2) cumulative dividends on preferred shares (whether or not declared) and (3) deemed dividends as required by U.S. GAAP. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and potential ordinary shares outstanding during the period. Potential ordinary shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, The two-class the two-class method 2.26 Recent accounting pronouncements In June 2016, the FASB amended guidance related to the expected credit loss of financial instruments as part of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2019-10, In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The standard is effective for the Group’s fiscal year beginning January 1, 2022. The ASU is currently not expected to have a material impact on the consolidated financial statements. |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration and Risks | 3. CONCENTRATION AND RISKS 3.1 Concentration of credit risk Financial instruments that potentially expose the Group to the concentration of credit risk primarily consist of cash and cash equivalents and short-term investments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. The Group places its cash and cash equivalents and short-term investments with financial institutions with high-credit ratings and quality. The Group hasn’t noted any significant credit risk. 3.2 Concentration of customers and suppliers Substantially all revenue s ere 3.3 Foreign currency exchange rate risk In July 2005, the PRC government changed its decades-old policy and 2.3% and , respectively . |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Abstract] | |
Short-Term Investments | 4. SHORT-TERM INVESTMENTS As of December 31, 2020 2021 RMB RMB Wealth management products 536,401 884,996 The investment income from wealth management products for the years ended December R MB R MB |
Prepayments and Other Current
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepayments and Other Current Assets | 5. PREPAYMENTS AND OTHER CURRENT ASSETS As of December 31, 2020 2021 RMB RMB Prepaid marketing expenses and service fee 47,398 234,490 Receivables from third-party on-line 41,221 63,866 Deposits 37,780 63,814 Staff loans and advances 32,902 52,695 Receivables related to the exercise of share-based awards* — 289,822 Others 5,609 19,896 Total 164,910 724,583 * It represented receivables from a third-party share option brokerage platform and certain employees for the exercise of share options, which were settled before these consolidated financial statements are issued. |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | 6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net consist of the following: As of December 31, 2020 2021 RMB RMB Electronic equipment 204,805 429,683 Leasehold improvement 39,460 65,885 Furniture and fixtures 9,486 12,784 Motor vehicles 2,316 3,904 Software 1,615 3,126 Total cost 257,682 515,382 Less: accumulated depreciation (66,327 ) (146,256 ) Total property, equipment and software, net 191,355 369,126 Depreciation expenses were RMB17,971, RMB41,004 and RMB80,009 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable, Current [Abstract] | |
Accounts Payable | 7. ACCOUNTS PAYABLE As of December 31, 2020 2021 RMB RMB Payable s 16,831 30,646 Payables for purchase of property, equipment and software 22,344 19,987 Others 2,681 2,330 Total 41,856 52,963 |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables and Accrued Liabilities [Abstract] | |
Other Payables and Accrued Liabilities | 8. OTHER PAYABLES AND ACCRUED LIABILITIES As of December 31, 2020 2021 RMB RMB Salary, welfare and bonus payable 260,123 373,286 Tax payable (1) 21,704 218,419 Virtual accounts used in the Group’s platform (2) 24,815 41,070 Payable s to shareholders (3) 103,596 — Others 8,021 12,363 Total 418,259 645,138 (1) Tax payable mainly included value-added tax, enterprise income tax and individual income tax payable mainly related to the exercise of share options. (2) It represents the cash balance that customers deposited into their own virtual accounts in the Group’s platform, which they have rights to withdraw without any conditions. (3) As of December 31, 2020, Huapin received RMB103,596 from certain preferred shareholders during Series C-3 |
Operating Lease
Operating Lease | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Lease | 9. OPERATING LEASE The Group has operating leases primarily for office. The components of lease expenses are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Operating lease expenses 42,508 71,706 116,091 Expenses for short-term lease within 12 months 9,245 2,167 2,177 Total lease expenses 51,753 73,873 118,268 As of December 31, 2020 2021 RMB RMB Right-of-use 144,063 309,085 Lease liabilities, current 59,559 127,531 Lease liabilities, non-current 76,373 183,365 Total lease liabilities 135,932 310,896 Supplemental cash flow information related to operating lease is as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cash paid for amounts included in the measurement of lease liabilities 42,620 72,138 102,154 Right-of-use 87,054 112,871 274,358 Weighted average remaining lease term (in years) 3.48 3.75 3.26 Weighted average discount rate 4.75 % 4.75 % 4.82 % Maturities of lease liabilities are as follows: As of RMB 2022 131,573 2023 96,778 2024 47,191 2025 35,492 2026 25,451 Thereafter 1,834 Total undiscounted lease payments 338,319 Less: imputed interest (27,423 ) Total lease liabilities 310,896 |
Other Operating Income, Net
Other Operating Income, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Operating Income, Net | 10. OTHER OPERATING INCOME, NET For the year ended 2019 2020 2021 RMB RMB RMB VAT-in 2,412 7,981 12,423 Others 161 868 2,554 Total 2,573 8,849 14,977 * In accordance with the Announcement on Relevant Policies for Deepening the Value-added Tax Reform and relevant government policies announced by the Ministry of Finance, the State Taxation Administration and the General Administration of Customs of China, Huapin and Glory, as consumer service companies, are allowed to enjoy additional 10% VAT-in (“VAT-in VAT-in VAT-in |
Related Party Balances And Tran
Related Party Balances And Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Balances And Transactions | 11. RELATED PARTY BALANCES AND TRANSACTIONS The table below sets forth the major related parties and their relationships with the Group: Name of related parties Relationship with the Group Mr. Peng Zhao and companies controlled by him Founder, Chairman and CEO of the Group and his controlled companies Image Frame Investment (HK) Limited (under the control of Tencent Holdings Limited) Principal shareholder of the Group Individual executive officer Executive officer of the Group Details of amounts due from related parties as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Receivables from Tencent Group’s on-line (1) 3,018 4,284 Prepaid cloud service fee to Tencent Group (1) 1,556 2,331 Amount due from Mr. Peng Zhao and companies controlled by him (2) 31,132 — Advance to individual executive officer (3) 5,093 — Total 40,799 6,615 Details of transactions with related parties for the years ended December 31, 2019, 2020 and 2021 are as follows : For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cloud services from Tencent Group (1) 2,063 6,109 18,119 On-line payment platform clearing services from Tencent Group (1) 836 1,886 5,464 Cash advance to Mr. Peng Zhao (2) 24,930 — — Cash advance to individual executive officer (3) 5,093 — — Total 32,922 7,995 23,583 (1) Tencent Group represents companies under the control of Tencent Holdings Limited, including Image Frame Investment (HK) Limited. The Group purchases cloud services and on-line payment platform clearing services from Tencent Group. (2) The amount due from Mr. Peng Zhao and companies controlled by him was mainly cash advance with original one-year (3) It represents the advance granted to Mr. Tao Zhang, Chief Technology Officer of the Group, which was settled in cash in March 2021. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxation | 12. TAXATION (a) Value added tax The Group is subject to statutory VAT rate of 6% for revenues from online recruitment service in the PRC. Huapin and Glory, as consumer service companies, are allowed to enjoy additional 10% VAT-in super (b) Income tax Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, no Cayman Islands withholding tax will be imposed upon payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiary in Hong Kong is subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. China Under the PRC Enterprise Income Tax Law (the “EIT Law”), which is effective from January 1, 2008, domestic enterprises and foreign investment enterprises are subject to a uniform enterprise income tax rate of 25%. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for Huapin is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the years presented, which will expire in 2022 and need to be re-applied. According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses incurred as tax deductible expenses when determining their assessable profits for the year. The additional deduction of 75% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities. United States The Company’s subsidiary in California, United States is subject to U.S. federal corporate tax and California corporate franchise tax on its taxable income as reported in its statutory financial statements adjusted in accordance with relevant U.S. tax laws. The applicable U.S. federal corporate tax rate is 21% and the California corporate franchise tax rate is 8.84% in 2019, 2020 and 2021. Components of loss before tax are as follow: For the year ended December 31, 2019 2020 2021 RMB RMB RMB (Loss)/Income from PRC entities (483,970 ) (311,483 ) 610,813 Loss from overseas entities (18,085 ) (630,412 ) (1,622,360 ) Total loss before tax (502,055 ) (941,895 ) (1,011,547 ) Components of income tax expense are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax expense — — 59,527 The following table sets forth a reconciliation between the PRC statutory income tax rate of 25% and the Group’ effective tax rate: For the year ended December 31, 2019 2020 2021 RMB RMB RMB PRC 25.00 % 25.00 % 25.00 % Tax rate difference from statutory rate in other jurisdictions (1) (0.25 )% (15.82 )% (37.89 )% Permanent difference (2) 5.30 % 2.22 % 1.24 % Effect of preferential tax rates (10.03 )% (3.36 )% 5.15 % Changes in valuation allowance (19.97 )% (7.89 )% (8.38 )% Others (0.05 )% (0.15 )% 9.00 % Effective tax rate — — (5.88 )% (1) The tax rate difference was mainly attributed to net loss of the Company, which is located in the Cayman Islands and exempted from income tax. (2) The permanent differences are primarily related to additional tax deductions for qualified research and development expenses offset by non-deductible (c) Deferred tax asset s The following table sets forth the significant components of the deferred tax assets: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Net operating loss carry-forwards 86,628 86,679 70,985 Deductible advertising expenses 87,639 161,842 262,801 Others 1,490 1,511 1,062 Total deferred tax assets 175,757 250,032 334,848 Less: valuation allowance (175,757 ) (250,032 ) (334,848 ) Total deferred tax assets, net of valuation allowance — — — As of December 31, 2021, the Group had accumulated tax losses of approximately RMB308.9 million, mainly derived from entities incorporated in the PRC. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period is extended to 10 years for entities qualified as HNTE in 2019 and thereafter. The tax losses in Hong Kong can be carried forward with no expiration date. Under the U.S. tax law, majority of the Group’s federal tax losses arose in tax years beginning after December 31, 2017 and can be carried forward indefinitely. California state tax losses can be carried forward for up to 20 years. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying business 2021. Movements of valuation allowance are as follows : For the year ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of the year 75,501 175,757 250,032 Change in valuation allowance 100,256 74,275 84,816 Balance at end of the year 175,757 250,032 334,848 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Ordinary Shares | 13. ORDINARY SHARES As of January 1, 2019, the Company had 1,500,000,000 shares authorized and 110,000,000 shares issued at a par value of $0.0001 per share. 9,920,000 ordinary shares were issued on May 20, 2014 to TECHWOLF LIMITED, controlled by Mr. Peng Zhao, Founder , Chairman and the As of December 31, 2019, 1,500,000,000 shares had been authorized and 100,080,000 ordinary shares were issued and outstanding. On February 10, 2020, all issued and outstanding ordinary shares of the Company were re-designated as , Chairman On August 21, 2020, the Company newly issued a total of 4,122,853 Class A ordinary shares to Coatue PE Asia 26 LLC with a total consideration of US$11,431. Meanwhile, TECHWOLF LIMITED sold a total of 3,752,934 Class B ordinary shares (“Transferred Shares”) to Image Frame Investment (HK) Limited, and immediately after the completion of the transfer, the Company re-designated Transferred On September 19, 2020, the Company issued 3,657,853 Class A ordinary shares to TWL Fellows Holding Limited for nominal consideration. TWL Fellows Holding Limited, a consolidated VIE of the Company incorporated on January 14, 2020 in the British Virgin Islands, was established as an employee shareholding vehicle (a “Trust”) for the purpose of implementing the Company’s share award plan. Therefore, the Company’s ordinary shares issued to TWL Fellows Holding Limited are presented as treasury shares in the Consolidated Balance Sheets and Consolidated Statement of Changes in Shareholders’ (Deficit)/Equity. Other than holding the Company’s ordinary shares, the Trust does not have any assets. On November 27, 2020, the Company issued and granted 24,780,971 Class B ordinary shares to TECHWOLF LIMITED ( Note 15 As of December 31, 2020, 1,500,000,000 shares had been authorized; 11,533,640 Class A ordinary shares were issued, out of which 7,875,787 were outstanding, and 121,108,037 Class B ordinary shares were issued and outstanding. On March 12, 2021, TECHWOLF LIMITED transferred a total of 1,965,361 and 1,876,467 Class B ordinary shares to two new external investors named Index Capital International Limited and Duckling Fund L.P., respectively, and those shares were automatically converted into Class A ordinary shares upon the closing of share transfer between the shareholders. In March 2021, the Company repurchased a total of 1,181,339 Class B ordinary shares from TECHWOLF LIMITED at a price of US$5.33 per share. Immediately after the repurchase, those Class B