Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38278 |
Entity Registrant Name | Jianpu Technology Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 21/F Internet Finance Center |
Entity Address, Address Line Two | Danling Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Title of 12(b) Security | American depositary shares, eachrepresenting 20 Class A ordinary sharesClass A ordinary shares, par valueUS$0.0001 per share* |
Trading Symbol | JT |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001713923 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 21/F Internet Finance Center |
Entity Address, Address Line Two | Danling Street |
Entity Address, City or Town | Beijing |
City Area Code | 10 |
Local Phone Number | 8302-3688 |
Contact Personnel Email Address | ir@rong360.com |
Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 423,627,480 |
Class A ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 327,155,685 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 96,471,795 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 549,979 | $ 84,288 | ¥ 694,910 |
Restricted cash, time deposits and investment | 391,425 | 59,989 | 249,770 |
Short-term investment | 20,000 | 3,065 | |
Accounts receivable, net (including amounts billed through RONG360 Inc. ("RONG360") of RMB3,549 and nil as of December 31, 2019 and 2020, respectively) | 240,124 | 36,801 | 345,525 |
Amount due from related party | 872 | 134 | 7,082 |
Prepayments and other current assets | 66,295 | 10,160 | 118,423 |
Total current assets | 1,268,695 | 194,437 | 1,415,710 |
Noncurrent assets: | |||
Property and equipment, net | 18,114 | 2,776 | 36,686 |
Intangible assets, net | 25,172 | 3,858 | 27,061 |
Goodwill | 10,236 | 1,569 | 12,697 |
Restricted cash, time deposit and investment | 34,581 | 5,300 | 124,407 |
Other noncurrent assets | 46,936 | 7,193 | 45,160 |
Total noncurrent assets | 135,039 | 20,696 | 246,011 |
Total assets | 1,403,734 | 215,133 | 1,661,721 |
Current liabilities: | |||
Short-term borrowings | 158,477 | 24,288 | 60,000 |
Accounts payable (including amounts of the consolidated variable interest entities ("VIEs") of RMB16,720 and RMB17,409 as of December 31, 2019 and 2020, respectively. Note 1(f)) | 185,904 | 28,491 | 184,318 |
Advances from customers (including amounts of the consolidated VIEs of RMB164 and RMB3,845 as of December 31, 2019 and 2020, respectively. Note 1(f)) | 54,275 | 8,318 | 44,000 |
Tax payable (including amounts of the consolidated VIEs of RMB19,205 and RMB19,315 as of December 31, 2019 and 2020, respectively. Note 1(f)) | 24,059 | 3,687 | 22,168 |
Amount due to related parties | 9,495 | 1,455 | 34,310 |
Accrued expenses and other current liabilities (including amounts of the consolidated VIEs of RMB135,883 and RMB127,721 as of December 31, 2019 and 2020, respectively. Note 1(f)) | 220,866 | 33,849 | 224,018 |
Total current liabilities | 653,076 | 100,088 | 568,814 |
Non-current liabilities: | |||
Deferred tax liabilities | 5,146 | 789 | 5,801 |
Other non-current liabilities(including amounts of the consolidated VIEs of RMB408 and nil as of December 31, 2019 and 2020, respectively. Note 1(f)) | 19,874 | 3,046 | 15,145 |
Total non-current liabilities | 25,020 | 3,835 | 20,946 |
Total liabilities | 678,096 | 103,923 | 589,760 |
Commitments and contingencies (Note 23) | |||
Mezzanine equity: | |||
Redeemable noncontrolling interest | 1,455 | 223 | 5,556 |
Shareholders' equity: | |||
Ordinary shares: US$0.0001 par value | 286 | 44 | 286 |
Treasury stock, at cost (7,780,062 and 6,836,317 shares held as of December 31, 2019 and 2020, respectively) | (88,855) | (13,618) | (102,222) |
Additional paid-in capital | 1,885,951 | 289,035 | 1,902,105 |
Accumulated losses | (1,099,934) | (168,572) | (792,985) |
Statutory reserves | 1,900 | 291 | 1,900 |
Accumulated other comprehensive income | 1,002 | 154 | 52,308 |
Total Jianpu's shareholders' equity | 700,350 | 107,334 | 1,061,392 |
Noncontrolling interests | 23,833 | 3,653 | 5,013 |
Total shareholders' equity | 724,183 | 110,987 | 1,066,405 |
Total liabilities, mezzanine equity and shareholders' equity | ¥ 1,403,734 | $ 215,133 | ¥ 1,661,721 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares |
Accounts receivable, amounts billed through RONG360 | ¥ | ¥ 0 | ¥ 3,549 | |
Accounts payable | 185,904 | $ 28,491 | 184,318 |
Advances from customers | 54,275 | 8,318 | 44,000 |
Tax payable | 24,059 | 3,687 | 22,168 |
Accrued expenses and other current liabilities | 220,866 | 33,849 | 224,018 |
Other non-current liabilities | ¥ 19,874 | $ 3,046 | ¥ 15,145 |
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | ||
Ordinary shares, shares issued (in shares) | 430,463,797 | 430,463,797 | 430,463,797 |
Ordinary shares, shares outstanding (in shares) | 423,627,480 | 423,627,480 | 422,683,735 |
Treasury stock (in shares) | 6,836,317 | 6,836,317 | 7,780,062 |
Consolidated variable interest entity ("VIE") | |||
Accounts payable | ¥ 17,409 | $ 2,668 | ¥ 16,720 |
Advances from customers | 3,845 | 589 | 164 |
Tax payable | ¥ | 19,315 | 19,205 | |
Accrued expenses and other current liabilities | 127,512 | $ 19,542 | 135,883 |
Other non-current liabilities | ¥ | ¥ 0 | ¥ 408 | |
Class A ordinary shares | |||
Ordinary shares, shares issued (in shares) | 333,992,002 | 333,992,002 | 333,992,002 |
Ordinary shares, shares outstanding (in shares) | 327,155,685 | 327,155,685 | 326,211,940 |
Class B ordinary shares | |||
Ordinary shares, shares issued (in shares) | 96,471,795 | 96,471,795 | 96,471,795 |
Ordinary shares, shares outstanding (in shares) | 96,471,795 | 96,471,795 | 96,471,795 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Revenues: | ||||
Total revenue | ¥ 585,762 | $ 89,772 | ¥ 1,435,727 | ¥ 1,921,876 |
Cost of revenues | (118,171) | (18,111) | (133,968) | (194,492) |
Gross profit | 467,591 | 71,661 | 1,301,759 | 1,727,384 |
Operating expenses: | ||||
Sales and marketing (including expenses from related party of RMB51,753,RMB21,099 and RMB206 for the years ended December 31, 2018, 2019 and 2020, respectively) | (481,719) | (73,827) | (1,199,346) | (1,486,399) |
Research and development | (154,775) | (23,720) | (272,343) | (241,270) |
General and administrative | (136,581) | (20,932) | (100,896) | (178,371) |
Impairment loss | (16,893) | (2,589) | (254,683) | |
Penalties | ¥ | (30,000) | |||
Loss from operations | (322,377) | (49,407) | (555,509) | (178,656) |
Net interest income/(expenses) | (2,290) | (351) | 5,100 | 5,037 |
Others, net | 11,238 | 1,722 | 11,785 | 9,360 |
Loss before income tax | (313,429) | (48,036) | (538,624) | (164,259) |
Income tax benefits | 1,283 | 197 | 8,005 | 4,473 |
Net loss | (312,146) | (47,839) | (530,619) | (159,786) |
Less: net income/(loss) attributable to noncontrolling interests | (7,999) | (1,226) | (78,859) | 4,829 |
Net loss attributable to Jianpu's shareholders | (304,147) | (46,613) | (451,760) | (164,615) |
Foreign currency translation adjustments | (52,185) | (7,998) | 14,685 | 59,658 |
Total other comprehensive income/(loss) | (52,185) | (7,998) | 14,685 | 59,658 |
Total comprehensive loss | (364,331) | (55,837) | (515,934) | (100,128) |
Less: total comprehensive income/(loss) attributable to noncontrolling interests | (8,878) | (1,361) | (78,732) | 5,568 |
Total comprehensive loss attributable to Jianpu's shareholders | ¥ (355,453) | $ (54,476) | ¥ (437,202) | ¥ (105,696) |
Net loss per share attributable to Jianpu's shareholders | ||||
Basic and diluted (in dollars per share) | (per share) | ¥ (0.72) | $ (0.11) | ¥ (1.07) | ¥ (0.39) |
Weighted average number of shares | ||||
Basic and diluted (in shares) | shares | 423,096,353 | 423,096,353 | 420,575,827 | 417,315,644 |
ADS | ||||
Net loss per share attributable to Jianpu's shareholders | ||||
Basic and diluted (in dollars per share) | (per share) | ¥ (14.38) | $ (2.20) | ¥ (21.48) | ¥ (7.89) |
Recommendation services | ||||
Revenues: | ||||
Total revenue | ¥ 404,381 | $ 61,974 | ¥ 1,252,300 | ¥ 1,705,229 |
Loans (including revenues from related party of RMB105,492, RMB31,980 and RMB4,757 for the years ended December 31, 2018, 2019 and 2020, respectively) | ||||
Revenues: | ||||
Total revenue | 109,814 | 16,830 | 666,307 | 1,015,407 |
Credit cards | ||||
Revenues: | ||||
Total revenue | 294,567 | 45,144 | 585,993 | 689,822 |
Big data and system-based risk management services | ||||
Revenues: | ||||
Total revenue | 144,227 | 22,104 | 134,927 | 106,597 |
Advertising, marketing and other services | ||||
Revenues: | ||||
Total revenue | ¥ 37,154 | $ 5,694 | ¥ 48,500 | ¥ 110,050 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands | Oct. 30, 2020 | Oct. 29, 2020 | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Sales and marketing, expenses from related party | ¥ 206 | ¥ 21,099 | ¥ 51,753 | ||
ADS Ratio | 1 | 2 | |||
Loans | |||||
Revenues from related party | 4,757 | 31,980 | 105,492 | ||
Big data and system-based risk management services | |||||
Revenues from related party | ¥ 3,626 | ¥ 6,858 | ¥ 13,405 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | Ordinary SharesCNY (¥)shares | Treasury stockCNY (¥)shares | Additional paid in capitalCNY (¥) | Statutory reservesCNY (¥) | Accumulated other comprehensive (loss)/incomeCNY (¥) | Accumulated lossesCumulative effect period adjusted balanceCNY (¥) | Accumulated lossesCNY (¥) | Noncontrolling interestsCNY (¥) | Cumulative effect period adjusted balanceCNY (¥) | CNY (¥) | USD ($) |
Beginning balance at Dec. 31, 2017 | ¥ 275 | ¥ 1,734,067 | ¥ (21,170) | ¥ (174,710) | ¥ 1,538,462 | ||||||
Beginning Balance (in shares) at Dec. 31, 2017 | shares | 414,291,350 | ||||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation (Note 17) | 130,659 | 130,659 | |||||||||
Net loss | (164,615) | ¥ 4,829 | (159,786) | ||||||||
Issuance of ordinary shares for business combination (Note 8) | ¥ 4 | 88,177 | 88,181 | ||||||||
Issuance of ordinary shares for business combination (Note 8) (in shares) | shares | 5,772,447 | ||||||||||
Issuance of options for business combination (Note 8) | 6,052 | 6,052 | |||||||||
Issuance of ordinary shares reserved for future exercise of share-based awards | ¥ 5 | ¥ (5) | |||||||||
Issuance of ordinary shares reserved for future exercise of share-based awards (in shares) | shares | 8,000,000 | (8,000,000) | |||||||||
Share repurchase(Note 19) | ¥ (70,109) | (70,109) | |||||||||
Share repurchase(Note 19) (in shares) | shares | (5,624,578) | ||||||||||
Exercise of share based awards(Note 17) | ¥ 1 | 700 | 701 | ||||||||
Exercise of share based awards(Note 17) (in shares) | shares | 807,338 | ||||||||||
Share-based awards to employees of non-platform business (Note 17) | 17,314 | 17,314 | |||||||||
Deemed dividends to shareholders in connection with the share-based awards to employees of non-platform business (Note 17) | (17,314) | (17,314) | |||||||||
Currency translation adjustment | 58,920 | 738 | 59,658 | ||||||||
Noncontrolling interests arising from business combinations (Note 8) | 110,100 | 110,100 | |||||||||
Ending Balance at Dec. 31, 2018 | ¥ 284 | ¥ (70,113) | 1,959,655 | 37,750 | (339,325) | 115,667 | 1,703,918 | ||||
Ending balance (in shares) at Dec. 31, 2018 | shares | 428,063,797 | (12,817,240) | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation (Note 17) | 6,390 | 6,390 | |||||||||
Net loss | (451,760) | (78,631) | (530,391) | ||||||||
Transactions with noncontrolling shareholders (Note 8) | ¥ 2 | 28,722 | (32,159) | (3,435) | |||||||
Transactions with noncontrolling shareholders (Note 8) (in shares) | shares | 2,400,000 | ||||||||||
Share repurchase(Note 19) | ¥ (134,616) | (134,616) | |||||||||
Share repurchase(Note 19) (in shares) | shares | (10,187,848) | ||||||||||
Exercise of share based awards(Note 17) | ¥ 102,507 | (92,662) | 9,845 | ||||||||
Exercise of share based awards(Note 17) (in shares) | shares | 15,225,026 | ||||||||||
Share-based awards to employees of non-platform business (Note 17) | 1,929 | 1,929 | |||||||||
Deemed dividends to shareholders in connection with the share-based awards to employees of non-platform business (Note 17) | (1,929) | (1,929) | |||||||||
Statutory reserves | ¥ 1,900 | (1,900) | |||||||||
Currency translation adjustment | 14,558 | 136 | 14,694 | ||||||||
Ending Balance at Dec. 31, 2019 | ¥ 286 | ¥ (102,222) | 1,902,105 | 1,900 | 52,308 | ¥ (2,802) | (792,985) | 5,013 | ¥ (2,802) | 1,066,405 | |
Ending balance (in shares) at Dec. 31, 2019 | shares | 430,463,797 | (7,780,062) | |||||||||
Changes in invested/shareholders' equity | |||||||||||
Share-based compensation (Note 17) | (4,329) | (4,329) | |||||||||
Net loss | (304,147) | (4,046) | (308,193) | ||||||||
Exercise of share based awards(Note 17) | ¥ 13,367 | (11,825) | 1,542 | ||||||||
Exercise of share based awards(Note 17) (in shares) | shares | 943,745 | ||||||||||
Share-based awards to employees of non-platform business (Note 17) | 171 | 171 | |||||||||
Deemed dividends to shareholders in connection with the share-based awards to employees of non-platform business (Note 17) | (171) | (171) | $ (26) | ||||||||
Currency translation adjustment | (51,306) | (731) | (52,037) | ||||||||
Noncontrolling interests arising from business combinations (Note 8) | 23,597 | 23,597 | |||||||||
Ending Balance at Dec. 31, 2020 | ¥ 286 | ¥ (88,855) | ¥ 1,885,951 | ¥ 1,900 | ¥ 1,002 | ¥ (1,099,934) | ¥ 23,833 | ¥ 724,183 | $ 110,987 | ||
Ending balance (in shares) at Dec. 31, 2020 | shares | 430,463,797 | (6,836,317) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (312,146) | $ (47,839) | ¥ (530,619) | ¥ (159,786) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization expenses | 18,634 | 2,856 | 36,478 | 25,291 |
Share-based compensation expenses | (4,329) | (664) | 6,390 | 130,659 |
Allowance for credit losses | 13,065 | 2,002 | 28,316 | 1,709 |
Investment income | (2,248) | (576) | ||
Impairment loss | 16,893 | 2,589 | 254,683 | |
Foreign exchange gain and loss | 3,997 | 614 | (65) | (2,869) |
Deferred income tax | (1,648) | (253) | (16,793) | 1,417 |
Loss/(gain) on disposal of property and equipment | (773) | (118) | 1,111 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 98,718 | 15,129 | 73,291 | (261,386) |
Amount due from related party | 6,768 | 1,037 | (7,082) | |
Prepayments and other current assets | 61,829 | 9,476 | 46,380 | 7,792 |
Other non current assets | (1,659) | (254) | 5,816 | (1,279) |
Accounts payable | 664 | 102 | (11,184) | 16,191 |
Advance from customers | 8,089 | 1,240 | (71,734) | 31,190 |
Amount due to related party | (24,815) | (3,803) | (38,391) | 30,595 |
Tax payable | 1,768 | 271 | (17,294) | 21,240 |
Accrued expenses and other current liabilities | 2,715 | 416 | 48,392 | 66,447 |
Other non-current liabilities | 4,732 | 725 | (6,284) | 20,538 |
Net cash used in operating activities | (107,498) | (16,474) | (200,837) | (72,827) |
Cash flows from investing activities: | ||||
Proceeds from maturity of short-term investments and restricted investment | 48,600 | 7,448 | 374,292 | 86,649 |
Purchases of short-term investments and restricted investment | (40,000) | (6,130) | (331,490) | (88,350) |
Purchases of intangible assets, property and equipment | (4,131) | (633) | (16,366) | (41,835) |
Proceeds from sale of property and equipment | 7,746 | 1,187 | 11 | |
Cash paid for long-term investments | (861) | (132) | (3,872) | (27,921) |
Cash paid for business combination, net of cash acquired (Note 8) | (13,244) | (2,030) | (24,584) | (109,570) |
Transfer to restricted time deposits | (89,375) | (13,697) | (90,775) | (142,411) |
Maturity of restricted time deposits | 45,327 | |||
Net cash used in investing activities | (91,265) | (13,987) | (47,457) | (323,438) |
Cash flows from financing activities: | ||||
Proceeds from short-term borrowings | 208,477 | 31,950 | 137,082 | 130,000 |
Repayment of short-term borrowings | (110,000) | (16,858) | (207,082) | |
Proceeds from employees exercising stock options | 120 | 18 | 10,017 | 508 |
Share repurchase | (134,616) | (70,109) | ||
Purchase of noncontrolling interests | (3,435) | |||
Net cash provided by/(used in) financing activities | 98,597 | 15,110 | (198,034) | 60,399 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (34,031) | (5,215) | 9,709 | 62,056 |
Net decrease in cash and cash equivalents and restricted cash | (134,197) | (20,566) | (436,619) | (273,810) |
Cash and cash equivalents and restricted cash at beginning of the year | 833,382 | 127,721 | 1,270,001 | 1,543,811 |
Cash and cash equivalents at beginning of the year | 694,910 | 106,500 | 1,270,001 | 1,543,811 |
Restricted cash at beginning of the year | 138,472 | 21,221 | ||
Cash and cash equivalents and restricted cash at end of the year | 699,185 | 107,155 | 833,382 | 1,270,001 |
Cash and cash equivalents at end of the year | 549,979 | 84,288 | 694,910 | 1,270,001 |
Restricted cash at end of the year | 149,206 | 22,867 | 138,472 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for income tax expenses | 350 | 54 | 372 | |
Cash paid for interest expense | 5,630 | 863 | 7,701 | 2,951 |
Non-cash investing and financing activities : | ||||
Deemed dividends to RONG360 in connection with the share-based awards granted to employees of non-platform business (Note 17) | ¥ 171 | $ 26 | 1,929 | 17,314 |
Consideration paid in ordinary shares and options in business combinations (Note 8) | ¥ 94,233 | |||
Liability assumed as consideration of acquisition (Note 8) | ¥ 34,081 |
Nature of operations and reorga
Nature of operations and reorganization | 12 Months Ended |
Dec. 31, 2020 | |
Nature of operations and reorganization | |
Nature of operations and reorganization | 1. Nature of operations and reorganization (a) Nature of operations Jianpu Technology Inc. (“Jianpu” or the “Company”) is a holding company and conducts its business mainly through its subsidiaries and variable interest entities (“VIEs”). Jianpu, its subsidiaries, and VIEs together are referred to as the “Group”. The Group is primarily engaged in the operation of its platform for providing online discovery and recommendation services of financial products. The individual users can have access to financial products through the platform, including loans, credit cards, insurance products and other financial products. The Group recommends financial products to individual users and assists the financial service providers in targeting users with specific characteristics based on the users’ financial needs and profile, as well as the products offerings and risk appetite of the financial service providers (“Recommendation Services”). The Group also provides big data and system-based risk management services, advertising and marketing services, and other services primarily to financial service providers. All these services together refer to as “Platform Business”. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). (b) Reorganization in 2017 Jianpu is an exempted company with limited liability incorporated in the Cayman Islands on June 1, 2017 in connection with a group reorganization (the “Reorganization”) of RONG360. Jianpu as the holding company for the Group was set up by RONG360 as a wholly owned subsidiary in June 2017. Prior to the Reorganization, the Platform Business was carried out by various subsidiaries and a VIE of RONG360. Pursuant to a series of agreements entered into by the Group’s entities and RONG360 group entities in August and September 2017 in connection with the Reorganization, all operating assets and liabilities relating to the Platform Business were transferred to the Group as capital contribution, and the ownership structure of then-existed subsidiaries and VIE of the Group was established. Subsequent to the transfer of all operating assets and liabilities, the key employees, business contracts and operations relating to the Platform Business were transferred to the Group. The Reorganization was completed by the end of October 2017. Since the Reorganization, services agreement between the Group entities and RONG360 group entities was entered into with respect to various ongoing relationships between the Group and RONG360 group entities. Pursuant to the services agreement, the Group entities provide RONG360 group entities with various corporate support services, including operational, administrative, human resources, legal, accounting and internal control support. Besides the Platform Business, RONG360 also operated digital lending business (the “Non-platform business”), which was continued to be carried out by RONG360 through its relevant subsidiaries and VIEs after the Reorganization.. (c) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and VIEs for which Jianpu is the ultimate primary beneficiary. All significant intra-company balances and transactions within the Jianpu Group have been eliminated upon consolidation. See Note 1(d)(e)(f)—VIEs for discussion of the consolidation of the VIEs. (d) Major subsidiaries, VIEs and subsidiary of VIEs As of December 31, 2020, the Company’s major subsidiaries, consolidated VIEs and subsidiary of VIE are as follows: Percentage of direct or indirect Date of Place of economic incorporation incorporation interest Principal activities The Company: Jianpu June 1, 2017 The Cayman Islands Investment holding Major subsidiaries of the Company: Jianpu (Hong Kong) Limited June 19, 2017 Hong Kong 100 % Investment holding Beijing Rongqiniu Information Technology Co., Ltd. August 21, 2017 PRC 100 % Platform business Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to “Databook”) Acquired in June 2018 (Note 8) The Cayman Islands 74.61 % Platform business Databook (HK) Limited. Acquired in June 2018 (Note 8) Hong Kong 74.61 % Platform business Hangzhou Magnet Technology Co., Ltd. Acquired in June 2018 (Note 8) PRC 74.61 % Platform business Beijing Rongsanliuling Information Technology Co., Ltd. November 5, 2018 PRC 100 % Platform business CC Information Limited Acquired in August 2019 Hong Kong 55.00 % Platform business Shanghai Chengjian Information Technology Co., Ltd. February 26, 2019 PRC 100 % Platform business Newsky Wisdom Treasure (Beijing) Co., Ltd. (“Newsky Wisdom”) Acquired on April 1, 2020 (Note 8) PRC 50.50 % Platform business Major VIEs of the Company: Beijing Rongdiandian Information Technology Co., Ltd. March 3, 2017 PRC 100 % Platform business Hangzhou Scorpion Technology Co., Ltd. Acquired in June 2018 (Note 8) PRC 74.61 % Platform business Beijing Kartner Information Technology Co., Ltd. (“KTN”) Acquired in October 2018 (Note 8) PRC 100 % Platform business Beijing Guangkezhixun Information Technology Co., Ltd. July 31, 2019 PRC 100 % Platform business Major subsidiary of VIEs: Shanghai Anguo Insurance Brokerage Co., Ltd. (“Anguo”) Acquired in December 2019 PRC 100 % Platform business (e) Variable interest entities In order to comply with the PRC laws and regulations which restrict and impose conditions on foreign direct investment in companies involved in the value-added telecommunication services, the Group operates certain businesses in the PRC through a number of PRC domestic companies, whose equity interests are held by certain management members, family members of founders or current or former employees of the Company as nominee shareholders. The Group obtained control over these PRC domestic companies through certain PRC subsidiaries, by entering into a series of contractual arrangements with these PRC domestic companies and their nominee shareholders. To comply with PRC laws and regulations which restrict and impose conditions on foreign ownership of value-added telecommunication services, the nominee shareholders are legal owners of an entity. However, the rights of those nominee shareholders have been transferred to the Group’s relevant PRC subsidiaries through such contractual arrangements. These contractual arrangements include exclusive purchase option agreements, exclusive business cooperation agreement, equity pledge agreement and power of attorney. Management concluded that the Group’s relevant PRC subsidiaries, through the contractual arrangements, have the power to direct the activities that most significantly impact economic performance of these PRC domestic companies, bear the risks of and enjoy the rewards normally associated with ownership of these PRC domestic companies. Therefore, these PRC domestic companies are VIEs of the Group’s relevant PRC subsidiaries, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial statements of these PRC domestic companies. The following is a summary of the contractual arrangements that the Company’s subsidiaries entered into with VIEs and their nominee shareholders: ● Exclusive Purchase Option Agreement The nominee shareholders of the VIEs have granted the Company’s relevant PRC subsidiaries the exclusive and irrevocable option to purchase from the nominee shareholders, to the extent permitted under PRC laws and regulations, part or all of their equity interests in these entities at the lowest price permitted by the laws of the PRC applicable at the time of exercise. The nominee shareholders of the VIEs have agreed the Company’s relevant PRC subsidiaries to grant the exclusive and irrevocable option to purchase, to the extent permitted under PRC laws and regulations, part or all of VIEs’ assets at the price equal to the higher one of net book value of the purchased assets and the lowest price permitted by the applicable laws of the PRC. The Company’s relevant PRC subsidiaries may exercise such options at any time. In addition, the VIEs and their nominee shareholders have agreed that without prior written consent of the Company’s relevant PRC subsidiaries, they shall not sell, transfer, mortgage or dispose of any assets or equity interests of the VIEs or declare any dividend. ● Exclusive Business Cooperation Agreement The Company’s relevant PRC subsidiaries and the VIEs entered into exclusive business cooperation agreement under which the VIEs engage the Company’s relevant PRC subsidiaries as their exclusive provider of technical services and business consulting services. The VIEs shall pay to the Company’s relevant PRC subsidiaries service fees, which is determined by the Company’s relevant PRC subsidiaries at their sole discretion. The Company’s relevant PRC subsidiaries shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising from the performance of the agreement. During the term of the agreement, the VIEs shall not accept any consultations and/or services provided by any third party and shall not cooperate with any third party for the provision of identical or similar services without prior consent of the Company’s relevant PRC subsidiaries. ● Equity Pledge Agreement Pursuant to the relevant equity pledge agreement, the nominee shareholders of the VIEs have pledged all of their equity interests in the VIEs to the Company’s relevant PRC subsidiaries as collateral for all of the VIEs’ payments due to the Company’s relevant PRC subsidiaries and to secure the VIEs’ obligations under the exclusive business cooperation agreement, exclusive purchase option agreement and power of attorney. The nominee shareholders shall not transfer or assign the equity interests, the rights and obligations in the equity pledge agreement or create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Company’s relevant PRC subsidiaries without their written consent. The