Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Aurora Mobile Limited |
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 | 14/F, China Certification and Inspection Building |
Entity Address, Address Line Two | No. 6, Keji South 12th Road |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518057 |
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 |
ICFR Auditor Attestation Flag | false |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Location | Shenzhen, the People’s Republic of China |
Auditor Firm ID | 1408 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 14/F, China Certification and Inspection Building |
Entity Address, Address Line Two | No. 6, Keji South 12th Road |
Entity Address, City or Town | Nanshan District |
Entity Address, Postal Zip Code | 518057 |
Contact Personnel Name | Shan-Nen Bong |
Contact Personnel Email Address | bongsn@jiguang.cn |
Entity Address, Country | CN |
City Area Code | 86 |
Local Phone Number | 755-8388-1462 |
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 | 62,731,971 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 116,128 | $ 16,837 | ¥ 90,552 |
Restricted cash | 132 | 19 | 164,030 |
Derivative assets | 0 | 0 | 5,989 |
Short-term investments | 0 | 0 | 30,000 |
Accounts receivable, net of allowances of RMB37,690 and RMB5,142 (US$746) as of December 31, 2021 and 2022, respectively | 29,727 | 4,310 | 43,860 |
Prepayments and other current assets | 30,401 | 4,407 | 46,670 |
Amounts due from related parties | 255 | 37 | 35 |
Total current assets | 176,643 | 25,610 | 381,136 |
Non-current assets: | |||
Property and equipment, net | 14,947 | 2,167 | 62,179 |
Operating lease right-of-use assets | 33,756 | 4,894 | 0 |
Intangible assets, net | 23,947 | 3,472 | 5,398 |
Goodwill | 37,785 | 5,478 | 0 |
Long-term investments | 141,901 | 20,574 | 141,926 |
Other non-current assets | 4,128 | 599 | 4,898 |
Total non-current assets | 256,464 | 37,184 | 214,401 |
Total assets | 433,107 | 62,794 | 595,537 |
Current liabilities: | |||
Short-term loan (including short-term loan of the variable interest entity ("VIE") without recourse to the Company of nil and RMB5,000 (US$725) as of December 31, 2021 and 2022, respectively) | 5,000 | 725 | 150,000 |
Accounts payable (including accounts payable of the variable interest entity ("VIE") without recourse to the Company of RMB17,529 and RMB15,325 (US$2,222) as of December 31, 2021 and 2022, respectively) | 18,169 | 2,634 | 18,292 |
Deferred revenue and customer deposits (including deferred revenue and customer deposits of the VIE without recourse to the Company of RMB115,900 and RMB132,195 (US$19,166) as of December 31, 2021 and 2022, respectively) | 138,804 | 20,125 | 119,991 |
Operating lease liabilities (including operating lease liabilities of the VIE without recourse to the Company of nil and RMB16,491 (US$2,391) as of December 31, 2021 and 2022, respectively) | 18,133 | 2,629 | 0 |
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the VIE without recourse to the Company of RMB64,527 and RMB73,779 (US$10,697) as of December 31, 2021 and 2022, respectively) | 75,333 | 10,922 | 85,305 |
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of RMB54 and nil as of December 31, 2021 and 2022, respectively) | 0 | 0 | 54 |
Total current liabilities | 255,439 | 37,035 | 373,642 |
Non-current liabilities: | |||
Deferred revenue (including non-current deferred revenue of the VIE without recourse to the Company of RMB569 and RMB3,585 (US$520) as of December 31, 2021 and 2022, respectively) | 3,585 | 520 | 3,845 |
Operating lease liabilities (including non-current operating lease liabilities of the VIE without recourse to the Company of nil and RMB5,546 (US$804) as of December 31, 2021 and 2022, respectively) | 6,959 | 1,009 | 0 |
Deferred tax liabilities (including non-current deferred tax liabilities of the VIE without recourse to the Company of nil and RMB4,824 (US$699) as of December 31, 2021 and 2022, respectively) | 4,824 | 699 | 0 |
Other non-current liabilities (including other non-current liabilities of the VIE without recourse to the Company of RMB560 and RMB2,076 (US$301) as of December 31, 2021 and 2022, respectively) | 4,058 | 588 | 2,607 |
Total non-current liabilities | 19,426 | 2,816 | 6,452 |
Total liabilities | 274,865 | 39,851 | 380,094 |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 30,552 | 4,430 | 0 |
Shareholders' equity | |||
Treasury shares | (1,689) | (245) | |
Additional paid-in capital | 1,037,007 | 150,352 | 1,021,961 |
Accumulated deficit | (925,982) | (134,255) | (819,018) |
Accumulated other comprehensive income | 18,304 | 2,654 | 12,451 |
Total shareholders' equity | 127,690 | 18,513 | 215,443 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | 433,107 | 62,794 | 595,537 |
Class A Common Shares | |||
Shareholders' equity | |||
Common shares | 39 | 5 | 38 |
Class B Common Shares | |||
Shareholders' equity | |||
Common shares | ¥ 11 | $ 2 | ¥ 11 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares |
Accounts receivable, net of allowances | ¥ 5,142 | $ 746 | ¥ 37,690 |
Short Term Loan | 5,000 | 725 | 150,000 |
Accounts payable | 18,169 | 2,634 | 18,292 |
Deferred revenue and customer deposits | 88,478 | 12,828 | 80,405 |
Current Operating lease liabilities | 18,133 | 2,629 | 0 |
Accrued liabilities and other current liabilities | 75,333 | 10,922 | 85,305 |
Amount due to related parties | 0 | 0 | 54 |
Deferred revenue | 3,585 | 520 | 3,845 |
Non Current operating lease liabilities | 6,959 | 1,009 | 0 |
Other non-current liabilities | 4,058 | 588 | 2,607 |
Deferred tax liabilities | ¥ 22,131 | $ 3,207 | ¥ 11,585 |
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 | 62,731,971 | 62,731,971 | 62,036,273 |
Common shares, shares outstanding | 62,731,971 | 62,731,971 | 62,036,273 |
Treasury stock, common, shares | 182,313 | 182,313 | 0 |
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 | |||
Short Term Loan | ¥ 5,000 | $ 725 | ¥ 0 |
Accounts payable | 15,325 | 2,222 | 17,529 |
Deferred revenue and customer deposits | 132,195 | 19,166 | 115,900 |
Current Operating lease liabilities | 16,491 | 2,391 | 0 |
Accrued liabilities and other current liabilities | 73,779 | 10,697 | 64,527 |
Amount due to related parties | 0 | 0 | 54 |
Deferred revenue | 3,585 | 520 | 569 |
Non Current operating lease liabilities | 5,546 | 804 | 0 |
Other non-current liabilities | 2,076 | 301 | 560 |
Deferred tax liabilities | ¥ 4,824 | $ 699 | ¥ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenues | ¥ 328,822 | $ 47,675 | ¥ 357,322 | ¥ 471,614 |
Cost of revenues | (103,057) | (14,942) | (92,393) | (265,436) |
Gross profit | 225,765 | 32,733 | 264,929 | 206,178 |
Operating expenses | ||||
Research and development | (154,476) | (22,397) | (206,722) | (174,597) |
Sales and marketing | (98,324) | (14,256) | (116,415) | (102,319) |
General and administrative | (105,404) | (15,282) | (79,922) | (119,087) |
Total operating expenses | (358,204) | (51,935) | (403,059) | (396,003) |
Loss from operations | (132,439) | (19,202) | (138,130) | (189,825) |
Foreign exchange gain/(loss) | (2,866) | (416) | (3,376) | 10 |
Interest income | 2,321 | 337 | 6,597 | 6,131 |
Interest expense | (3,136) | (455) | (8,815) | (11,724) |
Other (loss)/income | 26,318 | 3,816 | (2,908) | (30,814) |
Change in fair value of structured deposits | 59 | 9 | 20 | 1,233 |
Change in fair value of foreign currency swap contract | 838 | 121 | 6,060 | |
Loss before income taxes | (108,905) | (15,790) | (140,552) | (224,989) |
Income tax (expenses)/benefits | 455 | 66 | (32) | (86) |
Net loss | (108,450) | (15,724) | (140,584) | (225,075) |
Less: net loss attributable to redeemable noncontrolling interests | (1,486) | (215) | ||
Net loss attributable to Aurora Mobile Limited's shareholders | (106,964) | (15,509) | (140,584) | (225,075) |
Net loss attributable to common shareholders | (106,964) | (15,509) | (140,584) | (225,075) |
Other comprehensive income | ||||
Foreign currency translation adjustments | 5,853 | 849 | 1,638 | 4,450 |
Total other comprehensive income, net of tax | 5,853 | 849 | 1,638 | 4,450 |
Total comprehensive loss | (102,597) | (14,875) | (138,946) | (220,625) |
Less: comprehensive loss attributable to redeemable noncontrolling interests | (1,486) | (215) | ||
Comprehensive loss attributable to Aurora Mobile Limited's shareholders | (101,111) | (14,660) | (138,946) | (220,625) |
Class A Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (84,032) | (12,184) | (110,258) | (175,650) |
Net loss attributable to common shareholders | ¥ (84,032) | $ (12,184) | ¥ (110,258) | ¥ (175,650) |
Net loss per share for class A and class B common shares: | ||||
Earnings Per Share, Basic | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Earnings Per Share, Diluted | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Shares used in net loss per share computation: | ||||
Common Shares - basic | 62,296,172 | 62,296,172 | 61,809,501 | 60,415,978 |
Common Shares - diluted | 62,296,172 | 62,296,172 | 61,809,501 | 60,415,978 |
Class B Common Shares | ||||
Operating expenses | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (22,932) | $ (3,325) | ¥ (30,326) | ¥ (49,425) |
Net loss attributable to common shareholders | ¥ (22,932) | $ (3,325) | ¥ (30,326) | ¥ (49,425) |
Net loss per share for class A and class B common shares: | ||||
Earnings Per Share, Basic | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Earnings Per Share, Diluted | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Shares used in net loss per share computation: | ||||
Common Shares - basic | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
Common Shares - diluted | 17,000,189 | 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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Revenues - related parties | ¥ 400 | $ 58 | ¥ 100 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Common Stock CNY (¥) shares | Common Stock USD ($) shares | Treasury Stock CNY (¥) shares | Treasury Stock USD ($) shares | Additional Paid-in Capital CNY (¥) | Additional Paid-in Capital USD ($) | Accumulated Other Comprehensive Income CNY (¥) | Accumulated Other Comprehensive Income USD ($) | Accumulated Deficit CNY (¥) | Accumulated Deficit USD ($) |
Balance at Dec. 31, 2019 | ¥ 507,788 | ¥ 48 | ¥ (1,999) | ¥ 956,735 | ¥ 6,363 | ¥ (453,359) | ||||||
Balance, Shares at Dec. 31, 2019 | shares | 77,106,226 | 77,106,226 | 81,930 | 81,930 | ||||||||
Net loss | (225,075) | (225,075) | ||||||||||
Translation adjustments | 4,450 | 4,450 | ||||||||||
Exercise and vesting of share-based awards | 5,218 | ¥ 1,999 | 3,219 | |||||||||
Exercise and vesting of share-based awards , shares | shares | 1,286,133 | 1,286,133 | (81,930) | (81,930) | ||||||||
Share-based compensation (Note 13) | 28,858 | 28,858 | ||||||||||
Balance at Dec. 31, 2020 | 321,239 | ¥ 48 | 988,812 | 10,813 | (678,434) | |||||||
Balance, Shares at Dec. 31, 2020 | shares | 78,392,359 | 78,392,359 | ||||||||||
Net loss | (140,584) | (140,584) | ||||||||||
Translation adjustments | 1,638 | 1,638 | 0 | |||||||||
Exercise and vesting of share-based awards | 2,938 | ¥ 1 | 2,937 | |||||||||
Exercise and vesting of share-based awards , shares | shares | 644,103 | 644,103 | ||||||||||
Share-based compensation (Note 13) | 30,212 | 30,212 | ||||||||||
Balance at Dec. 31, 2021 | 215,443 | ¥ 49 | ¥ 0 | 1,021,961 | 12,451 | (819,018) | ||||||
Balance, Shares at Dec. 31, 2021 | shares | 79,036,462 | 79,036,462 | ||||||||||
Net loss | (106,964) | $ (15,509) | (106,964) | |||||||||
Translation adjustments | 5,853 | 5,853 | ||||||||||
Exercise and vesting of share-based awards | ¥ 174 | ¥ 1 | 173 | |||||||||
Exercise and vesting of share-based awards , shares | shares | 758,442 | 758,442 | 878,011 | 878,011 | ||||||||
Repurchase of common shares | ¥ (1,689) | ¥ (1,689) | ||||||||||
Repurchase of common shares, shares | shares | (182,313) | (182,313) | 182,313 | 182,313 | ||||||||
Share-based compensation (Note 13) | 15,515 | 15,515 | ||||||||||
Adjustment of redeemable noncontrolling interests to redemption value | (642) | (642) | ||||||||||
Balance at Dec. 31, 2022 | ¥ 127,690 | $ 18,513 | ¥ 50 | $ 7 | ¥ (1,689) | $ (245) | ¥ 1,037,007 | $ 150,352 | ¥ 18,304 | $ 2,654 | ¥ (925,982) | $ (134,255) |
Balance, Shares at Dec. 31, 2022 | shares | 79,732,160 | 79,732,160 | 182,313 | 182,313 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (108,450) | $ (15,724) | ¥ (140,584) | ¥ (225,075) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property and equipment | 24,362 | 3,532 | 27,337 | 37,704 |
Amortization of intangible assets | 6,043 | 876 | 4,481 | 4,366 |
Lease expense to reduce right-of-use assets | 9,002 | 1,305 | ||
Unrealized exchange gain | (90) | |||
Deferred tax benefits | (481) | (70) | ||
Allowance for doubtful accounts | 2,895 | 420 | (246) | 18,732 |
Interest expenses, net | 807 | 117 | 2,857 | 7,931 |
Impairment of long-term investments | 6,726 | 975 | 25,370 | 38,739 |
Impairment of property and equipment | 22,400 | 3,248 | 10,952 | |
Impairment of amount due from related companies | 479 | |||
Impairment of loans | 705 | 102 | 528 | 4,500 |
Loss/ (gain) on disposal of property and equipment | 14 | 2 | (821) | 23 |
Change in fair value of structured deposits | (59) | (9) | (20) | (1,233) |
Change in fair value of foreign currency swap contract | (838) | (121) | (6,060) | |
Share-based compensation expenses | 15,515 | 2,249 | 30,212 | 28,858 |
Changes in operating assets and liabilities, | ||||
Accounts and notes receivable | 12,528 | 1,816 | 1,271 | 71,799 |
Prepayments and other current assets | 17,447 | 2,531 | 13,572 | 43,281 |
Amounts due from related parties | (220) | (32) | (35) | 43 |
Derivative assets | 7,214 | 1,046 | ||
Operating lease right-of-use assets | (26,214) | (3,801) | ||
Other non-current assets | 133 | 19 | 370 | 11 |
Accounts payable | (1,064) | (154) | 1,699 | (3,403) |
Deferred revenue and customer deposits | 12,023 | 1,743 | 8,605 | 29,520 |
Tax payable | (371) | (54) | (81) | (115) |
Accrued interest related to convertible notes | (21,049) | |||
Accrued liabilities and other current liabilities | (25,797) | (3,738) | (25,596) | 8,908 |
Amounts due to related parties | (54) | (8) | 54 | (56) |
Operating lease liabilities | 5,941 | 861 | ||
Other non-current liabilities | 2,317 | 336 | 1,486 | (64) |
Net cash provided by /(used in) operating activities | (17,476) | (2,533) | (76,650) | 75,810 |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (41,000) | (5,944) | (470,169) | |
Proceeds from maturities of short-term investments | 71,000 | 10,294 | 50,000 | 391,964 |
Purchase of long-term investments | (2,690) | (390) | (36,012) | |
Payment for acquisitions, net of cash acquired | 58 | 8 | ||
Proceed from disposal of long-term investments | 585 | 85 | ||
Investment in loans granted to other companies | (1,000) | (145) | (2,000) | (8,000) |
Proceed from maturities of loans granted to other companies | 1,000 | 145 | ||
Investment in convertible loans | (4,859) | |||
Purchase of property and equipment | (632) | (92) | (16,291) | (19,685) |
Proceeds from disposal of property and equipment | 24 | 3 | 2,238 | 133 |
Purchase of intangible assets | (492) | (71) | (2,646) | (2,646) |
Net cash (used in) /provided by investing activities | 26,853 | 3,893 | 26,442 | (144,415) |
Cash flows from financing activities: | ||||
Proceeds from short-term bank loans | 43,000 | 6,234 | 150,000 | |
Repayment of short-term bank loans | (188,000) | (27,257) | ||
Proceeds from issuance of common shares | 1 | 1 | ||
Repurchase of ordinary shares | (1,689) | (245) | ||
Prepayment for stock issuance cost | (1,525) | (221) | ||
Repayment of convertible notes | (207,459) | |||
Proceeds from exercise of share options | 173 | 25 | 2,938 | 315 |
Net cash provided by /(used in) financing activities | (148,040) | (21,464) | (54,520) | 315 |
Effect of exchange rate on cash and cash equivalents and restricted cash | 341 | 49 | 3,080 | (7,054) |
Net (decrease)/ increase in cash and cash equivalents and restricted cash | (138,322) | (20,055) | (101,648) | (75,344) |
Cash and cash equivalents and restricted cash at the beginning of year | 254,582 | 36,911 | 356,230 | 431,574 |
Cash and cash equivalents at the beginning of the year | 90,552 | 13,129 | 356,115 | 431,459 |
Restricted cash at the beginning of the year | 164,030 | 23,782 | 115 | 115 |
Cash and cash equivalents and restricted cash at the end of year | 116,260 | 16,856 | 254,582 | 356,230 |
Cash and cash equivalents at the end of the year | 116,128 | 16,837 | 90,552 | 356,115 |
Restricted cash at the end of the year | 132 | 19 | 164,030 | 115 |
Supplemental disclosures of cash flow information: | ||||
Income tax paid | 296 | 43 | 182 | 195 |
Interest expense paid | 2,434 | 353 | 4,513 | |
Non-cash investing and financing activities: | ||||
Unpaid cash consideration for business combination (Note 12) | ¥ 16,788 | $ 2,434 | ||
Acquisition of long-term investments | 8,000 | |||
Purchase of property and equipment included in accrued liabilities and other current liabilities | ¥ 2,484 | 1,355 | ||
Purchase of intangible assets included in accrued liabilities and other current liabilities | ¥ 2,503 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
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, variable interest entity (“VIE”), and subsidiaries of the VIE) 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, VIE, and subsidiaries of the VIE are principally engaged in providing Software-as-a-Service 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. (“Hexun Huagu”), 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, 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 equity ownership, as a result of a series of VIE agreements, the shareholders of the VIE effectively assigned all of their voting rights underlying their equity in the VIE to the Company, which gives the Company the power to direct the activities that most significantly impact the VIE’s economic performance. In addition, through the exclusive business operation agreement, the Company, through its WFOE in the PRC, has 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. 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 the 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 The following supplementary agreements were entered into: Financial Support Agreement Pursuant to the financial support undertaking letter, 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 Company is the primary beneficiary of the VIE. Prior to July 26, 2022, Weidong Luo, Xiaodao Wang and Jiawen Fang, held 80%, 10% and 10 % equity interests in the VIE, respectively. On July 26, 2022, the nominee shareholders of the VIE, Xiaodao Wang and Jiawen Fang transferred their equity interests in the VIE to Guangyan Chen, a senior management of Hexun Huagu (the “Transfer of Shares”). After the Transfer of Shares, the VIE is held as to 80% by Weidong Luo and 20% by Guangyan Chen. On July 26, 2022, the registration of this transfer with the local branch of the State Administration of Industry and Commerce (the “SAIC”) was completed. In the opinion of the Company’s PRC legal counsel, (i) the ownership structure of the PRC subsidiary and the VIE does not result in any violation of any explicit requirements under any PRC laws and regulations in all material aspects; (ii) each of the VIE agreements is valid, binding and enforceable in accordance with its terms, and (iii) the execution, delivery and performance of the contractual arrangements do not result in any violation of the provisions of the articles of association and business licenses of the VIE. 