ordinary shares were cancelled. The difference between the purchase price and the fair value of Class B ordinary shares was recorded as additional paid-in In June 2021, the Company completed I In June 2021, the Company issued and granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED ( Note 1 5 As of December 31, 2021, 1,500,000,000 shares had been authorized; 748,953,103 Class A ordinary shares were issued, out of which 727,855,233 Class A ordinary shares were outstanding, and 140,830,401 Class B ordinary shares were issued and outstanding. The treasury shares as of December 31, 2021 represent ordinary shares issued to the depositary bank and reserved for future exercise or vesting of share award plan. |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Convertible Redeemable Preferred Shares | 14. CONVERTIBLE REDEEMABLE PREFERRED SHARES On May 20, 2014, the Company entered into a shares purchase agreement with certain investors, pursuant to which 60,000,000 Convertible Redeemable Series A Preferred Shares (“Series A Preferred Shares”) were issued on May 20, 2014 for an aggregated consideration of US$3,000. The Company incurred issuance costs of US$20 in connection with this offering. On December 16, 2014, the Company entered into a shares purchase agreement with certain investors, pursuant to which 26,666,667 Convertible Redeemable Series B Preferred Shares (the “Series B Preferred Shares”) were issued on December 16, 2014 for an aggregated consideration of US$4,000. The Company incurred issuance costs of US$41 in connection with the offering of Series B Preferred Shares. Besides, the Company also issued 13,333,333 Series B Preferred Shares to TECHWOLF LIMITED, controlled by Mr. Peng Zhao, the Company’s F C CEO On April 8, 2015, the Company entered into a shares purchase agreement with certain investors, pursuant to which 48,000,000 Convertible Redeemable Series C Preferred Shares (the “Series C Preferred Shares”) were issued on April 8, 2015 for an aggregated consideration of US$10,000. The Company incurred issuance costs of US$40 in connection with this offering. Besides, the Company repurchased a total of 13,333,333 Series B Preferred Shares issued to TECHWOLF LIMITED at par value. Those Series B Preferred Shares were sold to one of previous Series B investor on April 8, 2015 at the Series B Preferred Shares issuance price. On July 7, 2016, the Company entered into a shares purchase agreement with certain investors, pursuant to which 45,319,316 Convertible Redeemable Series C-1 C-1 ” “ C-1 On August 15, 2016, the Company entered into a shares purchase agreement with certain investors, pursuant to which 42,251,744 Convertible Redeemable Series C-2 Preferred “Series C-2 On February 10, 2017, the Company entered into a shares purchase agreement with certain investors, pursuant to which 11,497,073 Convertible Redeemable Series C-3 Series C-3 On November 2, 2017, the Company entered into a shares purchase agreement with certain investors, pursuant to which 60,856,049 Convertible Redeemable Series D Preferred Shares (the “Series D Preferred Shares”) were issued on November 2, 2017 for an aggregated consideration of US$43,394. The Company incurred issuance costs of US$1,132 in connection with this offering. On December 18, 2018, the Company entered into a shares purchase agreement with certain investors, pursuant to which 83,474,263 Convertible Redeemable Series E Preferred Shares (the “Series E Preferred Shares”) were issued on December 18, 2018 for an aggregated consideration of US$130,000. The Company incurred issuance costs of US$3,376 in connection with this offering. On March 8, 2019, the Company entered into a shares purchase agreement with certain investors, pursuant to which 32,373,031 Convertible Redeemable Series E+ Preferred Shares (the “Series E Preferred Shares”, “Series E-1 Shares” “ On July 4, 2019, the Company entered into a shares purchase agreement with certain investors, pursuant to which 28,226,073 Convertible Redeemable Series E-2 E-2 Shares” “ On February 10, 2020, the Company entered into a shares purchase agreement with certain investors, pursuant to which 48,689,976 Convertible Redeemable Series F Preferred Shares (the “Series F Preferred Shares”) were issued on February 10, 2020 for an aggregated consideration of US$150,000. The Company incurred issuance costs of US$1 in connection with this offering. On November 27, 2020, the Company entered into a shares purchase agreement with certain investors, pursuant to which 50,664,609 Convertible Redeemable Series F+ Preferred Shares (the “Series F Preferred Shares” or “Series F-plus Preferred Shares”) were issued on November 27, 2020 for an aggregated consideration The Series A, B, C, D, E and F Preferred Shares are collectively referred to as the Preferred Shares. The holders of Preferred Shares are collectively referred to as the Preferred Shareholders. The key terms of the Preferred Shares issued by the Company are as follows: Conversion rights Optional conversion Each Series A, B, C, D, E and F Preferred Share shall be convertible, at the option of the holder thereof, at any time and without the payment of additional consideration by the holder thereof, into such number of Class A ordinary shares as determined by the quotient of the applicable issue price divided by the then effective applicable conversion price with respect to such particular series of Preferred Shares, which shall initially be the applicable issue price for the Series A , Automatic conversion Each Preferred Share is convertible, at the option of the holder, at any time after the date of issuance of such Preferred Shares according to a conversion ratio, subject to adjustments for dilution, including but not limited to stock splits, stock dividends and capitalization and certain other events. Each Preferred Share is convertible into a number of ordinary shares determined by dividing the applicable original issuance price by the conversion price (initially being 1 to 1 conversion ratio). The conversion price of each Preferred Share is the same as its original issuance price and no adjustments to conversion price have occurred so far. Each Series A, B, C, D, E and F Preferred Share shall automatically be converted into Class A ordinary shares, at the then applicable preferred share conversion price upon (i) closing of a Qualified Initial Public Offering (“Qualified IPO”), or (ii) the written approval of the holders of a majority of each series of Preferred Shares (calculated and voting separately in their respective single class on an as-converted Prior to the Series D Preferred Shares issuance on November 2 , 2017 , a “Qualified IPO” was defined as an initial public offering with gross proceeds no less than US$60 million and capitalization of the Company of no less than US$350 million prior to such initial public offering. Upon the issuance of Series D Preferred Shares, the gross proceeds and market capitalization criteria for a “Qualified IPO” were increased to US$90 million and $100 F-plus Voting rights Each holder of Series A, B, C, D, E and F Preferred Shares is entitled to cast the number of votes equal to the number of Class A ordinary shares such Preferred Shares would be entitled to convert into at the then effective conversion price. There was a modification to the voting rights of the shares controlled by Mr. Peng Zhao when the Series F and Series F-plus • the voting rights of shares controlled by Mr. Peng Zhao was modified to carry 10 votes in connection with the Series F Preferred Shares financing; and • the voting rights of shares controlled by Mr. Peng Zhao was modified to carry 15 votes in connection with the Series F-plus Dividend rights Each Preferred Share shall have the right to receive dividends, on an as-converted Liquidation preference In the event of any liquidation (unless waived by the majority of Preferred Shareholders) including deemed liquidation, dissolution or winding up of the Company, Preferred Shareholders shall be entitled to receive a per share amount equal to 100% of the original preferred share issuance price of the respective series of Preferred Shares, as adjusted for share dividends, share splits, combinations, recapitalizations or similar events, plus all accrued and declared but unpaid dividends thereon, in the sequence of Series F Preferred Shares, Series E Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares. After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata, pari passu basis among the holders of the Preferred Shares, on an as-converted Redemption rights At any time commencing on a date specified in the shareholders’ agreement (the “Redemption Start Date”), holders of majority (more than 50%) of the then outstanding Series A, B, C, D, E, and F Preferred Shares may request a redemption of the Preferred Shares of such series. On receipt of a redemption request from the holders, the Company shall redeem all or part, as requested, of the outstanding Preferred Shares of such series. The Redemption Start Date of Preferred Shares have been amended for a number of times historically. If any holder of any series of Preferred Shares exercises its redemption right, any holder of other series of Preferred Shares shall have the right to exercise the redemption of its series at the same time. The redemption prices have been modified historically. Prior to the issuance of Series F Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 10% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares), and declared but unpaid dividends. Upon the issuance of Series F Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 8% simple interest per annum (calculated from the issuance dates of the respective series of Preferred Shares), and declared but unpaid dividends. If on the redemption date triggered by the occurrence of any redemption event, the Company’s assets or funds which are legally available are insufficient to pay in full the aggregate redemption price for Preferred Shares requested to be redeemed, upon the request of a redeeming shareholder, the Company shall execute and deliver a two-year Conversion upon IPO In June 2021, upon the completion of IPO, all of based on the aforementioned conversion price Accounting for preferred shares The Company classified the Preferred Shares in the mezzanine section of the Consolidated Balance Sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation event outside of the Company’s control. The Preferred Shares are recorded initially at fair value, net of issuance costs. The Company records accretion on the Preferred Shares, where applicable, to the redemption value from the issuance dates to the earliest redemption dates. The accretion, calculated using the effective interest method, is recorded against retained earnings, or in the absence of retained earnings, by charging against additional paid-in paid-in The Company has determined that, under the whole instrument approach, host contract of the Preferred Shares is more akin to a debt host, given the Preferred Shares holders have potential creditors’ right in the event of insufficient fund upon redemption, along with other debt-like features in the terms of the Preferred Shares, including the redemption rights. However, the Company determined that the embedded feature, including conversion feature, do not require bifurcation as they either are clearly and closely related to the host or do not meet definition of a derivative. The Company has determined that there was no beneficial conversion feature attributable to all preferred shares because the initial effective conversion prices of these preferred shares were higher than the fair value of the Company’s ordinary shares determined by the Company with the assistance from an independent third-party appraiser. Modification of preferred shares The Company assesses whether an amendment to the terms of its convertible redeemable preferred shares is an extinguishment or a modification based on a qualitative evaluation of the amendment. If the amendment adds, removes, significantly changes to a substantive contractual term or to the nature of the overall instrument, the amendment results in an extinguishment of the preferred shares. The Company also assess if the change in terms results in value transfer between Preferred Shareholders or between Preferred Shareholders and ordinary shareholders. When convertible redeemable preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible redeemable Preferred Shareholders and the carrying amount of such preferred shares (net of issuance costs) is treated as a deemed dividend to the Preferred Shareholders. When convertible redeemable preferred shares are modified and such modification results in value transfer between Preferred Shareholders and ordinary shareholders, the change in fair value resulted from the amendment is treated as a deemed dividend to or from the Preferred Shareholders. Preferred s • Starting from the issuance of Series C Preferred Shares, optional redemption date of each pre-existing • On February 10, 2020, the Redemption Start Date of Series A, B, C, D, and E Preferred Shares was extended from July 5, 2024 to February 10, 2025, which is to be in line with the optional redemption date of Series F Preferred Shares. In the meanwhile, redemption price interest rate was lowered from 10% compound interest per annum to 8% simple interest per annum commencing from Series F Preferred Shares original issuance date and ending on the date of redemption. From both quantitative and qualitative perspectives, the Company assessed the impact of these modifications and concluded that they represent a modification rather than extinguishment of pre-existing The Company’s convertible redeemable preferred shares activities for the years ended December 31, 2019, 2020 and 2021 are summarized below: Series A Preferred Series B Preferred Series C Preferred Series D Preferred Series E Preferred Series F Preferred Total Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Balance as of January 1, 2019 60,000,000 30,144 40,000,000 56,554 147,068,133 400,950 60,856,049 317,533 83,474,263 874,107 — — 391,398,445 1,679,288 Issuance of Series E Preferred Shares Tranche I and II, net of issuance cost — — — — — — — — 60,599,104 691,894 — — 60,599,104 691,894 Accretion on convertible redeemable preferred shares to redemption value — 3,290 — 6,231 — 42,417 — 35,053 — 145,328 — — — 232,319 Balance as of December 31, 2019 60,000,000 33,434 40,000,000 62,785 147,068,133 443,367 60,856,049 352,586 144,073,367 1,711,329 — — 451,997,549 2,603,501 Issuance of Series F Preferred Shares, net of issuance cost — — — — — — — — — — 99,354,585 2,803,114 99,354,585 2,803,114 Accretion on convertible redeemable preferred shares to redemption