Company’s relevant PRC subsidiaries are entitled to transfer or assign in full or in part the equity interests pledged. In the event of default, the Company’s relevant PRC subsidiaries as the pledgee, will be entitled to request immediate payment of the unpaid service fee and other amounts due to the Company’s relevant PRC subsidiaries, and/or to dispose of the pledged equity. ● Power of Attorney Pursuant to the irrevocable power of attorney, the Company’s relevant PRC subsidiaries are authorized by each of the nominee shareholders as their attorney in- fact to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, the sale or transfer or pledge or disposition of all or part of the nominee shareholders’ equity interests, and designate and appoint directors, chief executive officers and general manager, and other senior management members of the VIEs. Each power of attorney will remain in force during the period when the nominee shareholder continues to be shareholder of the VIEs, unless the Company’s relevant PRC subsidiaries issue adverse instructions in writing. Each nominee shareholder has waived all the rights which have been authorized to the Company’s relevant PRC subsidiaries under each power of attorney. (f) Risks in relation to the VIE structure In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders are also management members or family members of founders of the Group or current or former employees of the Group and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements. On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, and on December 26, 2019, the State Council promulgated the Implementing Rules of the Foreign Investment Law of the People’s Republic of China, or the Implementing Rules, to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing Rules both took effect on January 1, 2020. The Foreign Investment Law and the Implementing Rules do not explicitly classify whether variable interest entities that are controlled through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately “controlled” by foreign investors. Since the Foreign Investment Law and the Implementing Rules are relatively new, uncertainties still exist in relation to their interpretation and implementation, and it is still unclear how the Foreign Investment Law and the Implementing Rules would affect the Group’s variable interest entity structure and business operation. The Group’s ability to control the VIEs also depend on the power of attorney that the subsidiaries of the Group has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Group believes these power of attorney are legally enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure and the contractual arrangements with the VIEs through which the Group conducts its business in the PRC were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities could: ● revoke or refuse to grant or renew the Group’s business and operating licenses; ● restrict or prohibit related party transactions between the subsidiaries of the Group and the VIEs; ● impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; ● require the Group to alter, discontinue or restrict its operations; ● restrict or prohibit the Group’s ability to finance its operations, and; ● take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. Additionally, the nominee shareholders of the VIEs are the management members, family members of founders or current or former employees of the Company. The enforceability of the contractual agreements between the Company and the VIEs depends on whether VIEs and the relevant nominee shareholders will honor the contractual agreement. The following financial information of the Group’s VIEs were included in the Group’s consolidated financial statements as of December 31, 2019 and 2020, and for the years ended December 31, 2018, 2019 and 2020. As of December 31, 2019 2020 2020 RMB RMB US$ Cash and cash equivalents 6,673 15,649 2,398 Restricted cash, time deposit and investment—current 1,000 24,747 3,793 Accounts receivable, net 11,232 19,410 2,975 Amount due from the subsidiaries of the Group* 173,024 99,397 15,233 Amount due from related party other than the subsidiaries of the Group 34,456 31,487 4,826 Prepayments and other current assets 17,173 10,182 1,560 Property and equipment, net 12,925 11,671 1,789 Intangible assets, net 21,398 23,637 3,623 Goodwill 7,313 — — Restricted cash, time deposit and investment-non-current 28,038 5,000 766 Other non-current assets 1,107 68 10 Total assets 314,339 241,248 36,973 Accounts payable 16,720 17,409 2,668 Advances from customers 164 3,845 589 Tax payable 19,205 19,315 2,960 Amount due to related party other than the subsidiaries of the Group — 4,719 723 Accrued expenses and other current liabilities 135,883 127,512 19,542 Non-current liabilities 5,658 4,000 613 Total liabilities 177,630 176,800 27,095 * The balances are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Total revenues* 183,003 666,683 285,591 43,769 Net income/(loss) 18,506 (69,972) (72,261) (11,074) * The transactions are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements were RMB93,976, RMB597,022, RMB230,809 for the years ended December 31, 2018, 2019 and 2020, respectively. For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 28,292 (68,513) 10,221 1,566 Net cash (used in)/provided by investing activities (14,453) 31,359 3,464 531 Net cash provided by financing activities — 30,000 9,600 1,471 Net increase/(decrease) in cash and cash equivalents and restricted cash 13,839 (7,154) 23,285 3,568 Cash and cash equivalents and restricted cash at beginning of the year 826 14,665 7,511 1,151 Cash and cash equivalents and restricted cash at end of the year 14,665 7,511 30,796 4,719 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and revenues and expenses. On an on-going basis, management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical for fully understanding and evaluating its consolidated financial statements. (b) Noncontrolling interests For the Company’s consolidated subsidiaries and VIEs, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive loss to distinguish the interests from that of the Group. Changes in the Company’s ownership interest while the Company retains its controlling interest in its subsidiary or VIE shall be accounted for as equity transactions. Therefore, no gain or loss will be recognized in consolidated net income/(loss) or comprehensive income/(loss). The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary or VIE. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted will be recognized in equity attributable to the Company. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s financial statements include, but are not limited to, valuation and recognition of share-based compensation expenses, fair value of assets and liabilities acquired in business combinations, assessment of impairment of long-lived assets and goodwill, allowance for credit losses(for details please refer to Note 2(i)) and valuation allowances for deferred tax assets. Actual results could differ from those estimates. (d) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiaries incorporated in Hong Kong (“HK”) and Singapore is United States dollars (“US$”). The Group’s PRC subsidiaries and VIEs determined their functional currency to be RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive loss. The financial statements of the Group’s non-PRC entities are translated from their respective 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 the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive income in the consolidated statements of changes in shareholders’ equity. Total foreign currency translation adjustments included in the Group’s other comprehensive income/(loss) were income of RMB59,658, income of RMB14,685 and loss of RMB52,185 for the years ended December 31, 2018, 2019 and 2020, respectively. (e) Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.5250 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. (f) Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. (g) Restricted cash, time deposit and investments Cash and time deposits that are restricted as to withdrawal or use for current operations are classified as restricted cash and restricted term deposits, respectively. Restricted investment presents certain short term investments of wealth management products issued by bank, which is restricted as to withdrawal (Note 5). In the event that the restriction is expected to be removed within the next twelve months, the relevant assets are classified as current assets. Otherwise, they are classified as non-current assets. (h) Short-term investments Short-term investments include structured deposits with variable interest rates or principal not-guaranteed with certain financial institutions. In accordance with ASC 825, Financial Instruments, for financial products with variable interest rates referenced to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carries these investments at fair value. Changes in the fair value of these investments are reflected in the consolidated statements of comprehensive loss as investment income and included in “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period. The Group classifies these inputs as Level 2 fair value measurement. (i) Receivables, net Accounts receivable and other receivables recorded in prepayments and other current assets (collectively difined as “Receivables”) are stated at the historical carrying amount net of write-offs and allowance for credit losses. Prior to January 1, 2020, the Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit-worthiness, and current economic trends. Accounts receivable balances are written off after all collection efforts have been exhausted. Starting from January 1, 2020, the Group adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which replaces the existing incurred loss impairment model with an expected loss methodology on the measurement of credit losses for financial assets measured at amortized cost. The Group’s receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions, future economic conditions(external data and macroeconomic factors) and changes in the Group’s customer collection trends.. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group used a modified retrospective approach with a cumulative-effect of an increase of approximately RMB2.8 million in the allowance for credit losses upon the initial adoption of this guidance, of which the expected loss amount of accounts receivable was RMB1.1million. (j) Long-term investments The Group measures long-term equity investments other than equity method investments at fair value through earnings along with the adoption of Accounting Standards Update (“ASU”) 2016-01 in 2018. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group assesses these investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, and other company-specific information. The Group uses a combination of valuation methodologies in determination of the fair value, including market and income approaches based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors and selection of the comparable companies. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If this assessment indicates that an impairment exists, the Group will estimate the fair value of the investment and, if the fair value is less than carrying value, the Group will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive loss. (k) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extend the useful lives of property and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. (l) Intangible assets, net Intangible assets acquired through business combinations are recognized as assets separated from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets purchased are recognized and measured at fair value upon acquisition. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment, if any. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives. Amortization is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years (m) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. (n) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries and consolidated VIEs. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis by the end of year, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Under ASC 350-20-35, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Group will perform the quantitative impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The quantitative impairment test is comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. Nil, RMB147,296 and RMB12,565 of impairment loss of goodwill were recognized for the years ended December 31, 2018, 2019 and 2020, respectively (Note 11). (o) Impairment of long-lived assets The Group evaluates its long-lived assets with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. Nil, RMB101,136 and RMB4,328 of impairment loss of long-lived assets were recognized for the years ended December 31, 2018, 2019 and 2020, respectively. (p) Fair value measurement 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 measurements 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—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities became unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 and Level 3 during the years ended December 31, 2019 and 2020. Fair value measurements on a recurring basis As of December 31, 2019, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2019 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Restricted cash, time deposit and investment (Note 5) Long-term wealth management products 38,200 — 38,200 — As of December 31, 2020, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2020 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Short-term investments (Note 2(h)): Short-term wealth management product 20,000 — 20,000 — Restricted cash, time deposit and investment (Note 5) Short-term wealth management products 9,600 — 9,600 — Financing assets – earn-out arrangement (Note 8) 1,179 — — 1,179 The Group’s financial instruments including amount due to or due from related party, receivables, short-term borrowing, payables and other current liabilities are not measured at fair value but for which the fair value is estimated for disclosure purposes, the carrying amount of which approximates the fair value due to their short-term nature. Fair value measurements on a non-recurring basis The Group’s long-term equity investments are measured at fair value on a nonrecurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. Please refer to Note 2(j) for more details of valuation techniques. The Group’s non-financial assets, such as goodwill, intangible assets, and property and equipment, would be measured at fair value on a non-recurring basis, only if they were determined to be impaired. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs used such as historical financial information and assumptions about future growth rates and discount rates, which require significant judgment and company-specific information. (q) Revenue recognition The Group generates revenues from recommendation services, big data and system-based risk management, advertising, marketing and other services. On January 1, 2018, the Group adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC606, while revenues for prior periods are not adjusted and continue to be presented under ASC Topic 605. The accumulated effect of adopting ASC 606 to the opening balance of accumulated losses as of January 1, 2018 is not material, therefore it was not adjusted. Consistent with the criteria of ASC 606, the Group recognizes revenues when performance obligations under the terms of a contract with a customer are satisfied and promised services have transferred to the customer, in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and net of value-added tax. For service arrangements that involve multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling prices of services being provided to customers. For the periods presented, the Group primarily uses the price to be charged for the service when the service is sold separately in similar circumstances to similar customers to determine the relative standalone selling price. The Group accounts for discounts and return allowances as variable consideration. The Company considers the constraint on variable consideration and only recognize revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Customers for recommendation services are entitled to apply for returns for invalid recommendations within a specified period after the recommendation is delivered under a limited circumstances, i.e., the applicant’s phone number cannot be connected, or the applicant is in the blacklist maintained by the financial service providers, etc. Return allowances are estimated based on historical experiences of returns granted to customers. Timing of revenue recognition may differ from the timing of payment from customers. The Group does not have material contract assets as it generally has the unconditional right to payment as revenue is recognized or the timing difference is immaterial. Accounts receivable represents amounts that the Group has satisfied the performance obligation and have the unconditional right to payment. Unearned revenue consists of payments received related to unsatisfied performance obligations at the end of the period, included in “Advance from customers” in the Group’s consolidated balance sheets. Due to the generally short-term duration of the Group’s contracts, the majority of the performance obligations are satisfied in one year. The amount of revenue recognized that was included in the receipts in advance from customers balance at the beginning of the year was RMB80.5 million and RMB4.1 million for the years ended December 31, 2019 and 2020. Recommendation services: (i) Credit card: The Group provides Recommendation Services in respect of credit card products offered by credit card issuers or their agents on its platform. The individual users can select and apply for the credit cards, and submit applications to credit card issuers or their agents. The Group is not involved in the credit card approval or issuance process. Service fee is charged to the customers, i.e., the credit card issuers or their agents, upon completion of an application, issuance or first usage of a credit card by the users (collectively referred to as “cost-per-success”). Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the customers confirm the number of card application, issuance or first usage with the Group. (ii) Loans: The Group provides Recommendation Services in respect of loan products offered by the financial service providers on its platform, and assist the financial service providers or their loan sales representatives to identify qualified individual users or borrowers. The Group considers the financial service providers, including banks, consumer finance companies, micro-loan companies and other licensed financial institutions, emerging technology-enabled financial service providers, or their loan sales representatives to be its customers, and receives service fees from the customers primarily based on number of applications of qualified users. The price for each recommendation charged to the financial service providers is either a fixed price as pre-agreed in the service contract, or pre-set in the bidding systems by the customers, or an amount charged based on a pre-agreed percentage of loan principal amount underwritten by the financial service providers. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the user application is delivered to the customers or when the customers confirmed the underwritten loan principal amount. After the users or borrowers submit applications for the recommended products to the customers, the Group does not retain any further obligations. Big data and system-based risk management services The Group provides big data risk management services to financial service providers, which integrates data and provides customizable automatic data and modeling solutions and services to financial service providers to facilitate their risk management primarily for loan products applicants. The Group also provides SaaS-based risk management solutions, which allow financial service providers to conveniently manage acquisition efficiency, borrower screening and assessment in a comprehensive manner. Revenues from the aforementioned services is recognized when all of the revenue recognition criteria are met, which is generally when the result of query is provided to customers with a pre-agreed fixed price. Through the acquisition of of Newsky Wisdom, the Group provides system-based total solutions to help the banking partners to build and boost digital capabilities so that they could better serve more end users with financial needs. Such services include system research and development services and maintenance services. The Group recognizes revenues of research and development services upon completion of the services. Revenues from system maintenance services are recognized ratably over the contractual terms. Advertising and marketing and other services (i) Advertising and marketing services: The Group also provides advertising, marketing and other services primarily to financial service providers of credit cards and other financial products. The Group’s advertising and marketing services allow customers to place advertisements in particular areas of the Group’s platform and third-party advertising network, at performance-based or time-based fixed prices, in particular formats and over particular periods of time. Performance-based revenues are recognized based on effective clicks, or effective activations, depending on the relevant performance measures. The effective clicks refer to that users click on the advertisements. The effective activations primarily include providing contact information or completing a registration form by users on the advertisers’ websites redirected from the advertisements, and user’s application are successfully approved by the credit card issuers in the case of advertising and marketing services related to credit card products. Time-based revenues are recognized ratably over the contractual term. (ii) Other services: Revenues of other services primarily consist of revenues from insurance brokerage service. Insurance brokerage revenue is commissions earned from insurance brokerage services, determined based on a percentage of premiums paid by the insureds. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collectable from the insured since the Group has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company.The brokerage commission, which is paid by the insurance company, is based on the terms specified in the service contracts with the insurance companies. For service arrangements involved with third-party platform, the Group considers whether it should report revenues on a gross or net basis by ass |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Recent accounting pronouncements | |
Recent accounting pronouncements | 3. Recent accounting pronouncements In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”, which removes specific exceptions to the general principles in Topic 740 and to simplifies accounting for income taxes. The guidance is effective for all entities for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Group does not expect the adoption to have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU 2020-06 also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares, adding information about events or conditions that occur during the reporting period that cause conversion contingencies to be met or conversion terms to be significantly changed. This update will be effective for the Company’s fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Entities can elect to adopt the new guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently in the process of evaluating the impact of adopting ASU 2020-06 on its consolidated financial statements and related disclosure. |
Concentration and risks
Concentration and risks | 12 Months Ended |
Dec. 31, 2020 | |
Concentration and risks | |
Concentration and risks | 4. Concentration and risks (a) Concentration of customers and suppliers There was one, nil and one customer accounted for more than 10% of the Company’s total revenues for the years ended December 31, 2018, 2019 and 2020 respectively. There were three customers with relationship with each other in aggregate accounted for 31% and 44%of the Company’s net accounts receivable as of December 31, 2019 and 2020, respectively. For the Year Ended December 31, Revenues 2018 2019 2020 Customer A 13 % * * Customer B * * 14 % As of December 31, Accounts receivable, net 2019 2020 In aggregate of Customer C,D,E 31 % 44 % There were nil, nil and nil suppliers, e.g. advertising agencies, which individually accounted for more than 10% of the Company’s total costs and expenses for the years ended December 31, 2018, 2019 and 2020 respectively. Two and two suppliers individually accounted for more than 10% of the Company’s accounts payable as of December 31, 2019 and 2020 respectively as follows: As of December 31, Accounts payable 2019 2020 Supplier I 36 % 34 % Supplier II 17 % 21 % * The percentage was below 10% for the period. (b) Credit risks The Group’s credit risk primarily arises from receivables due from its customers, related parties and other parties. The maximum exposure of such assets to credit risk is the assets’ carrying amounts as of the balance sheet dates. The Group believes that there is no significant credit risk associated with amount due from related parties. Receivables due from customers are typically unsecured in the PRC and the credit risk with respect to which is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. (c) Foreign currency risk The Group’s operating transactions are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in China must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to effect the remittance. |
Restricted cash, time deposit a
Restricted cash, time deposit and investment | 12 Months Ended |
Dec. 31, 2020 | |
Restricted cash, time deposit and investment | |
Restricted cash, time deposit and investment | 5. Restricted cash, time deposit and investment As of December 31, 2019 2020 RMB RMB Current: Restricted cash 56,265 141,952 Restricted time deposits 193,505 239,873 Restricted wealth management products — 9,600 Total 249,770 391,425 Non-current: Restricted cash 82,207 7,254 Restricted time deposits 4,000 27,327 Restricted wealth management products 38,200 — Total 124,407 34,581 Line of credit for short-term bank borrowings was secured by cash and short-term time deposits in banks, amounted to RMB216.9 million as of December 31, 2019 and secured by short-term time deposits in bank, amounted to RMB238.4 million as of December 31,2020. The cash of RMB114.1 million and wealth management products of RMB38.2 million of Databook became temporary restricted as to withdrawal or usage by the Group and was consequently reclassified to restricted cash, and restricted wealth management products, respectively, as of December 31, 2019. The restricted wealth management products of RMB28.6 million were matured in year 2020, and balance of restricted cash was RMB142.0 million as of December 31, 2020. These cash and wealth management products became unrestricted to withdraw or use in January 2021 when the case was closed. See Note 11 and Note 24 for more detailed information. Other restricted cash and time deposits mainly consist of a US$3.7 million deposit as collateral at its ADR depositary bank, and deposits in custodian accounts for insurance brokerage business and other business requirements, and are classified as current or non-current based on their respective maturity. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable, net | |