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 and its subsidiaries included in the Company’s consolidated balance sheets: As of December 31, 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 55,946 64,719 9,383 Restricted cash 158,032 132 19 Short-term investments 30,000 — — Accounts and notes receivable, net 43,415 29,369 4,258 Prepayments and other current assets 37,807 21,656 3,140 Amounts due from the Company and its subsidiaries 69,405 236,093 34,230 Amounts due from related parties 35 255 37 Total current assets 394,640 352,224 51,067 Non-current Property and equipment, net 45,068 12,375 1,794 Operating lease right-of-use — 31,336 4,543 Intangible assets, net 5,398 23,947 3,472 Goodwill — 37,785 5,478 Long-term investments 90,618 103,144 14,954 Other-non current assets 3,298 3,609 523 Total non-current 144,382 212,196 30,764 Total assets 539,022 564,420 81,831 LIABILITIES: Current liabilities: Short-term loan — 5,000 725 Accounts payable 17,529 15,325 2,222 Deferred revenue and customer deposits 115,900 132,195 19,166 Operating lease liabilities — 16,491 2,391 Accrued liabilities and other current liabilities 64,527 73,779 10,697 Amounts due to the Company and its subsidiaries 389,063 406,569 58,947 Amounts due to related parties 54 — — Total current liabilities 587,073 649,359 94,148 Non-current Amounts due to the Company and its subsidiaries 277,000 257,000 37,261 Deferred revenue 569 3,585 520 Operating lease liabilities — 5,546 804 Deferred tax liabilities — 4,824 699 Other non-current 560 2,076 301 Total non-current 278,129 273,031 39,585 Total liabilities 865,202 922,390 133,733 The table sets forth the results of operations and cash flows of the VIE and its subsidiaries included in the Company’s consolidated statements of comprehensive loss and cash flows. For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues 465,066 351,243 322,066 46,695 Cost of revenues (248,637 ) (83,259 ) (97,270 ) (14,103 ) Net loss (173,865 ) (100,782 ) (75,486 ) (10,944 ) Net cash provided by/(used in) operating activities 168,971 68,336 (113,809 ) (16,501 ) Net cash (used in)/provided by investing activities (108,450 ) (186 ) 29,682 4,303 Net cash (used in)/provided by financing activities (156,124 ) 30,000 (65,000 ) (9,424 ) As of December 31, 2021, RMB157,900 of the restricted cash balance (Note 10) represents deposits held as collateral for the Company’s short-term loan with Shanghai Pudong Development Bank. There were no pledges or collateralization of the VIE’s assets that can only be used to settle obligations of the VIE as of December 31, 2021 and 2022. The amount of net liabilities of the VIE was RMB326,180 and RMB357,970 (US$51,902) as of December 31, 2021 and 2022, respectively. Creditors of the VIE have no recourse to the general credit of the primary beneficiary of the VIE, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The VIE holds certain assets, including data servers and related equipment for use in their operations. The VIE does not own any facilities except for the rental of certain office premises and data centers from third parties under operating lease arrangements. The VIE also holds certain value-added technology licenses, registered copyrights, trademarks and registered domain names, including the official website, which are also considered as revenue-producing assets. However, none of such assets was recorded on the Company’s consolidated balance sheets as such assets were all internally developed and expensed as incurred as they did not meet the capitalization criteria. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIE during the periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, the VIE, and subsidiaries of 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 relates to targeted marketing service, useful lives of property and equipment and intangible assets, the purchase price allocation and fair value of intangible assets, fair value of redeemable noncontrolling interests, impairment of goodwill, impairment of long-lived assets, fair value measurements and impairment for equity investments without readily determinable fair value, impairment of loans receivables, including due from related parties, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative assets , incremental borrowing rates for operating lease liabilities Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.8972 per US$1.00 on December 30, 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Foreign currency translation The functional currency of the Company and the Company’s subsidiary outside the PRC are US$. The Company’s PRC subsidiary, VIE and subsidiaries of the 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 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 balance mainly represents (a) cash granted by the government for certain approved technology research and development projects, which are not available for use until the Company obtains pre-approval Derivative assets Derivative assets mainly represent the balances from the Company’s foreign currency swap contract with Shanghai Pudong Development Bank to reduce volatility in the Company’s economic value caused by foreign currency fluctuations. The foreign currency swap contract is not designated as hedges. The foreign currency swap contract is marked to market at each reporting date, with changes in fair value recognized in the consolidated statements of comprehensive loss. The foreign currency swap was settled in April 2022. Short-term investments The Company’s short-term investments primarily represent between and one year Accounts and notes receivable and allowance for doubtful accounts Accounts and notes 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 and impairment. 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 Costs related to construction of property and equipment incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use. 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 computer software, systems and technology, brand and customer relationship acquired in a business combination. The cost of the brand and customer relationship is the fair value at the date of acquisition. 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 technology 1 – 5 years Brand 10 years Customer relationship 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. When such events occur, the Company assesses the recoverability of the asset group based on the undiscounted future cash flow the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flow expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. For the years ended December 31, 2020, 2021 and 2022, the impairment recognized for long-lived assets were RMB10,952, nil and RMB22,400 (US$3,248) respectively. Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for noncontrolling interests over the identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill, which is nondeductible for tax purposes, is primarily attributable to the synergies expected to be achieved from the acquisition. Impairment of goodwill The Company assesses goodwill for impairment in accordance with ASC 350-20, 350-20”), 350-20. Under ASC 350-20-35, the Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. In the qualitative assessment, the Company primarily considers factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. Therefore, when the Company performs the quantitative impairment test it compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company elected to bypass the qualitative assessment and proceeded directly to perform the quantitative test for the year ended December 31, 2022, by quantitatively comparing the fair values of the reporting unit to its carrying amounts. The Company determines the fair value of the reporting unit based on estimated fair value using the income approach, and no impairment charge was recognized for the year ended December 31, 2022. Business combinations The Company applies the definition of a business in ASC 805, Business Combinations to determine whether it is acquiring a business or a group of assets. Business combinations are accounted for using the acquisition method. The Company accounts for its business combinations by recognizing in the financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interests in the acquiree at fair value at the acquisition date. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and redeemable noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. The excess of (i) the total of cost of acquisition, the fair value of the noncontrolling interests and the acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. In addition, acquisition costs related to business combinations are expensed as incurred. The Company records acquired intangible assets at fair value on the date of acquisition and amortizes such assets using the straight-line method over the expected useful life of the asset unless another amortization method is deemed to be more appropriate. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, the Company will amortize the remaining carrying value of the intangible asset prospectively over the revised remaining useful life. Consolidation of noncontrolling interests A noncontrolling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net loss on the consolidated statements of comprehensive loss includes the net loss attributable to noncontrolling interests when applicable. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows when applicable. Redeemable noncontrolling interests Noncontrolling interests in subsidiaries that are redeemable by the Company upon the occurrence of certain events that are not solely within the control of the Company are classified as redeemable noncontrolling interests, within mezzanine equity in the consolidated balance sheet. Net income or loss of the subsidiary attributable to the redeemable noncontrolling interests was subsequently recorded pursuant to ASC 810, Consolidation. After the attribution, the Company considers the provisions of ASC 480, Distinguish Liabilities from Equity to determine whether any further adjustments are necessary to increase the carrying value of the redeemable noncontrolling interests. Adjustments to the carrying amount of the redeemable noncontrolling interests are recognized as an adjustment to retained earnings, or in the absence of retained earnings, by adjustment to additional paid-in-capital. Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. The Company accounts for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value using the measurement alternative, which is defined as cost, less impairments, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. 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 Company recognized RMB38,739, RMB25,370 and RMB6,726 (US$975) impairment in other income/(expense) in the consolidated statement of comprehensive loss for the years ended December 31, 2020, 2021 and 2022. Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock million from the open market. On September 15, 2022, the Board of Directors of the Company approved a repurchase plan (the “2022 Repurchase Plan”) to repurchase its ordinary shares (including in the form of ADSs) up to an aggregate value of US$ million from the open market. As of December 31, 2022, under the 2018 Repurchase Plan, the Company had repurchased an aggregate of ADSs, representing Class A common shares on the open market for a total cash consideration of US$ million. As of December 31, 2022, under the 2022 Repurchase Plan, the Company had repurchased an aggregate of ADSs, representing Class A common shares on the open market for a total cash consideration of RMB 1,689 ( ) Revenue recognition Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are presented net of value-added tax collected on behalf of the government. 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 or cost-per-action Starting from January 1, 2021, the Company has fully exited the Target Marketing business and financial results since then only reflect SAAS Businesses. SAAS Businesses The Company generates SAAS Businesses revenue primarily from developer services and vertical applications. For developer services, there are three types of contracts, subscription-based contracts, project-based contracts and consumption-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 nature of the Company’s performance obligation is a single performance obligation with a fixed transaction price based on subscription fees. 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 consumption-based contracts with its customers to provide short message services (“SMS”), one-click one-click one-click one-click pre-agreed one-click cost-per-action (“CPA”) cost-per-click 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 derive 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. The transaction price is fixed based on the signed contract consideration. Under ASC 606, the Company recognize revenue at the point in time when the system is implemented, and the training service is provided, which is represented by the customer acceptance received by the Company. Meanwhile, the estimated cost of assurance-type maintenance services is accrued For vertical applications, the Company enters into agreements with its customers to provide data analytic solutions and there are three types of contracts, including 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 nature of the Company’s performance obligation is a single performance obligation with a fixed transaction price based on subscription fees. 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. The nature of the Company’s performance obligation is a single performance obligation, and the transaction price is determined based on the pre-agreed the rate per query and the number of queries delivered. 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 provides customers with a credit term under six months. 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 December 31, 2021 and 2022, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue and customer deposits” on the consolidated balance sheets. The increase in contract liabilities is a result of the increase in consideration received from the Company’s customers . As of December 31, 2021 2022 RMB RMB US$ Contract liabilities 80,405 82,312 11,934 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, 2021 and 2022, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB42,019 and RMB37,818 (US$5,483), respectively. 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 and channel cost associated with JG Alliance, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. Starting from January 1, 2021, the Company had fully exited the targeted marketing business and the cost of revenues since then is only incurred from SAAS Businesses. Research and development Research and development expenses are primarily incurred in the development of new services, new features as well as costs associated with new product and technology development and enhancement. 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 expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB9,789, RMB12,767 and RMB6,460 (US$937) for the years ended December 31, 2020, 2021 and 2022, respectively. Other income (expenses) Other income/(expenses) includes impairment loss of financial assets, government grants and profit-sharing program with Depositary Bank related to ADSs depositary. For the year ended December 31,2022, impairment losses of RMB6,726 (US$975) of long-term investments and RMB705 (US$102) of loans receivables are recognized. For the year ended December 31,2021, impairment losses of RMB25,370 of long-term investments and RMB528 of loans receivables are recognized. For the year ended December 31,2020, impairment losses of RMB39,181 of long-term investments and RMB4,500 of loans receivables are recognized. Income from profit-sharing program is recognized 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 The Company adopted ASU No. 2016-02, 2016-02”) The Company determines if an arrangement is a lease or contains a lease at lease inception. Leases are classified at the inception date as either as a finance lease or an operating lease. The Company classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement: a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for a major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. For operating leases, the Company recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. At lease commencement, operating lease ROU assets represent the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Company. After lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at lease commencement. Operating lease ROU assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating lease expense is recorded as a single cost on a straight-line basis over the lease term. The Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Land use rights represent lease prepayments to the local government authorities. As of December 31, 2022, the land use right was carried at cost less accumulated amortization and any impairment loss. Amortization is provided to write off the cost of lease Upon adoption, land use rights of RMB were identified as operating lease right-of-use right-of-use The effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2022 for the adoption of ASU 2016-02 is as follows: Balance as of December 31, 2021 Adjustments due to the adoption of ASU 2016-02 Balance as of January 1, 2022 RMB RMB RMB Assets: Prepayments and other current assets 46,670 (86 ) 46,584 Operating lease right-of-use assets — 15,773 15,773 Liabilities: Operating lease liabilities (current) — (8,845 ) (8,845 ) Operating lease liabilities (non-current) — (10,306 ) (10,306 ) Accrued liabilities and other current liabilities (85,305 ) 3,464 (81,841 ) The impact of adopting ASU 2016-02 on the Company’s consolidated balance sheet as of December 31, 2022 are as follows: As reported Legacy GAAP Effect of the adoption of ASU 2016-02 RMB RMB RMB Assets: Prepayments and other current assets 30,401 30,421 (20 ) Land use right — 21,560 (21,560 ) Operating lease right-of-use assets 33,756 — 33,756 Liabilities: Operating lease liabilities (current) (18,133 ) — (18,133 ) Operating lease liabilities (non-current) (6,959 ) — (6,959 ) Accrued liabilities and other current liabilities (75,333 ) (87,592 ) 12,259 The adoption of the standard did not have significant impact to the Company’s consolidated statements of comprehensive loss or cash flows for the year ended December 31, 2022. 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 RMB10,556, RMB16,714 and RMB16,379 (US$2,375) for the years ended December 31, 2020, 2021 and 2022, respectively. Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year end in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step more-likely-than-not Tax positions meet the “more likely than not” recognition threshold are measured, using a cumulative probability approach, at of tax benefit The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statement |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts receivable, net | 3 Accounts receivable, net As of December 31, 2021 2022 RMB RMB US$ Accounts receivable 81,550 34,869 5,056 Less: allowance for doubtful accounts (37,690 ) (5,142 ) (746 ) Total accounts receivable, net 43,860 29,727 4,310 The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2021 2022 RMB RMB US$ Balance at beginning of year 43,820 37,690 5,465 (Reversals)/provisions (246 ) 2,089 303 Write-offs (5,884 ) (34,637 ) (5,022 ) Balance at end of year 37,690 5,142 746 |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB US$ Receivables on behalf of third party advertising companies (i) 12,599 — — Prepaid service fee 11,410 15,340 2,224 VAT and other surcharges 5,618 2,552 370 Investment in a convertible loan 4,221 4,632 672 Loans granted to equity investees (ii) 3,000 3,000 435 Office rental deposit 919 199 29 Prepaid media cost 551 900 130 Receivables from sales of shares on behalf of employees 180 73 11 Others 8,172 3,705 536 Total prepayments and other current assets 46,670 30,401 4,407 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the receivables the Company acts as agent and collects on behalf of third party advertising companies for targeted marketing related services. (ii) For the years ended December 31, 2020, 2021 and 2022, the Company recognized impairment charges on loans granted to equity investees of RMB4,500, RMB528 and RMB705 (US$102). The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 5 Property and equipment, net Property and equipment consist of the following: As of December 31, 2021 2022 RMB RMB US$ Office furniture and equipment 4,744 5,008 726 Computer equipment and servers 163,392 163,366 23,686 Leasehold improvements 5,451 4,313 625 Construction-in 85 85 12 Less: Accumulated depreciation and impairment (111,493 ) (157,825 ) (22,882 ) Total property and equipment, net 62,179 14,947 2,167 The Company recognized impairment charges on property and equipment of RMB10,952, nil and RMB22,400 (US$3,248) for the years ended December 31, 2020, 2021 and 2022. The impairment of property and equipment was a result of the Company’s “Going-Cloud” project undertaken. Depreciation expense recognized for the years ended December 31, 2020, 2021 and 2022 were RMB37,704, RMB27,337 and RMB24,362 (US$3,532), respectively. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease | 6 Lease Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company’s operating leases mainly related to land and office facilities. The Company’s lease agreements include lease payments that are largely fixed, do not contain material residual value guarantees or variable lease payments. The Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options, which are factored into the Company’s determination of lease payments when appropriate. As of December 31, 2022, the weighted average remaining lease term was 14.0 years and weighted average discount rate was 3.21% for the Company’s operating leases. Operating lease cost for the year ended December 31, 2022 was RMB9,002 (US$1,305), which excluded cost of short-term contracts. Short-term lease cost for the year ended December 31, 2022 was RMB331 (US$48). Total expenses under operating leases were RMB16,584 and RMB12,707 for the years ended December 31, 2020 and 2021, respectively. For the year ended December 31, 2022, no lease cost for operating leases was capitalized. Supplemental cash flow information related to operating leases was as follows: For the year ended December 31, RMB US$ Cash payments for operating leases 20,273 2,940 ROU assets obtained in exchange for operating lease liabilities 28,688 4,159 Future lease payments uner operating lease as of December Operating lease RMB US$ Year ending December 31, 2023 18,726 2,715 2024 6,201 899 2025 975 141 Thereafter — — Total future lease payments 25,902 3,755 Less: Imputed interest 810 117 Total lease liability balance 25,092 3,638 |
