Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Aurora Mobile Ltd |
Entity Central Index Key | 0001737339 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 3/F, Building No. 7, Zhiheng Industrial Park |
Entity Address, Address Line Two | No. 15, Guankou Road 2, Anle Community, Nantou Street |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518052 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-38587 |
Entity Address, Country | CN |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 3/F, Building No. 7, Zhiheng Industrial Park |
Entity Address, Address Line Two | No. 15, Guankou Road 2, Anle Community, Nantou Street |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518052 |
Contact Personnel Name | Shan-Nen Bong |
American Depositary Shares | |
Document Information [Line Items] | |
Trading Symbol | JG |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American depositary shares, every three of which represent two Class A common shares |
Class A Common Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 60,106,037 |
Title of 12(b) Security | Class A common shares, par value US$0.0001 per share |
No Trading Symbol Flag | true |
Class B Common Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 17,000,189 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 61,975 | ¥ 431,459 | ¥ 576,562 |
Restricted cash | 17 | 115 | 115 |
Accounts receivable, net of allowances of RMB9,308 and RMB28,516 (US$4,096) as of December 31, 2018 and 2019, respectively | 19,452 | 135,417 | 141,911 |
Prepayments and other current assets | 12,366 | 86,087 | 80,578 |
Amounts due from related parties | 75 | 521 | 4,564 |
Total current assets | 93,885 | 653,599 | 803,730 |
Non-current assets: | |||
Property and equipment, net | 15,260 | 106,235 | 92,874 |
Intangible assets, net | 1,265 | 8,810 | 1,531 |
Long-term investments | 24,223 | 168,637 | 79,696 |
Other non-current assets | 378 | 2,642 | 14,237 |
Total non-current assets | 41,126 | 286,324 | 188,338 |
Total assets | 135,011 | 939,923 | 992,068 |
Current liabilities: | |||
Accounts payable (including accounts payable of the variable interest entity ("VIE") without recourse to the Company of RMB18,683 and RMB19,974 (US$2,869) as of December 31, 2018 and 2019, respectively) | 2,872 | 19,996 | 18,811 |
Deferred revenue and customer deposits (including deferred revenue and customer deposits of the VIE without recourse to the Company of RMB55,625 and RMB73,820 (US$10,604) as of December 31, 2018 and 2019, respectively) | 11,141 | 77,561 | 59,483 |
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the VIE without recourse to the Company of RMB59,556 and RMB72,580 (US$10,425) as of December 31, 2018 and 2019, respectively) | 13,829 | 96,277 | 76,666 |
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of RMB8,864 and RMB56 (USD$8) as of December 31, 2018 and 2019, respectively) | 8 | 56 | 8,864 |
Total current liabilities | 27,850 | 193,890 | 163,824 |
Non-current liabilities: | |||
Other non-current liabilities (including other non-current liabilities of the VIE without recourse to the Company of RMB140 and RMB64 (US$9) as of December 31, 2018 and 2019, respectively) | 9 | 64 | 140 |
Deferred revenue | 1,171 | 8,150 | 10,265 |
Convertible notes | 33,042 | 230,031 | 216,179 |
Total non-current liabilities | 34,222 | 238,245 | 226,584 |
Total liabilities | 62,072 | 432,135 | 390,408 |
Commitments and contingencies | |||
Shareholders' equity | |||
Treasury shares (46,303 and 81,930 class A common shares as of December 31, 2018 and 2019, respectively) | (287) | (1,999) | (3,165) |
Additional paid-in capital | 137,426 | 956,735 | 944,500 |
Accumulated deficit | (65,121) | (453,359) | (348,123) |
Accumulated other comprehensive income | 914 | 6,363 | 8,400 |
Total shareholders' equity | 72,939 | 507,788 | 601,660 |
Total liabilities and shareholders' equity | 135,011 | 939,923 | 992,068 |
Class A Common Shares | |||
Shareholders' equity | |||
Common shares | 5 | 37 | 37 |
Class B Common Shares | |||
Shareholders' equity | |||
Common shares | $ 2 | ¥ 11 | ¥ 11 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Jun. 27, 2018shares | Dec. 31, 2017shares |
Accounts receivable, net of allowances | $ 4,096 | ¥ 28,516 | ¥ 9,308 | ||
Accounts payable | 2,872 | 19,996 | 18,811 | ||
Deferred revenue and customer deposits | 5,694 | 39,638 | 33,067 | ||
Accrued liabilities and other current liabilities | 13,829 | 96,277 | 76,666 | ||
Amount due to related parties | 8 | 56 | 8,864 | ||
Other non-current liabilities | $ 9 | ¥ 64 | ¥ 140 | ||
Common shares, shares authorized | 5,000,000,000 | ||||
Common shares, shares outstanding | 42,666,670 | ||||
Class A Common Shares | |||||
Common shares, par value per share | $ / shares | $ 0.0001 | ||||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | 4,920,000,000 | ||
Common shares, shares issued | 60,106,037 | 60,106,037 | 59,547,823 | ||
Common shares, shares outstanding | 60,106,037 | 60,106,037 | 59,547,823 | ||
Treasury stock | 81,930 | 81,930 | 46,303 | ||
Class B Common Shares | |||||
Common shares, par value per share | $ / shares | $ 0.0001 | ||||
Common shares, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 | ||
Common shares, shares issued | 17,000,189 | 17,000,189 | 17,000,189 | ||
Common shares, shares outstanding | 17,000,189 | 17,000,189 | 17,000,189 | ||
VIE | |||||
Accounts payable | $ 2,869 | ¥ 19,974 | ¥ 18,683 | ||
Deferred revenue and customer deposits | 10,604 | 73,820 | 55,625 | ||
Accrued liabilities and other current liabilities | 10,425 | 72,580 | 59,556 | ||
Amount due to related parties | 8 | 56 | 8,864 | ||
Other non-current liabilities | $ 9 | ¥ 64 | ¥ 140 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Revenues (including related party amounts of RMB3,507, RMB2,544 and RMB266 (US$38) for the years ended December 31, 2017, 2018 and 2019, respectively) | $ 130,205 | ¥ 906,458 | ¥ 714,141 | ¥ 284,709 |
Cost of revenues (including related party amounts of RMB788, RMB20,947 and RMB11,600 (US$1,666) for the years ended December 31, 2017, 2018 and 2019, respectively) | (93,309) | (649,596) | (517,074) | (213,370) |
Gross profit | 36,896 | 256,862 | 197,067 | 71,339 |
Operating expenses | ||||
Research and development (including related party amounts of RMB762, RMB200 and nil for the years ended December 31, 2017, 2018 and 2019, respectively) | (25,316) | (176,248) | (134,358) | (71,651) |
Sales and marketing (including related party amounts of RMB541, RMB178 and nil for the years ended December 31, 2017, 2018 and 2019, respectively) | (17,028) | (118,548) | (83,853) | (59,673) |
General and administrative (including related party amounts of RMB138, RMB59 and nil for the years ended December 31, 2017, 2018 and 2019, respectively) | (15,699) | (109,291) | (71,641) | (32,431) |
Total operating expenses | (58,043) | (404,087) | (289,852) | (163,755) |
Loss from operations | (21,147) | (147,225) | (92,785) | (92,416) |
Foreign exchange (loss)/ gain, net | 62 | 435 | 264 | (2,724) |
Interest income | 905 | 6,300 | 3,657 | 314 |
Interest expense | (1,597) | (11,118) | (7,054) | (122) |
Other income | 5,576 | 38,812 | 8,449 | 677 |
Change in fair value of derivative asset | 448 | 3,117 | ||
Change in fair value of derivative liability | 21,302 | |||
Loss before income taxes | (15,753) | (109,679) | (66,167) | (94,271) |
Income tax benefit (expense) | (23) | (162) | (30) | 3,980 |
Net loss | (15,776) | (109,841) | (66,197) | (90,291) |
Net loss attributable to Aurora Mobile Limited's shareholders | (15,776) | (109,841) | (66,197) | (90,291) |
Accretion of contingently redeemable convertible preferred shares | (24,094) | (26,391) | ||
Net loss attributable to common shareholders | (15,776) | (109,841) | (90,291) | ¥ (116,682) |
Net loss per share for class A and class B common shares: | ||||
Common shares - basic and diluted | ¥ / shares | ¥ (2.73) | |||
Shares used in net loss per share computation: | ||||
Common shares - basic and diluted | shares | 42,666,670 | |||
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (293) | (2,037) | 11,688 | ¥ (7,563) |
Total other comprehensive income (loss), net of tax | (293) | (2,037) | 11,688 | (7,563) |
Total comprehensive loss | (16,069) | (111,878) | (54,509) | (97,854) |
Comprehensive loss attributable to Aurora Mobile Limited | (16,069) | (111,878) | (54,509) | ¥ (97,854) |
Class A Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (12,282) | (85,502) | (46,606) | |
Accretion of contingently redeemable convertible preferred shares | (16,963) | |||
Net loss attributable to common shareholders | $ (12,282) | ¥ (85,502) | ¥ (63,569) | |
Net loss per share for class A and class B common shares: | ||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) | |
Shares used in net loss per share computation: | ||||
Common shares - basic and diluted | shares | 59,721,341 | 59,721,341 | 40,441,999 | |
Class B Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | $ (3,496) | ¥ (24,339) | ¥ (19,591) | |
Accretion of contingently redeemable convertible preferred shares | (7,131) | |||
Net loss attributable to common shareholders | $ (3,496) | ¥ (24,339) | ¥ (26,722) | |
Net loss per share for class A and class B common shares: | ||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) | |
Shares used in net loss per share computation: | ||||
Common shares - basic and diluted | shares | 17,000,189 | 17,000,189 | 17,000,189 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues - related parties | $ 38 | ¥ 266 | ¥ 2,544 | ¥ 3,507 |
Cost of revenues - related party | $ 1,666 | 11,600 | 20,947 | 788 |
Research and development - related party | 0 | 200 | 762 | |
Sales and Marketing - related party | 0 | 178 | 541 | |
General and administrative - related party | ¥ 0 | ¥ 59 | ¥ 138 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT ¥ in Thousands, $ in Thousands | USD ($)shares | CNY (¥)shares | Common StockUSD ($)shares | Common StockCNY (¥)shares | Treasury StockUSD ($) | Treasury StockCNY (¥) | Additional Paid-in CapitalUSD ($) | Additional Paid-in CapitalCNY (¥) | Accumulated Other Comprehensive IncomeUSD ($) | Accumulated Other Comprehensive IncomeCNY (¥) | Accumulated DeficitUSD ($) | Accumulated DeficitCNY (¥) |
Balance at Dec. 31, 2016 | ¥ (108,414) | ¥ 26 | ¥ 5,414 | ¥ 4,274 | ¥ (118,128) | |||||||
Balance, Shares at Dec. 31, 2016 | shares | 42,666,670 | 42,666,670 | ||||||||||
Net loss | (90,291) | (90,291) | ||||||||||
Translation adjustments | (7,563) | (7,563) | ||||||||||
Accretion of contingently redeemable convertible preferred shares | (26,391) | (26,391) | ||||||||||
Share-based compensation | 8,275 | 8,275 | ||||||||||
Balance at Dec. 31, 2017 | (224,384) | ¥ 26 | 13,689 | (3,289) | (234,810) | |||||||
Balance, Shares at Dec. 31, 2017 | shares | 42,666,670 | 42,666,670 | ||||||||||
Net loss | (66,197) | (66,197) | ||||||||||
Translation adjustments | 11,688 | 11,689 | ||||||||||
Issuance of Class A common shares in connection with initial public offering | 464,380 | ¥ 4 | 464,376 | |||||||||
Issuance of Class A common shares in connection with initial public offering, Shares | shares | 6,059,708 | 6,059,708 | ||||||||||
Conversion of all outstanding contingently redeemable convertible preferred shares to Class A common shares | 401,691 | ¥ 18 | 357,222 | 44,451 | ||||||||
Conversion of all outstanding contingently redeemable convertible preferred shares to Class A common shares, Shares | shares | 27,867,937 | 27,867,937 | ||||||||||
Redemption of contingently redeemable convertible preferred shares | (6,915) | (6,915) | ||||||||||
Accretion of contingently redeemable convertible preferred shares | 84,652 | (84,652) | ||||||||||
Repurchased shares | (3,165) | ¥ (3,165) | ||||||||||
Repurchased shares, Shares | shares | (46,303) | (46,303) | ||||||||||
Share-based compensation | 24,561 | 24,561 | ||||||||||
Balance at Dec. 31, 2018 | 601,660 | ¥ 48 | (3,165) | 944,500 | 8,400 | (348,123) | ||||||
Balance, Shares at Dec. 31, 2018 | shares | 76,548,012 | 76,548,012 | ||||||||||
Net loss | $ (15,776) | (109,841) | (109,841) | |||||||||
Cumulative effect of adoption of ASC 606 (Note 2) | 4,605 | 4,605 | ||||||||||
Translation adjustments | $ (293) | (2,037) | (2,037) | |||||||||
Exercise and vesting of share-based awards | ¥ 3,676 | 38,725 | (35,049) | |||||||||
Exercise and vesting of share-based awards , shares | shares | 1,113,098 | 1,113,098 | 1,125,648 | 1,125,648 | ||||||||
Conversion of all outstanding contingently redeemable convertible preferred shares to Class A common shares | ¥ (2,037) | |||||||||||
Repurchased shares | (37,559) | (37,559) | ||||||||||
Repurchased shares, Shares | shares | (567,434) | (567,434) | ||||||||||
Share-based compensation | 47,284 | 47,284 | ||||||||||
Balance at Dec. 31, 2019 | $ 72,939 | ¥ 507,788 | $ 7 | ¥ 48 | $ (287) | ¥ (1,999) | $ 137,426 | ¥ 956,735 | $ 914 | ¥ 6,363 | $ (65,121) | ¥ (453,359) |
Balance, Shares at Dec. 31, 2019 | shares | 77,106,226 | 77,106,226 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | $ (15,776) | ¥ (109,841) | ¥ (66,197) | ¥ (90,291) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property and equipment | 4,318 | 30,059 | 18,084 | 8,805 |
Amortization of intangible assets | 331 | 2,307 | 307 | 35 |
Unrealized exchange (gain) loss | (249) | (1,731) | 11,689 | 339 |
Allowance for doubtful accounts | 2,881 | 20,054 | 5,846 | 2,427 |
Interest expenses | 1,163 | 8,094 | ||
Deferred tax benefit | (5) | (3,980) | ||
Loss on disposal of property and equipment | 2 | 15 | ||
Gain on an equity investment sold | (974) | (6,778) | ||
Unrealized gain on equity investments held | (2,485) | (17,298) | ||
Gain on fair value change from derivative assets | (448) | (3,117) | ||
Share-based compensation expenses | 6,792 | 47,284 | 24,561 | 8,275 |
Changes in operating assets and liabilities, | ||||
Accounts receivable | (3,655) | (25,443) | (98,163) | (48,266) |
Prepayments and other current assets | 165 | 1,149 | (46,350) | (21,558) |
Amounts due from related parties | 581 | 4,043 | (3,303) | (1,169) |
Other non-current assets | 101 | 702 | (1,431) | (492) |
Accounts payable | 175 | 1,220 | 10,471 | 13,015 |
Deferred revenue and customer deposits | 2,733 | 19,027 | 19,861 | 31,144 |
Tax payable | 23 | 162 | ||
Accrued liabilities and other current liabilities | 1,899 | 13,219 | 24,027 | 26,503 |
Amounts due to related parties | (1,265) | (8,809) | 2,754 | (243) |
Change in deferred tax liabilities | (5) | |||
Other non-current liabilities | (11) | (76) | (76) | (76) |
Net cash used in operating activities | (3,699) | (25,758) | (97,925) | (75,532) |
Cash flows from investing activities: | ||||
Proceeds from maturity of time deposits | 10,053 | |||
Purchase of structured deposits | (142,923) | (995,000) | ||
Proceeds from maturity of structured deposits | 143,670 | 1,000,201 | ||
Increase in long-term prepayments | 0 | 0 | (11,000) | |
Purchase of long-term investments | (6,792) | (47,286) | (68,716) | (10,000) |
Proceeds from an equity investment sold | 1,436 | 10,000 | ||
Investment in a convertible loan | (1,149) | (8,000) | ||
Purchase of property and equipment | (5,673) | (39,494) | (57,934) | (28,378) |
Proceeds from disposal of property and equipment | 29 | 199 | ||
Purchase of intangible assets | (1,377) | (9,586) | (1,556) | (319) |
Net cash used in investing activities | (12,779) | (88,966) | (139,206) | (28,644) |
Cash flows from financing activities: | ||||
Proceeds from issuance of contingently redeemable convertible preferred shares, net of issuance cost | 217,446 | |||
Proceeds from issuance of convertible notes, net of issuance cost | 216,179 | |||
Proceeds from initial public offering, net of issuance cost | 464,380 | |||
Redemption of contingently redeemable convertible preferred shares | (62,510) | |||
Repurchase of ordinary shares | (5,395) | (37,559) | (3,165) | |
Proceeds from exercise of share options | 528 | 3,676 | ||
Net cash provided by/ (used in) financing activities | (4,867) | (33,883) | 614,884 | 217,446 |
Effect of exchange rate on cash and cash equivalents and restricted cash | 502 | 3,504 | (9,352) | (8,282) |
Net increase/ (decrease) in cash and cash equivalents and restricted cash | (20,843) | (145,103) | 368,401 | 104,988 |
Cash, cash equivalents and restricted cash at the beginning of year | 82,835 | 576,677 | 208,276 | 103,288 |
Cash and cash equivalents at the beginning of the year | 82,818 | 576,562 | 208,161 | 103,168 |
Restricted cash at the beginning of the year | 17 | 115 | 115 | 120 |
Cash, cash equivalents and restricted cash at the end of year | 61,992 | 431,574 | 576,677 | 208,276 |
Cash and cash equivalents at the end of the year | 61,975 | 431,459 | 576,562 | 208,161 |
Restricted cash at the end of the year | 17 | 115 | 115 | 115 |
Supplemental disclosures of cash flow information: | ||||
Interest expense paid | 122 | |||
Non-cash investing and financing activities: | ||||
Acquisition of long-term investments | 3,937 | 27,410 | ||
Purchase of property and equipment included in accrued liabilities and other current liabilities | $ 595 | ¥ 4,140 | ¥ 104 | ¥ 9,731 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | 1 Organization and principal activities Aurora Mobile Limited (the “Company” and where appropriate, the term “Company” also refers to its subsidiaries and variable interest entity) is a limited company incorporated in the Cayman Islands under the laws of the Cayman Islands on April 9, 2014. The Company, through its subsidiaries and variable interest entity (“VIE”), are principally engaged in providing targeted marketing and SaaS products service, which include developer services, financial risk management, market intelligence and location-based intelligence services, in the People’s Republic of China (the “PRC”). As PRC laws and regulations prohibit and restrict foreign ownership of internet value-added businesses, the Company operates its business, primarily through the VIE. The Company, through JPush Information Consulting (Shenzhen) Co., Ltd. (“Shenzhen JPush” or “WFOE”) entered into powers of attorney and an exclusive option agreement with the nominee shareholders of the VIE, Shenzhen Hexun Huagu Information Technology Co., Ltd., that gave WFOE the power to direct the activities that most significantly affect the economic performance of the VIE and to acquire the equity interests in the VIE when permitted by the PRC laws, respectively. In addition, pursuant to the supplementary agreements signed in March, 2018, the rights under the aforementioned power of attorney and the exclusive call option agreements were assigned to the board of directors of the Company (the “Board”) or any officer authorized by the Board, which entitled the Company to receive economic benefits from the VIE that potentially could be significant to the VIE. Despite the lack of technical majority ownership, the Company has effective control of the VIE through a series of VIE agreements and a parent-subsidiary relationship exists between the Company and the VIE. Through the VIE agreements and the supplementary agreements, the shareholders of the VIE effectively assigned all of their voting rights underlying their equity in the VIE to the Company. In addition, through the exclusive business operation agreement, the Company, through its WFOE in the PRC, have the right to receive economic benefits from the VIE that potentially could be significant to the VIE. Lastly, through the financial support agreement and the shareholder voting proxy agreement, the Company has the obligation to absorb losses of the VIE that could potentially be significant to the VIE. Therefore, the Company is considered the primary beneficiary of the VIE and consolidates the VIE as required by SEC Regulation S-X 3A-02 The following is a summary of the VIE agreements: Exclusive Option Agreements Pursuant to the exclusive option agreements entered into between VIE’s nominee shareholders and the WFOE, the nominee shareholders irrevocably granted the WFOE an option to request the nominee shareholders to transfer or sell any part or all of its equity interests in the VIE, or any or all of the assets of the VIE, to the WFOE, or their designees. The purchase price of the equity interests in the VIE is equal to the minimum price required by PRC law. Without the WFOE’s prior written consent, the VIE and its nominee shareholders cannot amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, create or allow any encumbrance on its assets or other beneficial interests and provide any loans or guarantees. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders are required to transfer all received distribution to the WFOE or their designees. These agreements are not terminated until all of the equity interest of the VIE is transferred to the WFOE or the person(s) designated by the WFOE. None of the nominee shareholders have the right to terminate or revoke the agreements under any circumstance unless otherwise regulated by law. Equity Interest Pledge Agreements Pursuant to the equity interest pledge agreements, each nominee shareholder of the VIE has pledged all of their respective equity interests in the VIE to WFOE as continuing first priority security interest to guarantee the performance of their and the VIE’s obligations under the powers of attorney agreement, the exclusive option agreement and the exclusive business cooperation agreement. WFOE is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If VIE or any of the nominee shareholder breaches its contractual obligations, WFOE will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of VIE in accordance with PRC law. None of the nominee shareholders shall, without the prior written consent of WFOE, assign or transfer to any third party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIE. This agreement is not terminated until all of the technical support and consulting and service fees have been fully paid under the exclusive business cooperation agreement and all of VIE’s obligations have been terminated under the other controlling agreements. On December 16, 2014, the Company registered the equity pledge with the relevant office of the administration for industry and commerce in accordance with the PRC Property Rights Law. Exclusive Business Cooperation Agreement Pursuant to the exclusive business cooperation agreement entered into by WFOE and VIE, WFOE provides exclusive technical support and consulting services in return for an annual service fee based on a certain percentage of the VIE’s audited total operating income, which is adjustable at the sole discretion of WFOE. Without WFOE’s consent, the VIE cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOE. In addition, the profitable consolidated VIE has granted WFOE an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIE at the lowest price permitted under PRC law. This agreement is irrevocable or can only be unilaterally revoked/amended by WFOE. Powers of Attorney Pursuant to the powers of attorney signed between VIE’s nominee shareholders and WFOE, each nominee shareholder irrevocably appointed WFOE as its attorney-in-fact to In March 2018, the following supplementary agreements were entered into: Financial Support Agreement Pursuant to the financial support undertaking letter dated March 28, 2018, the Company is obligated to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations. The Company will not request repayment of the loans or borrowings if the VIE or its shareholders do not have sufficient funds or are unable to repay. Shareholder Voting Proxy Agreement The Nominee Shareholders also re-signed Accordingly, as a result of the power to direct the activities of the VIE pursuant to the powers of attorney agreement and the obligation to absorb the expected losses of VIE through the unlimited financial support, the WFOE ceased to be the primary beneficiary and the Company became the primary beneficiary of the VIE on March 28, 2018. In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiary and the VIE are in compliance with the existing PRC laws and regulations; (ii) each of the VIE agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations in effect; and (iii) are valid in accordance with the articles of association of the Company. However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIE may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIE. In addition, if the current structure or any of the contractual arrangements is found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. The following table set forth the assets and liabilities of the VIE included in the Company’s consolidated balance sheets: As of December 31, 201 8 201 9 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 31,763 211,314 30,353 Restricted cash 115 115 17 Accounts receivable 141,705 133,745 19,210 Prepayments and other current assets 64,532 73,789 10,599 Amounts due from the Company and its subsidiaries 3,965 51,656 7,420 Amounts due from related parities 2,848 521 75 Total current assets 244,928 471,140 67,674 Non-current Property and equipment, net 46,271 57,390 8,244 Intangible assets, net 1,406 8,728 1,254 Long-term investments 71,512 108,408 15,572 Other-non current assets 13,529 1,925 277 Total non-current 132,718 176,451 25,347 Total assets 377,646 647,591 93,021 LIABILITIES: Current liabilities: Accounts payable 18,683 19,974 2,869 Deferred revenue and customer deposits 55,625 73,820 10,604 Accrued liabilities and other current liabilities 59,556 72,580 10,425 Amounts due to the Company and its subsidiaries 15,534 185,263 26,611 Amounts due to related parties 8,864 56 8 Total current liabilities 158,262 351,693 50,517 Non-current Amounts due to the Company and its subsidiaries 240,000 377,000 54,153 Other non-current 140 64 9 Total non-current 240,140 377,064 54,162 Total liabilities 398,402 728,757 104,679 The table sets forth the results of operations and cash flows of the VIE included in the C As of December 31, 2017 2018 201 9 RMB RMB RMB US$ Revenues 284,348 709,594 900,454 129,342 Cost of revenues (206,789 ) (499,589 ) (628,109 ) (90,222 ) Net loss (40,003 ) (16,785 ) (95,829 ) (13,765 ) Net cash (used in)/provided by operating activities (51,016 ) (68,316 ) 16,059 2,307 Net cash used in investing activities (10,000 ) (104,675 ) (34,451 ) (4,949 ) Net cash provided by financing activities — 154,901 197,943 28,433 There were no pledges or collateralization of the VIE’s assets as of December 31, 201 8 9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 Summary of Significant Accounting Policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the VIE. All significant intercompany transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments that management make about the carrying values of assets and liabilities, which are not readily apparent from other sources. Management base their estimates and judgments on historical information and on various other assumptions that they believe are reasonable under the circumstances. U.S. GAAP requires management to make estimates and judgments in several areas, including, but not limited to, those related to allowance for doubtful accounts, volume rebates, useful lives of property and equipment and intangible assets, valuation of intangible asset acquisition, impairment of long-lived assets, fair value measurements for equity investments without readily determinable fair value, impairment of equity investments, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative asset and derivative liability, warranties for private cloud-based services and share-based compensation. These estimates are based on management’s knowledge about current events and expectations about actions that the Company may undertake in the future. Actual results could differ from those estimates. Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.9618 per US$1.00 on December 31, 201 9 Foreign currency translation The functional currency of the Company and the Company’s subsidiary outside the PRC are US$. The Company’s PRC subsidiary and VIE adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters income equity Transactions in currencies other than the functional currency are remeasured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive loss during the period or year in which they occur. Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. Restricted cash Restricted cash represents cash granted by the government for certain approved technology research and development projects. These cash balances are not available for use until the Company obtain pre-approval Short-term investments The Company’s short-term investments comprise primarily of bank structured deposits at fixed rates based on the guaranteed interest rate with maturities within twelve months. As of December 31, 2019, there are no short-term investments due to maturity. Derivative assets The derivative assets are embedded derivatives separated from the host contract of bank structured deposits. The derivative assets are recorded at fair value. Terms of the derivative assets are related to the gold price index and the assets shall be measured subsequently at fair value. As of December 31, 2019, there are no derivative assets due to maturity of bank structured deposits. Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the realizable value amount, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded in the period when loss is probable based on many factors, including the age of the balance, the customer’s payment history and credit quality of the customers, current economic trends and other factors that may affect the Company’s ability to collect from customers. Bad debts are written off after all collection efforts have been exhausted. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets Expenditures for repair and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Intangible assets represent purchased computer software. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Computer software, systems and acquired technology 1 – 5 years Residual values are considered nil. Impairment of long-lived assets other than goodwill The Company evaluates long-lived assets, such as property and equipment and purchased intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment for the years ended December 31, 2017, 2018 and 2019, respectively. Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. Prior to adopting ASC Topic 321, Investments—Equity Securities 325-20, Investments-Other: Cost Method Investments The Company regularly evaluates the impairment of the cost method investments based on performance and financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. Subsequent to the Company’s adoption of ASC 321 on January 1, 2019, for equity investments without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in consolidated statements of comprehensive loss equal to the difference between the carrying value and fair value. The impact for the year ended December 31, 2019 was an increase to other income of RMB17,298 (US$2,485) in consolidated statements of comprehensive loss and there was no impact for beginning retained earnings as a result of applying the new accounting standard for certain equity securities, with the impact primarily related to the Company’s equity investment without readily determinable fair value . Convertible notes At the commitment date, the fees and expenses associated with the issuance of the convertible notes are recorded as a discount to the debt liability in accordance with ASU 2015-03. The Company has early adopted ASU 2015-03, 835-30): Simplifying the Presentation of Debt Issuance Costs 2017-11, Accounting for Certain Financial Instruments with Down Round Features. 2015-03 2017-11 Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. Share split On March 1, 2017, the board of directors approved a 1 for 10 share split. Share and per share amounts for common shares and contingently redeemable convertible preferred shares disclosed for all prior periods have been retroactively adjusted to reflect the effects of the share split. Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock Revenue recognition Starting from January 1, 2019, the Company adopted the new revenue guidance ASC Topic 606 Revenue from Contracts with Customers Impact on Adoption of New Revenue Guidance The impact for the year ended December 31, 2019 was an increase to revenue of RMB3,119 (US$448) and the cumulative impact for beginning retained earnings was RMB4,605 as a result of applying the new revenue standard, with the impact primarily related to the Company’s private cloud-based services. Under ASC 605, the private cloud-based services is recognized pro rata over post-contract-service period. Under ASC 606, the private cloud-based services is recognized at a point in time when the control of service is obtained by the customer represented by the customer acceptance received by the Company. The effect of the adoption of ASC 606 as of December 31, 2018 was as follows: As of December 31, 2018 Consolidated balance sheet As previously Balances under Effect of change RMB RMB RMB Accounts receivable, net of allowance for doubtful accounts 141,911 143,543 1,632 Prepayments and other current assets 80,578 80,948 370 Deferred revenue and customer deposits 59,483 56,419 (3,064 ) Accrued liabilities and other current liabilities 76,666 77,126 460 Accumulated deficit (348,123 ) (343,518 ) 4,605 The effect of the adoption of ASC 606 for the current year was as follows: Year ended December 31, 2019 Consolidated statement of comprehensive loss Balances under ASC 606 Balances under ASC 605 Effect of change RMB US$ RMB US$ RMB US$ Revenues 906,458 130,205 903,339 129,757 3,119 448 Cost of revenues (649,596 ) (93,309 ) (649,487 ) (93,293 ) (109 ) (16 ) Net Loss (109,841 ) (15,776 ) (112,851 ) (16,208 ) 3,010 432 Net loss per share for class A and class B common shares: Class A common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — Class B common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — As of December 31, 2019 Consolidated balance sheet Balances under ASC 606 Balances under ASC Effect of change RMB US$ RMB US$ RMB US$ Accounts receivable, net of allowance for doubtful accounts 135,417 19,452 131,088 18,830 4,329 622 Prepayments and other current assets 86,087 12,366 85,494 12,281 593 85 Deferred revenue and customer deposits (77,561 ) (11,141 ) (81,053 ) (11,643 ) (3,492 ) (502 ) Accrued liabilities and other current liabilities (96,277 ) (13,829 ) (95,635 ) (13,737 ) 642 92 Accumulated deficit (453,359 ) (65,121 ) (460,974 ) (66,215 ) 7,615 1,094 Accumulated other comprehensive income 6,363 914 6,206 891 157 23 Starting from 2019, the Company has changed the classification of revenue in the consolidated statements of comprehensive loss by reclassifying revenue from developer services and other SaaS products, formerly named as other vertical data solutions, to revenues under SaaS products. The Company generates revenues primarily through targeted marketing, and SaaS products. Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which the Company expects to be entitled to in exchange for those goods or services. Targeted Marketing The Company generates targeted marketing revenue by providing targeted marketing solution in the form of integrated marketing campaign to advertiser through the XiaoGuoTong The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and the pricing. Advertising customers pay for the targeted marketing solutions primarily based on a cost-per-click (CPC) or cost-per-action (CPA) SaaS products The Company generates SaaS products revenue primarily from developer services and other SaaS products. For developer services, there are two types contracts, subscription-based contracts and project-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide push notification or instant messaging (collectively “notification services”), which the Company provides its customers with access to its notification services platform. This enables customers to send notifications and messages to users. The Company generally recognizes revenue ratably over time under the subscription-based contracts as stand-ready obligations, because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company uses an output method of progress based on fixed contract term as it best depicts the transfer of control to the customer. The Company primarily enters into project-based contracts with its customers to provide private cloud-based developer services, which are designed to provide customizable services to customers who want a more controlled software environment and more comprehensive technology and customer support. The Company provides its customers one combined performance obligation including customized APP push notification system or instant messaging system and related system training services as both performance obligations are incapable of being distinct because the customer cannot drive economic benefit from the related system training services on its own. Meanwhile, the Company also provides post contract assurance-type maintenance services, which usually have a duration of one year. Under ASC 605, the Company recognizes revenue pro rata over post-contract-service period in accordance with ASC 985-605-25. For other SaaS products, the Company enters into agreements with its customers to provide data analytic solutions and there are three types contracts, subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide customizable service package for a fixed contract term, which allows the customers to subscribe a fixed number of apps to obtain unlimited volume of queries to the Company’s analytic results. The Company generally recognizes revenue ratably over time under the subscription-based contracts, because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company primarily enters into project-based contracts with its customers to provide in-depth The Company primarily enters into consumption-based contracts with its customers to process the queries or provide features based on the customers’ requirements. When the Company receives a placed order, it recognizes revenue at a point in time when the queries are processed, or the features are utilized by the customers. For certain arrangements, customers are required to pay the Company before the services are delivered. For other arrangements, the Company provided customers with a credit term under one year. Revenues are presented net of value-added tax collected on behalf of the government. Other Revenue Recognition related policies Timing of revenue recognition may differ from the timing of invoicing to customers. Some customers are required to pay before the services are delivered to the customer. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability on the consolidated balance sheet, depending on the relationship between the Company’s performance and the customer’s payment. Contract assets represent amounts related to the Company’s rights to consideration received for private-cloud-based service and are included in “Prepayments and other assets” on the consolidated balance sheets. Amount of contract assets was not material as of January 1, 2019 and December 31, 2019, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue” on the consolidated balance sheets. Revenue recognized for the year ended December 31, 2019 that was included in contract liabilities as of January 1, 2019 was RMB24,256 (US$3,484). A summary of contract liabilities is as follow: As of January 1, 2019 As of December 31, 2019 RMB RMB US$ Contract liabilities 33,067 39,638 5,694 The increase in contract liabilities was primarily due to an increase of consideration received from the customers. Customer deposits relate to customer’s unused balances that are refundable. Once this balance is utilized by the customer, the corresponding amount would be recognized as revenue. As of December 31, 2019, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB21,534 (US$3,093). The Company expects to recognize the majority of its remaining performance obligations as revenue within the next year. Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. Research and development Research and development expenses are primarily incurred in the development of new services, new features, and general improvement of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized during any of the years presented as the Company has not met all of the necessary capitalization requirements. Advertising expense s Advertising expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB5,277, RMB6,697 and RMB17,311 (US$2,847) for the year s Other income Other income represents government grants and profit-sharing program with Depositary Bank related to ADSs depositary. Government grants are recognized when there is reasonable assurance that the Company will comply with the attached conditions. When the grant relates to an expense item, it is recognized on a systemic basis in the consolidated statement of comprehensive loss over the period necessary to match the grant to the related costs. Where the grant relates to an asset acquisition, it is recognized in the consolidated statements of comprehensive loss in proportion to the depreciation of the related assets. Income from profit- sharing program is recognized as non-current over five-year period as specified in the contract based on certain parameters. Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating non-operating Operating leases Leases where substantially all the risks and rewards of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. The Company had no capital leases during the years presented. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred was RMB12,121 , and RMB20,724 Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year end in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step more-likely-than-not The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive loss. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses during the years presented. Share-based compensation In accordance with ASC 718, Compensation-Stock Compensation, 2016-09— Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Fair value measurements Fair value is 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 Company considers the principal or most advantageous market in which it would transact and the market-based risk measurement or assumptions that market participants would use when pricing the asset or liability. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1-Quoted Level 2-Observable Level 3-Inputs The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepaid expenses and other current assets, balances with related parties, accounts payable, and other payables with accrued liabilities and other current liabilities, approximate their fair values because of the short maturity of these instruments. The carrying amounts of restricted cash (non-current) Comprehensive loss Comprehensive loss is defined as the increase or decrease in equity of the Company during a year from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive income Loss per share In accordance with ASC 260, Earning per Share two-class two-class two-class Diluted loss per share is computed by dividing net loss attributable to common shareholders as adjusted for the effect of dilutive common equivalent shares, if any, by the weighted average number of common and dilutive common equivalent shares outstanding during the years. Common equivalent shares consist of the common shares issuable upon the conversion of the Company’s contingently redeemable convertible preferred shares and the convertible senior notes using the if-converted Concentration of risks Concentration of credit risk Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 201 8 9 Concentration of suppliers Approximately 81.3% , and 57.7% s ,2018 9 Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future consolidated financial position, results of operations or cash flows : Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. On June 19, 2010, the PBOC announced the end of the RMB’s de facto peg to the US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB’s exchange rate flexibility. On March 15, 2014, the People’s Bank of China announced the widening of the daily trading band for RMB against US$. The appreciation of the US$ against RMB was approximately 1.87% in 201 9 Segment information The Company’s chief operating decision maker is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on the consolidated financial results. As a result, the Company has only one reportable segment. As the Company generates substantially most of its revenues in the PRC, no geographical segments is presented. Recently issued accounting pronouncements As a company with less than US$1.07 billion in revenue for the last fiscal year, the C In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) off-balance No. 2018-11, Leases (Topic 842): Targeted Improvements ( 2018-11” ) No. 2019-10 Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)-Effective Dates Lease (Topic 842) (b) not-for-profit over-the-counter-market; No. 2019-10 Lease (Topic 842) Leases (Topic 842) right-of-use in-scope In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2019-05, Financial Instruments- Credit Losses (Topic 326) 2019-04 2018-19. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”), In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes step-up In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815)—Clarifying the Interactions |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts receivable, net | 3 Accounts receivable, net As of December 31, 2018 2019 RMB RMB US$ Accounts receivable 151,219 163,933 23,548 Less: allowance for doubtful accounts (9,308 ) (28,516 ) (4,096 ) Total accounts receivable, net 141,911 135,417 19,452 The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2018 2019 RMB RMB US$ Balance at beginning of year 3,462 9,308 1,337 Provisions 6,389 20,054 2,881 Write-offs (543 ) (846 ) (122 ) Balance at end of year 9,308 28,516 4,096 |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and other current assets | 4 Prepayments and other current assets Prepayments and other current assets consist of the following: As of December 31, 2018 2019 RMB RMB US$ Prepaid media cost 54,937 45,452 6,529 Prepaid service fee 6,804 9,892 1,421 VAT and other surcharges 12,097 16,266 2,336 Investment in a convertible loan — 8,000 1,149 Office rental deposit 853 2,321 333 Others 5,887 4,156 598 Total prepayments and other current assets 80,578 86,087 12,366 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 5 Property and equipment, net Property and equipment consist of the following: As of December 31, 201 8 201 9 RMB RMB US$ Office furniture and equipment 4,920 5,982 859 Computer equipment and servers 111,274 149,947 21,539 Leasehold improvements 7,256 10,595 1,522 Less: Accumulated depreciation (30,576 ) (60,289 ) (8,660 ) Total property and equipment, net 92,874 106,235 15,260 No impairment charges were recognized on property and equipment for the years ended December 31, 2017, 2018 and 2019, respectively. Depreciation expense recognized for the years ended December 31, 2017, 2018 and 2019 were RMB8,805, RMB18,084 and RMB30,059 (US$4,318), respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | 6 Intangible assets Intangible assets consist of the following: As of December 31, 2018 2019 RMB RMB US$ Computer software, systems and acquired technology 1,874 11,460 1,646 Less: Accumulated amortization (343 ) (2,650 ) (381 ) Total intangible assets, net 1,531 8,810 1,265 No impairment charges were recognized on intangible assets for the years ended December 31, 2017, 2018 and 2019, respectively. The addition of intangible asset RMB8,000 is generated from the acquisition of MLINK business occurred on March 4, 2019, of which was fully attributed to acquired technology with a useful life of five years. The Company concluded that all of the fair value of MLINK business’s gross assets acquired is concentrated in a single identifiable intangible asset and therefore not a business pursuant to ASU 2017-01. The weighted average amortization period of intangible assets were 3 years, 2.6 years and 4.2 years for the years ended December 31, 2017, 2018 and 2019, respectively. Amortization expense of intangible assets were RMB35, RMB307 and RMB2,307 (US$331), for the years ended December 31, 2017, 2018 and 2019 , Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: RMB US$ For the year ending December 31, 2020 2,952 424 2021 2,207 317 2022 1,784 256 2023 1,600 230 2024 267 38 No intangible assets with an indefinite useful life as of December 31, 2018 and 2019. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 7 Long-term investments Equity investments accounted for at fair value using the measurement alternative Equity investments without readily determinable fair value were accounted as cost method investments prior to adopting ASC 321- Total unrealized and realized gains and losses of equity investments with readily determinable fair values in 2019 were as follows: For the year ended 2019 RMB US$ Gross unrealized gain (upward adjustment) 17,298 2,485 Gross unrealized loss (downward adjustment) — — Net unrealized gain on equity investments held 17,298 2,485 Net realized gain on equity investments sold 6,778 974 Total net gains recognized in other income, net 24,076 3,459 In 2018 and 2019, the Company acquired a total of the share capital of Zhuoxuan, a non-listed company, for The Company recognized a fair value gain of RMB3,043 In 2017, the Company acquired 6.25% of the share capital of Shuwei, a non-listed , and the Company’s ownership of share in Shuwei decreased to in 2018 due to Shuwei’s subsequent rounds of financing. In 2019, the Company disposed certain portion of equity ownership of Shuwei with the consideration RMB10,000 (US$1,436), and recognized realized gain of RMB6,778 (US$974) and a fair value gain of RMB14,255 (US$2,048) for the remaining portion of equity ownership 2.89% in “other income”. No impairment losses were recognized on equity investments for the years ended December 31, 2017, 2018 and 2019, respectively. |