Accounts receivable, net | 6. Accounts receivable, net Accounts receivable, net consists of the following: As of December 31, 2019 2020 RMB RMB Accounts receivable 369,310 273,589 Less: allowance for credit losses (23,785) (33,465) Accounts receivable, net 345,525 240,124 Accounts receivable are non-interest bearing and are generally on terms between 1 to 30 days. In some cases, these terms are extended for certain qualifying long-term customers who have met specific credit requirements. The movements in the allowance for credit losses are as follows: For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year prior to adoption of ASC 326 — (71) (23,785) Impact of adoption of ASC 326 — — (1,095) Additions (1,709) (29,383) (14,235) Write offs 1,638 5,669 5,650 Balance at end of the year (71) (23,785) (33,465) |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepayments and other current assets | |
Prepayments and other current assets | 7. Prepayments and other current assets Prepayments and other current assets consist of the following: As of December 31, 2019 2020 RMB RMB Prepaid advertising expenses, rentals and others 84,330 53,791 Deposits 28,366 6,553 Staff advances 1,244 981 Deductible VAT input 1,565 4,170 Interest receivable 2,918 800 Total 118,423 66,295 |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business combinations | |
Business combinations | 8. Business combinations (a) Databook In June 2018, the Group completed the acquisition of 65% of equity interests in Databook Tech Ltd., a Cayman registered company engaged in optimizing data-driven risk management decisions through its subsidiaries and VIE in the PRC and operated independently from the other businesses of the Group. The acquired company offers a suite of products and services helping financial service providers to enhance their system-based risk management capabilities. The total consideration of the transaction was RMB204.5 million, consists of cash of RMB110.2 million, Class A ordinary shares of the Company of 5,772,447 shares and options to purchase the Company’s Class A ordinary shares of 397,820 shares. The purchase price allocation is as follows: Amount RMB Fair value of issued the Company’s Class A ordinary shares 88,181 Fair value of issued the options to purchase the Company’s Class A ordinary shares 6,052 Cash consideration 110,240 Total consideration 204,473 Noncontrolling interests 110,100 Total 314,573 Amortization Amount years RMB Years Cash and cash equivalents 474 — Other working capital (15,850) — Short-term investment 75,706 — Other assets 2,567 — Identifiable intangible assets acquired — — Technology 71,000 8.5 Customer relationship 22,900 5.5 Non-compete agreement 28,900 5.5 Goodwill 147,296 — Deferred tax liabilities (18,420) — Total 314,573 — Goodwill primarily represents the expected synergies from the combined business, which increase the competitiveness and competence in providing relevant services, and the assembled workforce and their knowledge and experiences in the industry. The total revenue and net income from Databook that are included in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2018 were RMB46,675 and RMB13,795, respectively. The following unaudited pro forma consolidated financial information reflects the combined results of operations of the Group and Databook for the years ended December 31, 2017 and 2018, as if the acquisition of Databook had occurred on January 1, 2017, and after giving effect to purchase accounting adjustments. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the acquisition actually taken place as of the beginning of the periods presented and may not be indicative of future operating results. For the Year Ended December 31, 2017 2018 RMB RMB Net revenues 1,477,555 2,029,055 Net loss (212,988) (163,490) The pro forma net loss for the periods presented includes RMB25.5 million for the amortization of identifiable intangible assets net of tax for each year. The relevant tax impact was determined using the actual effective income tax rate of Databook for each presented period. In the second quarter of 2019, Databook repurchased 504,527 shares or 2.36% equity interests in Databook Tech Ltd. from one noncontrolling shareholder with nominal price, which was accounted as a contribution from noncontrolling shareholder. In the same quarter, the Company purchased 1,009,053 ordinary shares or 7.25% equity interest in Databook from another noncontrolling shareholder, with cash consideration of US$500 and 2,400,000 Class A ordinary shares of the Company at fair value of US$3,590. The difference between the fair value of the consideration paid and the amount by which the noncontrolling interest was adjusted for each of these transactions has been recognized in equity attributable to the Company, totaling RMB4,039. The Company held 74.61 % of equity interest in Databook immediately after these transactions. In September 2019, the goodwill of RMB147,296 carried from the business combination of Databook was fully impaired and recorded in impairment loss in the consolidated statements of comprehensive loss. See Note 11 for more detailed information. (b) KTN In October 2018, the Group completed the acquisition of 100% equity interest in KTN from a related party (“related party B”, please refer to Note 21). Upon completion of the acquisition, KTN became a VIE of the Company through contractual arrangements entered into by the Company’s wholly owned subsidiary, nominee shareholders of KTN and KTN. KTN was a startup and engaged in financial product recommendation service by leveraging the social media and partner program. Total consideration was RMB6.3 million in cash. The purchase price allocation is as follows: Amount RMB Cash consideration 6,250 Total consideration 6,250 Amount RMB Cash and cash equivalents 196 Other working capital 6,054 Total 6,250 No goodwill was recognized based on the purchase price allocation as of the acquisition date. (c) Anguo In December 2019, the Group completed the acquisition of 100% equity interests in Anguo, a Shanghai registered company engaged in insurance brokerage business. The total consideration of the transaction was RMB67.5 million, consists of cash of RMB 33.4 million and liabilities to be assumed by the Group of RMB34.1 million.The purchase price allocation is as follows: Amount RMB Fair value of liabilities to be assumed 34,081 Cash consideration 33,459 Total consideration 67,540 Amortization Amount years RMB Years Cash and cash equivalents 412 — Restricted time deposits 5,000 — Other working capital 39,065 — License 21,000 15 Goodwill 7,313 — Deferred tax liability (5,250) — Total 67,540 — Goodwill primarily represents the expected synergies from the combined business provided by the platform, which increases the competitiveness and competence in providing relevant services. The goodwill carried from the business combination of Anguo was fully impaired and recorded in impairment loss in the consolidated statements of comprehensive loss for the year ended December 31, 2020. Refer to Note11 for more details. As the business combination was completed in late December 2019, the total revenue and net loss from Anguo that are included in the Group’s consolidated statements of comprehensive loss for the year ended December 31, 2019 were both immaterial. The acquired business is not considered material to the Group thus the presentation of the pro-forma financial information with regard to a summary of the results of operations of the Group for the business combinations is not presented. (d) Newsky Wisdom In April 2020, the Group completed the acquisition of 50.5% of equity interests in Newsky Wisdom Treasure (Beijing) Co., Ltd., a PRC registered company engaged in system-based solutions in the PRC and operated independently from other businesses of the Group. The acquired company offers a suite of products and services helping financial service providers to enhance their system-based risk management capabilities. The total cash paid for the transaction was RMB25.0 million, consists of cash consideration of RMB23.8 million and the financial asset for an earn-out arrangement as RMB1.2 million. The purchase price allocation is as follows: Amount RMB Cash paid 25,000 Less: Financial asset acquired for an earn-out arrangement 1,179 Cash consideration 23,821 Noncontrolling interests 23,349 Total 47,170 Amortization Amount years RMB Years Cash and cash equivalent of Newsky Wisdom at acquision date 2,240 — Other working capital 28,914 — Identifiable intangible assets acquired — — Software 1,000 3 Customer relationship 2,200 4 Brand 2,800 10 Backlog 800 3 Goodwill 10,236 — Deferred tax liabilities (1,020) — Total 47,170 — Goodwill primarily represents the expected synergies from the combined business, which increase the competitiveness and competence in providing relevant services, and the assembled workforce and their knowledge and experiences in the industry. The total revenue and net loss from Newsky Wisdom that are included in the Group’s consolidated statement of comprehensive loss for the year ended December 31, 2020 were RMB13,592 and RMB6,028, respectively. The acquired business is not considered material to the Group thus the presentation of the pro-forma financial information with regard to a summary of the results of operations of the Group for the business combinations is not presented. (e) Other acquisition The Group also completed a small size business acquisition in the third quarter of 2019, the Group paid RMB5,426 as the cash consideration to acquire 55% equity interest of the acquiree. By this acquisition, the Group acquired net assets of RMB5,794, which included cash and cash equivalents amounting to RMB1,383, and the goodwill amounting to RMB5,430 was recognized. In 2020 the goodwill carried from the business combination of this aquisition was fully impaired and recorded in impairment loss in the consolidated statements of comprehensive loss. Refer to Note11 for more details. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, net | |
Intangible assets, net | 9. Intangible assets, net Intangible assets consists of the following: As of December 31, 2020 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 26,362 (6,534) (18,050) 1,778 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 5,531 (3,420) (833) 1,278 Brand 8-10 4,904 (566) — 4,338 Backlog 3 800 (200) — 600 License 15 22,262 (1,484) (3,600) 17,178 Total 159,759 (30,347) (104,240) 25,172 As of December 31, 2019 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 24,244 (5,701) (17,348) 1,195 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 4,442 (2,232) (834) 1,376 Brand 8 2,239 (93) — 2,146 License 15 22,344 — — 22,344 Total 153,169 (26,169) (99,939) 27,061 Amortization expenses were RMB11,245, RMB14,826 and RMB 4,209 for the years ended December 31, 2018, 2019 and 2020, respectively. The impairment loss of intangible assets were nil, RMB99,939 and RMB 4,328 for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, expected amortization expense relating to the existing intangible assets for each of the next five years and thereafter is as follows: Amount RMB 2021 3,830 2022 3,302 2023 2,852 2024 2,289 2025 2,152 Thereafter 10,747 25,172 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment, net | |
Property and equipment, net | 10. Property and equipment, net Property and equipment, net consists of the following: As of December 31, 2019 2020 RMB RMB Office furniture and equipment 1,774 1,855 Computer equipment 8,812 8,933 Servers and network equipment 51,810 31,967 Leasehold improvements 11,427 9,880 Vehicles 727 698 Building 12,512 12,512 Total 87,062 65,845 Accumulated depreciation (49,179) (46,534) Impairment (1,197) (1,197) Property and equipment, net 36,686 18,114 The impairment loss of property and equipment were nil, RMB1,197 and nil for the years ended December 31, 2018, 2019 and 2020, respectively. Depreciation expenses were RMB14,046, RMB21,652 and RMB14,425 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill | |
Goodwill | 11. Goodwill The changes in the carrying amount of goodwill were as follows: Amount RMB Balance as of December 31, 2018 147,296 Additions (Note 8) 12,743 Impairment (147,296) Translation adjustments (46) Balance as of December 31, 2019 12,697 Additions (Note 8) 10,236 Impairment (12,565) Translation adjustments (132) Balance as of December 31, 2020 10,236 In September 2019, the business of Databook was suspended and an investigation was conducted against Databook and certain of its employees by competent authorities in relation to the compliance of information collection or use. The Group therefore recorded a full impairment for goodwill, intangible assets, and an impairment for other assets attributable to the Databook, totaling RMB254.7 million as of December 31, 2019. See Note 24 for more detailed information. The financial performance of Anguo and CC Information Limited in 2020 was significantly below the forecasts at acquisition as their business expansions were delayed due to impact of COVID-19. As such, the Group performed quantitative impairment tests for these reporting units with assistance of an independent valuation firm, and recorded full impairment totaling RMB12.6 million for goodwill of Anguo and CC Information Limited in the year ended December 31, 2020. |
Long-term investment
Long-term investment | 12 Months Ended |
Dec. 31, 2020 | |
Long-term investment | |
Long-term investment | 12. Long-term investment As of December 31, 2019 2020 RMB RMB Equity investments 29,733 28,625 The long-term investments were included in “Other non-current assets” as presented on the Group’s consolidated balance sheets. As of December 31, 2019 and 2020, the Group’s long-term investments primarily included two equity investments in privately-held companies. In 2018, the Group invested in preferred shares of Firestorm Holdings Limited (“Firestorm”) with a consideration of cash in US$2,137 (RMB13,944). Firestorm operates an open platform in Indonesia for discovery and recommendation of financial products. The Group invested in preferred shares of Conflux Global (“Conflux”) with a consideration of cash in US$2,000 (RMB13,050). Conflux is a decentralized applications blockchain solution provider. These preferred shares invested are not considered in-substance ordinary shares and do not have readily determinable fair value, which are accounted for using the measurement alternative method. No adjustments for the fair value were made as no orderly transactions for the identical or similar investment of the same issuer were identified during the years ended December 31, 2019 and 2020. A full impairment of RMB1,663 was made in the year of 2019 for long-term investments held by Databook. No impairment was recorded for the year ended December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 13. Leases The Group has operating leases terms Amount RMB Operating lease right-of-use assets, net 17,064 Operating lease liabilities - current 8,995 Operating lease liabilities - non-current 6,666 Total operating lease liabilities 15,661 Weighted average remaining lease term 1.42 Weighted average discount rate 4.75 % Amount RMB Operating lease expenses 11,260 Short-term lease expenses 3,818 Total lease expenses * 15,078 Cash paid for amounts included in the measurement of lease liabilities 9,581 Supplemental noncash information on lease liabilities arising from obtaining right-of- use assets 18,942 * The lease expenses were RMB24,518, RMB22,718 and RMB15,078 for the years ended December 31, 2018, 2019 and 2020, respectively. A summary of maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2020 is as follows: Amount RMB 2021 9,504 2022 6,696 2023 106 Total future minimum payments 16,306 Less: interest 645 Present value of operating lease liabilities 15,661 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 14. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2019 2020 RMB RMB Accrued liabilities for legal proceeding (Note 24) 60,000 60,000 Accrued payroll 57,275 51,072 Customer advance payments relating to Databook 47,703 47,703 Consideration payable of business combination 12,506 1,333 Operating lease liabilities 11,481 8,995 Accrued expenses 9,896 27,565 Payable to employees for proceeds from shares as sold 2,906 1,727 Others 22,251 22,471 Total 224,018 220,866 |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Short-term borrowings | |
Short-term borrowings | 15. Short-term borrowings In 2018 and 2020, one and two PRC subsidiaries obtained a loan facility of credit line of RMB130.0 million and 240.0 million with a fixed annual interest rate, respectively, issued by East West Bank (China) Limited and secured by short-term time deposits of US$20.7 million and US$15.0 million of Jianpu HK, respectively. In 2019, one PRC subsidiary obtained another loan facility of credit line of RMB250.0 million with a fixed annual interest rate, issued by Xiamen International Bank and secured by cash and short-term time deposits of US$10.0 million of Jianpu HK. These cash and short-term time deposits were accounted for as restricted cash and time deposits (see Note 5). As of December 31, 2019 and 2020, the Group utilized part of the credit lines, and the balance of short-term borrowings was RMB60.0 million and RMB158.5 million, respectively. All of these borrowings were denominated in RMB and repayable within one year . |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2020 | |
Income tax | |
Income tax | 16. Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. The payments of dividends to their shareholders are not subject to withholding tax in Hong Kong. PRC In accordance with the Enterprise Income Tax Law (“EIT Law”), Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. Preferential tax treatments are granted to certain entities qualified as High and New Technology Enterprises (‘‘HNTEs’’). Certain PRC subsidiary of the Group obtained certificates of HNTEs and therefore are eligible to enjoy a preferential tax rate of 15% for three years, provided that they are qualified as HNTEs during such periods. The management expects that all the criteria to utilize this preferential tax treatment can be satisfied for the relevant annual tax filing during such periods. Accordingly, a preferential tax rate of 15% were applied for these entities, and other subsidiaries and VIEs of the Group in the PRC are subject to a uniform income tax rate of 25% for all periods presented. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%. Composition of income tax expenses/(benefits): For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Current income tax (5,890) 8,788 365 Deferred income tax 1,417 (16,793) (1,648) Total (4,473) (8,005) (1,283) Reconciliation of the differences between statutory income tax rate and the effective income tax rate for the years ended December 31, 2018, 2019 and 2020 are as below: For the Year Ended December 31, 2018 2019 2020 Statutory EIT rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatment (11.04) % (8.81) % (3.65) % Tax effect of permanent differences 0.88 % (1.73) % 2.78 % Changes in valuation allowance (12.12) % (12.97) % (23.72) % Effective income tax rate 2.72 % 1.49 % 0.41 % The following table sets forth the effect of preferential tax: For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Tax effect of preferential tax treatment 18,137 47,453 11,440 Basic and diluted loss per share effect 0.04 0.11 0.03 Composition of deferred tax assets and liabilities: Deferred taxes assets and liabilities arising from PRC subsidiaries and VIEs were measured using the enacted tax rates for the periods in which they are expected to be reversed. The Group’s deferred tax assets and liabilities consist of the following components: As of December 31, 2019 2020 RMB RMB Deferred tax assets Advances from customers 6,015 10,020 Accrued payroll and expenses 3,377 8,613 Allowances of credit losses 5,035 10,835 Allowances of impaired assets 1,804 1,804 Net operating loss carry-forwards 84,925 210,359 Advertising expenses in excess of deduction limit 12,250 4,519 Amortization of intangible assets 1,737 3,197 Total deferred tax assets 115,143 249,347 Less: Valuation allowance (115,143) (249,347) Total deferred tax assets, net — — As of December 31, 2019 2020 RMB RMB Deferred tax liabilities Intangible assets acquired from business combinations 5,801 5,146 Total deferred tax liabilities 5,801 5,146 A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated losses, existence of taxable temporary differences and reversal periods. The Group believes that it is more likely than not that the advertising expenses in excess of deduction limit will not be utilized in the future given the Group expects its advertising expenses will exceed the deduction limit in the foreseeable future. Full valuation allowance for the deferred tax assets arising from such advertising expenses were provided. In addition, the Group believed that it is more likely than not that the accumulated operating losses and other deferred tax assets for certain entities will not be utilized in the future given these entities had incurred net accumulated operating losses for income tax purposes since its inception. Therefore, the valuation allowances for these deferred tax assets were provided. The total valuation allowance provided were RMB115,143 and RMB249,347 as of December 31, 2019 and 2020 respectively. Movement of valuation allowance: For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 33,980 45,618 115,143 Additions 20,678 80,468 153,830 Reversals (9,040) (10,943) (19,626) Balance at end of the year 45,618 115,143 249,347 |
Share-based compensation expens
Share-based compensation expenses | 12 Months Ended |
Dec. 31, 2020 | |
Share-based compensation expenses | |
Share-based compensation expenses | 17. Share-based compensation expenses The following table sets forth the share-based compensation expenses included in each of the relevant accounts: For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Cost of revenues (724) 935 (186) (29) Sales and marketing expenses 6,772 8,549 295 45 Research and development expenses 13,435 16,063 (1,999) (306) General and administrative expenses 111,176 (19,157) (2,439) (374) Total 130,659 6,390 (4,329) (664) (a) 2012 Share plan of RONG360 Prior to the Reorganization, all of the options and restricted ordinary shares were granted by RONG360 under its 2012 Share Plan with its own underlying shares. The 2012 Share Plan of RONG360 provides for the grant of share options and other equity-based awards to eligible employees of RONG360 and its subsidiaries and VIE. Starting from 2013, RONG360 granted multiple tranches of share options with tiered vesting commencement dates to employees. Options granted under the 2012 Share Plan were subject to a service condition of four one-fourth The outstanding options under this plan immediately prior to the IPO were converted to options under the Global Share Plan upon the completion of the Company’s IPO (Note 17 (b)), and no more expenses were recognized under this plan thereafter. RONG360 has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. (b) Global share plan The Company adopted a Global Share Plan, of which the terms are substantially identical to the 2012 Share Plan of RONG360, effective upon the completion of the Company’s IPO. Pursuant to the Global Share Plan, the Company assumed all outstanding share options issued under the 2012 Share Plan of RONG360. Each one of the outstanding share options under the 2012 Share Plan with underlying shares of RONG360 were converted to one share option of the Company (i.e. the Platform Business) and one share option of RONG360’s other subsidiaries (i.e. the non-platform business) in a way that employees kept an equitable position immediately before and after the conversion. There was no significant incremental share-based compensation expense recorded as a result of the conversion. In addition to the options converted from the Global Share Plan as aforementioned, the Group granted new options to eligible employees or nonemployees under this plan. Options granted were subject to a service condition, which requires the awards to vest in installments during the vesting periods ranged from one The activities of share options granted under Jianpu’s Global Share Plan in relation to the share-based compensation expenses of the Group for the years ended December 31, 2018, 2019 and 2020 are summarized as below: Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of December 31, 2017 18,640,845 0.21 44,454 7.14 Granted during the year 1,940,654 0.24 — — Forfeited during the year (1,122,550) 0.53 — — Exercised during the year (759,518) 0.10 — — Outstanding as of December 31, 2018 18,699,431 0.20 38,480 6.42 Granted during the year 19,340 0.56 — — Forfeited during the year (427,014) 0.52 — — Exercised during the year (10,011,528) 0.13 — — Outstanding as of December 31, 2019 8,280,229 0.25 2,829 6.54 Forfeited during the year (111,244) 0.50 — — Exercised during the year (663,508) 0.33 — — Outstanding as of December 31, 2020 7,505,477 0.28 176 5.53 The fair value of the options granted under Jianpu’s Global Share Plan in relation to the share-based compensation expenses for the years ended December 31, 2018 and 2019 are as follows, there was no option granted in 2020: For the Year Ended December 31, 2018 2019 US$ US$ Weighted average grant date fair value of option per share 2.46 0.86 Aggregate grant date fair value of options granted 4,776 17 The estimated fair value of each option granted under Jianpu’s Global Share Plan is estimated on the date of grant using the binomial option-pricing model with the following assumptions: For the Year Ended December 31, 2018 2019 Risk-free interest rate per annum 2.40% ~ 3.05% 1.78% ~ 2.60% Expected term (in years) 10 10 Expected volatility 53% ~ 54% 51% ~ 58% Expected dividends yield — — The Group estimated the risk-free interest rate based on the yield to maturity of U.S. treasury bonds denominated in US$ at the option valuation date. Expected term is the contract life of the option. The expected volatility at the grant date and each option valuation date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. As of December 31, 2020, 7,505,477 share options of the Company were held by the Group’s employees and non-employees under Global Share Plan with the weighted average exercise price of US$0.28 per option and weighted average remaining contractual years of 5.53 years, out of which 6,874,534 options were exercisable with the weighted average exercise price of US$0.24 per option and weighted average remaining contractual years of 5.48 years. 