value — 2,743 — 5,191 — 35,198 — 28,196 — 133,704 — 78,949 — 283,981 Balance as of December 31, 2020 60,000,000 36,177 40,000,000 67,976 147,068,133 478,565 60,856,049 380,782 144,073,367 1,845,033 99,354,585 2,882,063 551,352,134 5,690,596 Accretion on convertible redeemable preferred shares to redemption value — 1,057 — 2,006 — 13,580 — 10,823 — 51,072 — 85,527 — 164,065 Conversion of preferred shares to ordinary shares (60,000,000 ) (37,234 ) (40,000,000 ) (69,982 ) (147,068,133 ) (492,145 ) (60,856,049 ) (391,605 ) (144,073,367 ) (1,896,105 ) (99,354,585 ) (2,967,590 ) (551,352,134 ) (5,854,661 ) Balance as of December 31, 2021 — — — — — — — — — — — — — — |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 15. SHARE-BASED COMPENSATION (a) Share options Since 2014, the Company has granted options to certain directors, executive officers and employees. The maximum aggregate number of ordinary shares that are authorized to be issued under the Company’s share award plans is 145,696,410 as of December 31, 2021. The share options have a contractual term of ten years. Share options granted contained service conditions. With respect to the service conditions, there are 3 types of vesting schedule, which are: (i) 25% of the share options shall become vested on each anniversary of the vesting commencement date for 4 years thereafter; (ii) 50% of the share options shall become vested on each anniversary of the vesting commencement date for 2 years thereafter; (iii) immediately vested upon grant. For share options contained service conditions only, those awards are measured at the grant date fair value and recognized as expenses over the requisite service period, which is the vesting period. For certain options granted to employees, even though the service condition might have been satisfied, employees are required to provide continued service through the occurrence of an IPO or change of control (“Trigger Event”). Given the vesting of these share options granted is contingent upon the occurrence of Trigger Event, no share-based compensation expenses were recognized for these share options until the completion of the IPO in June 2021, when cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded. The following table sets forth the activities of share options for the years ended December 31, 2019, 2020 and 2021: Number of Weighted Weighted Aggregate Weighted US$ In Years US$ US$ Outstanding as of January 1, 2019 67,784,739 0.50 7.64 22,714 0.12 Granted 25,679,294 1.45 Forfeited (7,242,312 ) 0.84 Outstanding as of December 31, 2019 86,221,721 0.76 7.22 65,994 0.27 Granted 26,509,592 2.42 Forfeited (5,597,960 ) 1.00 Outstanding as of December 31, 2020 107,133,353 1.16 6.84 226,639 0.64 Granted 32,710,153 4.14 Exercised (54,385,484 ) 0.55 Forfeited (2,982,054 ) 1.98 Outstanding as of December 31, 2021 82,475,968 2.71 8.05 1,214,916 2.82 Vested and expected to vest as of December 31, 82,475,968 2.71 8.05 1,214,916 2.82 Exercisable as of December 31, 2021 22,421,874 1.27 6.70 362,469 0.86 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the underlying stock at each reporting date. (a) Share options (continued) As of December 31, 2021, there were US$177,224 of unrecognized compensation expenses related to share options, which are expected to be recognized over a weighted-average period of 3.19 years and may be adjusted for future forfeitures. The Company uses binomial option-pricing model to determine the fair value of the share options as of the grant dates. Key assumptions (or ranges thereof) are set as below: For the year ended December 31, 2019 2020 2021 Fair value of ordinary shares on the date of option grant (US$) 1.01 - 1.52 1.84 - 3.27 6.78 - 18.09 Risk-free interest rate (1) 1.80% -2.76% 0.82% - 1.70% 1.6% - 2.0% Expected term (in years) 10 10 10 Expected dividend yield (2) 0% 0% 0% Expected volatility (3) 56.1% - 57.8% 56.5% -59.0% 58.8% Expected early exercise multiple 2.2x-2.8x 2.2x-2.8x 2.2x-2.8x (1) The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of U.S. Treasury Strips with a maturity life equal to the expected life to expiration. (2) The Company has no history or expectation of paying dividends on its ordinary shares. (3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (b) RSUs After the completion of the Company’s IPO in June 2021, the Company started to grant RSUs to employees. One RSU represents a right relating to one Class A ordinary share of the Group. The RSUs were granted only with service conditions and shall vest over a period of four years with 25% vesting on each anniversary of the vesting commencement date. The fair value of the RSUs is estimated based on the fair market value of the underlying ordinary share of the Company on the grant date. The following table summarizes activities of the Company’s RSUs granted to employees: Number of Weighted average grant-date fair value US$ Outstanding as of January 1, 2021 — — Granted 3,521,118 Outstanding as of December 31, 2021 3,521,118 19.05 As of December 31, 2021, there were US$65,995 of unrecognized compensation expenses related to RSUs, which are expected to be recognized over a weighted-average period of 3.86 years and may be adjusted for future forfeitures. (c) Share-based compensation expenses by function The following table sets forth the amount s For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cost of revenues 944 1,920 31,467 Sales and marketing expenses 8,443 21,473 73,733 Research and development expenses 13,595 30,883 137,820 General and administrative expenses * 11,268 602,960 1,680,626 Total 34,250 657,236 1,923,646 * In November 2020 and June 2021, the Company granted , and recorded of share-based compensation expenses in general and administrative expenses for the years ended December 31, 2020 and 2021, respectively (Note 13). |
Basic And Diluted Net Loss Per
Basic And Diluted Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Loss Per Share | 16. BASIC AND DILUTED NET LOSS PER SHARE The computation of basic and diluted net For the year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator Net loss (502,055 ) (941,895 ) (1,071,074 ) Accretion on convertible redeemable preferred shares to redemption value (232,319 ) (283,981 ) (164,065 ) Net loss attributable to ordinary shareholders (734,374 ) (1,225,876 ) (1,235,139 ) Denominator Weighted average number of ordinary shares used in computing —Basic and diluted 107,114,306 111,172,986 529,343,027 Net loss per share attributable to ordinary shareholders —Basic and diluted (6.86 ) (11.03 ) (2.33 ) As the Group incurred loss for the years ended December 31, 2019, 2020 and 2021, the ordinary share equivalents, including preferred shares, share options and RSUs granted, were anti-dilutive and excluded from the computation of diluted net loss per share. The weighted average numbers of these ordinary share equivalents for the periods presented were as follows: For the year ended December 31, 2019 2020 2021 P 431,914,761 500,211,192 251,440,808 Share options and RSUs 38,394,825 60,853,313 78,376,179 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 17. COMMITMENTS AND CONTINGENCIES Commitments The Group engaged third parties for promoting its brand image through various advertising channels. The amount of advertising commitments relates to the committed advertising services that have not been delivered and paid. As of December 31, 2021, future minimum advertising commitments under non-cancelable Contingencies The Group and certain of the officers and directors have been named as defendants in a putative securities class action filed on July 12, 2021. The action alleges that the Group made false and misleading statements regarding the business, operations and compliance policies in violation of the Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The case remains in its preliminary stage and the Group is unable to predict the outcome of the case, or reasonably estimate a range of possible loss, if any, given the current status of the case. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded material liabilities in this regard as of December 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. FAIR VALUE MEASUREMENTS As of December 31, 2020 and 2021, information about inputs into the fair value measurement of the Group’s assets that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair value Quoted prices in active Significant other Significant RMB RMB RMB RMB As of December 31, Short-term investments 536,401 — 536,401 — As of December 31, Short-term investments 884,996 — 884,996 — When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. For short-term investments, which consists of wealth management products, the Group refers to the quoted rate of return provided by financial institutions at the end of each period using the discounted cash flow method. The Group classifies the valuation techniques as Level 2 of fair value measurement. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 19. RESTRICTED NET ASSETS In accordance with the laws applicable to foreign investment enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprises must make appropriations from after-tax profits (as determined under PRC GAAP) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits until such reserve fund has reached 50% of the enterprise’s registered capital. The a As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax Amounts restricted include paid-in capital and statutory reserve funds, totaling approximately RMB918.3 million, or 8.6% of the Group’s total consolidated net assets as of December 31, 2021. Therefore, the Company performed a test on the restricted net assets of consolidated subsidiaries and the VIE in accordance with Securities and Exchange Commission Regulation S-X Rules 4- 08 (e) (3), “General Notes to Financial Statements”, and concluded that it was not applicable for the Company to disclose the financial statements of the parent company for the year ended December 31, 2021. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENT In March 2022, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$150 million of its American depositary shares over the following 12 months. The share repurchases may be made in the open market, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. |
Principal Accounting Policies (
Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. The Company applies the guidance codified in ASC 810, Consolidations All transactions and balances between the Company, its subsidiaries, consolidated VIE and VIE’s subsidiaries have been eliminated upon consolidation. |
Use of estimates | 2.3 Use of estimates The preparation of the 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 at the balance sheet date, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Accounting estimates reflected in the Group’s consolidated financial statements include but are not limited to the useful lives of property, equipment and software, impairment of long-lived assets, valuation allowances for deferred tax assets, valuation of ordinary shares and share-based compensation. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable under current circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. |
Foreign currencies | 2.4 Foreign curren c y The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and subsidiaries incorporated in Hong Kong and United States of America, is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIE and VIE’s subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in foreign currencies are recorded in the Consolidated Statements of Comprehensive Loss. The financial statements of the Company and subsidiaries located outside of the PRC are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Loss. |
Convenience translation | 2.5 Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of RMB6.3726 per US$1.00 on December 30, 2021 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate or at any other rate. |
Fair value measurements | 2.6 Fair value measurements Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount and the measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group mainly consist of cash and cash equivalents, short-term investments, accounts receivables, amounts due from related parties, prepayments and other current assets, accounts payable, certain accrued expenses and other current liabilities. Except for short-term investments, the carrying values of cash and cash equivalents, accounts receivables, amounts due from related parties, prepayments and other current assets, accounts payable, certain accrued expenses and other current liabilities approximates their fair values due to the short-term maturity of these instruments. The Group reports short-term investments at fair value based on Level 2 measurement. |
Cash and cash equivalents | 2.7 Cash and cash equivalents Cash includes cash on hand and deposits held by financial institutions that can be added to or withdrawn without limitation or restriction. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities of three months or less. |
Short-term investments | 2.8 Short-term investments Short-term investments are wealth management products issued by commercial banks or other financial institutions, which contains fixed or variable interest with original maturities within one year. These investments are stated at fair value. Changes in the fair value are reflected in investment income in the Consolidation Statements of Comprehensive Loss. |
Accounts receivable | 2.9 Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group provides general and specific provisions for bad debts when facts and circumstances indicate that the receivable is unlikely to be collected. If the financial condition of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. No allowance for doubtful accounts were recognized for the years ended December 31, 2019, 2020 and 2021. |
Property, equipment and software | 2.10 Property, equipment and software Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Electronic equipment 3-5 Leasehold improvement Shorter of lease terms or estimated useful lives of the assets Furniture and fixtures 5 years Motor vehicles 3-5 Software 5 years The majority of electronic equipment includes servers. The Group recognized the gain or loss on the disposal of property, equipment and software in the Consolidated Statements of Comprehensive Loss. |
Intangible Assets | 2.11 Intangible assets Intangible assets purchased are recognized and measured at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: Category Estimated useful lives Domains 10 years |