Goodwill and Intangible assets
Goodwill and Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible assets | 7 Goodwill and Intangible assets The Company has recognized goodwill of RMB (US$ ) as of December 31, 2022 as part of the SendCloud business acquisition (see Note 9 for details). There were impairment charges in the carrying amount of goodwill during the year ended December 31, 2022. Intangible assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Computer software, systems and technology 13,623 14,123 2,048 Brand — 10,300 1,493 Customer relationship — 13,800 2,001 Less: Accumulated amortization (8,225 ) (14,276 ) (2,070 ) Total intangible assets, net 5,398 23,947 3,472 No impairment charges were recognized on intangible assets for the years ended December 31, 2020, 2021 and 2022, respectively. The weighted average amortization period of intangible assets were years, years and years for the years ended December 31, 2020, 2021 and 2022, respectively. Amortization expense of intangible assets were RMB , RMB and RMB (US$ ) for the years ended December 31, 2020, 2021 and 2022, respectively. Estimated amortization expense relating to RMB US$ For the year ending December 31, 2023 6,192 898 2024 4,378 635 2025 3,805 552 2026 3,790 549 2027 1,490 216 There were no intangible assets with an indefinite useful life as of December 31, 2021 and 2022. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 8 Long-term investments Equity investments without readily determinable fair value As of December 31, 2021, the carrying amount of the Company’s equity investments was RMB 141,926, net of RMB in accumulated impairment. As of December 31, 2022, the carrying amount of the Company’s equity investments was RMB (US$ ), net of RMB (US$ ) in accumulated impairment. The Company recorded write-off of and RMB (US$ ) for its impaired long-term equity investments due to liquidation or dissolution for the years ended December 31, 2021 and 2022. Impairment charges recognized on equity investments without readily determinable fair value was RMB , RMB and RMB (US$ ) for the years ended December 31, 2020, 2021 and 2022 . |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination | 9 Business combination On March 8, 2022, the Company completed the acquisition of % of the equity interests in Wuhan SendCloud Technology Co., Ltd., (“SendCloud”), China’s leading Email API platform for consumer marketing and user-centric transactional email services, for total cash consideration of RMB . The acquisition supports the Company’s strategy of providing a more reliable and effective customer engagement platform for different industry vertical. Both SendCloud and the Company provide developer-centric services and are highly complementary in products and customer base. Leveraging SendCloud’s reliable high-performance system and database services along with real-time email protocols analysis, together the Company and SendCloud will provide customers with industry-leading technology to simplify their omni-channel communications, through an integrated central platform, which will further reduce customers’ management costs, simplify the complexity for customers to integrate different services and maximize user value. Goodwill is calculated as the excess of the aggregate of the consideration transferred and the amount recognized for noncontrolling interests over the fair value of net assets, including intangible assets, and is primarily related to expected synergies from the transactions. Goodwill associated with these acquisitions are not tax deductible. The results of the acquisition have been included in the consolidated financial statements from the date of purchase and are not material for the years ended December 31, 2022. With the assistance of third party valuation specialist firm, the Company used the income approach to value the acquired brand and customer relationships. The income approach calculates fair value by discounting the forecasted after-tax The Company accounted for the acquisition of SendCloud as business combination. The acquisition date fair value of assets, liabilities, goodwill and redeemable noncontrolling interests pertaining to this business combination, were as follow: RMB US$ Purchase consideration 34,473 4,998 Fair value of redeemable noncontrolling interests 31,397 4,552 Less: Cash and cash equivalents 17,744 2,573 Customer relationships 13,800 2,001 Brand 10,300 1,493 Other current and noncurrent assets 1,025 149 Deferred revenue (6,529 ) (947 ) Deferred tax liabilities (5,330 ) (773 ) Other current liabilities (2,925 ) (424 ) Goodwill 37,785 5,478 Supplemental pro forma information for the acquisition has been excluded as they are not material to the consolidated financial statements of the Company. |
Short-term loan
Short-term loan | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | 10 Short-term loan As of December 31, 2021 2022 RMB RMB US$ Short-term bank borrowings 150,000 5,000 725 In April 2021, the Company borrowed a secured RMB denominated loan of RMB150,000 with a fixed interest rate of 4.35% for a one-year In October 2022, the Company borrowed a RMB denominated loan of RMB5,000 (US$725) with a fixed interest rate of 4.9% for a one-year |
Deferred Revenue and Customer D
Deferred Revenue and Customer Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Customer Deposits | 11 Deferred revenue and customer deposits Deferred revenue and customer deposits consist of the following: As of December 31, 2021 2022 RMB RMB US$ Deferred revenue 80,405 88,478 12,828 Customer deposits 39,586 50,326 7,297 Total deferred revenue and customer deposits – current 119,991 138,804 20,125 Deferred revenue - 3,845 3,585 520 Roll-forward of customer deposits: Year ended December 31, 2021 2022 RMB RMB US$ Balance at beginning of year 38,041 39,586 5,739 Cash received from customers during the year 225,976 111,877 16,221 Revenue recognized during the year (220,333 ) (99,929 ) (14,488 ) Refunds paid during the year (4,098 ) (1,208 ) (175 ) Balance at end of the year 39,586 50,326 7,297 |
Accrued Liabilities and Other C
Accrued Liabilities and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other current liabilities | 12 Accrued liabilities and other current liabilities Accrued liabilities and other current liabilities consist of the following: As of December 31, 2021 2022 RMB RMB US$ Accrued payroll and welfare payables 52,947 41,616 6,033 Other taxes and surcharge 9,932 8,005 1,161 Service fees 5,233 4,483 650 Acquisition of intangible assets, property and equipment 840 331 48 Government grant 4,500 1,000 145 Rental and property management fee 3,418 4 1 Payables for sales of employees’ shares 180 73 11 Payables to third party advertising companies (i) 4,066 21 3 Payable for business acquisition (ii) — 16,788 2,434 Others 4,189 3,012 436 Total accrued liabilities and other current liabilities 85,305 75,333 10,922 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the payments to third party advertising companies for targeted marketing related services as the Company acts as agent. (ii) The balance represents the remaining unpaid cash consideration of RMB16,788 from the acquisition of SendCloud (see Note 9 for details). |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 13 Share-based compensation Share option plans 2014 Incentive Plan On July 23 2014, the Company’s board of directors and shareholders approved the 2014 Incentive Plan (the “2014 Plan”). Awards under the 2014 Plan vest up 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 5,500,000 common shares for issuance under the 2014 Plan. As of December 31, 2022, 37,911 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 up 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, 2022, 164,895 shares remain available of grant under the 2017 Plan. 2021 Incentive Plan In December 2021, the Company’s board of directors and shareholders approved the 2021 Incentive Plan (the “2021 Plan”). Awards under the 2021 Plan vest up 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 4,000,000 common shares for issuance under the 2021 Plan. As of December 31, 2022, 2,301,996 shares remain available of grant under the 2021 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, 2017 and 2021 Plans. The awards are subject to multiple service vesting periods up 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, 2022: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Granted 2,900,248 6.18 6.41 — — Forfeited 632,534 9.53 22.70 — — Expired — — — — — Exercised 758,442 0.23 10.62 — — Cancelled — — — — — Outstanding, December 31, 2022 8,876,466 8.11 15.06 6.23 31,347 Vested and expected to vest at December 31, 2022 8,876,466 8.11 15.06 6.23 31,347 Vested at December 31, 2022 7,251,013 9.66 15.50 5.71 21,844 The aggregate intrinsic value in the table above represents the difference between the closing stock price on the last trading day in 2021 and 2022 and the option’s respective exercise price. The weighted average grant date fair value of the share options granted during the years ended December 31, 2020, 2021 and 2022 were RMB18.97, RMB24.61 and RMB6.41 (US$0.93), respectively. The aggregate unrecognized share-based compensation expense was RMB8,342 (US$1,209) as of December 31, 2022, which the Company expects to recognize over an estimated weighted-average period of 1.71 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 the IPO, the estimated fair value of the ordinary shares, at the option grant dates, were determined by the assistance of an independent third-party valuation firm. Subsequent to the IPO, fair value of the common shares is the price of the Company’s publicly traded shares. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares. 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, 2020, 2021 and 2022: 2020 2021 2022 Risk-free interest rate 0.63% - 1.88% 0.94% - 1.70% 1.87%-3.75% Dividend yield 0% 0% 0% Expected volatility 44.37% - 47.83% 47.45% - 56.62% 55.99%-56.79% Weighted average expected volatility 46.37% 50.26% 56.15% Expected exercise multiple 2.5 - 2.8 2.2 - 2.8 2.2-2.8 (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, 2022 was stated below: Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted Aggregate RMB RMB Outstanding, December 31, 2021 119,566 14.94 9.88 1,189 Granted 199,965 9.55 — — Forfeited — — — — Expired — — — — Vested 119,568 14.52 — — Cancelled — — — — Outstanding, December 31, 2022 199,963 9.81 9.80 1,337 Vested and expected to vest at December 31, 2022 199,963 9.81 9.80 1,337 Exercisable at December 31, 2022 — — — — The weighted average grant-date fair value per restricted share unit granted for the years ended December 31, 2020, 2021 and 2022 were RMB20.41, RMB13.92 and RMB9.55 (US$1.38), respectively. As of December 31, 2022, there was RMB1,498 (US$217) of unrecognized share-based compensation cost related to restricted shares, which the Company expects to recognize over an estimated weighted-average period of 0.84 year. The aggregate fair value of options and restricted share units vested and recognized as expenses as of December 31, 2020, 2021 and 2022 were RMB28,858, RMB30,212 and RMB15,515 (US$2,249), respectively. Total intrinsic value of options and restricted share units exercised/vested for the years ended December 31, 2020, 2021 and 2022 were RMB 38,585, RMB24,640 and RMB7,821 (US$1,134), respectively. Total compensation costs recognized for the years ended December 31, 2020, 2021 and 2022 were as follows: Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cost of r 4 41 2 — Research and development 7,176 13,801 368 53 Sales and marketing 3,965 2,609 1,188 172 General and administrative 17,713 13,761 13,957 2,024 Total 28,858 30,212 15,515 2,249 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14 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. Singapore Under the Singapore tax laws, the subsidiary in Singapore are subject to 17% income tax rate on any taxable income accruing in or derived from Singapore, or received in Singapore from outside Singapore. 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 % preferential tax rate from 2020 to 2022. Enterprises classified as “small and micro businesses” enjoy a preferential tax rate of 20% with a discount to taxable income. The Company’s loss before income taxes consists of: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Cayman Islands (31,966 ) (23,555 ) (21,516 ) (3,120 ) British Virgin Islands (27 ) (2 ) (13 ) ( 2 ) Hong Kong (1,790 ) (1,564 ) (2,540 ) (368 ) Singapore — — 34 5 China (191,206 ) (115,431 ) (84,870 ) (12,305 ) Total loss before income taxes (224,989 ) (140,552 ) (108,905 ) (15,790 ) 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: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Current income tax expense (86 ) (32 ) (26 ) (4 ) Deferred tax benefit — — 481 70 Total income tax expense (86 ) (32 ) 455 66 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: As of December 31, 2021 2022 RMB RMB US$ Loss before income tax (140,552 ) (108,905 ) (15,790 ) Income tax expense computed at PRC statutory rate (25%) (35,138 ) (27,226 ) (3,947 ) International tax rate differential 6,023 5,596 811 Preferential tax rate 21,437 5,518 800 Deferred tax items tax rate differential (22,935 ) (5,399 ) (783 ) Research and development super-deduction (32,595 ) (28,463 ) (4,127 ) Non-deductible 8,092 4,367 633 Deferred tax expenses — (679 ) (98 ) Non-taxable income — (157 ) (23 ) Recognition of prior year tax loss (4,851 ) — — Changes in valuation allowance 59,999 45,988 6,668 Income tax expense/(benefit) 32 (455 ) (66 ) Deferred tax assets and liabilities The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB US$ Deferred tax assets Provision for doubtful debts 27,327 12,127 1,758 Accrued expense 12,923 12,411 1,799 Net operating loss carry forward 218,042 282,098 40,900 Government grant related to assets 1,411 2,113 306 Estimated liabilities — 426 62 Lease liabilities — 3,533 512 Less: Valuation allowance (248,118 ) (295,401 ) (42,829 ) Total deferred tax assets 11,585 17,307 2,508 Deferred tax liabilities Property and equipment depreciation (867 ) (1,636 ) (236 ) Net unrealized gain on equity investments held (3,564 ) (4,332 ) (628 ) Right-of-use — (3,049 ) (442 ) Intangible assets arising from acquisition — (4,856 ) (704 ) Loan interest income (7,154 ) (8,258 ) (1,197 ) Total deferred tax liabilities (11,585 ) (22,131 ) (3,207 ) Net deferred tax assets — — — Net deferred tax liabilities — (4,824 ) (699 ) 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, 2021 and 2022. 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 RMB The Company did not record any dividend withholding tax, as there were no taxable outside basis differences noted as of December 31, 2021 and 2022. As of December 31, 2021 and 2022, 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 ended December 31, 2021 and 2022. The Company does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. In accordance with relevant PRC tax administration laws, the tax year from 2017 through 2022 remain open to examination by the respective tax authorities. The Company may also be subject to the examinations of the tax filings in other jurisdictions, which are not material to the consolidated financial statements. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15 Commitments and contingencies Capital commitments As of December 31, 2022, future minimum payment under non-cancellable purchase commitment is nil. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Share capital | 16 Share capital During the years ended December 31, 2020 and 2021, no ADS were repurchased by the Company. As of December 31, 2020 and 2021, total share repurchased under the 2018 Repurchase Plan was an aggregate of 920,606 ADSs, representing 613,737 Class A common shares. During the year ended December 31, 2022, the Company had repurchased under the 2022 Repurchase Plan an aggregate of 273,469 ADSs, representing 182,313 Class A common shares. As of December 31, 2022, the Company has no plan for cancellation of these repurchased shares. These shares were recorded at their purchase price As at December 31, 2021, there were 62,036,273 and 17,000,189 Class A and Class B ordinary shares outstanding respectively. As at December 31, 2022, there were 62,731,971 and 17,000,189 Class A and Class B ordinary shares outstanding respectively. Basic and diluted loss per share is calculated as follows: For the year ended For the year ended For the year ended December 31, 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (175,650 ) (49,425 ) (110,258 ) (30,326 ) (84,032 ) (12,184 ) (22,932 ) (3,325 ) Net loss attributable to common shareholders (175,650 ) (49,425 ) (110,258 ) (30,326 ) (84,032 ) (12,184 ) (22,932 ) (3,325 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 60,415,978 17,000,189 61,809,501 17,000,189 62,296,172 62,296,172 17,000,189 17,000,189 Basic and diluted loss per share (2.91 ) (2.91 ) (1.78 ) (1.78 ) (1.35 ) (0.20 ) (1.35 ) (0.20 ) For the years ended December 31, 2020, 2021 and 2022, the two-class The effect of all outstanding share options, restricted share units and convertible notes were excluded from the computation of diluted loss per share for the years ended December 31, 2020 and |
Redeemable noncontrolling inter