574,208 share options were expected to be vested with the weighted average exercise price of US$0.25 per option and weighted average remaining contractual years of 5.88 years. The aggregate intrinsic value of the outstanding options, As of December 31, 2020, 1,264,032 share options of the Company were held by the employees of the Group’s related parties for non-platform business under the Global Share Plan with the weighted average exercise price of US$0.44 per option and weighted average remaining contractual years of 6.61 years, out of which 920,379 options were exercisable with the weighted average exercise price of US$0.40 per option and weighted average remaining contractual years of 6.21 years. 314,029 share options were expected to be vested with the weighted average exercise price of US$0.56 per option and weighted average remaining contractual years of 7.70 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2020 are US$18, US$18 and nil respectively. The share options granted to employees of the Group’s related parties for non-platform business were accounted for as deemed dividend from the Company to its shareholders, as these employees do not provide services to the Company. The share awards were measured based on the fair value as of the grant date. The amount recognized as deemed dividend were RMB9,402, RMB14 and nil for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, 17,455,030 share options with underlying shares of non-platform business were held by the Group’s employees under the Global Share Plan. The vesting of such awards is conditional upon the fulfillment of requisite service conditions to the Company and listing of non-platform business. The cost relating to such share-based awards succeeded from 2012 Share Plan of RONG360 are recognized by the Company as a shareholder contribution as the award will ultimately be settled by RONG360. The award is accounted for as a financial derivative and initially measured at its fair value in accordance with ASC 815-10-55-46 through 55-48, and the related expense will be recognized over the requisite service period in the consolidated income statements with a corresponding credit to additional paid-in capital. Subsequent changes in the fair value of the award are recorded in the consolidated income statement through the date on which the underlying award are settled. The share-based compensation expenses recognized for the year ended December 31, 2020 in relation to share options with underlying share of non-platform business granted to the Group employees under the Global Share Plan were reversal of RMB11,751 due to decrease in the fair value of underlying share of non-platform business. (c) 2017 Share incentive plan In October 2017, the board of directors approved and adopted the 2017 Share Incentive Plan (the “2017 Plan”). The 2017 Plan permits the awards of options, restricted shares or any other type of share-based awards. The maximum number of shares available for issuance shall be 2% of the total number of shares issued and outstanding as of the closing of the Company’s IPO, plus an annual increase from the fiscal year beginning January 1, 2018 in according with the approved increasing scheme. The Group granted multiple tranches of share options with tiered vesting commencement dates to eligible employees and non-employees under the 2017 Share Incentive Plan. Options granted to employees were subject to a service condition and a performance condition. The service condition requires one-fourth one-fourth In the fourth quarter of 2019, the Group evaluated each of the underlying performance conditions related to the outstanding options with performance conditions, and determined that it was not probable that the performance condition relating to year 2020 would be met for the 6,214,370 share options granted in 2017. Consequently, the Group reversed all previously recognized share-based compensation expenses related to these awards of RMB96,831, and the performance condition for these share options was modified to link to performance of year 2021, which was assessed as probable to achieve. In accordance with ASC 718, such modification is a Type III modification because the original condition is not expected to be satisfied as of the modification date. The fair value of the 6,214,370 shares options of the modified performance conditions was re-measured and the aggregate grant date fair value is RMB25,838. The Group recognized the incremental value as share-based compensation expenses for vested awards amounting to RMB17,225 in the fourth quarter of 2019. According to the actual performance of year 2020, management assessed that the performance target for these options with performance conditions were not probable to be achieved, and consequently the Group reversed all previously recognized share-based compensation expenses related to these awards in the fourth quarter of 2020. Option granted to non-employees were subject to a service condition with a vesting period ranged from one One-third one-fourth The activities of share options granted under Jianpu’s 2017 Share Incentive Plan in relation to the share-based compensation expenses of the Group for the years ended December 31, 2019 and 2020 are summarized as below: Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of December 31, 2018 15,888,593 0.01 35,644 9.27 Granted during the year 7,183,239 0.01 — — Forfeited during the year (1,337,432) 0.01 — — Exercised during the year (4,344,515) 0.01 — — Outstanding as of December 31, 2019 17,389,885 0.01 10,190 8.92 Granted during the year 3,863,034 0.01 — — Forfeited during the year (2,044,547) 0.01 — — Exercised during the year (275,315) 0.01 — — Outstanding as of December 31, 2020 18,933,057 0.01 2,688 8.25 The estimated fair value of each option grant is based on the market price of the underlying ordinary share of the Company on the same date. As of December 31, 2020, 18,933,057 share options of the Company were granted under 2017 Share Incentive Plan with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 8.25 years, out of which 5,858,622 options were exercisable with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 7.96 years. 8,885,022 share options were expected to be vested with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 8.94 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2020 are US$2,688 , US$832 and US$1,262 respectively. For the years ended December 31, 2019 and 2020, share-based compensation expenses recognized associated with the share options granted by the Company were negative RMB15,632 and RMB4,312. There were RMB22,033 of unrecognized share-based compensation expenses, which are expected to be recognized over a weighted-average period of 2.21 years. As of December 31, 2020, 772,790 share options of the Company were held by the employees of the Group’s related parties for non-platform business under the 2017 Share Incentive Plan with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 8.27 years, out of which 336,910 options were exercisable with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 7.58 years. 419,185 share options were expected to be vested with the weighted average exercise price of US$0.01 per option and weighted average remaining contractual years of 8.68 years. The aggregate intrinsic value of the outstanding options, exercisable options and share options expected to be vested as of December 31, 2020 are US$110, US$48 and US$60 respectively. The share options granted to employees of non-platform business were accounted for as deemed dividend from the Company to its shareholders, as these employees do not provide services to the Company. The share awards were measured based on the fair value as of the grant date. The amount recognized as deemed dividend were RMB7,912, RMB1,915 and RMB171 for the years ended December 31, 2018, 2019 and 2020. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2020 | |
Ordinary shares | |
Ordinary shares | 18. Ordinary shares Upon incorporation, the Company had 1,000,000,000 shares authorized, 1 ordinary share issued and outstanding with a par value of US$0.0001 per share, which was held by RONG360. Pursuant to a written resolution of the Company dated on September 25, 2017, 345,541,350 ordinary shares of par value US$0.0001 each were issued to RONG360 on the same day. In November 2017, the Company completed an IPO and private placements to certain investors concurrently with the IPO with new issuance of totaling 68,750,000 Class A ordinary shares. Immediately prior to the completion of the IPO, all the ordinary shares as issued and held by RONG360 were redesignated into an equal number of the Class B ordinary shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares. Upon transfer of Class B ordinary shares by RONG360 Inc. to other persons, (i) all shares transferred to Mr. Daqing (David) Ye, Mr. Caofeng Liu, and Mr. Jiayan Lu or their respective affiliates, will remain Class B ordinary shares; (ii) 27,100,830 shares transferred to Mr. Chenchao Zhuang or his affiliates will remain Class B ordinary shares; and (iii) all shares to any party other than those shares mentioned in the foregoing (i) and (ii) will automatically convert into an equal number of Class A ordinary shares. Upon further transfer of Class B ordinary shares by any of Mr. Daqing (David) Ye, Mr. Caofeng Liu, Mr. Jiayan Lu and Chenchao Zhuang (individually referred to as a “Founder” and collectively referred to as the “Founders”) to anyone other than his affiliates, such Class B Ordinary Shares will automatically be converted into an equal number of Class A ordinary shares. When a Founder, ceases to be a director or an officer of the Company, his Class B ordinary shares will automatically be converted into an equal number of Class A ordinary share, and that when the Founders collectively beneficially own less than 5% of the Company’s total issued and outstanding shares on an as-converted basis, all Class B ordinary shares will automatically be converted into an equal number of Class A ordinary shares. The Group concluded that the adoption of dual-class share structure did not have a material impact on its consolidated financial statements. As of December 31, 2017, all the Class B ordinary shares of 345,541,350 shares were solely held by RONG360. On July 31, 2018, all the Company’s ordinary shares held by RONG360 were distributed to the existing shareholders of RONG360 in proportion to RONG360’s shareholding structure (“Share Distribution”). 102,471,795 Class B ordinary shares, which were distributed to Founders, remained as the Class B ordinary shares, and 243,069,555 Class B ordinary share as distributed were automatically converted to Class A ordinary shares as aforementioned. Upon completion of the Share Distribution, the existing shareholders of RONG360 on July 31, 2018 became the Company’s shareholders. Since then, RONG360 is not the Group’s parent company any longer. In June 2018, the Company issued 5,772,447 Class A ordinary shares for the business combination of Databook. Please refer to Note 8 Business combinations for details. In August 2018, the Company issued 8,000,000 Class A ordinary shares and then designated to treasury stocks for options to be exercised in the future. In June 2019, 6,000,000 Class B ordinary shares were redesignated to Class A ordinary shares. In June 2019, the Company issued 2,400,000 Class A ordinary shares for the transactions with noncontrolling shareholders of Databook in June 2019. Please refer to Note 8 Business combinations for details. |
Share repurchase program
Share repurchase program | 12 Months Ended |
Dec. 31, 2020 | |
Share repurchase program | |
Share repurchase program | 19. Share repurchase program On August 24, 2018, the board of directors of the Company had approved a share repurchase program, under which the Company may repurchase its Class A ordinary shares in the form of American depositary shares (“ADSs”) with an aggregate value of up to US$20 million during the next twelve-month period. On February 22, 2019, the board of directors of the Company has approved a new share repurchase program, under which the Company may repurchase up to US$10 million of ADSs during the next twelve-month period. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management. During the year ended December 31, 2018, the Company had repurchased 2,249,831 ADSs for US$10,151 under these programs on the open market, at a weighted average price of US$4.51 per ADS. During the year ended December 31, 2019, the Company had repurchased 4,075,139 ADSs for US$19,849 under these programs on the open market, at a weighted average price of US$4.87 per ADS. During the year ended December 31, 2020, the Company did not repurchase ADSs. The Company accounts for repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. The number of ADSs repurchased, total amount and weighted average price paid for ADSs repurchase do not give retroactive effect to the change in the ratio of ADSs to Class A ordinary shares from two ADSs to five Class A ordinary shares to one ADS to twenty Class A ordinary shares, which became effective on October 30, 2020. The Company had accumulatively repurchased US$30 million of ADSs and closed these two programs in the third quarter of 2019. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Loss per share | |
Loss per share | 20. Loss per share Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Because the Class A ordinary shares and Class B ordinary shares have the same dividend and other rights, except for voting and conversion rights for Class B ordinary shares to be converted into Class A ordinary shares on one-to-one basis, the two classes of ordinary shares have been presented on a combined basis in the consolidated statements of comprehensive loss and in the computation of net loss per share. The Company issued ordinary shares to RONG360 in connection with the Reorganization in September 2017 (See Note 1 and Note 18). 345,541,350 ordinary shares were issued and outstanding upon the completion of the Reorganization (See Note 1 and Note 18) in October 2017, which are held by RONG360. Basic and diluted net loss per ordinary share reflecting the effect of the issuance of ordinary shares to RONG360 are presented as follows, as if they had been existed since January 1, 2016. Basic and diluted net loss per ordinary share for each of the years are presented as follows: For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In thousands, (In thousands, (In thousands, (In thousands, except except except except for share for share for share for share and per and per and per and per share data) share data) share data) share data) Numerator Net loss (164,615) (451,760) (304,147) (46,613) Numerator for basic and diluted net loss per share (164,615) (451,760) (304,147) (46,613) Denominator: Weighted average number of ordinary shares 417,315,644 420,575,827 423,096,353 423,096,353 Denominator for basic and diluted net loss per share 417,315,644 420,575,827 423,096,353 423,096,353 Net loss per ordinary share: Basic and diluted (0.39) (1.07) (0.72) (0.11) Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective year. The potential ordinary shares of restricted shares and share options were excluded from the diluted loss net per share calculations because to do so would be antidilutive for all the periods presented. The numbers of share options excluded from the calculation of diluted net loss per share of the Company were 38,073,598, 28,081,052 and 28,873,176 as of December 31, 2018, 2019 and 2020 respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions | |
Related party transactions | 21. Related party transactions The following sets forth significant related party transactions of the Group during the years presented: For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Revenues from recommendation services for loans generated from RONG360 (a) 105,492 31,980 4,757 Revenues from big data and system-based risk management services generated from RONG360 (a) 13,405 6,858 3,626 Administrative expenses charged to RONG360 (b) 10,000 4,000 2,000 Sales and marketing expenses charged by RONG360 (c) — — (206) Sales and marketing expenses charged by related party A (d) (51,753) (21,099) — Research and development expenses charged by RONG360 (e) — (2,162) (1,480) Collection handling services provided by RONG360 (f) (4,644) — — Business combination transaction with related party B (g) (6,250) — — Data acquisition cost charged by related party C (h) — — (2,102) The following sets forth related party outstanding balance: As of December 31, 2019 2020 Amount due to RONG360 (i) (24,345) (468) Amount due to related party A (d) (3,715) — Amount due to related party B (g) (6,250) (8,729) Amount due from related party C (h) 7,082 — Amount due from other related parties — 574 (a) RONG360’s business comprised the Platform Business segment and non-platform Business segment prior to the Reorganization, thus transactions between the Group’s Predecessor Operation, i.e. the Platform Business, and non-Platform business segment of RONG360 are accounted for as related party transactions. After the Share Distribution, RONG360 is still considered as a related party of the Group due to the existence of some same major shareholders of RONG360 and the Company. The Group provided loan recommendation services and big data and system-based risk management services to the non-platform Business segment of RONG360 and the related service fees were charged at a standard fee rate same as that charged to third party customers. (b) Following the Reorganization, the administrative expenses allocated to RONG360 consist of various expenses attributable to the non-platform business segment of RONG360, including expenses related to operational, administrative, human resources, legal, accounting and internal control support pursuant to the transitional services arrangement (see Note 1(b)). (c) RONG360 charged the Group sales and marketing expenses for providing advertising and marketing services to the Group for the year ended December 31, 2020. (d) Related party A (minority investee of a company owned by two founders of the Company) and its subsidiary charged the Group advertising and marketing expenses for providing advertising and marketing service to the Group for the years ended December 31, 2018 and 2019. The Group set the pricing terms with this related party by mirroring the corresponding terms entered into between banks or their agents and the Group. (e) RONG360 charged the Group research and development expenses for providing research and development services to the Group for the year ended December 31, 2019 and 2020. (f) Following the Reorganization, RONG360 charged the Group collection handling fees for the revenue amount billed to third parties through RONG360 by the Group. As of December 31, 2019 and 2020, the accounts receivable billed through RONG360 amounting to RMB3,549 and nil, respectively. (g) The Group obtained control of KTN from related party B (a company owned by two founders of the Company before September 2020, and controled by a founder of the Company afterwards) in October 2018. The balance represented the unpaid consideration. Please refer to Note 8 Business combinations for more details. The balance in 2020 increased due to fundings provided to the Group. (h) The Group invested in and owned 15% of the preference shares of related party C. Related party C facilitated the fee collection for the Group’s services delivered in year 2019 and charged the Group data acquisition cost for the services delivered in year 2020. (i) The balance decrease reflected the aforementioned related party transactions and related settlements between RONG360 and the Group, as well as various operational payments made by RONG360 on behalf of the Group. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2020 | |
Employee benefits | |
Employee benefits | 22. 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 and VIEs 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, which were expensed as incurred, were approximately RMB65,727, RMB81,278 and RMB37,553 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies | |
Commitments and contingencies | 23. Commitments and contingencies Short-term lease commitments The Group has leased office premises under non-cancellable short-term operating lease agreements. Future aggregate minimum lease payments under non-cancellable short-term operating leases agreements are as follows: As of December 31, 2020 RMB Within one year 4,771 Total 4,771 Capital and other commitments The Group did not have significant capital and other commitments as of December 31, 2019 and 2020. Contingencies The Company and certain of its officers and directors have been named as defendants in a putative securities class action filed on October 25, 2018 in the United States District Court for the Southern District of New York. The action was purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of their purchase of the Company’s ADSs pursuant to the Company’s IPO. The plaintiffs alleged that the Company made misstatements and omissions in connection with its IPO in violation of the Securities Act of 1933. On January 10, 2019, the court entered an order appointing lead plaintiffs of this case, and on March 28, 2019, a consolidated amended complaint was filed. On September 27, 2020, the court denied the defendants’ motion to dismiss. By letter dated August 21, 2021, the parties notified the court that they have reached an agreement-in-principle to settle this action, subject to, among other items, definitive documentation and the Court’s approval. There is no guarantee that the Court will approve the settlement. The Company expects the settlement amount, subject to approval by the Court and the insurers’assessment, to be covered by directors and officers liability insurance. The Company and certain of its officers have been named as defendants in another putative securities class action filed on February 17, 2021 in the United States District Court for the Southern District of New York. The plaintiffs alleged that certain of the Company’s disclosures since the first quarter of 2018 contained material misstatements and omissions in violation of the Securities Exchange Act of 1934. On July 20, 2021, Plaintiffs filed an amended class action complaint. On September 3, 2021, the Group filed a motion to dismiss. Briefing on the motion is expected to be completed in November 2021. The action otherwise remains in its preliminary stage and the Group is currently unable to estimate the possible loss or a possible range of loss. In addition, from time to time, the Group is subject to legal proceedings, investigations and claims incidental to the conduct of its business. For these legal proceedings, the Group is currently unable to estimate the possible loss or a possible range of loss, if any, but the Group believes that the likelihood for such legal proceedings individually and in the aggregate, when finally resolved, to cause a material impact on the Group’s financial position, result of operations and cash flows to be remote. |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent event | |
Subsequent event | 24. Subsequent event As mentioned in Note 11, in September 2019, the business of Databook was suspended for an investigation conducted against Databook and certain of its employees by competent authorities in relation to the compliance of information collection or use. The investigation of Databook initiated in 2019 has concluded in January 2021. Databook was imposed confiscation of gains of RMB30 million and also a fine of RMB30 million, total amount of RMB60 million was paid in January 2021, and certain employees of Databook have been charged with criminal liabilities, neither other entities of the Group nor directors or officers of the Company were involved. According to ASC 855, it’s a first type subsequent event that provides additional evidence about conditions that existed at the date of the balance sheet as of December 31, 2019. Thus, the Group reversed RMB30 million in revenues of big data and system-based risk management services, recorded RMB30 million as penalties, and accrued additional current income tax expenses of RMB10.0 million in 2019, which were reflected in the Form 20-F of 2019. As of December 31, 2020, totaling RMB151.6 million of restricted cash and wealth management products recognized as long-term assets as of December 31, 2019 were reclassified to current assets. The net assets of Databook included in the consolidated balance sheet of the Group (which are principally comprised of restricted cash and wealth management products, offset by accounts payable, tax payable, and accrued liabilities) was RMB18.8 million as of December 31, 2020. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2020 | |
Restricted net assets | |
Restricted net assets | 25. Restricted net assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries and VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries and VIEs. In accordance with the PRC laws and regulations, statutory reserve funds shall be made and can only be used for specific purposes and are not distributable as cash dividends. As a result of these PRC laws and regulations that require annual appropriation of 10% of net after-tax profits determined in accordance with PRC accounting standards and regulations to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets to the Company. The Group performed a test on the restricted net assets of its consolidated subsidiaries and VIEs (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements”. Such restricted net assets amounting to approximately RMB83.8 million, or 11.97% of the Group’s total consolidated net assets, as of December 31, 2020. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of significant accounting policies | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and revenues and expenses. On an on-going basis, management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical for fully understanding and evaluating its consolidated financial statements. |
Noncontrolling interests | (b) Noncontrolling interests For the Company’s consolidated subsidiaries and VIEs, noncontrolling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Noncontrolling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive loss to distinguish the interests from that of the Group. Changes in the Company’s ownership interest while the Company retains its controlling interest in its subsidiary or VIE shall be accounted for as equity transactions. Therefore, no gain or loss will be recognized in consolidated net income/(loss) or comprehensive income/(loss). The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary or VIE. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted will be recognized in equity attributable to the Company. |