Impairment of long-lived assets | 2.12 Impairment of long-lived assets Long-lived assets are evaluated 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 value of an asset may not be fully recoverable or that the useful life is shorter than that the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. No impairment of long-lived assets was recognized for the years ended December 31, 2019, 2020 and 2021. |
Revenue recognition | 2.13 Revenue recognition The Group accounted for revenue under ASC 606, Revenue from Contracts with Customers To achieve that core principle, the Group applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct services. Revenue is recognized upon the transfer of control of promised services to a customer. Revenue is recorded net of value added tax (“VAT”). The Group generates revenue by providing services to the enterprise customers and job seekers to assist in the recruitment process over mobile apps and websites, which means matching enterprise customers with suitable job seekers through AI matching technology, and stimulating real time interaction between them via in-app communication Online recruitment services to enterprise customers The Group provides online recruitment support services carrying different kinds of features on the Group’s platform, mainly including paid job postings, bulk invite-sending tools, message sending tools and other services. Enterprise customers could also purchase subscription packages which contain an array of features, including popular in-demand jobs Based on the historical pattern by which the Group satisfies its performance obligation and how enterprise customers benefit from the Group’s performance obligations, the Group recognizes its revenue from the services provided under two models: time-based model and item-based model. Time-based model Under the time-based model, the Group’s obligation is to deliver corresponding services to enterprise customers during a particular subscription period, a certain paid job posting display period, or a certain privilege period for virtual tools such as message sending, etc., ranging from one month up to one year. For the services covered within a particular subscription package, they have the same contract period length during the subscription period. The revenues recognized under this time-based model for the years ended December 31, 2019, 2020 and 2021 were RMB717,721, RMB1,527,671 and RMB3,043,692, respectively. The Group records the upfront cash payments from the enterprise customers as deferred revenue and then recognizes the revenue on a straight-line basis over the subscription period in which the enterprise customers are entitled to the corresponding privileges, as the Group is standing ready to provide services and a time-based measure of progress best reflects the satisfaction of the performance obligations. Item-based model Under the item-based model, the Group’s obligation is to deliver corresponding services in the form of other various virtual tools. Revenues for services provided in form of such virtual tools are recognized at the point in time when the services are provided to the enterprise customers. The Group records the upfront cash payments from the enterprise customers as part of deferred revenue, and then recognizes the revenue at the point in time upon the Group delivers the corresponding services or at the point when the virtual tools expire. The revenues recognized at the point in time under the item-based model for the years ended December 31, 2019, 2020 and 2021 were RMB269,138, RMB399,507 and RMB1,175,334, respectively. Other services Other services mainly represent paid value-added services offered to job seekers, including priority placement of their professional profiles, increased resume exposure to enterprise customers, candidate competitive analysis, message filtering services and five-dimensional personality test, etc. The Group defines enterprise customers who contributed revenue of RMB50 or more annually as key accounts, who contributed revenue between RMB5 and RMB50 annually as mid-sized small-sized For the year ended December 31, 2019 2020 2021 RMB RMB RMB Online recruitment services to enterprise customers —Key accounts 155,819 330,795 928,360 —Mid-sized 363,282 696,325 1,513,506 —Small-sized 467,758 900,058 1,777,160 Other s 11,861 17,181 40,102 Total 998,720 1,944,359 4,259,128 Arrangements with multiple performance obligations The Group’s contracts with enterprise customers may include bulk sales of services in the form of virtual tools and services contained in subscription packages, and therefore multiple performance obligations exist. For those services in the form of virtual tools and contained in subscription packages included in bulk sales, the selling prices are consistently made references of the standalone selling prices when sold separately. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price, considering bulk sale price discounts offered to certain enterprise customers where applicable. Deferred revenue The Group records deferred revenue when the Group receives enterprise customers’ payments in advance of transferring control of service to customers. Substantially all deferred revenue recorded are expected to be recognized as revenues during the subsequent annual period. Remaining performance obligations Remaining performance obligations represent the amount of contracted future revenues not yet recognized as the amounts relate to undelivered performance obligations. Substantially all of Group’s contracts are less than one year in duration. As such, the Group has elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. |
Cost of revenues | 2.14 Cost of revenues Cost of services consist primarily of settlement costs of third-party on-line payment and bandwidth service costs, server |
Sales and marketing expenses | 2.15 Sales and marketing expenses Sales and marketing expenses consist primarily of advertising expenses, payroll and other employee-related expenses for the Group’s sales and marketing staff as well as office rental and property management fees for sales functions. Advertising expenses generally represent online traffic acquisition and branding activities costs. For the years ended December 31, 2019, 2020 and 2021, advertising expenses totaled RMB538,940, RMB812,415 and RMB997,650, respectively. |
Research and development expenses | 2.16 Research and development expenses Research and development expenses primarily consist of payroll and other employee-related costs and office rental and property management fees for research and development functions. All research and development costs are expensed as incurred. |
General and administrative expenses | 2.17 General and administrative expenses General and administrative expenses consist primarily of payroll and other employee-related expenses for the Group’s managerial and administrative staff , |
Employee benefits | 2.18 Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries , VIE and VIE’s subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses contributed by the Group, including accrued and unpaid amounts , were RMB103,817, RMB135,478 and RMB256,533 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Share-based compensation | 2.19 Share-based compensation The Group grants share options and restricted share units (“RSUs”) to its management, other key employees and eligible nonemployees. Such compensation is accounted for in accordance with ASC 718, Compensation-Stock Compensation ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, 2018-07, Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the straight-line method over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an IPO or change of control as a performance condition, are measured at the grant date fair value. Cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded upon the completion of the Company’s IPO in June 2021. The fair value of share options is estimated using the binomial option-pricing model. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions. The fair value of the RSUs, which were granted subsequent to the completion of the Company’s IPO, is estimated based on the fair value of the underlying ordinary shares of the Company on the grant date. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards. |
Operating leases | 2.20 Operating leases The Group applied ASC 842, Leases right-of-use right-of-use right-of-use non-lease RMB50,570 and total operating lease liabilities of RMB50,089 on the Consolidated Balance Sheets. For operating lease with a term of one year or less, the Group has elected to not recognize a lease liability or lease right-of-use |
Taxation | 2.21 Taxation Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for deferred income taxes under the liability method in accordance with ASC 740, Income Tax The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed 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 ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. 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 in the period in which the audit is concluded. 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 |
Statutory reserves | 2.22 Statutory reserves The certain non-distributable reserve In accordance with the laws applicable to the foreign investment enterprises enterprises their after-tax profits the after-tax profits In addition, in accordance with the PRC Company Law, the Group’s consolidated VIE and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their after-tax profits to non-distributable reserve the after-tax profits The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. No appropriation to any reserve fund was made for the years ended December 31, 2019, 2020 and 2021. |
Comprehensive income | 2.23 Comprehensive income/(loss) Comprehensive income/(loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding those resulting from investments by shareholders and distributions to shareholders. The Group recognizes foreign currency translation adjustments as other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Loss. As such adjustments do not incur income tax obligations, there are no tax adjustments to arrive at other comprehensive income/(loss) on a net-of-tax |
Segment reporting | 2.24 Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC and substantially all the Group’s revenue is derived from entities within the PRC, no geographical segments are presented. |
Loss per share | 2.25 Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The net loss will be adjusted by deducting (1) dividends declared in the period on preferred shares (if any), (2) cumulative dividends on preferred shares (whether or not declared) and (3) deemed dividends as required by U.S. GAAP. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and potential ordinary shares outstanding during the period. Potential ordinary shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, The two-class the two-class method |
Recent accounting pronouncements | 2.26 Recent accounting pronouncements In June 2016, the FASB amended guidance related to the expected credit loss of financial instruments as part of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2019-10, In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The standard is effective for the Group’s fiscal year beginning January 1, 2022. The ASU is currently not expected to have a material impact on the consolidated financial statements. |
Principal Activities and Orga_2
Principal Activities and Organization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Principal Subsidiaries and Consolidated VIE | As of December 31, 2021, the Company’s principal subsidiaries and consolidated VIE are as follows: Place of Date of incorporation Equity Principal activities Subsidiaries Techfish Limited Hong Kong, China February 14, 2014 100 % Investment holding Beijing Glorywolf Co., Ltd. Beijing, China May 7, 2014 100 % Online recruitment VIE Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”) Beijing, China December 25, 2013 100 % Online recruitment |
Schedule of variable interest entities | The following table set forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIE and VIE’s subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of December 31, 2020 2021 RMB RMB ASSETS Current assets Cash and cash equivalents 183,199 864,851 Short-term investments 525,506 864,557 Accounts receivable 6,999 1,002 Amounts due from Group companies 36,859 86,989 Amounts due from related parties — 6,615 Prepayments and other current assets 146,244 487,598 Total current assets 898,807 2,311,612 Non-current assets Property, equipment and software, net 191,242 368,381 Intangible assets, net 549 458 Right-of-use 144,063 301,288 Other non-current — 4,000 Total non-current 335,854 674,127 Total assets 1,234,661 2,985,739 As of December 31, 2020 2021 RMB RMB LIABILITIES Current liabilities Accounts payable 41,839 52,938 Deferred revenue 1,200,349 1,958,570 Other payables and accrued liabilities 415,273 626,151 Amounts due to Group companies 372,427 27,223 Operating lease liabilities, current 59,559 124,464 Total current liabilities 2,089,447 2,789,346 Non-current Operating lease liabilities, non-current 76,373 178,844 Total liabilities 2,165,820 2,968,190 For the year ended December 31, 2019 2020 2021 RMB RMB RMB Total revenues 998,720 1,944,359 4,259,128 Cost of revenues (133,553 ) (232,261 ) (554,575 ) Net ( ) /income (464,373 ) (303,061 ) 551,133 For the year ended December 31, 2019 2020 2021 RMB RMB RMB Net cash (used in)/generated from operating activities (25,658 ) 494,187 1,717,104 Net cash used in investing activities (66,029 ) (632,568 ) (591,213 ) Net cash generated from/(used in) financing activities 103,596 260,484 (444,239 ) Net increase in cash and cash equivalents 11,909 122,103 681,652 Cash and cash equivalents at beginning of year 49,187 61,096 183,199 Cash and cash equivalents at end of year 61,096 183,199 864,851 |
Principal Accounting Policies_2
Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Property, Equipment And Software | The estimated useful lives are as follows: Category Estimated useful lives Electronic equipment 3-5 Leasehold improvement Shorter of lease terms or estimated useful lives of the assets Furniture and fixtures 5 years Motor vehicles 3-5 Software 5 years |
Summary of Intangible Assets | Intangible assets purchased are recognized and measured at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below: Category Estimated useful lives Domains 10 years |
Summary of total Revenue | For the year ended December 31, 2019 2020 2021 RMB RMB RMB Online recruitment services to enterprise customers —Key accounts 155,819 330,795 928,360 —Mid-sized 363,282 696,325 1,513,506 —Small-sized 467,758 900,058 1,777,160 Other s 11,861 17,181 40,102 Total 998,720 1,944,359 4,259,128 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Abstract] | |