Redeemable noncontrolling interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable noncontrolling interests | 17 Redeemable noncontrolling interests The fair value of the redeemable noncontrolling interests for SendCloud was determined using the income approach. The fair value estimate of redeemable noncontrolling interests is based on significant inputs considered by market participants which mainly include (a) discount rate, (b) projected terminal value based on future cash flows, (c) adjustment for lack of control and (d) value of redemption right held by the noncontrolling interest shareholders (the “NCI shareholders”). The redeemable noncontrolling interests represent the fair value of 47.63% equity held by the NCI shareholders. The Company entered into a put option agreement with the NCI shareholders, with respect to SendCloud’s retained equity. Pursuant to the put option agreement, the NCI shareholders have the right to sell to the Company all of SendCloud’s retained equity within 90 days after SendCloud’s fiscal year ending December 31, 2024, if SendCloud has met each of the annual revenue and net income performance targets from 2022 to As it is redeemable by such NCI shareholders upon the occurrence of certain events that are not solely within the control of the Company, it is classified as redeemable noncontrolling interests. Upon acquisition, the Company recognized the redeemable noncontrolling interest at the fair value of RMB31,397 at the acquisition date . The following table presents the activity of the redeemable noncontrolling interests balance for the year ended December 31, 2022: RMB US$ Balance as of January 1, 2022 — — Initial fair value of redeemable noncontrolling interests 31,397 4,552 Net loss attributable to redeemable noncontrolling interest (1,486 ) (215 ) Adjustment of redeemable noncontrolling interests to redemption value 641 93 Balance as of December 31, 2022 30,552 4,430 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18 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 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, 2021 and 2022 are as follows: 18.1 Amounts due from related parties As of December 31, 2021 2022 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. 35 255 37 Total amounts due from related parties (i ) 35 255 37 18.2 Amounts due to related parties As of December 31, 2021 2022 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. 54 — — Total amounts due to related parties (i ) 54 — — Details of related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows: 18.3 Transactions with related parties For the year ended 2020 2021 2022 RMB RMB RMB US$ Services provided to: (i ) Guangzhou Tianlang Network Technology Co., Ltd. — 100 400 58 (i) The Company entered into agreements with Guangzhou Tianlang Network Technology Co., Ltd. to provide advertising services and JG Alliance service in 2021 and 2022. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 19 Revenues The Company assesses revenues based upon the nature or type of services it provides and the following table presents disaggregated revenue information: Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Targeted Marketing 213,662 — — — SAAS Businesses Developer Services 173,457 252,859 235,231 34,106 Vertical Applications 84,495 104,463 93,591 13,569 Total SAAS Businesses 257,952 357,322 328,822 47,675 Total revenues 471,614 357,322 328,822 47,675 For the years ended December 31, 2020, 2021 and 2022, revenues re cog |
Other income (expenses)
Other income (expenses) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income, Nonoperating [Abstract] | |
Other income (expenses) | 20 Other income (expenses) Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Government grants 10,346 20,879 31,531 4,571 Impairment for long-term investments (Note 8) (39,181 ) (25,370 ) (6,726 ) (975 ) Impairment for loan receivables (Note 4) (4,500 ) (528 ) (705 ) (102 ) Income from ADR profit-sharing program 2,257 2,111 2,207 320 Others 264 — 11 2 Total (30,814 ) (2,908 ) 26,318 3,816 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 2 1 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 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. The Company’s non-financial non-financial non-recurring The Company measures certain financial assets, including equity securities accounted for at fair value using measurement alternative at fair value on a non-recurring For the year ended December 31, 2021, assets measured at fair value are summarized below: Fair value measurement at December 31, 2021 using Total Fair Quoted prices in Significant Significant Fair value RMB RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 5,989 — 5,989 — 5,989 Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement (i) 585 — — 585 (25,340 ) Total assets and liabilities measured at fair value 6,574 — 5,989 585 (19,351 ) For the year ended December 31, 2022, assets measured at fair value are summarized below: Fair value measurement at December 31, 2022 using Total Fair Quoted prices in Significant Significant Fair value RMB USD RMB RMB RMB RMB Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement (i) — — — — — (6,726 ) Property and equipment, net (ii) 10,991 1,594 — 10,991 — (22,400 ) Total assets and liabilities measured at fair value 10,991 1,594 — 10,991 — (29,126 ) (i) When there is impairment of equity securities accounted for under the measurement alternative, the non-recurring fair value measurements are measured at the date of impairment. Estimating the fair value of investees without observable market prices is highly judgemental due to the subjectivity of the unobservable inputs (level 3) used in the valuation methodologies used to determine fair value. The Company recognized impairment charges of long-term investments during the years ended December 31, 2021 and 2022 based on the financial situation and expected a (ii) The property and equipment impairment loss was a result of the “Going -Cloud” project undertaken, and was included in the consolidated statement of comprehensive income for the year ended December 31, 2022. The Company’s “Going-Cloud” project is a transition to use cloud based servers for a portion of our infrastructure needs, whereas the Company completely operated and maintained self-owned servers previously. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 22 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 . |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 2 3 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 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 6,724 33,871 4,911 Restricted cash 5,998 — — Derivative assets 5,989 — — Due from the entities within the Group 6,871 7,655 1,110 Prepayments and other current assets 7,314 20,331 2,947 Total current assets 32,896 61,857 8,968 Non-current Long-term investments 400,809 334,988 48,569 Other receivables 638 — — Total non-current 401,447 334,988 48,569 Total assets 434,343 396,845 57,537 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loan 150,000 — — Accrued liabilities and other current liabilities 2,258 3,850 558 Due to the entities within the Group 63,366 265,305 38,466 Total current liabilities 215,624 269,155 39,024 Non-current Deferred revenue 3,276 — — Total non-current 3,276 — — Total liabilities 218,900 269,155 39,024 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2021 and 2022; 4,920,000,000 shares authorized as of December 31, 2021 and 2022, 62,036,273 shares and 62,731,971 shares issued and outstanding as of December 31, 2021 and 2022, respectively) 38 39 5 Class B common shares (par value of US$0.0001 per share as of December 31, 2021 and 2022; 30,000,000 shares authorized as of December 31, 2021 and 2022, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2021 and 2022) 11 11 2 Treasury shares (nil and 182,313 class A common shares as of December 31,2021 and 2022, respectively) — (1,689 ) (245 ) Additional paid-in 1,021,961 1,037,007 150,352 Accumulated deficit (819,018 ) (925,982 ) (134,255 ) Accumulated other comprehensive income 12,451 18,304 2,654 Total shareholders’ equity 215,443 127,690 18,513 Total liabilities and shareholders’ equity 434,343 396,845 57,537 Condensed Statements of Comprehensive Loss Years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — Sales and marketing — (553 ) (272 ) (39 ) General and administrative (15,938 ) (17,785 ) (12,443 ) (1,804 ) Share of losses of subsidiaries and VIE (193,109 ) (117,029 ) (85,448 ) (12,389 ) Total operating expenses (209,047 ) (135,367 ) (98,163 ) (14,232 ) Loss from operations (209,047 ) (135,367 ) (98,163 ) (14,232 ) Foreign exchange gain /(loss), net 6 (3,351 ) (2,467 ) (358 ) Interest income 544 363 43 6 Interest expense (10,654 ) (7,820 ) (1,985 ) (288 ) Other loss (5,924 ) (469 ) (5,230 ) (758 ) Change in fair value of foreign currency swap contract — 6,060 838 121 Loss before income taxes (225,075 ) (140,584 ) (106,964 ) (15,509 ) Income tax expenses — — — — Net loss (225,075 ) (140,584 ) (106,964 ) (15,509 ) Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net loss attributable to common share holders (225,075 ) (140,584 ) (106,964 ) (15,509 ) Other comprehensive income Foreign currency translation adjustments 4,450 1,638 5,853 849 Total other comprehensive income, net of tax 4,450 1,638 5,853 849 Comprehensive loss (220,625 ) (138,946 ) (101,111 ) (14,660 ) Condensed Statements of Cash Flows Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash (used in)/ provided by operating activities (17,412 ) (24,383 ) 195,530 28,349 Net cash used in investing activities (6,525 ) (4,859 ) (2,690 ) (390 ) Net cash provided by/ (used in) financing activities 5,257 (54,520 ) (153,040 ) (22,189 ) Effect of exchange rate changes (3,686 ) 4,361 (18,651 ) (2,704 ) Net (decrease)/ increase in cash and cash equivalents and restricted cash (22,366 ) (79,401 ) 21,149 3,066 Cash and cash equivalents and restricted cash at the beginning of year 114,489 92,123 12,722 1,845 Cash and cash equivalents and restricted cash at the end of year 92,123 12,722 33,871 4,911 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, the VIE, and subsidiaries of 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 relates to targeted marketing service, useful lives of property and equipment and intangible assets, the purchase price allocation and fair value of intangible assets, fair value of redeemable noncontrolling interests, impairment of goodwill, impairment of long-lived assets, fair value measurements and impairment for equity investments without readily determinable fair value, impairment of loans receivables, including due from related parties, valuation allowance for deferred tax assets, uncertain tax position, fair value change of derivative assets , incremental borrowing rates for operating lease liabilities |
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 RMB6.8972 per US$1.00 on December 30, 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
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, VIE and subsidiaries of the 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 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 balance mainly represents (a) cash granted by the government for certain approved technology research and development projects, which are not available for use until the Company obtains pre-approval |
Derivative assets | Derivative assets Derivative assets mainly represent the balances from the Company’s foreign currency swap contract with Shanghai Pudong Development Bank to reduce volatility in the Company’s economic value caused by foreign currency fluctuations. The foreign currency swap contract is not designated as hedges. The foreign currency swap contract is marked to market at each reporting date, with changes in fair value recognized in the consolidated statements of comprehensive loss. The foreign currency swap was settled in April 2022. |
Short-term investments | Short-term investments The Company’s short-term investments primarily represent between and one year |
Accounts and notes receivable and allowance for doubtful accounts | Accounts and notes receivable and allowance for doubtful accounts Accounts and notes 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 and impairment. 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 Costs related to construction of property and equipment incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use. 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 computer software, systems and technology, brand and customer relationship acquired in a business combination. The cost of the brand and customer relationship is the fair value at the date of acquisition. 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 technology 1 – 5 years Brand 10 years Customer relationship 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. When such events occur, the Company assesses the recoverability of the asset group based on the undiscounted future cash flow the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flow expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. For the years ended December 31, 2020, 2021 and 2022, the impairment recognized for long-lived assets were RMB10,952, nil and RMB22,400 (US$3,248) respectively. |
Goodwill | Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for noncontrolling interests over the identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill, which is nondeductible for tax purposes, is primarily attributable to the synergies expected to be achieved from the acquisition. |
Impairment of goodwill | Impairment of goodwill The Company assesses goodwill for impairment in accordance with ASC 350-20, 350-20”), 350-20. Under ASC 350-20-35, the Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. In the qualitative assessment, the Company primarily considers factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is required. Otherwise, no further testing is required. Therefore, when the Company performs the quantitative impairment test it compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company elected to bypass the qualitative assessment and proceeded directly to perform the quantitative test for the year ended December 31, 2022, by quantitatively comparing the fair values of the reporting unit to its carrying amounts. The Company determines the fair value of the reporting unit based on estimated fair value using the income approach, and no impairment charge was recognized for the year ended December 31, 2022. |
Business Combinations | Business combinations The Company applies the definition of a business in ASC 805, Business Combinations to determine whether it is acquiring a business or a group of assets. Business combinations are accounted for using the acquisition method. The Company accounts for its business combinations by recognizing in the financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interests in the acquiree at fair value at the acquisition date. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and redeemable noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. The excess of (i) the total of cost of acquisition, the fair value of the noncontrolling interests and the acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. In addition, acquisition costs related to business combinations are expensed as incurred. The Company records acquired intangible assets at fair value on the date of acquisition and amortizes such assets using the straight-line method over the expected useful life of the asset unless another amortization method is deemed to be more appropriate. The Company evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, the Company will amortize the remaining carrying value of the intangible asset prospectively over the revised remaining useful life. |
Consolidation of Noncontrolling Interests | Consolidation of noncontrolling interests A noncontrolling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net loss on the consolidated statements of comprehensive loss includes the net loss attributable to noncontrolling interests when applicable. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows when applicable. |
Redeemable noncontrolling interests | Redeemable noncontrolling interests Noncontrolling interests in subsidiaries that are redeemable by the Company upon the occurrence of certain events that are not solely within the control of the Company are classified as redeemable noncontrolling interests, within mezzanine equity in the consolidated balance sheet. Net income or loss of the subsidiary attributable to the redeemable noncontrolling interests was subsequently recorded pursuant to ASC 810, Consolidation. After the attribution, the Company considers the provisions of ASC 480, Distinguish Liabilities from Equity to determine whether any further adjustments are necessary to increase the carrying value of the redeemable noncontrolling interests. Adjustments to the carrying amount of the redeemable noncontrolling interests are recognized as an adjustment to retained earnings, or in the absence of retained earnings, by adjustment to additional paid-in-capital. |
Long-term Investments | Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value. The Company accounts for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value using the measurement alternative, which is defined as cost, less impairments, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. 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 Company recognized RMB38,739, RMB25,370 and RMB6,726 (US$975) impairment in other income/(expense) in the consolidated statement of comprehensive loss for the years ended December 31, 2020, 2021 and 2022. |
Value added taxes ("VAT") | Value added taxes (“VAT”) The Company presents VAT assessed by government authorities as reductions of revenues. Pursuant to the PRC tax legislation, VAT is generally imposed in lieu of business tax in the modern service industries, on a nationwide basis. VAT of 6% applies to revenue derived from the provision of certain modern services. The Company is allowed to offset the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided. |
Treasury shares | Treasury shares Treasury shares represent shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury shares are accounted for under the cost method per ASC 505-30 Treasury Stock million from the open market. On September 15, 2022, the Board of Directors of the Company approved a repurchase plan (the “2022 Repurchase Plan”) to repurchase its ordinary shares (including in the form of ADSs) up to an aggregate value of US$ million from the open market. As of December 31, 2022, under the 2018 Repurchase Plan, the Company had repurchased an aggregate of ADSs, representing Class A common shares on the open market for a total cash consideration of US$ million. As of December 31, 2022, under the 2022 Repurchase Plan, the Company had repurchased an aggregate of ADSs, representing Class A common shares on the open market for a total cash consideration of RMB 1,689 ( ) |
Revenue recognition | Revenue recognition Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are presented net of value-added tax collected on behalf of the government. 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 or cost-per-action Starting from January 1, 2021, the Company has fully exited the Target Marketing business and financial results since then only reflect SAAS Businesses. SAAS Businesses The Company generates SAAS Businesses revenue primarily from developer services and vertical applications. For developer services, there are three types of contracts, subscription-based contracts, project-based contracts and consumption-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 nature of the Company’s performance obligation is a single performance obligation with a fixed transaction price based on subscription fees. 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 consumption-based contracts with its customers to provide short message services (“SMS”), one-click one-click one-click one-click pre-agreed one-click cost-per-action (“CPA”) cost-per-click 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 derive 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. The transaction price is fixed based on the signed contract consideration. Under ASC 606, the Company recognize revenue at the point in time when the system is implemented, and the training service is provided, which is represented by the customer acceptance received by the Company. Meanwhile, the estimated cost of assurance-type maintenance services is accrued For vertical applications, the Company enters into agreements with its customers to provide data analytic solutions and there are three types of contracts, including 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 nature of the Company’s performance obligation is a single performance obligation with a fixed transaction price based on subscription fees. 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. The nature of the Company’s performance obligation is a single performance obligation, and the transaction price is determined based on the pre-agreed the rate per query and the number of queries delivered. 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 provides customers with a credit term under six months. 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 December 31, 2021 and 2022, respectively. Contract liabilities are mainly related to fees for services to be provided over the service period, which are presented as “Deferred revenue and customer deposits” on the consolidated balance sheets. The increase in contract liabilities is a result of the increase in consideration received from the Company’s customers . As of December 31, 2021 2022 RMB RMB US$ Contract liabilities 80,405 82,312 11,934 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, 2021 and 2022, the Company’s unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was RMB42,019 and RMB37,818 (US$5,483), respectively. 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 and channel cost associated with JG Alliance, bandwidth cost, staff costs and depreciation of servers used for revenue generating services. Starting from January 1, 2021, the Company had fully exited the targeted marketing business and the cost of revenues since then is only incurred from SAAS Businesses. |