Use of estimates | (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reporting period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s financial statements include, but are not limited to, valuation and recognition of share-based compensation expenses, fair value of assets and liabilities acquired in business combinations, assessment of impairment of long-lived assets and goodwill, allowance for credit losses(for details please refer to Note 2(i)) and valuation allowances for deferred tax assets. Actual results could differ from those estimates. |
Foreign currency translation | (d) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s subsidiaries incorporated in Hong Kong (“HK”) and Singapore is United States dollars (“US$”). The Group’s PRC subsidiaries and VIEs determined their functional currency to be RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in foreign currencies other than functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains or losses arising from foreign currency transactions are recorded in the consolidated statements of comprehensive loss. The financial statements of the Group’s non-PRC entities are translated from their respective 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 the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive income in the consolidated statements of changes in shareholders’ equity. Total foreign currency translation adjustments included in the Group’s other comprehensive income/(loss) were income of RMB59,658, income of RMB14,685 and loss of RMB52,185 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Convenience translation | (e) Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.5250 , representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate. |
Cash and cash equivalents | (f) Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less. |
Restricted cash, time deposit and investments | (g) Restricted cash, time deposit and investments Cash and time deposits that are restricted as to withdrawal or use for current operations are classified as restricted cash and restricted term deposits, respectively. Restricted investment presents certain short term investments of wealth management products issued by bank, which is restricted as to withdrawal (Note 5). In the event that the restriction is expected to be removed within the next twelve months, the relevant assets are classified as current assets. Otherwise, they are classified as non-current assets. |
Short-term investments | (h) Short-term investments Short-term investments include structured deposits with variable interest rates or principal not-guaranteed with certain financial institutions. In accordance with ASC 825, Financial Instruments, for financial products with variable interest rates referenced to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carries these investments at fair value. Changes in the fair value of these investments are reflected in the consolidated statements of comprehensive loss as investment income and included in “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period. The Group classifies these inputs as Level 2 fair value measurement. |
Receivables, net | (i) Receivables, net Accounts receivable and other receivables recorded in prepayments and other current assets (collectively difined as “Receivables”) are stated at the historical carrying amount net of write-offs and allowance for credit losses. Prior to January 1, 2020, the Group reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer’s payment history, and current credit-worthiness, and current economic trends. Accounts receivable balances are written off after all collection efforts have been exhausted. Starting from January 1, 2020, the Group adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which replaces the existing incurred loss impairment model with an expected loss methodology on the measurement of credit losses for financial assets measured at amortized cost. The Group’s receivables are within the scope of ASC Topic 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions, future economic conditions(external data and macroeconomic factors) and changes in the Group’s customer collection trends.. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Group used a modified retrospective approach with a cumulative-effect of an increase of approximately RMB2.8 million in the allowance for credit losses upon the initial adoption of this guidance, of which the expected loss amount of accounts receivable was RMB1.1million. |
Long-term investments | (j) Long-term investments The Group measures long-term equity investments other than equity method investments at fair value through earnings along with the adoption of Accounting Standards Update (“ASU”) 2016-01 in 2018. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known. The Group assesses these investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, and other company-specific information. The Group uses a combination of valuation methodologies in determination of the fair value, including market and income approaches based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors and selection of the comparable companies. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If this assessment indicates that an impairment exists, the Group will estimate the fair value of the investment and, if the fair value is less than carrying value, the Group will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive loss. |
Property and equipment, net | (k) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extend the useful lives of property and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. |
Intangible assets, net | (l) Intangible assets, net Intangible assets acquired through business combinations are recognized as assets separated from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets purchased are recognized and measured at fair value upon acquisition. Intangible assets with finite lives are carried at cost less accumulated amortization and impairment, if any. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives. Amortization is calculated using the straight-line method over estimated useful lives of the assets as follows: Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years |
Business combinations | (m) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total of cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. |
Goodwill | (n) Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries and consolidated VIEs. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis by the end of year, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Under ASC 350-20-35, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Group will perform the quantitative impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The quantitative impairment test is comparing the fair value of the reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. Nil, RMB147,296 and RMB12,565 of impairment loss of goodwill were recognized for the years ended December 31, 2018, 2019 and 2020, respectively (Note 11). |
Impairment of long-lived assets | (o) Impairment of long-lived assets The Group evaluates its long-lived assets with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. Nil, RMB101,136 and RMB4,328 of impairment loss of long-lived assets were recognized for the years ended December 31, 2018, 2019 and 2020, respectively. |
Fair value measurement | (p) Fair value measurement 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 measurements 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—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair value of the assets and liabilities became unobservable or observable in the current marketplace. These transfers are considered to be effective as of the beginning of the period in which they occur. The Group did not transfer any assets or liabilities in or out of Level 2 and Level 3 during the years ended December 31, 2019 and 2020. Fair value measurements on a recurring basis As of December 31, 2019, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2019 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Restricted cash, time deposit and investment (Note 5) Long-term wealth management products 38,200 — 38,200 — As of December 31, 2020, the financial instruments measured at fair value on a recurring basis are as follows: Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2020 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Short-term investments (Note 2(h)): Short-term wealth management product 20,000 — 20,000 — Restricted cash, time deposit and investment (Note 5) Short-term wealth management products 9,600 — 9,600 — Financing assets – earn-out arrangement (Note 8) 1,179 — — 1,179 The Group’s financial instruments including amount due to or due from related party, receivables, short-term borrowing, payables and other current liabilities are not measured at fair value but for which the fair value is estimated for disclosure purposes, the carrying amount of which approximates the fair value due to their short-term nature. Fair value measurements on a non-recurring basis The Group’s long-term equity investments are measured at fair value on a nonrecurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. Please refer to Note 2(j) for more details of valuation techniques. The Group’s non-financial assets, such as goodwill, intangible assets, and property and equipment, would be measured at fair value on a non-recurring basis, only if they were determined to be impaired. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs used such as historical financial information and assumptions about future growth rates and discount rates, which require significant judgment and company-specific information. |
Revenue recognition | (q) Revenue recognition The Group generates revenues from recommendation services, big data and system-based risk management, advertising, marketing and other services. On January 1, 2018, the Group adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC606, while revenues for prior periods are not adjusted and continue to be presented under ASC Topic 605. The accumulated effect of adopting ASC 606 to the opening balance of accumulated losses as of January 1, 2018 is not material, therefore it was not adjusted. Consistent with the criteria of ASC 606, the Group recognizes revenues when performance obligations under the terms of a contract with a customer are satisfied and promised services have transferred to the customer, in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services and net of value-added tax. For service arrangements that involve multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling prices of services being provided to customers. For the periods presented, the Group primarily uses the price to be charged for the service when the service is sold separately in similar circumstances to similar customers to determine the relative standalone selling price. The Group accounts for discounts and return allowances as variable consideration. The Company considers the constraint on variable consideration and only recognize revenue to the extent that it is probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Customers for recommendation services are entitled to apply for returns for invalid recommendations within a specified period after the recommendation is delivered under a limited circumstances, i.e., the applicant’s phone number cannot be connected, or the applicant is in the blacklist maintained by the financial service providers, etc. Return allowances are estimated based on historical experiences of returns granted to customers. Timing of revenue recognition may differ from the timing of payment from customers. The Group does not have material contract assets as it generally has the unconditional right to payment as revenue is recognized or the timing difference is immaterial. Accounts receivable represents amounts that the Group has satisfied the performance obligation and have the unconditional right to payment. Unearned revenue consists of payments received related to unsatisfied performance obligations at the end of the period, included in “Advance from customers” in the Group’s consolidated balance sheets. Due to the generally short-term duration of the Group’s contracts, the majority of the performance obligations are satisfied in one year. The amount of revenue recognized that was included in the receipts in advance from customers balance at the beginning of the year was RMB80.5 million and RMB4.1 million for the years ended December 31, 2019 and 2020. Recommendation services: (i) Credit card: The Group provides Recommendation Services in respect of credit card products offered by credit card issuers or their agents on its platform. The individual users can select and apply for the credit cards, and submit applications to credit card issuers or their agents. The Group is not involved in the credit card approval or issuance process. Service fee is charged to the customers, i.e., the credit card issuers or their agents, upon completion of an application, issuance or first usage of a credit card by the users (collectively referred to as “cost-per-success”). Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the customers confirm the number of card application, issuance or first usage with the Group. (ii) Loans: The Group provides Recommendation Services in respect of loan products offered by the financial service providers on its platform, and assist the financial service providers or their loan sales representatives to identify qualified individual users or borrowers. The Group considers the financial service providers, including banks, consumer finance companies, micro-loan companies and other licensed financial institutions, emerging technology-enabled financial service providers, or their loan sales representatives to be its customers, and receives service fees from the customers primarily based on number of applications of qualified users. The price for each recommendation charged to the financial service providers is either a fixed price as pre-agreed in the service contract, or pre-set in the bidding systems by the customers, or an amount charged based on a pre-agreed percentage of loan principal amount underwritten by the financial service providers. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when the user application is delivered to the customers or when the customers confirmed the underwritten loan principal amount. After the users or borrowers submit applications for the recommended products to the customers, the Group does not retain any further obligations. Big data and system-based risk management services The Group provides big data risk management services to financial service providers, which integrates data and provides customizable automatic data and modeling solutions and services to financial service providers to facilitate their risk management primarily for loan products applicants. The Group also provides SaaS-based risk management solutions, which allow financial service providers to conveniently manage acquisition efficiency, borrower screening and assessment in a comprehensive manner. Revenues from the aforementioned services is recognized when all of the revenue recognition criteria are met, which is generally when the result of query is provided to customers with a pre-agreed fixed price. Through the acquisition of of Newsky Wisdom, the Group provides system-based total solutions to help the banking partners to build and boost digital capabilities so that they could better serve more end users with financial needs. Such services include system research and development services and maintenance services. The Group recognizes revenues of research and development services upon completion of the services. Revenues from system maintenance services are recognized ratably over the contractual terms. Advertising and marketing and other services (i) Advertising and marketing services: The Group also provides advertising, marketing and other services primarily to financial service providers of credit cards and other financial products. The Group’s advertising and marketing services allow customers to place advertisements in particular areas of the Group’s platform and third-party advertising network, at performance-based or time-based fixed prices, in particular formats and over particular periods of time. Performance-based revenues are recognized based on effective clicks, or effective activations, depending on the relevant performance measures. The effective clicks refer to that users click on the advertisements. The effective activations primarily include providing contact information or completing a registration form by users on the advertisers’ websites redirected from the advertisements, and user’s application are successfully approved by the credit card issuers in the case of advertising and marketing services related to credit card products. Time-based revenues are recognized ratably over the contractual term. (ii) Other services: Revenues of other services primarily consist of revenues from insurance brokerage service. Insurance brokerage revenue is commissions earned from insurance brokerage services, determined based on a percentage of premiums paid by the insureds. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collectable from the insured since the Group has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company.The brokerage commission, which is paid by the insurance company, is based on the terms specified in the service contracts with the insurance companies. For service arrangements involved with third-party platform, the Group considers whether it should report revenues on a gross or net basis by assessing all indicators set forth in ASC 606, and determine if the Group is acting as principal or agent. For arrangements where the Group controls the service before it is transferred to the customer as a principal, as the Group is the primary obligor, subject to inventory risk, and having discretion in establishing prices, revenue is recorded on a gross basis on the amount of fees it billed to its customers, and the related marketing costs charged by third party platform that are directly attributable to the customers are recorded as costs of revenues. Otherwise, the revenue is recorded on a net basis. |
Cost of revenues | (r) Cost of revenues Cost of revenues consists primarily of costs associated with maintenance of the platform including bandwidth and server hosting costs, call center outsourcing costs, online payment processing fees, credit acquisition costs, direct marketing costs including commissions paid to individual insurance brokers, depreciation, payroll and other related costs of operations. |
Sales and marketing expenses | (s) Sales and marketing expenses Sales and marketing expenses consist primarily of marketing expenses relating to traffic acquisition, rewards to business partners for promotion in social network and social media platform, payroll costs and related expenses for employees involved in sales and marketing activities, and expenses for the portion of call center operations that the Group outsources. Advertising costs are expensed as incurred. Total amount of advertising expenditures and rewards to business partners for promotion recognized in sales and marketing expenses were RMB1,301,521, RMB1,027,820 and RMB355,696 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Research and development expenses | (t) Research and development expenses Research and development expenses consist primarily of payroll costs and related expenses for employees involved in developing and improving platform and services and solutions. All research and development costs was expensed as incurred. Since inception, the amount of costs qualifying for capitalization has been immaterial and, as a result, all development costs have been expensed as incurred. |
General and administrative expenses | (u) General and administrative expenses General and administrative expenses consist primarily of payroll costs and related expenses for employees involved in general corporate functions, including finance, legal and human resources, and professional fees relating to these functions. |
Share-based compensation | (v) Share-based compensation All share-based awards granted to employees or non-employees, including restricted ordinary shares and share options, are measured at fair value on grant date. Share-based compensation expense is recognized using the straight-line vesting method for awards that contain only service conditions, and using graded vesting method for other awards, net of estimated forfeitures, over the requisite service period, which is the vesting period. The Group uses the binomial option pricing model to estimate fair value of the share options. The determination of estimated fair value of share-based awards on the grant date using an option pricing model is affected by the fair value of underlying ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of underlying ordinary shares over the expected term of the awards, actual and projected share option exercise behaviors, a risk-free interest rate and any expected dividends. The underlying ordinary shares which do not have quoted market prices, were valued based on the income approach. Determination of estimated fair value of the underlying ordinary shares requires complex and subjective judgments due to their limited financial and operating history, unique business risks and limited public information on companies in China similar to them. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate forfeitures of the pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest. For share options granted with performance condition, the share-based compensation expenses is recorded when the performance condition is considered probable. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expense based on its probability assessment. The Group recognizes a cumulative catch up adjustment for changes in its probability assessment in the reporting periods of the changes. A modification is defined as a change in the terms or conditions of a share-based award (“modified award”). The compensation expenses associated with the modified awards are recognized if either the original vesting condition or the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation expenses are equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For stock options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For stock options still unvested as of the modification date, the incremental compensation expenses are recognized over the requisite service period of these stock options. The Company’s share-based awards granted to employees of the non-platform business should be recognized as a deemed dividend from the Group to its shareholders at the fair value determined as of the grant date. |
Income taxes | (w) Income taxes Current income taxes are provided in accordance with the regulations of the relevant tax jurisdictions. The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax basis of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. The Group records a valuation allowance to reduce the amount of deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Income tax liability is calculated based on a separate return basis as if the Group had filed separate tax returns before the Reorganization. To assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. As of December 31, 2019 and 2020, the Group did not have any significant unrecognized uncertain tax positions. |
Leases | (x) Leases Prior to adoption of ASU No. 2016-02, Leases (“ASU 2016-02”), each lease is classified at the inception date as either a capital lease or an operating lease. For the lessee, a lease is a capital lease if any of the following conditions exists: a) ownership of the leased property is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the leased property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the leaser at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases. Payments made under operating lease are charged to the consolidated statements of comprehensive loss on a straight-line basis over the term of underlying lease. The Group has no capital lease for any of the periods presented. The Group adopted ASU 2016-02, on January 1, 2019 using modified retrospective method and did not restate comparable periods. The Group elected the package of practical expedients permitted under the transition guidance, which allowed the Group to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. As a result of the adoption, the Group recognized approximately RMB39.0 million of right-of-use assets recorded in other non-current assets, and corresponding short-term leasing liabilities recorded in accrued expenses and other current liabilities and long-term leasing liabilities recorded in other non-current liabilities respectively on the Group’s consolidated balance sheet as of January 1, 2019. The adoption had no material impact on the Group’s consolidated statements of comprehensive loss for the year ended December 31, 2019 or the opening balances of accumulated losses as of January 1, 2019. According to ASU 2016-02, the Group determines if an arrangement is or contains a lease at inception. The determination of whether an arrangement is a lease or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The Group has operating leases primarily for office space. The Group elects to apply the short-term lease measurement and recognition exemption for contracts with lease terms of 12 months or less therefore the short-term leases are not recorded on the Group’s consolidated balance sheet. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement. The Group uses the implicit rate when readily determinable, or its incremental borrowing rate based on the information available, at the commencement date in determining the present value of lease payments. Certain leases include renewal options and/or termination options. Renewal options are included in the lease term if the Group is reasonably certain to exercise those options while options to terminate the lease are only included in the lease term if the Group is reasonably certain not to exercise those options. Lease expense is recorded on a straight-line basis over the lease term. |
Comprehensive loss | (y) Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive loss for the periods presented includes net loss and foreign currency translation adjustments. |
Segment reporting | (z) Segment reporting The Group’s chief operating decision maker has been identified as its Chief Executive Officer, who reviews the 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. The Group’s long-lived assets are substantially all located in the PRC and substantially all of the Group’s revenues are derived from the PRC. Therefore, no geographical segments are presented. |