Summary of Short-Term Investment | As of December 31, 2020 2021 RMB RMB Wealth management products 536,401 884,996 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | As of December 31, 2020 2021 RMB RMB Prepaid marketing expenses and service fee 47,398 234,490 Receivables from third-party on-line 41,221 63,866 Deposits 37,780 63,814 Staff loans and advances 32,902 52,695 Receivables related to the exercise of share-based awards* — 289,822 Others 5,609 19,896 Total 164,910 724,583 * It represented receivables from a third-party share option brokerage platform and certain employees for the exercise of share options, which were settled before these consolidated financial statements are issued. |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net consist of the following: As of December 31, 2020 2021 RMB RMB Electronic equipment 204,805 429,683 Leasehold improvement 39,460 65,885 Furniture and fixtures 9,486 12,784 Motor vehicles 2,316 3,904 Software 1,615 3,126 Total cost 257,682 515,382 Less: accumulated depreciation (66,327 ) (146,256 ) Total property, equipment and software, net 191,355 369,126 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | As of December 31, 2020 2021 RMB RMB Payable s 16,831 30,646 Payables for purchase of property, equipment and software 22,344 19,987 Others 2,681 2,330 Total 41,856 52,963 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables and Accrued Liabilities [Abstract] | |
Schedule of other payables and and accrued liabilities | As of December 31, 2020 2021 RMB RMB Salary, welfare and bonus payable 260,123 373,286 Tax payable (1) 21,704 218,419 Virtual accounts used in the Group’s platform (2) 24,815 41,070 Payable s to shareholders (3) 103,596 — Others 8,021 12,363 Total 418,259 645,138 (1) Tax payable mainly included value-added tax, enterprise income tax and individual income tax payable mainly related to the exercise of share options. (2) It represents the cash balance that customers deposited into their own virtual accounts in the Group’s platform, which they have rights to withdraw without any conditions. (3) As of December 31, 2020, Huapin received RMB103,596 from certain preferred shareholders during Series C-3 |
Operating Lease (Tables)
Operating Lease (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Expenses | The Group has operating leases primarily for office. The components of lease expenses are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Operating lease expenses 42,508 71,706 116,091 Expenses for short-term lease within 12 months 9,245 2,167 2,177 Total lease expenses 51,753 73,873 118,268 |
Summary of Supplemental Balance Sheet Information Related to Operating Lease | Supplemental balance sheet information related to operating lease is as follows: As of December 31, 2020 2021 RMB RMB Right-of-use 144,063 309,085 Lease liabilities, current 59,559 127,531 Lease liabilities, non-current 76,373 183,365 Total lease liabilities 135,932 310,896 |
Summary of Supplemental Cash Flow Information Related to Operating Lease | Supplemental cash flow information related to operating lease is as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cash paid for amounts included in the measurement of lease liabilities 42,620 72,138 102,154 Right-of-use 87,054 112,871 274,358 Weighted average remaining lease term (in years) 3.48 3.75 3.26 Weighted average discount rate 4.75 % 4.75 % 4.82 % |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: As of RMB 2022 131,573 2023 96,778 2024 47,191 2025 35,492 2026 25,451 Thereafter 1,834 Total undiscounted lease payments 338,319 Less: imputed interest (27,423 ) Total lease liabilities 310,896 |
Other Operating Income, Net (Ta
Other Operating Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Income, Net | For the year ended 2019 2020 2021 RMB RMB RMB VAT-in 2,412 7,981 12,423 Others 161 868 2,554 Total 2,573 8,849 14,977 * In accordance with the Announcement on Relevant Policies for Deepening the Value-added Tax Reform and relevant government policies announced by the Ministry of Finance, the State Taxation Administration and the General Administration of Customs of China, Huapin and Glory, as consumer service companies, are allowed to enjoy additional 10% VAT-in (“VAT-in VAT-in VAT-in |
Related Party Balances And Tr_2
Related Party Balances And Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Name of Major Related Parties and Their Relationships With The Group | The table below sets forth the major related parties and their relationships with the Group: Name of related parties Relationship with the Group Mr. Peng Zhao and companies controlled by him Founder, Chairman and CEO of the Group and his controlled companies Image Frame Investment (HK) Limited (under the control of Tencent Holdings Limited) Principal shareholder of the Group Individual executive officer Executive officer of the Group |
Schedule of Amounts Due From Related Parties | Details of amounts due from related parties as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Receivables from Tencent Group’s on-line (1) 3,018 4,284 Prepaid cloud service fee to Tencent Group (1) 1,556 2,331 Amount due from Mr. Peng Zhao and companies controlled by him (2) 31,132 — Advance to individual executive officer (3) 5,093 — Total 40,799 6,615 |
Summary of Transactions With Related Parties | Details of transactions with related parties for the years ended December 31, 2019, 2020 and 2021 are as follows : For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cloud services from Tencent Group (1) 2,063 6,109 18,119 On-line payment platform clearing services from Tencent Group (1) 836 1,886 5,464 Cash advance to Mr. Peng Zhao (2) 24,930 — — Cash advance to individual executive officer (3) 5,093 — — Total 32,922 7,995 23,583 (1) Tencent Group represents companies under the control of Tencent Holdings Limited, including Image Frame Investment (HK) Limited. The Group purchases cloud services and on-line payment platform clearing services from Tencent Group. (2) The amount due from Mr. Peng Zhao and companies controlled by him was mainly cash advance with original one-year (3) It represents the advance granted to Mr. Tao Zhang, Chief Technology Officer of the Group, which was settled in cash in March 2021. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Tax | Components of loss before tax are as follow: For the year ended December 31, 2019 2020 2021 RMB RMB RMB (Loss)/Income from PRC entities (483,970 ) (311,483 ) 610,813 Loss from overseas entities (18,085 ) (630,412 ) (1,622,360 ) Total loss before tax (502,055 ) (941,895 ) (1,011,547 ) |
Schedule of Components of Income Tax Expenses | Components of income tax expense are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax expense — — 59,527 |
Schedule of Reconciliation Between The PRC Statutory Income Tax Rate and Effective Income Tax Rate | The following table sets forth a reconciliation between the PRC statutory income tax rate of 25% and the Group’ effective tax rate: For the year ended December 31, 2019 2020 2021 RMB RMB RMB PRC 25.00 % 25.00 % 25.00 % Tax rate difference from statutory rate in other jurisdictions (1) (0.25 )% (15.82 )% (37.89 )% Permanent difference (2) 5.30 % 2.22 % 1.24 % Effect of preferential tax rates (10.03 )% (3.36 )% 5.15 % Changes in valuation allowance (19.97 )% (7.89 )% (8.38 )% Others (0.05 )% (0.15 )% 9.00 % Effective tax rate — — (5.88 )% (1) The tax rate difference was mainly attributed to net loss of the Company, which is located in the Cayman Islands and exempted from income tax. (2) The permanent differences are primarily related to additional tax deductions for qualified research and development expenses offset by non-deductible |
Summary of Net Deferred Tax Assets | The following table sets forth the significant components of the deferred tax assets: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Net operating loss carry-forwards 86,628 86,679 70,985 Deductible advertising expenses 87,639 161,842 262,801 Others 1,490 1,511 1,062 Total deferred tax assets 175,757 250,032 334,848 Less: valuation allowance (175,757 ) (250,032 ) (334,848 ) Total deferred tax assets, net of valuation allowance — — — |
Schedule of Movements of Valuation Allowance | Movements of valuation allowance are as follows : For the year ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of the year 75,501 175,757 250,032 Change in valuation allowance 100,256 74,275 84,816 Balance at end of the year 175,757 250,032 334,848 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of convertible redeemable preferred share | The Company’s convertible redeemable preferred shares activities for the years ended December 31, 2019, 2020 and 2021 are summarized below: Series A Preferred Series B Preferred Series C Preferred Series D Preferred Series E Preferred Series F Preferred Total Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Balance as of January 1, 2019 60,000,000 30,144 40,000,000 56,554 147,068,133 400,950 60,856,049 317,533 83,474,263 874,107 — — 391,398,445 1,679,288 Issuance of Series E Preferred Shares Tranche I and II, net of issuance cost — — — — — — — — 60,599,104 691,894 — — 60,599,104 691,894 Accretion on convertible redeemable preferred shares to redemption value — 3,290 — 6,231 — 42,417 — 35,053 — 145,328 — — — 232,319 Balance as of December 31, 2019 60,000,000 33,434 40,000,000 62,785 147,068,133 443,367 60,856,049 352,586 144,073,367 1,711,329 — — 451,997,549 2,603,501 Issuance of Series F Preferred Shares, net of issuance cost — — — — — — — — — — 99,354,585 2,803,114 99,354,585 2,803,114 Accretion on convertible redeemable preferred shares to redemption value — 2,743 — 5,191 — 35,198 — 28,196 — 133,704 — 78,949 — 283,981 Balance as of December 31, 2020 60,000,000 36,177 40,000,000 67,976 147,068,133 478,565 60,856,049 380,782 144,073,367 1,845,033 99,354,585 2,882,063 551,352,134 5,690,596 Accretion on convertible redeemable preferred shares to redemption value — 1,057 — 2,006 — 13,580 — 10,823 — 51,072 — 85,527 — 164,065 Conversion of preferred shares to ordinary shares (60,000,000 ) (37,234 ) (40,000,000 ) (69,982 ) (147,068,133 ) (492,145 ) (60,856,049 ) (391,605 ) (144,073,367 ) (1,896,105 ) (99,354,585 ) (2,967,590 ) (551,352,134 ) (5,854,661 ) Balance as of December 31, 2021 — — — — — — — — — — — — — — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table sets forth the activities of share options for the years ended December 31, 2019, 2020 and 2021: Number of Weighted Weighted Aggregate Weighted US$ In Years US$ US$ Outstanding as of January 1, 2019 67,784,739 0.50 7.64 22,714 0.12 Granted 25,679,294 1.45 Forfeited (7,242,312 ) 0.84 Outstanding as of December 31, 2019 86,221,721 0.76 7.22 65,994 0.27 Granted 26,509,592 2.42 Forfeited (5,597,960 ) 1.00 Outstanding as of December 31, 2020 107,133,353 1.16 6.84 226,639 0.64 Granted 32,710,153 4.14 Exercised (54,385,484 ) 0.55 Forfeited (2,982,054 ) 1.98 Outstanding as of December 31, 2021 82,475,968 2.71 8.05 1,214,916 2.82 Vested and expected to vest as of December 31, 82,475,968 2.71 8.05 1,214,916 2.82 Exercisable as of December 31, 2021 22,421,874 1.27 6.70 362,469 0.86 |
Summary of Assumptions in the Binomial Option-Pricing Model used to Determine the Fair Value of Stock Options | For the year ended December 31, 2019 2020 2021 Fair value of ordinary shares on the date of option grant (US$) 1.01 - 1.52 1.84 - 3.27 6.78 - 18.09 Risk-free interest rate (1) 1.80% -2.76% 0.82% - 1.70% 1.6% - 2.0% Expected term (in years) 10 10 10 Expected dividend yield (2) 0% 0% 0% Expected volatility (3) 56.1% - 57.8% 56.5% -59.0% 58.8% Expected early exercise multiple 2.2x-2.8x 2.2x-2.8x 2.2x-2.8x (1) The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of U.S. Treasury Strips with a maturity life equal to the expected life to expiration. (2) The Company has no history or expectation of paying dividends on its ordinary shares. (3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. |
Summary of RSU activity | The following table summarizes activities of the Company’s RSUs granted to employees: Number of Weighted average grant-date fair value US$ Outstanding as of January 1, 2021 — — Granted 3,521,118 Outstanding as of December 31, 2021 3,521,118 19.05 |
Summary of Stock-Based Compensation Expense | The following table sets forth the amount s For the year ended December 31, 2019 2020 2021 RMB RMB RMB Cost of revenues 944 1,920 31,467 Sales and marketing expenses 8,443 21,473 73,733 Research and development expenses 13,595 30,883 137,820 General and administrative expenses * 11,268 602,960 1,680,626 Total 34,250 657,236 1,923,646 * In November 2020 and June 2021, the Company granted , and recorded of share-based compensation expenses in general and administrative expenses for the years ended December 31, 2020 and 2021, respectively (Note 13). |
Basic And Diluted Net Loss Pe_2
Basic And Diluted Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share Reconciliation [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted | For the year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator Net loss (502,055 ) (941,895 ) (1,071,074 ) Accretion on convertible redeemable preferred shares to redemption value (232,319 ) (283,981 ) (164,065 ) Net loss attributable to ordinary shareholders (734,374 ) (1,225,876 ) (1,235,139 ) Denominator Weighted average number of ordinary shares used in computing —Basic and diluted 107,114,306 111,172,986 529,343,027 Net loss per share attributable to ordinary shareholders —Basic and diluted (6.86 ) (11.03 ) (2.33 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | As the Group incurred loss for the years ended December 31, 2019, 2020 and 2021, the ordinary share equivalents, including preferred shares, share options and RSUs granted, were anti-dilutive and excluded from the computation of diluted net loss per share. The weighted average numbers of these ordinary share equivalents for the periods presented were as follows: For the year ended December 31, 2019 2020 2021 P 431,914,761 500,211,192 251,440,808 Share options and RSUs 38,394,825 60,853,313 78,376,179 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair value measurement at reporting date using Description Fair value Quoted prices in active Significant other Significant RMB RMB RMB RMB As of December 31, Short-term investments 536,401 — 536,401 — As of December 31, Short-term investments 884,996 — 884,996 — |
Principal Activities and Orga_3
Principal Activities and Organization - Summary of Principal Subsidiaries and Consolidated VIE (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Subsidiaries And Consolidated Variable Interest Entity [Line Items] | |
Place of incorporation | E9 |
Techfish Limited [Member] | Subsidiaries [Member] | |