Research and development | Research and development Research and development expenses are primarily incurred in the development of new services, new features as well as costs associated with new product and technology development and enhancement. 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 expenses Advertising expenses, including promotion expenses, are charged to “sales and marketing expenses” as incurred. Advertising expenses amounted to RMB9,789, RMB12,767 and RMB6,460 (US$937) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Other income (expenses) | Other income (expenses) Other income/(expenses) includes impairment loss of financial assets, government grants and profit-sharing program with Depositary Bank related to ADSs depositary. For the year ended December 31,2022, impairment losses of RMB6,726 (US$975) of long-term investments and RMB705 (US$102) of loans receivables are recognized. For the year ended December 31,2021, impairment losses of RMB25,370 of long-term investments and RMB528 of loans receivables are recognized. For the year ended December 31,2020, impairment losses of RMB39,181 of long-term investments and RMB4,500 of loans receivables are recognized. Income from profit-sharing program is recognized 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 The Company adopted ASU No. 2016-02, 2016-02”) The Company determines if an arrangement is a lease or contains a lease at lease inception. Leases are classified at the inception date as either as a finance lease or an operating lease. The Company classifies a lease as a finance lease when the lease meets any one of the following criteria at lease commencement: a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for a major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. For operating leases, the Company recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. At lease commencement, operating lease ROU assets represent the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Company. After lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at lease commencement. Operating lease ROU assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating lease expense is recorded as a single cost on a straight-line basis over the lease term. The Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Land use rights represent lease prepayments to the local government authorities. As of December 31, 2022, the land use right was carried at cost less accumulated amortization and any impairment loss. Amortization is provided to write off the cost of lease Upon adoption, land use rights of RMB were identified as operating lease right-of-use right-of-use The effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2022 for the adoption of ASU 2016-02 is as follows: Balance as of December 31, 2021 Adjustments due to the adoption of ASU 2016-02 Balance as of January 1, 2022 RMB RMB RMB Assets: Prepayments and other current assets 46,670 (86 ) 46,584 Operating lease right-of-use assets — 15,773 15,773 Liabilities: Operating lease liabilities (current) — (8,845 ) (8,845 ) Operating lease liabilities (non-current) — (10,306 ) (10,306 ) Accrued liabilities and other current liabilities (85,305 ) 3,464 (81,841 ) The impact of adopting ASU 2016-02 on the Company’s consolidated balance sheet as of December 31, 2022 are as follows: As reported Legacy GAAP Effect of the adoption of ASU 2016-02 RMB RMB RMB Assets: Prepayments and other current assets 30,401 30,421 (20 ) Land use right — 21,560 (21,560 ) Operating lease right-of-use assets 33,756 — 33,756 Liabilities: Operating lease liabilities (current) (18,133 ) — (18,133 ) Operating lease liabilities (non-current) (6,959 ) — (6,959 ) Accrued liabilities and other current liabilities (75,333 ) (87,592 ) 12,259 The adoption of the standard did not have significant impact to the Company’s consolidated statements of comprehensive loss or cash flows for the year ended December 31, 2022. |
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 RMB10,556, RMB16,714 and RMB16,379 (US$2,375) for the years ended December 31, 2020, 2021 and 2022, respectively. |
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 Tax positions meet the “more likely than not” recognition threshold are measured, using a cumulative probability approach, at of tax benefit 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. |
Share-based compensation | Share-based compensation In accordance with ASC 718, Compensation-Stock Compensation, A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. 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 The carrying amounts of financial assets and liabilities, such as cash equivalents, restricted cash, accounts receivable, other receivables within prepayments and other current assets, balances with related parties, short-term loan, accounts payable, and other payables with accrued liabilities and other current liabilities, approximate their fair values because of the short maturity of these instruments. |
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 of the Company includes the foreign currency translation adjustments. |
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 share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. |
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, derivative assets, other receivables within prepayments and other current assets, 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, 2021 and 2022, the aggregate amount of cash and cash equivalents, derivative assets, short-term investments and restricted cash of RMB276,644 and RMB108,579 (US$15,742), respectively, were held at major financial institutions located in the PRC, and US$2,186 and US$1,114 (RMB7,681), respectively, Concentration of suppliers Approximately %, % and % of advertising costs were paid to three suppliers for the years ended December 31, 2020, 2021 and 2022, respectively. Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future consolidated financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Company’s ability to attract employees necessary to support its growth. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ 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 8.23% in 2022. Most of the Company’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, derivative assets, accounts receivable, and accounts payable are denominated in US$. Any significant revaluation of RMB may materially and adversely affect the Company’s consolidated revenues, earnings and financial position in US$. |
Impact of COVID-19 | Impact of COVID-19 During the year ended December 31, 2022, revenues declined compared to the prior period partly due to weakness in demand as its customers in certain industries are negatively impacted by COVID-19. Although the Chinese government has now lifted the restrictions related to COVID-19, the COVID-19 pandemic still has negatively impacted, and may continue to negatively impact, the global economy and disrupt normal business activity, which may have an adverse effect on the Company’s results of operations. In the longer-term, the adverse effects of the COVID-19 on the economies and financial markets of many countries are expected to persist, and may lead to an economic downturn or recession. This could adversely affect demand for some products and those of its customers, which may, in turn negatively impact the Company’s results of operations. There are still uncertainties of COVID-19’s long-lived COVID-19 |
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, and substantially all of the Company’s long-lived assets and revenues are located in and derived from PRC, no geographical segments are presented. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements As a company with less than US$1.07 billion in revenue for the last fiscal year, the Company qualifies as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include a provision that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Company will take advantage of the extended transition period. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). 2019-05, Financial Instruments- Credit Losses (Topic 326) 2019-04 2018-19. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 2021-08), Revenue from Contracts with Customers (Topic 606) |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of VIE and Subsidiaries | The following table set forth the assets and liabilities of the VIE and its subsidiaries included in the Company’s consolidated balance sheets: As of December 31, 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 55,946 64,719 9,383 Restricted cash 158,032 132 19 Short-term investments 30,000 — — Accounts and notes receivable, net 43,415 29,369 4,258 Prepayments and other current assets 37,807 21,656 3,140 Amounts due from the Company and its subsidiaries 69,405 236,093 34,230 Amounts due from related parties 35 255 37 Total current assets 394,640 352,224 51,067 Non-current Property and equipment, net 45,068 12,375 1,794 Operating lease right-of-use — 31,336 4,543 Intangible assets, net 5,398 23,947 3,472 Goodwill — 37,785 5,478 Long-term investments 90,618 103,144 14,954 Other-non current assets 3,298 3,609 523 Total non-current 144,382 212,196 30,764 Total assets 539,022 564,420 81,831 LIABILITIES: Current liabilities: Short-term loan — 5,000 725 Accounts payable 17,529 15,325 2,222 Deferred revenue and customer deposits 115,900 132,195 19,166 Operating lease liabilities — 16,491 2,391 Accrued liabilities and other current liabilities 64,527 73,779 10,697 Amounts due to the Company and its subsidiaries 389,063 406,569 58,947 Amounts due to related parties 54 — — Total current liabilities 587,073 649,359 94,148 Non-current Amounts due to the Company and its subsidiaries 277,000 257,000 37,261 Deferred revenue 569 3,585 520 Operating lease liabilities — 5,546 804 Deferred tax liabilities — 4,824 699 Other non-current 560 2,076 301 Total non-current 278,129 273,031 39,585 Total liabilities 865,202 922,390 133,733 |
Summary of Results of Operations and Cash Flows of VIE and Subsidiaries | The table sets forth the results of operations and cash flows of the VIE and its subsidiaries included in the Company’s consolidated statements of comprehensive loss and cash flows. For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues 465,066 351,243 322,066 46,695 Cost of revenues (248,637 ) (83,259 ) (97,270 ) (14,103 ) Net loss (173,865 ) (100,782 ) (75,486 ) (10,944 ) Net cash provided by/(used in) operating activities 168,971 68,336 (113,809 ) (16,501 ) Net cash (used in)/provided by investing activities (108,450 ) (186 ) 29,682 4,303 Net cash (used in)/provided by financing activities (156,124 ) 30,000 (65,000 ) (9,424 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Estimated Useful Lives Of Intangible Assets | 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 technology 1 – 5 years Brand 10 years Customer relationship 5 years Residual values are considered nil. |
Summary of Contract Liabilities | A summary of contract liabilities is as follows: As of December 31, 2021 2022 RMB RMB US$ Contract liabilities 80,405 82,312 11,934 |
Summary of Effect of Changes in Balance Sheet | The effect of the changes made to the Company’s consolidated balance sheet as of January 1, 2022 for the adoption of ASU 2016-02 is as follows: Balance as of December 31, 2021 Adjustments due to the adoption of ASU 2016-02 Balance as of January 1, 2022 RMB RMB RMB Assets: Prepayments and other current assets 46,670 (86 ) 46,584 Operating lease right-of-use assets — 15,773 15,773 Liabilities: Operating lease liabilities (current) — (8,845 ) (8,845 ) Operating lease liabilities (non-current) — (10,306 ) (10,306 ) Accrued liabilities and other current liabilities (85,305 ) 3,464 (81,841 ) |
Summary of Impact of Balance Sheet | The impact of adopting ASU 2016-02 on the Company’s consolidated balance sheet as of December 31, 2022 are as follows: As reported Legacy GAAP Effect of the adoption of ASU 2016-02 RMB RMB RMB Assets: Prepayments and other current assets 30,401 30,421 (20 ) Land use right — 21,560 (21,560 ) Operating lease right-of-use assets 33,756 — 33,756 Liabilities: Operating lease liabilities (current) (18,133 ) — (18,133 ) Operating lease liabilities (non-current) (6,959 ) — (6,959 ) Accrued liabilities and other current liabilities (75,333 ) (87,592 ) 12,259 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2021 2022 RMB RMB US$ Accounts receivable 81,550 34,869 5,056 Less: allowance for doubtful accounts (37,690 ) (5,142 ) (746 ) Total accounts receivable, net 43,860 29,727 4,310 |
Schedule of Movement in Allowance for Doubtful Accounts | The following table presents the movement in the allowance for doubtful accounts: As of December 31, 2021 2022 RMB RMB US$ Balance at beginning of year 43,820 37,690 5,465 (Reversals)/provisions (246 ) 2,089 303 Write-offs (5,884 ) (34,637 ) (5,022 ) Balance at end of year 37,690 5,142 746 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB US$ Receivables on behalf of third party advertising companies (i) 12,599 — — Prepaid service fee 11,410 15,340 2,224 VAT and other surcharges 5,618 2,552 370 Investment in a convertible loan 4,221 4,632 672 Loans granted to equity investees (ii) 3,000 3,000 435 Office rental deposit 919 199 29 Prepaid media cost 551 900 130 Receivables from sales of shares on behalf of employees 180 73 11 Others 8,172 3,705 536 Total prepayments and other current assets 46,670 30,401 4,407 (i) Starting from January 1, 2021, the Company has fully exited the Targeted Marketing business and this balance represents the receivables the Company acts as agent and collects on behalf of third party advertising companies for targeted marketing related services. (ii) For the years ended December 31, 2020, 2021 and 2022, the Company recognized impairment charges on loans granted to equity investees of RMB4,500, RMB528 and RMB705 (US$102). The Company evaluates the impairment of the equity investments without readily determinable fair value along with loans the Company granted to those investees. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: As of December 31, 2021 2022 RMB RMB US$ Office furniture and equipment 4,744 5,008 726 Computer equipment and servers 163,392 163,366 23,686 Leasehold improvements 5,451 4,313 625 Construction-in 85 85 12 Less: Accumulated depreciation and impairment (111,493 ) (157,825 ) (22,882 ) Total property and equipment, net 62,179 14,947 2,167 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule Of Information Related To Operating Leases | For the year ended December 31, RMB US$ Cash payments for operating leases 20,273 2,940 ROU assets obtained in exchange for operating lease liabilities 28,688 4,159 |
Schedule Of Future Lease Payments Under Operating Leases | Future lease payments uner operating lease as of December Operating lease RMB US$ Year ending December 31, 2023 18,726 2,715 2024 6,201 899 2025 975 141 Thereafter — — Total future lease payments 25,902 3,755 Less: Imputed interest 810 117 Total lease liability balance 25,092 3,638 |
Goodwill and Intangible assets
Goodwill and Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite Lived Intangible Assets Estimated Economic Lives | Intangible assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Computer software, systems and technology 13,623 14,123 2,048 Brand — 10,300 1,493 Customer relationship — 13,800 2,001 Less: Accumulated amortization (8,225 ) (14,276 ) (2,070 ) Total intangible assets, net 5,398 23,947 3,472 |
Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets | Estimated amortization expense relating to RMB US$ For the year ending December 31, 2023 6,192 898 2024 4,378 635 2025 3,805 552 2026 3,790 549 2027 1,490 216 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of business combinations | RMB US$ Purchase consideration 34,473 4,998 Fair value of redeemable noncontrolling interests 31,397 4,552 Less: Cash and cash equivalents 17,744 2,573 Customer relationships 13,800 2,001 Brand 10,300 1,493 Other current and noncurrent assets 1,025 149 Deferred revenue (6,529 ) (947 ) Deferred tax liabilities (5,330 ) (773 ) Other current liabilities (2,925 ) (424 ) Goodwill 37,785 5,478 |
Short-term loan (Tables)
Short-term loan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of December 31, 2021 2022 RMB RMB US$ Short-term bank borrowings 150,000 5,000 725 |
Deferred Revenue and Customer_2
Deferred Revenue and Customer Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, by Arrangement | Deferred revenue and customer deposits consist of the following: As of December 31, 2021 2022 RMB RMB US$ Deferred revenue 80,405 88,478 12,828 Customer deposits 39,586 50,326 7,297 Total deferred revenue and customer deposits – current 119,991 138,804 20,125 Deferred revenue - 3,845 3,585 520 |
Schedule of Roll Forward of Customer Deposits | Roll-forward of customer deposits: Year ended December 31, 2021 2022 RMB RMB US$ Balance at beginning of year 38,041 39,586 5,739 Cash received from customers during the year 225,976 111,877 16,221 Revenue recognized during the year (220,333 ) (99,929 ) (14,488 ) Refunds paid during the year (4,098 ) (1,208 ) (175 ) Balance at end of the year 39,586 50,326 7,297 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB US$ Accrued payroll and welfare payables 52,947 41,616 6,033 Other taxes and surcharge 9,932 8,005 1,161 Service fees 5,233 4,483 650 Acquisition of intangible assets, property and equipment 840 331 48 Government grant 4,500 1,000 145 Rental and property management fee 3,418 4 1 Payables for sales of employees’ shares 180 73 11 Payables to third party advertising companies (i) 4,066 21 3 Payable for business acquisition (ii) — 16,788 2,434 Others 4,189 3,012 436 Total accrued liabilities and other current liabilities 85,305 75,333 10,922 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: Options Granted to Employees and Directors Number of Weighted- Weighted- Weighted Aggregate RMB RMB RMB Outstanding, December 31, 2021 7,367,194 8.18 18.66 6.09 48,464 Granted 2,900,248 6.18 6.41 — — Forfeited 632,534 9.53 22.70 — — Expired — — — — — Exercised 758,442 0.23 10.62 — — Cancelled — — — — — Outstanding, December 31, 2022 8,876,466 8.11 15.06 6.23 31,347 Vested and expected to vest at December 31, 2022 8,876,466 8.11 15.06 6.23 31,347 Vested at December 31, 2022 7,251,013 9.66 15.50 5.71 21,844 |
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, 2020, 2021 and 2022: 2020 2021 2022 Risk-free interest rate 0.63% - 1.88% 0.94% - 1.70% 1.87%-3.75% Dividend yield 0% 0% 0% Expected volatility 44.37% - 47.83% 47.45% - 56.62% 55.99%-56.79% Weighted average expected volatility 46.37% 50.26% 56.15% Expected exercise multiple 2.5 - 2.8 2.2 - 2.8 2.2-2.8 |
Summary of Restricted Share Units | A summary of the restricted share units for the year ended December 31, 2022 was stated below: Restricted Share Units Granted to Employees and Directors Number of Weighted- Weighted Aggregate RMB RMB Outstanding, December 31, 2021 119,566 14.94 9.88 1,189 Granted 199,965 9.55 — — Forfeited — — — — Expired — — — — Vested 119,568 14.52 — — Cancelled — — — — Outstanding, December 31, 2022 199,963 9.81 9.80 1,337 Vested and expected to vest at December 31, 2022 199,963 9.81 9.80 1,337 Exercisable at December 31, 2022 — — — — |