Deferred Revenue and Customer D
Deferred Revenue and Customer Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Customer Deposits | 8 Deferred revenue and customer deposits Deferred revenue and customer deposits consist of the following: As of December 31, 2018 2019 RMB RMB US$ Deferred revenue 33,067 39,638 5,694 Customer deposits 26,416 37,923 5,447 Total deferred revenue and customer deposits - 59,483 77,561 11,141 Deferred revenue - non-current 10,265 8,150 1,171 Roll-forward of customers deposits: Year ended December 31, 2018 2019 RMB RMB US$ Balance at beginning of year 20,636 26,416 3,794 Cash received from customers during the year 407,630 419,303 60,229 Revenue recognized during the year (397,488 ) (399,933 ) (57,447 ) Refunds paid during the year (4,362 ) (7,863 ) (1,129 ) Balance at end of year 26,416 37,923 5,447 |
Accrued Liabilities and Other C
Accrued Liabilities and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other current liabilities | 9 Accrued liabilities and other current liabilities Accrued liabilities and other current liabilities consist of the following: As of December 31, 2018 2019 RMB RMB US$ Accrued payroll and welfare payables 51,607 55,507 7,973 Other taxes and surcharge 11,277 16,368 2,351 Service fees 11,130 5,934 852 Acquisition of property and equipment 104 4,351 625 Government grant — 2,326 334 Rental and property management fee 909 2,115 304 Others 1,639 9,676 1,390 Total accrued liabilities and other current liabilities 76,666 96,277 13,829 |
Contingently Redeemable Convert
Contingently Redeemable Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2019 | |
Temporary Equity [Abstract] | |
Contingently Redeemable Convertible Preferred Shares | 10 Contingently redeemable convertible preferred shares Series A contingently redeemable convertible preferred shares (“Series A preferred shares”) On November 18, 2014, the Company issued Series A-1 A-1 On January 21, 2015, the Company issued Series A-2 A-2 Series B contingently redeemable convertible preferred shares (“Series B preferred shares”) On May 13, 2015, the Company issued Series B contingently redeemable convertible preferred shares (“Series B preferred shares”) of 529,100, 529,100, 494,070, 35,030 and 6,349,210 to Elite Bright International Limited, Mandra iBase Limited, IDG-Accel China Growth Fund III L.P, IDG-Accel China III Investors L.P and Greatest Investments Limited, respectively, at US$0.95 per share for a total consideration of US$7,500. Series C contingently redeemable convertible preferred shares (“Series C preferred shares”) On April 1, 2016, the Company issued Series C-1 C-1 On October 31, 2016, the Company issued Series C-2 C-2 Series D contingently redeemable convertible preferred shares (“Series D preferred shares”) On October 5, 2017, the Company issued Series D contingently redeemable convertible preferred shares of 28,062, 2,441,572 and 3,089,853 to Fidelity Investment Funds, Fidelity China Special Situations PLC and Fidelity Funds, respectively, at US$5.40 per share for a total consideration of US$30,000. Dividend rights Each holder of the Series A, B, C, D preferred shares (collectively “Preferred Shares”) will be entitled to receive non-cumulative For the periods presented, no dividends were declared by the Company’s Board of Directors on the Preferred Shares. Voting rights Each holder of the Preferred Shares are entitled to the number of votes equal to the number of common shares into which such Preferred Shares could be converted at the voting date. Preferred shareholders will vote together with common shareholders, and not as a separate class of series, on all matters put before the shareholders. Liquidation preference In the event of any liquidation, dissolution or winding up of the Company or any deemed liquidation event defined as (i) the liquidation, dissolution or winding-up The holders of Series D preferred shares are entitled to receive an amount equal to 115% of the Series D Issue Price, plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series C, B and A preferred shares and the common shareholders of the Company. After the payment to the holders of Series D preferred shares, the holders of Series C preferred shares are entitled to receive an amount equal to 100% of the Issue Price, plus an annual simple return of 10% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series B and A preferred shares and the common shareholders of the Company. After the payment to the holders of Series C preferred shares, the holders of Series B preferred shares are entitled to receive an amount equal to 125% of the Series B Issue Price, plus an annual compounded return of 6% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series A preferred shares and the common shareholders of the Company. After the payment to the holders of Series B preferred shares, the holders of Series A preferred shares are entitled to receive an amount equal to 150% of the Series A Issue Price, plus an annual compounded return of 8% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the common shareholders of the Company. After payment has been made to the holders of the Preferred Shares in accordance with the above, the remaining assets of the Company available for distribution to shareholders shall be distributed ratably among the holders of common shares and Preferred Shares based on the number of common shares into which such Preferred Shares are convertible. Conversion rights Each holder of the Preferred Share has the right, at the sole discretion of the holder, to convert at any time and from time to time, all or any portion of the Preferred Shares into common shares based on the then-effective Conversion Price. The initial conversion price is the stated issuance price for each series of Preferred Shares. The initial conversion ratio is on a one for one basis and subject to adjustments in the event that the Company issues additional common shares through options or convertible instruments for a consideration per share received by the Company less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events. The Company’s Series C preferred share agreement contained a “Performance Ratchet” whereby if the Company’s PRC GAAP audited revenue was less than (i) RMB80,000 in 2016, or (ii) RMB120,000 in 2017, Weidong Luo and the Company shall compensate the Series C investors in accordance to the specified formula. In the event of a qualified IPO, each Preferred Share will automatically be converted into common shares. Redemption right If the Company shall at any time after the earlier of (i) January 1, 2020 or (ii) the date that is twelve months after the closing of the IPO, receive a written request from the holders of at least 50% or more of the issued and outstanding Preferred Shares (or common shares issued upon the conversion of the Preferred Shares) or Mandra iBased Limited may request in writing that the Company effect a registration for at least 20% of their Registrable Securities on any internationally recognized exchange that is reasonably acceptable to such requesting Preferred Shares and Common Shareholders using its best efforts. Furthermore, if the Company qualifies for registration on Form F-3 S-3 F-3 S-3 Redemption of preferred shares On April 11, 2018, the Company redeemed the 1,738,720 Series C preferred shares held by T.C.L. Industries Holdings (H.K.) Ltd. for an aggregate price of US$9,049. The Company accounted for the difference between the fair value of the consideration paid for the repurchase preferred shares and the carrying value of the preferred shares as an increase to the net loss attributable to ordinary shareholders in the statement of comprehensive loss. Initial measurement and subsequent accounting for Preferred Shares The Preferred Shares do not meet the criteria of mandatorily redeemable financial instruments specified in ASC 480-10-S99, The Preferred Shares were initially measured at fair value. Beneficial conversion features exist when the conversion price of the Preferred Shares is lower than the fair value of the common shares at the commitment date, which is the issuance date in the Company’s case. When a beneficial conversion feature exists as of the commitment date, its intrinsic value is bifurcated from the carrying value of the Preferred Shares as a contribution to additional paid-in Based on the Company’s 2016 PRC GAAP audited financial statements, the “Performance Ratchet” has not been triggered, Weidong Luo and the Company are not required to compensate the Series C holders. In determining whether to account for an amendment of equity-classified preferred shares as a modification or extinguishment, the Company considers an amendment that results in a greater than 10% change in fair value based on an analysis similar to ASC 470-50 The Company has elected to accrete the preferred shares to their redemption value over the contractual period since issuance to the earliest redemption date using the effective interest rate method. The accretion to redemption value including cumulative dividends shall be recorded as a reduction of income available to common shareholders in accordance with ASC 480-10-S99 The Preferred Shares were converted to common shares immediately upon the completion of the Company’s IPO on July 26, 2018. The movement in the carrying value of the convertible preferred shares is as follows: Mezzanine equity Series A Series B Series C Series D Total RMB RMB RMB RMB RMB Balance as of December 31, 2017 26,979 52,723 168,317 218,618 466,637 Accretion of Preferred Shares 1,463 4,137 7,441 11,053 24,094 Redemption of Preferred Shares — — (57,234 ) — (57,234 ) Conversion of Preferred Shares (28,442 ) (56,860 ) (118,524 ) (229,671 ) (433,497 ) Balance as of December 31, 2018 — — — — — Balance as of December 31, 2019 — — — — — |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 11 Share-based compensation Share option plans 2014 Incentive Plan On July 23 , 1,911 shares remain available for grant under the 2014 Plan. 2017 Incentive Plan On March 1, 2017, the Company’s board of directors and shareholders approved the 2017 Incentive Plan (the “2017 Plan”). Awards under the 2017 Plan vest to 4 years from the date of grant and expire no more than 10 years after the grant date. The Company reserved a total of 6,015,137 common shares for issuance under the 2017 Plan. As of December 31, 2019, 3,174,379 shares remain available of grant under the 2017 Plan. The exercise price, vesting and other conditions of individual awards are determined by the board of directors or any of the committees appointed by the board of directors to administer the 2014 and 2017 Plans. The awards are subject to multiple service vesting periods arranging from 1 to 4 years, and will expire 10 years after the date of award. Upon the termination of the Grantee’s Continuous Service, the Company has the right to repurchase the vested award or shares obtained. Share options The following table summarizes the share option activity for the year ended December 31, 2019: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 201 8 8,032,458 9.04 12.48 7.47 507,876 Granted 333,077 8.98 50.18 — — Forfeited 72,891 36.42 28.52 — — Expired — — — — — Exercised 1,113,098 2.74 4.06 — — Cancelled — — — — — Outstanding, December 31, 2019 7,179,546 9.74 15.37 6.75 163,589 Vested and expected to vest at December 31, 2019 7,179,546 9.74 15.37 6.75 163,589 Vested at December 31, 2019 5,237,925 5.17 7.90 6.21 137,787 The weighted average grant date fair value of the share options granted during the years ended December 31, 2017, 2018 and 2019 were RMB10.34, RMB45.72 and RMB50.18, respectively. The aggregate unrecognized share-based compensation expense was RMB33,056 (US$4,748) as of December 31, period of 2.61 years. The Company estimates the fair value of each award on grant date using the binomial option pricing model with the assistance of an independent third-party valuation firm. The binominal model requires the input of highly subjective assumptions, including the expected share price volatility and the suboptimal early exercise factor. For expected volatility, the Company has made reference to historical volatilities of several comparable companies. The suboptimal early exercise factor was estimated based on the Company’s expectation of exercise behavior of the grantees. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. Prior to th e The Company recognizes share-based compensation expense using the accelerated recognition method over the requisite service period, which is generally subject to graded vesting. The following table presents assumptions used to estimate the fair values of share options granted for the years ended December 31, 2017,2018 and 2019: 2017 2018 2019 Risk-free interest rate 2.27% - 2.41% 2.27% - 2.93% 1.65% - 2.54% Dividend yield 0% 0% 0% Expected volatility 46.33% - 47.15% 45.30% - 46.10% 44.23% - 44.71% Weighted average expected volatility 46.66% 45.98% 44.53% Expected exercise multiple 2.5 2.5 2.5 (i) Risk-free interest rate – The risk-free interest rate for periods within the contractual life of the options is based on the US Treasury yield curve in effect at the time of the grant for a term consistent with the contractual term of the awards. (ii) Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. (iii) Expected volatility – Expected volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry. (iv) Expected exercise multiple – Expected exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees. Restricted share units Starting from September 4, 2018, the Company granted restricted Class A common shares of the Company (“Restricted Shares”). A summary of the restricted share units for the year ended December 31, 2019 was stated below: Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2018 12,550 — 54.69 9.68 907 Granted 33,643 — 45.09 — — Forfeited — — — — Expired — — — — Exercised 12,550 — 54.97 — — Cancelled — — — — — Outstanding, December 31, 2019 33,643 — 44.98 9.70 1,039 Vested and expected to vest at December 31, 2019 33,643 — 44.98 9.70 1,039 Exercisable at December 31, 2019 — — — — — The weighted average grant-date fair value per share of restricted share units granted for the years ended December 31, 2018 and 2019 were RMB54.69 and RMB45.09 (US$ 6.48), respectively. As of December 31, 2019, there was RMB64 (US$9) of unrecognized share-based compensation cost related to restricted shares, which the Company expects to recognize over an estimated weighted-average period of one year. The aggregate fair value of share options and restricted share units vested and recognized as expenses as of December 31, 2017, 2018 and 2019 were RMB8,275, RMB24,561 and RMB47,284 (US$6,792), respectively. Total intrinsic value of share options and restricted share units exercised for the years ended December 31, 2017, 2018 and 2019 were nil, nil and RMB53,338 (US$7,662), respectively. Total compensation costs recognized for the year ended December 31, 2017, 2018 and 2019 were as follows: Year ended December 31, 2017 201 8 2019 RMB RMB RMB US$ Cost of Revenue — — 73 10 Research and development 1,408 9,448 12,819 1,841 Sales and marketing 944 3,347 6,040 868 General and administrative 5,923 11,766 28,352 4,073 Total 8,275 24,561 47,284 6,792 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12 Income taxes Cayman Islands Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the British Virgin Islands (“BVI”), the Company’s BVI incorporated subsidiary are not subject to tax on income or capital gains arising in BVI. In addition, upon payments of dividends by this entity to its shareholders, no BVI withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, the subsidiary in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and it may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. China Effective from January 1, 2008, the PRC’s statutory, Enterprise Income Tax (“EIT”) rate is 25%. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity must file required supporting documents with the tax authority and ensure fulfillment of the relevant HNTE criteria before using the preferential rate. An entity could re-apply The Company’s loss before income taxes consists of: Year ended 2017 2018 2019 RMB RMB RMB US$ Cayman Islands (10,584 ) 6,622 (16,716 ) (2,401 ) British Virgin Islands (2 ) (25 ) (30 ) (4 ) Hong Kong (34 ) 208 (3,097 ) (445 ) China (83,651 ) (72,972 ) (89,836 ) (12,903 ) Total loss before income taxes (94,271 ) (66,167 ) (109,679 ) (15,753 ) Composition of income tax expense The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: Year ended 2017 2018 2019 RMB RMB RMB US$ Current income tax expense — (35 ) (162 ) (23 ) Deferred tax benefit 3,980 5 — — Total income tax (expense)/benefit 3,980 (30 ) (162 ) (23 ) Reconciliation between expenses of income taxes Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: Year ended 2018 2019 RMB RMB US$ Loss before income tax (66,167 ) (109,679 ) (15,753 ) Income tax expense computed at PRC statutory rate (25%) (16,542 ) (27,421 ) (3,939 ) International tax rate differential (1,668 ) 4,451 639 Preferential tax rate 6,397 12,845 1,845 Deferred tax items tax rate differential (6,390 ) (10,157 ) (1,459 ) Research and development super-deduction (21,559 ) (26,910 ) (3,865 ) Non-deductible 5,701 12,587 1,809 Deferred tax expense 4,073 — — Recognition of prior year tax loss — (1,939 ) (279 ) Changes in valuation allowance 30,018 36,706 5,272 Income tax expense 30 162 23 Deferred tax assets and liabilities The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2018 and 2019 are as follows: As of December 31, 2018 2019 RMB RMB US$ Deferred tax assets, net Provision for doubtful debts 2,463 7,484 1,075 Accrued expense 3,737 9,516 1,367 Net operating loss carry forward 78,985 108,101 15,528 Government grant related to assets 54 359 52 Fixed assets depreciation 14 73 10 Estimated liabilities 10 — — Net unrealized gain on equity investments held — (3,564 ) (512 ) Valuation allowance (85,263 ) (121,969 ) (17,520 ) Total deferred tax assets, net — — — The Company operates through its WFOE and VIE and evaluates the potential realization of deferred tax assets on an entity basis. The Company recorded valuation allowance against deferred tax assets of those entities that were in a three-year cumulative financial loss and are not forecasting profits in the near future as of December 31, 2018 and 2019. In making such determination, the Company also evaluated a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The Company had deferred tax assets related to net operating loss carry forwards of RMB78,985 and RMB108,101 (US$15,528) from its WFOE and the VIE in China as of December 31,2018 and 2019, which can be carried forward to offset taxable income. The net operating loss of WOFE and VIE will expire in years 2020 to 2024 and 2020 to 2029 if not utilized, respectively. The Company did not record any dividend withholding tax, as there were no undistributed earnings arising from the WFOE noted as of December 31, 2018 and 2019. As of December 31, 2018 and 2019, the Company concluded that there was no significant tax uncertainties in its consolidated financial results. The Company did not record any interest and penalties related to an uncertain tax position for each of the year s 2017, |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 13 Convertible notes On April 17, 2018, the Company issued zero coupon convertible notes (the “Convertible Notes”) due 2021 in an aggregate principal amount of US$35,000 to one existing and one new investor. The Convertible Notes will mature on their third anniversary date. Holders of the convertible notes may, at their option during a period starting from the issue date until seven days prior to the maturity of the notes, subject to certain exceptions, convert the notes into common shares of the Company at the then applicable conversion price, which is initially US$11.76 per share, subject to certain anti-dilution and other adjustments (the “Conversion Option”). On the commitment date, the conversion option did not qualify for derivative accounting as the underlying common shares which the Convertible Note could be converted into were not publicly traded nor could they be readily convertible into cash in accordance with ASC 815-15 815-40. 