Schedule Of Subsidiaries And Consolidated Variable Interest Entity [Line Items] | |
Principal subsidiaries and consolidated VIE | Techfish Limited |
Place of incorporation | F4 |
Date of incorporation | Feb. 14, 2014 |
Beijing Glorywolf Co Ltd [Member] | Subsidiaries [Member] | |
Schedule Of Subsidiaries And Consolidated Variable Interest Entity [Line Items] | |
Principal subsidiaries and consolidated VIE | Beijing Glorywolf Co., Ltd. |
Place of incorporation | F4 |
Date of incorporation | May 7, 2014 |
Beijing Huapin Borui Network Technology Co Ltd [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Schedule Of Subsidiaries And Consolidated Variable Interest Entity [Line Items] | |
Principal subsidiaries and consolidated VIE | Beijing Huapin Borui Network Technology Co., Ltd. |
Place of incorporation | F4 |
Date of incorporation | Dec. 25, 2013 |
Principal Activities and Orga_4
Principal Activities and Organization - Summary of Group's Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jan. 01, 2019CNY (¥) | |
Current assets | ||||||
Cash and cash equivalents | ¥ 11,341,758 | ¥ 3,998,203 | ¥ 407,355 | $ 1,779,769 | ||
Short-term investments | 884,996 | 536,401 | 138,875 | |||
Accounts receivable | 1,002 | 6,999 | 157 | |||
Amounts due from related parties | 6,615 | 40,799 | 1,038 | |||
Prepayments and other current assets | 724,583 | 164,910 | 113,703 | |||
Total current assets | 12,958,954 | 4,747,312 | 2,033,542 | |||
Non-current assets | ||||||
Property, equipment and software, net | 369,126 | 191,355 | 57,924 | |||
Intangible assets, net | 458 | 549 | 72 | |||
Right-of-use assets, net | 309,085 | 144,063 | 48,502 | ¥ 50,570 | ||
Other non-current assets | 4,000 | 628 | ||||
Total non-current assets | 682,669 | 335,967 | 107,126 | |||
Total assets | 13,641,623 | 5,083,279 | 2,140,668 | |||
Current liabilities | ||||||
Accounts payable | 52,963 | 41,856 | 8,311 | |||
Deferred revenue | 1,958,570 | 1,200,349 | 307,342 | |||
Other payables and accrued liabilities | 645,138 | 418,259 | 101,236 | |||
Operating lease liabilities, current | 127,531 | 59,559 | 20,012 | |||
Total current liabilities | 2,784,202 | 1,720,023 | 436,901 | |||
Non-current liabilities | ||||||
Operating lease liabilities, non-current | 183,365 | 76,373 | 28,774 | |||
Total liabilities | 2,967,567 | 1,796,396 | $ 465,675 | |||
Total revenues | 4,259,128 | $ 668,350 | 1,944,359 | 998,720 | ||
Cost of revenues | (554,648) | (87,036) | (240,211) | (137,812) | ||
Net loss | (1,071,074) | (168,074) | (941,895) | (502,055) | ||
Net cash (used in)/generated from operating activities | 1,641,381 | 257,568 | 395,911 | (105,663) | ||
Net cash used in investing activities | (601,862) | (94,445) | 467,305 | (1,223,803) | ||
Net cash generated from/(used in) financing activities | 6,431,263 | 1,009,206 | 2,882,112 | 993,475 | ||
Net increase in cash and cash equivalents | 7,343,555 | 1,152,364 | 3,590,848 | (292,878) | ||
Cash and cash equivalents at beginning of the year | 3,998,203 | 627,405 | 407,355 | 700,233 | ||
Cash and cash equivalents at end of the year | 11,341,758 | $ 1,779,769 | 3,998,203 | 407,355 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current assets | ||||||
Cash and cash equivalents | 864,851 | 183,199 | 61,096 | |||
Short-term investments | 864,557 | 525,506 | ||||
Accounts receivable | 1,002 | 6,999 | ||||
Amounts due from Group companies | 86,989 | 36,859 | ||||
Amounts due from related parties | 6,615 | 0 | ||||
Prepayments and other current assets | 487,598 | 146,244 | ||||
Total current assets | 2,311,612 | 898,807 | ||||
Non-current assets | ||||||
Property, equipment and software, net | 368,381 | 191,242 | ||||
Intangible assets, net | 458 | 549 | ||||
Right-of-use assets, net | 301,288 | 144,063 | ||||
Other non-current assets | 4,000 | 0 | ||||
Total non-current assets | 674,127 | 335,854 | ||||
Total assets | 2,985,739 | 1,234,661 | ||||
Current liabilities | ||||||
Accounts payable | 52,938 | 41,839 | ||||
Deferred revenue | 1,958,570 | 1,200,349 | ||||
Other payables and accrued liabilities | 626,151 | 415,273 | ||||
Amounts due to Group companies | 27,223 | 372,427 | ||||
Operating lease liabilities, current | 124,464 | 59,559 | ||||
Total current liabilities | 2,789,346 | 2,089,447 | ||||
Non-current liabilities | ||||||
Operating lease liabilities, non-current | 178,844 | 76,373 | ||||
Total liabilities | 2,968,190 | 2,165,820 | ||||
Total revenues | 4,259,128 | 1,944,359 | 998,720 | |||
Cost of revenues | (554,575) | (232,261) | (133,553) | |||
Net loss | 551,133 | (303,061) | (464,373) | |||
Net cash (used in)/generated from operating activities | 1,717,104 | 494,187 | (25,658) | |||
Net cash used in investing activities | (591,213) | (632,568) | (66,029) | |||
Net cash generated from/(used in) financing activities | (444,239) | 260,484 | 103,596 | |||
Net increase in cash and cash equivalents | 681,652 | 122,103 | 11,909 | |||
Cash and cash equivalents at beginning of the year | 183,199 | 61,096 | 49,187 | |||
Cash and cash equivalents at end of the year | ¥ 864,851 | ¥ 183,199 | ¥ 61,096 |
Principal Activities and Orga_5
Principal Activities and Organization - Additional Information (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Principal Activities And Organization [Line Items] | ||
Registered capitals and statutory reserves of variable interest entity | ¥ 9,002,000 | ¥ 8,992,000 |
Exclusive Call Option Agreement [Member] | ||
Principal Activities And Organization [Line Items] | ||
Total transfer price for the target equity or the target asstets | ¥ 100 | |
Exclusive Technology Development Consulting And Service Agreement [Member] | Beijing Glorywolf Co Ltd [Member] | ||
Principal Activities And Organization [Line Items] | ||
Notice Period For Termination Of Agreement | 30 days | |
Exclusive Technology Development Consulting And Service Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Principal Activities And Organization [Line Items] | ||
Agreement, Term | 10 years | |
Agreement, Renewal term | ten years or otherwise as agreed | |
Equity Interest Pledge Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Nominee Shareholder [Member] | ||
Principal Activities And Organization [Line Items] | ||
Percentage of equity interests pledged | 100.00% |
Principal Accounting Policies -
Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jan. 01, 2019CNY (¥) | |
Details Of Significant Accounting Policies [Line Items] | |||||
Rate of translations of amounts from RMB into US$ | 6.3726 | 6.3726 | |||
Allowance for doubtful accounts receivable | ¥ 0 | ¥ 0 | ¥ 0 | ||
Impairment of long-lived assets | 0 | 0 | 0 | ||
Employee benefit expenses incurred | 256,533 | 135,478 | 103,817 | ||
Operating lease right of use asset | 309,085 | 144,063 | $ 48,502 | ¥ 50,570 | |
Operating lease liability | 310,896 | 135,932 | ¥ 50,089 | ||
Unrecognized tax benefits | 0 | 0 | |||
Appropriations to statutory reserves | ¥ 0 | 0 | 0 | ||
Foreign Invested Enterprise [Member] | General Reserve Fund [Member] | China [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Minimum percentage appropriation to general reserve fund required | 10.00% | ||||
Required general reserve registered capital ratio to deforce compulsory net profit allocation to general reserve | 50.00% | ||||
Domestic Enterprise [Member] | Statutory Surplus Reserve [Member] | China [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Minimum percentage appropriation to statutory surplus fund required | 10.00% | ||||
Required statutory surplus registered capital ratio to deforce compulsory net profit allocation to statutory surplus | 50.00% | ||||
Key Accounts Customer [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Revenue judgment description | revenue of RMB50 or more annually as key accounts | ||||
Mid Sized Accounts Customer [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Revenue judgment description | revenue between RMB5 and RMB50 annually as mid-sized accounts | ||||
Small Sized Accounts [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Revenue judgment description | revenue of RMB5 or less annually as small-sized accounts | ||||
Transferred over Time | Online Recruitment Services To Enterprises Customers [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Deferred revenue, revenue recognized | ¥ 3,043,692 | 1,527,671 | 717,721 | ||
Transferred at Point in Time | Online Recruitment Services To Enterprises Customers [Member] | |||||
Details Of Significant Accounting Policies [Line Items] | |||||
Deferred revenue, revenue recognized | ¥ 1,175,334 | ¥ 399,507 | ¥ 269,138 |
Principal Accounting Policies_3
Principal Accounting Policies - Summary of Property, Equipment and Software (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of lease terms or estimated useful lives of the assets |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Principal Accounting Policies_4
Principal Accounting Policies - Summary of Intangible assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Internet Domain Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Principal Accounting Policies_5
Principal Accounting Policies - Summary of total Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 4,259,128 | $ 668,350 | ¥ 1,944,359 | ¥ 998,720 |
Online Recruitment Services To Enterprises Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,219,026 | 662,057 | 1,927,178 | 986,859 |
Others [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,102 | $ 6,293 | 17,181 | 11,861 |
Key Accounts Customer [Member] | Online Recruitment Services To Enterprises Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 928,360 | 330,795 | 155,819 | |
Mid Sized Accounts Customer [Member] | Online Recruitment Services To Enterprises Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,513,506 | 696,325 | 363,282 | |
Small Sized Accounts [Member] | Online Recruitment Services To Enterprises Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 1,777,160 | ¥ 900,058 | ¥ 467,758 |
Concentration and Risks - Addit
Concentration and Risks - Additional Information (Detail) - Foreign Currency exchange rate risk [Member] - RMB Against US Dollar [Member] | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2005 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||||
Percentage of depreciation in foreign currency exchange rate | 1.70% | |||
Percentage of appreciation in foreign currency exchange rate | 2.30% | 6.50% | ||
Minimum [Member] | ||||
Concentration Risk [Line Items] | ||||
Minimum percent of appreciation of domestic currency against foreign currency over following three years | 20.00% |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short-Term Investment (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short-term investments | ¥ 884,996 | $ 138,875 | ¥ 536,401 |
Wealth management products [Member] | |||
Short-term investments | ¥ 884,996 | ¥ 536,401 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Net Investment Income | ¥ 24,744 | $ 3,883 | ¥ 9,095 | ¥ 9,718 |
Wealth management products [Member] | ||||
Net Investment Income | ¥ 24,744 | ¥ 9,095 | ¥ 9,718 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Prepaid marketing expenses and service fee | ¥ 234,490 | ¥ 47,398 | |
Receivables from third-party on-line payment platforms | 63,866 | 41,221 | |
Deposits | 63,814 | 37,780 | |
Staff loans and advances | 52,695 | 32,902 | |
Receivables related to the exercise of share-based awards | 289,822 | 0 | |
Others | 19,896 | 5,609 | |
Total | ¥ 724,583 | $ 113,703 | ¥ 164,910 |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Total cost | ¥ 515,382 | ¥ 257,682 | |
Less: accumulated depreciation/amortization | (146,256) | (66,327) | |
Total property, equipment and software, net | 369,126 | $ 57,924 | 191,355 |
Electronic equipment [Member] | |||
Total cost | 429,683 | 204,805 | |
Leasehold improvement [Member] | |||
Total cost | 65,885 | 39,460 | |
Furniture and Fixtures [Member] | |||
Total cost | 12,784 | 9,486 | |
Motor vehicles [Member] | |||
Total cost | 3,904 | 2,316 | |
Software [Member] | |||
Total cost | ¥ 3,126 | ¥ 1,615 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | ¥ 80,009 | ¥ 41,004 | ¥ 17,971 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Payables and Accruals [Abstract] | |||
Payables for marketing expenses | ¥ 30,646 | ¥ 16,831 | |
Payables for purchase of property, equipment and software | 19,987 | 22,344 | |
Others | 2,330 | 2,681 | |
Total | ¥ 52,963 | $ 8,311 | ¥ 41,856 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Payables and Accruals [Abstract] | |||
Salary, welfare and bonus payable | ¥ 373,286 | ¥ 260,123 | |
Tax payable | 218,419 | 21,704 | |
Virtual accounts used in the Group's platform | 41,070 | 24,815 | |
Payables to shareholders | 0 | 103,596 | |
Others | 12,363 | 8,021 | |
Total | ¥ 645,138 | $ 101,236 | ¥ 418,259 |
Other Payables and Accrued Li_4
Other Payables and Accrued Liabilities - Additional Information (Detail) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Payables and Accruals [Abstract] | |
Payables to shareholders | ¥ 103,596 |
Operating Lease - Summary of Co
Operating Lease - Summary of Components of Lease Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease expenses | ¥ 116,091 | ¥ 71,706 | ¥ 42,508 |
Expenses for short-term lease within 12 months | 2,177 | 2,167 | 9,245 |
Total lease expenses | ¥ 118,268 | ¥ 73,873 | ¥ 51,753 |
Operating Lease - Summary of Su
Operating Lease - Summary of Supplemental Balance Sheet Information Related to Operating Lease (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Jan. 01, 2019CNY (¥) |
Leases [Abstract] | ||||
Right-of-use assets | ¥ 309,085 | $ 48,502 | ¥ 144,063 | ¥ 50,570 |
Lease liabilities, current | 127,531 | 20,012 | 59,559 | |
Lease liabilities, non-current | 183,365 | $ 28,774 | 76,373 | |
Total lease liabilities | ¥ 310,896 | ¥ 135,932 | ¥ 50,089 |
Operating Lease - Summary of _2
Operating Lease - Summary of Supplemental Cash Flow Information Related to Operating Lease (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | ¥ 102,154 | ¥ 72,138 | ¥ 42,620 |
Right-of-use assets obtained in exchange for operating lease liabilities | ¥ 274,358 | ¥ 112,871 | ¥ 87,054 |
Weighted average remaining lease term (in years) | 3 years 3 months 3 days | 3 years 9 months | 3 years 5 months 23 days |
Weighted average discount rate | 4.82% | 4.75% | 4.75% |
Operating Lease - Summary of Ma
Operating Lease - Summary of Maturities of Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Leases [Abstract] | |||
2022 | ¥ 131,573 | ||
2023 | 96,778 | ||
2024 | 47,191 | ||
2025 | 35,492 | ||
2026 | 25,451 | ||
Thereafter | 1,834 | ||
Total undiscounted lease payments | 338,319 | ||
Less: imputed interest | (27,423) | ||
Total lease liabilities | ¥ 310,896 | ¥ 135,932 | ¥ 50,089 |
Other Operating Income, Net - S