Statutory reserves | (aa) Statutory reserves The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain non-distributable reserve funds. In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly-owned foreign enterprise have to make appropriations from their annual after-tax profits (as determined under generally accepted accounting principles in the PRC (“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 annual after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion. In addition, in accordance with the PRC Company Laws, the Group’s VIEs registered as Chinese domestic company must make appropriations from its annual after-tax profits as determined under the PRC GAAP to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the annual after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company. The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to 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 all 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. For the years ended December 31, 2018, 2019 and 2020, profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC were nil, RMB1,900 and nil respectively. No appropriation to other reserve funds was made for any of the periods presented. |
Nature of operations and reor_2
Nature of operations and reorganization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of operations and reorganization | |
Schedule of major subsidiaries and consolidated VIEs | Percentage of direct or indirect Date of Place of economic incorporation incorporation interest Principal activities The Company: Jianpu June 1, 2017 The Cayman Islands Investment holding Major subsidiaries of the Company: Jianpu (Hong Kong) Limited June 19, 2017 Hong Kong 100 % Investment holding Beijing Rongqiniu Information Technology Co., Ltd. August 21, 2017 PRC 100 % Platform business Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to “Databook”) Acquired in June 2018 (Note 8) The Cayman Islands 74.61 % Platform business Databook (HK) Limited. Acquired in June 2018 (Note 8) Hong Kong 74.61 % Platform business Hangzhou Magnet Technology Co., Ltd. Acquired in June 2018 (Note 8) PRC 74.61 % Platform business Beijing Rongsanliuling Information Technology Co., Ltd. November 5, 2018 PRC 100 % Platform business CC Information Limited Acquired in August 2019 Hong Kong 55.00 % Platform business Shanghai Chengjian Information Technology Co., Ltd. February 26, 2019 PRC 100 % Platform business Newsky Wisdom Treasure (Beijing) Co., Ltd. (“Newsky Wisdom”) Acquired on April 1, 2020 (Note 8) PRC 50.50 % Platform business Major VIEs of the Company: Beijing Rongdiandian Information Technology Co., Ltd. March 3, 2017 PRC 100 % Platform business Hangzhou Scorpion Technology Co., Ltd. Acquired in June 2018 (Note 8) PRC 74.61 % Platform business Beijing Kartner Information Technology Co., Ltd. (“KTN”) Acquired in October 2018 (Note 8) PRC 100 % Platform business Beijing Guangkezhixun Information Technology Co., Ltd. July 31, 2019 PRC 100 % Platform business Major subsidiary of VIEs: Shanghai Anguo Insurance Brokerage Co., Ltd. (“Anguo”) Acquired in December 2019 PRC 100 % Platform business |
Schedule of financial information of the Group's VIEs | As of December 31, 2019 2020 2020 RMB RMB US$ Cash and cash equivalents 6,673 15,649 2,398 Restricted cash, time deposit and investment—current 1,000 24,747 3,793 Accounts receivable, net 11,232 19,410 2,975 Amount due from the subsidiaries of the Group* 173,024 99,397 15,233 Amount due from related party other than the subsidiaries of the Group 34,456 31,487 4,826 Prepayments and other current assets 17,173 10,182 1,560 Property and equipment, net 12,925 11,671 1,789 Intangible assets, net 21,398 23,637 3,623 Goodwill 7,313 — — Restricted cash, time deposit and investment-non-current 28,038 5,000 766 Other non-current assets 1,107 68 10 Total assets 314,339 241,248 36,973 Accounts payable 16,720 17,409 2,668 Advances from customers 164 3,845 589 Tax payable 19,205 19,315 2,960 Amount due to related party other than the subsidiaries of the Group — 4,719 723 Accrued expenses and other current liabilities 135,883 127,512 19,542 Non-current liabilities 5,658 4,000 613 Total liabilities 177,630 176,800 27,095 * The balances are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements. For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Total revenues* 183,003 666,683 285,591 43,769 Net income/(loss) 18,506 (69,972) (72,261) (11,074) * The transactions are eliminated through the consolidation in the preparation of the Group’s consolidated financial statements were RMB93,976, RMB597,022, RMB230,809 for the years ended December 31, 2018, 2019 and 2020, respectively. For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 28,292 (68,513) 10,221 1,566 Net cash (used in)/provided by investing activities (14,453) 31,359 3,464 531 Net cash provided by financing activities — 30,000 9,600 1,471 Net increase/(decrease) in cash and cash equivalents and restricted cash 13,839 (7,154) 23,285 3,568 Cash and cash equivalents and restricted cash at beginning of the year 826 14,665 7,511 1,151 Cash and cash equivalents and restricted cash at end of the year 14,665 7,511 30,796 4,719 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of the Property and equipment, net | Estimated useful life Office furniture and equipment 3 years Computer equipment 3 years Servers and network equipment 3 years Vehicles 4 years Building 20 years Leasehold improvements Lesser of the term of the lease or the estimated useful lives of the leasehold improvement |
Schedule of estimated useful lives of intangible assets | Estimated useful life Technology 8.5 years Customer relationship 3~5.5 years Non-compete agreement 5.5 years Software 3 years Brand 8~10 years Backlog 3 years License 15 years |
Schedule of financial instruments measured at fair value on recurring basis | Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2019 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Restricted cash, time deposit and investment (Note 5) Long-term wealth management products 38,200 — 38,200 — Fair value measurement at reporting date using Fair value Quoted Prices in Active Significant Other Significant as of December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2020 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Short-term investments (Note 2(h)): Short-term wealth management product 20,000 — 20,000 — Restricted cash, time deposit and investment (Note 5) Short-term wealth management products 9,600 — 9,600 — Financing assets – earn-out arrangement (Note 8) 1,179 — — 1,179 |
Concentration and risks (Tables
Concentration and risks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Customer risk | |
Concentration and risks | |
Schedule of concentration and risks | For the Year Ended December 31, Revenues 2018 2019 2020 Customer A 13 % * * Customer B * * 14 % As of December 31, Accounts receivable, net 2019 2020 In aggregate of Customer C,D,E 31 % 44 % |
Supplier risk | |
Concentration and risks | |
Schedule of concentration and risks | As of December 31, Accounts payable 2019 2020 Supplier I 36 % 34 % Supplier II 17 % 21 % * The percentage was below 10% for the period. |
Restricted cash, time deposit_2
Restricted cash, time deposit and investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted cash, time deposit and investment | |
Schedule of restricted cash, time deposit and investment | As of December 31, 2019 2020 RMB RMB Current: Restricted cash 56,265 141,952 Restricted time deposits 193,505 239,873 Restricted wealth management products — 9,600 Total 249,770 391,425 Non-current: Restricted cash 82,207 7,254 Restricted time deposits 4,000 27,327 Restricted wealth management products 38,200 — Total 124,407 34,581 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts receivable, net | |
Schedule of accounts receivable, net | As of December 31, 2019 2020 RMB RMB Accounts receivable 369,310 273,589 Less: allowance for credit losses (23,785) (33,465) Accounts receivable, net 345,525 240,124 |
Schedule of movements in allowance for doubtful accounts | For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year prior to adoption of ASC 326 — (71) (23,785) Impact of adoption of ASC 326 — — (1,095) Additions (1,709) (29,383) (14,235) Write offs 1,638 5,669 5,650 Balance at end of the year (71) (23,785) (33,465) |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepayments and other current assets | |
Schedule of prepayments and other current assets | As of December 31, 2019 2020 RMB RMB Prepaid advertising expenses, rentals and others 84,330 53,791 Deposits 28,366 6,553 Staff advances 1,244 981 Deductible VAT input 1,565 4,170 Interest receivable 2,918 800 Total 118,423 66,295 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business combinations | |
Schedule of unaudited pro forma consolidated financial information reflecting the combined results of operations | For the Year Ended December 31, 2017 2018 RMB RMB Net revenues 1,477,555 2,029,055 Net loss (212,988) (163,490) |
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | |
Business combinations | |
Schedule of purchase price allocation | Amount RMB Fair value of issued the Company’s Class A ordinary shares 88,181 Fair value of issued the options to purchase the Company’s Class A ordinary shares 6,052 Cash consideration 110,240 Total consideration 204,473 Noncontrolling interests 110,100 Total 314,573 Amortization Amount years RMB Years Cash and cash equivalents 474 — Other working capital (15,850) — Short-term investment 75,706 — Other assets 2,567 — Identifiable intangible assets acquired — — Technology 71,000 8.5 Customer relationship 22,900 5.5 Non-compete agreement 28,900 5.5 Goodwill 147,296 — Deferred tax liabilities (18,420) — Total 314,573 — |
KTN | |
Business combinations | |
Schedule of purchase price allocation | Amount RMB Cash consideration 6,250 Total consideration 6,250 Amount RMB Cash and cash equivalents 196 Other working capital 6,054 Total 6,250 |
Anguo | |
Business combinations | |
Schedule of purchase price allocation | Amount RMB Fair value of liabilities to be assumed 34,081 Cash consideration 33,459 Total consideration 67,540 Amortization Amount years RMB Years Cash and cash equivalents 412 — Restricted time deposits 5,000 — Other working capital 39,065 — License 21,000 15 Goodwill 7,313 — Deferred tax liability (5,250) — Total 67,540 — |
Newsky Wisdom | |
Business combinations | |
Schedule of purchase price allocation | Amount RMB Cash paid 25,000 Less: Financial asset acquired for an earn-out arrangement 1,179 Cash consideration 23,821 Noncontrolling interests 23,349 Total 47,170 Amortization Amount years RMB Years Cash and cash equivalent of Newsky Wisdom at acquision date 2,240 — Other working capital 28,914 — Identifiable intangible assets acquired — — Software 1,000 3 Customer relationship 2,200 4 Brand 2,800 10 Backlog 800 3 Goodwill 10,236 — Deferred tax liabilities (1,020) — Total 47,170 — |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible assets, net | |
Schedule of intangible assets | As of December 31, 2020 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 26,362 (6,534) (18,050) 1,778 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 5,531 (3,420) (833) 1,278 Brand 8-10 4,904 (566) — 4,338 Backlog 3 800 (200) — 600 License 15 22,262 (1,484) (3,600) 17,178 Total 159,759 (30,347) (104,240) 25,172 As of December 31, 2019 Weighted- average Gross Net amortization carrying Accumulated Impairment carrying period amount amortization amount amount Year RMB RMB RMB RMB Technology 8.5 71,000 (11,137) (59,863) — Customer relationship 3-5.5 24,244 (5,701) (17,348) 1,195 Non-compete agreement 5.5 28,900 (7,006) (21,894) — Software 3 4,442 (2,232) (834) 1,376 Brand 8 2,239 (93) — 2,146 License 15 22,344 — — 22,344 Total 153,169 (26,169) (99,939) 27,061 |
Schedule of expected amortization expense relating to intangible assets for the next five years and thereafter | Amount RMB 2021 3,830 2022 3,302 2023 2,852 2024 2,289 2025 2,152 Thereafter 10,747 25,172 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment, net | |
Schedule of property and equipment, net | As of December 31, 2019 2020 RMB RMB Office furniture and equipment 1,774 1,855 Computer equipment 8,812 8,933 Servers and network equipment 51,810 31,967 Leasehold improvements 11,427 9,880 Vehicles 727 698 Building 12,512 12,512 Total 87,062 65,845 Accumulated depreciation (49,179) (46,534) Impairment (1,197) (1,197) Property and equipment, net 36,686 18,114 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill | |
Summary of changes in the carrying amount of goodwill | Amount RMB Balance as of December 31, 2018 147,296 Additions (Note 8) 12,743 Impairment (147,296) Translation adjustments (46) Balance as of December 31, 2019 12,697 Additions (Note 8) 10,236 Impairment (12,565) Translation adjustments (132) Balance as of December 31, 2020 10,236 |
Long-term investment (Tables)
Long-term investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term investment | |
Schedule of equity investments | As of December 31, 2019 2020 RMB RMB Equity investments 29,733 28,625 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Summary related to operating leases | Amount RMB Operating lease right-of-use assets, net 17,064 Operating lease liabilities - current 8,995 Operating lease liabilities - non-current 6,666 Total operating lease liabilities 15,661 Weighted average remaining lease term 1.42 Weighted average discount rate 4.75 % Amount RMB Operating lease expenses 11,260 Short-term lease expenses 3,818 Total lease expenses * 15,078 Cash paid for amounts included in the measurement of lease liabilities 9,581 Supplemental noncash information on lease liabilities arising from obtaining right-of- use assets 18,942 |
Summary of maturity of operating lease liabilities under the Group's non-cancellable operating leases | Amount RMB 2021 9,504 2022 6,696 2023 106 Total future minimum payments 16,306 Less: interest 645 Present value of operating lease liabilities 15,661 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31, 2019 2020 RMB RMB Accrued liabilities for legal proceeding (Note 24) 60,000 60,000 Accrued payroll 57,275 51,072 Customer advance payments relating to Databook 47,703 47,703 Consideration payable of business combination 12,506 1,333 Operating lease liabilities 11,481 8,995 Accrued expenses 9,896 27,565 Payable to employees for proceeds from shares as sold 2,906 1,727 Others 22,251 22,471 Total 224,018 220,866 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income tax | |
Summary of composition of income tax expenses | For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Current income tax (5,890) 8,788 365 Deferred income tax 1,417 (16,793) (1,648) Total (4,473) (8,005) (1,283) |
Summary of reconciliation of the differences between statutory income tax rate and effective income tax rate | For the Year Ended December 31, 2018 2019 2020 Statutory EIT rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatment (11.04) % (8.81) % (3.65) % Tax effect of permanent differences 0.88 % (1.73) % 2.78 % Changes in valuation allowance (12.12) % (12.97) % (23.72) % Effective income tax rate 2.72 % 1.49 % 0.41 % |
Schedule of Effect of Preferential Tax | For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Tax effect of preferential tax treatment 18,137 47,453 11,440 Basic and diluted loss per share effect 0.04 0.11 0.03 |
Schedule of deferred tax assets and liabilities | As of December 31, 2019 2020 RMB RMB Deferred tax assets Advances from customers 6,015 10,020 Accrued payroll and expenses 3,377 8,613 Allowances of credit losses 5,035 10,835 Allowances of impaired assets 1,804 1,804 Net operating loss carry-forwards 84,925 210,359 Advertising expenses in excess of deduction limit 12,250 4,519 Amortization of intangible assets 1,737 3,197 Total deferred tax assets 115,143 249,347 Less: Valuation allowance (115,143) (249,347) Total deferred tax assets, net — — As of December 31, 2019 2020 RMB RMB Deferred tax liabilities Intangible assets acquired from business combinations 5,801 5,146 Total deferred tax liabilities 5,801 5,146 |
Schedule of movement of valuation allowance | For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Balance at beginning of the year 33,980 45,618 115,143 Additions 20,678 80,468 153,830 Reversals (9,040) (10,943) (19,626) Balance at end of the year 45,618 115,143 249,347 |
Share-based compensation expe_2
Share-based compensation expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based compensation expenses | |
Schedule of share-based compensation expenses included in each of the relevant accounts | For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Cost of revenues (724) 935 (186) (29) Sales and marketing expenses 6,772 8,549 295 45 Research and development expenses 13,435 16,063 (1,999) (306) General and administrative expenses 111,176 (19,157) (2,439) (374) Total 130,659 6,390 (4,329) (664) |
Global Share Plan | |
Share-based compensation expenses | |
Schedule of activities of share options | Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of December 31, 2017 18,640,845 0.21 44,454 7.14 Granted during the year 1,940,654 0.24 — — Forfeited during the year (1,122,550) 0.53 — — Exercised during the year (759,518) 0.10 — — Outstanding as of December 31, 2018 18,699,431 0.20 38,480 6.42 Granted during the year 19,340 0.56 — — Forfeited during the year (427,014) 0.52 — — Exercised during the year (10,011,528) 0.13 — — Outstanding as of December 31, 2019 8,280,229 0.25 2,829 6.54 Forfeited during the year (111,244) 0.50 — — Exercised during the year (663,508) 0.33 — — Outstanding as of December 31, 2020 7,505,477 0.28 176 5.53 |
Schedule of fair values of the options granted in relation to the share based compensation expenses attributable to the Platform Business | For the Year Ended December 31, 2018 2019 US$ US$ Weighted average grant date fair value of option per share 2.46 0.86 Aggregate grant date fair value of options granted 4,776 17 |
Schedule of estimated fair value of binomial option-pricing model | For the Year Ended December 31, 2018 2019 Risk-free interest rate per annum 2.40% ~ 3.05% 1.78% ~ 2.60% Expected term (in years) 10 10 Expected volatility 53% ~ 54% 51% ~ 58% Expected dividends yield — — |
2017 Share Incentive Plan | |
Share-based compensation expenses | |
Schedule of activities of share options | Weighted Aggregate Weighted average average intrinsic remaining Number of exercise prices Value contractual shares US$/Share US$ years Outstanding as of December 31, 2018 15,888,593 0.01 35,644 9.27 Granted during the year 7,183,239 0.01 — — Forfeited during the year (1,337,432) 0.01 — — Exercised during the year (4,344,515) 0.01 — — Outstanding as of December 31, 2019 17,389,885 0.01 10,190 8.92 Granted during the year 3,863,034 0.01 — — Forfeited during the year (2,044,547) 0.01 — — Exercised during the year (275,315) 0.01 — — Outstanding as of December 31, 2020 18,933,057 0.01 2,688 8.25 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loss per share | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In thousands, (In thousands, (In thousands, (In thousands, except except except except for share for share for share for share and per and per and per and per share data) share data) share data) share data) Numerator Net loss (164,615) (451,760) (304,147) (46,613) Numerator for basic and diluted net loss per share (164,615) (451,760) (304,147) (46,613) Denominator: Weighted average number of ordinary shares 417,315,644 420,575,827 423,096,353 423,096,353 Denominator for basic and diluted net loss per share 417,315,644 420,575,827 423,096,353 423,096,353 Net loss per ordinary share: Basic and diluted (0.39) (1.07) (0.72) (0.11) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions | |
Schedule of significant related party transactions and outstanding balance | The following sets forth significant related party transactions of the Group during the years presented: For the Year Ended December 31, 2018 2019 2020 RMB RMB RMB Revenues from recommendation services for loans generated from RONG360 (a) 105,492 31,980 4,757 Revenues from big data and system-based risk management services generated from RONG360 (a) 13,405 6,858 3,626 Administrative expenses charged to RONG360 (b) 10,000 4,000 2,000 Sales and marketing expenses charged by RONG360 (c) — — (206) Sales and marketing expenses charged by related party A (d) (51,753) (21,099) — Research and development expenses charged by RONG360 (e) — (2,162) (1,480) Collection handling services provided by RONG360 (f) (4,644) — — Business combination transaction with related party B (g) (6,250) — — Data acquisition cost charged by related party C (h) — — (2,102) The following sets forth related party outstanding balance: As of December 31, 2019 2020 Amount due to RONG360 (i) (24,345) (468) Amount due to related party A (d) (3,715) — Amount due to related party B (g) (6,250) (8,729) Amount due from related party C (h) 7,082 — Amount due from other related parties — 574 (a) RONG360’s business comprised the Platform Business segment and non-platform Business segment prior to the Reorganization, thus transactions between the Group’s Predecessor Operation, i.e. the Platform Business, and non-Platform business segment of RONG360 are accounted for as related party transactions. After the Share Distribution, RONG360 is still considered as a related party of the Group due to the existence of some same major shareholders of RONG360 and the Company. The Group provided loan recommendation services and big data and system-based risk management services to the non-platform Business segment of RONG360 and the related service fees were charged at a standard fee rate same as that charged to third party customers. (b) Following the Reorganization, the administrative expenses allocated to RONG360 consist of various expenses attributable to the non-platform business segment of RONG360, including expenses related to operational, administrative, human resources, legal, accounting and internal control support pursuant to the transitional services arrangement (see Note 1(b)). (c) RONG360 charged the Group sales and marketing expenses for providing advertising and marketing services to the Group for the year ended December 31, 2020. (d) Related party A (minority investee of a company owned by two founders of the Company) and its subsidiary charged the Group advertising and marketing expenses for providing advertising and marketing service to the Group for the years ended December 31, 2018 and 2019. The Group set the pricing terms with this related party by mirroring the corresponding terms entered into between banks or their agents and the Group. (e) RONG360 charged the Group research and development expenses for providing research and development services to the Group for the year ended December 31, 2019 and 2020. (f) Following the Reorganization, RONG360 charged the Group collection handling fees for the revenue amount billed to third parties through RONG360 by the Group. As of December 31, 2019 and 2020, the accounts receivable billed through RONG360 amounting to RMB3,549 and nil, respectively. (g) The Group obtained control of KTN from related party B (a company owned by two founders of the Company before September 2020, and controled by a founder of the Company afterwards) in October 2018. The balance represented the unpaid consideration. Please refer to Note 8 Business combinations for more details. The balance in 2020 increased due to fundings provided to the Group. (h) The Group invested in and owned 15% of the preference shares of related party C. Related party C facilitated the fee collection for the Group’s services delivered in year 2019 and charged the Group data acquisition cost for the services delivered in year 2020. (i) The balance decrease reflected the aforementioned related party transactions and related settlements between RONG360 and the Group, as well as various operational payments made by RONG360 on behalf of the Group. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies | |
Lessee Operating Lease Liability Aggregate Minimum Lease Payments | As of December 31, 2020 RMB Within one year 4,771 Total 4,771 |
Nature of operations and reor_3
Nature of operations and reorganization - Major subsidiaries and VIEs (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Jianpu (Hong Kong) Limited | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100.00% |
Beijing Rongqiniu Information Technology Co., Ltd. | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100.00% |
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 74.61% |
Databook (HK) Limited | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 74.61% |
Hangzhou Magnet Technology Co Ltd | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 74.61% |
Beijing Rongsanliuling Information Technology Co., Ltd | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100.00% |
CC Information Limited | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 55.00% |
Shanghai Chengjian Information Technology Co., Ltd. | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 100.00% |
Newsky Wisdom Treasure (Beijing) Co., Ltd. ("Newsky Wisdom") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest | 50.50% |
Beijing Rongdiandian Information Technology Co., Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100.00% |
Hangzhou Scorpion Technology Co., Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 74.61% |
KTN | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100.00% |
Beijing Guangkezhixun Information Technology Co., Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100.00% |
Shanghai Anguo Insurance Brokers Ltd. | Consolidated variable interest entity ("VIE") | |
Nature of operations and reorganization | |
Percentage of direct or Indirect economic interest in VIEs | 100.00% |
Nature of operations and reor_4
Nature of operations and reorganization - Financial Position and Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017CNY (¥) | |
Balance Sheet information of the Group | |||||||
Cash and cash equivalents | ¥ 549,979 | ¥ 694,910 | ¥ 1,270,001 | $ 84,288 | $ 106,500 | ¥ 1,543,811 | |
Restricted cash, time deposits and investment | 391,425 | 249,770 | 59,989 | ||||
Accounts receivable, net | 240,124 | 345,525 | 36,801 | ||||
Prepayments and other current assets | 66,295 | 118,423 | 10,160 | ||||
Property and equipment, net | 18,114 | 36,686 | 2,776 | ||||
Intangible assets, net | 25,172 | 27,061 | 3,858 | ||||
Goodwill | 10,236 | 12,697 | 1,569 | ¥ 147,296 | |||
Restricted cash, time deposits and investment - non-current | 34,581 | 124,407 | 5,300 | ||||
Other noncurrent assets | 46,936 | 45,160 | 7,193 | ||||
Total assets | 1,403,734 | 1,661,721 | 215,133 | ||||
Accounts payable | 185,904 | 184,318 | 28,491 | ||||
Advances from customers | 54,275 | 44,000 | 8,318 | ||||
Amount due to related parties | 9,495 | 34,310 | 1,455 | ||||
Accrued expenses and other current liabilities | 220,866 | 224,018 | 33,849 | ||||
Non-current liabilities | 25,020 | 20,946 | 3,835 | ||||
Total liabilities | 678,096 | 589,760 | 103,923 | ||||
Accounts receivable, amounts billed through RONG360 | 0 | 3,549 | |||||
Results of operations of the Group | |||||||
Total revenue | 585,762 | $ 89,772 | 1,435,727 | 1,921,876 | |||
Net income/(loss) | (304,147) | (46,613) | (451,760) | (164,615) | |||
Revenues are eliminated through the consolidation | 585,762 | 89,772 | 1,435,727 | 1,921,876 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | (107,498) | (16,474) | (200,837) | (72,827) | |||
Net cash (used in)/provided by investing activities | (91,265) | (13,987) | (47,457) | (323,438) | |||
Net cash provided by financing activities | 98,597 | 15,110 | (198,034) | 60,399 | |||