Summary of Total Compensation Costs Recognized | Total compensation costs recognized for the years ended December 31, 2020, 2021 and 2022 were as follows: Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cost of r 4 41 2 — Research and development 7,176 13,801 368 53 Sales and marketing 3,965 2,609 1,188 172 General and administrative 17,713 13,761 13,957 2,024 Total 28,858 30,212 15,515 2,249 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Profit / (Loss) Before Income Taxes | The Company’s loss before income taxes consists of: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Cayman Islands (31,966 ) (23,555 ) (21,516 ) (3,120 ) British Virgin Islands (27 ) (2 ) (13 ) ( 2 ) Hong Kong (1,790 ) (1,564 ) (2,540 ) (368 ) Singapore — — 34 5 China (191,206 ) (115,431 ) (84,870 ) (12,305 ) Total loss before income taxes (224,989 ) (140,552 ) (108,905 ) (15,790 ) |
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: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Current income tax expense (86 ) (32 ) (26 ) (4 ) Deferred tax benefit — — 481 70 Total income tax expense (86 ) (32 ) 455 66 |
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: As of December 31, 2021 2022 RMB RMB US$ Loss before income tax (140,552 ) (108,905 ) (15,790 ) Income tax expense computed at PRC statutory rate (25%) (35,138 ) (27,226 ) (3,947 ) International tax rate differential 6,023 5,596 811 Preferential tax rate 21,437 5,518 800 Deferred tax items tax rate differential (22,935 ) (5,399 ) (783 ) Research and development super-deduction (32,595 ) (28,463 ) (4,127 ) Non-deductible 8,092 4,367 633 Deferred tax expenses — (679 ) (98 ) Non-taxable income — (157 ) (23 ) Recognition of prior year tax loss (4,851 ) — — Changes in valuation allowance 59,999 45,988 6,668 Income tax expense/(benefit) 32 (455 ) (66 ) |
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, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB US$ Deferred tax assets Provision for doubtful debts 27,327 12,127 1,758 Accrued expense 12,923 12,411 1,799 Net operating loss carry forward 218,042 282,098 40,900 Government grant related to assets 1,411 2,113 306 Estimated liabilities — 426 62 Lease liabilities — 3,533 512 Less: Valuation allowance (248,118 ) (295,401 ) (42,829 ) Total deferred tax assets 11,585 17,307 2,508 Deferred tax liabilities Property and equipment depreciation (867 ) (1,636 ) (236 ) Net unrealized gain on equity investments held (3,564 ) (4,332 ) (628 ) Right-of-use — (3,049 ) (442 ) Intangible assets arising from acquisition — (4,856 ) (704 ) Loan interest income (7,154 ) (8,258 ) (1,197 ) Total deferred tax liabilities (11,585 ) (22,131 ) (3,207 ) Net deferred tax assets — — — Net deferred tax liabilities — (4,824 ) (699 ) 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, 2021 and 2022. 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. |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Basic and Diluted Loss Per Share | Basic and diluted loss per share is calculated as follows: For the year ended For the year ended For the year ended December 31, 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to Class A and Class B common shareholders (175,650 ) (49,425 ) (110,258 ) (30,326 ) (84,032 ) (12,184 ) (22,932 ) (3,325 ) Net loss attributable to common shareholders (175,650 ) (49,425 ) (110,258 ) (30,326 ) (84,032 ) (12,184 ) (22,932 ) (3,325 ) Denominator: Weighted average number of shares used in calculating basic and diluted loss per share 60,415,978 17,000,189 61,809,501 17,000,189 62,296,172 62,296,172 17,000,189 17,000,189 Basic and diluted loss per share (2.91 ) (2.91 ) (1.78 ) (1.78 ) (1.35 ) (0.20 ) (1.35 ) (0.20 ) |
Redeemable noncontrolling int_2
Redeemable noncontrolling interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary of redeemable non-controlling interests balance | The following table presents the activity of the redeemable noncontrolling interests balance for the year ended December 31, 2022: RMB US$ Balance as of January 1, 2022 — — Initial fair value of redeemable noncontrolling interests 31,397 4,552 Net loss attributable to redeemable noncontrolling interest (1,486 ) (215 ) Adjustment of redeemable noncontrolling interests to redemption value 641 93 Balance as of December 31, 2022 30,552 4,430 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due From Related Party | 18.1 Amounts due from related parties As of December 31, 2021 2022 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. 35 255 37 Total amounts due from related parties (i ) 35 255 37 |
Schedule of Amount Due to Related Party | 18.2 Amounts due to related parties As of December 31, 2021 2022 RMB RMB US$ Guangzhou Tianlang Network Technology Co., Ltd. 54 — — Total amounts due to related parties (i ) 54 — — |
Schedule of Transactions With Related Parties | 18.3 Transactions with related parties For the year ended 2020 2021 2022 RMB RMB RMB US$ Services provided to: (i ) Guangzhou Tianlang Network Technology Co., Ltd. — 100 400 58 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues | The Company assesses revenues based upon the nature or type of services it provides and the following table presents disaggregated revenue information: Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Targeted Marketing 213,662 — — — SAAS Businesses Developer Services 173,457 252,859 235,231 34,106 Vertical Applications 84,495 104,463 93,591 13,569 Total SAAS Businesses 257,952 357,322 328,822 47,675 Total revenues 471,614 357,322 328,822 47,675 |
Other income (expenses) (Tables
Other income (expenses) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income, Nonoperating [Abstract] | |
Schedule of Other Nonoperating Income, by Component | Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Government grants 10,346 20,879 31,531 4,571 Impairment for long-term investments (Note 8) (39,181 ) (25,370 ) (6,726 ) (975 ) Impairment for loan receivables (Note 4) (4,500 ) (528 ) (705 ) (102 ) Income from ADR profit-sharing program 2,257 2,111 2,207 320 Others 264 — 11 2 Total (30,814 ) (2,908 ) 26,318 3,816 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets And Liabilities Measured Or Disclosed At Fair Value | For the year ended December 31, 2021, assets measured at fair value are summarized below: Fair value measurement at December 31, 2021 using Total Fair Quoted prices in Significant Significant Fair value RMB RMB RMB RMB RMB Fair value measurements on a recurring basis Derivative assets 5,989 — 5,989 — 5,989 Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement (i) 585 — — 585 (25,340 ) Total assets and liabilities measured at fair value 6,574 — 5,989 585 (19,351 ) For the year ended December 31, 2022, assets measured at fair value are summarized below: Fair value measurement at December 31, 2022 using Total Fair Quoted prices in Significant Significant Fair value RMB USD RMB RMB RMB RMB Fair value measurement on a non-recurring Equity investments accounted for at fair value using the alternative measurement (i) — — — — — (6,726 ) Property and equipment, net (ii) 10,991 1,594 — 10,991 — (22,400 ) Total assets and liabilities measured at fair value 10,991 1,594 — 10,991 — (29,126 ) (i) When there is impairment of equity securities accounted for under the measurement alternative, the non-recurring fair value measurements are measured at the date of impairment. Estimating the fair value of investees without observable market prices is highly judgemental due to the subjectivity of the unobservable inputs (level 3) used in the valuation methodologies used to determine fair value. The Company recognized impairment charges of long-term investments during the years ended December 31, 2021 and 2022 based on the financial situation and expected a (ii) The property and equipment impairment loss was a result of the “Going -Cloud” project undertaken, and was included in the consolidated statement of comprehensive income for the year ended December 31, 2022. The Company’s “Going-Cloud” project is a transition to use cloud based servers for a portion of our infrastructure needs, whereas the Company completely operated and maintained self-owned servers previously. |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | As of December 31 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 6,724 33,871 4,911 Restricted cash 5,998 — — Derivative assets 5,989 — — Due from the entities within the Group 6,871 7,655 1,110 Prepayments and other current assets 7,314 20,331 2,947 Total current assets 32,896 61,857 8,968 Non-current Long-term investments 400,809 334,988 48,569 Other receivables 638 — — Total non-current 401,447 334,988 48,569 Total assets 434,343 396,845 57,537 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loan 150,000 — — Accrued liabilities and other current liabilities 2,258 3,850 558 Due to the entities within the Group 63,366 265,305 38,466 Total current liabilities 215,624 269,155 39,024 Non-current Deferred revenue 3,276 — — Total non-current 3,276 — — Total liabilities 218,900 269,155 39,024 Shareholders’ equity Class A common shares (par value of US$0.0001 per share as of December 31, 2021 and 2022; 4,920,000,000 shares authorized as of December 31, 2021 and 2022, 62,036,273 shares and 62,731,971 shares issued and outstanding as of December 31, 2021 and 2022, respectively) 38 39 5 Class B common shares (par value of US$0.0001 per share as of December 31, 2021 and 2022; 30,000,000 shares authorized as of December 31, 2021 and 2022, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2021 and 2022) 11 11 2 Treasury shares (nil and 182,313 class A common shares as of December 31,2021 and 2022, respectively) — (1,689 ) (245 ) Additional paid-in 1,021,961 1,037,007 150,352 Accumulated deficit (819,018 ) (925,982 ) (134,255 ) Accumulated other comprehensive income 12,451 18,304 2,654 Total shareholders’ equity 215,443 127,690 18,513 Total liabilities and shareholders’ equity 434,343 396,845 57,537 |
Condensed Statements of Comprehensive Loss | Years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues — — — — Cost of Revenues — — — — Gross profit — — — — Operating expenses Research and development — — Sales and marketing — (553 ) (272 ) (39 ) General and administrative (15,938 ) (17,785 ) (12,443 ) (1,804 ) Share of losses of subsidiaries and VIE (193,109 ) (117,029 ) (85,448 ) (12,389 ) Total operating expenses (209,047 ) (135,367 ) (98,163 ) (14,232 ) Loss from operations (209,047 ) (135,367 ) (98,163 ) (14,232 ) Foreign exchange gain /(loss), net 6 (3,351 ) (2,467 ) (358 ) Interest income 544 363 43 6 Interest expense (10,654 ) (7,820 ) (1,985 ) (288 ) Other loss (5,924 ) (469 ) (5,230 ) (758 ) Change in fair value of foreign currency swap contract — 6,060 838 121 Loss before income taxes (225,075 ) (140,584 ) (106,964 ) (15,509 ) Income tax expenses — — — — Net loss (225,075 ) (140,584 ) (106,964 ) (15,509 ) Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net loss attributable to common share holders (225,075 ) (140,584 ) (106,964 ) (15,509 ) Other comprehensive income Foreign currency translation adjustments 4,450 1,638 5,853 849 Total other comprehensive income, net of tax 4,450 1,638 5,853 849 Comprehensive loss (220,625 ) (138,946 ) (101,111 ) (14,660 ) |
Condensed Statements of Cash Flows | Year ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash (used in)/ provided by operating activities (17,412 ) (24,383 ) 195,530 28,349 Net cash used in investing activities (6,525 ) (4,859 ) (2,690 ) (390 ) Net cash provided by/ (used in) financing activities 5,257 (54,520 ) (153,040 ) (22,189 ) Effect of exchange rate changes (3,686 ) 4,361 (18,651 ) (2,704 ) Net (decrease)/ increase in cash and cash equivalents and restricted cash (22,366 ) (79,401 ) 21,149 3,066 Cash and cash equivalents and restricted cash at the beginning of year 114,489 92,123 12,722 1,845 Cash and cash equivalents and restricted cash at the end of year 92,123 12,722 33,871 4,911 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Assets and Liabilities of VIE and Subsidiaries (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 116,128 | $ 16,837 | ¥ 90,552 | $ 13,129 | ¥ 356,115 | ¥ 431,459 |
Restricted cash | 132 | 19 | 164,030 | |||
Short-term investments | 0 | 0 | 30,000 | |||
Amounts due from related parties | 255 | 37 | 35 | |||
Total current assets | 176,643 | 25,610 | 381,136 | |||
Non-current assets: | ||||||
Property and equipment, net | 14,947 | 2,167 | 62,179 | |||
Operating lease right-of-use assets | 33,756 | 4,894 | 0 | |||
Intangible assets, net | 23,947 | 3,472 | 5,398 | |||
Goodwill | 37,785 | 5,478 | 0 | |||
Long-term investments | 141,901 | 20,574 | 141,926 | |||
Other non-current assets | 4,128 | 599 | 4,898 | |||
Total non-current assets | 256,464 | 37,184 | 214,401 | |||
Total assets | 433,107 | 62,794 | 595,537 | |||
Current liabilities: | ||||||
Short-term loan | 5,000 | 725 | 150,000 | |||
Accounts payable | 18,169 | 2,634 | 18,292 | |||
Deferred revenue and customer deposits | 88,478 | 12,828 | 80,405 | |||
Operating lease liabilities | 18,133 | 2,629 | 0 | |||
Accrued liabilities and other current liabilities | 75,333 | 10,922 | 85,305 | |||
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of RMB54 and nil as of December 31, 2021 and 2022, respectively) | 0 | 0 | 54 | |||
Total current liabilities | 255,439 | 37,035 | 373,642 | |||
Non-current liabilities: | ||||||
Operating lease liabilities | 6,959 | 1,009 | 0 | |||
Deferred tax liabilities | 22,131 | 3,207 | 11,585 | |||
Other non-current liabilities | 4,058 | 588 | 2,607 | |||
Total non-current liabilities | 19,426 | 2,816 | 6,452 | |||
Total liabilities | 274,865 | 39,851 | 380,094 | |||
VIE | ||||||
Current assets: | ||||||
Cash and cash equivalents | 64,719 | 9,383 | 55,946 | |||
Restricted cash | 132 | 19 | 158,032 | |||
Short-term investments | 30,000 | |||||
Accounts and notes receivable, net | 29,369 | 4,258 | 43,415 | |||
Prepayments and other current assets | 21,656 | 3,140 | 37,807 | |||
Amounts due from the Company and its subsidiaries | 236,093 | 34,230 | 69,405 | |||
Amounts due from related parties | 255 | 37 | 35 | |||
Total current assets | 352,224 | 51,067 | 394,640 | |||
Non-current assets: | ||||||
Property and equipment, net | 12,375 | 1,794 | 45,068 | |||
Operating lease right-of-use assets | 31,336 | 4,543 | 0 | |||
Intangible assets, net | 23,947 | 3,472 | 5,398 | |||
Goodwill | 37,785 | 5,478 | 0 | |||
Long-term investments | 103,144 | 14,954 | 90,618 | |||
Other non-current assets | 3,609 | 523 | 3,298 | |||
Total non-current assets | 212,196 | 30,764 | 144,382 | |||
Total assets | 564,420 | 81,831 | 539,022 | |||
Current liabilities: | ||||||
Short-term loan | 5,000 | 725 | 0 | |||
Accounts payable | 15,325 | 2,222 | 17,529 | |||
Deferred revenue and customer deposits | 132,195 | 19,166 | 115,900 | |||
Operating lease liabilities | 16,491 | 2,391 | 0 | |||
Accrued liabilities and other current liabilities | 73,779 | 10,697 | 64,527 | |||
Amounts due to the Company and its subsidiaries | 406,569 | 58,947 | 389,063 | |||
Amounts due to related parties (including amount due to related parties of the VIE without recourse to the Company of RMB54 and nil as of December 31, 2021 and 2022, respectively) | 0 | 0 | 54 | |||
Total current liabilities | 649,359 | 94,148 | 587,073 | |||
Non-current liabilities: | ||||||
Amounts due to the Company and its subsidiaries | 257,000 | 37,261 | 277,000 | |||
Deferred revenue | 3,585 | 520 | 569 | |||
Operating lease liabilities | 5,546 | 804 | 0 | |||
Deferred tax liabilities | 4,824 | 699 | 0 | |||
Other non-current liabilities | 2,076 | 301 | 560 | |||
Total non-current liabilities | 273,031 | 39,585 | 278,129 | |||
Total liabilities | ¥ 922,390 | $ 133,733 | ¥ 865,202 |
Organization and Principal Ac_4
Organization and Principal Activities - Summary of Results of Operations and Cash Flows of VIE and Subsidiaries (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Variable Interest Entity [Line Items] | ||||
Cost of revenues | ¥ (103,057) | $ (14,942) | ¥ (92,393) | ¥ (265,436) |
Net loss | (106,964) | (15,509) | (140,584) | (225,075) |
Net cash provided by/(used in) operating activities | (17,476) | (2,533) | (76,650) | 75,810 |
Net cash (used in)/provided by investing activities | 26,853 | 3,893 | 26,442 | (144,415) |
Net cash (used in)/provided by financing activities | (148,040) | (21,464) | (54,520) | 315 |
VIE | ||||
Variable Interest Entity [Line Items] | ||||
Revenues | 322,066 | 46,695 | 351,243 | 465,066 |
Cost of revenues | (97,270) | (14,103) | (83,259) | (248,637) |
Net loss | (75,486) | (10,944) | (100,782) | (173,865) |
Net cash provided by/(used in) operating activities | (113,809) | (16,501) | 68,336 | 168,971 |
Net cash (used in)/provided by investing activities | 29,682 | 4,303 | (186) | (108,450) |
Net cash (used in)/provided by financing activities | ¥ (65,000) | $ (9,424) | ¥ 30,000 | ¥ (156,124) |
Organization and Principal Ac_5
Organization and Principal Activities - Additional Information (Details) ¥ in Thousands, $ in Thousands | Jul. 26, 2022 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Weidong Luo [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Ownership Percentage | 80% | |||
Guangyan Chen. [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Ownership Percentage | 20% | |||
Xiaodao Wang [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Ownership Percentage | 10% | |||
Jiawen Fang [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Ownership Percentage | 10% | |||
VIE | ||||
Variable Interest Entity [Line Items] | ||||
Net liabilities | ¥ 357,970 | $ 51,902 | ¥ 326,180 | |
Cash Collateral | ¥ 0 | ¥ 157,900 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Effect of Changes in Balance Sheet (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) |
Assets [Abstract] | ||||
Prepayments and other current assets | ¥ 30,401 | $ 4,407 | ¥ 46,670 | |
Operating lease right-of-use assets | 33,756 | 4,894 | 0 | |
Liabilities [Abstract] | ||||
Operating lease liabilities (current) | 18,133 | 2,629 | 0 | |
Operating lease liabilities (non-current) | 6,959 | 1,009 | 0 | |
Accrued Liabilities And Other Current Liabilities | ¥ 75,333 | $ 10,922 | ¥ 85,305 | |
Previously Reported [Member] | ||||
Assets [Abstract] | ||||
Prepayments and other current assets | ¥ 46,670 | |||
Operating lease right-of-use assets | 0 | |||
Liabilities [Abstract] | ||||
Operating lease liabilities (current) | 0 | |||
Operating lease liabilities (non-current) | 0 | |||
Accrued Liabilities And Other Current Liabilities | (85,305) | |||
Adjustment [Member] | ||||
Assets [Abstract] | ||||
Prepayments and other current assets | (86) | |||
Operating lease right-of-use assets | 15,773 | |||
Liabilities [Abstract] | ||||
Operating lease liabilities (current) | (8,845) | |||
Operating lease liabilities (non-current) | (10,306) | |||
Accrued Liabilities And Other Current Liabilities | 3,464 | |||
Adjusted [Member] | ||||
Assets [Abstract] | ||||
Prepayments and other current assets | 46,584 | |||
Operating lease right-of-use assets | 15,773 | |||
Liabilities [Abstract] | ||||
Operating lease liabilities (current) | (8,845) | |||
Operating lease liabilities (non-current) | (10,306) | |||
Accrued Liabilities And Other Current Liabilities | ¥ (81,841) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Impact of Balance Sheet (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Assets [Abstract] | |||
Prepayments and other current assets | ¥ 30,401 | $ 4,407 | ¥ 46,670 |
Operating lease right-of-use assets | 33,756 | 4,894 | 0 |
Liabilities [Abstract] | |||
Operating lease liabilities (current) | 18,133 | 2,629 | 0 |
Operating lease liabilities (non-current) | 6,959 | 1,009 | 0 |
Accrued liabilities and other current liabilities | 75,333 | $ 10,922 | ¥ 85,305 |
As reported [Member] | |||
Assets [Abstract] | |||
Prepayments and other current assets | 30,401 | ||
Land Use Right Asset | 0 | ||
Operating lease right-of-use assets | 33,756 | ||
Liabilities [Abstract] | |||
Operating lease liabilities (current) | (18,133) | ||
Operating lease liabilities (non-current) | (6,959) | ||
Accrued liabilities and other current liabilities | (75,333) | ||
Legacy GAAP [Member] | |||