Other Operating Income, Net - Schedule of Other Operating Income, Net (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Other Income and Expenses [Abstract] | ||||
VAT-in super deduction | ¥ 12,423 | ¥ 7,981 | ¥ 2,412 | |
Operating Income Other | 2,554 | 868 | 161 | |
Total | ¥ 14,977 | $ 2,350 | ¥ 8,849 | ¥ 2,573 |
Other Operating Income, Net -_2
Other Operating Income, Net - Schedule of Other Operating Income, Net (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
April 1, 2019 to December 31, 2021 [Member] | |
Other Income and Expenses [Line Items] | |
Percentage of Value Added Tax Rate in Super Deduction | 10.00% |
Related Party Balances And Tr_3
Related Party Balances And Transactions - Schedule Of Amounts Due From Related Parties (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Due From Related Parties Current [Line Items] | |||
Due from Related Parties, Current | ¥ 6,615 | $ 1,038 | ¥ 40,799 |
Receivables from Tencent Groups online payment platform [Member] | |||
Due From Related Parties Current [Line Items] | |||
Due from Related Parties, Current | 4,284 | 3,018 | |
Prepaid cloud service fee to Tencent Group [Member] | |||
Due From Related Parties Current [Line Items] | |||
Due from Related Parties, Current | 2,331 | 1,556 | |
Amount due from Mr. Peng Zhao and Companies Controlled by Him [Member] | |||
Due From Related Parties Current [Line Items] | |||
Due from Related Parties, Current | 0 | 31,132 | |
Advance to Individual Executive Officer [Member] | |||
Due From Related Parties Current [Line Items] | |||
Due from Related Parties, Current | ¥ 0 | ¥ 5,093 |
Related Party Balances And Tr_4
Related Party Balances And Transactions - Summary Of Transactions With Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | ¥ 23,583 | ¥ 7,995 | ¥ 32,922 |
Cloud services from Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 18,119 | 6,109 | 2,063 |
On-line payment platform clearing services from Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 5,464 | 1,886 | 836 |
Cash advance to Mr.Peng Zhao [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 0 | 0 | 24,930 |
Cash advance to individual executive officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | ¥ 0 | ¥ 0 | ¥ 5,093 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IncomeTaxDisclosure [Line Items] | |||
Value added tax rate | 6.00% | ||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Accumulated tax losses | ¥ 308.9 | ||
Qualified High and New Technology Enterprise [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Tax losses carryforward expiration period | 10 years | ||
Qualified High and New Technology Enterprise [Member] | Expire in Two Thousand And Twenty Two [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Preferential income tax rate | 15.00% | ||
April 1, 2019 to December 31, 2021 [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Percentage of value added tax rate in super deduction | 10.00% | ||
United States [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Statutory income tax rate | 21.00% | 21.00% | 21.00% |
United States [Member] | California corporate franchise tax [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Statutory income tax rate | 8.84% | 8.84% | 8.84% |
Tax losses carryforward expiration period | 20 years | ||
China [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Tax losses carryforward expiration period | 5 years | ||
Percentage of tax deduction on qualified research and development expenses | 175.00% | ||
Percentage of additional deduction on qualified research and development expenses | 75.00% | ||
China [Member] | Qualified High and New Technology Enterprise [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Preferential income tax rate | 15.00% | ||
China [Member] | New Enterprise Income Tax Law [Member] | |||
IncomeTaxDisclosure [Line Items] | |||
Uniform tax rate for foreign investment enterprises and domestic | 25.00% | ||
Effective date of new enterprise income tax law | Jan. 1, 2008 |
Taxation - Schedule of Componen
Taxation - Schedule of Components of Loss Before Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||||
(Loss)/income from PRC entities | ¥ 610,813 | ¥ (311,483) | ¥ (483,970) | |
Loss from overseas entities | (1,622,360) | (630,412) | (18,085) | |
Loss before income tax expense | ¥ (1,011,547) | $ (158,733) | ¥ (941,895) | ¥ (502,055) |
Taxation - Schedule of Compon_2
Taxation - Schedule of Components of Income Tax Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current income tax expenses | ¥ 59,527 | ¥ 0 | ¥ 0 |
Taxation - Schedule of Reconcil
Taxation - Schedule of Reconciliation Between The PRC Statutory Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Tax rate difference from statutory rate in other jurisdictions | (37.89%) | (15.82%) | (0.25%) |
Permanent difference | 1.24% | 2.22% | 5.30% |
Effect of preferential tax rates | 5.15% | (3.36%) | (10.03%) |
Changes in valuation allowance | (8.38%) | (7.89%) | (19.97%) |
Others | 9.00% | (0.15%) | (0.05%) |
Effective tax rate | (5.88%) | 0.00% | 0.00% |
Taxation - Summary of Net Defer
Taxation - Summary of Net Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Components of Deferred Tax Assets [Abstract] | ||||
Net operating loss carry-forwards | ¥ 70,985 | ¥ 86,679 | ¥ 86,628 | |
Deductible advertising expenses | 262,801 | 161,842 | 87,639 | |
Others | 1,062 | 1,511 | 1,490 | |
Total deferred tax assets | 334,848 | 250,032 | 175,757 | |
Less: valuation allowance | (334,848) | (250,032) | (175,757) | ¥ (75,501) |
Total deferred tax assets, net of valuation allowance | ¥ 0 | ¥ 0 | ¥ 0 |
Taxation - Schedule of Movement
Taxation - Schedule of Movements of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||
Balance at beginning of the year | ¥ 250,032 | ¥ 175,757 | ¥ 75,501 |
Change in valuation allowance | 84,816 | 74,275 | 100,256 |
Balance at end of the year | ¥ 334,848 | ¥ 250,032 | ¥ 175,757 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 12, 2021shares | Nov. 27, 2020shares | Sep. 19, 2020shares | Aug. 21, 2020USD ($)shares | Feb. 10, 2020 | May 20, 2014shares | Jun. 30, 2021CNY (¥)shares | Mar. 31, 2021$ / sharesshares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2020$ / sharesshares | Jan. 01, 2019$ / sharesshares |
Class of Stock [Line Items] | ||||||||||||||
Common stock shares authorized | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | ||||||||||
Common stock shares issued | 100,080,000 | 110,000,000 | ||||||||||||
Common stock par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Common stock shares outstanding | 100,080,000 | |||||||||||||
Proceeds from Issuance of common stock | ¥ 0 | $ 0 | ¥ 78,998 | ¥ 0 | ||||||||||
Proceeds from IPO, net of issuance cost | ¥ 6,406,872 | $ 1,005,379 | ¥ 0 | ¥ 0 | ||||||||||
Issuance of Class A ordinary shares | 9,920,000 | |||||||||||||
Common Class A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares issued | 748,953,103 | 11,533,640 | ||||||||||||
Common stock shares outstanding | 727,855,233 | 7,875,787 | ||||||||||||
Conversion of convertible redeemable preferred shares, Shares | 551,352,134 | 551,352,134 | 551,352,134 | |||||||||||
Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares issued | 140,830,401 | 121,108,037 | ||||||||||||
Common stock shares outstanding | 140,830,401 | 121,108,037 | ||||||||||||
Common stock voting rights | 15 | 10 | ||||||||||||
Number of ordinary shares voting rights was modified | 121,108,037 | |||||||||||||
IPO [Member] | Common Class A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of new stock issued during the period | 110,400,000 | |||||||||||||
Proceeds from IPO, net of issuance cost | ¥ | ¥ 6,406,872 | |||||||||||||
Index Capital International Limited [Member] | Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares transferred from one investor to another investor | 1,965,361 | |||||||||||||
Duckling Fund L.P [Member] | Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares transferred from one investor to another investor | 1,876,467 | |||||||||||||
Coatue PE Asia 26 LLC [Member] | Common Class A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of new stock issued during the period | 4,122,853 | |||||||||||||
Proceeds from Issuance of common stock | $ | $ 11,431 | |||||||||||||
Image Frame Investment (HK) Limited [Member] | Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares transferred from one investor to another investor | 3,752,934 | |||||||||||||
TWL Fellows Holding Limited [Member] | Treasury Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Issuance of Class A ordinary shares | 3,657,853 | |||||||||||||
TECHWOLF LIMITED [Member] | Common Class B [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of new stock issued during the period | 24,780,971 | 24,745,531 | ||||||||||||
Number of shares repurchased | 1,181,339 | |||||||||||||
Repurchase price per share | $ / shares | $ 5.33 | |||||||||||||
TECHWOLF LIMITED [Member] | Treasury Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Issuance of Class A ordinary shares | 9,920,000 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Nov. 27, 2020USD ($)shares | Feb. 10, 2020USD ($)shares | Jul. 04, 2019USD ($)shares | Mar. 08, 2019USD ($)shares | Dec. 18, 2018USD ($)shares | Nov. 02, 2017USD ($)shares | Feb. 10, 2017USD ($)shares | Aug. 15, 2016USD ($)shares | Jul. 07, 2016USD ($)shares | Apr. 08, 2015USD ($)shares | Dec. 16, 2014USD ($)shares | May 20, 2014USD ($)shares | Jun. 30, 2021shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares |
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | ¥ 0 | $ 0 | ¥ 2,803,114 | ¥ 993,475 | |||||||||||||||
Common Class A [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Conversion of preferred shares to ordinary shares, Shares | shares | 551,352,134 | 551,352,134 | 551,352,134 | ||||||||||||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | ¥ 1,057 | 2,743 | 3,290 | ||||||||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | 2,006 | 5,191 | ¥ 6,231 | ||||||||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | TECHWOLF LIMITED [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 13,333,333 | ||||||||||||||||||
Temporary equity repurchased during the period | shares | 13,333,333 | ||||||||||||||||||
Series E Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 60,599,104 | 60,599,104 | |||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | 51,072 | 133,704 | ¥ 145,328 | ||||||||||||||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | 13,580 | 35,198 | 42,417 | ||||||||||||||||
Series D Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | 10,823 | ¥ 28,196 | ¥ 35,053 | ||||||||||||||||
Series F Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 99,354,585 | 99,354,585 | |||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ | ¥ 85,527 | ¥ 78,949 | |||||||||||||||||
Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 99,354,585 | 99,354,585 | 60,599,104 | 60,599,104 | |||||||||||||||
Preferred Stock convertible, conversion ratio | 1 | 1 | |||||||||||||||||
Temporary equity liquidation preference per share percentage | 100.00% | 100.00% | |||||||||||||||||
Threshold shareholding percentage required for redemption notice | 50.00% | 50.00% | |||||||||||||||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 164,065 | $ 25,284 | ¥ 283,981 | $ 41,546 | ¥ 232,319 | $ 33,529 | |||||||||||||
Redeemable Convertible Preferred Stock [Member] | Debt Note to Redeeming Shareholder [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Debt instrument term | 2 years | 2 years | |||||||||||||||||
Debt instrument interest rate | 10.00% | 10.00% | |||||||||||||||||
Redeemable Convertible Preferred Stock [Member] | Prior to Issuance of Series F Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity redemption price compound interest per annum | 10.00% | 10.00% | |||||||||||||||||
Redeemable convertible preferred stock initial Redemption start date | Jul. 5, 2024 | ||||||||||||||||||
Redeemable Convertible Preferred Stock [Member] | Post Issuance of Series F Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity redemption price simple interest per annum | 8.00% | 8.00% | |||||||||||||||||
Redeemable convertible preferred stock modified Redemption start date | Feb. 10, 2025 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 60,000,000 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 3,000 | ||||||||||||||||||
Stock issuance costs | $ 20 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series B Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 26,666,667 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 4,000 | ||||||||||||||||||
Stock issuance costs | $ 41 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series E Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 83,474,263 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 130,000 | ||||||||||||||||||
Stock issuance costs | $ 3,376 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series C Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 48,000,000 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 10,000 | ||||||||||||||||||
Stock issuance costs | $ 40 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series C One Redeemable Convertible Preferred Stock [Member] | Tranche One [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 45,319,316 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 12,508 | ||||||||||||||||||
Stock issuance costs | $ 86 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series C Two Redeemable Convertible Preferred Stock [Member] | Tranche Two [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 42,251,744 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 18,000 | ||||||||||||||||||
Stock issuance costs | $ 100 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series C Three Redeemable Convertible Preferred Stock [Member] | Tranche Three [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 11,497,073 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 6,001 | ||||||||||||||||||
Stock issuance costs | $ 32 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series D Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 60,856,049 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 43,394 | ||||||||||||||||||
Stock issuance costs | $ 1,132 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series E One Redeemable Convertible Preferred Stock [Member] | Tranche One [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 32,373,031 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 55,000 | ||||||||||||||||||
Stock issuance costs | $ 1,982 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series E Two Redeemable Convertible Preferred Stock [Member] | Tranche Two [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 28,226,073 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 50,000 | ||||||||||||||||||