815-10-15-74(a). If no qualified IPO were to occur within two years of the issue date, the outstanding obligation at their principal amount with an amount representing a total internal rate of return of 8% per annum, under the Convertible Notes would be immediately due and payable (“Contingent Redemption Option”). If the event of default as defined in the Convertible Notes were to occur, a simple interest of 15% will accrue on the principal. If the Company fails to deliver and register title to any shares following conversion of any Convertible Note, an interest represents a total internal rate of return of 15% per annum will accrue on the principal (both “Contingent Interest Feature”). The Company evaluated and determined there were no embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The Company also evaluated the Contingent Redemption Option and Contingent Interest Feature contained in the Convertible Notes in accordance with ASC 815. Both features qualify for derivative accounting as they are not clearly and closely related to the debt host and will be accounted for as a single compound derivative. At issuance date, the Company recognized a derivative liability of US$3,224, which was subsequently accounted for at fair value with a change in fair value of US$3,224 recognized in current earnings for the year ended December 31, 2018 due to a qualified IPO. Furthermore, as the most favorable conversion price used to measure the BCF for the Convertible Note was the issuance price of US$11.76, no BCF was recognized for the Convertible Note as the fair value per ordinary share at the commitment date was US$9.87, which was less than the most favorable conversion price. Both principal amount subsequent to the bifurcation of its compound derivative and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the convertible notes. The effective interest rate was 4.69%. The principal amount, debt issuance costs and derivative liability as of December 31, 2019 was as follows: As of Charge to Foreign As of December 31, 2019 RMB RMB RMB RMB US$ Principal amount 240,212 — 3,955 244,167 35,000 Contingent redemption feature and debt issuance costs (24,033 ) 10,178 (281 ) (14,136 ) (1,958 ) Total 216,179 10,178 3,674 230,031 33,042 As of December , , aggregate future principal payments for the Convertible Notes were as follows: RMB US$ 1 year (including 1 year) — — 1 year to 2 years (including 2 years) 244,167 35,000 Total 244,167 35,000 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14 Commitments and contingencies Operating lease commitments The Company leases office premises in the PRC under non-cancellable Total operating lease expenses were RMB6,081 and RMB12,120 and RMB (US$2,353) for the year s As of December 31, 2019, future minimum payments under non-cancellable RMB US$ 2020 10,018 1,439 2021 4,425 636 2022 4,131 593 2023 346 50 Total 18,920 2,718 The Company’s operating lease commitments have no renewal options, rent escalation clauses and restrictions or contingent rents. Capital commitments As of December 31, 2019, future minimum payment under non-cancellable |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Share capital | 15 Share capital As of December 31, 2017, there were 42,666,670 common shares and 27,867,937 preferred shares. On June 27, 2018, the Company’s shareholders adopted a resolution to approve the Post-Offering Memorandum and Articles of Association, The Post-Offering Memorandum and Articles of Association provide that, the Company’s authorized share capital will be changed into US$500 divided into 5,000,000,000 shares. On July 26, 2018, the Company completed its IPO on the NASDAQ. The Company offered 9,060,000 ADSs representing 6,040,000 Class A common shares. Upon completion of the IPO, all outstanding 27,867,937 Preferred Shares were converted on a one-for-one one-for-one Additionally, on August 30, 2018, the underwriters exercised their over-allotment option and issued more 19,708 Class A common shares. On April 11, 2018, the Company redeemed the 1,738,720 Series C preferred shares held by T.C.L. Industries Holdings (H.K.) Ltd. for an aggregate price of US$9,049,000. On November 20, 2018, the Board of Directors of the Company authorized the Repurchase Plan, pursuant to which the Company was authorized to repurchase its own issued and outstanding American depositary shares (“ADSs”) up to an aggregate value of US$10 million from the open market. As of December 31, 2019, the Company had repurchased under the Repurchase Plan an aggregate of 920,606 ADSs, representing 613,737 Class A common shares. As of December 31, 2019, the Company has no plan for cancellation of these repurchased shares. These shares were recorded at their purchase cost on the consolidated balance sheets. As at December 31, 2019 , Basic and diluted loss per share is calculated as follows: For the year ended 31, 2017 For the year ended December For the year ended December 31, 2019 Common Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (90,291 ) (46,606 ) (19,591 ) (85,502 ) (12,282 ) (24,339 ) (3,496 ) Deduct: Accretion of redeemable convertible preferred shares (26,391 ) (16,963 ) (7,131 ) — — — — Net loss attributable to common shareholders (116,682 ) (63,569 ) (26,722 ) (85,502 ) (12,282 ) (24,339 ) (3,496 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 42,666,670 40,441,999 17,000,189 59,721,341 59,721,341 17,000,189 17,000,189 Basic and diluted loss per share (2.73 ) (1.57 ) (1.57 ) (1.43 ) (0.21 ) (1.43 ) (0.21 ) For the years ended December 31, 2017, the computation of basic loss per share using the two-class two-class |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16 Related party transactions The table below sets forth the major related parties and their relationships with the Company: Name of related parties Relationship Weidong Luo Founder, Chief Executive Officer Fei Chen Founder, President Shenzhen Weixunyitong Information Technology Co., Ltd. Company that is significantly influenced by Weidong Luo Guangzhou Tianlang Network Technology Co., Ltd. Company that is significantly influenced by Weidong Luo Details of related party balances as of December 31, 2018 and 2019 are as follows: 16.1 Amounts due from related parties As of December 31, 2018 2019 RMB RMB US$ Shenzhen Weixunyitong Information Technology Co., Ltd. 1,543 521 75 Guangzhou Tianlang Network Technology Co., Ltd. 1,305 — — Fei Chen 1,716 — — Total amounts due from related parties 4,564 521 75 16.2 Amounts due to related parties As of December 31, 2018 2019 RMB RMB US$ Shenzhen Weixunyitong Information Technology Co., Ltd. 8,864 56 8 Total amounts due to related parties 8,864 56 8 Details of related party transactions for the years ended December 31, 2017, 2018 and 2019 are as follows: 16.3 Transactions with related parties For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Services provided to: (i ) Shenzhen Weixunyitong Information Technology Co., Ltd. 2,752 1,002 — — Guangzhou Tianlang Network Technology Co., Ltd. 755 1,542 266 38 Total 3,507 2,544 266 38 Services received from: (ii ) Shenzhen Weixunyitong Information Technology Co., Ltd. 672 20,909 11,600 1,666 Office premises leased from: Shenzhen Weixunyitong Information Technology Co., Ltd. 1,557 475 — — Total 2,229 21,384 11,600 1,666 (i) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd. to provide targeted marketing services. The Company entered into an agreement with Guangzhou Tianlang Network Technology Co., Ltd. to provide certain data solutions and targeted marketing services. (ii) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd. to purchase ad inventory. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 17 Revenues Revenues consist of the following: Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Targeted Marketing 221,153 572,796 696,190 100,001 SaaS Products Developer services 38,795 60,106 93,553 13,438 Other SaaS Products 24,761 81,239 116,715 16,766 Total SaaS Products 63,556 141,345 210,268 30,204 Total revenues 284,709 714,141 906,458 130,205 Timing of revenue recognition for SaaS Products for the year ended December 31, 2019: For the year ended December 31, RMB US$ Developer Services Services delivered at the point in time 24,549 3,526 Services delivered overtime 69,004 9,912 Total developer services 93,553 13,438 Other SaaS Products Services delivered at the point in time 63,703 9,150 Services delivered overtime 53,012 7,616 Total other SaaS products 116,715 16,766 Total SaaS Products 210,268 30,204 |
Other income
Other income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income, Nonoperating [Abstract] | |
Other income | 1 8 Other income Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Government grants 677 7,483 12,546 1,802 Gain on an equity investment sold — — 6,778 974 Unrealized gain on equity investments held — — 17,298 2,485 I — 966 2,190 315 Total 677 8,449 38,812 5,576 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 1 9 Fair value measurements ASC 820-10, Fair Value Measurements and Disclosures: Overall Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 — Include other inputs that are directly or indirectly observable in the marketplace Level 3 — Unobservable inputs which are supported by little or no market activity ASC 820-10 Assets and liabilities measured or disclosed at fair value The Company measures bifurcated embedded redemption feature derivative of convertible notes at fair value on a recurring basis, which is classified within Level 3 as the fair value is measured based on risk-free interest rate, volatility, mature date, conversion price, and other factors. There are no derivative liabilities as of December 31, 2018 and 2019, respectively. For further information on the convertible notes see Note 13. The Company measures derivative assets at fair value on a recurring basis. The derivative assets are classified within Level 2 as the fair value is measured by using inputs derived from or corroborated by observable market data. There are no derivative assets as of December 31, 2018 and 2019, respectively. The Company’s non-financial non-financial For equity investments accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured non-recurring non-recurring No assets and liabilities were measured at fair value on a recurring basis as of December 31, 2018. For the year ended December 31, 2019, assets and liabilities measured or disclosed at fair value are summarized below: Fair value measurement or disclosure Total Fair Total Fair Quoted prices in Significant Significant Fair value RMB US$ RMB RMB RMB RMB Fair value measurement — Non-Recurring: Equity investments accounted for at fair value using the alternative measurement 31,375 4,507 — — 31,375 17,298 Total assets and liabilities measured at fair value 31,375 4,507 — — 31,375 17,298 There were no transfers of fair value measurements into or out of Level 3 for the years ended December 31, 2017, 2018 and 2019. The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2019: Derivative liability Balance as of December 31, 2017 20,237 Charge to profit and loss (21,302 ) Foreign exchange translation adjustments 1,065 Balance as of December 31, 2018 — Balance as of December 31, 2019 — Balance as of December 31, 2019 in US$ — |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 20 Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the VIE incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiary and VIE located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiary. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. Amounts of net assets restricted include paid-in and RMB856,141 8 9 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21 Subsequent events In early January 2020, an outbreak of a respiratory illness caused by the novel coronavirus (COVID-19) COVID-19 COVID-19 |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 22 Condensed financial information of the parent company Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end other than those presented. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. Condensed Balance Sheets As of December 31, 2018 2019 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 238,236 114,489 16,445 Due from the entities within the Group 7,030 7,198 1,034 Prepayments and other current assets 4,245 2,528 364 Total current assets 249,511 124,215 17,843 Non-current Long-term investments 590,752 668,049 95,959 Intangible assets, net 93 62 9 Total non-current 590,845 668,111 95,968 Total assets 840,356 792,326 113,811 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued liabilities and other current liabilities 11,542 1,439 207 Due to the entities within the Group 710 44,918 6,452 Total current liabilities 12,252 46,357 6,659 Non-current Deferred revenue - non-current 10,265 8,150 1,171 Convertible notes 216,179 230,031 33,042 Total non-current 226,444 238,181 34,213 Total liabilities 238,696 284,538 40,872 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2018 and 2019; 4,920,000,000 shares authorized as of December 31, 2018 and 2019, 59,547,823 shares and 60,106,037 shares issued and outstanding as of December 31, 2018 and 2019, respectively) 37 37 5 Class B common shares (par value of US$0.0001 per share as of December 31, 2018 and 2019; 30,000,000 shares authorized as of December 31, 2018 and 2019, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2018 and 2019) 11 11 2 Treasury shares (46,303 and 81,930 class A common shares as of December 31, 2018 and 2019, respectively) (3,165 ) (1,999 ) (287 ) Additional paid-in 944,500 956,735 137,426 Accumulated deficit (348,123 ) (453,359 ) (65,121 ) Accumulated other comprehensive income 8,400 6,363 914 Total shareholders’ equity 601,660 507,788 72,939 Total liabilities and shareholders’ equity 840,356 792,326 113,811 Condensed Statements of Comprehensive Loss As of December 31, 2017 2018 2019 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — — — Sales and marketing — — — — General and administrative (10,076 ) (11,941 ) (14,389 ) (2,067 ) Share of losses of subsidiaries and VIE (79,916 ) (72,750 ) (93,328 ) (13,404 ) Total operating expenses (89,992 ) (84.691 ) (107,717 ) (15,471 ) Loss from operations (89,992 ) (84,691 ) (107,717 ) (15,471 ) Foreign exchange loss, net (339 ) (186 ) — — Interest income 18 3,013 2,754 396 Interest expense — (6,599 ) (10,178 ) (1,462 ) Other income 22 964 5,300 761 Change in fair value of derivative liability — 21,302 — — Loss before income taxes (90,291 ) (66,197 ) (109,841 ) (15,776 ) Income tax expenses — — — — Net Loss (90,291 ) (66,197 ) (109,841 ) (15,776 ) Accretion of contingently redeemable convertible preferred shares (26,391 ) (24,094 ) — — As of December 31, 2017 2018 2019 RMB RMB RMB US$ Net loss attributable to common share holders (116,682 ) (90,291 ) (109,841 ) (15,776 ) Other comprehensive income (loss) Foreign currency translation adjustments (7,563 ) 11,688 (2,037 ) (293 ) Total other comprehensive income (loss), net of tax (7,563 ) 11,688 (2,037 ) (293 ) Comprehensive loss (97,854 ) (54,509 ) (111,878 ) (16,069 ) Condensed Statements of Cash Flows As of December 31, 2017 2018 2019 RMB RMB RMB US$ Net cash (used in)/ provided by operating activities (744 ) 16,052 15,273 2,194 Net cash used in investing activities (157,412 ) (535,995 ) (95,412 ) (13,705 ) Net cash provided by/ (used in) from financing activities 217,446 614,884 (33,845 ) (4,862 ) Effect of exchange rate changes (7,695 ) 24,866 (9,763 ) (1,403 ) Net increase/ (decrease) in cash and cash equivalents 51,595 119,807 (123,747 ) (17,776 ) Cash and cash equivalents at the beginning of year 66,834 118,429 238,236 34,221 Cash and cash equivalents at the end of year 118,429 238,236 114,489 16,445 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, and the VIE. All significant intercompany transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments that management make about the carrying values of assets and liabilities, which are not readily apparent from other sources. Management base their estimates and judgments on historical information and on various other assumptions that they believe are reasonable under the circumstances. U.S. GAAP requires management to make estimates and judgments in several areas, including, but not limited to, those related to allowance for doubtful accounts, volume rebates, useful lives of property and equipment and intangible assets, valuation of intangible asset acquisition, impairment of long-lived assets, fair value measurements for equity investments without readily determinable fair value, impairment of equity investments, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative asset and derivative liability, warranties for private cloud-based services and share-based compensation. These estimates are based on management’s knowledge about current events and expectations about actions that the Company may undertake in the future. Actual results could differ from those estimates. |
Convenience translation | Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.9618 per US$1.00 on December 31, 201 9 |
Foreign currency translation | Foreign currency translation The functional currency of the Company and the Company’s subsidiary outside the PRC are US$. The Company’s PRC subsidiary and VIE adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters income equity Transactions in currencies other than the functional currency are remeasured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive loss during the period or year in which they occur. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. |
Restricted cash | Restricted cash Restricted cash represents cash granted by the government for certain approved technology research and development projects. These cash balances are not available for use until the Company obtain pre-approval |
Short-term investments | Short-term investments The Company’s short-term investments comprise primarily of bank structured deposits at fixed rates based on the guaranteed interest rate with maturities within twelve months. As of December 31, 2019, there are no short-term investments due to maturity. |
Derivative assets | Derivative assets The derivative assets are embedded derivatives separated from the host contract of bank structured deposits. The derivative assets are recorded at fair value. Terms of the derivative assets are related to the gold price index and the assets shall be measured subsequently at fair value. As of December 31, 2019, there are no derivative assets due to maturity of bank structured deposits. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the realizable value amount, net of allowances for doubtful accounts. An allowance for doubtful accounts is recorded in the period when loss is probable based on many factors, including the age of the balance, the customer’s payment history and credit quality of the customers, current economic trends and other factors that may affect the Company’s ability to collect from customers. Bad debts are written off after all collection efforts have been exhausted. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets Expenditures for repair and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive loss. |
Intangible assets | Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Intangible assets represent purchased computer software. All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Computer software, systems and acquired technology 1 – 5 years Residual values are considered nil. |
Impairment of long-lived assets other than goodwill | Impairment of long-lived assets other than goodwill The Company evaluates long-lived assets, such as property and equipment and purchased intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment for the years ended December 31, 2017, 2018 and 2019, respectively. |
Long-term Investments | Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. Prior to adopting ASC Topic 321, Investments—Equity Securities 325-20, Investments-Other: Cost Method Investments The Company regularly evaluates the impairment of the cost method investments based on performance and financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. Subsequent to the Company’s adoption of ASC 321 on January 1, 2019, for equity investments without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in consolidated statements of comprehensive loss equal to the difference between the carrying value and fair value. The impact for the year ended December 31, 2019 was an increase to other income of RMB17,298 (US$2,485) in consolidated statements of comprehensive loss and there was no impact for beginning retained earnings as a result of applying the new accounting standard for certain equity securities, with the impact primarily related to the Company’s equity investment without readily determinable fair value . |
Deferred revenue and customer deposits | Deferred revenue and customer deposits Deferred revenue consists of payments from customers in advance of revenue recognition. Customer deposits relate to customer’s unused balances that are refundable. Once this balance is utilized by the customer, the corresponding amount would be recognized as revenue. |
Convertible notes | Convertible notes At the commitment date, the fees and expenses associated with the issuance of the convertible notes are recorded as a discount to the debt liability in accordance with ASU 2015-03. The Company has early adopted ASU 2015-03, 835-30): Simplifying the Presentation of Debt Issuance Costs 2017-11, Accounting for Certain Financial Instruments with Down Round Features. 2015-03 2017-11 |
Value added taxes ("VAT") | Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. |
Share split | Share split On March 1, 2017, the board of directors approved a 1 for 10 share split. Share and per share amounts for common shares and contingently redeemable convertible preferred shares disclosed for all prior periods have been retroactively adjusted to reflect the effects of the share split. |
Treasury shares | Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock |
Revenue recognition | Revenue recognition Starting from January 1, 2019, the Company adopted the new revenue guidance ASC Topic 606 Revenue from Contracts with Customers Impact on Adoption of New Revenue Guidance The impact for the year ended December 31, 2019 was an increase to revenue of RMB3,119 (US$448) and the cumulative impact for beginning retained earnings was RMB4,605 as a result of applying the new revenue standard, with the impact primarily related to the Company’s private cloud-based services. Under ASC 605, the private cloud-based services is recognized pro rata over post-contract-service period. Under ASC 606, the private cloud-based services is recognized at a point in time when the control of service is obtained by the customer represented by the customer acceptance received by the Company. The effect of the adoption of ASC 606 as of December 31, 2018 was as follows: As of December 31, 2018 Consolidated balance sheet As previously Balances under Effect of change RMB RMB RMB Accounts receivable, net of allowance for doubtful accounts 141,911 143,543 1,632 Prepayments and other current assets 80,578 80,948 370 Deferred revenue and customer deposits 59,483 56,419 (3,064 ) Accrued liabilities and other current liabilities 76,666 77,126 460 Accumulated deficit (348,123 ) (343,518 ) 4,605 The effect of the adoption of ASC 606 for the current year was as follows: Year ended December 31, 2019 Consolidated statement of comprehensive loss Balances under ASC 606 Balances under ASC 605 Effect of change RMB US$ RMB US$ RMB US$ Revenues 906,458 130,205 903,339 129,757 3,119 448 Cost of revenues (649,596 ) (93,309 ) (649,487 ) (93,293 ) (109 ) (16 ) Net Loss (109,841 ) (15,776 ) (112,851 ) (16,208 ) 3,010 432 Net loss per share for class A and class B common shares: Class A common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — Class B common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — As of December 31, 2019 Consolidated balance sheet Balances under ASC 606 Balances under ASC Effect of change RMB US$ RMB US$ RMB US$ Accounts receivable, net of allowance for doubtful accounts 135,417 19,452 131,088 18,830 4,329 622 Prepayments and other current assets 86,087 12,366 85,494 12,281 593 85 Deferred revenue and customer deposits (77,561 ) (11,141 ) (81,053 ) (11,643 ) (3,492 ) (502 ) Accrued liabilities and other current liabilities (96,277 ) (13,829 ) (95,635 ) (13,737 ) 642 92 Accumulated deficit (453,359 ) (65,121 ) (460,974 ) (66,215 ) 7,615 1,094 Accumulated other comprehensive income 6,363 914 6,206 891 157 23 Starting from 2019, the Company has changed the classification of revenue in the consolidated statements of comprehensive loss by reclassifying revenue from developer services and other SaaS products, formerly named as other vertical data solutions, to revenues under SaaS products. The Company generates revenues primarily through targeted marketing, and SaaS products. Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which the Company expects to be entitled to in exchange for those goods or services. Targeted Marketing The Company generates targeted marketing revenue by providing targeted marketing solution in the form of integrated marketing campaign to advertiser through the XiaoGuoTong The Company enters into contractual arrangements with advertisers that stipulate the types of advertising to be delivered and the pricing. Advertising customers pay for the targeted marketing solutions primarily based on a cost-per-click (CPC) or cost-per-action (CPA) SaaS products The Company generates SaaS products revenue primarily from developer services and other SaaS products. For developer services, there are two types contracts, subscription-based contracts and project-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide push notification or instant messaging (collectively “notification services”), which the Company provides its customers with access to its notification services platform. This enables customers to send notifications and messages to users. The Company generally recognizes revenue ratably over time under the subscription-based contracts as stand-ready obligations, because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company uses an output method of progress based on fixed contract term as it best depicts the transfer of control to the customer. The Company primarily enters into project-based contracts with its customers to provide private cloud-based developer services, which are designed to provide customizable services to customers who want a more controlled software environment and more comprehensive technology and customer support. The Company provides its customers one combined performance obligation including customized APP push notification system or instant messaging system and related system training services as both performance obligations are incapable of being distinct because the customer cannot drive economic benefit from the related system training services on its own. Meanwhile, the Company also provides post contract assurance-type maintenance services, which usually have a duration of one year. Under ASC 605, the Company recognizes revenue pro rata over post-contract-service period in accordance with ASC 985-605-25. For other SaaS products, the Company enters into agreements with its customers to provide data analytic solutions and there are three types contracts, subscription-based contracts, project-based contracts and consumption-based contracts. The Company primarily enters into subscription-based contracts with its customers to provide customizable service package for a fixed contract term, which allows the customers to subscribe a fixed number of apps to obtain unlimited volume of queries to the Company’s analytic results. The Company generally recognizes revenue ratably over time under the subscription-based contracts, because the customer simultaneously receives and consumes the benefits as the Company provides subscription services throughout a fixed contract term. The Company primarily enters into project-based contracts with its customers to provide in-depth The Company primarily enters into consumption-based contracts with its customers to process the queries or provide features based on the customers’ requirements. When the Company receives a placed order, it recognizes revenue at a point in time when the queries are processed, or the features are utilized by the customers. For certain arrangements, customers are required to pay the Company before the services are delivered. For other arrangements, the Company provided customers with a credit term under one year. Revenues are presented net of value-added tax collected on behalf of the government. Other Revenue Recognition related policies Timing of revenue recognition may differ from the timing of invoicing to customers. Some customers are required to pay before the services are delivered to the customer. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability on the consolidated balance sheet, depending on the relationship between the Company’s performance and the customer’s payment. Contract assets represent amounts related to the Company’s rights to consideration received for private-cloud-based service and are included in “Prepayments and other assets” on the consolidated balance sheets. Amount of contract assets was not material as of January 1, 2019 and December 31, 2019, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue” on the consolidated balance sheets. Revenue recognized for the year ended December 31, 2019 that was included in contract liabilities as of January 1, 2019 was RMB24,256 (US$3,484). A summary of contract liabilities is as follow: As of January 1, 2019 As of December 31, 2019 RMB RMB US$ Contract liabilities 33,067 39,638 5,694 The increase in contract liabilities was primarily due to an increase of consideration received from the customers. Customer deposits relate to customer’s unused balances that are refundable. Once this balance is utilized by the customer, the corresponding amount would be recognized as revenue. As of December 31, 2019, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB21,534 (US$3,093). The Company expects to recognize the majority of its remaining performance obligations as revenue within the next year. |
Costs of revenues | Costs of revenues Cost of revenues consists primarily of the cost of purchasing ad inventory associated with targeted marketing services, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. |
Research and development | Research and development Research and development expenses are primarily incurred in the development of new services, new features, and general improvement of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized during any of the years presented as the Company has not met all of the necessary capitalization requirements. |
Advertising expenses | Advertising expense s Advertising expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB5,277, RMB6,697 and RMB17,311 (US$2,847) for the year s |
Other income | Other income Other income represents government grants and profit-sharing program with Depositary Bank related to ADSs depositary. Government grants are recognized when there is reasonable assurance that the Company will comply with the attached conditions. When the grant relates to an expense item, it is recognized on a systemic basis in the consolidated statement of comprehensive loss over the period necessary to match the grant to the related costs. Where the grant relates to an asset acquisition, it is recognized in the consolidated statements of comprehensive loss in proportion to the depreciation of the related assets. Income from profit- sharing program is recognized as non-current over five-year period as specified in the contract based on certain parameters. |
Government grants | Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating non-operating |
Operating leases | Operating leases Leases where substantially all the risks and rewards of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. The Company had no capital leases during the years presented. |
Employee defined contribution plan | Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred was RMB12,121 , and RMB20,724 |
Income taxes | Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year end in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step more-likely-than-not The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive loss. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses during the years presented. |
Share-based compensation | Share-based compensation In accordance with ASC 718, Compensation-Stock Compensation, 2016-09— Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. |
Fair value measurements | Fair value measurements Fair value is 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 Company considers the principal or most advantageous market in which it would transact and the market-based risk measurement or assumptions that market participants would use when pricing the asset or liability. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1-Quoted Level 2-Observable Level 3-Inputs The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepaid expenses and other current assets, balances with related parties, accounts payable, and other payables with accrued liabilities and other current liabilities, approximate their fair values because of the short maturity of these instruments. The carrying amounts of restricted cash (non-current) |
Comprehensive loss | Comprehensive loss Comprehensive loss is defined as the increase or decrease in equity of the Company during a year from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive income |
Loss per share | Loss per share In accordance with ASC 260, Earning per Share two-class two-class two-class Diluted loss per share is computed by dividing net loss attributable to common shareholders as adjusted for the effect of dilutive common equivalent shares, if any, by the weighted average number of common and dilutive common equivalent shares outstanding during the years. Common equivalent shares consist of the common shares issuable upon the conversion of the Company’s contingently redeemable convertible preferred shares and the convertible senior notes using the if-converted |
Concentration of risks | Concentration of risks Concentration of credit risk Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The Company places its cash and cash equivalents with reputable financial institutions which have high-credit ratings. As of December 31, 201 8 9 Concentration of suppliers Approximately 81.3% , and 57.7% s ,2018 9 Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future consolidated financial position, results of operations or cash flows : Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. |
Foreign currency exchange rate risk | Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. On June 19, 2010, the PBOC announced the end of the RMB’s de facto peg to the US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB’s exchange rate flexibility. On March 15, 2014, the People’s Bank of China announced the widening of the daily trading band for RMB against US$. The appreciation of the US$ against RMB was approximately 1.87% in 201 9 |
Segment information | Segment information The Company’s chief operating decision maker is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on the consolidated financial results. As a result, the Company has only one reportable segment. As the Company generates substantially most of its revenues in the PRC, no geographical segments is presented. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements As a company with less than US$1.07 billion in revenue for the last fiscal year, the C In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) off-balance No. 2018-11, Leases (Topic 842): Targeted Improvements ( 2018-11” ) No. 2019-10 Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)-Effective Dates Lease (Topic 842) (b) not-for-profit over-the-counter-market; No. 2019-10 Lease (Topic 842) Leases (Topic 842) right-of-use in-scope In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2019-05, Financial Instruments- Credit Losses (Topic 326) 2019-04 2018-19. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”), In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes step-up In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815)—Clarifying the Interactions |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of VIE | The following table set forth the assets and liabilities of the VIE included in the Company’s consolidated balance sheets: As of December 31, 201 8 201 9 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 31,763 211,314 30,353 Restricted cash 115 115 17 Accounts receivable 141,705 133,745 19,210 Prepayments and other current assets 64,532 73,789 10,599 Amounts due from the Company and its subsidiaries 3,965 51,656 7,420 Amounts due from related parities 2,848 521 75 Total current assets 244,928 471,140 67,674 Non-current Property and equipment, net 46,271 57,390 8,244 Intangible assets, net 1,406 8,728 1,254 Long-term investments 71,512 108,408 15,572 Other-non current assets 13,529 1,925 277 Total non-current 132,718 176,451 25,347 Total assets 377,646 647,591 93,021 LIABILITIES: Current liabilities: Accounts payable 18,683 19,974 2,869 Deferred revenue and customer deposits 55,625 73,820 10,604 Accrued liabilities and other current liabilities 59,556 72,580 10,425 Amounts due to the Company and its subsidiaries 15,534 185,263 26,611 Amounts due to related parties 8,864 56 8 Total current liabilities 158,262 351,693 50,517 Non-current Amounts due to the Company and its subsidiaries 240,000 377,000 54,153 Other non-current 140 64 9 Total non-current 240,140 377,064 54,162 Total liabilities 398,402 728,757 104,679 |
Summary of Results of Operations and Cash Flows of VIE | The table sets forth the results of operations and cash flows of the VIE included in the C As of December 31, 2017 2018 201 9 RMB RMB RMB US$ Revenues 284,348 709,594 900,454 129,342 Cost of revenues (206,789 ) (499,589 ) (628,109 ) (90,222 ) Net loss (40,003 ) (16,785 ) (95,829 ) (13,765 ) Net cash (used in)/provided by operating activities (51,016 ) (68,316 ) 16,059 2,307 Net cash used in investing activities (10,000 ) (104,675 ) (34,451 ) (4,949 ) Net cash provided by financing activities — 154,901 197,943 28,433 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Computer equipment and servers 3 – 5 years Office furniture and equipment 3 – 5 years Leasehold improvements over the shorter of lease terms or estimated useful lives of the assets |
Schedule of Finite Lived Intangible Assets Estimated Economic Lives | All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Computer software, systems and acquired technology 1 – 5 years Residual values are considered nil. Intangible assets consist of the following: As of December 31, 2018 2019 RMB RMB US$ Computer software, systems and acquired technology 1,874 11,460 1,646 Less: Accumulated amortization (343 ) (2,650 ) (381 ) Total intangible assets, net 1,531 8,810 1,265 |
Schedule of Effect of Adoption of ASC 606 on Revenue | The effect of the adoption of ASC 606 as of December 31, 2018 was as follows: As of December 31, 2018 Consolidated balance sheet As previously Balances under Effect of change RMB RMB RMB Accounts receivable, net of allowance for doubtful accounts 141,911 143,543 1,632 Prepayments and other current assets 80,578 80,948 370 Deferred revenue and customer deposits 59,483 56,419 (3,064 ) Accrued liabilities and other current liabilities 76,666 77,126 460 Accumulated deficit (348,123 ) (343,518 ) 4,605 The effect of the adoption of ASC 606 for the current year was as follows: Year ended December 31, 2019 Consolidated statement of comprehensive loss Balances under ASC 606 Balances under ASC 605 Effect of change RMB US$ RMB US$ RMB US$ Revenues 906,458 130,205 903,339 129,757 3,119 448 Cost of revenues (649,596 ) (93,309 ) (649,487 ) (93,293 ) (109 ) (16 ) Net Loss (109,841 ) (15,776 ) (112,851 ) (16,208 ) 3,010 432 Net loss per share for class A and class B common shares: Class A common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — Class B common shares - basic and diluted (1.43 ) (0.21 ) (1.47 ) (0.21 ) 0.04 — As of December 31, 2019 Consolidated balance sheet Balances under ASC 606 Balances under ASC Effect of change RMB US$ RMB US$ RMB US$ Accounts receivable, net of allowance for doubtful accounts 135,417 19,452 131,088 18,830 4,329 622 Prepayments and other current assets 86,087 12,366 85,494 12,281 593 85 Deferred revenue and customer deposits (77,561 ) (11,141 ) (81,053 ) (11,643 ) (3,492 ) (502 ) Accrued liabilities and other current liabilities (96,277 ) (13,829 ) (95,635 ) (13,737 ) 642 92 Accumulated deficit (453,359 ) (65,121 ) (460,974 ) (66,215 ) 7,615 1,094 Accumulated other comprehensive income 6,363 914 6,206 891 157 23 |
Summary of Contract Liabilities | A summary of contract liabilities is as follow: As of January 1, 2019 As of December 31, 2019 RMB RMB US$ Contract liabilities 33,067 39,638 5,694 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2018 2019 RMB RMB US$ Accounts receivable 151,219 163,933 23,548 Less: allowance for doubtful accounts (9,308 ) (28,516 ) (4,096 ) Total accounts receivable, net 141,911 135,417 19,452 |
Schedule of Movement in Allowance for Doubtful Accounts | The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2018 2019 RMB RMB US$ Balance at beginning of year 3,462 9,308 1,337 Provisions 6,389 20,054 2,881 Write-offs (543 ) (846 ) (122 ) Balance at end of year 9,308 28,516 4,096 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepayment and Other Current Assets | Prepayments and other current assets consist of the following: As of December 31, 2018 2019 RMB RMB US$ Prepaid media cost 54,937 45,452 6,529 Prepaid service fee 6,804 9,892 1,421 VAT and other surcharges 12,097 16,266 2,336 Investment in a convertible loan — 8,000 1,149 Office rental deposit 853 2,321 333 Others 5,887 4,156 598 Total prepayments and other current assets 80,578 86,087 12,366 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: As of December 31, 201 8 201 9 RMB RMB US$ Office furniture and equipment 4,920 5,982 859 Computer equipment and servers 111,274 149,947 21,539 Leasehold improvements 7,256 10,595 1,522 Less: Accumulated depreciation (30,576 ) (60,289 ) (8,660 ) Total property and equipment, net 92,874 106,235 15,260 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite Lived Intangible Assets Estimated Economic Lives | All intangible assets with finite lives are amortized using the straight-line method over the estimated economic lives, which are as follows: Computer software, systems and acquired technology 1 – 5 years Residual values are considered nil. Intangible assets consist of the following: As of December 31, 2018 2019 RMB RMB US$ Computer software, systems and acquired technology 1,874 11,460 1,646 Less: Accumulated amortization (343 ) (2,650 ) (381 ) Total intangible assets, net 1,531 8,810 1,265 |
Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets | Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: RMB US$ For the year ending December 31, 2020 2,952 424 2021 2,207 317 2022 1,784 256 2023 1,600 230 2024 267 38 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Other Income Net | For the year ended 2019 RMB US$ Gross unrealized gain (upward adjustment) 17,298 2,485 Gross unrealized loss (downward adjustment) — — Net unrealized gain on equity investments held 17,298 2,485 Net realized gain on equity investments sold 6,778 974 Total net gains recognized in other income, net 24,076 3,459 |
Deferred Revenue and Customer_2
Deferred Revenue and Customer Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, by Arrangement | Deferred revenue and customer deposits consist of the following: As of December 31, 2018 2019 RMB RMB US$ Deferred revenue 33,067 39,638 5,694 Customer deposits 26,416 37,923 5,447 Total deferred revenue and customer deposits - 59,483 77,561 11,141 Deferred revenue - non-current 10,265 8,150 1,171 |
Schedule of Roll Forward of Customer Deposits | Roll-forward of customers deposits: Year ended December 31, 2018 2019 RMB RMB US$ Balance at beginning of year 20,636 26,416 3,794 Cash received from customers during the year 407,630 419,303 60,229 Revenue recognized during the year (397,488 ) (399,933 ) (57,447 ) Refunds paid during the year (4,362 ) (7,863 ) (1,129 ) Balance at end of year 26,416 37,923 5,447 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: As of December 31, 2018 2019 RMB RMB US$ Accrued payroll and welfare payables 51,607 55,507 7,973 Other taxes and surcharge 11,277 16,368 2,351 Service fees 11,130 5,934 852 Acquisition of property and equipment 104 4,351 625 Government grant — 2,326 334 Rental and property management fee 909 2,115 304 Others 1,639 9,676 1,390 Total accrued liabilities and other current liabilities 76,666 96,277 13,829 |
Contingently Redeemable Conve_2
Contingently Redeemable Convertible Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Temporary Equity [Abstract] | |
Schedule of Movement in Carrying Value of Convertible Preferred Shares | The movement in the carrying value of the convertible preferred shares is as follows: Mezzanine equity Series A Series B Series C Series D Total RMB RMB RMB RMB RMB Balance as of December 31, 2017 26,979 52,723 168,317 218,618 466,637 Accretion of Preferred Shares 1,463 4,137 7,441 11,053 24,094 Redemption of Preferred Shares — — (57,234 ) — (57,234 ) Conversion of Preferred Shares (28,442 ) (56,860 ) (118,524 ) (229,671 ) (433,497 ) Balance as of December 31, 2018 — — — — — Balance as of December 31, 2019 — — — — — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Option Activity | The following table summarizes the share option activity for the year ended December 31, 2019: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 201 8 8,032,458 9.04 12.48 7.47 507,876 Granted 333,077 8.98 50.18 — — Forfeited 72,891 36.42 28.52 — — Expired — — — — — Exercised 1,113,098 2.74 4.06 — — Cancelled — — — — — Outstanding, December 31, 2019 7,179,546 9.74 15.37 6.75 163,589 Vested and expected to vest at December 31, 2019 7,179,546 9.74 15.37 6.75 163,589 Vested at December 31, 2019 5,237,925 5.17 7.90 6.21 137,787 |
Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted | The following table presents assumptions used to estimate the fair values of share options granted for the years ended December 31, 2017,2018 and 2019: 2017 2018 2019 Risk-free interest rate 2.27% - 2.41% 2.27% - 2.93% 1.65% - 2.54% Dividend yield 0% 0% 0% Expected volatility 46.33% - 47.15% 45.30% - 46.10% 44.23% - 44.71% Weighted average expected volatility 46.66% 45.98% 44.53% Expected exercise multiple 2.5 2.5 2.5 (i) Risk-free interest rate – The risk-free interest rate for periods within the contractual life of the options is based on the US Treasury yield curve in effect at the time of the grant for a term consistent with the contractual term of the awards. (ii) Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. (iii) Expected volatility – Expected volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry. (iv) Expected exercise multiple – Expected exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees. |
Summary of Restricted Share Units | A summary of the restricted share units for the year ended December 31, 201 9 Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2018 12,550 — 54.69 9.68 907 Granted 33,643 — 45.09 — — Forfeited — — — — Expired — — — — Exercised 12,550 — 54.97 — — Cancelled — — — — — Outstanding, December 31, 2019 33,643 — 44.98 9.70 1,039 Vested and expected to vest at December 31, 2019 33,643 — 44.98 9.70 1,039 Exercisable at December 31, 2019 — — — — — |
Summary of Total Compensation Costs Recognized | Total compensation costs recognized for the year ended December 31, 2017, 2018 and 2019 were as follows: Year ended December 31, 2017 201 8 2019 RMB RMB RMB US$ Cost of Revenue — — 73 10 Research and development 1,408 9,448 12,819 1,841 Sales and marketing 944 3,347 6,040 868 General and administrative 5,923 11,766 28,352 4,073 Total 8,275 24,561 47,284 6,792 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Profit / (Loss) Before Income Taxes | The Company’s loss before income taxes consists of: Year ended 2017 2018 2019 RMB RMB RMB US$ Cayman Islands (10,584 ) 6,622 (16,716 ) (2,401 ) British Virgin Islands (2 ) (25 ) (30 ) (4 ) Hong Kong (34 ) 208 (3,097 ) (445 ) China (83,651 ) (72,972 ) (89,836 ) (12,903 ) Total loss before income taxes (94,271 ) (66,167 ) (109,679 ) (15,753 ) |
Summary of Composition of Income Tax Expense | The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: Year ended 2017 2018 2019 RMB RMB RMB US$ Current income tax expense — (35 ) (162 ) (23 ) Deferred tax benefit 3,980 5 — — Total income tax (expense)/benefit 3,980 (30 ) (162 ) (23 ) |
Summary of Reconciliation Between Expenses of Income Taxes | Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: Year ended 2018 2019 RMB RMB US$ Loss before income tax (66,167 ) (109,679 ) (15,753 ) Income tax expense computed at PRC statutory rate (25%) (16,542 ) (27,421 ) (3,939 ) International tax rate differential (1,668 ) 4,451 639 Preferential tax rate 6,397 12,845 1,845 Deferred tax items tax rate differential (6,390 ) (10,157 ) (1,459 ) Research and development super-deduction (21,559 ) (26,910 ) (3,865 ) Non-deductible 5,701 12,587 1,809 Deferred tax expense 4,073 — — Recognition of prior year tax loss — (1,939 ) (279 ) Changes in valuation allowance 30,018 36,706 5,272 Income tax expense 30 162 23 |
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2018 and 2019 are as follows: As of December 31, 2018 2019 RMB RMB US$ Deferred tax assets, net Provision for doubtful debts 2,463 7,484 1,075 Accrued expense 3,737 9,516 1,367 Net operating loss carry forward 78,985 108,101 15,528 Government grant related to assets 54 359 52 Fixed assets depreciation 14 73 10 Estimated liabilities 10 — — Net unrealized gain on equity investments held — (3,564 ) (512 ) Valuation allowance (85,263 ) (121,969 ) (17,520 ) Total deferred tax assets, net — — — |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Principal Amount, Debt Issuance Costs and Derivative Liability | The principal amount, debt issuance costs and derivative liability as of December 31, 2019 was as follows: As of Charge to Foreign As of December 31, 2019 RMB RMB RMB RMB US$ Principal amount 240,212 — 3,955 244,167 35,000 Contingent redemption feature and debt issuance costs (24,033 ) 10,178 (281 ) (14,136 ) (1,958 ) Total 216,179 10,178 3,674 230,031 33,042 |
Summary of Aggregate Future Principal Payments for the Convertible Notes | As of December , , aggregate future principal payments for the Convertible Notes were as follows: RMB US$ 1 year (including 1 year) — — 1 year to 2 years (including 2 years) 244,167 35,000 Total 244,167 35,000 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancelable Operating Leases | As of December 31, 2019, future minimum payments under non-cancellable RMB US$ 2020 10,018 1,439 2021 4,425 636 2022 4,131 593 2023 346 50 Total 18,920 2,718 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Basic and Diluted Loss Per Share | Basic and diluted loss per share is calculated as follows: For the year ended 31, 2017 For the year ended December For the year ended December 31, 2019 Common Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (90,291 ) (46,606 ) (19,591 ) (85,502 ) (12,282 ) (24,339 ) (3,496 ) Deduct: Accretion of redeemable convertible preferred shares (26,391 ) (16,963 ) (7,131 ) — — — — Net loss attributable to common shareholders (116,682 ) (63,569 ) (26,722 ) (85,502 ) (12,282 ) (24,339 ) (3,496 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 42,666,670 40,441,999 17,000,189 59,721,341 59,721,341 17,000,189 17,000,189 Basic and diluted loss per share (2.73 ) (1.57 ) (1.57 ) (1.43 ) (0.21 ) (1.43 ) (0.21 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due From Related Party | 16.1 Amounts due from related parties As of December 31, 2018 2019 RMB RMB US$ Shenzhen Weixunyitong Information Technology Co., Ltd. 1,543 521 75 Guangzhou Tianlang Network Technology Co., Ltd. 1,305 — — Fei Chen 1,716 — — Total amounts due from related parties 4,564 521 75 |
Schedule of Amount Due to Related Party | 16.2 Amounts due to related parties As of December 31, 2018 2019 RMB RMB US$ Shenzhen Weixunyitong Information Technology Co., Ltd. 8,864 56 8 Total amounts due to related parties 8,864 56 8 |
Schedule of Transactions With Related Parties | 16.3 Transactions with related parties For the year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Services provided to: (i ) Shenzhen Weixunyitong Information Technology Co., Ltd. 2,752 1,002 — — Guangzhou Tianlang Network Technology Co., Ltd. 755 1,542 266 38 Total 3,507 2,544 266 38 Services received from: (ii ) Shenzhen Weixunyitong Information Technology Co., Ltd. 672 20,909 11,600 1,666 Office premises leased from: Shenzhen Weixunyitong Information Technology Co., Ltd. 1,557 475 — — Total 2,229 21,384 11,600 1,666 (i) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd. to provide targeted marketing services. The Company entered into an agreement with Guangzhou Tianlang Network Technology Co., Ltd. to provide certain data solutions and targeted marketing services. (ii) The Company entered into an agreement with Shenzhen Weixunyitong Information Technology Co., Ltd. to purchase ad inventory. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues | Revenues consist of the following: Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Targeted Marketing 221,153 572,796 696,190 100,001 SaaS Products Developer services 38,795 60,106 93,553 13,438 Other SaaS Products 24,761 81,239 116,715 16,766 Total SaaS Products 63,556 141,345 210,268 30,204 Total revenues 284,709 714,141 906,458 130,205 |
Schedule of Timing of Revenue Recognition | Timing of revenue recognition for SaaS Products for the year ended December 31, 2019: For the year ended December 31, RMB US$ Developer Services Services delivered at the point in time 24,549 3,526 Services delivered overtime 69,004 9,912 Total developer services 93,553 13,438 Other SaaS Products Services delivered at the point in time 63,703 9,150 Services delivered overtime 53,012 7,616 Total other SaaS products 116,715 16,766 Total SaaS Products 210,268 30,204 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income, Nonoperating [Abstract] | |
Schedule of Other Nonoperating Income, by Component | Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Government grants 677 7,483 12,546 1,802 Gain on an equity investment sold — — 6,778 974 Unrealized gain on equity investments held — — 17,298 2,485 I — 966 2,190 315 Total 677 8,449 38,812 5,576 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets And Liabilities Measured Or Disclosed At Fair Value | For the year ended December 31, 2019, assets and liabilities measured or disclosed at fair value are summarized below: Fair value measurement or disclosure Total Fair Total Fair Quoted prices in Significant Significant Fair value RMB US$ RMB RMB RMB RMB Fair value measurement — Non-Recurring: Equity investments accounted for at fair value using the alternative measurement 31,375 4,507 — — 31,375 17,298 Total assets and liabilities measured at fair value 31,375 4,507 — — 31,375 17,298 |
Summary of Changes in Fair Value of Redemption Feature Derivative Liability | There were no transfers of fair value measurements into or out of Level 3 for the years ended December 31, 2017, 2018 and 2019. The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2019: Derivative liability Balance as of December 31, 2017 20,237 Charge to profit and loss (21,302 ) Foreign exchange translation adjustments 1,065 Balance as of December 31, 2018 — Balance as of December 31, 2019 — Balance as of December 31, 2019 in US$ — |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets As of December 31, 2018 2019 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 238,236 114,489 16,445 Due from the entities within the Group 7,030 7,198 1,034 Prepayments and other current assets 4,245 2,528 364 Total current assets 249,511 124,215 17,843 Non-current Long-term investments 590,752 668,049 95,959 Intangible assets, net 93 62 9 Total non-current 590,845 668,111 95,968 Total assets 840,356 792,326 113,811 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued liabilities and other current liabilities 11,542 1,439 207 Due to the entities within the Group 710 44,918 6,452 Total current liabilities 12,252 46,357 6,659 Non-current Deferred revenue - non-current 10,265 8,150 1,171 Convertible notes 216,179 230,031 33,042 Total non-current 226,444 238,181 34,213 Total liabilities 238,696 284,538 40,872 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2018 and 2019; 4,920,000,000 shares authorized as of December 31, 2018 and 2019, 59,547,823 shares and 60,106,037 shares issued and outstanding as of December 31, 2018 and 2019, respectively) 37 37 5 Class B common shares (par value of US$0.0001 per share as of December 31, 2018 and 2019; 30,000,000 shares authorized as of December 31, 2018 and 2019, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2018 and 2019) 11 11 2 Treasury shares (46,303 and 81,930 class A common shares as of December 31, 2018 and 2019, respectively) (3,165 ) (1,999 ) (287 ) Additional paid-in 944,500 956,735 137,426 Accumulated deficit (348,123 ) (453,359 ) (65,121 ) Accumulated other comprehensive income 8,400 6,363 914 Total shareholders’ equity 601,660 507,788 72,939 Total liabilities and shareholders’ equity 840,356 792,326 113,811 |
Condensed Statements of Comprehensive Loss | Condensed Statements of Comprehensive Loss As of December 31, 2017 2018 2019 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — — — Sales and marketing — — — — General and administrative (10,076 ) (11,941 ) (14,389 ) (2,067 ) Share of losses of subsidiaries and VIE (79,916 ) (72,750 ) (93,328 ) (13,404 ) Total operating expenses (89,992 ) (84.691 ) (107,717 ) (15,471 ) Loss from operations (89,992 ) (84,691 ) (107,717 ) (15,471 ) Foreign exchange loss, net (339 ) (186 ) — — Interest income 18 3,013 2,754 396 Interest expense — (6,599 ) (10,178 ) (1,462 ) Other income 22 964 5,300 761 Change in fair value of derivative liability — 21,302 — — Loss before income taxes (90,291 ) (66,197 ) (109,841 ) (15,776 ) Income tax expenses — — — — Net Loss (90,291 ) (66,197 ) (109,841 ) (15,776 ) Accretion of contingently redeemable convertible preferred shares (26,391 ) (24,094 ) — — As of December 31, 2017 2018 2019 RMB RMB RMB US$ Net loss attributable to common share holders (116,682 ) (90,291 ) (109,841 ) (15,776 ) Other comprehensive income (loss) Foreign currency translation adjustments (7,563 ) 11,688 (2,037 ) (293 ) Total other comprehensive income (loss), net of tax (7,563 ) 11,688 (2,037 ) (293 ) Comprehensive loss (97,854 ) (54,509 ) (111,878 ) (16,069 ) |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows As of December 31, 2017 2018 2019 RMB RMB RMB US$ Net cash (used in)/ provided by operating activities (744 ) 16,052 15,273 2,194 Net cash used in investing activities (157,412 ) (535,995 ) (95,412 ) (13,705 ) Net cash provided by/ (used in) from financing activities 217,446 614,884 (33,845 ) (4,862 ) Effect of exchange rate changes (7,695 ) 24,866 (9,763 ) (1,403 ) Net increase/ (decrease) in cash and cash equivalents 51,595 119,807 (123,747 ) (17,776 ) Cash and cash equivalents at the beginning of year 66,834 118,429 238,236 34,221 Cash and cash equivalents at the end of year 118,429 238,236 114,489 16,445 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Assets and Liabilities of VIE (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | $ 61,975 | ¥ 431,459 | $ 82,818 | ¥ 576,562 | ¥ 208,161 | ¥ 103,168 |
Restricted cash | 17 | 115 | 115 | |||
Accounts receivable | 19,452 | 135,417 | 141,911 | |||
Amounts due from related parities | 75 | 521 | 4,564 | |||
Total current assets | 93,885 | 653,599 | 803,730 | |||
Non-current assets: | ||||||
Property and equipment, net | 15,260 | 106,235 | 92,874 | |||
Intangible assets, net | 1,265 | 8,810 | 1,531 | |||
Long-term investments | 24,223 | 168,637 | 79,696 | |||
Other non-current assets | 378 | 2,642 | 14,237 | |||
Total non-current assets | 41,126 | 286,324 | 188,338 | |||
Total assets | 135,011 | 939,923 | 992,068 | |||
Current liabilities: | ||||||
Accounts payable | 2,872 | 19,996 | 18,811 | |||
Deferred revenue and customer deposits | 5,694 | 39,638 | 33,067 | |||
Accrued liabilities and other current liabilities | 13,829 | 96,277 | 76,666 | |||
Amounts due to related parties | 8 | 56 | 8,864 | |||
Total current liabilities | 27,850 | 193,890 | 163,824 | |||
Non-current liabilities: | ||||||
Other non-current liabilities | 9 | 64 | 140 | |||
Total non-current liabilities | 34,222 | 238,245 | 226,584 | |||
Total liabilities | 62,072 | 432,135 | 390,408 | |||
VIE | ||||||
Current assets: | ||||||
Cash and cash equivalents | 30,353 | 211,314 | 31,763 | |||
Restricted cash | 17 | 115 | 115 | |||
Accounts receivable | 19,210 | 133,745 | 141,705 | |||
Prepayments and other current assets | 10,599 | 73,789 | 64,532 | |||
Amounts due from the Company and its subsidiaries | 7,420 | 51,656 | 3,965 | |||
Amounts due from related parities | 75 | 521 | 2,848 | |||
Total current assets | 67,674 | 471,140 | 244,928 | |||
Non-current assets: | ||||||
Property and equipment, net | 8,244 | 57,390 | 46,271 | |||
Intangible assets, net | 1,254 | 8,728 | 1,406 | |||
Long-term investments | 15,572 | 108,408 | 71,512 | |||
Other non-current assets | 277 | 1,925 | 13,529 | |||
Total non-current assets | 25,347 | 176,451 | 132,718 | |||
Total assets | 93,021 | 647,591 | 377,646 | |||
Current liabilities: | ||||||
Accounts payable | 2,869 | 19,974 | 18,683 | |||
Deferred revenue and customer deposits | 10,604 | 73,820 | 55,625 | |||
Accrued liabilities and other current liabilities | 10,425 | 72,580 | 59,556 | |||
Amounts due to the Company and its subsidiaries | 26,611 | 185,263 | 15,534 | |||
Amounts due to related parties | 8 | 56 | 8,864 | |||
Total current liabilities | 50,517 | 351,693 | 158,262 | |||
Non-current liabilities: | ||||||
Amounts due to the Company and its subsidiaries | 54,153 | 377,000 | 240,000 | |||
Other non-current liabilities | 9 | 64 | 140 | |||
Total non-current liabilities | 54,162 | 377,064 | 240,140 | |||
Total liabilities | $ 104,679 | ¥ 728,757 | ¥ 398,402 |
Organization and Principal Ac_4
Organization and Principal Activities - Summary of Results of Operations and Cash Flows of VIE (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Variable Interest Entity [Line Items] | ||||
Cost of revenues | $ (93,309) | ¥ (649,596) | ¥ (517,074) | ¥ (213,370) |
Net income/(loss) | (15,776) | (109,841) | (66,197) | (90,291) |
Net cash (used in)/provided by operating activities | (3,699) | (25,758) | (97,925) | (75,532) |
Net cash used in investing activities | (12,779) | (88,966) | (139,206) | (28,644) |
Net cash provided by financing activities | (4,867) | (33,883) | 614,884 | 217,446 |
VIE | ||||
Variable Interest Entity [Line Items] | ||||
Revenues | 129,342 | 900,454 | 709,594 | 284,348 |
Cost of revenues | (90,222) | (628,109) | (499,589) | (206,789) |
Net income/(loss) | (13,765) | (95,829) | (16,785) | (40,003) |
Net cash (used in)/provided by operating activities | 2,307 | 16,059 | (68,316) | (51,016) |
Net cash used in investing activities | (4,949) | (34,451) | (104,675) | ¥ (10,000) |
Net cash provided by financing activities | $ 28,433 | ¥ 197,943 | ¥ 154,901 |
Organization and Principal Ac_5
Organization and Principal Activities - Additional Information (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
VIE | |||
Variable Interest Entity [Line Items] | |||
Net liabilities | $ 11,658 | ¥ 81,166 | ¥ 20,756 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Mar. 01, 2017shares | Dec. 31, 2019USD ($)SupplierSegment¥ / $shares | Dec. 31, 2019CNY (¥)SupplierSegmentshares | Dec. 31, 2018CNY (¥)Supplier | Dec. 31, 2017CNY (¥)Supplier | Dec. 31, 2019CNY (¥)¥ / $ | Nov. 20, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Foreign currency exchange rate | ¥ / $ | 6.9618 | 6.9618 | |||||
Derivative assets | ¥ 0 | ||||||
Finite lived intangible asset residual value | 0 | ||||||
Unrealized gain loss on equity investments | $ 2,485,000 | ¥ 17,298,000 | |||||
Cumulative effect of adoption of ASC 606 (Note 2) | 4,605,000 | ||||||
Revenue Recognized | 3,484,000 | 24,256,000 | |||||
Unsatisfied performance obligation | $ 3,093,000 | 21,534,000 | |||||
Impairment of long-lived assets other than goodwill | ¥ 0 | ¥ 0 | ¥ 0 | ||||
Value added tax percentage | 6.00% | 6.00% | |||||
Share split, ratio | 0.1 | 0.1 | |||||
Share split, description | 1 for 10 share split | 1 for 10 share split | |||||
Share repurchased cash consideration | ¥ 37,559,000 | 3,165,000 | |||||
Research and development cost, capitalized | 0 | ||||||
Advertising expenses | $ 2,847,000 | ¥ 17,311,000 | 6,697,000 | 5,277,000 | |||
Profit sharing program, recognized period | 5 years | 5 years | |||||
Capital leases | 0 | ||||||
Employee defined contribution plan expense incurred | $ 2,977,000 | ¥ 20,724,000 | 17,097,000 | 12,121,000 | |||
Concentration risk, percentage | 57.70% | 57.70% | |||||
Appreciation of the US$ against RMB, percent | 1.87% | 1.87% | |||||
Number of reportable segment | Segment | 1 | 1 | |||||
Revenues | $ 130,205,000 | ¥ 906,458,000 | ¥ 714,141,000 | ¥ 284,709,000 | |||
short-term investments | 0 | ||||||
Product Concentration Risk | Suppliers | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 50.00% | 50.00% | 50.90% | 81.30% | |||
Advertising | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of suppliers | Supplier | 3 | 3 | 3 | 3 | |||
CHINA | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents, restricted cash and short-term investments | $ 43,414,000 | ¥ 331,374,000 | 302,236,000 | ||||
Outside China | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents, restricted cash and short-term investments | 129,338,000 | ¥ 35,678,000 | ¥ 18,578,000 | ||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Revenues | $ | $ 1,070,000,000 | ||||||
American Depositary Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Share repurchased under repurchase plan | shares | 920,606 | 920,606 | |||||
Share repurchased cash consideration | $ | $ 5,910,000 | ||||||
American Depositary Shares | Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Share repurchase plan, authorized amount | $ | $ 10,000,000 | ||||||
Class A Common Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Share repurchased under repurchase plan | shares | 613,737 | 613,737 | 613,737 | ||||
Impact on Adoption of New Revenue Guidance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative effect of adoption of ASC 606 (Note 2) | ¥ 4,605,000 | ||||||
Revenues | $ 448,000 | ¥ 3,119,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leasehold Improvements | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | over the shorter of lease terms or estimated useful lives of the assets |
Minimum | Computer Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 3 years |
Minimum | Furniture and Fixtures | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 3 years |
Maximum | Computer Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 5 years |
Maximum | Furniture and Fixtures | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets Estimated Economic Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Computer software, systems and acquired technology | 1 year |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Computer software, systems and acquired technology | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Effect of Adoption of ASC 606 on Revenue (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2019CNY (¥) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenues | $ 130,205 | ¥ 906,458 | ¥ 714,141 | ¥ 284,709 | |
Cost of revenues | (93,309) | (649,596) | (517,074) | (213,370) | |
Net loss | (15,776) | ¥ (109,841) | (66,197) | ¥ (90,291) | |
Common shares - basic and diluted | ¥ (2.73) | ||||
Accounts receivable, net of allowance for doubtful accounts | 19,452 | 141,911 | ¥ 135,417 | ||
Prepayments and other current assets | 12,366 | 80,578 | 86,087 | ||
Deferred revenue and customer deposits | 11,141 | 59,483 | 77,561 | ||
Accrued liabilities and other current liabilities | 13,829 | 76,666 | 96,277 | ||
Accumulated deficit | (65,121) | (348,123) | (453,359) | ||
Accumulated other comprehensive income | $ 914 | ¥ 8,400 | 6,363 | ||
Class A Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) | ||
Class B Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) | ||
Balances under ASC 605 | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenues | $ 129,757 | ¥ 903,339 | |||
Cost of revenues | (93,293) | (649,487) | |||
Net loss | (16,208) | ¥ (112,851) | |||
Accounts receivable, net of allowance for doubtful accounts | 18,830 | ¥ 143,543 | 131,088 | ||
Prepayments and other current assets | 12,281 | 80,948 | 85,494 | ||
Deferred revenue and customer deposits | (11,643) | 56,419 | (81,053) | ||
Accrued liabilities and other current liabilities | (13,737) | 77,126 | (95,635) | ||
Accumulated deficit | (66,215) | (343,518) | (460,974) | ||
Accumulated other comprehensive income | $ 891 | 6,206 | |||
Balances under ASC 605 | Class A Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.47) | |||
Balances under ASC 605 | Class B Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | (per share) | $ (0.21) | ¥ (1.47) | |||
Effect of change higher/(lower) | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenues | $ 448 | ¥ 3,119 | |||
Cost of revenues | (16) | (109) | |||
Net loss | 432 | ¥ 3,010 | |||
Accounts receivable, net of allowance for doubtful accounts | 622 | 1,632 | 4,329 | ||
Prepayments and other current assets | 85 | 370 | 593 | ||
Deferred revenue and customer deposits | (502) | (3,064) | (3,492) | ||