Assets [Abstract] | |||
Prepayments and other current assets | 30,421 | ||
Land Use Right Asset | 21,560 | ||
Operating lease right-of-use assets | 0 | ||
Liabilities [Abstract] | |||
Operating lease liabilities (current) | 0 | ||
Operating lease liabilities (non-current) | 0 | ||
Accrued liabilities and other current liabilities | (87,592) | ||
Effect of the adoption [Member] | |||
Assets [Abstract] | |||
Prepayments and other current assets | (20) | ||
Land Use Right Asset | (21,560) | ||
Operating lease right-of-use assets | 33,756 | ||
Liabilities [Abstract] | |||
Operating lease liabilities (current) | (18,133) | ||
Operating lease liabilities (non-current) | (6,959) | ||
Accrued liabilities and other current liabilities | ¥ 12,259 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands | 12 Months Ended | ||||||||
Mar. 01, 2017 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 15, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 20, 2018 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Foreign currency exchange rate | 6.8972 | 6.8972 | |||||||
Finite lived intangible asset residual value | ¥ | ¥ 0 | ||||||||
Revenue Recognized | 67,419 | $ 9,775,000 | ¥ 62,790 | ||||||
Unsatisfied performance obligation | 37,818 | 42,019 | $ 5,483,000 | ||||||
Impairment of long-term investments | 6,726 | 975,000 | 25,370 | ¥ 38,739 | |||||
Non cash impairment loss on long term investments | 6,726 | 975,000 | 25,370 | 39,181 | |||||
Non Cash Impairment Loss On Long Term Investments | 705 | 102,000 | 528 | 4,500 | |||||
Impairment of long-lived assets other than goodwill | ¥ 22,400 | $ 3,248,000 | 0 | 10,952 | |||||
Value added tax percentage | 6% | 6% | |||||||
Share repurchased cash consideration | ¥ | ¥ 1,689 | ||||||||
Advertising expenses | 6,460 | $ 937,000 | 12,767 | 9,789 | |||||
Employee defined contribution plan expense incurred | ¥ 16,379 | $ 2,375,000 | 16,714 | 10,556 | |||||
Depreciation of the US$ against RMB, percent | 8.23% | 8.23% | |||||||
Revenues | ¥ 328,822 | $ 47,675,000 | 357,322 | ¥ 471,614 | |||||
Operating lease right-of-use assets | 33,756 | ¥ 0 | 4,894,000 | ||||||
Impairment charge of goodwill | ¥ | 0 | ||||||||
Land [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Operating lease right-of-use assets | ¥ 21,560 | 3,126,000 | |||||||
Supplier Concentration Risk | Suppliers | Three Suppliers [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 50.20% | 50.20% | |||||||
Product Concentration Risk | Suppliers | Three Suppliers [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 46.40% | 71% | |||||||
CHINA | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 108,579 | ¥ 276,644 | 15,742,000 | ||||||
Outside China | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 7,681 | $ 1,114,000 | $ 2,186,000 | ||||||
Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Revenues | $ | $ 1,070,000,000 | ||||||||
Maximum | Product Concentration Risk | Suppliers | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 50% | 50% | |||||||
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 | Two Thousand Twenty Two Repurchase Plan [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Share repurchased under repurchase plan | shares | 273,469 | 273,469 | |||||||
Share repurchased cash consideration | ¥ 1,689 | $ 245,000 | |||||||
American Depositary Shares | Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Share repurchase plan, authorized amount | $ | $ 10,000,000 | ||||||||
American Depositary Shares | Maximum | Two Thousand Twenty Two Repurchase Plan [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Share repurchase plan, authorized amount | $ | $ 5,000,000 | ||||||||
Class A Common Shares | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Share repurchased under repurchase plan | shares | 613,737 | ||||||||
Class A Common Shares | Two Thousand Twenty Two Repurchase Plan [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Share repurchased under repurchase plan | shares | 182,313 | 182,313 | 182,313 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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_8
Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets Estimated Economic Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Brand | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets | 10 years |
Customer Relationships [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets | 5 years |
Minimum | Computer software, systems and technology | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets | 1 year |
Maximum | Computer software, systems and technology | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets | 5 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summary of Contract Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | ¥ 82,312 | $ 11,934 | ¥ 80,405 |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Receivables [Abstract] | |||
Accounts receivable | ¥ 34,869 | $ 5,056 | ¥ 81,550 |
Less: allowance for doubtful accounts | (5,142) | (746) | (37,690) |
Total accounts receivable, net | ¥ 29,727 | $ 4,310 | ¥ 43,860 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Receivables [Abstract] | |||
Balance at beginning of year | ¥ 37,690 | $ 5,465 | ¥ 43,820 |
(Reversals)/provisions | 2,089 | 303 | (246) |
Write-offs | (34,637) | (5,022) | (5,884) |
Balance at end of year | ¥ 5,142 | $ 746 | ¥ 37,690 |
Prepayments and other current_3
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Receivables on behalf of third party advertising companies | ¥ 12,599 | ||
Prepaid service fee | ¥ 15,340 | $ 2,224 | 11,410 |
VAT and other surcharges | 2,552 | 370 | 5,618 |
Investment in a convertible loan | 4,632 | 672 | 4,221 |
Loans granted to equity investees | 3,000 | 435 | 3,000 |
Office rental deposit | 199 | 29 | 919 |
Prepaid media cost | 900 | 130 | 551 |
Receivables from sales of shares on behalf of employees | 73 | 11 | 180 |
Others | 3,705 | 536 | 8,172 |
Total prepayments and other current assets | ¥ 30,401 | $ 4,407 | ¥ 46,670 |
Prepayments and other current_4
Prepayments and other current assets - Schedule of Prepayment and Other Current Assets (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Impairment charges | ¥ 705 | $ 102 | ¥ 528 | ¥ 4,500 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Less: Accumulated depreciation and impairment | ¥ (157,825) | $ (22,882) | ¥ (111,493) |
Total property and equipment, net | 14,947 | 2,167 | 62,179 |
Office Furniture and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 5,008 | 726 | 4,744 |
Computer Equipment and Servers | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 163,366 | 23,686 | 163,392 |
Leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 4,313 | 625 | 5,451 |
Construction-in progress | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 85 | $ 12 | ¥ 85 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Property plant and equipment, impairment charges | ¥ 22,400 | $ 3,248 | ¥ 0 | ¥ 10,952 |
Depreciation of property and equipment | ¥ 24,362 | $ 3,532 | ¥ 27,337 | ¥ 37,704 |
Lease - Schedule Of Information
Lease - Schedule Of Information Related To Operating Leases (Details) - 12 months ended Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
Cash payments for operating leases | ¥ 20,273 | $ 2,940 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 28,688 | $ 4,159 |
Lease - Schedule Of Future Leas
Lease - Schedule Of Future Lease Payments Under Operating Leases (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
2023 | ¥ 18,726 | $ 2,715 |
2024 | 6,201 | 899 |
2025 | 975 | 141 |
Total future lease payments | 25,902 | 3,755 |
Less: Imputed interest | 810 | 117 |
Total lease liability balance | ¥ 25,092 | $ 3,638 |
Lease - Additional Information
Lease - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Leases [Abstract] | ||||
Lease term | 12 months | 12 months | ||
Weighted Average Remaining Lease Term | 14 years | 14 years | ||
Weighted Average Discount Rate | 3.21% | 3.21% | ||
Operating Lease Cost | ¥ 9,002 | $ 1,305 | ||
Short Term Lease Cost | 331 | $ 48 | ¥ 12,707 | ¥ 16,584 |
Lease Cost | ¥ 0 |
Goodwill and Intangible asset_2
Goodwill and Intangible assets - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Less: Accumulated amortization | ¥ (14,276) | $ (2,070) | ¥ (8,225) |
Total intangible assets, net | 23,947 | 3,472 | 5,398 |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 14,123 | 2,048 | 13,623 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 10,300 | 1,493 | 0 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | ¥ 13,800 | $ 2,001 | ¥ 0 |
Goodwill and Intangible asset_3
Goodwill and Intangible assets - Schedule of Estimated Amortization Expense Related to the Existing Intangible Assets (Details) (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the year ending December 31, 2023 | ¥ 6,192 | $ 898 |
2024 | 4,378 | 635 |
2025 | 3,805 | 552 |
2026 | 3,790 | 549 |
2027 | ¥ 1,490 | $ 216 |
Goodwill and Intangible asset_4
Goodwill and Intangible assets - Addtional Information (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Mar. 08, 2022 CNY (¥) | Mar. 08, 2022 USD ($) | |
Goodwill | ¥ 37,785,000 | ¥ 0 | $ 5,478 | ||||
Impairment Of Goodwill | 0 | ||||||
Impairment charges | 0 | 0 | ¥ 0 | ||||
Amortization of intangible assets | 6,043,000 | $ 876 | 4,481,000 | ¥ 4,366,000 | |||
Intangible assets with an indefinite useful life | 0 | ¥ 0 | |||||
Send Cloud [Member] | |||||||
Goodwill | ¥ 37,785,000 | $ 5,478 | ¥ 37,785,000 | $ 5,478 | |||
Computer software and systems | |||||||
Weighted average useful life of intangible assets | 6 years | 6 years | 4 years | 3 years 10 months 24 days |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Schedule Of Investments [Line Items] | |||||
Equity Securities without Readily Determinable Fair Value, Amount | ¥ 141,901 | ¥ 141,926 | $ 20,574 | ||
Cost-method Investments, Other than Temporary Impairment | 6,726 | $ 975 | 25,370 | ¥ 38,739 | |
Accumulated imapirment of equity investments | 18,600 | 63,902 | 2,697 | ||
Write off of impaired long-term equity investments | ¥ 53,200 | ¥ 0 | $ 7,713 |
Business Combination - Schedule
Business Combination - Schedule of Business Combination (Details) ¥ in Thousands, $ in Thousands | Mar. 08, 2022 CNY (¥) | Mar. 08, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Mar. 08, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Business Acquisition [Line Items] | ||||||
Goodwill | ¥ 37,785 | $ 5,478 | ¥ 0 | |||
Send Cloud [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | ¥ 34,473 | $ 4,998 | ||||
Fair value of redeemable noncontrolling interests | 31,397 | $ 4,552 | ||||
Cash and cash equivalents | 17,744 | 2,573 | ||||
Other current and noncurrent assets | 1,025 | 149 | ||||
Deferred revenue | (6,529) | (947) | ||||
Deferred tax liabilities | (5,330) | (773) | ||||
Other current liabilities | (2,925) | (424) | ||||
Goodwill | 37,785 | ¥ 37,785 | $ 5,478 | 5,478 | ||
Send Cloud [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | 13,800 | 2,001 | ||||
Send Cloud [Member] | Brand [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | ¥ 10,300 | $ 1,493 |
Business Combination - Addition
Business Combination - Additional Information (Details) - SendCloud Technology Co., Ltd., [Member] ¥ in Thousands | Mar. 08, 2022 CNY (¥) |
Business Acquisition [Line Items] | |
Percentage of equity interests acquired | 52.37% |
Cash consideration | ¥ 34,473 |
Short-term loan - Schedule Of S
Short-term loan - Schedule Of Short Term Debt (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short-term Debt [Line Items] | |||
Short-term bank borrowings | ¥ 5,000 | $ 725 | ¥ 150,000 |
Short-term loan - Additional In
Short-term loan - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2022 CNY (¥) | Oct. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Apr. 30, 2021 CNY (¥) | |
Short-term Debt [Line Items] | ||||||||
Short Term Loan | ¥ 5,000 | $ 725 | ¥ 150,000 | |||||
Repayments Of Short Term Debt | ¥ 188,000 | $ 27,257 | ||||||
VIE | ||||||||
Short-term Debt [Line Items] | ||||||||
Repayments Of Short Term Debt | ¥ 150,000 | |||||||
Shanghai Pudong Development Bank [Member] | Secured Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short Term Loan | ¥ 150,000 | |||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 4.35% | |||||||
Shenzhen Zhongxiaodan Micro Credit Co Ltd [Member] | Secured Debt [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short Term Loan | ¥ 5,000 | $ 725 | ||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 4.90% | 4.90% |
Deferred Revenue and Customer_3
Deferred Revenue and Customer Deposits (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Revenue Recognition and Deferred Revenue [Abstract] | |||||
Deferred revenue | ¥ 88,478 | $ 12,828 | ¥ 80,405 | ||
Customer deposits | 50,326 | 7,297 | 39,586 | $ 5,739 | ¥ 38,041 |
Total deferred revenue and customer deposits - current | 138,804 | 20,125 | 119,991 | ||
Deferred revenue - non-current | ¥ 3,585 | $ 520 | ¥ 3,845 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance at beginning of year | ¥ 39,586 | $ 5,739 | ¥ 38,041 |
Cash received from customers during the year | 111,877 | 16,221 | 225,976 |
Revenue recognized during the year | (99,929) | (14,488) | (220,333) |
Refunds paid during the year | (1,208) | (175) | (4,098) |
Balance at end of the year | ¥ 50,326 | $ 7,297 | ¥ 39,586 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare payables | ¥ 41,616 | $ 6,033 | ¥ 52,947 |
Other taxes and surcharge | 8,005 | 1,161 | 9,932 |
Service fees | 4,483 | 650 | 5,233 |
Acquisition of intangible assets, property and equipment | 331 | 48 | 840 |
Government grant | 1,000 | 145 | 4,500 |
Rental and property management fee | 4 | 1 | 3,418 |
Payables for sales of employees' shares | 73 | 11 | 180 |
Payables to third party advertising companies | 21 | 3 | 4,066 |
Payable for business acquisition | 16,788 | 2,434 | |
Others | 3,012 | 436 | 4,189 |
Total accrued liabilities and other current liabilities | ¥ 75,333 | $ 10,922 | ¥ 85,305 |
Accrued Liabilities and Other_4
Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Parenthetical) (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Unpaid cash consideration | ¥ 16,788 | $ 2,434 |
Send Cloud [Member] | ||
Unpaid cash consideration | ¥ 16,788 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 01, 2017 shares | Jul. 23, 2014 shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2020 CNY (¥) ¥ / shares | Dec. 31, 2022 USD ($) shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fair value of awards vested expenses recognized | ¥ 15,515 | $ 2,249 | ¥ 30,212 | ¥ 28,858 | |||
Share Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation expense | ¥ 8,342 | $ 1,209 | |||||
Unrecognized share-based compensation expense estimated weighted-average period | 1 year 8 months 15 days | 1 year 8 months 15 days | |||||
Weighted average grant-date fair value per share, granted | (per share) | ¥ 6.41 | $ 0.93 | ¥ 24.61 | ¥ 18.97 | |||
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) | ¥ 9.55 | $ 1.38 | ¥ 13.92 | ¥ 20.41 | |||
Unrecognized share-based compensation cost | ¥ 1,498 | $ 217 | |||||
Employee Stock Option And Restricted Stock Units | |||||||
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 | 7,821 | $ 1,134 | ¥ 24,640 | ¥ 38,585 | |||
Fair value of awards vested expenses recognized | ¥ 15,515 | $ 2,249 | ¥ 30,212 | ¥ 28,858 | |||
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 | 37,911 | 37,911 | |||||
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 | 164,895 | 164,895 | |||||
2017 Incentive Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2021 incentive plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Awards expiration period | 10 years | ||||||
Common shares reserved for issuance | 4,000,000 | 4,000,000 | |||||
Share available for grant | 2,301,996 | 2,301,996 | |||||
2014, 2017 and 2021 Plans | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards expiration period | 10 years | ||||||
2014, 2017 and 2021 Plans | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 CNY (¥) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options, Outstanding, Beginning Balance | shares | 7,367,194 | ||
Number of Options, Granted | shares | 2,900,248 | ||
Number of Options, Forfeited | shares | 632,534 | ||
Number of Options, Exercised | shares | 758,442 | ||
Number of Options, Outstanding, Ending Balance | shares | 8,876,466 | 7,367,194 | |
Number of Options, Vested and expected to vest | shares | 8,876,466 | ||
Number of Options, Exercisable | shares | 7,251,013 | ||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 8.18 | ||
Weighted-Average Exercise Price, Granted | 6.18 | ||
Weighted-Average Exercise Price, Forfeited | 9.53 | ||
Weighted-Average Exercise Price, Exercised | 0.23 | ||
Weighted-Average Exercise Price, Outstanding, Ending Balance | 8.11 | $ 8.18 | |
Weighted-Average Exercise Price, Vested and expected to vest | 8.11 | ||
Weighted-Average Exercise Price, Exercisable | 9.66 | ||
Weighted- Average grant-date Fair Value per Option, Outstanding, Beginning Balance | 18.66 | ||
Weighted- Average grant-date Fair Value per Option, Granted | 6.41 | ||
Weighted- Average grant-date Fair Value per Option, Forfeited | 22.7 | ||
Weighted- Average grant-date Fair Value per Option, Exercised | 10.62 | ||
Weighted- Average grant-date Fair Value per Option, Outstanding, Ending Balance | 15.06 | $ 18.66 | |
Weighted- Average grant-date Fair Value per Option, Vested and expected to vest | 15.06 | ||
Weighted- Average grant-date Fair Value per Option, Exercisable | $ 15.5 | ||
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 2 months 23 days | 6 years 1 month 2 days | |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest | 6 years 2 months 23 days | ||
Weighted Average Remaining Contractual Term (Years), Exercisable | 5 years 8 months 15 days | ||
Aggregate Intrinsic Value, Outstanding | ¥ | $ 48,464 | ¥ 31,347 | |
Aggregate Intrinsic Value, Vested and expected to vest | ¥ | 31,347 | ||
Aggregate Intrinsic Value, Exercisable | ¥ | ¥ 21,844 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 1.87% | 0.94% | 0.63% |
Risk-free interest rate, maximum | 3.75% | 1.70% | 1.88% |
Dividend yield | 0% | 0% | 0% |
Expected volatility, minimum | 55.99% | 47.45% | 44.37% |
Expected volatility, maximum | 56.79% | 56.62% | 47.83% |
Weighted average expected volatility | 56.15% | 50.26% | 46.37% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected exercise multiple | ¥ 2.8 | ¥ 2.8 | ¥ 2.8 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected exercise multiple | ¥ 2.2 | ¥ 2.2 | ¥ 2.5 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Restricted Share Units (Details) - 12 months ended Dec. 31, 2022 - Restricted Share Units - Employees and Directors ¥ / shares in Units, ¥ in Thousands | CNY (¥) ¥ / shares shares | $ / shares | CNY (¥) ¥ / shares shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Share Units, Outstanding, December 31, 2021 | shares | 119,566 | ||
Number of Share Units, Granted | shares | 199,965 | ||
Number of Share Units, Vested | shares | 119,568 | ||
Number of Share Units, Outstanding, December 31, 2022 | shares | 199,963 | ||
Number of Share Units, Vested and expected to vest at December 31, 2022 | shares | 199,963 | ||
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2021 | ¥ / shares | ¥ 14.94 | ||
Weighted-Average grant-date Fair Value per Option, Granted | ¥ / shares | 9.55 | ||
Weighted-Average grant-date Fair Value per Option, Vested | ¥ / shares | 14.52 | ||
Weighted-Average grant-date Fair Value per Option, Outstanding, December 31, 2022 | ¥ / shares | ¥ 9.81 | ||
Weighted-Average grant-date Fair Value per Option, Vested and expected to vest at December 31, 2022 | ¥ / shares | ¥ 9.81 | ||
Weighted-Average grant-date Fair Value per Option, Exercisable at December 31, 2021 | $ / shares | $ 9.88 | ||
Weighted Average Remaining Contractual Term (Years), Outstanding | 9 months 24 days | ||
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at December 31, 2022 | 9 months 24 days | ||
Aggregate Intrinsic Value, Outstanding, December 31, 2020 | ¥ | ¥ 1,189 | ||
Aggregate Intrinsic Value, Granted | ¥ | 0 | ||
Aggregate Intrinsic Value, Outstanding, December 31, 2021 | ¥ | ¥ 1,337 | ||