Stock issuance costs | $ 1,917 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series F Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 48,689,976 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 150,000 | ||||||||||||||||||
Stock issuance costs | $ 1 | ||||||||||||||||||
Share Purchase Agreement with Investors [Member] | Series F Plus Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | |||||||||||||||||||
Temporary equity issued during the period shares | shares | 50,664,609 | ||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 270,000 | ||||||||||||||||||
Stock issuance costs | $ 3,080 |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares - Summary of convertible redeemable preferred share (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares | |
Series A Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 36,177 | ¥ 33,434 | ¥ 30,144 | |||
Balance Beginning, Shares | shares | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Accretion on convertible redeemable preferred shares to redemption value | ¥ 1,057 | ¥ 2,743 | ¥ 3,290 | |||
Conversion of preferred shares to ordinary shares | ¥ (37,234) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (60,000,000) | (60,000,000) | ||||
Balance Ending, Shares | shares | 0 | 0 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Balance Ending | ¥ 0 | ¥ 36,177 | ¥ 33,434 | |||
Series B Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 67,976 | ¥ 62,785 | ¥ 56,554 | |||
Balance Beginning, Shares | shares | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 |
Accretion on convertible redeemable preferred shares to redemption value | ¥ 2,006 | ¥ 5,191 | ¥ 6,231 | |||
Conversion of preferred shares to ordinary shares | ¥ (69,982) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (40,000,000) | (40,000,000) | ||||
Balance Ending, Shares | shares | 0 | 0 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 |
Balance Ending | ¥ 0 | ¥ 67,976 | ¥ 62,785 | |||
Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 478,565 | ¥ 443,367 | ¥ 400,950 | |||
Balance Beginning, Shares | shares | 147,068,133 | 147,068,133 | 147,068,133 | 147,068,133 | 147,068,133 | 147,068,133 |
Accretion on convertible redeemable preferred shares to redemption value | ¥ 13,580 | ¥ 35,198 | ¥ 42,417 | |||
Conversion of preferred shares to ordinary shares | ¥ (492,145) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (147,068,133) | (147,068,133) | ||||
Balance Ending, Shares | shares | 0 | 0 | 147,068,133 | 147,068,133 | 147,068,133 | 147,068,133 |
Balance Ending | ¥ 0 | ¥ 478,565 | ¥ 443,367 | |||
Series D Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 380,782 | ¥ 352,586 | ¥ 317,533 | |||
Balance Beginning, Shares | shares | 60,856,049 | 60,856,049 | 60,856,049 | 60,856,049 | 60,856,049 | 60,856,049 |
Accretion on convertible redeemable preferred shares to redemption value | ¥ 10,823 | ¥ 28,196 | ¥ 35,053 | |||
Conversion of preferred shares to ordinary shares | ¥ (391,605) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (60,856,049) | (60,856,049) | ||||
Balance Ending, Shares | shares | 0 | 0 | 60,856,049 | 60,856,049 | 60,856,049 | 60,856,049 |
Balance Ending | ¥ 0 | ¥ 380,782 | ¥ 352,586 | |||
Series E Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 1,845,033 | ¥ 1,711,329 | ¥ 874,107 | |||
Balance Beginning, Shares | shares | 144,073,367 | 144,073,367 | 144,073,367 | 144,073,367 | 83,474,263 | 83,474,263 |
Issuance of Series | ¥ 691,894 | |||||
Issuance of Series, Shares | shares | 60,599,104 | 60,599,104 | ||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 51,072 | ¥ 133,704 | ¥ 145,328 | |||
Conversion of preferred shares to ordinary shares | ¥ (1,896,105) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (144,073,367) | (144,073,367) | ||||
Balance Ending, Shares | shares | 0 | 0 | 144,073,367 | 144,073,367 | 144,073,367 | 144,073,367 |
Balance Ending | ¥ 0 | ¥ 1,845,033 | ¥ 1,711,329 | |||
Series F Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 2,882,063 | |||||
Balance Beginning, Shares | shares | 99,354,585 | 99,354,585 | ||||
Issuance of Series | ¥ 2,803,114 | |||||
Issuance of Series, Shares | shares | 99,354,585 | 99,354,585 | ||||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 85,527 | ¥ 78,949 | ||||
Conversion of preferred shares to ordinary shares | ¥ (2,967,590) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (99,354,585) | (99,354,585) | ||||
Balance Ending, Shares | shares | 0 | 0 | 99,354,585 | 99,354,585 | ||
Balance Ending | ¥ 0 | ¥ 2,882,063 | ||||
Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Balance Beginning | ¥ 5,690,596 | ¥ 2,603,501 | ¥ 1,679,288 | |||
Balance Beginning, Shares | shares | 551,352,134 | 551,352,134 | 451,997,549 | 451,997,549 | 391,398,445 | 391,398,445 |
Issuance of Series | ¥ 2,803,114 | ¥ 691,894 | ||||
Issuance of Series, Shares | shares | 99,354,585 | 99,354,585 | 60,599,104 | 60,599,104 | ||
Accretion on convertible redeemable preferred shares to redemption value | ¥ 164,065 | $ 25,284 | ¥ 283,981 | $ 41,546 | ¥ 232,319 | $ 33,529 |
Conversion of preferred shares to ordinary shares | ¥ (5,854,661) | |||||
Conversion of preferred shares to ordinary shares, Shares | shares | (551,352,134) | (551,352,134) | ||||
Balance Ending, Shares | shares | 0 | 0 | 551,352,134 | 551,352,134 | 451,997,549 | 451,997,549 |
Balance Ending | ¥ 0 | ¥ 5,690,596 | ¥ 2,603,501 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of options | ||||
Outstanding Beginning Balance | 107,133,353 | 86,221,721 | 67,784,739 | |
Granted | 32,710,153 | 26,509,592 | 25,679,294 | |
Exercised | (54,385,484) | |||
Forfeited | (2,982,054) | (5,597,960) | (7,242,312) | |
Outstanding Ending Balance | 82,475,968 | 107,133,353 | 86,221,721 | 67,784,739 |
Vested and expected to vest as of December 31, 2021 | 82,475,968 | |||
Exercisable as of December 31, 2021 | 22,421,874 | |||
Weighted average exercise price | ||||
Outstanding Beginning Balance | $ 1.16 | $ 0.76 | $ 0.50 | |
Granted | 4.14 | 2.42 | 1.45 | |
Forfeited | 1.98 | 1 | 0.84 | |
Exercised | 0.55 | |||
Outstanding Ending Balance | 2.71 | $ 1.16 | $ 0.76 | $ 0.50 |
Vested and expected to vest as of December 31, 2021 | 2.71 | |||
Exercisable as of December 31, 2021 | $ 1.27 | |||
Weighted average remaining contractual life | ||||
Outstanding Ending | 8 years 18 days | 6 years 10 months 2 days | 7 years 2 months 19 days | 7 years 7 months 20 days |
Vested and expected to vest as of December 31, 2021 | 8 years 18 days | |||
Exercisable as of December 31, 2021 | 6 years 8 months 12 days | |||
Aggregate intrinsic value | ||||
Outstanding Ending Balance | $ 1,214,916 | $ 226,639 | $ 65,994 | $ 22,714 |
Vested and expected to vest as of December 31, 2021 | 1,214,916 | |||
Exercisable as of December 31, 2021 | $ 362,469 | |||
Weighted average grant–date fair value | ||||
Outstanding Ending Balance | $ 2.82 | $ 0.64 | $ 0.27 | $ 0.12 |
Vested and expected to vest as of December 31, 2021 | 2.82 | |||
Exercisable as of December 31, 2021 | $ 0.86 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Assumptions in the Binomial Option-Pricing Model used to Determine the Fair Value of Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Sharebased Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Fair value of Ordinary Shares on the Date of Option Grant | $ 18.09 | $ 3.27 | $ 1.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | 1.70% | 2.76% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 59.80% | 59.00% | 57.80% |
Sharebased Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Early Exercise Multiple Description | 2.8x | 2.8x | 2.8x |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Sharebased Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Fair value of Ordinary Shares on the Date of Option Grant | $ 6.78 | $ 1.84 | $ 1.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | 0.82% | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 58.80% | 56.50% | 56.10% |
Sharebased Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Early Exercise Multiple Description | 2.2x | 2.2x | 2.2x |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of RSU activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Outstanding as of January 1, 2021 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Outstanding as of January 1, 2021 | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,521,118 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Outstanding as of December 31, 2021 | 3,521,118 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Outstanding as of December 31, 2021 | $ / shares | $ 19.05 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
stockbased compensation expense [Line Items] | |||
Share-based Payment Arrangement, Expense | ¥ 1,923,646 | ¥ 657,236 | ¥ 34,250 |
Cost of Sales [Member] | |||
stockbased compensation expense [Line Items] | |||
Share-based Payment Arrangement, Expense | 31,467 | 1,920 | 944 |
Selling and Marketing Expense [Member] | |||
stockbased compensation expense [Line Items] | |||
Share-based Payment Arrangement, Expense | 73,733 | 21,473 | 8,443 |
Research and Development Expense [Member] | |||
stockbased compensation expense [Line Items] | |||
Share-based Payment Arrangement, Expense | 137,820 | 30,883 | 13,595 |
General and Administrative Expense [Member] | |||
stockbased compensation expense [Line Items] | |||
Share-based Payment Arrangement, Expense | ¥ 1,680,626 | ¥ 602,960 | ¥ 11,268 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Stock-Based Compensation Expense (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Nov. 27, 2020 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
stockbased compensation expense [Line Items] | |||||
Share-based Payment arrangement, expense | ¥ 1,923,646 | ¥ 657,236 | ¥ 34,250 | ||
General and Administrative Expense [Member] | |||||
stockbased compensation expense [Line Items] | |||||
Share-based Payment arrangement, expense | 1,680,626 | 602,960 | ¥ 11,268 | ||
TECHWOLF LIMITED [Member] | Common Class B [Member] | |||||
stockbased compensation expense [Line Items] | |||||
Number of new stock issued during the period | 24,780,971 | 24,745,531 | |||
TECHWOLF LIMITED [Member] | General and Administrative Expense [Member] | |||||
stockbased compensation expense [Line Items] | |||||
Share-based Payment arrangement, expense | ¥ 1,506,400 | ¥ 533,100 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Share-based Payment Arrangement, Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Payment Award, Number of Shares Authorized | shares | 145,696,410 |
Share-based Payment Award, contractual term | 10 years |
Share based payment arrangement nonvested award option cost not yet recognized amount | $ 177,224 |
Share based payment arrangement nonvested award cost not yet recognized period for recognition | 3 years 2 months 8 days |
Share-based Payment Arrangement, Option | Vested on Each Anniversary Of The Vesting Commencement Date For Four Years Thereafter [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Award Vesting Period | 4 years |
Share-based Payment Arrangement, Option | Vested on Each Anniversary Of The Vesting Commencement Date For Two Years Thereafter [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Award Vesting Period | 2 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Award Vesting Period | 4 years |
Share based payment arrangement nonvested award cost not yet recognized period for recognition | 3 years 10 months 9 days |
Share-based Compensation Arrangement by Share-based Payment Award, Description | One RSU represents a right relating to one Class A ordinary share |
Share based payment arrangement nonvested award excluding option cost not yet recognized amount | $ 65,995 |
Basic And Diluted Net Loss Pe_3
Basic And Diluted Net Loss Per Share - Summary Of Basic And Diluted Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator | ||||
Net loss | ¥ (1,071,074) | $ (168,074) | ¥ (941,895) | ¥ (502,055) |
Accretion on convertible redeemable preferred shares to redemption value | (164,065) | (25,745) | (283,981) | (232,319) |
Net loss attributable to ordinary shareholders | ¥ (1,235,139) | $ (193,819) | ¥ (1,225,876) | ¥ (734,374) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Basic and diluted | 529,343,027 | 529,343,027 | 111,172,986 | 107,114,306 |
Net loss per share attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | ¥ (2.33) | $ (0.37) | ¥ (11.03) | ¥ (6.86) |
Basic And Diluted Net Loss Pe_4
Basic And Diluted Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [LineItems] | |||
Antidilutive Securities Excluded From Computation Of Earnings Pe rShare Amount | 251,440,808 | 500,211,192 | 431,914,761 |
Share Options And Restricted Share Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [LineItems] | |||
Antidilutive Securities Excluded From Computation Of Earnings Pe rShare Amount | 78,376,179 | 60,853,313 | 38,394,825 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) ¥ in Millions | Dec. 31, 2021CNY (¥) |
Future Minimum Advertising Commitments [Member] | |
Commitments And Contingencies Disclosure [LineItems] | |
Non cancellable contractual obligation | ¥ 132.1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured Or Disclosed At Fair Value On a Recurring Basis (Detail) - Short-term Investments - Fair Value, Recurring - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Short-term investments | ¥ 884,996 | ¥ 536,401 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Short-term investments | ¥ 884,996 | ¥ 536,401 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Restricted Net Assets Disclosure [Line Items] | |
Restricted net assets | ¥ 918.3 |
Percentage of total restricted net assets to total consolidated net assets | 8.60% |
Annual Appropriations Of Net After Tax Profits To Be Set Aside As General Reserve Fund Or Statutory Surplus Fund | 10.00% |
Foreign Invested Enterprise [Member] | General Reserve Fund [Member] | CHINA | |
Restricted Net Assets Disclosure [Line Items] | |
Appropriation of after-tax profits to non distributable reserve funds, percentage | 10.00% |
Required general reserve registered capital ratio to deforce compulsory net profit allocation to general reserve | 50.00% |
Domestic Enterprise [Member] | Statutory Surplus Reserve [Member] | CHINA | |
Restricted Net Assets Disclosure [Line Items] | |
Appropriation Of After Tax Profit To Statutory Surplus Fund Required Percentage Minimum | 10.00% |
Required statutory surplus registered capital ratio to deforce compulsory net profit allocation to statutory surplus | 50.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - ADR [Member] - Subsequent Event [Member] $ in Millions | Mar. 31, 2022USD ($) |
Stock repurchase program, authorized amount | $ 150 |
Stock repurchase program, period in force | 12 months |