Accrued liabilities and other current liabilities | 92 | 460 | 642 | ||
Accumulated deficit | 1,094 | ¥ 4,605 | 7,615 | ||
Accumulated other comprehensive income | $ 23 | ¥ 157 | |||
Effect of change higher/(lower) | Class A Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | ¥ 0.04 | ||||
Effect of change higher/(lower) | Class B Common Shares | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Common shares - basic and diluted | ¥ 0.04 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Contract Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | $ 5,694 | ¥ 39,638 | ¥ 33,067 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Receivables [Abstract] | |||
Accounts receivable | $ 23,548 | ¥ 163,933 | ¥ 151,219 |
Less: allowance for doubtful accounts | (4,096) | (28,516) | (9,308) |
Total accounts receivable, net | $ 19,452 | ¥ 135,417 | ¥ 141,911 |
Accounts Receivable, Net - Sc_2
Accounts Receivable, Net - Schedule of Movement in Allowance for Doubtful Accounts (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Receivables [Abstract] | |||
Beginning balance | $ 1,337 | ¥ 9,308 | ¥ 3,462 |
Provisions | 2,881 | 20,054 | 6,389 |
Write-offs | (122) | (846) | (543) |
Ending balance | $ 4,096 | ¥ 28,516 | ¥ 9,308 |
Prepayments and other current_3
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid media cost | $ 6,529 | ¥ 45,452 | ¥ 54,937 |
Prepaid service fee | 1,421 | 9,892 | 6,804 |
VAT and other surcharges | 2,336 | 16,266 | 12,097 |
Investment in a convertible loan | 1,149 | 8,000 | |
Office rental deposit | 333 | 2,321 | 853 |
Others | 598 | 4,156 | 5,887 |
Total prepayments and other current assets | $ 12,366 | ¥ 86,087 | ¥ 80,578 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Less: Accumulated depreciation | $ (8,660) | ¥ (60,289) | ¥ (30,576) |
Total property and equipment, net | 15,260 | 106,235 | 92,874 |
Office Furniture and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 859 | 5,982 | 4,920 |
Computer Equipment and Servers | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 21,539 | 149,947 | 111,274 |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | $ 1,522 | ¥ 10,595 | ¥ 7,256 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Property plant and equipment, impairment charges | ¥ 0 | ¥ 0 | ¥ 0 | |
Depreciation of property and equipment | $ 4,318 | ¥ 30,059,000 | ¥ 18,084,000 | ¥ 8,805,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Computer software, systems and acquired technology | $ 1,646 | ¥ 11,460 | ¥ 1,874 |
Less: Accumulated amortization | (381) | (2,650) | (343) |
Total intangible assets, net | $ 1,265 | ¥ 8,810 | ¥ 1,531 |
Intangible Assets - Additional
Intangible Assets - Additional Infomation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 | |
Amortization of intangible assets | $ 331 | 2,307,000 | 307,000 | ¥ 35,000 |
Intangible assets with an indefinite useful life | ¥ 0 | ¥ 0 | ||
Computer software and systems | ||||
Weighted average useful life of intangible assets | 4 years 2 months 12 days | 4 years 2 months 12 days | 2 years 7 months 6 days | 3 years |
Computer software and systems | MLINK | ||||
Intangible asset generated from acquisition | ¥ 8,000,000 | |||
Weighted average useful life of intangible assets | 5 years | 5 years |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the year ending December 31, 2020 | $ 424 | ¥ 2,952 |
2021 | 317 | 2,207 |
2022 | 256 | 1,784 |
2023 | 230 | 1,600 |
2024 | $ 38 | ¥ 267 |
Long-Term Investments - Schedul
Long-Term Investments - Schedule of Other Income Net (Details) - 12 months ended Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Investments, Debt and Equity Securities [Abstract] | ||
Gross unrealized gain (upward adjustment) | $ 2,485 | ¥ 17,298 |
Gross unrealized loss (downward adjustment) | 0 | 0 |
Net unrealized gain on equity investments held | 2,485 | 17,298 |
Net realized gain on equity investments sold | 974 | 6,778 |
Total net gains recognized in other income, net | $ 3,459 | ¥ 24,076 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Schedule Of Investments [Line Items] | |||||||
Cost Method Investments | $ 24,223 | ¥ 168,637 | |||||
Cost Method Investments, Fair Value Disclosure | 437 | 3,043 | |||||
Cost-method Investments, Other than Temporary Impairment | $ | 0 | $ 0 | $ 0 | ||||
Cost method investments | ¥ 79,696 | ||||||
Fair Value, Nonrecurring | |||||||
Schedule Of Investments [Line Items] | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 4,507 | ¥ 31,375 | |||||
Zhuoxuan | |||||||
Schedule Of Investments [Line Items] | |||||||
Percentage of share acquired | 5.93% | 5.93% | 5.93% | 5.93% | |||
Cost method investments | $ 1,043 | $ 1,043 | ¥ 7,265 | ¥ 7,265 | |||
Shuwei | |||||||
Schedule Of Investments [Line Items] | |||||||
Percentage of share acquired | 2.89% | 4.27% | 2.89% | 4.27% | 6.25% | ||
Proceeds from sale of an equity investment sold | $ 1,436 | ¥ 10,000 | |||||
Realized gain (loss) on disposal of equity investment securities with out readily determinable fair value | 974 | 6,778 | |||||
Unrealized gain (loss) on disposal of equity investment securities with out readily determinable fair value | $ 2,048 | ¥ 14,255 | |||||
Cost method investments | ¥ 10,000 |
Deferred Revenue and Customer_3
Deferred Revenue and Customer Deposits (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Revenue Recognition and Deferred Revenue [Abstract] | |||||
Deferred revenue | $ 5,694 | ¥ 39,638 | ¥ 33,067 | ||
Customer deposits | 5,447 | 37,923 | $ 3,794 | 26,416 | ¥ 20,636 |
Total deferred revenue and customer deposits — current | 11,141 | 77,561 | 59,483 | ||
Deferred revenue — non-current | $ 1,171 | ¥ 8,150 | ¥ 10,265 |
Deferred Revenue and Customer_4
Deferred Revenue and Customer Deposits - Roll Forward of Customer Deposits (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance at beginning of year | $ 3,794 | ¥ 26,416 | ¥ 20,636 |
Cash received from customers during the year | 60,229 | 419,303 | 407,630 |
Revenue recognized during the year | (57,447) | (399,933) | (397,488) |
Refunds paid during the year | (1,129) | (7,863) | (4,362) |
Balance at end of year | $ 5,447 | ¥ 37,923 | ¥ 26,416 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare payables | $ 7,973 | ¥ 55,507 | ¥ 51,607 |
Other taxes and surcharge | 2,351 | 16,368 | 11,277 |
Service fees | 852 | 5,934 | 11,130 |
Acquisition of property and equipment | 625 | 4,351 | 104 |
Government grant | 334 | 2,326 | 0 |
Rental and property management fee | 304 | 2,115 | 909 |
Others | 1,390 | 9,676 | 1,639 |
Total accrued liabilities and other current liabilities | $ 13,829 | ¥ 96,277 | ¥ 76,666 |
Contingently Redeemable Conve_3
Contingently Redeemable Convertible Preferred Shares - Additional information (Details) $ / shares in Units, $ in Thousands | Apr. 11, 2018USD ($)shares | Oct. 05, 2017USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Apr. 01, 2016USD ($)$ / sharesshares | May 13, 2015USD ($)$ / sharesshares | Jan. 21, 2015USD ($)$ / sharesshares | Nov. 18, 2014USD ($)$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Temporary Equity [Line Items] | ||||||||||
Preferred shares dividends declared | $ / shares | $ 0 | |||||||||
Common shares issued upon the conversion of the preferred shares | 50.00% | |||||||||
Preferred shares to common shares, conversion date | Jul. 26, 2018 | |||||||||
Maximum | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Equity classified preferred shares modification percentage | 10.00% | |||||||||
Minimum | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Equity classified preferred shares modification percentage | 10.00% | |||||||||
Series C Preferred Share Agreement | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Performance ratchet description | Performance Ratchet” whereby if the Company’s PRC GAAP audited revenue was less than (i) RMB80,000 in 2016, or (ii) RMB120,000 in 2017, Weidong Luo and the Company shall compensate the Series C investors in accordance to the specified formula | |||||||||
Audited revenue required for compensation to investors | ¥ | ¥ 120,000 | ¥ 80,000 | ||||||||
Liquidation Preference | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Acquisition voting power | 50.00% | |||||||||
Mandra iBase Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Common shares issued upon the conversion of the preferred shares | 20.00% | |||||||||
Series A-1 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 0.36 | |||||||||
Total consideration | $ | $ 2,000 | |||||||||
Series A-1 Preferred Shares | IDG-Accel China Growth Fund III L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 5,187,780 | |||||||||
Series A-1 Preferred Shares | IDG-Accel China III Investors L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 367,780 | |||||||||
Series A-2 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 0.36 | |||||||||
Total consideration | $ | $ 2,000 | |||||||||
Series A-2 Preferred Shares | IDG-Accel China Growth Fund III L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 2,593,890 | |||||||||
Series A-2 Preferred Shares | IDG-Accel China III Investors L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 183,890 | |||||||||
Series A-2 Preferred Shares | Elite Bright International Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 1,388,890 | |||||||||
Series A-2 Preferred Shares | Mandra iBase Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 1,388,890 | |||||||||
Series B Preferred Share | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 0.95 | |||||||||
Total consideration | $ | $ 7,500 | |||||||||
Series B Preferred Share | IDG-Accel China Growth Fund III L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 494,070 | |||||||||
Series B Preferred Share | IDG-Accel China III Investors L.P | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 35,030 | |||||||||
Series B Preferred Share | Elite Bright International Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 529,100 | |||||||||
Series B Preferred Share | Mandra iBase Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 529,100 | |||||||||
Series B Preferred Share | Greatest Investments Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 6,349,210 | |||||||||
Series C-1 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 4.73 | |||||||||
Total consideration | $ | $ 11,111 | |||||||||
Series C-1 Preferred Shares | Greatest Investments Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 235,160 | |||||||||
Series C-1 Preferred Shares | Shenzhen Guohai Chuangxin Investment Management Limited Corporation | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 2,116,400 | |||||||||
Series C Two Contingent Redeemable Convertible Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 4.73 | |||||||||
Total consideration | $ | $ 12,000 | |||||||||
Series C Two Contingent Redeemable Convertible Preferred Shares | Mandra iBase Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 634,920 | |||||||||
Series C Two Contingent Redeemable Convertible Preferred Shares | T.C.L. Industries Holdings (H.K.) Ltd | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Redemption of preferred shares | 1,738,720 | |||||||||
Redemption of preferred shares, value | $ | $ 9,049 | |||||||||
Shares issued | 1,693,120 | |||||||||
Series C Two Contingent Redeemable Convertible Preferred Shares | Genesis Ventures Limited | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 211,640 | |||||||||
Series D Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued per share | $ / shares | $ 5.40 | |||||||||
Total consideration | $ | $ 30,000 | |||||||||
Liquidation preference as percentage of issue price | 115.00% | |||||||||
Liquidation preference | The holders of Series D preferred shares are entitled to receive an amount equal to 115% of the Series D Issue Price, plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series C, B and A preferred shares and the common shareholders of the Company. | |||||||||
Series D Preferred Shares | Fidelity Investment Funds | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 28,062 | |||||||||
Series D Preferred Shares | Fidelity China Special Situations PLC | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 2,441,572 | |||||||||
Series D Preferred Shares | Fidelity Funds | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 3,089,853 | |||||||||
Series C Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Liquidation preference as percentage of issue price | 100.00% | |||||||||
Liquidation preference | plus an annual simple return of 10% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series B and A preferred shares | |||||||||
Series C Preferred Shares | Liquidation Preference | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred stock annual simple return percentage | 10.00% | |||||||||
Series B Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Liquidation preference as percentage of issue price | 125.00% | |||||||||
Series B Preferred Shares | Liquidation Preference | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred stock annual compound return percentage | 6.00% | |||||||||
Series A Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Liquidation preference as percentage of issue price | 150.00% | |||||||||
Liquidation preference | After the payment to the holders of Series C preferred shares, the holders of Series B preferred shares are entitled to receive an amount equal to 125% of the Series B Issue Price, plus an annual compounded return of 6% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the Series A preferred shares and the common shareholders of the Company. | |||||||||
Series A Preferred Shares | Liquidation Preference | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Liquidation preference | After the payment to the holders of Series B preferred shares, the holders of Series A preferred shares are entitled to receive an amount equal to 150% of the Series A Issue Price, plus an annual compounded return of 8% accrued thereon and plus all declared but unpaid dividend, in preference to any distribution to the holders of the common shareholders of the Company. | |||||||||
Preferred stock annual compound return percentage | 8.00% | |||||||||
Redeemable Convertible Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred stock initial conversion ratio | 100.00% |
Contingently Redeemable Conve_4
Contingently Redeemable Convertible Preferred Shares - Schedule of Movement in Carrying Value of Convertible Preferred Shares (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Class Of Stock [Line Items] | |
Beginning balance | ¥ 466,637 |
Accretion of Preferred Shares | 24,094 |
Redemption of Preferred Shares | (57,234) |
Concertion to Common Shares | (433,497) |
Series A | |
Class Of Stock [Line Items] | |
Beginning balance | 26,979 |
Accretion of Preferred Shares | 1,463 |
Concertion to Common Shares | (28,442) |
Series B | |
Class Of Stock [Line Items] | |
Beginning balance | 52,723 |
Accretion of Preferred Shares | 4,137 |
Concertion to Common Shares | (56,860) |
Series C | |
Class Of Stock [Line Items] | |
Beginning balance | 168,317 |
Accretion of Preferred Shares | 7,441 |
Redemption of Preferred Shares | (57,234) |
Concertion to Common Shares | (118,524) |
Series D | |
Class Of Stock [Line Items] | |
Beginning balance | 218,618 |
Accretion of Preferred Shares | 11,053 |
Concertion to Common Shares | ¥ (229,671) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 01, 2017shares | Jul. 23, 2014shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2019CNY (¥)shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of awards vested expenses recognized | $ 6,792 | ¥ 47,284 | ¥ 24,561 | ¥ 8,275 | |||
Share Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 7,662 | 53,338 | 0 | 0 | |||
Fair value of awards vested expenses recognized | 6,792 | ¥ 47,284 | ¥ 24,561 | ¥ 8,275 | |||
Unrecognized share-based compensation expense | $ 4,748 | ¥ 33,056 | |||||
Unrecognized share-based compensation expense estimated weighted-average period | 2 years 7 months 9 days | 2 years 7 months 9 days | |||||
Weighted average grant-date fair value per share, granted | ¥ / shares | ¥ 50.18 | ¥ 45.72 | ¥ 10.34 | ||||
Restricted Share Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average grant-date fair value per share, granted | (per share) | $ 6.48 | ¥ 45.09 | ¥ 54.69 | ||||
Unrecognized share-based compensation cost | $ 9 | ¥ 64 | |||||
2014 Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Common shares reserved for issuance | 5,500,000 | ||||||
Share available for grant | 1,911 | 1,911 | |||||
2014 Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2017 Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Common shares reserved for issuance | 6,015,137 | ||||||
Share available for grant | 3,174,379 | 3,174,379 | |||||
2017 Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2014 and 2017 Plans | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2014 and 2017 Plans | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
2014 and 2017 Plans | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 1 year |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Options, Outstanding, Beginning Balance | 8,032,458 | |
Number of Options, Granted | 333,077 | |
Number of Options, Forfeited | 72,891 | |
Number of Options, Exercised | 1,113,098 | |
Number of Options, Outstanding, Ending Balance | 7,179,546 | 8,032,458 |
Number of Options, Vested and expected to vest | 7,179,546 | |
Number of Options, Exercisable | 5,237,925 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | ¥ 9.04 | |
Weighted-Average Exercise Price, Granted | 8.98 | |
Weighted-Average Exercise Price, Forfeited | 36.42 | |
Weighted-Average Exercise Price, Exercised | 2.74 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 9.74 | ¥ 9.04 |
Weighted-Average Exercise Price, Vested and expected to vest | 9.74 | |
Weighted-Average Exercise Price, Exercisable | 5.17 | |
Weighted- Average grant-date Fair Value per Option, Outstanding, Beginning Balance | 12.48 | |
Weighted- Average grant-date Fair Value per Option, Granted | 50.18 | |
Weighted- Average grant-date Fair Value per Option, Forfeited | 28.52 | |
Weighted- Average grant-date Fair Value per Option, Exercised | 4.06 | |
Weighted- Average grant-date Fair Value per Option, Outstanding, Ending Balance | 15.37 | ¥ 12.48 |
Weighted- Average grant-date Fair Value per Option, Vested and expected to vest | 15.37 | |
Weighted- Average grant-date Fair Value per Option, Exercisable | ¥ 7.90 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 9 months | 7 years 5 months 19 days |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest | 6 years 9 months | |
Weighted Average Remaining Contractual Term (Years), Exercisable | 6 years 2 months 15 days | |
Aggregate Intrinsic Value, Outstanding | ¥ 163,589 | ¥ 507,876 |
Aggregate Intrinsic Value, Vested and expected to vest | 163,589 | |
Aggregate Intrinsic Value, Exercisable | ¥ 137,787 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted (Details) - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate, minimum | 1.65% | 2.27% | 2.27% |
Risk-free interest rate, maximum | 2.54% | 2.93% | 2.41% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 44.23% | 45.30% | 46.33% |
Expected volatility, maximum | 44.71% | 46.10% | 47.15% |
Weighted average expected volatility | 44.53% | 45.98% | 46.66% |
Expected exercise multiple | ¥ 2.5 | ¥ 2.5 | ¥ 2.5 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Restricted Share Units (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate Intrinsic Value, Granted | ||
Restricted Share Units | Employees and Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Share Units, Outstanding, December 31, 2018 | 12,550 | |
Number of Share Units, Granted | 33,643 | |
Number of Share Units, Exercised | 12,550 | |
Number of Share Units, Outstanding, December 31, 2019 | 33,643 | 12,550 |
Number of Share Units, Vested and expected to vest at December 31, 2019 | 33,643 | |
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2018 | ¥ 54.69 | |
Weighted-Average grant-date Fair Value per Option, Granted | 45.09 | |
Weighted-Average grant-date Fair Value per Option, Exercised | 54.97 | |
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2019 | 44.98 | ¥ 54.69 |
Weighted-Average grant-date Fair Value per Option, Vested and expected to vest at December 31, 2019 | ¥ 44.98 | |
Weighted Average Remaining Contractual Term (Years), Outstanding, December 31, 2019 | 9 years 8 months 12 days | |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at December 31, 2019 | 9 years 8 months 12 days | 9 years 8 months 4 days |
Aggregate Intrinsic Value, Outstanding, December 31, 2018 | ¥ 907 | |
Aggregate Intrinsic Value, Outstanding, December 31, 2019 | 1,039 | ¥ 907 |
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2019 | ¥ 1,039 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Total Compensation Costs Recognized (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | $ 6,792 | ¥ 47,284 | ¥ 24,561 | ¥ 8,275 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 10 | 73 | ||
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 1,841 | 12,819 | 9,448 | 1,408 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 868 | 6,040 | 3,347 | 944 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | $ 4,073 | ¥ 28,352 | ¥ 11,766 | ¥ 5,923 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets related to net operating loss carry forwards | ¥ 78,985 | $ 15,528 | ¥ 108,101 | ||
Dividend withholding tax | ¥ 0 | 0 | |||
Undistributed earnings | 0 | 0 | |||
Interest and penalties related to an uncertain tax position | ¥ 0 | ¥ 0 | |||
Income tax examination, description | In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiary and the VIE. Accordingly, the PRC tax filings from 2014 through 2019 remain open to examination by the respective tax authorities | ||||
Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax examination year | 2014 | ||||
Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax examination year | 2019 | ||||
VIE | Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2020 | ||||
VIE | Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2029 | ||||
WFOE | Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2020 | ||||
WFOE | Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets operating loss carry forwards expiration year | 2024 | ||||
Hong Kong | |||||
Income Tax Disclosure [Line Items] | |||||
Effective profits tax rate | 16.50% | ||||
PRC | |||||
Income Tax Disclosure [Line Items] | |||||
Effective statutory enterprise income tax rate | 25.00% | 25.00% | 25.00% | ||
Effective preferential income tax rate | 15.00% | ||||
PRC | VIE | |||||
Income Tax Disclosure [Line Items] | |||||
Effective preferential income tax rate | 15.00% | 15.00% | 15.00% | ||
PRC | WFOE | |||||
Income Tax Disclosure [Line Items] | |||||
Effective statutory enterprise income tax rate | 25.00% |
Income Taxes - Summary of Profi
Income Taxes - Summary of Profit / (Loss) Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | $ (15,753) | ¥ (109,679) | ¥ (66,167) | ¥ (94,271) |
Cayman Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (2,401) | (16,716) | 6,622 | (10,584) |
British Virgin Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (4) | (30) | (25) | (2) |
Hong Kong | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (445) | (3,097) | 208 | (34) |
China | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | $ (12,903) | ¥ (89,836) | ¥ (72,972) | ¥ (83,651) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ (23) | ¥ (162) | ¥ (35) | |