Net decrease in cash and cash equivalents and restricted cash | (134,197) | (20,566) | (436,619) | (273,810) | |||
Cash and cash equivalents and restricted cash at beginning of the year | 833,382 | 127,721 | 1,270,001 | 1,543,811 | |||
Cash and cash equivalents and restricted cash at end of the year | 699,185 | 107,155 | 833,382 | 1,270,001 | |||
Consolidated variable interest entity ("VIE") | |||||||
Balance Sheet information of the Group | |||||||
Cash and cash equivalents | 15,649 | 6,673 | 2,398 | ||||
Restricted cash, time deposits and investment | 24,747 | 1,000 | 3,793 | ||||
Accounts receivable, net | 19,410 | 11,232 | 2,975 | ||||
Amount due from the subsidiaries of the Group | 99,397 | 173,024 | 15,233 | ||||
Amount due from related party other than the subsidiaries of the Group | 31,487 | 34,456 | 4,826 | ||||
Prepayments and other current assets | 10,182 | 17,173 | 1,560 | ||||
Property and equipment, net | 11,671 | 12,925 | 1,789 | ||||
Intangible assets, net | 23,637 | 21,398 | 3,623 | ||||
Goodwill | 7,313 | ||||||
Restricted cash, time deposits and investment - non-current | 5,000 | 28,038 | 766 | ||||
Other noncurrent assets | 68 | 1,107 | 10 | ||||
Total assets | 241,248 | 314,339 | 36,973 | ||||
Accounts payable | 17,409 | 16,720 | 2,668 | ||||
Advances from customers | 3,845 | 164 | 589 | ||||
Tax payable | 19,315 | 19,205 | 2,960 | ||||
Amount due to related parties | 4,719 | 723 | |||||
Accrued expenses and other current liabilities | 127,512 | 135,883 | 19,542 | ||||
Non-current liabilities | 4,000 | 5,658 | 613 | ||||
Total liabilities | 176,800 | 177,630 | $ 27,095 | ||||
Results of operations of the Group | |||||||
Total revenue | 285,591 | 43,769 | 666,683 | 183,003 | |||
Net income/(loss) | (72,261) | (11,074) | (69,972) | 18,506 | |||
Revenues are eliminated through the consolidation | 285,591 | 43,769 | 666,683 | 183,003 | |||
Cash flows of the VIEs and its subsidiaries | |||||||
Net cash provided by/(used in) operating activities | 10,221 | 1,566 | (68,513) | 28,292 | |||
Net cash (used in)/provided by investing activities | 3,464 | 531 | 31,359 | (14,453) | |||
Net cash provided by financing activities | 9,600 | 1,471 | 30,000 | ||||
Net decrease in cash and cash equivalents and restricted cash | 23,285 | 3,568 | (7,154) | 13,839 | |||
Cash and cash equivalents and restricted cash at beginning of the year | 7,511 | 1,151 | 14,665 | 826 | |||
Cash and cash equivalents and restricted cash at end of the year | 30,796 | $ 4,719 | 7,511 | 14,665 | |||
Consolidated variable interest entity ("VIE") | Elimination | |||||||
Results of operations of the Group | |||||||
Total revenue | 230,809 | 597,022 | 93,976 | ||||
Revenues are eliminated through the consolidation | ¥ 230,809 | ¥ 597,022 | ¥ 93,976 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)$ / ¥ | Dec. 31, 2020USD ($)$ / ¥ | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Summary of significant accounting policies | ||||
Currency translation adjustment | ¥ (52,185) | $ (7,998) | ¥ 14,685 | ¥ 59,658 |
Translation rate calculated for buying rate | 6.5250 | 6.5250 |
Summary of significant accoun_5
Summary of significant accounting policies - Property and equipment, net (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Office furniture and equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Computer equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Servers and network equipment | |
Property and equipment, net | |
Estimated useful life | 3 years |
Vehicles | |
Property and equipment, net | |
Estimated useful life | 4 years |
Building | |
Property and equipment, net | |
Estimated useful life | 20 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets | |||
Estimated useful lives | 3 years | ||
Impairment loss on goodwill | ¥ 12,565 | ¥ 147,296 | ¥ 0 |
Technology | |||
Intangible assets | |||
Estimated useful lives | 8 years 6 months | 8 years 6 months | |
Customer relationship | Minimum | |||
Intangible assets | |||
Estimated useful lives | 3 years | 3 years | |
Customer relationship | Maximum | |||
Intangible assets | |||
Estimated useful lives | 5 years 6 months | 5 years 6 months | |
Non-compete agreement | |||
Intangible assets | |||
Estimated useful lives | 5 years 6 months | 5 years 6 months | |
Software | |||
Intangible assets | |||
Estimated useful lives | 3 years | 3 years | |
Brand | |||
Intangible assets | |||
Estimated useful lives | 8 years | ||
Brand | Minimum | |||
Intangible assets | |||
Estimated useful lives | 8 years | ||
Brand | Maximum | |||
Intangible assets | |||
Estimated useful lives | 10 years | ||
License | |||
Intangible assets | |||
Estimated useful lives | 15 years |
Summary of significant accoun_7
Summary of significant accounting policies - Fair value measurements (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Fair value measurements | ||||
Short-term investments | ¥ 20,000 | $ 3,065 | ||
Financing assets - earn-out arrangement (Note 8) | ¥ 1,200 | |||
Recurring | ||||
Fair value measurements | ||||
Financing assets - earn-out arrangement (Note 8) | 1,179 | |||
Recurring | Long-term wealth management products | ||||
Fair value measurements | ||||
Restricted cash, time deposit and investment (Note 5) | ¥ 38,200 | |||
Recurring | Short-term wealth management products | ||||
Fair value measurements | ||||
Short-term investments | 20,000 | |||
Restricted cash, time deposit and investment (Note 5) | 9,600 | |||
Level 2 | Short-term wealth management products | ||||
Fair value measurements | ||||
Short-term investments | 20,000 | |||
Restricted cash, time deposit and investment (Note 5) | 9,600 | |||
Level 2 | Recurring | Long-term wealth management products | ||||
Fair value measurements | ||||
Restricted cash, time deposit and investment (Note 5) | ¥ 38,200 | |||
Level 3 | ||||
Fair value measurements | ||||
Financing assets - earn-out arrangement (Note 8) | ¥ 1,179 |
Summary of significant accoun_8
Summary of significant accounting policies - Leases (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Jan. 01, 2019 |
Recent accounting pronouncements | ||
Lease liabilities | ¥ 15,661 | |
ASU 2016-02 | Cumulative effect period adjustment balance | ||
Recent accounting pronouncements | ||
Right-of-use assets | ¥ 39,000 |
Summary of significant accoun_9
Summary of significant accounting policies - others (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Receivables, net | |||||
Allowance for credit losses | ¥ 13,065 | $ 2,002 | ¥ 28,316 | ¥ 1,709 | |
Accounts receivable, net | 240,124 | 345,525 | $ 36,801 | ||
Impairment of long-lived assets | |||||
Impairment loss of long-lived assets | 4,328 | 101,136 | 0 | ||
Revenue recognition | |||||
Revenue recognized included in the receipts in advance from customers balance | 4,100 | 80,500 | |||
Sales and marketing expenses | |||||
Advertising expenditure | ¥ 355,696 | 1,027,820 | 1,301,521 | ||
Segment reporting | |||||
Number of reportable segments | segment | 1 | 1 | |||
Statutory reserves | |||||
Appropriation to the general reserve fund (as a percent) | 10.00% | 10.00% | |||
Required general reserve fund to avoid net profit allocation to general reserve (as a percent) | 50.00% | 50.00% | |||
Portion of after-tax profit to be allocated to statutory surplus fund under PRC law (as a percent) | 10.00% | 10.00% | |||
Required statutory surplus fund/registered capital ratio to avoid net profit allocation to statutory surplus fund (as a percent) | 50.00% | 50.00% | |||
Profit Appropriation to Statutory Surplus Fund | ¥ 0 | 1,900 | 0 | ||
Appropriation of profits to other reserves funds | 0 | ¥ 0 | ¥ 0 | ||
ASU 2016-13 | |||||
Receivables, net | |||||
Allowance for credit losses | 2,800 | ||||
Accounts receivable, net | ¥ 1,100 |
Concentration and risks (Detail
Concentration and risks (Details) | 12 Months Ended | ||
Dec. 31, 2020itemcustomer | Dec. 31, 2019itemcustomer | Dec. 31, 2018itemcustomer | |
Accounts payable risk | |||
Concentration and risks | |||
Number of major suppliers | item | 2 | 2 | |
Revenues | |||
Concentration and risks | |||
Number of major customers | customer | 1 | 0 | 1 |
Revenues | Customer risk | Customer A | |||
Concentration and risks | |||
Significant credit risk | 13.00% | ||
Revenues | Customer risk | Customer B | |||
Concentration and risks | |||
Significant credit risk | 14.00% | ||
Accounts Receivable, net | |||
Concentration and risks | |||
Number of major customers | customer | 3 | ||
Accounts Receivable, net | Accounts receivable risk | Customer C,D,E | |||
Concentration and risks | |||
Significant credit risk | 44.00% | 31.00% | |
Costs and expenses | |||
Concentration and risks | |||
Number of major suppliers | item | 0 | 0 | 0 |
Accounts payable | Accounts payable risk | Supplier I | |||
Concentration and risks | |||
Significant credit risk | 34.00% | 36.00% | |
Accounts payable | Accounts payable risk | Supplier II | |||
Concentration and risks | |||
Significant credit risk | 21.00% | 17.00% |
Restricted cash, time deposit_3
Restricted cash, time deposit and investment - Tabular disclosure (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Restricted cash, time deposit and investment | |||
Restricted cash | ¥ 141,952 | ¥ 56,265 | |
Restricted time deposit | 239,873 | 193,505 | |
Restricted wealth management products | 9,600 | ||
Total | 391,425 | $ 59,989 | 249,770 |
Restricted cash | 7,254 | 82,207 | |
Restricted time deposit | 27,327 | 4,000 | |
Restricted wealth management products | 38,200 | ||
Total | ¥ 34,581 | $ 5,300 | ¥ 124,407 |
Restricted cash, time deposit_4
Restricted cash, time deposit and investment - Additional information (Details) - CNY (¥) ¥ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash and time deposits | ||
Restricted cash of Databook | ¥ 142 | |
Restricted wealth management products | 28.6 | |
Cash and short-term time deposits | 238.4 | ¥ 216.9 |
Other restricted cash and time deposits as collateral ADR depositary bank, in custodian accounts for insurance brokerage business and other business requirements | ¥ 3.7 | |
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | ||
Restricted cash and time deposits | ||
Restricted cash of Databook | 114.1 | |
Restricted wealth management products | ¥ 38.2 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Accounts receivable, net | ||||
Accounts receivable | ¥ 273,589 | ¥ 369,310 | ||
Less: allowance for credit losses | (33,465) | (23,785) | ¥ (71) | |
Accounts receivable, net | ¥ 240,124 | $ 36,801 | ¥ 345,525 |
Accounts receivable, net - Allo
Accounts receivable, net - Allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | ¥ (23,785) | ¥ (71) | |
Additions | (14,235) | (29,383) | ¥ (1,709) |
Write offs | 5,650 | 5,669 | 1,638 |
Ending balance | (33,465) | (23,785) | ¥ (71) |
Cumulative effect period adjustment balance | |||
Beginning balance | ¥ (1,095) | ||
Ending balance | ¥ (1,095) |
Prepayments and other current_3
Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Prepayments and other current assets | |||
Prepaid advertising expenses, rentals and others | ¥ 53,791 | ¥ 84,330 | |
Deposits | 6,553 | 28,366 | |
Staff advances | 981 | 1,244 | |
Deductible VAT input | 4,170 | 1,565 | |
Interest receivable | 800 | 2,918 | |
Total | ¥ 66,295 | $ 10,160 | ¥ 118,423 |
Business combinations (Details)
Business combinations (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2020CNY (¥) | Sep. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2020USD ($) | Jun. 30, 2019CNY (¥) | |
Purchase price allocation | |||||||||||
Cash consideration | ¥ 23,800,000 | ||||||||||
Goodwill. | ¥ 10,236,000 | ¥ 12,697,000 | ¥ 147,296,000 | $ 1,569,000 | |||||||
Total revenue | 585,762,000 | $ 89,772,000 | 1,435,727,000 | ¥ 1,921,876,000 | |||||||
Net income/(loss) | ¥ (304,147,000) | $ (46,613,000) | (451,760,000) | (164,615,000) | |||||||
Weighted-average amortization period | 3 years | 3 years | |||||||||
Unaudited pro forma consolidated financial information | |||||||||||
Amortization of identifiable intangible assets | ¥ 4,209,000 | 14,826,000 | 11,245,000 | ||||||||
Goodwill impairment | ¥ 12,565,000 | ¥ 147,296,000 | 0 | ||||||||
Technology | |||||||||||
Purchase price allocation | |||||||||||
Weighted-average amortization period | 8 years 6 months | 8 years 6 months | 8 years 6 months | ||||||||
Non-compete agreement | |||||||||||
Purchase price allocation | |||||||||||
Weighted-average amortization period | 5 years 6 months | 5 years 6 months | 5 years 6 months | ||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | |||||||||||
Business combinations | |||||||||||
Percentage of equity interest acquired | 65.00% | ||||||||||
Purchase price allocation | |||||||||||
Fair value of issued the Company's Class A ordinary shares | ¥ 88,181,000 | ||||||||||
Fair value of issued the options to purchase the Company's Class A ordinary shares | 6,052,000 | ||||||||||
Cash consideration | 110,240,000 | ||||||||||
Total consideration | 204,473,000 | ||||||||||
Noncontrolling interests | 110,100,000 | ||||||||||
Cash and cash equivalents | 474,000 | ||||||||||
Other working capital | (15,850,000) | ||||||||||
Short-term investment | 75,706,000 | ||||||||||
Other assets | 2,567,000 | ||||||||||
Goodwill. | 147,296,000 | ||||||||||
Deferred tax liability | 18,420,000 | ||||||||||
Total | 314,573,000 | ||||||||||
Total revenue | 46,675,000 | ||||||||||
Net income/(loss) | 13,795,000 | ||||||||||
Unaudited pro forma consolidated financial information | |||||||||||
Net revenues | 2,029,055,000 | 1,477,555,000 | |||||||||
Net loss | (163,490,000) | (212,988,000) | |||||||||
Amortization of identifiable intangible assets | ¥ 25,500,000 | ¥ 25,500,000 | |||||||||
Goodwill impairment | ¥ 147,296,000 | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Technology | |||||||||||
Purchase price allocation | |||||||||||
Identifiable intangible assets acquired | ¥ 71,000,000 | ||||||||||
Weighted-average amortization period | 8 years 6 months | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Customer relationship | |||||||||||
Purchase price allocation | |||||||||||
Identifiable intangible assets acquired | ¥ 22,900,000 | ||||||||||
Weighted-average amortization period | 5 years 6 months | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Non-compete agreement | |||||||||||
Purchase price allocation | |||||||||||
Identifiable intangible assets acquired | ¥ 28,900,000 | ||||||||||
Weighted-average amortization period | 5 years 6 months | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Class A ordinary shares | |||||||||||
Business combinations | |||||||||||
Percentage of equity interest acquired | 74.61% | ||||||||||
Number of shares issued | shares | 5,772,447 | ||||||||||
Number of options issued to purchase Class A common stock | shares | 397,820 | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Class A ordinary shares | Ordinary Share Repurchase Agreement | |||||||||||
Business combinations | |||||||||||
Percentage of equity interest acquired | 2.36% | ||||||||||
Unaudited pro forma consolidated financial information | |||||||||||
Shares repurchased | shares | 504,527 | ||||||||||
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | Class A ordinary shares | Share Swap Agreement | |||||||||||
Business combinations | |||||||||||
Percentage of equity interest acquired | 7.25% | ||||||||||
Number of shares issued | shares | 2,400,000 | ||||||||||
Purchase price allocation | |||||||||||
Fair value of issued the Company's Class A ordinary shares | $ | $ 3,590 | ||||||||||
Cash consideration | $ | $ 500 | ||||||||||
Unaudited pro forma consolidated financial information | |||||||||||
Shares purchased | shares | 1,009,053 | ||||||||||
Amount recognized in equity attributable to the company | ¥ 4,039 |
Business combinations - Kartner
Business combinations - Kartner (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | |||||
Apr. 30, 2020CNY (¥) | Oct. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2017CNY (¥) | |
Purchase price allocation | ||||||
Cash consideration | ¥ 23,800 | |||||
Goodwill | ¥ 10,236 | $ 1,569 | ¥ 12,697 | ¥ 147,296 | ||
KTN | ||||||
Business combinations | ||||||
Percentage of equity interest acquired | 100.00% | |||||
Purchase price allocation | ||||||
Cash consideration | ¥ 6,250 | |||||
Cash and cash equivalents | 196 | |||||
Other working capital | 6,054 | |||||
Total consideration | 6,250 | |||||
Goodwill | ¥ 0 |
Business combinations - Anguo (
Business combinations - Anguo (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2017CNY (¥) | |
Purchase price allocation | |||||
Cash consideration | ¥ 23,800 | ||||
Amortization of intangible assets | ¥ 27,061 | ¥ 25,172 | |||
Goodwill | ¥ 12,697 | ¥ 10,236 | $ 1,569 | ¥ 147,296 | |
Weighted-average amortization period | 3 years | ||||
Anguo | |||||
Business combinations | |||||
Percentage of equity interest acquired | 100.00% | ||||
Purchase price allocation | |||||
Fair value of liabilities to be assumed | ¥ 34,081 | ||||
Cash consideration | 33,459 | ||||
Total consideration | 67,540 | ||||
Cash and cash equivalents | 412 | ||||
Restricted time deposits | 5,000 | ||||
Other working capital | 39,065 | ||||
Goodwill | 7,313 | ||||
Deferred tax liability | 5,250 | ||||
Total | 67,540 | ||||
License | |||||
Purchase price allocation | |||||
Weighted-average amortization period | 15 years | ||||
License | Anguo | |||||
Purchase price allocation | |||||
Amortization of intangible assets | ¥ 21,000 | ||||
Weighted-average amortization period | 15 years |
Business combinations - Newsky
Business combinations - Newsky Wisdom (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2017CNY (¥) | |
Business Acquisition [Line Items] | |||||||
Cash consideration | ¥ 23,800 | ||||||
Purchase price allocation | |||||||
Less: Financial asset acquired for an earn-out arrangement | 1,200 | ||||||
Cash consideration | ¥ 23,800 | ||||||
Goodwill | ¥ 10,236 | ¥ 12,697 | $ 1,569 | ¥ 147,296 | |||
Weighted-average amortization period | 3 years | 3 years | |||||
Total revenue | ¥ 585,762 | $ 89,772 | 1,435,727 | ¥ 1,921,876 | |||
Net loss | (304,147) | $ (46,613) | ¥ (451,760) | ¥ (164,615) | |||
Newsky Wisdom | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of equity interest acquired | 50.50% | ||||||
Total consideration | ¥ 25,000 | ||||||
Cash consideration | 23,821 | ||||||
Purchase price allocation | |||||||
Cash paid | 25,000 | ||||||
Less: Financial asset acquired for an earn-out arrangement | 1,179 | ||||||
Cash consideration | 23,821 | ||||||
Noncontrolling interests | 23,349 | ||||||
Total | 47,170 | ||||||
Cash and cash equivalent of Newsky Wisdom at acquision date | 2,240 | ||||||
Other working capital | 28,914 | ||||||
Goodwill | 10,236 | ||||||
Deferred tax liability | 1,020 | ||||||
Total revenue | 47,170 | 13,592 | |||||
Net loss | ¥ 6,028 | ||||||
Software | |||||||
Purchase price allocation | |||||||
Weighted-average amortization period | 3 years | 3 years | 3 years | ||||
Software | Newsky Wisdom | |||||||
Purchase price allocation | |||||||
Identifiable intangible assets acquired | ¥ 1,000 | ||||||
Weighted-average amortization period | 3 years | ||||||
Customer relationship | Newsky Wisdom | |||||||
Purchase price allocation | |||||||
Identifiable intangible assets acquired | ¥ 2,200 | ||||||
Weighted-average amortization period | 4 years | ||||||
Brand | |||||||
Purchase price allocation | |||||||
Weighted-average amortization period | 8 years | ||||||
Brand | Newsky Wisdom | |||||||
Purchase price allocation | |||||||
Identifiable intangible assets acquired | ¥ 2,800 | ||||||
Weighted-average amortization period | 10 years | ||||||
Backlog | |||||||
Purchase price allocation | |||||||
Weighted-average amortization period | 3 years | 3 years | |||||
Backlog | Newsky Wisdom | |||||||
Purchase price allocation | |||||||
Identifiable intangible assets acquired | ¥ 800 | ||||||
Weighted-average amortization period | 3 years |
Business combinations - Other a
Business combinations - Other acquisition (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2020CNY (¥) | Sep. 30, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2017CNY (¥) | |
Business combinations | ||||||
Cash consideration | ¥ 23,800 | |||||
Goodwill. | ¥ 10,236 | $ 1,569 | ¥ 12,697 | ¥ 147,296 | ||
Other acquisition | ||||||
Business combinations | ||||||
Cash consideration | ¥ 5,426 | |||||
Percentage of equity interest acquired | 55.00% | |||||
Net assets acquired | ¥ 5,794 | |||||
Cash and cash equivalents | 1,383 | |||||
Goodwill. | ¥ 5,430 |
Intangible assets, net (Details
Intangible assets, net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets | |||
Weighted-average amortization period | 3 years | ||
Gross carrying amount | ¥ 159,759 | ¥ 153,169 | |
Accumulated amortization | 30,347 | 26,169 | |
Impairment amount | (104,240) | (99,939) | |
Net carrying amount | 25,172 | 27,061 | |
Amortization of intangible assets | 4,209 | 14,826 | ¥ 11,245 |
Impairment loss of intangible assets | 4,328 | ¥ 99,939 | ¥ 0 |
Expected amortization expense relating to the existing intangible assets | |||
2021 | 3,830 | ||
2022 | 3,302 | ||
2023 | 2,852 | ||
2024 | 2,289 | ||
2025 | 2,152 | ||
Thereafter | ¥ 10,747 | ||
Technology | |||
Intangible assets | |||
Weighted-average amortization period | 8 years 6 months | 8 years 6 months | |
Gross carrying amount | ¥ 71,000 | ¥ 71,000 | |
Accumulated amortization | 11,137 | 11,137 | |
Impairment amount | (59,863) | (59,863) | |
Customer relationship | |||
Intangible assets | |||
Gross carrying amount | 26,362 | 24,244 | |
Accumulated amortization | 6,534 | 5,701 | |
Impairment amount | (18,050) | (17,348) | |
Net carrying amount | ¥ 1,778 | ¥ 1,195 | |
Non-compete agreement | |||
Intangible assets | |||
Weighted-average amortization period | 5 years 6 months | 5 years 6 months | |
Gross carrying amount | ¥ 28,900 | ¥ 28,900 | |
Accumulated amortization | 7,006 | 7,006 | |
Impairment amount | ¥ (21,894) | ¥ (21,894) | |
Software | |||
Intangible assets | |||
Weighted-average amortization period | 3 years | 3 years | |
Gross carrying amount | ¥ 5,531 | ¥ 4,442 | |
Accumulated amortization | 3,420 | 2,232 | |
Impairment amount | (833) | (834) | |
Net carrying amount | 1,278 | ¥ 1,376 | |
Brand | |||
Intangible assets | |||
Weighted-average amortization period | 8 years | ||
Gross carrying amount | 4,904 | ¥ 2,239 | |
Accumulated amortization | 566 | 93 | |
Net carrying amount | ¥ 4,338 | ¥ 2,146 | |
Backlog | |||
Intangible assets | |||
Weighted-average amortization period | 3 years | ||
Gross carrying amount | ¥ 800 | ||
Accumulated amortization | 200 | ||
Net carrying amount | ¥ 600 | ||
License | |||
Intangible assets | |||
Weighted-average amortization period | 15 years | 15 years | |
Gross carrying amount | ¥ 22,262 | ¥ 22,344 | |
Accumulated amortization | 1,484 | ||
Impairment amount | (3,600) | ||
Net carrying amount | ¥ 17,178 | ¥ 22,344 | |
Minimum | Customer relationship | |||
Intangible assets | |||
Weighted-average amortization period | 3 years | 3 years | |
Minimum | Brand | |||
Intangible assets | |||
Weighted-average amortization period | 8 years | ||
Maximum | Customer relationship | |||
Intangible assets | |||
Weighted-average amortization period | 5 years 6 months | 5 years 6 months | |
Maximum | Brand | |||
Intangible assets | |||
Weighted-average amortization period | 10 years |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Property and equipment, net | ||||
Total | ¥ 65,845 | ¥ 87,062 | ||
Accumulated depreciation | (46,534) | (49,179) | ||
Impairment | (1,197) | (1,197) | ||
Property and equipment, net | 18,114 | 36,686 | $ 2,776 | |
Impairment loss | 0 | 1,197 | ¥ 0 | |
Depreciation expenses | 14,425 | 21,652 | ¥ 14,046 | |
Office furniture and equipment | ||||
Property and equipment, net | ||||
Total | 1,855 | 1,774 | ||
Computer equipment | ||||
Property and equipment, net | ||||
Total | 8,933 | 8,812 | ||
Servers and network equipment | ||||
Property and equipment, net | ||||
Total | 31,967 | 51,810 | ||
Leasehold improvements | ||||
Property and equipment, net | ||||
Total | 9,880 | 11,427 | ||
Vehicles | ||||
Property and equipment, net | ||||
Total | 698 | 727 | ||
Building | ||||
Property and equipment, net | ||||
Total | ¥ 12,512 | ¥ 12,512 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Changes in the carrying amount of goodwill | ||||
Balance at the beginning | ¥ 12,697 | ¥ 147,296 | ||
Additions (Note 8) | 10,236 | ¥ 12,743 | ||
Impairment | (12,565) | (147,296) | ¥ 0 | |
Translation adjustments | (132) | (46) | ||
Balance at the end | 10,236 | $ 1,569 | 12,697 | |
Impairment loss | ¥ 16,893 | $ 2,589 | 254,683 | |
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | ||||
Changes in the carrying amount of goodwill | ||||
Impairment loss | ¥ 254,700 |
Goodwill - Additional informati
Goodwill - Additional information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | |||
Goodwill impairment | ¥ 12,565 | ¥ 147,296 | ¥ 0 |
Long-term investment (Details)
Long-term investment (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | |
Long-term investment | ||||
Equity investments | ¥ 28,625,000 | ¥ 29,733,000 | ||
Impairment | ¥ 1,663,000 | |||
Impairment of long term investments | ¥ 0 | |||
Firestorm | ||||
Long-term investment | ||||
Cash consideration | ¥ 13,944,000 | $ 2,137 | ||
Conflux | ||||
Long-term investment | ||||
Cash consideration | ¥ 13,050,000 | $ 2,000 |
Leases - Operating leases (Deta
Leases - Operating leases (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases | |||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Liabilities | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Liabilities, Current | Liabilities, Current | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Liabilities, Noncurrent | ||
Operating lease right-of-use assets, net | ¥ 17,064 | ||
Operating lease liabilities - current | 8,995 | ¥ 11,481 | |
Operating lease liabilities - non-current | 6,666 | ||
Total operating lease liabilities | ¥ 15,661 | ||
Weighted average remaining lease term | 1 year 5 months 1 day | ||
Weighted average discount rate | 4.75% | ||
Operating lease expenses | ¥ 11,260 | ||
Short-term lease expenses | 3,818 | ||
Total lease expenses | 15,078 | ¥ 22,718 | ¥ 24,518 |
Cash paid for amounts included in the measurement of lease liabilities: | 9,581 | ||
Supplemental noncash information on lease liabilities arising from obtaining right-of- use assets | ¥ 18,942 | ||
Minimum | |||
Leases | |||
Lease term | 1 year | ||
Maximum | |||
Leases | |||
Lease term | 3 years |
Leases - Maturity of operating
Leases - Maturity of operating lease liabilities (Details) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Maturity of operating lease liabilities | |
2021 | ¥ 9,504 |
2022 | 6,696 |
2023 | 106 |
Total future minimum payments | 16,306 |
Less: interest | 645 |
Present value of operating lease liabilities | ¥ 15,661 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Accrued expenses and other current liabilities | |||
Accrued liabilities for legal proceeding (Note 24) | ¥ 60,000 | ¥ 60,000 | |
Accrued payroll | 51,072 | 57,275 | |
Customer advance payments relating to Databook | 47,703 | 47,703 | |
Consideration payable of business combination | 1,333 | 12,506 | |
Operating lease liabilities | 8,995 | 11,481 | |
Accrued expenses | 27,565 | 9,896 | |