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2021 | ¥ | ¥ 1,337 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Total Compensation Costs Recognized (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | ¥ 15,515 | $ 2,249 | ¥ 30,212 | ¥ 28,858 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 2 | 0 | 41 | 4 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 368 | 53 | 13,801 | 7,176 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | 1,188 | 172 | 2,609 | 3,965 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total | ¥ 13,957 | $ 2,024 | ¥ 13,761 | ¥ 17,713 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 | Dec. 31, 2022 USD ($) | |
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets related to net operating loss carry forwards | ¥ 282,098 | ¥ 218,042 | $ 40,900 | |
Interest and penalties related to an uncertain tax position | ¥ 0 | ¥ 0 | ||
Income tax examination, description | In accordance with relevant PRC tax administration laws, the tax year from 2017 through 2022 remain open to examination by the respective tax authorities. | |||
Minimum | ||||
Income Tax Disclosure [Line Items] | ||||
Open tax examination year | 2017 | |||
Maximum | ||||
Income Tax Disclosure [Line Items] | ||||
Open tax examination year | 2022 | |||
VIE | Minimum | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets operating loss carry forwards expiration year | 2023 | |||
VIE | Maximum | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets operating loss carry forwards expiration year | 2032 | |||
WFOE | Minimum | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets operating loss carry forwards expiration year | 2023 | |||
WFOE | Maximum | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets operating loss carry forwards expiration year | 2032 | |||
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% | |||
Effective preferential income tax rate | 15% | 15% | ||
Preferential tax rate gross | 20% | |||
Inland Revenue, Singapore (IRAS) [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective profits tax rate | 17% |
Income Taxes - Summary of Profi
Income Taxes - Summary of Profit / (Loss) Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | ¥ (108,905) | $ (15,790) | ¥ (140,552) | ¥ (224,989) |
Cayman Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (21,516) | (3,120) | (23,555) | (31,966) |
British Virgin Islands | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (13) | (2) | (27) | |
Hong Kong | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (2,540) | (368) | (1,564) | (1,790) |
China | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | (84,870) | (12,305) | ¥ (115,431) | ¥ (191,206) |
Singapore | ||||
Income Tax Disclosure [Line Items] | ||||
Total loss before income taxes | ¥ 34 | $ 5 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | ¥ (26) | $ (4) | ¥ (32) | ¥ (86) |
Deferred tax benefit | 481 | 70 | ||
Total income tax expense | ¥ 455 | $ 66 | ¥ (32) | ¥ (86) |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax | ¥ (108,905) | $ (15,790) | ¥ (140,552) | ¥ (224,989) |
Income tax expense computed at PRC statutory rate | (27,226) | (3,947) | (35,138) | |
International tax rate differential | 5,596 | 811 | 6,023 | |
Preferential tax rate | 5,518 | 800 | 21,437 | |
Deferred tax items tax rate differential | (5,399) | (783) | (22,935) | |
Research and development super-deduction | (28,463) | (4,127) | (32,595) | |
Non-deductible expenses | 4,367 | 633 | 8,092 | |
Deferred tax expense | (679) | (98) | 0 | |
Non-taxable income | (157) | (23) | 0 | |
Recognition of prior year tax loss | 0 | 0 | (4,851) | |
Changes in valuation allowance | 45,988 | 6,668 | 59,999 | |
Income tax expense | ¥ (455) | $ (66) | ¥ 32 | ¥ 86 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred tax assets | |||
Provision for doubtful debts | ¥ 12,127 | $ 1,758 | ¥ 27,327 |
Accrued expense | 12,411 | 1,799 | 12,923 |
Net operating loss carry forward | 282,098 | 40,900 | 218,042 |
Government grant related to assets | 2,113 | 306 | 1,411 |
Estimated liabilities | 426 | 62 | 0 |
Lease liabilities | 3,533 | 512 | 0 |
Valuation allowance | (295,401) | (42,829) | (248,118) |
Total deferred tax assets, net | 17,307 | 2,508 | 11,585 |
Deferred tax liabilities | |||
Property and equipment depreciation | (1,636) | (236) | (867) |
Net unrealized gain on equity investments held | (4,332) | (628) | (3,564) |
Right-of-use assets | (3,049) | (442) | |
Intangible assets arising from acquisition | (4,856) | (704) | |
Loan interest income | (8,258) | (1,197) | (7,154) |
Total deferred tax liabilities | (22,131) | (3,207) | (11,585) |
Net deferred tax assets | 0 | 0 | 0 |
Net deferred tax liabilities | ¥ (4,824) | $ (699) | ¥ 0 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - shares | 12 Months Ended | ||
Mar. 01, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
American Depositary Shares | Two Thousand Eighteen Repurchase Plan | |||
Share Capital [Line Items] | |||
Share repurchased under repurchase plan | 920,606 | ||
American Depositary Shares | Two Thousand Twenty Two Repurchase Plan [Member] | |||
Share Capital [Line Items] | |||
Share repurchased under repurchase plan | 273,469 | ||
Class A Common Shares | |||
Share Capital [Line Items] | |||
Common shares, shares outstanding | 62,731,971 | 62,036,273 | |
Share repurchased under repurchase plan | 613,737 | ||
Class A Common Shares | Two Thousand Eighteen Repurchase Plan | |||
Share Capital [Line Items] | |||
Common shares, shares outstanding | 62,731,971 | ||
Share repurchased under repurchase plan | 613,737 | ||
Class A Common Shares | Two Thousand Twenty Two Repurchase Plan [Member] | |||
Share Capital [Line Items] | |||
Share repurchased under repurchase plan | 182,313 | 182,313 | |
Class B Common Shares | |||
Share Capital [Line Items] | |||
Common shares, shares outstanding | 17,000,189 | 17,000,189 | |
Class B Common Shares | Two Thousand Eighteen Repurchase Plan | |||
Share Capital [Line Items] | |||
Common shares, shares outstanding | 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, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (106,964) | $ (15,509) | ¥ (140,584) | ¥ (225,075) |
Net loss attributable to common shareholders | (106,964) | (15,509) | (140,584) | (225,075) |
Class A Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | (84,032) | (12,184) | (110,258) | (175,650) |
Net loss attributable to common shareholders | ¥ (84,032) | $ (12,184) | ¥ (110,258) | ¥ (175,650) |
Denominator: | ||||
Weighted average number of shares used in calculating basic loss per share | 62,296,172 | 62,296,172 | 61,809,501 | 60,415,978 |
Weighted average number of shares used in calculating diluted loss per share | 62,296,172 | 62,296,172 | 61,809,501 | 60,415,978 |
Earnings Per Share, Basic | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Earnings Per Share, Diluted | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Class B Common Shares | ||||
Numerator: | ||||
Net loss attributable to Aurora Mobile Limited's shareholders | ¥ (22,932) | $ (3,325) | ¥ (30,326) | ¥ (49,425) |
Net loss attributable to common shareholders | ¥ (22,932) | $ (3,325) | ¥ (30,326) | ¥ (49,425) |
Denominator: | ||||
Weighted average number of shares used in calculating basic loss per share | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
Weighted average number of shares used in calculating diluted loss per share | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 |
Earnings Per Share, Basic | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Earnings Per Share, Diluted | (per share) | ¥ (1.35) | $ (0.2) | ¥ (1.78) | ¥ (2.91) |
Redeemable noncontrolling int_3
Redeemable noncontrolling interests - Summary of Redeemable noncontrolling Interests Balance (Detail) - 12 months ended Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Noncontrolling Interest [Abstract] | ||
Balance as of January 1, 2022 | ¥ 0 | $ 0 |
Initial fair value of redeemable noncontrolling interests | 31,397 | 4,552 |
Net loss attributable to redeemable noncontrolling interest | (1,486) | (215) |
Adjustment of redeemable noncontrolling interests to redemption value | 641 | 93 |
Balance as of December 31, 2022 | ¥ 30,552 | $ 4,430 |
Redeemable noncontrolling int_4
Redeemable noncontrolling interests - Additional Information (Details) - Send Cloud [Member] ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Redeemable Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 47.63% |
Fair value of redeemable noncontrolling interests | ¥ 31,397 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Due From Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | ¥ 255 | $ 37 | ¥ 35 |
Guangzhou Tianlang Network Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Total amounts due from related parties | ¥ 255 | $ 37 | ¥ 35 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amount Due to Related Party (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Related Party Transaction [Line Items] | |||
Amount due to related parties | ¥ 0 | $ 0 | ¥ 54 |
Guangzhou Tianlang Network Technology Co Ltd | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | ¥ 0 | $ 0 | ¥ 54 |
Related Party Transactions - _3
Related Party Transactions - Schedule of Transactions With Related Parties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Guangzhou Tianlang Network Technology Co Ltd | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related party | ¥ 400 | $ 58 | ¥ 100 | ¥ 0 |
Revenues - Additional Informati
Revenues - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 328,822 | $ 47,675 | ¥ 357,322 | ¥ 471,614 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 191,587 | 27,778 | 222,856 | 342,542 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 137,235 | $ 19,897 | ¥ 134,466 | ¥ 129,072 |
Revenues - Schedule of Revenues
Revenues - Schedule of Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | ¥ 328,822 | $ 47,675 | ¥ 357,322 | ¥ 471,614 |
Targeted Marketing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 213,662 |
Developer Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 235,231 | 34,106 | 252,859 | 173,457 |
Vertical Applications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 93,591 | 13,569 | 104,463 | 84,495 |
Total SAAS Businesses | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | ¥ 328,822 | $ 47,675 | ¥ 357,322 | ¥ 257,952 |
Other income (expenses) - Sche
Other income (expenses) - Schedule of Other Nonoperating Income by Component (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Other Income, Nonoperating [Abstract] | ||||
Government grants | ¥ 31,531 | $ 4,571 | ¥ 20,879 | ¥ 10,346 |
Impairment for long-term investments | (6,726) | (975) | (25,370) | (39,181) |
Impairment for loan receivables | (705) | (102) | (528) | (4,500) |
Income from ADR profit-sharing program | 2,207 | 320 | 2,111 | 2,257 |
Others | 11 | 2 | 0 | 264 |
Total | ¥ 26,318 | $ 3,816 | ¥ (2,908) | ¥ (30,814) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets And Liabilities Measured Or Disclosed At Fair Value (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Current | ¥ 0 | ¥ 5,989 | $ 0 | ||
Property and equipment, net | 14,947 | 62,179 | 2,167 | ||
Fair value adjustment | (29,126) | (19,351) | |||
Total assets and liabilities measured at fair value | 10,991 | 6,574 | 1,594 | ||
Fair Value, Nonrecurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Property and equipment, net | [1] | 10,991 | |||
Property and equipment, net, Fair value adjustment | [1] | 22,400 | 1,594 | ||
Fair value adjustment | [2] | (25,340) | |||
Fair Value, Recurring [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 | [2] | 0 | 585 | $ 0 | |
Derivative Asset, Current | 5,989 | ||||
Fair value adjustment | [2] | (6,726) | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Total assets and liabilities measured at fair value | 10,991 | 5,989 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Property and equipment, net, Fair value adjustment | [1] | 10,991 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Current | 5,989 | ||||
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 | [2] | 0 | 585 | ||
Total assets and liabilities measured at fair value | ¥ 0 | ¥ 585 | [2] | ||
[1]The property and equipment impairment loss was a result of the “Going -Cloud” project undertaken, and was included in the consolidated statement of comprehensive income for the year ended December, 2022. The Company’s “Going-Cloud” project is a transition to use cloud based servers for a portion of our infrastructure needs, whereas the Company completely operated and maintained self-owned servers previously.[2]For equity securities 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 to fair value. The Company recognized impairment charges of long-term investments during the year ended December 31, 2022. |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) - 12 months ended Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Dividends Payable [Line Items] | ||
Threshold limit percentage of registered capital | 50% | |
PRC | VIE | ||
Dividends Payable [Line Items] | ||
Restricted net asset, using statutory accounting principles | ¥ 498,171 | $ 72,228 |
Minimum | ||
Dividends Payable [Line Items] | ||
Minimum percentage of net profit to be allocated to statutory reserve fund | 10% |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 116,128 | $ 16,837 | ¥ 90,552 | $ 13,129 | ¥ 356,115 | ¥ 431,459 |
Restricted Cash | 132 | 19 | 164,030 | $ 23,782 | 115 | 115 |
Derivative Asset, Current | 0 | 0 | 5,989 | |||
Prepayments and other current assets | 30,401 | 4,407 | 46,670 | |||
Total current assets | 176,643 | 25,610 | 381,136 | |||
Non-current assets: | ||||||
Long-term investments | 141,901 | 20,574 | 141,926 | |||
Total non-current assets | 256,464 | 37,184 | 214,401 | |||
Total assets | 433,107 | 62,794 | 595,537 | |||
Current liabilities: | ||||||
Short-term loan | 5,000 | 725 | 150,000 | |||
Total current liabilities | 255,439 | 37,035 | 373,642 | |||
Non-current liabilities: | ||||||
Deferred revenue - non-current | 3,585 | 520 | 3,845 | |||
Total non-current liabilities | 19,426 | 2,816 | 6,452 | |||
Total liabilities | 274,865 | 39,851 | 380,094 | |||
Shareholders' equity | ||||||
Treasury shares | (1,689) | (245) | ||||
Accumulated deficit | (925,982) | (134,255) | (819,018) | |||
Accumulated other comprehensive income | 18,304 | 2,654 | 12,451 | |||
Total shareholders' equity | 127,690 | 18,513 | 215,443 | ¥ 321,239 | ¥ 507,788 | |
Total liabilities and shareholders' equity | 433,107 | 62,794 | 595,537 | |||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 33,871 | 4,911 | 6,724 | |||
Restricted Cash | 0 | 0 | 5,998 | |||
Derivative Asset, Current | 0 | 0 | 5,989 | |||
Due from the entities within the Group | 7,655 | 1,110 | 6,871 | |||
Prepayments and other current assets | 20,331 | 2,947 | 7,314 | |||
Other receivables | 638 | |||||
Total current assets | 61,857 | 8,968 | 32,896 | |||
Non-current assets: | ||||||
Long-term investments | 334,988 | 48,569 | 400,809 | |||
Other Receivables Non Current | 0 | 0 | ||||
Total non-current assets | 334,988 | 48,569 | 401,447 | |||
Total assets | 396,845 | 57,537 | 434,343 | |||
Current liabilities: | ||||||
Short-term loan | 0 | 0 | 150,000 | |||
Accrued liabilities and other current liabilities | 3,850 | 558 | 2,258 | |||
Due to the entities within the Group | 265,305 | 38,466 | 63,366 | |||
Total current liabilities | 269,155 | 39,024 | 215,624 | |||
Non-current liabilities: | ||||||
Deferred revenue - non-current | 0 | 0 | 3,276 | |||
Total non-current liabilities | 0 | 0 | 3,276 | |||
Total liabilities | 269,155 | 39,024 | 218,900 | |||
Shareholders' equity | ||||||
Treasury shares | (1,689) | (245) | ||||
Additional Paid in Capital | 1,037,007 | 150,352 | 1,021,961 | |||
Accumulated deficit | (925,982) | (134,255) | (819,018) | |||
Accumulated other comprehensive income | 18,304 | 2,654 | 12,451 | |||
Total shareholders' equity | 127,690 | 18,513 | 215,443 | |||
Total liabilities and shareholders' equity | 396,845 | 57,537 | 434,343 | |||
Class A Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 39 | 5 | 38 | |||
Class A Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | 39 | 5 | 38 | |||
Class B Common Shares | ||||||
Shareholders' equity | ||||||
Common shares | 11 | 2 | 11 | |||
Class B Common Shares | Parent Company | ||||||
Shareholders' equity | ||||||
Common shares | ¥ 11 | $ 2 | ¥ 11 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 62,731,971 | 62,036,273 |
Common shares, shares outstanding | 62,731,971 | 62,036,273 |
Treasury stock, common, shares | 182,313 | 0 |
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 |
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 | 62,731,971 | 62,036,273 |
Common shares, shares outstanding | 62,731,971 | 62,036,273 |
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, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses | ||||
Sales and marketing | ¥ 98,324 | $ 14,256 | ¥ 116,415 | ¥ 102,319 |
General and administrative | (105,404) | (15,282) | (79,922) | (119,087) |
Total operating expenses | (358,204) | (51,935) | (403,059) | (396,003) |
Loss from operations | (132,439) | (19,202) | (138,130) | (189,825) |
Foreign exchange gain /(loss), net | 90 | |||
Interest income | 2,321 | 337 | 6,597 | 6,131 |
Interest expense | (3,136) | (455) | (8,815) | (11,724) |
Change in fair value of foreign currency swap contract | (838) | (121) | (6,060) | |
Loss before income taxes | (108,905) | (15,790) | (140,552) | (224,989) |
Net loss | (106,964) | (15,509) | (140,584) | (225,075) |
Net loss attributable to common shareholders | (106,964) | (15,509) | (140,584) | (225,075) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 5,853 | 849 | 1,638 | 4,450 |
Comprehensive loss | (101,111) | (14,660) | (138,946) | (220,625) |
Parent Company | ||||
Operating expenses | ||||
Sales and marketing | (272) | (39) | (553) | |
General and administrative | (12,443) | (1,804) | (17,785) | (15,938) |
Share of losses of subsidiaries and VIE | (85,448) | (12,389) | (117,029) | (193,109) |
Total operating expenses | (98,163) | (14,232) | (135,367) | (209,047) |
Loss from operations | (98,163) | (14,232) | (135,367) | (209,047) |
Foreign exchange gain /(loss), net | (2,467) | (358) | (3,351) | 6 |
Interest income | 43 | 6 | 363 | 544 |
Interest expense | (1,985) | (288) | (7,820) | (10,654) |
Other loss | (5,230) | (758) | (469) | (5,924) |
Change in fair value of foreign currency swap contract | 838 | 121 | 6,060 | |
Loss before income taxes | (106,964) | (15,509) | (140,584) | (225,075) |
Net loss | (106,964) | (15,509) | (140,584) | (225,075) |
Net loss attributable to common shareholders | (106,964) | (15,509) | (140,584) | (225,075) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 5,853 | 849 | 1,638 | 4,450 |
Total other comprehensive income (loss), net of tax | 5,853 | 849 | 1,638 | 4,450 |
Comprehensive loss | ¥ (101,111) | $ (14,660) | ¥ (138,946) | ¥ (220,625) |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) / provided by financing activities | ¥ (17,476) | $ (2,533) | ¥ (76,650) | ¥ 75,810 |
Net cash used in investing activities | 26,853 | 3,893 | 26,442 | (144,415) |
Net cash provided by/ (used in) financing activities | (148,040) | (21,464) | (54,520) | 315 |
Effect of exchange rate changes | 341 | 49 | 3,080 | (7,054) |
Net (decrease)/ increase in cash and cash equivalents and restricted cash | (138,322) | (20,055) | (101,648) | (75,344) |
Cash and cash equivalents and restricted cash at the beginning of year | 254,582 | 36,911 | 356,230 | 431,574 |
Cash and cash equivalents and restricted cash at the end of year | 116,260 | 16,856 | 254,582 | 356,230 |
Parent Company | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) / provided by financing activities | 195,530 | 28,349 | (24,383) | (17,412) |
Net cash used in investing activities | (2,690) | (390) | (4,859) | (6,525) |
Net cash provided by/ (used in) financing activities | (153,040) | (22,189) | (54,520) | 5,257 |
Effect of exchange rate changes | (18,651) | (2,704) | 4,361 | (3,686) |
Net (decrease)/ increase in cash and cash equivalents and restricted cash | 21,149 | 3,066 | (79,401) | (22,366) |
Cash and cash equivalents and restricted cash at the beginning of year | 12,722 | 1,845 | 92,123 | 114,489 |
Cash and cash equivalents and restricted cash at the end of year | ¥ 33,871 | $ 4,911 | ¥ 12,722 | ¥ 92,123 |