Deferred tax benefit | 5 | ¥ 3,980 | ||
Total income tax (expense)/benefit | $ (23) | ¥ (162) | ¥ (30) | ¥ 3,980 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Expenses of Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Total loss before income taxes | $ (15,753) | ¥ (109,679) | ¥ (66,167) | ¥ (94,271) |
Income tax expense computed at PRC statutory rate | (3,939) | (27,421) | (16,542) | |
International tax rate differential | 639 | 4,451 | (1,668) | |
Preferential tax rate | 1,845 | 12,845 | 6,397 | |
Deferred tax items tax rate differential | (1,459) | (10,157) | (6,390) | |
Research and development super-deduction | (3,865) | (26,910) | (21,559) | |
Non-deductible expenses | 1,809 | 12,587 | 5,701 | |
Deferred tax expense | 4,073 | |||
Recognition of prior year tax loss | (279) | (1,939) | ||
Changes in valuation allowance | 5,272 | 36,706 | 30,018 | |
Income tax expense | $ 23 | ¥ 162 | ¥ 30 | ¥ (3,980) |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation Between Expenses of Income Taxes (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PRC | |||
Income Tax Disclosure [Line Items] | |||
Effective statutory enterprise income tax rate | 25.00% | 25.00% | 25.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Deferred tax assets, net | |||
Provision for doubtful debts | $ 1,075 | ¥ 7,484 | ¥ 2,463 |
Accrued expense | 1,367 | 9,516 | 3,737 |
Net operating loss carry forward | 15,528 | 108,101 | 78,985 |
Government grant related to assets | 52 | 359 | 54 |
Fixed assets depreciation | 10 | 73 | 14 |
Estimated liabilities | 10 | ||
Net unrealized gain on equity investments held | (512) | (3,564) | |
Valuation allowance | $ (17,520) | ¥ (121,969) | ¥ (85,263) |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Apr. 17, 2018USD ($)$ / shares | |
Convertible Notes [Line Item] | |||||
Aggregate principal amount | $ 35,000 | ¥ 244,167 | ¥ 240,212 | ||
Initial offering period | no qualified IPO were to occur within two years of the issue date, the outstanding obligation at their principal amount | ||||
Percentage of internal rate of return | 8.00% | ||||
Simple interest on principal | 15.00% | 15.00% | |||
Interest on internal rate of return per annum | 15.00% | ||||
Derivative liability | $ 3,224 | ||||
Change in fair value of current earnings | $ 3,224 | ||||
Effective interest rate | 4.69% | 4.69% | |||
BCF | |||||
Convertible Notes [Line Item] | |||||
Issuance price | $ / shares | $ 11.76 | ||||
Fair value per ordinary share | $ / shares | $ 9.87 | ||||
Zero Coupon Convertible Notes (the "Convertible Notes") Due 2021 | |||||
Convertible Notes [Line Item] | |||||
Conversion price per share | $ / shares | $ 11.76 | ||||
Debt issuance costs | $ 1,275 | ||||
Zero Coupon Convertible Notes (the "Convertible Notes") Due 2021 | Existing Investor | |||||
Convertible Notes [Line Item] | |||||
Aggregate principal amount | $ 35,000 |
Convertible Notes - Summary of
Convertible Notes - Summary of Principal Amount, Debt Issuance Costs and Derivative Liability (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | |
Convertible Notes [Line Item] | |||||
Principal amount | $ 35,000 | ¥ 244,167 | ¥ 240,212 | ||
Contingent redemption feature and debt issuance costs | (1,958) | (14,136) | (24,033) | ||
Total | $ 33,042 | 230,031 | $ 33,042 | ¥ 216,179 | |
Charge to profit and loss | ¥ 10,178 | ||||
Foreign Currency Translation Adjustment | |||||
Convertible Notes [Line Item] | |||||
Principal amount | 3,955 | ||||
Contingent redemption feature and debt issuance costs | (281) | ||||
Total | ¥ 3,674 |
Convertible Notes - Summary o_2
Convertible Notes - Summary of Aggregate Future Principal Payments for the Convertible Notes (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Debt Disclosure [Abstract] | ||
1 year to 2 years (Including 2 years) | $ 35,000 | ¥ 244,167 |
Total | $ 35,000 | ¥ 244,167 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | |
Commitments And Contingencies Disclosure [Line Items] | |||||
Operating lease, expenses | $ 2,353 | ¥ 16,380 | ¥ 12,120 | ¥ 6,081 | |
Consulting Service for Lease Term within One Year | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Future minimum payment under non-cancellable purchase commitment payment period | 1 year | ||||
Future minimum payment under non-cancellable purchase commitment | 495 | ¥ 3,449 | |||
Consulting Service for Lease Term within Two Year | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Future minimum payment under non-cancellable purchase commitment payment period | 2 years | ||||
Future minimum payment under non-cancellable purchase commitment | $ 41 | ¥ 285 | |||
Maximum [Member] | Office Premise [Member] | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Operating Lease term cf contract | 5 years | 5 years | |||
Minimum [Member] | Office Premise [Member] | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Operating Lease term cf contract | 6 months | 6 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 1,439 | ¥ 10,018 |
2021 | 636 | 4,425 |
2022 | 593 | 4,131 |
2023 | 50 | 346 |
Total | $ 2,718 | ¥ 18,920 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) | Jul. 26, 2018shares | Apr. 11, 2018USD ($)shares | Mar. 01, 2017shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Nov. 20, 2018USD ($) | Aug. 30, 2018shares | Jun. 27, 2018USD ($)shares | Dec. 31, 2017shares |
Share Capital [Line Items] | |||||||||
Common shares, value authorized | $ | $ 500,000 | ||||||||
Common shares, shares authorized | 5,000,000,000 | ||||||||
Common shares, shares outstanding | 42,666,670 | ||||||||
Preferred stock, shares outstanding | 27,867,937 | 27,867,937 | |||||||
Share split, ratio | 0.1 | ||||||||
American Depositary Shares | |||||||||
Share Capital [Line Items] | |||||||||
Share repurchased under repurchase plan | 920,606 | ||||||||
American Depositary Shares | Maximum | |||||||||
Share Capital [Line Items] | |||||||||
Share repurchase plan, authorized amount | $ | $ 10,000,000 | ||||||||
IPO | American Depositary Shares | |||||||||
Share Capital [Line Items] | |||||||||
Shares issued | 9,060,000 | ||||||||
Preferred Stock | IPO | |||||||||
Share Capital [Line Items] | |||||||||
Share split, ratio | 1 | ||||||||
Common Stock | |||||||||
Share Capital [Line Items] | |||||||||
Shares issued | 6,059,708 | ||||||||
Share repurchased under repurchase plan | 567,434 | 46,303 | |||||||
Common Stock | IPO | |||||||||
Share Capital [Line Items] | |||||||||
Share split, ratio | 1 | ||||||||
Series C Contingently Redeemable Convertible Preferred Shares | T.C.L. Industries Holdings (H.K.) Ltd | |||||||||
Share Capital [Line Items] | |||||||||
Redemption of preferred shares | 1,738,720 | ||||||||
Redemption of preferred shares, value | $ | $ 9,049,000,000 | ||||||||
Class A Common Shares | |||||||||
Share Capital [Line Items] | |||||||||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | |||||||
Common shares, shares outstanding | 60,106,037 | 59,547,823 | |||||||
Common shares, shares issued | 60,106,037 | 59,547,823 | |||||||
Share repurchased under repurchase plan | 613,737 | 613,737 | |||||||
Class A Common Shares | IPO | |||||||||
Share Capital [Line Items] | |||||||||
Preferred stock, shares issued upon conversion | 27,867,937 | ||||||||
Conversion of stock, shares issued | 25,666,481 | ||||||||
Class A Common Shares | IPO | American Depositary Shares | |||||||||
Share Capital [Line Items] | |||||||||
Shares issued | 6,040,000 | ||||||||
Class A Common Shares | Over-Allotment Option | |||||||||
Share Capital [Line Items] | |||||||||
Common shares, shares issued | 19,708 | ||||||||
Class B Common Shares | |||||||||
Share Capital [Line Items] | |||||||||
Common shares, shares authorized | 30,000,000 | 30,000,000 | |||||||
Common shares, shares outstanding | 17,000,189 | 17,000,189 | |||||||
Common shares, shares issued | 17,000,189 | 17,000,189 | |||||||
Class B Common Shares | IPO | |||||||||
Share Capital [Line Items] | |||||||||
Conversion of stock, shares issued | 17,000,189 |
Share Capital - Basic and Dilut
Share Capital - Basic and Diluted Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | $ (15,776) | ¥ (109,841) | ¥ (66,197) | ¥ (90,291) |
Deduct: Accretion of contingently redeemable convertible preferred shares | ¥ | (24,094) | (26,391) | ||
Net loss attributable to common shareholders | (15,776) | (109,841) | (90,291) | ¥ (116,682) |
Denominator: | ||||
Weighted average number of shares used in calculating basic and diluted loss per share | shares | 42,666,670 | |||
Basic and diluted loss per share | ¥ / shares | ¥ (2.73) | |||
Class A Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (12,282) | (85,502) | (46,606) | |
Deduct: Accretion of contingently redeemable convertible preferred shares | ¥ | (16,963) | |||
Net loss attributable to common shareholders | $ (12,282) | ¥ (85,502) | ¥ (63,569) | |
Denominator: | ||||
Weighted average number of shares used in calculating basic and diluted loss per share | shares | 59,721,341 | 59,721,341 | 40,441,999 | |
Basic and diluted loss per share | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) | |
Class B Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | $ (3,496) | ¥ (24,339) | ¥ (19,591) | |
Deduct: Accretion of contingently redeemable convertible preferred shares | ¥ | (7,131) | |||
Net loss attributable to common shareholders | $ (3,496) | ¥ (24,339) | ¥ (26,722) | |
Denominator: | ||||
Weighted average number of shares used in calculating basic and diluted loss per share | shares | 17,000,189 | 17,000,189 | 17,000,189 | |
Basic and diluted loss per share | (per share) | $ (0.21) | ¥ (1.43) | ¥ (1.57) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Due From Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | $ 75 | ¥ 521 | ¥ 4,564 |
Shenzhen Weixunyitong Information Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | $ 75 | ¥ 521 | 1,543 |
Guangzhou Tianlang Network Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | 1,305 | ||
Fei Chen | |||
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | ¥ 1,716 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amount Due to Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 8 | ¥ 56 | ¥ 8,864 |
Shenzhen Weixunyitong Information Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 8 | ¥ 56 | ¥ 8,864 |
Related Party Transactions - _3
Related Party Transactions - Schedule of Transactions With Related Parties (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Services provided to related party | $ 38 | ¥ 2,544 | ¥ 3,507 | ¥ 266 | |
Total | 1,666 | ¥ 11,600 | 21,384 | 2,229 | |
Shenzhen Weixunyitong Information Technology Co Ltd | |||||
Related Party Transaction [Line Items] | |||||
Services provided to related party | 1,002 | 2,752 | |||
Services received from related party | 1,666 | 20,909 | 672 | 11,600 | |
Office premises leased from related party | 475 | 1,557 | |||
Guangzhou Tianlang Network Technology Co Ltd | |||||
Related Party Transaction [Line Items] | |||||
Services provided to related party | $ 38 | ¥ 1,542 | ¥ 755 | ¥ 266 |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 130,205 | ¥ 906,458 | ¥ 714,141 | ¥ 284,709 |
Targeted Marketing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 100,001 | 696,190 | 572,796 | 221,153 |
Developer Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 13,438 | 93,553 | 60,106 | 38,795 |
Other SaaS Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16,766 | 116,715 | 81,239 | 24,761 |
Total SaaS Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 30,204 | ¥ 210,268 | ¥ 141,345 | ¥ 63,556 |
Revenues - Schedule Of Timing O
Revenues - Schedule Of Timing Of Revenue Recognition (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 130,205 | ¥ 906,458 | ¥ 714,141 | ¥ 284,709 |
Developer Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 13,438 | 93,553 | 60,106 | 38,795 |
Developer Services | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,526 | 24,549 | ||
Developer Services | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9,912 | 69,004 | ||
Other SaaS Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 16,766 | 116,715 | ¥ 81,239 | ¥ 24,761 |
Other SaaS Products | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9,150 | 63,703 | ||
Other SaaS Products | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,616 | 53,012 | ||
SaaS Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 30,204 | ¥ 210,268 |
Other income - Schedule of Oth
Other income - Schedule of Other Nonoperating Income by Component (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Other Income, Nonoperating [Abstract] | ||||
Government grants | $ 1,802 | ¥ 12,546 | ¥ 7,483 | ¥ 677 |
Gain on an equity investment sold | 974 | 6,778 | ||
Unrealized gain on equity investments held | 2,485 | 17,298 | ||
Income from ADR profit-sharing program | 315 | 2,190 | 966 | |
Total | $ 5,576 | ¥ 38,812 | ¥ 8,449 | ¥ 677 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets And Liabilities Measured Or Disclosed At Fair Value (Details) - 12 months ended Dec. 31, 2019 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | CNY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets and liabilities measured at fair value | $ 4,507 | ¥ 31,375 | |
Fair value adjustment | ¥ 17,298 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments accounted for at fair value using the alternative measurement | $ 4,507 | 31,375 | |
Fair value adjustment | ¥ 17,298 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets and liabilities measured at fair value | 31,375 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments accounted for at fair value using the alternative measurement | ¥ 31,375 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Redemption Feature Derivative Liability (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Charge to profit and loss | ¥ (10,178) | ||
Ending balance | $ | $ 3,224 | ||
Recurring | Significant unobservable inputs (Level 3) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Beginning balance | ¥ 20,237 | ||
Charge to profit and loss | (21,302) | ||
Foreign currency translation adjustment | 1,065 | ||
Ending balance |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Dividends Payable [Line Items] | |||
Threshold limit percentage of registered capital | 50.00% | ||
PRC | VIE | |||
Dividends Payable [Line Items] | |||
Restricted net asset, using statutory accounting principles | $ 122,977 | ¥ 856,141 | ¥ 787,223 |
Minimum | |||
Dividends Payable [Line Items] | |||
Minimum percentage of net profit to be allocated to statutory reserve fund | 10.00% |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | $ 61,975 | ¥ 431,459 | $ 82,818 | ¥ 576,562 | ¥ 208,161 | ¥ 103,168 |
Prepayments and other current assets | 12,366 | 86,087 | 80,578 | |||
Total current assets | 93,885 | 653,599 | 803,730 | |||
Non-current assets: | ||||||
Long-term investments | 24,223 | 168,637 | 79,696 | |||
Intangible assets, net | 1,265 | 8,810 | 1,531 | |||
Total non-current assets | 41,126 | 286,324 | 188,338 | |||
Total assets | 135,011 | 939,923 | 992,068 | |||
Current liabilities: | ||||||
Total current liabilities | 27,850 | 193,890 | 163,824 | |||
Non-current liabilities: | ||||||
Deferred revenue — non-current | 1,171 | 8,150 | 10,265 | |||
Convertible notes | 33,042 | 230,031 | $ 33,042 | 216,179 | ||
Total non-current liabilities | 34,222 | 238,245 | 226,584 | |||
Total liabilities | 62,072 | 432,135 | 390,408 | |||
Shareholders' equity | ||||||
Treasury shares (46,303 and 81,930 class A common shares as of December 31, 2018 and 2019, respectively) | (287) | (1,999) | (3,165) | |||
Additional paid-in capital | 137,426 | 956,735 | 944,500 | |||
Accumulated deficit | (65,121) | (453,359) | (348,123) | |||
Accumulated other comprehensive income | 914 | 6,363 | 8,400 | |||
Total shareholders' equity | 72,939 | 507,788 | 601,660 | ¥ (224,384) | ¥ (108,414) | |
Total liabilities and shareholders' equity | 135,011 | 939,923 | 992,068 | |||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 16,445 | 114,489 | 238,236 | |||
Prepayments and other current assets | 1,034 | 7,198 | 7,030 | |||
Prepayments | 364 | 2,528 | 4,245 | |||
Total current assets | 17,843 | 124,215 | 249,511 | |||
Non-current assets: | ||||||
Long-term investments | 95,959 | 668,049 | 590,752 | |||
Intangible assets, net | 9 | 62 | 93 | |||
Total non-current assets | 95,968 | 668,111 | 590,845 | |||
Total assets | 113,811 | 792,326 | 840,356 | |||
Current liabilities: | ||||||
Accrued liabilities and other current liabilities | 207 | 1,439 | 11,542 | |||
Amounts due to the Company and its subsidiaries | 6,452 | 44,918 | 710 | |||
Total current liabilities | 6,659 | 46,357 | 12,252 | |||
Non-current liabilities: | ||||||
Deferred revenue — non-current | 1,171 | 8,150 | 10,265 | |||
Convertible notes | 33,042 | 230,031 | 216,179 | |||
Total non-current liabilities | 34,213 | 238,181 | 226,444 | |||
Total liabilities | 40,872 | 284,538 | 238,696 | |||
Shareholders' equity | ||||||
Treasury shares (46,303 and 81,930 class A common shares as of December 31, 2018 and 2019, respectively) | (287) | (1,999) | (3,165) | |||
Additional paid-in capital | 137,426 | 956,735 | 944,500 | |||
Accumulated deficit | (65,121) | (453,359) | (348,123) | |||
Accumulated other comprehensive income | 914 | 6,363 | 8,400 | |||
Total shareholders' equity | 72,939 | 507,788 | 601,660 | |||
Total liabilities and shareholders' equity | 113,811 | 792,326 | 840,356 | |||
Class A Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 5 | 37 | 37 | |||
Class A Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | 5 | 37 | 37 | |||
Class B Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 2 | 11 | 11 | |||
Class B Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | $ 2 | ¥ 11 | ¥ 11 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 27, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common shares, shares authorized | 5,000,000,000 | |||
Common shares, shares outstanding | 42,666,670 | |||
Class A Common Shares | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common shares, par value per share | $ 0.0001 | |||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | ||
Common shares, shares issued | 60,106,037 | 59,547,823 | ||
Common shares, shares outstanding | 60,106,037 | 59,547,823 | ||
Treasury shares, shares | 81,930 | 46,303 | ||
Class B Common Shares | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common shares, par value per share | $ 0.0001 | |||
Common shares, shares authorized | 30,000,000 | 30,000,000 | ||
Common shares, shares issued | 17,000,189 | 17,000,189 | ||
Common shares, shares outstanding | 17,000,189 | 17,000,189 | ||
Parent Company | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Treasury shares, shares | 81,930 | 46,303 | ||
Parent Company | Class A Common Shares | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | ||
Common shares, shares authorized | 4,920,000,000 | 4,920,000,000 | ||
Common shares, shares issued | 60,106,037 | 59,547,823 | ||
Common shares, shares outstanding | 60,106,037 | 59,547,823 | ||
Parent Company | Class B Common Shares | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common shares, par value per share | $ 0.0001 | $ 0.0001 | ||
Common shares, shares authorized | 30,000,000 | 30,000,000 | ||
Common shares, shares issued | 17,000,189 | 17,000,189 | ||
Common shares, shares outstanding | 17,000,189 | 17,000,189 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Loss (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Operating expenses | ||||
General and administrative | $ (15,699) | ¥ (109,291,000) | ¥ (71,641,000) | ¥ (32,431,000) |
Total operating expenses | (58,043) | (404,087,000) | (289,852,000) | (163,755,000) |
Loss from operations | (21,147) | (147,225,000) | (92,785,000) | (92,416,000) |
Foreign exchange loss, net | 249 | 1,731,000 | (11,689,000) | (339,000) |
Interest income | 905 | 6,300,000 | 3,657,000 | 314,000 |
Interest expense | (1,597) | (11,118,000) | (7,054,000) | (122,000) |
Change in fair value of derivative liability | (10,178,000) | |||
Loss before income taxes | (15,753) | (109,679,000) | (66,167,000) | (94,271,000) |
Income tax expenses | 23 | 162,000 | 30,000 | (3,980,000) |
Net Loss | (15,776) | (109,841,000) | (66,197,000) | (90,291,000) |
Deduct: Accretion of contingently redeemable convertible preferred shares | (24,094,000) | (26,391,000) | ||
Net loss attributable to common shareholders | (15,776) | (109,841,000) | (90,291,000) | (116,682,000) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (293) | (2,037,000) | 11,688,000 | (7,563,000) |
Comprehensive loss | (16,069) | (111,878,000) | (54,509,000) | (97,854,000) |
Parent Company | ||||
Operating expenses | ||||
General and administrative | (2,067) | (14,389,000) | (11,941,000) | (10,076,000) |
Share of losses of subsidiaries and VIE | (13,404) | (93,328,000) | (72,750,000) | (79,916,000) |
Total operating expenses | (15,471) | (107,717,000) | (84,691) | (89,992,000) |
Loss from operations | (15,471) | (107,717,000) | (84,691,000) | (89,992,000) |
Foreign exchange loss, net | (186,000) | (339,000) | ||
Interest income | 396 | 2,754,000 | 3,013,000 | 18,000 |
Interest expense | (1,462) | (10,178,000) | (6,599,000) | |
Other income | 761 | 5,300,000 | 964,000 | 22,000 |
Change in fair value of derivative liability | 21,302,000 | |||
Loss before income taxes | (15,776) | (109,841,000) | (66,197,000) | (90,291,000) |
Income tax expenses | 0 | 0 | ||
Net Loss | (15,776) | (109,841,000) | (66,197,000) | (90,291,000) |
Deduct: Accretion of contingently redeemable convertible preferred shares | (24,094,000) | (26,391,000) | ||
Net loss attributable to common shareholders | (15,776) | (109,841,000) | (90,291,000) | (116,682,000) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (293) | (2,037,000) | 11,688,000 | (7,563,000) |
Total other comprehensive income (loss), net of tax | (293) | (2,037,000) | 11,688,000 | (7,563,000) |
Comprehensive loss | $ (16,069) | ¥ (111,878,000) | ¥ (54,509,000) | ¥ (97,854,000) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in)/ provided by operating activities | $ (3,699) | ¥ (25,758) | ¥ (97,925) | ¥ (75,532) |
Net cash used in investing activities | (12,779) | (88,966) | (139,206) | (28,644) |
Net cash provided by/ (used in) from financing activities | (4,867) | (33,883) | 614,884 | 217,446 |
Effect of exchange rate changes | 502 | 3,504 | (9,352) | (8,282) |
Net increase/ (decrease) in cash and cash equivalents and restricted cash | (20,843) | (145,103) | 368,401 | 104,988 |
Cash, cash equivalents and restricted cash at the beginning of year | 82,835 | 576,677 | 208,276 | 103,288 |
Cash, cash equivalents and restricted cash at the end of year | 61,992 | 431,574 | 576,677 | 208,276 |
Parent Company | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in)/ provided by operating activities | 2,194 | 15,273 | 16,052 | (744) |
Net cash used in investing activities | (13,705) | (95,412) | (535,995) | (157,412) |
Net cash provided by/ (used in) from financing activities | (4,862) | (33,845) | 614,884 | 217,446 |
Effect of exchange rate changes | (1,403) | (9,763) | 24,866 | (7,695) |
Net increase/ (decrease) in cash and cash equivalents and restricted cash | (17,776) | (123,747) | 119,807 | 51,595 |
Cash, cash equivalents and restricted cash at the beginning of year | 34,221 | 238,236 | 118,429 | 66,834 |
Cash, cash equivalents and restricted cash at the end of year | $ 16,445 | ¥ 114,489 | ¥ 238,236 | ¥ 118,429 |