Payable to employees for proceeds from shares as sold | 1,727 | 2,906 | |
Others | 22,471 | 22,251 | |
Total | ¥ 220,866 | $ 33,849 | ¥ 224,018 |
Short-term borrowings (Details)
Short-term borrowings (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Short-term borrowings | ||||||
Short-term borrowings | ¥ 158,477 | ¥ 60,000 | $ 24,288 | |||
RQN | Loan facility of credit line | ||||||
Short-term borrowings | ||||||
Short-term borrowings | ¥ 158,500 | 60,000 | ||||
Short-term borrowings term | 1 year | |||||
PRC | Loan facility of credit line | ||||||
Short-term borrowings | ||||||
Maximum borrowed amount | ¥ 240,000 | ¥ 250,000 | ¥ 130,000 | |||
PRC | Jianpu (Hong Kong) Limited | East West Bank (China) Limited | ||||||
Short-term borrowings | ||||||
Short-term borrowings | ¥ 15,000 | $ 20,700 | ||||
PRC | Jianpu (Hong Kong) Limited | Loan facility of credit line | ||||||
Short-term borrowings | ||||||
Short-term borrowings | $ | $ 10,000 |
Income tax (Details)
Income tax (Details) ¥ in Thousands, $ in Thousands, $ in Millions | Apr. 01, 2018HKD ($) | Mar. 31, 2018 | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Income Tax Disclosure [Line Items] | ||||||
Income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | ||
Profit | ¥ (312,146) | $ (47,839) | ¥ (530,619) | ¥ (159,786) | ||
Composition of income tax expenses/(benefits): | ||||||
Current income tax | ¥ | 365 | 8,788 | (5,890) | |||
Deferred income tax | (1,648) | (253) | (16,793) | 1,417 | ||
Total income tax expense (benefit) | ¥ (1,283) | $ (197) | ¥ (8,005) | ¥ (4,473) | ||
Hong Kong | ||||||
Income Tax Disclosure [Line Items] | ||||||
Income tax rate (as a percent) | 16.50% | |||||
PRC | ||||||
Income Tax Disclosure [Line Items] | ||||||
Income tax rate (as a percent) | 25.00% | 25.00% | ||||
Preferential Tax Rate | 15 | 15 | ||||
Number of years to enjoy preferential tax rate | three | three | ||||
First Two Million [Member] | Hong Kong | ||||||
Income Tax Disclosure [Line Items] | ||||||
Income tax rate (as a percent) | 8.25% | |||||
Profit | $ 2 | |||||
Above Two Million [Member] | Hong Kong | ||||||
Income Tax Disclosure [Line Items] | ||||||
Income tax rate (as a percent) | 16.50% | |||||
Profit | $ 2 |
Income tax - Reconciliation of
Income tax - Reconciliation of Statutory Tax Rate and Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the differences between statutory income tax rate and the effective income tax rate | |||
Statutory EIT rate (as a percent) | 25.00% | 25.00% | 25.00% |
Tax effect of preferential tax treatment | (3.65) | (8.81) | (11.04) |
Tax effect of permanent differences (as a percent) | 2.78% | (1.73%) | 0.88% |
Changes in valuation allowance (as a percent) | (23.72%) | (12.97%) | (12.12%) |
Effective income tax rate | 0.41% | 1.49% | 2.72% |
Income tax - Effect of preferen
Income tax - Effect of preferential tax (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax | |||
Tax effect of preferential tax treatment | ¥ 11,440 | ¥ 47,453 | ¥ 18,137 |
Basic and diluted loss per share effect | ¥ 0.03 | ¥ 0.11 | ¥ 0.04 |
Income tax - Deferred Tax Asset
Income tax - Deferred Tax Assets and Liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets, Net [Abstract] | ||||
Advances from customers | ¥ 10,020 | ¥ 6,015 | ||
Accrued payroll and expenses | 8,613 | 3,377 | ||
Allowances of credit losses | 10,835 | 5,035 | ||
Allowances of impaired assets | 1,804 | 1,804 | ||
Net operating loss carryforwards | 210,359 | 84,925 | ||
Advertising expenses in excess of deduction limit | 4,519 | 12,250 | ||
Amortization of intangible assets | 3,197 | 1,737 | ||
Total deferred tax assets | 249,347 | 115,143 | ||
Less: Valuation allowance | (249,347) | (115,143) | ¥ (45,618) | ¥ (33,980) |
Deferred Tax Liabilities, Net [Abstract] | ||||
Intangible assets acquired from business combinations | 5,146 | 5,801 | ||
Deferred Tax Liabilities, Net | ¥ 5,146 | ¥ 5,801 |
Income tax - Movement of Valuat
Income tax - Movement of Valuation Allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax | |||
Balance at beginning of the year | ¥ 115,143 | ¥ 45,618 | ¥ 33,980 |
Additions | 153,830 | 80,468 | 20,678 |
Reversals | 19,626 | 10,943 | 9,040 |
Balance at end of the year | ¥ 249,347 | ¥ 115,143 | ¥ 45,618 |
Share-based compensation expe_3
Share-based compensation expenses - Share Options (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ (4,329) | $ (664) | ¥ 6,390 | ¥ 130,659 | ||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Outstanding as of December | 2 years 2 months 15 days | 2 years 2 months 15 days | ||||||
Cost of revenues | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ (186) | $ (29) | 935 | (724) | ||||
Sales and marketing expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | 295 | 45 | 8,549 | 6,772 | ||||
Research and development expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | (1,999) | (306) | 16,063 | 13,435 | ||||
General and administrative expenses | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ (2,439) | $ (374) | ¥ (19,157) | ¥ 111,176 | ||||
2012 Share Plan of RONG 360 | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||
2012 Share Plan of RONG 360 | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||
2012 Share Plan of RONG 360 | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||
Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||
Number of shares | ||||||||
Outstanding at the beginning of the period (in shares) | 8,280,229 | 8,280,229 | 18,699,431 | 18,640,845 | ||||
Granted during the year (in shares) | 19,340 | 1,940,654 | ||||||
Forfeited during the year (in shares) | (111,244) | (111,244) | (427,014) | (1,122,550) | ||||
Exercise during the year (in shares) | (663,508) | (663,508) | (10,011,528) | (759,518) | ||||
Outstanding at the end of the period (in shares) | 7,505,477 | 7,505,477 | 8,280,229 | 18,699,431 | 18,640,845 | |||
Weighted average exercise prices | ||||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 0.25 | $ 0.20 | $ 0.21 | |||||
Granted during the year (in dollars per share) | $ / shares | 0.56 | 0.24 | ||||||
Forfeited during the year (in dollars per share) | $ / shares | 0.50 | 0.52 | 0.53 | |||||
Exercise during the year | $ / shares | 0.33 | 0.13 | 0.10 | |||||
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0.28 | $ 0.25 | $ 0.20 | $ 0.21 | ||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Aggregate intrinsic value | $ | $ 176 | $ 2,829 | $ 38,480 | $ 44,454 | ||||
Outstanding as of December | 5 years 6 months 10 days | 5 years 6 months 10 days | 6 years 6 months 14 days | 6 years 5 months 1 day | 7 years 1 month 20 days | |||
Global Share Plan | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||
Global Share Plan | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||
2017 Share Incentive Plan | ||||||||
Share-based compensation expenses | ||||||||
Share-based compensation expenses | ¥ | ¥ 4,312 | ¥ 15,632 | ||||||
Number of shares | ||||||||
Outstanding at the beginning of the period (in shares) | 17,389,885 | 17,389,885 | 15,888,593 | |||||
Granted during the year (in shares) | 3,863,034 | 3,863,034 | 7,183,239 | |||||
Forfeited during the year (in shares) | (2,044,547) | (2,044,547) | (1,337,432) | |||||
Exercise during the year (in shares) | (275,315) | (275,315) | (4,344,515) | |||||
Outstanding at the end of the period (in shares) | 18,933,057 | 18,933,057 | 17,389,885 | 15,888,593 | ||||
Weighted average exercise prices | ||||||||
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Granted during the year (in dollars per share) | $ / shares | 0.01 | 0.01 | ||||||
Forfeited during the year (in dollars per share) | $ / shares | 0.01 | 0.01 | ||||||
Exercise during the year | $ / shares | 0.01 | 0.01 | ||||||
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Aggregate intrinsic value and Weighted average remaining contractual years | ||||||||
Aggregate intrinsic value | $ | $ 2,688 | $ 10,190 | $ 35,644 | |||||
Outstanding as of December | 8 years 3 months | 8 years 3 months | 8 years 11 months 1 day | 9 years 3 months 7 days | ||||
Non-employees | 2017 Share Incentive Plan | ||||||||
Share-based compensation expenses | ||||||||
Options granted expiration period (in years) | 10 years | |||||||
Non-employees | 2017 Share Incentive Plan | Minimum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||
Non-employees | 2017 Share Incentive Plan | Maximum | ||||||||
Share-based compensation expenses | ||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||
RONG360 Inc. | Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Conversion ratio of share options | 1 | |||||||
Non-platform business | Global Share Plan | ||||||||
Share-based compensation expenses | ||||||||
Conversion ratio of share options | 1 |
Share-based compensation expe_4
Share-based compensation expenses - Fair value of Options (Details) - Global Share Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expenses | |||
Weighted average grant date fair value of option per share | $ 0.86 | $ 2.46 | |
Aggregate grant date fair value of options granted | $ 0 | $ 17 | $ 4,776 |
Share-based compensation expe_5
Share-based compensation expenses - Valuation Assumption (Details) - Global Share Plan | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assumptions used in calculation of estimated fair value of options | ||
Risk-free interest rate per annum, Minimum | 1.78% | 2.40% |
Risk-free interest rate per annum, Maximum | 2.60% | 3.05% |
Expected term (in years) | 10 years | 10 years |
Expected volatility rate, Minimum (as a percent) | 51.00% | 53.00% |
Expected volatility rate, Maximum (as a percent) | 58.00% | 54.00% |
Share-based compensation expe_6
Share-based compensation expenses - Additional information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017 | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based compensation expenses | ||||||||||
Weighted average remaining contractual years of options outstanding | 2 years 2 months 15 days | 2 years 2 months 15 days | ||||||||
Weighted average remaining contractual years of share options expected to be vested | 5 years 10 months 17 days | 5 years 10 months 17 days | ||||||||
Deemed dividends | ¥ 171,000 | $ 26 | ¥ 1,929,000 | ¥ 17,314,000 | ||||||
Share-based compensation expenses | ¥ (4,329,000) | $ (664) | ¥ 6,390,000 | ¥ 130,659,000 | ||||||
Vesting rights for each quarter from first quarter 2018 to fourth quarter 2020 (as a percent) | 0.00% | 0.00% | ||||||||
2012 Share Plan of RONG 360 | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting rights (as a percentage) | 25.00% | 25.00% | ||||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||||
2012 Share Plan of RONG 360 | Minimum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||||
2012 Share Plan of RONG 360 | Maximum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||||
Global Share Plan | ||||||||||
Share-based compensation expenses | ||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.25 | $ 0.20 | $ 0.21 | $ 0.28 | ||||||
Weighted average remaining contractual years of options outstanding | 5 years 6 months 10 days | 5 years 6 months 10 days | 6 years 6 months 14 days | 6 years 6 months 14 days | 6 years 5 months 1 day | 6 years 5 months 1 day | 7 years 1 month 20 days | |||
Options exercised (in shares) | 663,508 | 663,508 | 10,011,528 | 10,011,528 | 759,518 | 759,518 | ||||
Aggregate intrinsic value of options outstanding | $ | $ 2,829 | $ 38,480 | $ 44,454 | $ 176 | ||||||
Outstanding share options | 7,505,477 | 8,280,229 | 18,699,431 | 18,640,845 | 7,505,477 | |||||
Deemed dividends | ¥ | ¥ 0 | ¥ 14,000 | ¥ 9,402,000 | |||||||
Aggregate grant date fair value of modified option | $ | $ 0 | $ 17 | $ 4,776 | |||||||
Options granted expiration period (in years) | 10 years | 10 years | ||||||||
Global Share Plan | Minimum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||||
Global Share Plan | Maximum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 7 years | 7 years | ||||||||
Global Share Plan | Non-platform business | ||||||||||
Share-based compensation expenses | ||||||||||
Share-based compensation expense reversed | ¥ | ¥ 11,751,000 | |||||||||
Global Share Plan | Employees and non-employees | ||||||||||
Share-based compensation expenses | ||||||||||
Number shares authorized | 7,505,477 | 7,505,477 | ||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.28 | |||||||||
Weighted average remaining contractual years of options outstanding | 6 years 7 months 9 days | 6 years 7 months 9 days | ||||||||
Options exercised (in shares) | 6,874,534 | 6,874,534 | ||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.25 | $ 0.24 | ||||||||
Weighted average remaining contractual years of options exercisable | 5 years 5 months 23 days | 5 years 5 months 23 days | ||||||||
Share options expected to be vested | 574,208 | 574,208 | ||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Aggregate intrinsic value of options outstanding | $ | $ 176 | |||||||||
Aggregate intrinsic value of options exercisable | $ | 178 | |||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 4 | |||||||||
Unrecognized share-based compensation expenses | ¥ | ¥ 1,216,000 | |||||||||
Weighted average period over which share-based compensation expense is expected to be recognized | 11 months 4 days | 11 months 4 days | ||||||||
Outstanding share options | 7,505,477 | |||||||||
Global Share Plan | Employees of the Group's related parties for non-platform business | ||||||||||
Share-based compensation expenses | ||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.44 | |||||||||
Weighted average remaining contractual years of options outstanding | 6 years 2 months 15 days | 6 years 2 months 15 days | ||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.40 | |||||||||
Share options expected to be vested | 314,029 | 314,029 | ||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.56 | |||||||||
Weighted average remaining contractual years of share options expected to be vested | 7 years 8 months 12 days | 7 years 8 months 12 days | ||||||||
Aggregate intrinsic value of options outstanding | $ | $ 18 | |||||||||
Aggregate intrinsic value of options exercisable | $ | 18 | |||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 0 | |||||||||
Outstanding share options | 1,264,032 | 1,264,032 | ||||||||
Options exercisable | 920,379 | 920,379 | ||||||||
Global Share Plan | Group's employees | Non-platform business | ||||||||||
Share-based compensation expenses | ||||||||||
Outstanding share options | 17,455,030 | 17,455,030 | ||||||||
2017 Share Incentive Plan | ||||||||||
Share-based compensation expenses | ||||||||||
Number shares authorized | 18,933,057 | 18,933,057 | ||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Weighted average remaining contractual years of options outstanding | 8 years 3 months | 8 years 3 months | 8 years 11 months 1 day | 8 years 11 months 1 day | 9 years 3 months 7 days | 9 years 3 months 7 days | ||||
Options exercised (in shares) | 275,315 | 275,315 | 4,344,515 | 4,344,515 | ||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Weighted average remaining contractual years of options exercisable | 7 years 11 months 15 days | 7 years 11 months 15 days | ||||||||
Share options expected to be vested | 8,885,022 | 8,885,022 | ||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Weighted average remaining contractual years of share options expected to be vested | 8 years 11 months 8 days | 8 years 11 months 8 days | ||||||||
Aggregate intrinsic value of options outstanding | $ | $ 10,190 | $ 35,644 | $ 2,688 | |||||||
Aggregate intrinsic value of options exercisable | $ | 832 | |||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 1,262 | |||||||||
Unrecognized share-based compensation expenses | ¥ | ¥ 22,033,000 | |||||||||
Outstanding share options | 18,933,057 | 17,389,885 | 15,888,593 | 18,933,057 | ||||||
Options exercisable | 5,858,622 | 5,858,622 | ||||||||
Share-based compensation expenses | ¥ | ¥ 4,312,000 | ¥ 15,632,000 | ||||||||
Percentage of maximum number of shares available for issuance | 2.00% | |||||||||
Performance obligation not be met | 6,214,370 | |||||||||
Recognized share-based compensation expense reversed | ¥ | ¥ 96,831,000 | |||||||||
Fair value of modified performance conditions of shares options | 6,214,370 | |||||||||
Aggregate grant date fair value of modified option | ¥ | ¥ 25,838,000 | |||||||||
Incremental value as share-based compensation expenses for vested awards | ¥ | ¥ 17,225,000 | |||||||||
2017 Share Incentive Plan | Employees | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting rights (as a percentage) | 25.00% | |||||||||
Vesting rights immediately on vesting commencement date (as a percentage) | 25.00% | |||||||||
2017 Share Incentive Plan | Non-employees | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting rights (as a percentage) | 33.00% | 33.00% | ||||||||
Vesting rights immediately on vesting commencement date (as a percentage) | 25.00% | 25.00% | ||||||||
Options granted expiration period (in years) | 10 years | |||||||||
2017 Share Incentive Plan | Non-employees | Minimum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 1 year | 1 year | ||||||||
2017 Share Incentive Plan | Non-employees | Maximum | ||||||||||
Share-based compensation expenses | ||||||||||
Vesting period of options granted which are subject to service condition | 4 years | 4 years | ||||||||
2017 Share Incentive Plan | Employees of the Group's related parties for non-platform business | ||||||||||
Share-based compensation expenses | ||||||||||
Weighted average exercise price of options outstanding (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Weighted average remaining contractual years of options outstanding | 8 years 3 months 7 days | 8 years 3 months 7 days | ||||||||
Weighted average exercise price of options exercisable (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Weighted average remaining contractual years of options exercisable | 7 years 6 months 29 days | 7 years 6 months 29 days | ||||||||
Weighted average exercise price of share options expected to be vested (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Deemed dividends | ¥ | ¥ 171,000 | ¥ 1,915,000 | ¥ 7,912,000 | |||||||
2017 Share Incentive Plan | Employees of the Group's related parties for non-platform business | Non-platform business | ||||||||||
Share-based compensation expenses | ||||||||||
Number shares authorized | 772,790,000 | 772,790,000 | ||||||||
Share options expected to be vested | 419,185 | 419,185 | ||||||||
Weighted average remaining contractual years of share options expected to be vested | 8 years | 8 years | ||||||||
Aggregate intrinsic value of options outstanding | $ | $ 110 | |||||||||
Aggregate intrinsic value of options exercisable | $ | 48 | |||||||||
Aggregate intrinsic value of options expected to be vested | $ | $ 60 | |||||||||
Options exercisable | 336,910 | 336,910 |
Ordinary Shares (Details)
Ordinary Shares (Details) | 1 Months Ended | ||||||||||
Jun. 30, 2019shares | Aug. 31, 2018shares | Jul. 31, 2018shares | Jun. 30, 2018shares | Nov. 30, 2017Voteshares | Oct. 31, 2017shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares | Dec. 31, 2017shares | Sep. 25, 2017$ / sharesshares | Jun. 01, 2017$ / sharesshares | |
Class of Stock | |||||||||||
Ordinary shares, shares authorized (in shares) | 1,000,000,000 | ||||||||||
Ordinary shares issued (in shares) | 430,463,797 | 430,463,797 | 345,541,350 | 1 | |||||||
Ordinary shares, shares outstanding (in shares) | 423,627,480 | 422,683,735 | 345,541,350 | 1 | |||||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Shares issued during period new issues | 345,541,350 | ||||||||||
Class A ordinary shares | |||||||||||
Class of Stock | |||||||||||
Ordinary shares issued (in shares) | 333,992,002 | 333,992,002 | |||||||||
Ordinary shares, shares outstanding (in shares) | 327,155,685 | 326,211,940 | |||||||||
Shares issued during period new issues | 2,400,000 | 8,000,000 | |||||||||
Number of votes per share | Vote | 1 | ||||||||||
Conversion basis (as a percent) | 5.00% | ||||||||||
Shares converted | 243,069,555 | ||||||||||
Class A ordinary shares | Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | |||||||||||
Class of Stock | |||||||||||
Shares issued during period new issues | 5,772,447 | ||||||||||
Class A ordinary shares | IPO | |||||||||||
Class of Stock | |||||||||||
Shares issued during period new issues | 68,750,000 | ||||||||||
Class B ordinary shares | |||||||||||
Class of Stock | |||||||||||
Ordinary shares issued (in shares) | 102,471,795 | 96,471,795 | 96,471,795 | ||||||||
Ordinary shares, shares outstanding (in shares) | 96,471,795 | 96,471,795 | 345,541,350 | ||||||||
Number of votes per share | Vote | 10 | ||||||||||
Class B ordinary shares | Mr. Chenchao Zhuang | |||||||||||
Class of Stock | |||||||||||
Ordinary shares issued (in shares) | 27,100,830 | ||||||||||
Class B ordinary Shares one | |||||||||||
Class of Stock | |||||||||||
Number of shares redesignated | 6,000,000 |
Share repurchase program (Detai
Share repurchase program (Details) $ / shares in Units, ¥ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Feb. 22, 2019USD ($) | Aug. 24, 2018USD ($) | |
Share repurchase program | ||||||||
Value of shares repurchased under share repurchase program | ¥ | ¥ 134,616 | ¥ 70,109 | ||||||
ADS | ||||||||
Share repurchase program | ||||||||
Aggregate value under share repurchase program | $ 30,000,000 | $ 10,000,000 | $ 20,000,000 | |||||
Shares repurchased | shares | 0 | 4,075,139 | 4,075,139 | 2,249,831 | 2,249,831 | |||
Value of shares repurchased under share repurchase program | $ 19,849 | $ 10,151 | ||||||
Weighted average price per ADS | $ / shares | $ 4.87 | $ 4.51 |
Loss per Share (Details)
Loss per Share (Details) | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019shares | Aug. 31, 2018shares | Oct. 31, 2017shares | Dec. 31, 2020shares | Dec. 31, 2019shares | Sep. 25, 2017shares | Jun. 01, 2017shares | |
Loss per Share | |||||||
Issuance of ordinary shares reserved for future exercise of share-based awards (in shares) | 345,541,350 | ||||||
Shares outstanding (in shares) | 423,627,480 | 422,683,735 | 345,541,350 | 1 | |||
Class A ordinary shares | |||||||
Loss per Share | |||||||
Ordinary shares voting rights | 1 | ||||||
Ordinary shares conversion rights | 1 | ||||||
Issuance of ordinary shares reserved for future exercise of share-based awards (in shares) | 2,400,000 | 8,000,000 | |||||
Shares outstanding (in shares) | 327,155,685 | 326,211,940 |
Loss per Share - Basic and dilu
Loss per Share - Basic and diluted net loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Numerator : | ||||
Net loss | ¥ (304,147) | $ (46,613) | ¥ (451,760) | ¥ (164,615) |
Numerator for basic and diluted net loss per share | ¥ (304,147) | $ (46,613) | ¥ (451,760) | ¥ (164,615) |
Denominator : | ||||
Weighted average number of ordinary shares | 423,096,353 | 423,096,353 | 420,575,827 | 417,315,644 |
Denominator for basic and diluted net loss per share | 423,096,353 | 423,096,353 | 420,575,827 | 417,315,644 |
Net loss per ordinary share: | ||||
Basic and diluted | (per share) | ¥ (0.72) | $ (0.11) | ¥ (1.07) | ¥ (0.39) |
Share options | ||||
Net loss per ordinary share: | ||||
Numbers of shares excluded from calculation of diluted net loss per share | 28,873,176 | 28,873,176 | 28,081,052 | 38,073,598 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Related party transactions | ||||
Expenses allocated from RONG360 | ¥ 206 | ¥ 21,099 | ¥ 51,753 | |
Material amount of due to or due from related parties | ||||
Amount due from related party | 872 | 7,082 | $ 134 | |
Amount due to related party | (9,495) | (34,310) | $ (1,455) | |
Amount due from other related parties | 574 | |||
Accounts receivable, amounts billed through RONG360 | 0 | 3,549 | ||
RONG360 Inc. | ||||
Material related party transactions | ||||
Sales and marketing expenses charged by related party A | (206) | |||
Material amount of due to or due from related parties | ||||
Amount due to related party | (468) | (24,345) | ||
Accounts receivable, amounts billed through RONG360 | 0 | 3,549 | ||
RONG360 Inc. | Recommendation services for loans | ||||
Material related party transactions | ||||
Revenues from related party transactions | 4,757 | 31,980 | 105,492 | |
RONG360 Inc. | Big data and system-based risk management services | ||||
Material related party transactions | ||||
Revenues from related party transactions | 3,626 | 6,858 | 13,405 | |
RONG360 Inc. | Administrative expenses | ||||
Material related party transactions | ||||
Revenues from related party transactions | 2,000 | 4,000 | 10,000 | |
RONG360 Inc. | Collection handling services | ||||
Material related party transactions | ||||
Collection handling services provided by RONG360 | (4,644) | |||
RONG360 Inc. | Research and development expenses | ||||
Material related party transactions | ||||
Research and development expenses charged by RONG360 (d) | 1,480 | 2,162 | ||
Related Party A | ||||
Material related party transactions | ||||
Sales and marketing expenses charged by related party A | (21,099) | (51,753) | ||
Material amount of due to or due from related parties | ||||
Amount due to related party | (3,715) | |||
Related party B | ||||
Material related party transactions | ||||
Business combination transaction with related party B | ¥ (6,250) | |||
Material amount of due to or due from related parties | ||||
Amount due to related party | (8,729) | ¥ (6,250) | ||
Related Party C | ||||
Related party transactions | ||||
Percentage of preference shares owned | 15.00% | |||
Material related party transactions | ||||
Data acquisition cost charged by related party | ¥ (2,102) | |||
Material amount of due to or due from related parties | ||||
Amount due from related party | ¥ 7,082 |
Employee benefits 2 (Details)
Employee benefits 2 (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee benefits | |||
Employee benefit expenses incurred | ¥ 37,553 | ¥ 81,278 | ¥ 65,727 |
Commitments and contingencies_2
Commitments and contingencies (Details) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Within one year | ¥ 9,504 |
Total future minimum payments | 16,306 |
Office premises | |
Within one year | 4,771 |
Total future minimum payments | ¥ 4,771 |
Subsequent event (Details)
Subsequent event (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | |
Subsequent events | ||||
Current assets | ¥ 1,415,710 | ¥ 1,268,695 | $ 194,437 | |
Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | ||||
Subsequent events | ||||
Current assets | 151,600 | |||
Net assets | ¥ 18,800 | |||
Subsequent events | Databook Tech Ltd.(Databook Tech Ltd. and its subsidiaries and VIE collectively refer to "Databook") | ||||
Subsequent events | ||||
Impose confiscation of gains | ¥ 30,000 | |||
Imposed fine | 30,000 | |||
Imposed confiscation of gains and fines | ¥ 60,000 | |||
Big data and system-based risk management services | ||||
Subsequent events | ||||
Reversal of revenue | 30,000 | |||
Penalties | 30,000 | |||
Accrued current income tax expenses | ¥ 10,000 |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Millions | Dec. 31, 2020CNY (¥) |
Restricted net assets | |
Restricted net assets | ¥ 83.8 |
Restricted net assets to total consolidated net assets (as a percent) | 11.97% |